4.2.5Consolidated Cash Flow Statement
in millions of US$ | Notes | 2025 | 2024 |
|---|---|---|---|
Cash flow from operating activities | |||
Profit/(loss) before income tax | 1,226 | 283 | |
Adjustments to reconcile profit before taxation to net cash flows: | |||
Depreciation and amortization | 66 | 70 | |
Impairment | (16) | 43 | |
Net financing costs | 616 | 659 | |
Share net income of associates and joint ventures | 4 | (19) | |
Share-based compensation | 24 | 21 | |
Other adjustments for non-cash items | (28) | (49) | |
(Gain)/loss on disposal of subsidiaries and equity-accounted investees | 21 | 22 | |
Net (gain)/loss on sale of property, plant and equipment | (0) | 1 | |
(Increase)/Decrease in working capital: | |||
- (Increase)/decrease trade and other receivables | (19) | 161 | |
- (Increase)/decrease contract assets | (1,019) | (1,419) | |
- (Increase)/decrease inventories | (300) | (26) | |
- Increase/(decrease) trade and other payables | 229 | (469) | |
Increase/(decrease) other provisions | (75) | 4 | |
Reimbursement finance lease assets | 646 | 2,378 | |
Income taxes paid | (161) | (178) | |
Net cash flows from (used in) operating activities | 1,214 | 1,482 | |
Cash flow from investing activities | |||
Acquisition of subsidiaries, net of cash acquired | 43 | 179 | |
Disposal of subsidiaries, net of cash disposed | (55) | - | |
Investment in property, plant and equipment | (34) | (79) | |
Investment in intangible assets | (35) | (37) | |
Additions to loans to joint ventures and associates | - | (5) | |
Interest received | 40 | 26 | |
Disposal of interests in equity-accounted investees | 60 | 12 | |
Purchase of interests in equity-accounted investees | (7) | (6) | |
Other investing activities | 107 | 0 | |
Net cash flows from (used in) investing activities | 118 | 92 | |
Cash flow from financing activities | |||
Equity funding from/repayment to non-controlling interests | 2 | 196 | |
Additions to borrowings and loans | 1,425 | 2,151 | |
Repayments of borrowings and lease liabilities | (1,440) | (3,000) | |
Dividends paid to shareholders and non-controlling interests | (452) | (249) | |
Payments from/to non-controlling interests for change in ownership | (0) | 53 | |
Share repurchase program | (174) | (102) | |
Interest paid | (403) | (356) | |
Net cash flows from (used in) financing activities | (1,043) | (1,307) | |
Net increase/(decrease) in cash and cash equivalents | 290 | 267 | |
Net cash and cash equivalents as at 1 January | 806 | 543 | |
Net increase/(decrease) in net cash and cash equivalents | 290 | 267 | |
Foreign currency variations | (10) | (4) | |
Net cash and cash equivalents as at 31 December | 1,086 | 806 |
As at December 31, 2025 and December 31, 2024, no differences arise between net cash and cash equivalents and the corresponding amounts in the statement of financial position.