4.2.5Consolidated Cash Flow Statement
|
in millions of US$ |
Notes |
2019 |
2018 |
|---|---|---|---|
|
Cash flow from operating activities |
|||
|
Profit/(loss) before income tax |
542 |
384 |
|
|
Adjustments to reconcile profit before taxation to net cash flows: |
|||
|
Depreciation and amortization |
243 |
237 |
|
|
Impairment |
27 |
(2) |
|
|
Net financing costs |
254 |
233 |
|
|
Share net income of associates and joint ventures |
(43) |
(13) |
|
|
Share based compensation |
17 |
17 |
|
|
(Increase)/Decrease in working capital: |
|||
|
- (Increase)/Decrease Trade and other receivables |
(39) |
178 |
|
|
- (Increase)/Decrease Construction work in progress |
(1,176) |
(315) |
|
|
- (Increase)/Decrease Inventories |
(3) |
(90) |
|
|
- Increase/(Decrease) Trade and other payables |
(46) |
104 |
|
|
Increase/(Decrease) Other provisions |
(165)1 |
(307)2 |
|
|
Reimbursement finance lease assets |
197 |
1,2523 |
|
|
Income taxes paid |
(29) |
(30) |
|
|
Net cash flows from (used in) operating activities |
(220) |
1,647 |
|
|
Cash flow from investing activities |
|||
|
Investment in property, plant and equipment |
(30) |
(42) |
|
|
Investment in intangible assets |
(9) |
(6) |
|
|
Additions to funding loans |
(0) |
(181) |
|
|
Redemption of funding loans |
175 |
71 |
|
|
Interest received |
8 |
42 |
|
|
Dividends received from equity-accounted investees |
139 |
59 |
|
|
Proceeds from disposal of financial assets and other assets |
(0) |
(4) |
|
|
Net cash flows from (used in) investing activities |
282 |
(61) |
|
|
Cash flow from financing activities |
|||
|
Equity repayment to partners |
82 |
(165) |
|
|
Additions to borrowings and loans |
1,389 |
1 |
|
|
Repayments of borrowings and lease liabilities |
(1,039) |
(1,269)4 |
|
|
Dividends paid to shareholders and non-controlling interests |
(108) |
(103) |
|
|
Payments to non-controlling interests for change in ownership |
(149)5 |
(5) |
|
|
Share repurchase program |
(196) |
- |
|
|
Interest paid |
(244) |
(257) |
|
|
Net cash flows from (used in) financing activities |
(264) |
(1,797) |
|
|
Net increase/(decrease) in cash and cash equivalents |
(202) |
(211) |
|
|
Net cash and cash equivalents as at 1 January |
718 |
957 |
|
|
Net increase/(decrease) in net cash and cash equivalents |
(202) |
(211) |
|
|
Foreign currency variations |
(9) |
(28) |
|
|
Net cash and cash equivalents as at 31 December |
506 |
718 |
- 1 Includes US$181 million payment of Yme proceeds shared with Repsol
- 2 Includes US$(196) million payment for the settlement with Brazilian authorities and Petrobras and US$(80) million compensation paid to the partners in the investee owning the Turritella (FPSO) before acquisition by Shell.
- 3 Includes US$987 million purchase price acquisition of Turritella (FPSO) by Shell.
- 4 Includes US$(723) million redemption of Turritella (FPSO) project financing loan.
- 5 Relates to US$149 million payment for the purchase of shares in Cidade de Paraty, Cidade de Ilhabela, Cidade de Marica, Cidade de Saquarema and Capixaba.
The reconciliation of the net cash and cash equivalents as at 31 December with the corresponding amounts in the statement of financial position is as follows:
Reconciliation of net cash and cash equivalents as at 31 December
|
in millions of US$ |
31 December 2019 |
31 December 2018 |
|
|---|---|---|---|
|
Cash and cash equivalents |
506 |
718 |
|
|
Net cash and cash equivalents |
506 |
718 |