XML 48 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Income before income taxes $ 223,618 $ 202,378 $ 79,692
Adjustments for:      
Depreciation, depletion and amortization 99,941 91,079 87,728
Finance cost 27,643 23,194 19,514
Finance income (1,468) (950) (436)
Foreign exchange (gain)/loss, net (20,846) 11,981 (19,990)
Derivative financial instrument loss/(gain), net 22,441 (10,967) 18,534
Increase (decrease) in working capital (43,516) (42,326) (5,639)
Other 8,166 5,853 4,285
Cash generated from operations before income taxes 315,979 280,242 183,688
Income taxes, net (67,942) (53,117) (5,314)
Net cash provided by operating activities 248,037 227,125 178,374
Cash flows from investing activities      
Investments in property, plant and equipment (135,421) (117,144) (125,374)
Investments in intangible assets (1,591) (1,600) (2,896)
Interest received 1,468 950 436
Distributions from associate 0 0 272
Proceeds from the sale of assets, net of disposition costs (259) 141 261
Net cash used in investing activities (135,803) (117,653) (127,301)
Cash flows from financing activities      
Repayment of affiliated party borrowings (39,701) (37,838) (96,707)
Borrowings from affiliated party 85,218 45,537 95,240
Offering costs associated with borrowings (682) 0 (781)
Borrowings from third party line of credit 60,000 35,000 115,000
Repayment of third party line of credit (35,000) (105,000) (75,000)
Lease payments (9,486) (12,151) (11,390)
Return of capital (51,591) 0 0
Dividends paid (85,069) (33,786) 0
Capital increase expenses (155) 0 0
Contribution from related party 200 0 0
Related party recharge for stock-based compensation (2,830) (429) 0
Settlement of derivative financial instrument (payments)/receipts (16,783) 3,272 (19,827)
Derivative credit support receipts/(payments) 243 11,399 490
Net payments under cash management line of credit 0 0 (7,761)
Interest paid (25,383) (23,783) (20,925)
IPO Costs (2,307) 0 0
Net cash used in financing activities (123,326) (117,779) (21,661)
Net (decrease)/increase in cash and cash equivalents (11,092) (8,307) 29,412
Cash and cash equivalents at beginning of period 22,036 29,841 202
Effects of exchange rate changes 1,180 502 227
Cash and cash equivalents at end of period 12,124 22,036 29,841
Changes in net operating assets and liabilities      
Inventories (37,649) (9,185) (40,644)
Trade receivables, net 7,136 (604) (7,582)
Other receivables, net 7,419 (3,637) (5,398)
Prepaid expenses and other current assets 1,886 (998) (3,144)
Other assets (534) 101 651
Accounts payable (16,080) (29,532) 57,273
Accrued expenses 3,959 (4,372) (6,675)
Provisions (4,934) 3,822 (2,167)
Other liabilities 214 (672) (471)
Retirement benefit obligations (39) 210 120
Operating related party activity (4,894) 2,541 2,398
Changes in net operating assets and liabilities $ 43,516 $ 42,326 $ 5,639