Chief Financial Officer's Report

Section 4 – Cash flow

In the table below, we present the group's cash flow statement for 2018 and 2017 in a summarised format.

(US$ million) 2018      2017   
Operating profit excluding special items 480      526   
Depreciation and amortisation 282      259   
EBITDA excluding special items 762      785   
Contributions to post-employment benefits (45)     (43)  
Other non-cash items (8)      6   
Cash generated from operations 709      748   
Movement in working capital (79)     (27)  
Net finance costs (66)     (81)  
Taxation (73)     (100)  
Dividend paid (81)     (59)  
Capital expenditure (541)     (357)  
Net proceeds on disposal of assets 11       
Acquisition of subsidiary (132)     (11)  
Other (2)     (9)  
Net cash (utilised) generated (254)     108   

Net cash utilised for the financial year was US$254 million (2017: US$108 million generated). The cash utilisation includes the acquisition of Cham Paper Group (US$132 million) and capital expenditure of US$541 million (LY = US$357 million). Finance costs and taxation payments were less than the previous year.

Investment in fixed assets versus depreciation (US$ million)
Investment in fixed assets versus depreciation (US$ million)