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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 billion 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