| (a) Reconciliation of profits before taxation to cash generated from operations |
| US$'000 | 2018 | 2017 |
| Profit before taxation | 73,546 | 3,256 |
| Adjusted for | | |
| Assets and liabilities adjustments | | |
| Depreciation and amortisation | 116,335 | 109,287 |
| Utilisation of provision for onerous contracts | (16,115) | (20,273) |
| Write-back of provision for onerous contracts | (12,731) | - |
| Net unrealised losses/(gains) on derivative instruments not qualified as hedges | 11,669 | (5,434) |
| Charter Hire Reduction | 4,743 | 6,158 |
| Provision/(write-back) for impairment losses | | |
| - vessels | 705 | - |
| - other receivables | (7) | 112 |
| - trade receivables | - | 2,022 |
| - assets held for sale | - | 830 |
| Write-off of loan arrangement fees | 1,623 | - |
| Distribution from Muchalat investment | (1,582) | - |
| Losses on disposal of PP&E | 37 | 539 |
| Towage exchange loss | - | 1,306 |
| Disposal gains on available-for-sale financial assets | - | (158) |
| Capital and funding adjustments | | |
| Share-based compensation | 5,265 | 4,301 |
| Results adjustments | | |
| Finance costs, net | 32,353 | 32,347 |
| Net foreign exchange (gains)/losses | (43) | 135 |
| Profit before taxation before working capital changes | 215,798 | 134,428 |
| Increase in inventories | (13,715) | (9,282) |
| Increase in trade and other receivables | (14,029) | (12,123) |
| Increase in trade and other payables | 2,120 | 12,578 |
| Cash generated from operations | 190,174 | 125,601 |
| (b) Reconciliation of long-term borrowings | | |
| US$'000 | 2018 | 2017 |
| At 1 January | 880,968 | 839,242 |
| Cash flows | | |
| - Drawdown of bank loans and other borrowings | 634,074 | 188,601 |
| - Repayment of bank loans and other borrowings | (558,410) | (136,929) |
| - Convertible bond coupon payment | (4,063) | (4,063) |
| Foreign exchange adjustments | (1,782) | (9,779) |
| Other non-cash movements | | |
| - Loan arrangement fee movement | 3,772 | (2,504) |
| - Accrued convertible bond coupon | 6,534 | 6,400 |
| At 31 December | 961,093 | 880,968 |
| (c) Significant non-cash transactions | | |
| For details regarding non-cash transactions relating to the purchase of vessels by issuing new shares, please refer to Note 18(a). |
