Cash flow statement

Q3 2016 Q3 2015 US$ Thousand 9 MONTHS 2016 9 MONTHS 2015

(7.507)

14.723

Profit (loss) for the period

6.084

44.773

9.712

7.897

Depreciation, amortisation and write-down

27.923

23.223

129

100

Current and deferred income tax

480

1.412

5.709

5.998

Financial charges (income)

16.776

6.015

(36)

1.116

Fair value gains on foreign currency retranslation

(3.035)

(331)

-

(94)

Result on disposal of vessels

-

(271)

(102)

-

Share of profit of associate

(167)

-

-

(14)

Other non-cash items

-

(15)

7.905

29.276

Cash flow from operating activities before changes in working capital

48.061

74.806

(1.739)

1.489

Movement in inventories

(1.650)

930

2.197

(3.730)

Movement in amounts receivable

20.116

(13.899)

14.182

(4.781)

Movement in amounts payable

7.128

(1.989)

(92)

(99)

Taxes paid

(810)

(527)

(4.560)

(13.302)

Net interest and other financial income (paid) received

(14.917)

(19.816)

17.893

9.303

Net cash flow from operating activities

57.928

39.505

(42.877)

(8.777)

Net acquisition of fixed assets

(106.621)

(79.671)

(42.877)

(8.777)

Net cash flow from investing activities

(106.621)

(79.671)

-

-

Share capital increase

2.921

405

140

-

Other changes in Shareholders’ equity

1.019

-

-

-

Dividend paid

(12.412)

-

32

-

Movement in other financial receivables

404

-

-

-

Movement in other financial payable

(1.000)

-

(28.040)

2.328

Bank loan repayments

(145.077)

(50.756)

55.126

10.748

Bank loan draw-downs

192.140

61.534

27.258

12.491

Net cash flow from financing activities

37.995

10.889

2.274

13.017

Net increase/ (decrease) in cash and cash equivalents

(10.698)

(29.277)

32.513

26.089

Cash and cash equivalents at the beginning of the period

45.485

68.383

34.787

39.106

Cash and cash equivalents at the end of the period

34.787

39.106

The manager responsible for preparing the company's financial reports, Mr Carlos Balestra di Mottola, in his capacity of Chief Financial Officer of d’Amico International Shipping SA (the “Company”), declares that the accounting information contained in this document corresponds to the results documented in the books, accounting and other records of the Company).

Carlos Balestra di Mottola
Chief Financial Officer

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