Consolidated statement of cash flows
for the year ended 31 December 2020
Millions of US Dollars
| Notes | 2020 | 2019 | |
|---|---|---|---|
| Profit before tax | 247 | 895 | |
| Adjustments to profit before tax: | |||
| Depreciation and amortisation | 7, 8 | 1,081 | 1,053 |
| Bad debt expense | 19 | 7 | |
| Finance costs, net | 10 | 337 | 420 |
| Foreign exchange loss/(gain) | 308 | (200) | |
| Other, net | 6 | 10 | |
| Changes in working capital items: | |||
| Increase in trade accounts and other receivables | (263) | (17) | |
| (Increase)/decrease in inventories | (7) | 3 | |
| Decrease/(increase)in prepaid and recoverable taxes (other than income tax) | 22 | (60) | |
| Increase in trade accounts and other payables | 8 | 231 | |
| Increase/(decrease) in taxes payable (other than income tax) | 49 | (28) | |
| Net cash flow from operations | 1,807 | 2,314 | |
| Income tax paid | (138) | (189) | |
| Net cash flow from operating activities | 1,669 | 2,125 | |
| Investing activities | |||
| Purchase of property, plant and equipment | (965) | (1,329) | |
| Business combinations | 33 | (262) | (259) |
| Acquisition of subsidiaries | (9) | — | |
| Interest received | 7 | 15 | |
| Loans issued, net | 3 | (8) | |
| Other non-current investments, net | 3 | (12) | |
| Payments for the acquisition of SGC group | — | (1,941) | |
| Net cash flow used in investing activities | (1,223) | (3,534) | |
| Financing activities | |||
| Proceeds from long-term borrowings | 3,067 | 3,424 | |
| Repayments of long-term borrowings | (2,407) | (1,295) | |
| (Repayments of)/proceeds from short-term borrowings, net | (102) | 5 | |
| Payment for purchase of leased railcars | 12 | (363) | — |
| Interest and commissions paid | (264) | (301) | |
| Payment of lease liabilities | 22 | (224) | (313) |
| Dividends paid to shareholders | (103) | — | |
| Other transactions | 33 | (20) | (62) |
| Dividends paid to non-controlling interests | (5) | (12) | |
| Acquisition of non-controlling interests | — | (17) | |
| Net cash flow (used in)/from financing activities | 23 | (421) | 1,429 |
| Foreign exchange effect on cash and cash equivalents | (19) | (10) | |
| Net increase in cash and cash equivalents | 6 | 10 | |
| Cash and cash equivalents at the beginning of the year | 18 | 177 | 167 |
| Cash and cash equivalents at the end of the year | 18 | 183 | 177 |
The comparative consolidated statement of cash flows for the year ended 31 December 2019 has been restated for the effect of the acquisition under common control described in note 33.
The accompanying notes are an integral part of these consolidated financial statements.