v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Income for the year $ 257,719 $ 307,912 $ 226,467
Adjustments for:      
Amortization and depreciation 229,079 203,008 151,593
Deferred income tax 29,246 263,620 (62,697)
Current income tax 45,717 35,200 38,456
Share of (income) / loss in associates (31,083) 996 (7,108)
Impairment loss / (reversal) of non-financial assets 335   (102,838)
Loss on disposals of property, plant and equipment and intangible assets 641 221 592
Gain on disposal of subsidiaries   (391)  
Low value, short term and variable lease payments (2,126) (1,686) (3,082)
Share-based compensation expenses 1,083 1,143 1,055
Interest expense 90,827 107,464 95,185
Other financial results, net (16,604) (20,414) (41,558)
Net foreign exchange 44,560 (317,036) 164,026
Government subsidies per Covid-19 context (720) (16,394) (21,511)
Government grants collected   76 383
Other accruals (3,424) (5,476) 3,145
Inflation adjustment (9,959) 1,053 54,170
Acquisition of Intangible assets (203,165) (212,573) (149,436)
Income tax paid (32,272) (40,294) (22,919)
Income due to concession compensation     (62,677)
Collection due to concession compensation   90,609  
Unpaid concession fees 55,050 54,199 49,992
Changes in liability for concessions 81,743 87,556 98,480
Changes in working capital (71,430) (133,491) (53,303)
Net cash provided by operating activities 465,217 405,302 356,415
Cash flows from investing activities      
Cash contribution in associates (712) (666) (84)
Acquisition of other financial assets (195,527) (156,418) (128,899)
Disposals of other financial assets 138,746 136,781 72,571
Acquisition of Property, plant and equipment (16,708) (12,218) (9,661)
Acquisition of Intangible assets (2,004) (1,435) (1,221)
Proceeds from sale of Property, plant and Equipment 172 25 264
Net cash inflow on disposal of subsidiaries 289 (404)  
Others 3,835 1,842 626
Net cash used in investing activities (71,909) (32,493) (66,404)
Cash flows from financing activities      
Proceeds from cash contributions     9,424
Proceeds from borrowings 18,116 190,345 87,846
Principal elements of lease payments (4,745) (4,397) (3,118)
Loans repaid (115,095) (314,077) (200,475)
Interest paid (83,739) (96,168) (83,791)
Debt renegotiation expenses (193) (2,467) (110)
Guarantee deposit 448 1,147 2,168
Dividends paid to non-controlling interests in subsidiaries (49,456) (14,945) (13,656)
Payment for additional acquisitions in subsidiaries   (30,949)  
Others   322 86
Net cash used in financing activities (234,664) (271,189) (201,626)
Increase in cash and cash equivalents 158,644 101,620 88,385
Cash and cash equivalents      
At the beginning of the year 439,847 369,848 385,265
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents (5,732) (31,621) (103,802)
Increase in cash and cash equivalents 158,644 101,620 88,385
At the end of the year $ 592,759 $ 439,847 $ 369,848