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v3.24.1

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Cash flows from operating activities |  |  |  |
Income for the year |  | $ 3,957,833 | $ 2,548,701 | $ 1,053,318
Adjustments for: |  |  |  |
Depreciation and amortization |  | 548,510 | 607,723 | 594,721
Impairment charge |  |  | 76,725 | 57,075
Income tax accruals less payments |  | (143,391) | 257,651 | 35,602
Equity in earnings of non-consolidated companies |  | (95,404) | (208,702) | (512,591)
Interest accruals less payments, net |  | (53,480) | 1,480 | (11,363)
Changes in provisions |  | 21,284 | 16,433 | 7,381
Reclassification of currency translation adjustment reserve | [1] | (878) | (71,252) |
Result of sale of subsidiaries |  |  |  | (6,768)
Changes in working capital | [2],[3] | 182,428 | (2,131,245) | (1,071,464)
Others, including net exchange differences |  | (21,829) | 69,703 | (26,836)
Net cash provided by operating activities |  | 4,395,073 | 1,167,217 | 119,075
Cash flows from investing activities |  |  |  |
Capital expenditures |  | (619,445) | (378,446) | (239,518)
Changes in advance to suppliers of property, plant and equipment |  | 1,736 | (18,901) | (5,075)
Proceeds from sale of subsidiaries, net of cash |  |  |  | 24,332
Acquisition of subsidiaries, net of cash acquired | [4] | (265,657) | (4,082) |
Investment in companies under cost method |  | (1,126) |  | (692)
Additions to associated companies |  | (22,661) |  |
Loan to joint-ventures |  | (3,754) |  |
Proceeds from disposal of property, plant and equipment and intangible assets |  | 12,881 | 48,458 | 22,735
Dividends received from non-consolidated companies |  | 68,781 | 66,162 | 75,929
Changes in investments in securities |  | (1,857,272) | 123,254 | 390,186
Net cash (used in) provided by investing activities |  | (2,686,517) | (163,555) | 267,897
Cash flows from financing activities |  |  |  |
Dividends paid |  | (636,511) | (531,242) | (318,744)
Dividends paid to non-controlling interest in subsidiaries |  | (18,967) | (10,432) | (3,355)
Changes in non-controlling interests |  | 3,772 | (1,407) |
Acquisition of treasury shares |  | (213,739) |  |
Payments of lease liabilities |  | (51,492) | (52,396) | (48,473)
Proceeds from borrowings |  | 1,723,677 | 1,511,503 | 843,668
Repayments of borrowings |  | (1,931,747) | (1,094,370) | (1,121,053)
Net cash used in financing activities |  | (1,125,007) | (178,344) | (647,957)
Increase (decrease) in cash and cash equivalents |  | 583,549 | 825,318 | (260,985)
Movement in cash and cash equivalents |  |  |  |
At the beginning of the year |  | 1,091,433 | 318,067 | 584,583
Effect of exchange rate changes |  | (58,385) | (51,952) | (5,531)
Increase (decrease) in cash and cash equivalents |  | 583,549 | 825,318 | (260,985)
At December 31, |  | 1,616,597 | 1,091,433 | 318,067
Cash and cash equivalents |  |  |  |
Cash and bank deposits |  | 1,637,821 | 1,091,527 | 318,127
Bank overdrafts |  | (21,224) | (94) | (60)
Cash and cash equivalents |  | $ 1,616,597 | $ 1,091,433 | $ 318,067
[1] | For 202 2, r elated to NKKTubes’ cease of operations. For more information see note 36 “Termination of 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.
[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 for an amount of $(16.7) million for 202 3, $4.2 million for 202 2 and $25.6 million for 202 1.
[4] | For 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC’s OCTG pipe processing facility and Mattr’s pipe coating business unit acquisitions. For more information see note 34.

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- Definition Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 20 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_20&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition Adjustments for gain (loss) on disposals investments in subsidiaries, joint ventures and associates to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries, joint ventures and associates reported in separate financial statements; Profit (loss)] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 20 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_20&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] + 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 + Details
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- Definition The amount that has been withdrawn from an account in excess of existing cash balances. This is considered a short-term extension of credit by the bank. [Refer: Cash and cash equivalents] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 aggregate cash flows arising from losing control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 39 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_39&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The cash outflow for the purchase of interests in associates. [Refer: Associates [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 7 -IssueDate 2023-01-01 -Paragraph 16 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_16&doctype=Standard -URIDate 2023-03-23 + Details
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