b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.Consolidated Statement of Cash FlowsFOR THE YEAR ENDED DECEMBER 31, 2018(X US$ 1,000) Notes 2018 2017Operating activitiesProfit before income tax from operations 3.1148,704 94,270 Adjustments to reconcile profit before tax to net cash flows:Depreciation of Property, plant and equipment (PPE) 3.290,263 93,299 Impairment of Investment properties 3.2880 - Expensed projects4.1-4.314,284 4,820 Amortization of intangible assets4.51,004 2,817 Amortization of debt arrangement fee12,766 194 Accretion expense 4.77,586 4,697 Hyperinflationandcurrencytranslationadjustment(93)(720)Loss on disposal of PPE989 19 Finance income 3.2(777)(959)Finance costs (excluding accretion expenses)67,462 64,080 BeforetaxShareofprofitinSurinameGoldProjectJV 4.4(66,268)(63,725)Movementsemployeedefinedbenefitliabilities3,910 3,306 Movement in Provisions 1,059 - Cash from operations before working capital changes281,769 202,098 Working capital adjustments: (Increase)/decrease in Inventories (13,365)3,645 Increase in Trade receivables (15,127)(25,370)Decrease in Prepayments and other current assets 6,287 21,147 Increase/(decrease) in Trade payables 16,387 (6,048)(Decrease)/Increase in Accruals and other liabilities (60,712)4,137 Cash generated from operations215,239 199,609 Interest received- 2,018 Interest paid(77,550)(56,880)Income taxes paid(54,002)(41,592)Net cash flows from operating activities 83,687 103,155 Investing activitiesExpenditures on PPE (Purchase)(118,773)(82,745)CashdistributionsreceivedfromSurinameGoldProjectJV160,176 171,878 CashcallspaidtoSurinameGoldProjectJV(99,599)(100,153)Movement of loan receivables8,278 4,474 Net cash flows used in investing activities (49,918)(6,546)Financing activitiesRepayment of Term loans- (59,118)Re-financingofTermloans279,153 - Repayment of GOS loan(261,534)- Repayment of DSB loan(10,345)- Dividends paid to equity holders of the parent 3.5(63,889)- Addition to Sports Fund2,000 - Payments to the Sports fund(1,326)(50)Movement in restricted cash18,724 (8,291)Net cash flows used in financing activities (37,217)(67,459)(Decrease)/ increase in cash(3,448)29,150 Cash and cash equivalents, beginning of year* 6.142,808 13,658 Cash and cash equivalents, end of year* 6.139,360 42,808 *Includes banks overdrafts; refer to footnote 6.1Significant non-cash transactionsRefer to note 5.3 loan receivable section30 STAATSOLIE 2018 ANNUAL REPORT'