Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2011
- Return on Equity (ROE) since 2011
- Debt to Equity since 2011
- Price to Earnings (P/E) since 2011
- Price to Operating Profit (P/OP) since 2011
- Analysis of Revenues
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LyondellBasell Industries N.V., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Net Income and Profitability
- Net income displayed moderate variability over the five-year span, increasing from $4,168 million in 2014 to a peak of $4,877 million in 2017 before slightly declining to $4,690 million in 2018. This suggests overall stable profitability with a notable high point in 2017.
- Depreciation, Amortization, and Debt-Related Costs
- Depreciation and amortization steadily increased each year, from $1,019 million in 2014 to $1,241 million in 2018, indicating rising non-cash expenses possibly due to asset additions or revaluations. Amortization of debt-related costs remained relatively stable but showed a slight declining trend. Charges related to repayment of debt appeared only in 2017 at $49 million, signaling a distinct event impacting that year's expenses.
- Share-Based Compensation and Other Adjustments
- Share-based compensation was introduced in 2015 with fluctuating values, peaking at $55 million in 2017 but lower at $39 million by 2018. Inventory valuation adjustments declined markedly from $760 million in 2014 to near zero by 2016 and were not reported subsequently. Equity income from investments consistently showed negative values but improved slightly by 2018. Conversely, distributions of earnings from equity investments increased steeply from $156 million in 2014 to around $307 million in 2018.
- Deferred Income Taxes and Gains/Losses on Sales
- Deferred income taxes fluctuated significantly, with a notable negative figure of -$587 million in 2017 contrasting with positive amounts in other years, indicating variability in tax positions. Gains on sales of businesses and investments resulted in losses during 2016 to 2018, with diminishing negative amounts from -$108 million in 2017 to -$36 million in 2018.
- Working Capital Movements
- Accounts receivable and payable showed large fluctuations, with values swinging from positive to negative across years. Inventory adjustments also exhibited volatility, alternating between negative and positive figures, while changes in assets and liabilities provided or used cash inconsistently. These patterns imply varying operational cash flow impacts and inventory or receivable management changes. The item "Other, net" under operating activities varied wildly, including a substantial negative value in 2018 (-$848 million), potentially affecting cash flow reconciliation.
- Operating Cash Flow and Capital Expenditures
- Net cash provided by operating activities remained robust but trended slightly downward from $6,048 million in 2014 to $5,471 million in 2018. Capital expenditures fluctuated significantly, peaking in 2016 and 2018 at over $2 billion, with a notable acquisition cost of $1,776 million occurring in 2018, signaling substantial investment activity that year.
- Investing Activities
- Investing cash flows showed large outflows throughout, particularly in 2014, 2016, and 2018, largely driven by purchases of securities and property investments. Sales and maturities of available-for-sale debt securities partially offset these outflows but were insufficient to reverse the trend. Equity securities activity and net proceeds from business sales were sporadic and relatively minor in impact. Settlement of net investment hedges presented significant inflows and outflows across the timeline.
- Financing Activities
- Financing activities consistently used substantial amounts of cash, reflecting large repurchases of company shares that declined from $5,788 million in 2014 to $1,854 million in 2018 but remained sizeable. Dividends showed a stable increasing pattern. Issuance and repayment of long-term debt varied, with repayments increasing notably in 2017 and 2018. Net commercial paper positions fluctuated, with a large negative in 2017 but a positive rebound in 2018. Overall, financing cash flow outflows decreased over the period but stayed significant.
- Cash Position and Exchange Rate Effects
- The company's cash and cash equivalents, including restricted cash, dropped sharply from $4,450 million at the end of 2013 (starting point) to $401 million by the end of 2018, with the largest decreases in 2014 and 2018. Movement in cash was influenced by sizeable investing and financing outflows. Exchange rates had a relatively minor and inconsistent impact on cash balances, with small negative and positive effects across the years.