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.