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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands, € in Millions
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities:      
Profit for the year $ 20,800 $ 98,478 $ 443,828
Adjustments to reconcile net profit to net cash provided by operating activities:      
Income tax expense 16,252 57,540 147,983
Depreciation and amortization 75,463 73,532 81,559
Finance income (7,248) (5,422) (2,274)
Finance costs 21,942 38,793 61,015
Exchange differences (13,565) 7,551 9,995
Impairment loss 43,052 25,290 56,999
Share-based compensation 4,924 7,402 5,836
Other (gain) loss (555) 29 19
Changes in operating assets and liabilities:      
Decrease (increase) in inventories 47 102,179 (220,823)
Decrease (increase) in trade receivables 22,765 80,766 (72,558)
Decrease (increase) in other receivables 770 45,692  
Decrease (increase) in energy receivable 131,959 (159,807) (21,684)
(Decrease) increase in trade payables (17,255) (70,573) 30,640
Other changes in operating assets and liabilities (40,294) (9,770) (34,993)
Income taxes paid (15,799) (113,308) (80,524)
Net cash provided by operating activities 243,258 178,372 405,018
Cash flows from investing activities:      
Interest and finance income received 2,799 3,725 1,520
Payments due to investments:      
Intangible assets (3,024) (2,787) (1,147)
Property, plant and equipment (76,165) (83,679) (52,147)
Other financial assets (3,000)    
Disposals:      
Other non-current assets   935  
Receipt of asset-related government grant 12,453    
Net cash used in investing activities (66,937) (81,806) (51,774)
Cash flows from financing activities:      
Dividends paid (9,758)    
Payment for debt and equity issuance costs (6)   (853)
Repayment of debt instruments (147,624) (179,075) (84,823)
Proceeds from debt issuance 10,255    
Increase (decrease) in bank borrowings:      
Borrowings 509,186 432,274 898,586
Payments (495,726) (456,506) (919,932)
Payments for lease liabilities (16,201) (14,967) (11,590)
Proceeds from other financing liabilities 6,054   38,298
Other (payments) receipts from financing activities (3,068) (21,666) 678
Payments to acquire own shares (2,428)    
Interest paid (26,192) (42,207) (60,822)
Net cash used in financing activities (175,508) (282,147) (140,458)
Total net increase (decrease) in cash and cash equivalents 813 (185,581) 212,786
Beginning balance of cash and cash equivalents 137,649 322,943 116,663
Foreign exchange (losses) gains on cash and cash equivalents (5,191) 287 (6,506)
Restricted cash and cash equivalents 298 1,179 5,008
Cash and cash equivalents 132,973 136,470 317,935
Ending balance of cash and cash equivalents $ 133,271 $ 137,649 $ 322,943