Cash Flow/Liquidities
Cash and undrawn committed credit facilities amounted to US$ 1,904 million, US$ 221 million of which can be considered as being dedicated to specific project debt servicing or otherwise restricted in its utilization.
The Enterprise Value to EBITDA ratio at year-end 2016 came in at 12.4, lower than the previous year, due mainly to significant increase in the Company’s IFRS EBITDA.
|
in millions of US$ |
2016 |
2015 |
2014 |
2013 |
20121 |
|---|---|---|---|---|---|
|
IFRS EBITDA |
772 |
462 |
925 |
592 |
681 |
|
Cash |
904 |
515 |
452 |
208 |
715 |
|
Cash flow from operations |
488 |
(538) |
(1,356) |
(1,044) |
1,134 |
|
EV : IFRS EBITDA ratio at 31/12 |
12.4 |
19.3 |
8.6 |
14.3 |
6.3 |
- 1 not restated for comparison purpose
Provided below is a reconciliation of net income before taxes to Cash Flow from Operations:
|
in millions of US$ |
2016 |
2015 |
|---|---|---|
|
Net income before taxes |
275 |
137 |
|
Adjustments for non-cash items |
||
|
Depreciation of property, plant and equipment |
216 |
212 |
|
Net impairment / (impairment reversal) |
32 |
9 |
|
Amortisation of intangible assets |
3 |
1 |
|
Adjustments for investing and financing items |
||
|
Share in net income of associates and joint ventures |
(30) |
(73) |
|
Finance income |
(26) |
(25) |
|
Finance costs excluding impairment |
301 |
200 |
|
(Gain) / loss on disposal of property, plant and equipment |
(2) |
1 |
|
(Gain) / loss on disposal of subsidiary |
0 |
3 |
|
Adjustments for equity items |
||
|
Share-based payments |
16 |
20 |
|
Reclassification of exchange differences relating to the disposal of foreign subsidiaries |
0 |
0 |
|
Subtotal |
787 |
484 |
|
Changes in operating assets and liabilities |
||
|
Decrease / (increase) in investments |
0 |
3 |
|
Decrease in operating receivables (excluding WIP) |
20 |
178 |
|
Increase in WIP (excluding reclass to Financial Assets) |
(301) |
(836) |
|
Decrease in operating liabilities |
(240) |
(548) |
|
Total changes in operating assets and liabilities |
(521) |
(1,204) |
|
Reimbursement finance lease assets |
237 |
206 |
|
Income taxes paid |
(15) |
(24) |
|
Net cash generated from operating activities |
488 |
(538) |