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

14, ‎4‎(i)

(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

9, ‎22

 –

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

22,‎ 24

(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.