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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Classes of cash receipts generated from operating activities      
Cash receipts from sales of goods and rendering of services $ 8,162,698 $ 10,954,251 $ 2,705,250
Cash receipts from premiums and benefits, annuities and other benefits from policies entered 0 1,345 1,902
Cash receipts derived from sub-leases 89 129 443
Classes of Payments      
Cash payments to suppliers for the provision of goods and services (5,637,224) (5,255,694) (1,713,922)
Cash payments relating to variable leases (4,700) (3,631) (1,313)
Other payments related to operating activities (86,291) (24,148) (16,726)
Net cash generated from operating activities 2,434,572 5,672,252 975,634
Dividends received 9,328 6,354 11,663
Interest paid (121,222) (109,697) (82,816)
Interest paid on lease liabilities (2,038) (1,226) (1,587)
Interest received 103,352 48,120 2,747
Income taxes paid (2,309,640) (1,648,668) (142,730)
Other cash (outflows) inflows [1] (310,991) 110,460 59,609
Net cash generated from operating activities (196,639) 4,077,595 822,520
Cash flows generated from (used in) investing activities      
Proceeds from the sale of equity instruments 4,745 4,745 16,413
Purchase of ownership interest in associates and joint ventures (34,547) 0 0
Acquisition of non-current financial assets (30,701) 0 0
Proceeds from the sale of property, plant and equipment 44 112 672
Acquisition of property, plant and equipment (1,103,598) (905,247) (464,718)
Proceeds from sale of intangible assets 5,205 3,624 14,773
Proceeds related to futures, forward options and swap contracts 18,034 39,878 2,328
Loans to related parties 3,387 873 13,086
Proceeds from the sale of ownership interest in joint ventures 0 0 13,085
Purchases of other long-term assets (12,002) (11,341) (8,071)
Other cash outflows [2],[3] (332,060) (42,045) (594,511)
Cash flow used in investing activities (1,481,493) (909,401) (1,006,943)
Cash flows generated from (used in) financing activities      
Repayment of lease liabilities (15,914) (10,478) (7,960)
Proceeds from long-term loans 850,000 200,000 700,000
Proceeds from short-term loans 1,215,000 60,000 0
Loan repayments (530,717) (13,117) (14,870)
Proceeds (payments) from hedges associated to loans 18,927 (993) 760
Dividends paid (1,471,035) (2,238,381) (571,702)
Capital stock increase 0 0 1,100,257
Net cash flow (used in) generated from financing activities 66,261 (2,002,969) 1,206,485
Net increase in cash and cash equivalents before the effect of changes in the exchange rate (1,611,871) 1,165,225 1,022,062
Effects of exchange rate fluctuations on cash and cash equivalents (1,996) (25,040) (16,113)
Increase in cash and cash equivalents (1,613,867) 1,140,185 1,005,949
Cash and cash equivalents at beginning of year 2,655,236 1,515,051 509,102
Cash and cash equivalents at end of year $ 1,041,369 $ 2,655,236 $ 1,515,051
[1] Other (outflows) inflows of cash from operating activities include net increases (decreases) of value added tax and banking expenses, taxes associated with interest payments, costs of issuance of debt and government grants.
[2] Other cash outflows include investments and redemptions of time deposits and other financial instruments that do not qualify as cash and cash equivalent in accordance with IAS 7, paragraph 7, since they mature in more than 90 days from the original investment date.
[3] Other inflows (outflows) of cash from investing activities include guarantees deposits for the year 2022 described in note 12.2.