| CASH FLOW SUMMARY 15 Simplified Cash Flows $’000 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 FY2021 EBITDA (630) (18,898) 31,943 35,231 86,728 135,004 Non-cash items 2,014 36,563 65 1,250 768 38,646 Changes in Working capital 3,320 668 (37,476) (71,518) (62,871) (171,197) Changes in Accounts Receivables (53,604) (41,692) (8,625) (27,683) (83,434) (161,434) Changes in Accounts Payable (4,667) 26,152 16,184 9,138 12,908 64,382 Changes in Inventory 71,754 11,446 (8,770) (51,835) (11,137) (60,296) CO2 and Others (10,163) 4,762 (36,265) (1,138) 18,792 (13,849) Less Cash Tax Payments (1,177) (57) (1,178) 359 (2,918) (3,794) Operating cash flow 3,527 18,276 (6,646) (34,677) 21,707 (1,341) Cash-flow from Investing Activities (14,207) (9,134) 908 (8,168) (7,458) (23,848) Cash-flow from Financing Activities (4,713) (56,243) 27,379 31,952 7,364 10,452 Bank Borrowings 169,571 127,690 149,945 159,861 221,587 659,083 Bank Payments (161,936) (157,464) (144,983) (158,118) (210,902) (671,467) Other amounts paid due to financing activities (9,444) (2,856) (3,157) (2,602) (2,617) (11,232) Payment of debt issuance costs (2,077) (6,598) (11,093) (26,060) 0 (43,751) Proceeds from equity issuance - - - 40,000 - 40,000 Proceeds from debt issuance - - 40,000 20,000 - 60,000 Interest Paid (827) (17,015) (3,333) (1,125) (704) (22,177) Net cash flow (15,393) (47,101) 21,641 (10,893) 21,613 (14,737) Total cash * (Beginning Bal.) 147,425 131,557 84,367 106,089 95,043 131,557 Exchange differences on cash and cash equivalents in foreign currencies (475) (90) 81 (153) 7 (157) Total cash * (Ending Bal.) 131,557 84,366 106,089 95,043 116,663 116,663 Free cash flow (1) (10,693) 9,142 (5,738) (42,845) 14,249 (25,188) (1) Free cash flow is calculated as operating cash flow plus investing cash flow Non-cash items primarily relates to the footprint optimization restructuring program |