Interim condensed consolidated statement of cash flows

                                                    Notes Six months ended 30 June 2016 Unaudited US$m Six months ended 30 June 2015 Unaudited US$m
OPERATING ACTIVITIES      
Profit/(loss) before tax   58 (183)
Exceptional items and certain re-measurements   129 50

Profit/(loss) before tax, exceptional items and certain re-measurements

  187 (133)
Adjustments to reconcile profit/(loss) before tax, exceptional items and certain re-measurements to net cash flows:      
Depreciation and amortisation   93 92
Share-based payments 18 9 10
Difference between other long-term  employment benefits paid and amounts  recognised in the income statement   5 12
Net finance expense   52 50
Gain on disposal of plant and equipment 11 (28) -
Provision for costs in excess of revenues on a contract   85 54
Gain on disposal of subsidiary   (2) -
Gain on senior notes redemption 20 (1) -
Share of profits of associates/joint ventures 13 (4) (5)
Non-cash movement in value of hedging instruments   38 (13)
Other non-cash items, net   - 3
    434 70
Working capital adjustments:      
Trade and other receivables   34 111
Work in progress   (602) (151)
Due from related parties   - (7)
Inventories   (2) (5)
Other current financial assets   98 36
Trade and other payables   102 84
Billings in excess of cost and estimated earnings   (13) (37)
Accrued contract expenses   260 149
Due to related parties   (1) (1)
    310 249
Long-term receivable from customers   (27) (29)
Other non-current items, net   1 3
Cash generated from operations   284 223
Interest paid   (51) (41)
Income taxes paid, net   (18) (30)
Restructuring, redundancy and migration costs paid   (10) (2)
Net cash flows from operating activities   205 150
INVESTING ACTIVITIES      
Purchase of property, plant and equipment  11 (126) (125)
Payments for intangible oil and gas assets   (27) (33)
Loan in respect of the development of the Greater Stellar Area   (31) (87)
Additional investment made in Seven Energy available-for-sale investment   (12) -
Investment in a joint venture/loan extended to an associate   - (1)
Dividend received from associate/joint venture   2 4
Proceeds from disposal of property, plant and equipment   4 -
Proceeds from disposal of subsidiary, net of cash disposed   1 -
Interest received   1 -
Net cash flows used in investing activities   (188) (242)
FINANCING ACTIVITIES      
Interest-bearing loans and borrowings obtained, net of debt acquisition cost   968 492
Repayment of interest-bearing loans and borrowings including repayment of finance lease creditors   (615) (385)
Treasury shares purchased 18 (36) (39)
Equity dividends paid, net   (149) (149)
Net cash flows from/(used in) financing activities   168 (81)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS   185 (173)
Net foreign exchange difference   (1) (1)
Cash and cash equivalents at 1 January   1,101 977
CASH AND CASH EQUIVALENTS AT PERIOD END 17 1,285 803

 

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