Year
ended December 31,
(in thousands of US dollars) |
1998 |
1999 |
2000 |
|
| Cash
flows from operating activities:
|
| Net
income |
411,121 |
547,252 |
1,452,102 |
| Add
(deduct) non-cash items: |
|
|
|
| Depreciation
and amortization |
704,004 |
806,789 |
1,108,180 |
| Amortization
of discount on convertible debt |
4,657 |
12,576 |
29,077 |
| Other
non-cash items |
5,240 |
4,285 |
10,133 |
| Minority
interest in net income of subsidiaries |
629 |
2,656 |
2,207 |
| Deferred
taxes |
34,333 |
28,711 |
(4,535) |
| Changes
in assets and liabilities: |
|
|
|
| Trade
accounts and notes receivable |
(115,879) |
(164,564) |
(631,049) |
| Inventories |
(18,807) |
(38,340) |
(299,993) |
| Trade
accounts and notes payable |
45,982 |
208,899 |
579,436 |
| Other
assets and liabilities, net |
(58,733) |
61,018 |
186,214 |
|
| Net
cash provided by operating activities |
1,012,547 |
1,469,282 |
2,431,772 |
|
 |
| Cash
flows from investing activities: |
| Payment
for purchases of tangible assets |
(947,253)
|
(1,347,537)
|
(3,317,600)
|
| Other
investing activities |
(18,997)
|
(190,290)
|
(249,543)
|
|
| Net
cash used in investing activities |
(966,250)
|
(1,537,827)
|
(3,567,143)
|
|
|
| Cash
flows from financing activities: |
| Proceeds
from issuance of long-term debt |
424,955 |
756,836 |
1,661,202 |
| Repayment
of long-term debt |
(72,396) |
(48,080) |
(87,223) |
| Increase
(decrease) in short-term facilities |
(233,261) |
(110,308) |
30,665 |
| Capital
increase |
233,334 |
230,437 |
38,175 |
| Dividends
paid |
_ |
(22,848) |
(26,603) |
|
| Net
cash provided by financing activities |
352,632 |
806,037 |
1,616,216 |
|
| Effect
of changes in exchange rates |
(334) |
(15,158) |
(8,228) |
|
| Net
cash increase |
398,595 |
722,334 |
472,617 |
|
| Cash
and cash equivalents at beginning of the period |
702,157 |
1,100,752 |
1,823,086 |
|
| Cash
and cash equivalents at end of the period |
1,100,752 |
1,823,086 |
2,295,703 |
|
|
|
| The
accompanying notes are an integral part of these consolidated
financial statements |
|
|
|
|
|
