Consolidated statement of cash flows

for the year ended 31 December 2017

Millions of US Dollars

Notes 2017 2016
Profit before tax 878 404
Adjustments to profit before tax:
Depreciation and amortisation 7, 8 438 399
Finance costs, net 10 185 148
Bad debt expense 15 8
Foreign exchange loss 13 38
Other, net (2) 1
Changes in working capital items:
Increase in inventories (88) (126)
Increase in trade accounts and other receivables (166) (98)
Increase in prepaid and recoverable taxes (other than income tax) (3) (33)
Increase/(decrease) in trade accounts and other payables 23 (76)
Increase in taxes payable (other than income tax) 3 12
Net cash inflow from operations 1,296 677
Income tax paid (214) (97)
Net cash inflow from operating activities 1,082 580
Investing activities
Purchase of property, plant and equipment (681) (498)
Acquisition of a subsidiary 30 (120)
Other non-current investments, net (12) (11)
Interest received 11 8
Repayment of receivable relating to power business 79
Net cash outflow used in investing activities (802) (422)
Financing activities
Proceeds from long-term borrowings 1,085 1,459
Repayments of long-term borrowings (761) (1,302)
(Repayments of)/proceeds from short-term borrowings, net (216) 246
Interest and commissions paid (181) (144)
Acquisition of non-controlling interests (184)
Dividends paid to non-controlling interests (16) (9)
Settlement of cross-currency interest rate swap (146)
Net cash (outflow used in)/inflow from financing activities 20 (273) 104
Foreign exchange effect on cash and cash equivalents (17) (36)
Net (decrease)/increase in cash and cash equivalents (10) 226
Cash and cash equivalents at the beginning of the year 16 333 107
Cash and cash equivalents at the end of the year 16 323 333

The comparative consolidated statement of cash flows for the year ended 31 December 2016 has been restated for the effect of the acquisition under common control described in note 30.

The accompanying notes on pages are an integral part of these consolidated financial statements.