Consolidated statement of cash flow

US$ Thousand 2017 2016


Profit / (loss)  for the period
 

(38 083)

(12 838)

Depreciation, amortisation and impairment

48 266

44 855

Current and deferred income tax

780

835

Financial charges (income)

25 260

22 619

Fair value gains on foreign currency retranslation

700

(254)

Profit on disposal of fixed assets

(1 917)

-

Profit share of equity-accounted investment

(85)

(230)


Cash flow from operating activities before changes in working capital
 


34 921
 


54 987
 

Movement in inventories

(2 639)

(2 581)

Movement in amounts receivable

(25 220)

14 549

Movement in amounts payable

5 650

9 928

Taxes paid

(675)

(1 428)

Net interest (paid)

(23 620)

(17 872)

Movement in other financial liabilities

-

(2 065)

Movement in share option reserve

275

149


Net cash flow from operating activities
 


(11 308)
 


55 667
 

Acquisition of fixed assets

(148 102)

(151 198)

Proceeds from disposal of fixed assets

105 001

-

Disposal of equity-accounted investee ETL

132

1 238

Dividend from equity-accounted investee ETL

116

330

Movement in financing to equity accounted investee

-

433


Net cash flow from investing activities
 


(42 853)
 


(149 197)
 

Share capital increase

66 164

2 921

Other changes in shareholders’ equity

252

(247)

Treasury shares

-

(609)

Dividends paid

-

(12 412)

Parent company financing

(10 001)

10 000

Movement in other financial payable

(2 000)

(1 000)

Bank loan repayments

(127 258)

(195 852)

Bank loan draw-downs

58 098

270 606

Inception of a financial lease

68 000

-

Repayments of financial lease

(1 589)

-


Net cash flow from financing activities
 


51 666
 


73 407
 


Net decrease in cash and cash equivalents
 


(2 495)
 


(20 123)
 

 

 

 

Cash and cash equivalents net of bank overdrafts at the beginning of the year

20 164

40 287

Cash and cash equivalents net of bank overdrafts at the end of the year

17 669

20 164

Cash and cash equivalents

29 694

31 632

Bank overdrafts

(12 025)

(11 468)


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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