v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
(Loss) profit for the year $ (177,112,000) $ 20,800,000 $ 98,478,000
Adjustments to reconcile net profit to net cash provided by operating activities:      
Income tax expense 2,468,000 16,252,000 57,540,000
Depreciation and amortization 84,951,000 75,463,000 73,532,000
Finance income (3,474,000) (7,248,000) (5,422,000)
Finance costs 20,775,000 21,942,000 38,793,000
Exchange differences 23,886,000 (13,565,000) 7,551,000
Impairment loss 17,488,000 43,052,000 25,290,000
Share-based compensation 1,814,000 4,924,000 7,402,000
Other (gain) loss (1,105,000) (555,000) 29,000
Write downs of inventories to net realizable value 22,937,000 16,963,000 13,687,000
Change in fair value of derivatives not designated as hedging instruments 42,263,000 5,389,000  
Changes in operating assets and liabilities:      
Decrease (increase) in inventories 43,759,000 47,000 102,179,000
Decrease (increase) in trade receivables 13,414,000 22,765,000 80,766,000
Decrease (increase) in other receivables 19,029,000 770,000 45,692,000
Decrease (increase) in energy receivable 31,041,000 131,959,000 (159,807,000)
(Decrease) increase in trade payables (28,682,000) (17,255,000) (70,573,000)
Other changes in operating assets and liabilities (51,659,000) (62,646,000) (23,457,000)
Income taxes paid (10,329,000) (15,799,000) (113,308,000)
Net cash provided by operating activities 51,464,000 243,258,000 178,372,000
Cash flows from investing activities:      
Interest and finance income received 3,556,000 2,799,000 3,725,000
Payments due to investments:      
Intangible assets (1,556,000) (3,024,000) (2,787,000)
Property, plant and equipment (61,703,000) (76,165,000) (83,679,000)
Other financial assets (15,119,000) (3,000,000)  
Disposals:      
Other non-current assets 1,690,000   935,000
Receipt of asset-related government grant   12,453,000  
Net cash used in investing activities (73,132,000) (66,937,000) (81,806,000)
Cash flows from financing activities:      
Dividends paid (10,451,000) (9,758,000)  
Payment for debt and equity issuance costs (205,000) (6,000)  
Repayment of debt instruments (35,760,000) (147,624,000) (179,075,000)
Proceeds from debt issuance 50,244,000 10,255,000  
Increase (decrease) in bank borrowings:      
Borrowings 522,270,000 509,186,000 432,274,000
Payments (446,041,000) (495,726,000) (456,506,000)
Payments for lease liabilities (16,185,000) (16,201,000) (14,967,000)
Proceeds from other financing liabilities (44,748,000) 6,054,000  
Other (payments) receipts from financing activities 1,581,000 (3,068,000) (21,666,000)
Payments to acquire own shares (4,691,000) (2,428,000)  
Interest paid (12,550,000) (26,192,000) (42,207,000)
Net cash used in financing activities 3,464,000 (175,508,000) (282,147,000)
Total net increase (decrease) in cash and cash equivalents (18,204,000) 813,000 (185,581,000)
Beginning balance of cash and cash equivalents 133,271,000 137,649,000 322,943,000
Foreign exchange (losses) gains on cash and cash equivalents 7,920,000 (5,191,000) 287,000
Restricted cash and cash equivalents 175,000 298,000 1,179,000
Cash and cash equivalents 122,812,000 132,973,000 136,470,000
Ending balance of cash and cash equivalents $ 122,987,000 $ 133,271,000 $ 137,649,000