Consolidated Statements of Cash Flows


    Year ended 31 December
  Notes 2012 2011 2010
Cash flows from operating activities
Profit before income tax   44,033 53,295 40,513
Adjustments to reconcile profit before tax to cash generated
from operations:
Depreciation, amortization and  impairment losses 6, 7 64,729 57,524 56,604
Loss on sale of property, plant and equipment and intangible assets   822 792 933
Bad debt expense 13 1,318 572 736
Income from associates   (4,293) (4,474) (353)
Finance costs excluding finance costs on pension and other long-term social liabilities 26 15,054 12,030 10,519
Other investing and financial gain 27 (1,440) (2,078) (2,296)
Foreign exchange (gain)/loss, net   (480) 377 94
Share-based  payment expenses 29 18 588 3,930
Changes in net working capital:        
Increase in accounts receivable   (7,628) (1,599) (3,505)
Increase/(decrease) in employee benefits   378 (4,445) 619
Decrease/(increase) in inventories   240 202 (441)
Increase/(decrease) in accounts payable, provisions and accrued expenses   4,459 (5,804) (920)
Increase/(decrease) in other assets and  liabilities   1,960 (309) (279)
Cash generated from operations   119,170 106,671 106,154
Interest paid   (16,015) (12,230) (11,830)
Income tax paid   (6,924) (9,064) (9,787)
Net cash provided by operating activities   96,231 85,377 84,537
Cash flows from investing activities        
Purchase of property, plant and equipment and  intangible assets   (91,181) (83,231) (53,176)
Proceeds from sale of property, plant and equipment  and intangible assets   1,864 1,486 1,555
Acquisition of financial assets   (4,436) (8,565) (10,764)
Proceeds from disposals of financial assets   8,300 9,176 20,244
Government grant received 24 - 1,105 -
Interest received   236 934 2,282
Dividends received   827 193 188
Purchase of subsidiaries, net of cash acquired   (1,287) (32,281) (4,548)
Proceeds from disposals of subsidiaries, net of cash disposed   82 - -
Acquisition of equity accounted  investees   (1,908) (3,640) (26,000)
Net cash used in investing activities   (87,503) (114,823) (70,219)
Cash flows from financing activities        
Sale of treasury shares   2,775 1,754 -
Purchase of treasury shares   (22,126) (1,487) (25,343)
Proceeds from bank and corporate loans   532,663 296,398 124,819
Repayment of bank and corporate loans   (491,724) (250,410) (83,215)
Proceeds from bonds   10,000 - 126
Repayment of bonds   (7,285) (13,932) (11,077)
Proceeds from promissory notes   22,863 12,050 5,340
Repayment of promissory notes   (22,939) (15,984) (7,276)
Repayment of vendor financing payable   (163) (368) (890)
Proceeds from/(repayment of) other non-current financing liabilities   (13) 72 47
Repayment of finance lease liabilities   (1,824) (3,150) (3,764)
Acquisition of non-controlling interest   (15,628) (366) -
Dividends paid to shareholders of the Group   (12,131) (116) (14,106)
Dividends paid to non-controlling shareholders of subsidiaries   (190) (303) -
Net cash (used in)/provided by financing activities   (5,722) 24,158 (15,339)
Effect of exchange rate changes on cash and cash equivalents   (16) (26) 40
Net increase/(decrease) in cash and cash equivalents   2,990 (5,314) (981)
Cash and cash equivalents at beginning of year   7,380 12,694 13,675
Cash and cash equivalents at the end of year   10,370 7,380 12,694

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