(Attachment A - continued)
Net operating cash flow is defined as net cash from operating activities minus net cash used in investing activities, excluding payment for purchases of and proceeds from the sale of marketable securities (both current and non-current), short-term deposits and restricted cash. We believe net operating cash flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operating activities. Net operating cash flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of net operating cash flow may differ from definitions used by other companies.
Net Operating Cash Flow (in US$ millions) Q2 2009 Q1 2009 Q2 2008
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Net cash from (used in) operating
activities 156 (14) 416
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Net cash from (used in) investing
activities 111 671 (128)
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Payment for purchases of / proceeds from
sale of marketable securities, short-term
deposits and restricted cash, net (251) 349 (160)
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Net operating cash flow 16 1,006 128
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Net operating cash flow (ex M&A) 45 (139) 128
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Net financial position: resources (debt), represents the balance between our total financial resources and our total financial debt. Our total financial resources include cash and cash equivalents, current and non-current marketable securities, short-term deposits and restricted cash, and our total financial debt include bank overdrafts, the current portion of long-term debt and long-term debt, all as represented in our consolidated balance sheet. We believe our net financial position provides useful information for investors because it gives evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash, cash equivalents and marketable securities and the total level of our financial indebtedness. Net financial position is not a U.S. GAAP measure.
Net Financial Position (in US $millions) Q2 2009 Q1 2009 Q2 2008
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Cash and cash equivalents, net of bank
overdrafts 1,685 1,477 2,136
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Marketable securities, current 759 988 898
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Restricted cash 250 250 250
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Marketable securities, non-current 170 184 300
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Total financial resources 2,864 2,899 3,584
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Current portion of long-term debt (174) (159) (153)
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Long-term debt (2,485) (2,486) (2,313)
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Total financial debt (2,659) (2,645) (2,466)
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Net financial position 205 254 1,118
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