Consolidated statement of cash flows for the year ended 31 December 2021
(in thousands of US dollars) | Note | For the year ended 31 December | |
---|---|---|---|
2021 | 2020 | ||
Cash flows from operating activities | |||
Profit/(loss) before income tax | | 142,020 | 64,617 |
Adjustments for: | |||
Depreciation of property, plant and equipment | 14 | 35,849 | 35,559 |
Depreciation of right-of-use assets | 23 | 13,411 | 11,817 |
Reversal of impairment of property, plant and equipment | (8,517) | - | |
Loss on disposal of subsidiaries and assets held for sale | 7 | (165) | – |
(Profit)/loss on sale of property, plant and equipment | 14 | (446) | (7) |
Write off of property, plant and equipment | 14 | 4,378 | 891 |
Amortisation of intangible assets | 15 | 843 | 770 |
Interest income | 9 | (4,070) | (2,357) |
Interest expense and other finance costs | 9 | 53,828 | 71,224 |
Change in employee benefits provision | 26 | 1,944 | - |
Loss on extinguishment of financial liabilities | – | 527 | |
Share of (profit)/loss in jointly controlled entities including impairment | 2,798 | 2,973 | |
Change in fair value of derivative financial instruments | 9 | 5,904 | (18,380) |
Foreign exchange differences on non-operating activities | | 11 | 43,691 |
Other non-cash items | | (47) | (81) |
Operating cash flows before working capital changes | | 247,741 | 211,244 |
Changes in working capital | | | |
Inventories | | (1,160) | (171) |
Trade and other receivables | | (18,715) | (7,459) |
Trade and other payables | | 10,396 | (7,011) |
Cash generated from operations | | 238,262 | 196,603 |
Income tax paid | | (12,216) | (5,664) |
Net cash from operating activities | | 226,046 | 190,939 |
Cash flows from investing activities | | | |
Purchases of intangible assets | | (546) | (890) |
Purchases of property, plant and equipment | | (43,360) | (33,888) |
Proceeds from sale of property, plant and equipment | 14 | 539 | 436 |
Proceeds from disposal of assets classified as held for sale | | – | (2) |
Loan and interest repayments received from related parties | 409 | 572 | |
Interest received from third parties, bank balances and deposits | | 3,442 | 1,279 |
Net cash used in investing activities | | (39,516) | (32,493) |
Cash flows from financing activities | | | |
Proceeds from borrowings | 22 | 101,760 | 72,079 |
Repayments of borrowings | 22 | (133,408) | (72,981) |
Principal elements of lease payments | 23 | (3,635) | (1,961) |
Interest paid on borrowings | 22 | (52,723) | (66,385) |
Interest paid on lease liabilities | 23 | (4,703) | (4,192) |
Proceeds from/(settlements of) derivative financial instruments not used for hedging | (1,158) | (849) | |
Net cash used in financing activities | | (93,867) | (74,289) |
Net increase/(decrease) in cash and cash equivalents | | 92,663 | 84,157 |
Cash and cash equivalents at beginning of the year | | 206,968 | 124,353 |
Exchange gains/(losses) on cash and cash equivalents | | (2,974) | (1,542) |
Cash and cash equivalents at end of the year | 20 | 296,657 | 206,968 |
The notes are an integral part of these consolidated financial statements.