Consolidated statement of cash flows

for the year ended 31 December 2018

Millions of US Dollars

Notes 2018 2017
Profit before tax 1,478 1,143
Adjustments to profit before tax:
Depreciation and amortisation 7, 8 669 575
Finance costs, net 10 311 338
Bad debt expense 30 34
Foreign exchange loss 83 13
Other, net (9) 1
Changes in working capital items:
Increase in trade accounts and other receivables (61) (52)
Increase in inventories (144) (91)
Increase in prepaid and recoverable taxes (other than income tax) (25) (6)
(Decrease)/increase in trade accounts and other payables (156) 20
Increase in taxes payable (other than income tax) 13 11
Net cash inflow from operations 2,189 1,986
Income tax paid (288) (248)
Net cash inflow from operating activities 1,901 1,738
Investing activities
Purchase of property, plant and equipment (903) (763)
Business combination 30 (496)
Repayments of loans issued 37
Interest received 28 21
Other non-current investments, net 3 (26)
Acquisition of other subsidiaries (120)
Net cash outflow used in investing activities (1,331) (888)
Financing activities
Proceeds from long-term borrowings 2,402 1,301
Repayments of long-term borrowings (2,641) (1,340)
Repayments of short-term borrowings, net (134) (119)
Interest and commissions paid (313) (362)
Acquisition of non-controlling interests 30 (164) (184)
Settlement of cross-currency interest rate swap (30)
Dividends paid to non-controlling interests (8) (16)
Net cash outflow used in financing activities 20 (888) (720)
Foreign exchange effect on cash and cash equivalents 8 (111)
Net (decrease)/increase in cash and cash equivalents (310) 119
Cash and cash equivalents at the beginning of the year 16 476 357
Cash and cash equivalents at the end of the year 16 166 476

The comparative consolidated statement of cash flows for the year ended 31 December 2017 has been restated for the effect of the acquisition of SGC group described in note 30.

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

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