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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 2022, related 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 2023, $4.2 million for 2022 and $25.6 million for 2021.
[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.