Consolidated statement of cash flows
|Net cash flows from operating activities||927.4||793.9||16.8|
|Capital expenditures and construction in progress costs||-439.4||-423.8||3.7|
|Net cash flows used in investment activities||-377.4||-406.4||-7.1|
|Proceeds from/repayment of borrowings||-241.3||-32.1||652.2|
|Funds raised from the IPO Proceeds from the share issue net of expenses incurred to repurchase own shares and transaction costs related to the issue of shares and repurchase of own shares.||480.8||-||-|
|Interest paid on borrowings||-175.9||-190.1||-7.5|
|Net cash flows used in financing activities||-57.3||-290.6||-80.3|
|Increase in cash and cash equivalents||492.7||96.9||408.6|
The Group has a strong liquidity cushion, which represents a significant positive factor for maintaining the company’s creditworthiness and financial stability. At the end of 2020, cash balances in bank accounts and their equivalents totalled US$880.2 million. The Group also had unused revolving credit facilities of US$79.9 million and available special-purpose credit facilities for new builds of US$104.8 million. Thus, the Company’s current liquidity as at 31 December 2020 totalled US$1,064.9 million. The Company’s liquidity at the end of 2020 fully covered the current investment commitments under the existing shipbuilding programme for 2021 amounting to US$240 million and for 2022 amounting to US$270 million.
The Group maintains a stable programme of capital investments during all phases of the shipping cycle. Investments in construction and capital expenditures on modernisation and repair of the fleet in 2020 amounted to US$442.5 million (2019: US$427.5 million) with the amount payable under current shipbuilding contracts
During the reporting period SMART LNG, a joint venture between Sovcomflot Group and NOVATEK, entered into lease agreements for 14 ice-class LNG carriers designed to serve the Arctic LNG 2 project for US$2,310 million. The vessels are scheduled to be delivered between 2023 and 2025. The relevant time charter contract backlog for an initial term of 30 years with charterer’s extension options were signed. The total amount of future contracted revenue attributable to SCF Group under the mentioned 14 time charter contracts is about US$10 billion.