Consolidated statement of cash flows

                                                    Notes 2016 US$m 2015 US$m
OPERATING ACTIVITIES      
Profit/(loss) before tax   100 (335)
Exceptional items and certain re-measurements 318 355

Profit before tax, exceptional items and certain re-measurements

  418 20
Adjustments to reconcile profit before tax, exceptional items and certain re-measurements to net cash flows:      
Depreciation, amortisation and write-off 4b, 4c  188 200
Share-based payments 4d 17 23
Difference between other long-term employment benefits paid and amounts recognised in the consolidated income statement 27  7 15
Net finance expense 98 92
Gain arising from disposal of non-current asset 4f - (8)
Provision for costs in excess of revenues on a contract 31  20 48
Share of profits of associates/joint ventures 15 (8) (10)
Other non-cash items, net   (1) (67)
    739 313
Working capital adjustments:      
Trade and other receivables   (112) 605
Work in progress   (388) (192)
Due from related parties   (2) (2)
Inventories   2 3
Other current financial assets 17  384 55
Trade and other payables   (441) (168)
Billings in excess of cost and estimated earnings   (157) (64)
Accrued contract expenses   800 367
Due to related parties   (1) (2)
    824 915
Long-term receivable from customers 17  (62) (50)
Other non-current items, net   44 (38)
Cash generated from operations   806 827
Restructuring, redundancy and migration costs paid   (21) (13)
Interest paid   (94) (96)
Income taxes paid, net   (40) (49)
Net cash flows from operating activities   651 669
INVESTING ACTIVITIES      
Purchase of property, plant and equipment   (165) (169)
Payments for intangible oil and gas assets 14  (2) (17)
Additional investment made to available-for-sale investment 16 (12) -
Investments in associate and joint ventures 15 (5) (2)
Dividend received from associates/joint ventures 15 28 8
Loan in respect of the development of the Greater Stellar Area 17  (119) (182)
Proceeds from disposal of property, plant and equipment   6 2
Proceeds from disposal of subsidiary, net of cash disposed 4f  1 41
Interest received   3 1
Net cash flows used in investing activities   (265) (318)
FINANCING ACTIVITIES      
Interest-bearing loans and borrowings obtained, net of debt acquisition cost   2,293 985
Repayment of interest-bearing loans and borrowings, including finance leases   (2,385) (943)
Treasury shares purchased 23 (36) (39)
Equity dividends paid, net   (224) (223)
Net cash flows used in financing activities   (352) (220)
Net increase in cash and cash equivalents   34 131
Net foreign exchange difference   (12) (7)
Cash and cash equivalents at 1 January   1,101 977
Cash and cash equivalents at 31 December 21 1,123 1,101

 

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