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.