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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

    48% of long-term financing came from debt capital markets
    Debt maturity icon

    Well-distributed debt maturity profile

    Average maturity of long-term debt of 4.5 years
    Committed facilities icon

    Sizeable amount of committed facilities

    US$ 3.5 Bn of undrawn committed bank lines

    Sound Balance Sheet Structure

    The balance sheet as of 31 December 2021 showed an excess of long-term resources of US$ 3.3 billion
    14,193
    Fixed assets & investments 4,216
    Other non-current assets (net) 444
    Less liquid working capital 1,529
    RMI 6,514
    Liquid assets below 3 months 703
    Current financial assets 787
    Use of Capital
    14,193
    Equity 5,427
    LT Debt 4,036
    ST Debt 4,730
    Source of Capital
    14,193
    Fixed assets & investments 4,216
    Other non-current assets (net) 444
    Less liquid working capital 1,529
    RMI 6,514
    Liquid assets below 3 months 703
    Current financial assets 787
    Use of Capital
    14,193
    Equity 5,427
    LT Debt 4,036
    ST Debt 4,730
    Source of Capital

    Long-term Financing Split by Nature

    2021 (In US$ million)
    Debt capital markets 2,050 %
    Drawn revolving credit facilities 4 %
    Term loans from banks 2,220 %
    2020 (In US$ million)
    Debt capital markets 1,522 %
    Drawn revolving credit facilities 15 %
    Term loans from banks 2,064 %
    Debt capital markets Drawn revolving credit facilities Term loans from banks

    Long-term Financing Maturity

    In US$ million 2021 2020
    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

    Debt Capital Markets

    Bonds

    ISIN CodeCurrencyAmountCouponMaturityMarket
    XS1629414704USDUSD300m5.25%13/06/2023Luxembourg stock exchange
    XS2264074647EUREUR650m2.375%27/11/2025Luxembourg stock exchange
    XS2332552541EUREUR500m1.625%28/04/2028Luxembourg stock exchange

    Notices

    Issuer’s articles of association