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CONSOLIDATED INCOME STATEMENT - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Continuing operations      
Net sales $ 11,762,526 $ 6,521,207 $ 5,146,734
Cost of sales (7,087,739) (4,611,602) (4,087,317)
Gross profit 4,674,787 1,909,605 1,059,417
Selling, general and administrative expenses (1,634,575) (1,206,569) (1,119,227)
Impairment charge (76,725) (57,075) (622,402)
Other operating income 104,497 68,245 33,393
Other operating expenses (104,709) (6,697) (14,252)
Operating income (loss) 2,963,275 707,509 (663,071)
Finance income [1] 80,020 38,048 18,387
Finance cost (45,940) (23,677) (27,014)
Other financial results (40,120) 8,295 (56,368)
Income (loss) before equity in earnings of non-consolidated companies and income tax 2,957,235 730,175 (728,066)
Equity in earnings of non-consolidated companies 208,702 512,591 108,799
Income (loss) before income tax 3,165,937 1,242,766 (619,267)
Income tax (617,236) (189,448) (23,150)
Income (loss) for the year 2,548,701 1,053,318 (642,417)
Attributable to:      
Shareholders' equity 2,553,280 1,100,191 (634,418)
Non-controlling interests (4,579) (46,873) (7,999)
(Loss) income for the year $ 2,548,701 $ 1,053,318 $ (642,417)
Earnings per share attributable to shareholders' equity during the year:      
Weighted average number of ordinary shares (thousands) (in shares) 1,180,537 1,180,537 1,180,537
Basic and diluted earnings (losses) per share (U.S. dollars per share) $ 2.16 $ 0.93 $ (0.54)
Basic and diluted earnings (losses) per ADS (U.S. dollars per ADS) [2] $ 4.33 $ 1.86 $ (1.07)
[1] Finance Income:
In 2022, 2021 and 2020 includes $33 million, $3.3 million and $6.5 million of interest related to instruments carried at FVPL, respectively.
In 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement of trade receivables.
In 2021 also includes $18 million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see note 6 to these Consolidated Financial Statements.
[2] Each ADS equals two shares.