CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended December 31,
| (in thousands of US dollars) | 1995 | 1996 | 1997 |
| Cash flows from operating activities: | |||
| Net income | 526,478 | 625,544 | 406,554 |
| Add (deduct) non-cash items: | |||
| Depreciation and amortization | 392,390 | 535,908 | 608,123 |
| Gain on disposal of investment | -- | (7,263) | -- |
| Other non-cash items | (8,707) | 7,298 | 19,015 |
| Minority interest in net income of subsidiaries | (584) | (1,666) | (2,398) |
| Deferred income tax | (6,365) | 58,515 | (3,157) |
| Changes in assets and liabilities: | |||
| Trade receivables | (126,603) | (71,774) | (74,721) |
| Inventories | (91,412) | (80,517) | (149,642) |
| Trade payables | 17,005 | (38,019) | 73,790 |
| Other assets and liabilities, net | 122,927 | (47,359) | 106,227 |
| Net cash from operating activities | 825,129 | 980,667 | 983,791 |
| Cash flows from investing activities: | |||
| Payment for purchases of tangible assets | (1,001,936) | (1,125,205) | (1,035,434) |
| Proceeds from sale of investment | -- | 8,420 | -- |
| Other investing activities | 2,868 | (5,297) | (16,059) |
| Investment in marketable securities (net) | 5 | (196) | 4,483 |
| Net cash used in investing activities | (999,063) | (1,122,278) | (1,047,010) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt | 11,741 | 84,623 | 250,759 |
| Repayment of long-term debt | (96,202) | (54,085) | (80,238) |
| Increase (decrease) in short-term facilities | 165,298 | (106,239) | 68,869 |
| Capital increase | 391,321 | 16,671 | 9,669 |
| Net cash from (used in) financing activities | 472,158 | (59,030) | 249,059 |
| Effect of changes in exchange rates | (1,412) | (1,509) | (35,579) |
| Net cash increase (decrease) | 296,812 | (202,150) | 150,261 |
| Cash and cash equivalents at beginning of the year | 457,234 | 754,046 | 551,896 |
| Cash and cash equivalents at end of the year | 754,046 | 551,896 | 702,157 |
The accompanying notes are an integral part of these financial statements
