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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Group profit for the financial year $ 3,874 $ 2,621 [1],[2] $ 1,165 [1],[2]
Finance costs (net) 382 417 [2] 490 [2]
Share of equity accounted investments’ (profit)/loss 0 (55) [2] 118 [2]
Profit on disposals (1,422) (119) [2] (9) [2]
Depreciation charge 1,644 1,691 [2] 1,624 [2]
Amortisation of intangible assets 113 74 [2] 70 [2]
Impairment charge 0 0 [2] 673 [2]
Share-based payment expense 101 110 [2] 96 [2]
Income tax expense 1,155 721 [2] 499 [2]
Other 42 21 [2] 6 [2]
Net movement in inventories, receivables, payables and provisions (518) (228) [2] 196 [2]
Cash generated from operations 5,371 5,253 [2] 4,928 [2]
Interest paid (including leases) (374) (401) [2] (432) [2]
Corporation tax paid (1,043) (642) [2] (558) [2]
Net cash inflow from operating activities 3,954 4,210 [2] 3,938 [2]
Cash flows from investing activities      
Proceeds from disposals (net of cash disposed and deferred proceeds) 3,827 387 [2] 184 [2]
Interest received 65 0 [2] 0 [2]
Dividends received from equity accounted investments 36 32 [2] 35 [2]
Purchase of property, plant and equipment (1,523) (1,554) [2] (996) [2]
Acquisition of subsidiaries (net of cash acquired) (3,253) (1,494) [2] (351) [2]
Other investments and advances (45) (4) [2] (1) [2]
Net cash flow arising from derivative financial instruments (11) 0 [2] 0 [2]
Deferred and contingent acquisition consideration paid (32) (33) [2] (54) [2]
Deferred divestment consideration received 52 120 [2] 123 [2]
Net cash outflow from investing activities (884) (2,546) [2] (1,060) [2]
Cash flows from financing activities      
Proceeds from exercise of share options 11 13 [2] 6 [2]
Transactions involving non-controlling interests (3) 0 [2] 0 [2]
Increase in interest-bearing loans and borrowings 38 0 [2] 6,427 [2]
Net cash flow arising from derivative financial instruments (11) (37) [2] 26 [2]
Repayment of interest-bearing loans and borrowings (364) (1,183) [2] (4,943) [2]
Repayment of lease liabilities [3] (249) (264) [2] (258) [2]
Treasury Shares/own shares purchased (1,178) (896) [2] (249) [2]
Dividends paid to equity holders of the Company (917) (906) [2] (707) [2]
Dividends paid to non-controlling interests (13) (32) [2] (15) [2]
Net cash (outflow)/inflow from financing activities (2,686) (3,305) [2] 287 [2]
Increase/(decrease) in cash and cash equivalents 384 (1,641) [2] 3,165 [2]
Reconciliation of opening to closing cash and cash equivalents      
Cash and cash equivalents at 1 January [2] 5,783 7,721 4,218
Translation adjustment (231) (297) [2] 338 [2]
Increase/(decrease) in cash and cash equivalents 384 (1,641) [2] 3,165 [2]
Cash and cash equivalents at 31 December $ 5,936 $ 5,783 [2] $ 7,721 [2]
[1] Restated to show the results of our former Building Envelope business in discontinued operations. See note 3 for further details.
[2] See the Accounting Policies on page 181 for further details.
[3] Repayment of lease liabilities amounted to $297 million (2021: $328 million; 2020: $326 million), of which $48 million (2021: $64 million; 2020: $68 million) related to interest paid which is presented in cash flows from operating activities.