Year ended
December 31,
(in thousands of US dollars) |
1999 |
2000 |
2001 |
|
| Cash flows from operating
activities: |
| Net
income |
547,252 |
1,452,102 |
257.067 |
| Add
(deduct) non-cash items: |
|
|
|
| Depreciation
and amortization |
806,789 |
1,108,180 |
1,320.222 |
| Amortization
of discount on convertible debt |
12,576 |
29,077 |
78,712 |
| Impairment
and restructuring charges |
-- |
-- |
345,515 |
| Gain on
the sale of marketable securities |
-- |
(8,952) |
(27,153) |
| Other
non-cash items |
4,285 |
10,133 |
12,674 |
| Minority
interest in net income of subsidiaries |
2,656 |
2,207 |
3,032 |
| Deferred
taxes |
28,711 |
(4,535) |
(82,740) |
| Changes in assets and
liabilities: |
|
|
|
| Trade
accounts and notes receivable |
(164,564) |
(631,049) |
544,905 |
| Inventories |
(38,340) |
(299,993) |
93,642 |
| Trade
accounts payable |
208,899 |
579,436 |
(444,773) |
| Other
assets and liabilities, net |
61,018 |
186,214 |
(49,078) |
|
| Net cash provided by operating activities |
1,469,282 |
2,422,820 |
2,052,026 |
|
 |
| Cash flows from
investing activities: |
| Payment for purchases of tangible
assets |
(1,347,537) |
(3,327,501) |
(1,699,775) |
| Proceeds from the sale of marketable
securities |
-- |
9,901 |
30,509 |
| Investment in intangible and financial
assets |
(190,290) |
(240,591) |
(1216,854) |
|
| Net cash used in investing activities |
(1,537,827) |
(3,558,191) |
(1,796,121) |
|
|
| Cash flows from
financing activities: |
| Proceeds from issuance of long-term
debt |
756,836 |
1,661,202 |
556,636 |
| Repayment of long-term debt |
(48,080) |
(87,223) |
(433,353) |
| Increase (decrease) in short-term
facilities |
(110,308) |
30,665 |
4,472 |
| Capital increase |
230,437 |
38,175 |
43,186 |
| Payments to acquire treasury
stock |
-- |
-- |
(233,283) |
| Dividends paid |
(22,848) |
(26,603) |
(35,773) |
|
| Net cash provided (used) by financing activities |
806,037 |
1,616,216 |
(98,115) |
|
| Effect of changes in exchange
rates |
(15,158) |
(8,228) |
(14,677) |
|
| Net cash increase |
722,334 |
472,617 |
143,113 |
|
| Cash and cash equivalents at beginning of the period |
1,100,752 |
1,823,086 |
2,295,703 |
|
| Cash and cash equivalents at end of the period |
1,823,086 |
2,295,703 |
2,438,816 |
|
| The accompanying notes are
an integral part of these consolidated financial statements |
|
|
|
|
|
