4.2.5Consolidated Cash Flow Statement
in millions of US$ | Notes | 2022 | 2021 |
|---|---|---|---|
Cash flow from operating activities | |||
Profit/(loss) before income tax | 660 | 543 | |
Adjustments to reconcile profit before taxation to net cash flows: | |||
Depreciation and amortization | 85 | 112 | |
Impairment | 105 | (23) | |
Net financing costs | 373 | 302 | |
Share net income of associates and joint ventures | (12) | (110) | |
Share based compensation | 19 | 27 | |
Net gain on sale of Property, Plant and Equipment | (9) | (1) | |
(Increase)/Decrease in working capital: | |||
- (Increase)/Decrease Trade and other receivables | (25) | (139) | |
- (Increase)/Decrease Contract assets | (3,023) | (1,887) | |
- (Increase)/Decrease Inventories | (10) | 128 | |
- Increase/(Decrease) Trade and other payables | 303 | 13 | |
Increase/(Decrease) Other provisions | 142 | 24 | |
Reimbursement finance lease assets | 439 | 316 | |
Income taxes paid | (96) | (62) | |
Net cash flows from (used in) operating activities | (1,049) | (755) | |
Cash flow from investing activities | |||
Investment in property, plant and equipment | (41) | (14) | |
Investment in intangible assets | (41) | (47) | |
Additions to funding loans | (13) | (3) | |
Redemption of funding loans | 27 | 5 | |
Interest received | 9 | 1 | |
Dividends received from equity-accounted investees | 92 | 43 | |
Proceeds from disposal of property, plant and equipment | 34 | 25 | |
Purchase of interests in equity-accounted investees | (0) | (6) | |
Net cash flows from (used in) investing activities | 67 | 5 | |
Cash flow from financing activities | |||
Equity funding from/repayment to non-controlling interests | 357 | 80 | |
Additions to borrowings and loans | 1,536 | 3,765 | |
Repayments of borrowings and lease liabilities | (779) | (1,730) | |
Dividends paid to shareholders and non-controlling interests | (217) | (292) | |
Payments from/to non-controlling interests for change in ownership | 0 | (0) | |
Share repurchase program | - | (178) | |
Increase in other non-current financial liabilities | - | 52 | |
Interest paid | (252) | (340) | |
Net cash flows from (used in) financing activities | 646 | 1,359 | |
Net increase/(decrease) in cash and cash equivalents | (335) | 609 | |
Net cash and cash equivalents as at 1 January | 1,021 | 414 | |
Net increase/(decrease) in net cash and cash equivalents | (335) | 609 | |
Foreign currency variations | (3) | (2) | |
Net cash and cash equivalents as at 31 December | 683 | 1,021 |
The reconciliation of the net cash and cash equivalents as at December 31, 2022 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 2022 | 31 December 2021 | |
|---|---|---|---|
Cash and cash equivalents | 683 | 1,021 | |
Net cash and cash equivalents | 683 | 1,021 |