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Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Operating activities |  |  |
Net income (loss) | $ 7,819 | $ (80,224) | $ 106,453
Adjustments for: |  |  |
Depreciation and amortization (including right-of-use-assets) | 496,311 | 417,929 | 326,400
Allowance for credit losses | 1,330 | 1,672 | 795
Finance income | (38,222) | (12,902) | (3,531)
Finance cost | 218,130 | 191,809 | 138,890
Net foreign exchange loss (gain) differences | 25,471 | (8,669) | 80,372
Derivative financial instruments | 579 | 161 | 688
Amortized Cost (CEBUR) | 634 | 566 | 412
Net gain on disposal of rotable spare parts, furniture and equipment | (11,815) | (19,548) | (9,546)
Employee benefits | 3,296 | 7,210 | 552
Aircraft and engine lease extension benefit and other benefits from service agreements | (761) | (517) | (519)
Income tax (benefit) expense | (377) | (52,139) | 30,573
Management incentive and long-term incentive plans | 5,769 | 709 | (1,273)
Cash flows from operating activities before changes in working capital | 708,164 | 446,057 | 670,266
Changes in operating assets and liabilities: |  |  |
Related parties | 3,390 | 6,570 | 3,392
Other accounts receivable | (7,784) | 49,670 | (15,787)
Recoverable and prepaid taxes | 69,607 | (33,293) | 16,918
Inventories | (359) | (1,361) | (857)
Prepaid expenses | (24,488) | (21,489) | 645
Other assets | (1,904) | (12,494) | 3,435
Guarantee deposits | (58,243) | (13,445) | (52,048)
Suppliers | 36,620 | 86,627 | 6,168
Accrued liabilities | (24,929) | 17,201 | 45,053
Other taxes and fees payable | (9,453) | 44,985 | 12,972
Unearned transportation revenue | (3,069) | 42,487 | 20,023
Derivative Financial instruments |  |  | (1,854)
Other liabilities | 41,775 | 40,429 | 76,687
Cash generated from operating activities | 729,327 | 651,944 | 785,013
Interest received | 38,222 | 12,902 | 3,531
Income taxes paid | (37,724) | (51,244) | (3,188)
Net cash flows provided by operating activities | 729,825 | 613,602 | 785,356
Investing activities |  |  |
Acquisitions of rotable spare parts, furniture and equipment | (480,753) | (347,147) | (186,121)
Acquisitions of intangible assets | (10,387) | (6,790) | (10,063)
Acquisitions of subsidiaries |  |  | (79)
Acquisitions of other investments | (17,012) |  |
Pre-delivery payments reimbursements | 45,085 | 221,253 | 43,678
Proceeds from disposals of rotable spare parts, furniture and equipment | 122 | 1,990 | 17,940
Proceeds from disposals of aircraft | 901 |  |
Net cash flows used in investing activities | (462,044) | (130,694) | (134,645)
Financing activities |  |  |
Transaction costs related to the CEBUR offering and other financing | (2,547) |  |
Proceeds from exercised stock options | 11 |  | 2,859
Proceeds from sale of treasury shares | 1,018 |  |
Financial instrument (CEBUR) | (1,493) |  |
Treasury shares purchase | (4,021) | (5,239) | (4,366)
Interest paid | (37,179) | (17,637) | (12,477)
Payments of principal portion of lease liabilities | (529,074) | (449,004) | (458,968)
Payments of financial debt | (97,909) | (196,565) | (76,936)
Proceeds from financial debt | 456,808 | 155,357 | 114,704
Net cash flows used in financing activities | (214,386) | (513,088) | (435,184)
Increase (decrease) in cash, cash equivalents and restricted cash | 53,395 | (30,180) | 215,527
Net foreign exchange differences on cash balance | 8,906 | 911 | 19,127
Cash, cash equivalents and restricted cash at beginning of year | 711,853 | 741,122 | 506,468
Cash, cash equivalents and restricted cash at end of year | $ 774,154 | $ 711,853 | $ 741,122

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- Definition The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 35 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_35&doctype=Standard -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 14 -Subparagraph f -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_14_f&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 45 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_45&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash outflow for interest paid, classified as financing activities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 31 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_31&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash inflow from interest received, classified as operating activities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 31 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_31&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 17 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_17_e&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash outflow to acquire or redeem entity's shares. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 17 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_17_b&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash inflow from borrowings obtained. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 17 -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_17_c&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash inflow from the exercise of options. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 17 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_17&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash inflow from the sale or issuing of treasury shares. [Refer: Sale or issue of treasury shares; Treasury shares] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 17 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_17&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 16 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_16_b&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 18 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 1 -IssueDate 2023-01-01 -Paragraph 32 -Subparagraph a -Clause ii -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard -URIDate 2023-03-23 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 1 -IssueDate 2023-01-01 -Paragraph 24 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard -URIDate 2023-03-23 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2023-01-01 -Paragraph 28 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard -URIDate 2023-03-23 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2023-01-01 -Paragraph 23 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard -URIDate 2023-03-23 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Name IFRS -Number 12 -IssueDate 2023-01-01 -Paragraph B10 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B -URIDate 2023-03-23 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Name IFRS -Number 17 -IssueDate 2023-01-01 -Paragraph 113 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard -URIDate 2023-03-23 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 81A -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard -URIDate 2023-03-23 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 106 -Subparagraph d -Clause i -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard -URIDate 2023-03-23 + Details
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