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Consolidated cash flow statement (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Jun. 28, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from consolidated operations        
Profit after tax for the year   $ 11,574 $ 9,953 $ 13,048
Adjustments for:        
– Taxation   4,041 3,832 5,614
– Finance items   876 1,713 1,846
– Share of profit after tax of equity accounted units   (838) (675) (777)
– (Gains)/losses on consolidation and disposal of interests in businesses   (1,214) 0 105
– Impairment charges of investments in equity accounted units after tax   0 0 202
– Net impairment charges/(reversals)   538 936 (150)
– Depreciation and amortisation   5,918 5,334 5,010
– Provisions (including exchange differences on provisions)   398 1,470 1,006
Utilisation of other provisions   (94) (104) (176)
Utilisation of provisions for close-down and restoration   (1,142) (777) (609)
Utilisation of provisions for post-retirement benefits and other employment costs   (133) (277) (254)
Change in inventories   205 (422) (1,185)
Change in receivables and other assets   (202) (418) 20
Change in trade and other payables   54 (86) 700
Other items [1]   (122) (228) (1,242)
Cash flows from consolidated operations [2]   19,859 20,251 23,158
Purchase of property, plant and equipment [3]   9,621 7,086 6,750
Acquisition of associates [3]   346 834 850
Purchase of interests in investments accounted for using equity method [3]   784 144 75
Cash inflows from share of expenditure incurred [3]   1,574 127 86
Sales of financial assets [4]   677 1,220 892
Winning Consortium Simandou Railway Pte. Ltd and Winning Consortium Simandou Ports Pte. Ltd        
Adjustments for:        
Acquisition of associates   313    
Chalco Iron Ore Holdings Ltd (CIOH)        
Adjustments for:        
Cash inflows from share of expenditure incurred $ 411 1,505    
Simandou Iron Ore Project        
Adjustments for:        
Total net outflows in iron ore project   1,300    
Purchase of property, plant and equipment   1,831    
Purchase of interests in investments accounted for using equity method   652    
Not Designated As Hedging Instrument        
Adjustments for:        
Realised losses   88 57 459
Cortez Royalty        
Adjustments for:        
Urealised gain on royalty       432
Fixed Income Instruments        
Adjustments for:        
Sales of financial assets   $ 675 $ 1,157 $ 352
[1] In 2024, Other items includes the recognition of realised losses of US$88 million on currency forwards not designated as hedges (2023: realised losses US$57 million, 2022: realised losses
US$459 million). In 2022, other items also included the deduction of the US$432 million relating to the gain recognised on sale of the Cortez royalty shown in “Sale of financial assets”.
[2]
Notes to the consolidated cash flow statement
(a) Cash flows from consolidated operations
Note
2024
US$m
2023
US$m
2022
US$m
Profit after tax for the year
11,574
9,953
13,048
Adjustments for:
– Taxation
4,041
3,832
5,614
– Finance items
876
1,713
1,846
– Share of profit after tax of equity accounted units
(838)
(675)
(777)
– (Gains)/losses on consolidation and disposal of interests in businesses
5
(1,214)
–
105
– Impairment charges of investments in equity accounted units after tax
4
–
–
202
– Net impairment charges/(reversals)
4
538
936
(150)
– Depreciation and amortisation
5,918
5,334
5,010
– Provisions (including exchange differences on provisions)
398
1,470
1,006
Utilisation of other provisions
36
(94)
(104)
(176)
Utilisation of provisions for close-down and restoration
14
(1,142)
(777)
(609)
Utilisation of provisions for post-retirement benefits and other employment costs
26
(133)
(277)
(254)
Change in inventories
205
(422)
(1,185)
Change in receivables and other assets
(202)
(418)
20
Change in trade and other payables
54
(86)
700
Other items(d)
(122)
(228)
(1,242)
19,859
20,251
23,158
[3] In 2024, our net cash outflow in relation to the Simandou iron ore project was US$1.3 billion. This includes cash outflows of US$1,831 million for purchase of property, plant and equipment,
US$313 million as acquisition of associates for WCS Rail and Port, and US$652 million as net funding of equity accounted units for the subsequent funding of that shared infrastructure. We
received related cash inflows of US$1,505 million from Chalco Iron Ore Holdings Ltd (CIOH) for cash calls by SimFerJersey Limited, of which US$411 million relates to CIOH’s share of
expenditure incurred up until the end of December 2023 to progress critical works.
[4] In 2024, we received net proceeds of US$675 million (2023: US$1,157 million and 2022: US$352 million) from our sales and purchases of investments within a separately managed portfolio
of fixed income instruments. Refer to note 19 for details. Purchases and sales of these securities are reported on a net cash flow basis within “Sales of financial assets” or “Purchases of
financial assets” depending on the overall net position at each reporting date.