Statements of Cash Flows


    Year ended 31 December
  Notes 2013 2012 2011
Cash flows from operating activities        
Profit before income tax   32,119 42,503 47,478
Adjustments to reconcile profit before tax to cash generated from operations:      
Depreciation, amortization and  impairment losses 7,8 68,414 66,511 59,322
Loss on sale of property, plant and equipment and intangible assets   344 752 829
Bad debt expense 14 2,140 1,389 632
Income from associates   (177) (53) (198)
Finance costs excluding finance costs on pension and other long–term social liabilities 27 15,031 15,332 13,547
Other investing and financial gain 28 (3,448) (4,408) (2,194)
Foreign exchange loss/(gain), net   574 (489) 378
Share–based  payment expenses 30 18 588
Changes in net working capital:        
Increase in accounts receivable   (5,706) (8,193) (2,211)
(Decrease)/ increase in employee benefits   (1,087) 162 (4,692)
Decrease in inventories   986 192 158
Increase/ (decrease) in accounts payable, provisions and accrued expenses   378 4,431 (7,349)
(Decrease)/ increase in other assets and  liabilities   (2,318) 2,080 271
Cash generated from operations   107,250 120,227 106,559
Interest paid   (17,083) (16,292) (12,461)
Income tax paid   (4,474) (7,301) (9,316)
Net cash provided by operating activities   85,693 96,634 84,782
Cash flows from investing activities        
Purchase of property, plant and equipment and  intangible assets   (68,487) (93,665) (87,905)
Proceeds from sale of property, plant and equipment  and intangible assets   1,641 2,727 2,167
Acquisition of financial assets   (11,924) (9,725) (7,497)
Proceeds from disposals of financial assets   16,443 9,855 10,403
Government grant received 25 1,105
Interest received   441 382 1,048
Dividends received   11 8 11
Purchase of subsidiaries, net of cash acquired   (47) (1,507) (32,281)
Proceeds from disposals of subsidiaries, net of cash disposed   (6) 82
Acquisition of equity accounting investees   (20)
Net cash used in investing activities (61,928) (91,863)(112,949)
Cash flows from financing activities      
Sale of treasury shares 22,306 5,8301,782
Purchase of treasury shares (58,376) (22,126)(4,507)
Proceeds from bank and corporate loans 509,685 532,983298,626
Repayment of bank and corporate loans (524,430) (492,891)(251,592)
Proceeds from bonds 30,000 10,000-
Repayment of bonds (1,613) (7,285)(13,932)
Proceeds from promissory notes - 22,86312,050
Repayment of promissory notes (282) (22,939)(15,984)
Repayment of vendor financing payable 11 (163)(368)
(Repayment of)/proceeds from other non–current financing liabilities (11) (13)72
Repayment of finance lease liabilities (629) (1,824)(3,150)
Acquisition of non–controlling interest (20) (15,796)(366)
Dividends paid to shareholders of the Group (5,828) (9,169)(686)
Dividends paid to non–controlling shareholders of subsidiaries (247) (230)(370)
Net cash (used in)/provided by financing activities (29,434) (760)21,575
Effect of exchange rate changes on cash and cash equivalents - (16)(26)
Net (decrease)/increase in cash and cash equivalents (5,669) 3,995(6,618)
Cash and cash equivalents at beginning of year 13,629 9,63416,252
Cash and cash equivalents at the end of year 7,960 13,6299,634