v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Profit before tax $ 785 $ 704 $ 559
Non-cash adjustments to reconcile profit before tax to net cash flows      
Depreciation, amortization and impairment loss, net 811 731 729
Gain on disposal of non-current assets (2) (5) (46)
Gain on disposal of subsidiaries (400) (145) 0
Finance costs 535 495 531
Finance income (52) (49) (60)
Other non-operating loss / (gain), net 130 (31) (20)
Net foreign exchange loss / (gain) 41 (9) (81)
Listing expense 162 0 0
Changes in trade and other receivables and prepayments (145) (81) (1)
Changes in inventories (16) (9) (19)
Changes in trade and other payables 142 130 143
Changes in provisions, pensions and other 96 73 125
Interest paid (399) (431) (489)
Interest received 44 43 53
Income tax paid (379) (266) (264)
Net cash flows from operating activities from continuing operations 1,353 1,150 1,160
Net cash flows from operating activities from discontinued operations 0 0 951
Investing activities      
Purchase of property, plant and equipment (733) (627) (531)
Purchase of intangible assets (216) (280) (235)
Payments on deposits (45) (19) (54)
Net outflows on loans granted (114) (80) (66)
Receipts from / (investment in) financial assets 23 92 (147)
Acquisition of a subsidiary, net of cash acquired (157) (2) 0
Proceeds from sales of share in subsidiaries, net of cash 441 36 0
Proceeds from sales of property, plant and equipment 10 102 14
Other outflows from investing activities, net 0 0 (1)
Net cash flows used in investing activities from continuing operations (791) (778) (1,020)
Net cash flows used in investing activities from discontinued operations 0 0 (1,217)
Financing activities      
Proceeds from borrowings net of fees paid [1] 971 955 194
Repayment of debt [2] (1,296) (1,333) (951)
Payments of lease liabilities [2] (250) (150) (147)
Dividends paid to non-controlling interests 0 (15) (15)
Share repurchases (105) (8) 0
Proceeds from subsidiary listing, net of fees 132 0 0
Net cash flows used in financing activities from continuing operations (548) (551) (919)
Net cash flows used in financing activities from discontinued operations 0 0 (226)
Net increase / (decrease) in cash and cash equivalents 14 (179) (1,271)
Net foreign exchange difference related to continuing operations 16 (21) (36)
Net foreign exchange difference related to discontinued operations 0 0 (44)
Cash and cash equivalents classified as discontinued operations/held for sale at the beginning of the period 14 0 146
Cash and cash equivalents classified as held for sale at the end of the period 0 (14) 0
Cash and cash equivalents at beginning of period 1,688 [3] 1,902 [3] 3,107
Cash and cash equivalents at end of period, net of overdraft [3] $ 1,732 $ 1,688 $ 1,902
[1]
* Fees paid in 2025 for borrowings were US$9 (2024: US$9, 2023: US$18).
[2]
*** Certain prior period comparatives have been represented to conform with the current year presentation.
[3]
** Overdrawn amount was Nil(2024 US$1, 2023: Nil).