b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.Consolidated Statement of Cash FlowsFOR THE YEAR ENDED DECEMBER 31, 2019(X US$ 1,000) Notes 2019 2018Operating activitiesProfitbeforeincometaxfromoperations 3.1180,499 148,704 Adjustments to reconcile profit before tax to net cash flows:Depreciation of Property, plant and equipment (PPE) 3.293,899 90,263 Depreciation of right-of-use assets4.72,049 - Impairment of Investment properties 3.2- 880 Expensed projects4.1- 4.32,085 14,284 Amortization of intangible assets4.51,093 1,004 Amortization of debt arrangement fee 5.31,914 12,766 Accretion expense 4.86,390 7,586 Accretion of lease liability4.7704 - Currency translation adjustment 662 (93)GOw2 PPE Regrouping due to SAP implementation 4.3(242)Disposal of PPE(1,175)989 Finance income 3.2(596)(777)Finance costs (excluding accretion expenses and54,982 67,462 amortization of debt arrangement fees)Share of profit in Suriname Gold Project JV 4.4(74,431)(66,268)Movements employee defined benefit liabilities(381)3,910 Movement in Provisions (545)1,059 Cash from operations before working capital changes266,907 281,769 Working capital adjustments: Increase in Inventories (39,549)(13,365)Decrease/(increase) in Trade receivables 18,009 (15,127)(Increase)/decrease in Prepayments and other current assets (1,730)6,287 Increase in Trade payables 34,740 16,387 Increase/(decrease) in Accruals and other liabilities 6,995 (60,712)Increase in other long term assets(1,477)- Cash generated from operations283,895 215,239 Interest received68 - Interest paid(56,033)(77,550)Income taxes paid/settled(58,503)(54,002)Netcashflowsfromoperatingactivities169,427 83,687 Investing activitiesExpenditures on PPE (Purchase)(226,595)(118,773)Expenditures on Other Intangible assets4.5(769)- Cash distributions received from Suriname Gold Project JV186,171 160,176 Cash calls paid to Suriname Gold Project JV(92,703)(99,599)Movement of loan receivables3,669 8,278 Netcashflowsusedininvestingactivities(130,227)(49,918)Financing activitiesRe-financing of Term loans- 279,153 Repayment of Term loans(25,000)- Repayment of GOS loan- (261,534)Repayment of DSB loan- (10,345)Proceeds from Pension fund loan 5.326,508 - Dividends paid to equity holders of the parent 3.5(48,452)(63,889)Addition to the Sports Fund2,000 2,000 Payments from the Sports fund(2,175)(1,326)Payment of principal portion of lease liabilities (2,799)- Movement in restricted cash(7,547)18,724 Netcashflowsusedinfinancingactivities(57,465)(37,217)Decrease in cash and cash equivalents(18,265)(3,448)Cash and cash equivalents, beginning of year* 6.139,360 42,808 Cash and cash equivalents, end of year* 6.121,095 39,360 *Includes bank overdrafts, refer to Section 6.136 STAATSOLIE 2019 ANNUAL REPORT'