WOR hasn't produced any positive cashflow for its investors...

WOR hasn't produced any positive cashflow for its investors based on my 2007-2016 CF analysis (excl. financing). Why is this company worth $2B+? Why are their borrowings increasing? Why are they borrowing money to pay out dividends for investors? Are people stupid? Cash is king.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
0	Cash flows from operating activities ($'M)	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
1	Receipts from customers	$3,512.9	$4,407.3	$6,106.0	$5,074.8	$5,388.2	$6,853.6	$8,467.2	$9,633.2	$9,010.3	$8,113.3
2	Payments to suppliers and employees	-$3,255.1	-$4,079.4	-$5,364.3	-$4,648.5	-$4,999.1	-$6,286.7	-$7,846.0	-$8,966.4	-$8,566.7	-$7,809.2
3	Dividends received from associates	$4.7	$8.3	$20.5	$38.9	$29.4	$23.0	$13.8	$23.5	$15.8	$6.3
4	Interest received	-$0.7	$17.9	$5.3	$4.5	$6.1	$7.0	$6.0	$5.3	$4.1	$6.4
5	borrowing costs paid	$9.1	-$47.6	-$47.5	-$38.6	-$31.7	-$45.3	-$47.6	-$55.7	-$56.2	-$60.9
6	Income taxes paid	-$75.0	-$107.7	-$173.6	-$151.5	-$99.1	-$114.1	-$149.9	-$89.8	-$156.0	-$63.9
7
8
9
10	Net cash flow from operating activities	$195.9	$198.8	$546.4	$279.6	$293.8	$437.5	$443.5	$550.1	$251.3	$192.0
11
12	Cash flows from investing activities
13	Payments for acquisition of controlled entities	-$13.1	-$3.6	$22.5	$0.0	$0.0	-$21.5	-$282.5	-$62.2	-$106.1	-$25.2
14	Cash balances in controlled entities acquired, net overdraft	$4.6	-$252.0	-$9.4	-$118.4	-$92.3	-$28.9	$22.4	$11.1	$4.2	$0.0
15	Proceeds from disposal of investments	-$860.9	$9.0	$0.2	$28.1	$28.9	$2.7	-$8.7	$0.0	$0.0	$13.8
16	Payments for purchase of PP&E and computer software	$3.5	-$79.5	-$147.2	-$55.0	-$42.5	-$59.0	-$78.2	-$54.4	-$88.6	-$69.5
17	Proceeds from sale of PP&E	-$39.9	$0.5	$0.5	$0.5	$0.1	$0.4	$0.3	$1.2	$1.6	$1.0
18
19	Net cash flow from investing activities	-$905.8	-$325.6	-$133.4	-$144.8	-$105.8	-$106.3	-$346.7	-$104.3	-$188.9	-$79.9
20
21	Cash flows from financing activities
22	Repayments of loans and borrowings	$481.3	-$417.3	-$1,102.4	-$509.6	-$1,573.8	-$2,252.9	-$1,758.0	-$1,981.0	-$3,212.7	-$3,635.6
23	Proceeds from loans and borrowings	-$834.5	$699.3	$1,002.6	$572.3	$1,642.1	$2,267.9	$1,963.0	$1,826.9	$3,347.6	$3,612.3
24	Costs of bank facilities	$1,217.0	-$0.3	-$3.6	-$5.1	-$7.1	-$6.4	-$10.7	-$4.3	-$3.3	-$3.5
25	Net loans from/(to) related parties	-$5.6	-$6.4	$0.6	-$2.6	$8.2	-$20.7	$10.9	-$6.8	-$1.5	$0.5
26	Cash received on close out of cross currency swap	-$103.6	-$170.1	-$207.0	-$220.5	-$186.6	-$221.1	-$227.7	-$209.6	$19.0	$0.0
27	Dividends paid to members of WP	-$1.6	-$3.8	-$6.7	-$9.9	-$18.7	-$18.4	-$16.9	-$16.7	-$209.8	-$54.4
28	Dividensd paid to non-controlling interests									-$27.0	-$24.1
29	Net cash flow from financing activities	$753.0	$101.4	-$316.5	-$175.4	-$135.9	-$251.6	-$39.4	-$391.5	-$87.7	-$104.8
30
31	Net change in cash and cash equivalents	$43.1	-$25.4	$96.5	-$40.6	$52.1	$79.6	$57.4	$54.3	-$25.3	$7.3
32	Cash and cash equivalents at the beginning of the FY	$70.3	$108.0	$76.3	$178.3	$130.2	$166.1	$247.3	$320.0	$368.3	$380.8
33	Effects of FX rate changes on cash and cash equi.	-$5.4	-$6.3	$5.5	-$7.5	-$16.2	$1.6	$15.3	-$6.0	$37.8	-$15.0
34	Cash and cash equivalents at the end of the FY	$108.0	$76.3	$178.3	$130.2	$166.1	$247.3	$320.0	$368.3	$380.8	$373.1
35	Outflows	-$5,195	-$5,174	-$7,062	-$5,767	-$7,067	-$9,075	-$10,426	-$11,453	-$12,428	-$11,761
36	Inflows (excl. financing)	$3,535	$4,443	$6,161	$5,147	$5,453	$6,888	$8,525	$9,674	$9,074	$8,141
37	Inflows/Outflows	68%	86%	87%	89%	77%	76%	82%	84%	73%	69%
38	Net FCF (excl. financing)	-$1,661	-$731	-$901	-$620	-$1,614	-$2,187	-$1,901	-$1,779	-$3,354	-$3,621
39	% FCF YoY		56%	-23%	31%	-160%	-35%	13%	6%	-89%	8%

Note: Descriptions don't match numbers; too much hassle. Numbers are correct.