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    To preserve a balanced capital structure and match financial resources with funding requirements, the key guidelines are that long-term debt is primarily used to support long-term investments, while short-term debt is used to support ongoing business in financing its main working capital needs

    Diversified funds icon

    Diversified sources of funds

    25% of non-long-term financing came from debt capital markets
    Debt maturity icon

    Well-distributed debt maturity profile

    Average maturity of long-term debt of 4 years
    Committed facilities icon

    Sizeable amount of committed facilities

    US$ 3.1 Bn of undrawn committed bank lines with maturities beyond 1 year

    Sound Balance Sheet Structure

    The balance sheet as of 31 December 2019 showed an excess of long-term resources of US$ 748 million
    12,739
    Fixed assets & investments 4,292
    Other non-current assets (net) 1,413
    Less liquid working capital 1,614
    RMI 4,293
    Liquid assets below 3 months 47
    Current financial assets 1,080
    Use of Capital
    12,739
    Equity 4,798
    LT Debt 3,269
    ST Debt 4,672
    Source of Capital
    12,739
    Fixed assets & investments 4,292
    Other non-current assets (net) 1,413
    Less liquid working capital 1,614
    RMI 4,293
    Liquid assets below 3 months 47
    Current financial assets 1,080
    Use of Capital
    12,739
    Equity 4,798
    LT Debt 3,269
    ST Debt 4,672
    Source of Capital

    Long-term Financing Split by Nature

    2019 (In US$ million)
    Debt capital markets 1,307 %
    Drawn revolving credit facilities 296 %
    Term loans from banks 1,996 %
    2018 (In US$ million)
    Debt capital markets 1,302 %
    Drawn revolving credit facilities 450 %
    Term loans from banks 1,255 %
    Debt capital markets Drawn revolving credit facilities Term loans from banks

    Debt Maturity

    In US$ million 2019 2018
    0 0 Maturity between 1-2 years
    0 0 Maturity between 2-3 years
    0 0 Maturity between 3-4 years
    0 0 Maturity between 4-5 years
    0 0 Maturity > 5 years