Cash flow from operations was $25,608 million in 2014, a 10% drop compared to 2013, mainly due to the fall in Brent oil prices.
Adjusted cash flow(2) was $24,597 million in 2014, a decrease of 9% compared to 2013.
The Group’s net cash flow was $1,468 million in 2014 compared to $2,634 million in 2013. This decrease was essentially due to lower cash flow from operations between the two periods, partially compensated by lower net investments.
The net-debt-to-equity ratio was 31.3% on December 31, 2014 compared to 23.3% on December 31, 2013. The increase is partly due to the higher level of net debt linked to lower cash flow from operations as well as the incomplete status on December 31, 2014, of the sales of Bostik, Totalgaz and the South African coal mines, and partly due to the decrease in equity linked mainly to variations in foreign exchange and to the impact of impairments.
(1) Net cash flow = cash flow from operations – net investments (including other transactions with non-controlling interests).
(2) Cash flow from operations at replacement cost before changes in working capital.