Cash Flow / Liquidities − Directional
Cash and undrawn committed credit facilities amount to US$3,037 million at December 31, 2022, of which US$1,422 million is considered as pledged to specific project debt servicing related to FPSO Prosperity, FPSO ONE GUYANA and FPSO Sepetiba or otherwise restricted in its utilization.
The consolidated cash flow statement under Directional reporting is as follows:
in millions of US$ | 2022 | 2021 | |
|---|---|---|---|
EBITDA | 1,010 | 849 | |
Adjustments for non-cash and investing items | |||
Addition/(release) provision | 46 | 14 | |
(Gain)/loss on disposal of property, plant and equipment | (9) | (1) | |
(Gain) / loss on acquisition of shares in investees | (2) | 0 | |
Share-based payments | 19 | 27 | |
Changes in operating assets and liabilities | |||
(Increase)/Decrease in operating receivables | (156) | 17 | |
Movement in contract assets | (115) | (42) | |
(Increase)/Decrease in inventories | (10) | (1) | |
Increase/(Decrease) in operating liabilities | 117 | (82) | |
Income taxes paid | (100) | (66) | |
Net cash flows from (used in) operating activities | 799 | 715 | |
Capital expenditures | (1,342) | (1,483) | |
(Addition) / repayments of funding loans | 6 | (6) | |
Cash flows from changes in interests of subsidiaries | (307) | - | |
Cash receipts from sale of investments in joint ventures | 0 | 53 | |
Other investing activities | 44 | 20 | |
Net cash flows from (used in) investing activities | (1,600) | (1,415) | |
Additions and repayments of borrowings and lease liabilities | 717 | 1,945 | |
Dividends paid to shareholders | (178) | (165) | |
Share repurchase program | - | (178) | |
Interest paid | (181) | (224) | |
Net cash flows from (used in) financing activities | 359 | 1,377 | |
Foreign currency variations | (3) | (2) | |
Net increase/(decrease) in cash and cash equivalents | (444) | 676 |
The Company generated strong operating cash flows mainly as a result of FPSO Liza Unity joining the fleet and the operating cash recognized following the divestment of FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão. This was partially offset by the FPSO Cidade de Anchieta shut down as well as FPSO Capixaba and Deep Panuke MOPU leaving the fleet.
Cash generated from the strong operating cash flows and drawdowns on project financings together with some of the Company's existing cash was primarily used to:
- Invest in the five FPSOs under construction, the Fast4Ward® new build multi-purpose hull and the FPSO Cidade de Anchieta shutdown-associated repair costs impacting capital expenditures under investing activities;
- Transfer partial excess of cash in FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão SPVs to partners following the 45% divestment of shares;
- Return funds to the shareholders through dividends; and
- Service the Company’s non-recourse debt and interest in accordance with the respective repayment schedules.
As a result, cash and cash equivalents decreased from US$1,059 million at year-end 2021 to US$615 million at year-end 2022.