| | | | | | | | |
Amounts in US$‘000 | | Note | | 2021 | | 2020 | | 2019 |
Cash flows from operating activities | | | | | | | | |
Profit (Loss) for the year | | | | 61,127 | | (232,950) | | 57,757 |
Adjustments for: | | | | | | | | |
Income tax expense | | 17 | | 67,271 | | 47,863 | | 111,762 |
Depreciation | | | | 88,969 | | 118,073 | | 105,532 |
Loss on disposal of property, plant and equipment | | | | 787 | | 417 | | 143 |
Impairment loss for non-financial assets | | 20‑37 | | 4,334 | | 133,864 | | 7,559 |
Write-off of unsuccessful exploration efforts | | 20 | | 12,262 | | 52,652 | | 18,290 |
Accrual of borrowing’s interests | | | | 44,378 | | 48,690 | | 29,573 |
Borrowings cancellation costs | | 15 | | 6,308 | | — | | — |
Amortization of other long-term liabilities | | 29 | | (223) | | (387) | | (429) |
Unwinding of long-term liabilities | | 15 | | 5,079 | | 5,894 | | 4,560 |
Accrual of share-based payment | | | | 6,621 | | 8,444 | | 2,717 |
Foreign exchange (gain) loss | | 15 | | (5,049) | | 3,594 | | 5,289 |
Unrealized (gain) loss on commodity risk management contracts | | 8 | | (463) | | 12,978 | | 26,411 |
Income tax paid | | | | (65,273) | | (25,193) | | (88,638) |
Changes in working capital | | 5 | | (9,351) | | (5,240) | | (45,097) |
Cash flows from operating activities – net | | | | 216,777 | | 168,699 | | 235,429 |
Cash flows from investing activities | | | | | | | | |
Purchase of property, plant and equipment | | | | (129,258) | | (75,298) | | (126,316) |
Acquisition of business, net of cash acquired | | 36.1 | | — | | (272,335) | | — |
Proceeds from disposal of long-term assets | | 36.2-36.3 | | 2,700 | | — | | 7,066 |
Cash flows used in investing activities – net | | | | (126,558) | | (347,633) | | (119,250) |
Cash flows from financing activities | | | | | | | | |
Proceeds from borrowings | | 5 | | 172,174 | | 350,000 | | — |
Debt issuance costs paid | | 5 | | (2,019) | | (7,507) | | — |
Principal paid | | 5 | | (274,934) | | (3,575) | | (9,790) |
Interest paid | | 5 | | (42,592) | | (37,594) | | (29,099) |
Borrowings cancellation costs paid | | 5 | | (12,908) | | — | | — |
Lease payments | | 5 | | (7,518) | | (9,380) | | (4,855) |
Repurchase of shares | | 26.1 | | (11,841) | | (4,009) | | (71,272) |
Cash distribution | | 26.2 | | (7,224) | | (4,859) | | (2,444) |
Payments for transactions with former non-controlling interest | | | | (3,580) | | (11,931) | | (15,000) |
Cash flows (used in) from financing activities – net | | | | (190,442) | | 271,145 | | (132,460) |
Net increase (decrease) in cash and cash equivalents | | | | (100,223) | | 92,211 | | (16,281) |
| | | | | | | | |
Cash and cash equivalents at January 1 | | | | 201,907 | | 111,180 | | 127,727 |
Currency translation differences | | | | (1,080) | | (1,484) | | (266) |
Cash and cash equivalents at the end of the year | | | | 100,604 | | 201,907 | | 111,180 |
| | | | | | | | |
Ending Cash and cash equivalents are specified as follows: | | | | | | | | |
Cash in bank and bank deposits | | | | 100,587 | | 201,884 | | 111,159 |
Cash in hand | | | | 17 | | 23 | | 21 |
Cash and cash equivalents | | | | 100,604 | | 201,907 | | 111,180 |