Investor Presentaiton
FREE CASH FLOW (MILLION DOLLARS)
Q4-23 Q4-22 Var
2023
2022
Var
Operating income before other expenses
98.4
68.2
Depreciation and amortization
19.7
22.0
44.4%
-10.3%
383.1
268.3
42.8%
89.2
93.2
-4.3%
EBITDA
118.2
90.2
31.0%
472.4
361.6
30.6%
Interest income (expense)
6.3
(6.3)
n.m.
36.9
(5.2)
n.m.
Decrease (increase) in working capital
30.0
47.4
-36.8%
(63.0)
25.2
n.m.
Taxes
(14.7)
(9.6)
51.9%
(73.5)
(19.9)
269.1%
Prepaid expenses
(3.1)
1.9
n.m.
(1.3)
0.4
n.m.
Accruals and other accounts
(9.2)
(5.5)
68.1%
(60.9)
(33.3)
82.9%
Operating Leases (IFRS 16 effect)
(3.0)
(2.6)
14.3%
(12.1)
(14.9)
-19.2%
Operating cash flow
124.5
115.4
7.9%
298.5
313.8
-4.9%
Maintenance CapEx*
(17.4)
(6.2)
182.0%
Free cash flow
107.1
109.3
-2.0%
(64.8) (34.9)
233.7 278.9
85.8%
-16.2%
Strategic & Growth CapEx
(21.4)
(17.6)
21.4%
Share repurchase (net)
1.2
(5.9)
n.m.
Debt amortizations net
0.0
0.0
0.0%
(98.6) (61.5)
(13.2)
0.0
60.4%
(26.4)
-50.0%
(40.0)
-100.0%
Dividends paid
0.0
0.0
0.0%
(24.6)
FX effect
14.5
8.5
70.8%
35.2
(19.1)
11.4
28.7%
208.9%
Initial cash balance
857.3
732.0
17.1%
826.2
683.0
21.0%
Final Cash balance
FCF conversion rate
958.7
826.2
16.0%
958.7
826.2
16.0%
90.6%
121.2%
49.5%
77.1%
* Excludes growth and strategic capital expenditures
** Free cash flow conversion rate = free cash flow after maintenance CapEx / EBITDA
Decreased free cash flow in Q4-23 reflects:
• Higher working capital requirements
• Higher maintenance CapEx
• Higher cash taxes
• Higher EBITDA generation
• Higher interest income
Decreased free cash flow in 2023 reflects:
Higher working capital requirements
• Higher cash taxes
. Higher maintenance CapEx
⚫ Higher EBITDA generation
Higher interest income
GCC
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