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Quarterly cash flow statement ($’000) Free cash flow is defined as ‘Cash Flow From Operating Activities’ less ‘Payments for Capital Expenditure’ Simplified Cash Flows $’000 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 EBITDA (7,199) (183,120) (48,482) (20,205) 22,093 Adjustments to reconcile EBITDA 2,786 179,224 2,048 1,393 620 Changes in Working capital (29,169) (58,861) 86,203 98,307 11,904 Changes in Accounts Receivables (32,316) 5,568 29,310 83,832 45,537 Changes in Accounts Payable 21,625 (10,693) (51,152) (25,504) (4,875) Changes in Inventory (46,950) 5,953 132,493 51,577 (12,471) Securitization and others 28,472 (59,689) (24,448) (11,598) (16,287) Less Cash Tax Payments (540) (846) (523) 10,119 3,522 Operating cash flow (34,122) (63,603) 39,246 89,614 38,139 Cash-flow from Investing Activities (5,681) 174,522 8,502 (4,352) (4,971) Payments for Capital Expenditure (7,128) (6,269) (5,600) (4,606) (5,056) Changes in the scope of consolidation - 180,146 (12,644) - - Others 1,447 645 26,746 254 85 Cash-flow from Financing Activities 10,820 (106,520) (114,423) (64,133) (24,508) Bank Borrowings 39,649 - 174,130 - - Bank Payment (18,252) (21,038) (269,400) (44,880) (20,680) Other amounts paid due to financing activities (7,236) (9,324) (4,363) 1,147 (2,418) Repayment of hydro leases - (55,352) - - - Payment of debt issuance costs - (2,093) (12,319) (1,576) (279) Interest Paid (3,341) (18,713) (2,471) (18,824) (1,131) Net cash flow (28,983) 4,399 (66,675) 21,129 8,660 Total cash * (Beginning Bal.) 216,627 188,045 188,043 123,175 144,490 Exchange differences on cash and cash equivalents in foreign currencies 321 ($4,401) $1,807 $187 92 Total cash * (Ending Bal.) 188,045 188,043 123,175 144,490 153,242 Free cash flow1 (41,170) (69,872) 33,646 85,008 33,083 Positive operating cash flow driven by EBITDA improvement and working capital management Bank payments relates to reduction in the senior loan of the securitization program
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