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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Income (loss) for the year $ 2,548,701 $ 1,053,318 $ (642,417)
Adjustments for:      
Depreciation and amortization 607,723 594,721 678,806
Impairment charge 76,725 57,075 622,402
Income tax accruals less payments 257,651 35,602 (117,214)
Equity in earnings of non-consolidated companies (208,702) (512,591) (108,799)
Interest accruals less payments, net 1,480 (11,363) (538)
Changes in provisions 16,433 7,381 (13,175)
Reclassification of currency translation adjustment reserve [1] (71,252)
Result of sale of subsidiaries (6,768)
Changes in working capital [2],[3] (2,131,245) (1,071,464) 1,055,289
Currency translation adjustment and others 69,703 (26,836) 46,029
Net cash provided by operating activities 1,167,217 119,075 1,520,383
Cash flows from investing activities      
Capital expenditures (378,446) (239,518) (193,322)
Changes in advance to suppliers of property, plant and equipment (18,901) (5,075) (1,031)
Proceeds from sale of subsidiaries, net of cash 24,332
Acquisition of subsidiaries, net of cash acquired (4,082) (1,025,367)
Investment in companies under cost method (692)
Proceeds from disposal of property, plant and equipment and intangible assets 48,458 22,735 14,394
Dividends received from non-consolidated companies 66,162 75,929 278
Changes in investments in securities 123,254 390,186 (887,216)
Net cash (used in) provided by investing activities (163,555) 267,897 (2,092,264)
Cash flows from financing activities      
Dividends paid (531,242) (318,744) (82,637)
Dividends paid to non-controlling interest in subsidiaries (10,432) (3,355) (5,301)
Changes in non-controlling interests (1,407) 2
Payments of lease liabilities (52,396) (48,473) (48,553)
Proceeds from borrowings 1,511,503 843,668 658,156
Repayments of borrowings (1,094,370) (1,121,053) (896,986)
Net cash used in financing activities (178,344) (647,957) (375,319)
Increase (decrease) in cash and cash equivalents 825,318 (260,985) (947,200)
Movement in cash and cash equivalents      
At the beginning of the year 318,067 584,583 1,554,275
Effect of exchange rate changes (51,952) (5,531) (22,492)
Increase (decrease) in cash and cash equivalents 825,318 (260,985) (947,200)
At December 31, 1,091,433 318,067 584,583
Cash and cash equivalents      
Cash and bank deposits 1,091,527 318,127 584,681
Bank overdrafts (94) (60) (98)
Cash and cash equivalents $ 1,091,433 $ 318,067 $ 584,583
[1] Related to NKKTubes’ cease of operations. For more information see note 35 “Other Information – Agreement to terminate NKKTubes joint venture”.
[2] Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar for an amount of $4.2 million for 2022, $25.6 million for 2021 and $3.8 million for 2020.
[3] Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.