Consolidated statement of cash flows for the year ended 31 December 2019

Millions of US Dollars
Notes 2019 2018
Profit before tax 840 1,478
Adjustments to profit before tax:
Depreciation and amortisation 7, 8 1,053 669
Bad debt expense 7 30
Finance costs, net 10 422 311
Foreign exchange (gain)/loss (200) 83
Other, net 4 (9)
Changes in working capital items:
Increase in trade accounts and other receivables (36) (61)
Decrease/(increase) in inventories 3 (144)
Increase in prepaid and recoverable taxes (other than income tax) (60) (25)
Increase/(decrease) in trade accounts and other payables 232 (156)
(Decrease)/increase in taxes payable (other than income tax) (28) 13
Net cash inflow from operations 2,237 2,189
Income tax paid (178) (288)
Net cash inflow from operating activities 2,059 1,901
Investing activities
Purchase of property, plant and equipment 11, 12 (1,321) (903)
Payments for the acquisition of SGC group 33 (1,941)
Business combination 33 (259) (496)
Loans issued, net (8) 37
Interest received 11 28
Other non-current investments, net (12) 3
Net cash outflow used in investing activities (3,530) (1,331)
Financing activities
Proceeds from long-term borrowings 3,424 2,402
Repayments of long-term borrowings (1,295) (2,641)
Proceeds from/(repayments of) short-term borrowings, net 5 (134)
Payments of lease liabilities 22 (311)
Interest and commissions paid (301) (313)
Acquisition of non-controlling interests (17) (164)
Dividends paid to non-controlling interests (12) (8)
Settlement of cross-currency interest rate swap (30)
Net cash inflow from/(outflow used in) financing activities 23 1,493 (888)
Foreign exchange effect on cash and cash equivalents (12) 8
Net increase/(decrease) in cash and cash equivalents 10 (310)
Cash and cash equivalents at the beginning of the year 18 166 476
Cash and cash equivalents at the end of the year 18 176 166

The accompanying notes on page Notes to the consolidated financial statements are an integral part of these consolidated financial statements.