b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.Consolidated Statement of Cash FlowsFOR THE YEAR ENDED DECEMBER 31, 2020(X US$ 1,000) Notes 2020 2019Operating activitiesProfit before income tax from operations 3.198,004 180,499 Adjustments to reconcile profit before tax to net cash flows:Depreciation of Property, plant and equipment (PPE) 3.2111,019 93,899 Depreciation of right-of-use assets4.72,8062,049Impairment of non-current assets 4.1116,787 - Expensed projects4.1-4.310,113 2,085 Amortization of intangible assets4.51,072 1,093 Amortization of debt arrangement fee 5.32,0511,914Accretion expense 4.9 9,5426,390 Accretion of lease liability4.7825704Currency translation adjustment(16,146)662 GOw2 PPE Regrouping due to SAP implementation 4.3-(242)Disposal of PPE (1,451)(1,175)Finance income 3.2(2,619)(596)Finance costs (excluding accretion expenses and 43,087 54,982amortization of debt arrangement fees)ShareofprofitinSurinameGoldProjectCV 4.4 (85,411) (74,431)Movementsemployeedefinedbenefitliabilities330 (381)Movement in Provisions(784) (545)Cash from operations before working capital changes189,225 266,907 Working capital adjustments: Change in Inventories4,181 (39,549)Change in Trade receivables2,40118,009 Change in Prepayments and other current assets 7,873 (1,730)Change in Trade payables (59,305) 34,740Change in Accruals and other liabilities 37,670 6,995 Change in other long term assets-(1,477)Cash generated from operations182,045 283,895 Interest received 1,48668 Interest paid (46,221)(56,033)Income taxes paid/settled(6,500)(58,503)Net cash flows from operating activities 130,810 169,427 Investing activitiesExpenditures on PPE (Purchase)(162,979)(226,595)Expenditures on Other Intangible assets4.5(361)(769)Investment in joint ventures (Pikin Saramacca) (34,000)- Cash distributions received from Suriname Gold Project CV198,079 186,171 Cash calls paid to Suriname Gold Project CV(109,585)(92,703) Investment in shares of local companies(24) - Movement of loan receivables3,759 3,669 Net cash flows used in investing activities (105,111)(130,227)50 STAATSOLIE 2020 ANNUAL REPORT'