Cash and cash equivalents classified as held for sale

  
Amcor plc and SubsidiariesConsolidated Statements of Cash Flows($ in millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| For the years ended June 30,  |  | 2022 |  | 2021 |  | 2020 |
| Cash flows from operating activities: |  |   |  |   |  |   |
| Net income |  | $ | 815  |  |  | $ | 951  |  |  | $ | 616  |  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
| Depreciation, amortization, and impairment |  | 625  |  |  | 574  |  |  | 652  |  |
| Russia and Ukraine impairment |  | 138  |  |  | —  |  |  | —  |  |
| Net periodic benefit cost |  | 12  |  |  | 15  |  |  | 10  |  |
| Amortization of debt discount and deferred financing costs |  | 2  |  |  | 10  |  |  | 8  |  |
|  |  |  |  |  |  |  |
| Net gain on disposal of property, plant, and equipment |  | (3) |  |  | (10) |  |  | (4) |  |
| Net gain on disposal of businesses |  | —  |  |  | (44) |  |  | —  |  |
|  |  |  |  |  |  |  |
| Equity in (income)/loss of affiliated companies |  | —  |  |  | (19) |  |  | 14  |  |
| Net foreign exchange (gain)/loss |  | (14) |  |  | 21  |  |  | (16) |  |
| Share-based compensation |  | 63  |  |  | 58  |  |  | 34  |  |
| Other, net |  | 106  |  |  | (83) |  |  | —  |  |
| Loss from highly inflationary accounting for Argentine subsidiaries |  | 22  |  |  | 27  |  |  | 38  |  |
| Deferred income taxes, net |  | (33) |  |  | 4  |  |  | (114) |  |
| Dividends received from affiliated companies |  | —  |  |  | 4  |  |  | 7  |  |
| Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency: |  |  |  |  |  |  |
| Trade receivables |  | (272) |  |  | (189) |  |  | 133  |  |
| Inventories |  | (626) |  |  | (112) |  |  | 26  |  |
| Prepaid expenses and other current assets |  | (67) |  |  | (90) |  |  | (23) |  |
| Trade payables |  | 711  |  |  | 342  |  |  | (48) |  |
| Other current liabilities |  | 123  |  |  | 11  |  |  | 8  |  |
| Accrued employee costs |  | (20) |  |  | 29  |  |  | 81  |  |
| Employee benefit obligations |  | (35) |  |  | (40) |  |  | (33) |  |
| Other, net |  | (21) |  |  | 2  |  |  | (5) |  |
| Net cash provided by operating activities |  | 1,526  |  |  | 1,461  |  |  | 1,384  |  |
| Cash flows from investing activities: |  |  |  |  |  |  |
| Issuance of loans to affiliated companies |  | (5) |  |  | —  |  |  | —  |  |
| Investments in affiliated companies and other |  | (12) |  |  | (5) |  |  | —  |  |
|  |  |  |  |  |  |  |
| Purchase of property, plant, and equipment, and other intangible assets |  | (527) |  |  | (468) |  |  | (400) |  |
| (Payments)/proceeds from divestitures |  | (1) |  |  | 214  |  |  | 425  |  |
| Proceeds from sales of property, plant, and equipment, and other intangible assets |  | 18  |  |  | 26  |  |  | 13  |  |
| Net cash (used in)/provided by investing activities |  | (527) |  |  | (233) |  |  | 38  |  |
| Cash flows from financing activities: |  |  |  |  |  |  |
| Proceeds from issuance of shares |  | 114  |  |  | 30  |  |  | 1  |  |
|  |  |  |  |  |  |  |
| Purchase of treasury shares |  | (143) |  |  | (8) |  |  | (67) |  |
| Proceeds from/(purchase of) non-controlling interest |  | —  |  |  | (8) |  |  | 4  |  |
| Proceeds from issuance of long-term debt |  | 1,066  |  |  | 790  |  |  | 3,194  |  |
| Repayment of long-term debt |  | (1,243) |  |  | (530) |  |  | (4,225) |  |
| Net borrowing/(repayment) of commercial paper |  | 638  |  |  | (235) |  |  | 1,742  |  |
| Net borrowing/(repayment) of short-term debt |  | 15  |  |  | (123) |  |  | (585) |  |
| Repayment of lease liabilities |  | (5) |  |  | (2) |  |  | (2) |  |
| Share buyback/cancellations |  | (601) |  |  | (351) |  |  | (537) |  |
| Dividends paid |  | (732) |  |  | (742) |  |  | (761) |  |
| Net cash used in financing activities |  | (891) |  |  | (1,179) |  |  | (1,236) |  |
|  |  |  |  |  |  |  |
| Effect of exchange rates on cash and cash equivalents |  | (108) |  |  | 58  |  |  | (45) |  |
| Cash and cash equivalents classified as held for sale |  | (75) |  |  | —  |  |  | —  |  |
|  |  |  |  |  |  |  |
| Net increase/(decrease) in cash and cash equivalents |  | (75) |  |  | 107  |  |  | 141  |  |
| Cash and cash equivalents balance at beginning of the fiscal year |  | 850  |  |  | 743  |  |  | 602  |  |
|  |  |  |  |  |  |  |
| Cash and cash equivalents balance at end of the fiscal year |  | $ | 775  |  |  | $ | 850  |  |  | $ | 743  |  |

See accompanying notes to consolidated financial statements, including Note 23, "Supplemental Cash Flow Information."52
