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)