Consolidated statement of cash flows for the year ended december 31, 2018

(in thousands of USD, except as otherwise stated)

Notes Year ended
December 31, 2018
Year ended
December 31, 2017
(restated)
Cash flows from operating activities      
Profit for the year   268,111 472,029
Adjustments for:      
Finance income 20 (13,597) (15,059)
Finance costs 9 73,095 72,461
Share of profit in joint venture, net 15 (6,091) (4,858)
Foreign exchange loss / (gain), net 10 201,579 (66,677)
Income tax 11 65,362 114,660
Depreciation and amortisation   72,361 73,515
Change in defined benefit obligation   721 715
Change in credit loss allowance 18 1,151 4,386
Loss on disposal of property, plant and equipment   2,027 1,176
Impairment of construction in progress 13 495 1,639
Other adjustments   2,836 574
    668,050 654,561
Working capital changes:      
Decrease / (increase) in inventories   1,621 (8,776)
Increase in trade and other receivables   (19,311) (25,062)
Increase / (decrease) in liabilities   6,445 (6,512)
Cash flows generated from operating activities   656,805 614,211
Income tax paid   (68,066) (80,992)
Interest paid   (72,015) (69,550)
Net cash generated by operating activities   516,724 463,669
Cash flows from investing activities      
Proceeds from disposal of property, plant and equipment   248 475
Purchases of property, plant and equipment   (85,069) (148,917)
Proceeds from disposal of other financial assets   6,730
Interest received   13,240 15,795
Dividends received from joint venture, net of dividend tax 15 2,264 5,293
Other investment fees 19 (5,670)
Other purchases   (4,477) (1,018)
Net cash used in investing activities   (79,464) (121,642)
Cash flows from financing activities      
Proceeds from short-term and long-term borrowings 22 10,732 2,571
Repayments of long-term borrowings 22 (202,285) (200,000)
Increase of ownership in subsidiary   (2,483)
Dividends paid to the owners of the Company 12 (145,784) (246,399)
Dividends paid to non-controlling interests 12 (3,171) (3,613)
Advances paid under lease contracts   (13,825) (11,602)
Sale of treasury shares 21 148
Net cash used in financing activities   (354,185) (461,526)
Net increase / (decrease) in cash and cash equivalents   83,075 (119,499)
Cash and cash equivalents at the beginning of the year 20 121,528 234,138
Effect of exchange rate changes on the balance of cash held
in foreign currencies
  (31,738) 6,889
Cash and cash equivalents at the end of the year 20 172,865 121,528