| Dec'17 | Dec'16 | Dec'15 | ||||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net income (including non-controlling interests) | ||||||
4,575 | 1,734 | -8,423 | ||||
Adjustments to reconcile net income to net cash provided by operations: | ||||||
Depreciation and impairment | ||||||
2,768 | 2,721 | 3,192 | ||||
Impairment | ||||||
206 | 205 | 4,764 | ||||
Interest expense | ||||||
879 | 1,172 | 1,383 | ||||
Interest income | ||||||
56 | 58 | 105 | ||||
Income tax expense (note 7) | ||||||
432 | 986 | 902 | ||||
Remeasurement gain relating to US deferred employee benefits | ||||||
0 | 832 | 0 | ||||
Net gain on disposal of subsidiaries | ||||||
18 | 23 | 72 | ||||
Income from associates, joint ventures and other investments | ||||||
448 | 615 | -502 | ||||
Provision on pensions and OPEB | ||||||
555 | 439 | 558 | ||||
Change in fair value adjustment on call option on Mandatory Convertible Bonds (note 9) | ||||||
578 | 138 | -108 | ||||
Unrealized foreign exchange effects | ||||||
-541 | 486 | 425 | ||||
Foreign exchange effects, write-downs (reversals) of inventories to net realizable value, provisions and other non-cash operating expenses (net) | ||||||
781 | -201 | 1,420 | ||||
Changes in assets and liabilities that provided (required) cash: | ||||||
Trade accounts receivable | ||||||
-620 | -373 | 335 | ||||
Inventories | ||||||
-2,347 | -2,055 | 288 | ||||
Trade accounts payable and other | ||||||
1,094 | 1,405 | -1,012 | ||||
Interest paid | ||||||
947 | 1,354 | 1,561 | ||||
Interest received | ||||||
57 | 60 | 89 | ||||
Cash contributions to plan assets and benefits paid for pensions and OPEB | ||||||
496 | 395 | 556 | ||||
VAT and other amounts recoverable from public authorities | ||||||
-177 | 46 | 166 | ||||
Dividends received from associates, joint ventures and other investments | ||||||
232 | 176 | 227 | ||||
Taxes paid | ||||||
506 | 296 | 398 | ||||
Working capital, provision movements and other liabilities (note 4) | ||||||
282 | 382 | 81 | ||||
Net cash provided by operating activities | ||||||
4,563 | 2,708 | 2,151 | ||||
Investing activities: | ||||||
Purchase of property, plant and equipment and intangibles | ||||||
2,819 | 2,444 | 2,707 | ||||
Disposal (acquisition) of net assets of subsidiaries, net of cash acquired of 11 and 292 for the six months ended June 30, 2018 and June 30, 2017, respectively (note 3, 5) | ||||||
6 | 185 | 0 | ||||
Acquisitions of net assets of subsidiaries, net of cash acquired of 617, 63 and nil in 2017, 2016 and 2015, respectively | ||||||
-16 | -7 | 0 | ||||
Disposals of associates and joint ventures | ||||||
0 | 1,017 | 23 | ||||
Disposals of financial assets | ||||||
-44 | -165 | -172 | ||||
Other investing activities (net) | ||||||
-77 | -73 | 342 | ||||
Net cash used in investing activities | ||||||
-2,830 | -1,143 | -2,170 | ||||
Financing activities: | ||||||
Disposal of non-controlling interests | ||||||
0 | 56 | 0 | ||||
Proceeds from short-term debt | ||||||
1,859 | 1,516 | 543 | ||||
Proceeds from long-term debt | ||||||
1,407 | 110 | 3,256 | ||||
Payments of short-term debt | ||||||
2,102 | 2,721 | 2,490 | ||||
Payments of long-term debt | ||||||
2,691 | 4,912 | 501 | ||||
Equity offering | ||||||
0 | 3,115 | 0 | ||||
Dividends paid (note 6) | ||||||
141 | 61 | 416 | ||||
Other financing activities (net) | ||||||
-63 | -29 | 3 | ||||
Net cash provided by (used in) financing activities | ||||||
-1,731 | -2,926 | 395 | ||||
Net increase (decrease) in cash and cash equivalents | ||||||
2 | -1,361 | 376 | ||||
Effect of exchange rate changes on cash | ||||||
58 | -127 | -267 | ||||