Cash Flow / Liquidities − Directional
Directional cash and undrawn committed credit facilities amount to US$2,276 million at December 31, 2023, of which US$1,208 million is considered as pledged to specific project debt servicing related to FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão, or otherwise restricted in its utilization.
The consolidated cash flow statement under Directional reporting is as follows:
in millions of US$ | 2023 | 2022 | |
|---|---|---|---|
Directional EBITDA | 1,319 | 1,010 | |
Adjustments for non-cash and investing items | |||
Directional Addition/(release) provision | 51 | 46 | |
Directional Effect of disposal of property, plant and equipment | 902 | (9) | |
Directional (Gain) / loss on acquisition of shares in investees | (0) | (2) | |
Directional Share-based payments | 20 | 19 | |
Changes in operating assets and liabilities | |||
Directional (Increase)/Decrease in operating receivables | (211) | (156) | |
Directional Movement in contract assets | (153) | (115) | |
Directional (Increase)/Decrease in inventories | (124) | (10) | |
Directional Increase/(Decrease) in operating liabilities | (84) | 117 | |
Directional Income taxes paid | (104) | (100) | |
Directional Net cash flows from (used in) operating activities | 1,616 | 799 | |
Directional Capital expenditures | (1,658) | (1,342) | |
Directional (Addition) / repayments of funding loans | (4) | 6 | |
Directional Cash flows from changes in interests of subsidiaries | 0 | (307) | |
Directional Cash receipts from sale of investments in joint ventures | (0) | 0 | |
Directional Other investing activities | 23 | 44 | |
Directional Net cash flows from (used in) investing activities | (1,639) | (1,600) | |
Directional Additions and repayments of borrowings and lease liabilities | 287 | 717 | |
Directional Dividends paid to shareholders | (197) | (178) | |
Directional Share repurchase program | (5) | - | |
Directional Payments from/to non-controlling interests for change in ownership | (21) | - | |
Directional Proceeds from settlement of interest rate swaps | 154 | - | |
Directional Interest paid | (248) | (181) | |
Directional Net cash flows from (used in) financing activities | (29) | 359 | |
Directional Foreign currency variations | 0 | (3) | |
Directional Net increase/(decrease) in cash and cash equivalents | (52) | (444) |
The Company generated strong Directional operating cash flows mainly as a result of the cash flow from the fleet under operations and the proceeds received from FPSO Liza Unity sale.
Cash generated from the strong Directional operating cash flows, drawdowns on project financings, the RCF, the Revolving Credit Facility for MPF hull financing, the settlements of interest rate swaps related to the financing of FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão of US$154 million, the US$125 million funding loan agreement received from CMFL in relation to FPSO Cidade de Ilhabela, together with some of the Company's existing cash was primarily used to:
- Invest in the five FPSOs under construction over the period, and some initial scope for the FPSO for the Whiptail development project and the two Fast4Ward® new build multi-purpose hulls.
- Repayment of the project loan following the FPSO Liza Unity sale;
- Pay dividends to shareholders; and
- Service the Company’s non-recourse debt and interest in accordance with the respective repayment schedules.
As a result, Directional cash and cash equivalents decreased from US$615 million at year-end 2022 to US$563 million at year-end 2023.