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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
[1]
Operating activities      
Profit before tax $ 559 $ 802 $ 464 [2]
Non-cash adjustments to reconcile profit before tax to net cash flows      
Depreciation, amortization and impairment loss / (reversal) 729 671 826
(Gain) / loss on disposal of non-current assets (46) 1 (9)
(Gain) / loss on disposal of subsidiaries 0 (88) 0
Finance costs 531 583 591
Finance income (60) (32) (13)
Other non-operating (gain) / loss (20) (9) (26)
Net foreign exchange (gain) / loss (81) (181) 7 [2]
Changes in trade and other receivables and prepayments (1) (154) (141)
Changes in inventories (19) (12) (4)
Changes in trade and other payables 143 52 63
Changes in provisions, pensions and other 125 48 (14)
Interest paid (489) (489) (521)
Interest received 53 25 12
Income tax paid (264) (284) (274)
Net cash flows from operating activities from continuing operations 1,160 933 961
Net cash flows from operating activities from discontinued operations 951 1,624 1,677
Investing activities      
Purchase of property, plant and equipment (531) (634) (699)
Purchase of intangible assets (235) (376) (159)
Payments on deposits (54) (54) (58)
Outflows on loan granted (66) 0 0
Investment in financial assets (147) (14) (48)
Acquisition of a subsidiary, net of cash acquired 0 (16) 0
Proceeds from sales of share in subsidiaries, net of cash 0 40 0
Other proceeds from investing activities, net 13 (3) (3)
Net cash flows used in investing activities from continuing operations (1,020) (1,057) (967)
Net cash flows used in investing activities from discontinued operations (1,217) (599) (213)
Financing activities      
Proceeds from borrowings, net of fees paid [3] 194 2,087 2,081
Repayment of debt (1,098) (1,619) (1,977)
Acquisition of non-controlling interest 0 0 (279)
Dividends paid to non-controlling interests (15) (12) (17)
Net cash flows from / (used in) financing activities from continuing operations (919) 456 (192)
Net cash flows from / (used in) financing activities from discontinued operations (226) (340) (552)
Net increase / (decrease) in cash and cash equivalents (1,271) 1,017 714
Net foreign exchange difference related to continuing operations (36) (95) (18)
Net foreign exchange difference related to discontinued operations (44) (21) (5)
Cash and cash equivalents classified as discontinued operations/held for sale at the beginning of the period 146 113 [1] 0
Cash and cash equivalents classified as discontinued operations/held for sale at the end of the period 0 (146) (113)
Cash and cash equivalents at beginning of period 3,107 2,239 [1] 1,661
Cash and cash equivalents at end of period, net of overdraft $ 1,902 $ 3,107 $ 2,239
[1]
* Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10).
[2] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10
[3]
** Fees paid in 2023 for borrowings were US$18 (2022: US$11, 2021: US$32).