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v3.19.1

Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2018
Financial risk management |
Schedule of interest bearing financial liabilities | At December 31, the Company’s interest-bearing financial liabilities were as follows:
|  | 2018
|  | Fixed rate |  | Floating rate |  | Total
|  | US$'000 |  | US$'000 |  | US$'000
Bank borrowings |  | — |  | 141,012 |  | 141,012
Obligations under finance leases |  | — |  | 66,471 |  | 66,471
Debt instruments |  | 352,595 |  | — |  | 352,595
Other financial liabilities (*) |  | 61,849 |  | — |  | 61,849
|  | 414,444 |  | 207,483 |  | 621,927
(*) Other financial liabilities comprise loans from government agencies and exclude derivative financial instruments (see Note 19).
|  | 2017
|  | Fixed rate |  | Floating rate |  | Total
|  | US$'000 |  | US$'000 |  | US$'000
Bank borrowings |  | — |  | 1,003 |  | 1,003
Obligations under finance leases |  | — |  | 82,633 |  | 82,633
Debt instruments |  | 350,270 |  | — |  | 350,270
Other financial liabilities (*) |  | 86,238 |  | 13,153 |  | 99,391
|  | 436,508 |  | 96,789 |  | 533,297
(*) Other financial liabilities comprise loans from government agencies and exclude derivative financial instruments (see Note 19).
Schedule of undiscounted cash flow maturities |
| 2018
| Less than 1 year |  | Between 1-2 years |  | Between 2-5 years |  | After 5 years |  | Total
| US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000
Bank borrowings | 8,191 |  | — |  | 132,821 |  | — |  | 141,012
Finance leases | 12,999 |  | 13,817 |  | 39,655 |  | — |  | 66,471
Debt instruments | 32,813 |  | 32,813 |  | 399,219 |  | — |  | 464,845
Financial loans from government agencies | 58,758 |  | 6,996 |  | 1,822 |  | 507 |  | 68,083
Derivative financial instruments | (491) |  | (939) |  | 7,559 |  | — |  | 6,129
Payables to related parties | 11,128 |  | — |  | — |  | — |  | 11,128
Payable to non-current asset suppliers | 11,648 |  | 99 |  | — |  | — |  | 11,747
Contingent consideration | 3,103 |  | 6,193 |  | 18,530 |  | 12,758 |  | 40,584
Trade and other payables | 256,823 |  | — |  | — |  | — |  | 256,823
| 394,972 |  | 58,979 |  | 599,606 |  | 13,265 |  | 1,066,822
| 2017
| Less than 1 year |  | Between 1-2 years |  | Between 2-5 years |  | After 5 years |  | Total
| US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000
Bank borrowings | 1,003 |  | — |  | — |  | — |  | 1,003
Finance leases | 15,379 |  | 15,504 |  | 58,225 |  | — |  | 89,108
Debt instruments | 32,813 |  | 32,813 |  | 432,031 |  | — |  | 497,656
Financial loans from government agencies | 88,127 |  | 2,362 |  | 2,349 |  | 1,056 |  | 93,894
Derivative financial instruments | 595 |  | 203 |  | 18,108 |  | — |  | 18,906
Payables to related parties | 12,973 |  | — |  | — |  | — |  | 12,973
Payable to non-current asset suppliers | 5,411 |  | — |  | — |  | — |  | 5,411
Trade and other payables | 192,859 |  | — |  | — |  | — |  | 192,859
| 349,160 |  | 50,882 |  | 510,713 |  | 1,056 |  | 911,810
Schedule of gross inflows and outflows by instrument maturity |
| 2018
| Less than 1 year |  | Between 1-2 years |  | Between 2-5 years |  | After 5 years |  | Total
| US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000
Inflows | 18,047 |  | 18,047 |  | 219,570 |  |  |  | 255,664
Outflows | (17,556) |  | (17,108) |  | (227,129) |  |  |  | (261,793)
Net cash flow | 491 |  | 939 |  | (7,559) |  | — |  | (6,129)
Discounted at the applicable interbank rates | 82 |  | 52 |  | (23,597) |  | — |  | (23,463)
| 2017
| Less than 1 year |  | Between 1-2 years |  | Between 2-5 years |  | After 5 years |  | Total
| US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000
Inflows | 18,198 |  | 17,996 |  | 237,526 |  | — |  | 273,720
Outflows | (18,793) |  | (18,199) |  | (255,634) |  | — |  | (292,626)
Net cash flow | (595) |  | (203) |  | (18,108) |  | — |  | (18,906)
Discounted at the applicable interbank rates | (995) |  | (985) |  | (36,060) |  | — |  | (38,040)
Schedule of changes in liabilities arising from financing activities |
| January 1, 2018 |  | Reclassification of business held for sale (*) |  | Changes from financing cash flows |  | Effect of changes in foreign exchange rates |  | Changes in fair values |  | Other changes |  | December 31, 2017
| US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000
Bank borrowings | 1,003 |  | — |  | 140,781 |  | (772) |  | — |  | — |  | 141,012
Obligations under finance leases | 82,633 |  | — |  | (12,948) |  | (3,214) |  | — |  | — |  | 66,471
Debt instruments | 350,270 |  | — |  | — |  | — |  | — |  | 2,324 |  | 352,594
Financial loans from government agencies (Note 19) | 99,391 |  | — |  | (33,096) |  | (4,446) |  | — |  | — |  | 61,849
Derivative financial instruments (Note 19) | 38,040 |  | — |  | — |  | (1,677) |  | (12,841) |  | (59) |  | 23,463
Total liabilities from financing activities | 571,337 |  | — |  | 94,737 |  | (10,109) |  | (12,841) |  | 2,265 |  | 645,389
Dividends paid |  |  |  |  | (20,642) |  |  |  |  |  |  |  |
Proceeds from stock option exercises |  |  |  |  | 240 |  |  |  |  |  |  |  |
Other amounts paid due to financing activities |  |  |  |  | (932) |  |  |  |  |  |  |  |
Payments to acquire or redeem own shares |  |  |  |  | (20,100) |  |  |  |  |  |  |  |
Net cash (used) by financing activities |  |  |  |  | 53,303 |  |  |  |  |  |  |  |
| January 1, 2017 |  | Reclassification of business held for sale (*) |  | Changes from financing cash flows |  | Effect of changes in foreign exchange rates |  | Changes in fair values |  | Other changes |  | December 31, 2017
| US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000
Bank borrowings | 421,291 |  | — |  | (426,641) |  | 1,916 |  | — |  | 4,437 |  | 1,003
Obligations under finance leases | 5,237 |  | 81,383 |  | (14,610) |  | 10,623 |  | — |  | — |  | 82,633
Debt instruments | — |  | — |  | 337,383 |  | — |  | — |  | 12,887 |  | 350,270
Financial loans from government agencies (Note 19) | 87,360 |  | — |  | — |  | 12,031 |  | — |  | — |  | 99,391
Derivative financial instruments (Note 19) | 699 |  | 5,576 |  | — |  | 1,971 |  | 31,614 |  | (1,820) |  | 38,040
Total liabilities from financing activities | 514,587 |  | 86,959 |  | (103,868) |  | 26,541 |  | 31,614 |  | 15,504 |  | 571,337
Proceeds from stock option exercises |  |  |  |  | 180 |  |  |  |  |  |  |  |
Other amounts paid due to financing activities |  |  |  |  | (9,709) |  |  |  |  |  |  |  |
Net cash (used) by financing activities |  |  |  |  | (113,397) |  |  |  |  |  |  |  |
(*) Liabilities associated with the Spanish energy business were separately presented in the consolidated statement of financial position at December 31, 2016, as part of a disposal group held for sale. The business ceased to be classified as held for sale during the year ended December 31, 2017 (see Note 29)

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