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Quarterly cash flow statement ($’000) Free cash flow is defined as ‘Cash Flow From Operating Activities’ less ‘Payments for Capital Expenditure’ $33 million of cash from the sale of CO2 emission rights New COVID assistance loans by governments in France and Canada Bank payments relates to the coupon payment for the senior notes and partial pay down of the ABL Simplified Cash Flows $’000 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 EBITDA (183,120) (48,482) (20,204) 22,093 (12,242) Non cash items 179,224 2,048 1,392 620 25,818 Changes in Working capital (58,861) 86,203 98,307 11,904 10,045 Changes in Accounts Receivables 5,568 29,310 83,832 45,537 (4,731) Changes in Accounts Payable (10,693) (51,152) (25,504) (4,875) (20,359) Changes in Inventory 5,953 132,493 51,577 (12,471) 3,725 Securitization, CO2 sales and others (59,689) (24,448) (11,598) (16,287) 31,410 Less Cash Tax Payments (846) (523) 10,119 3,522 (633) Operating cash flow (63,603) 39,246 89,614 38,139 22,988 Cash-flow from Investing Activities 174,522 8,502 (4,352) (4,971) (8,410) Payments for Capital Expenditure (6,269) (5,600) (4,606) (5,056) (8,734) Changes in the scope of consolidation 180,146 (12,644) - - - Others 645 26,746 254 85 324 Cash-flow from Financing Activities (106,520) (114,423) (64,133) (24,508) (19,979) Bank Borrowings - 174,130 - - 5,034 Bank Payment (21,038) (269,400) (44,880) (20,680) (7,800) Other government loans - - - - 2,988 Other amounts paid due to financing activities (9,324) (4,363) 1,147 (2,418) (2,463) Repayment of hydro leases (55,352) - - - - Payment of debt issuance costs (2,093) (12,319) (1,576) (279) (608) Interest Paid (18,713) (2,471) (18,824) (1,131) (17,130) Net cash flow 4,399 (66,675) 21,129 8,660 (5,401) Total cash * (Beginning Bal.) 188,045 188,043 123,175 144,489 153,242 Exchange differences on cash and cash equivalents in foreign currencies ($4,401) $1,807 $185 93 (416) Total cash * (Ending Bal.) 188,043 123,175 144,489 153,242 147,425 Free cash flow1 (69,872) 33,646 85,008 33,083 14,254 Free cash flow is defined as ‘Cash Flow From Operating Activities’ less ‘Payments for Capital Expenditure’
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