4.2.5Consolidated Cash Flow Statement
in millions of US$ | Notes | 2023 | 2022 |
|---|---|---|---|
Cash flow from operating activities | |||
Profit/(loss) before income tax | 589 | 660 | |
Adjustments to reconcile profit before taxation to net cash flows: | |||
Depreciation and amortization | 65 | 85 | |
Impairment | 31 | 105 | |
Net financing costs | 573 | 373 | |
Share net income of associates and joint ventures | (19) | (12) | |
Share based compensation | 20 | 19 | |
Net gain on sale of Property, Plant and Equipment | (0) | (9) | |
(Increase)/Decrease in working capital: | |||
- (Increase)/Decrease Trade and other receivables | (58) | (25) | |
- (Increase)/Decrease Contract assets | (2,774) | (3,023) | |
- (Increase)/Decrease Inventories | (124) | (10) | |
- Increase/(Decrease) Trade and other payables | (226) | 303 | |
Increase/(Decrease) Other provisions | 112 | 142 | |
Reimbursement finance lease assets | 1,743 | 439 | |
Income taxes paid | (101) | (96) | |
Net cash flows from (used in) operating activities | (169) | (1,049) | |
Cash flow from investing activities | |||
Investment in property, plant and equipment | (128) | (41) | |
Investment in intangible assets | (45) | (41) | |
Additions to funding loans | (11) | (13) | |
Redemption of funding loans | 1 | 27 | |
Interest received | 24 | 9 | |
Dividends received from equity-accounted investees | 17 | 92 | |
Proceeds from disposal of property, plant and equipment | 0 | 34 | |
Purchase of interests in equity-accounted investees | (1) | (0) | |
Net cash flows from (used in) investing activities | (142) | 67 | |
Cash flow from financing activities | |||
Equity funding from/repayment to non-controlling interests | 235 | 357 | |
Additions to borrowings and loans | 3,440 | 1,536 | |
Repayments of borrowings and lease liabilities | (2,988) | (779) | |
Dividends paid to shareholders and non-controlling interests | (279) | (217) | |
Payments from/to non-controlling interests for change in ownership | (21) | 0 | |
Share repurchase program | (5) | - | |
Proceeds from settlement of interest rate swaps | 154 | - | |
Interest paid | (366) | (252) | |
Net cash flows from (used in) financing activities | 170 | 646 | |
Net increase/(decrease) in cash and cash equivalents | (141) | (335) | |
Net cash and cash equivalents as at 1 January | 683 | 1,021 | |
Net increase/(decrease) in net cash and cash equivalents | (141) | (335) | |
Foreign currency variations | 1 | (3) | |
Net cash and cash equivalents as at 31 December | 543 | 683 |
The reconciliation of the net cash and cash equivalents as at December 31, 2023, with the corresponding amounts in the statement of financial position, is as follows:
Reconciliation of net cash and cash equivalents as at 31 December
in millions of US$ | 31 December 2023 | 31 December 2022 | |
|---|---|---|---|
Cash and cash equivalents | 543 | 683 | |
Net cash and cash equivalents | 543 | 683 |