Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2014

(in millions of Russian Roubles)
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  Note 2014 2013
Cash flows from operating activities      
Profit before taxation   8,473 15,928
Adjustments for:      
Depreciation and amortisation 23 3,871 2,566 
Impairment losses of property, plant and equipment, net 10 31 29 
Provision for impairment of accounts receivable 7 170 10 
(Reversal of provision)/provision for inventory obsolescence 8 (50) 156 
Gain on disposal of investments   (8,088) (5,392)
Gain on disposal of exploration permits   (154) (199)
Share of profit of equity-accounted investees 14 (161)
Loss on disposal of property, plant and equipment   129 151 
Interest expense   782 906 
Interest income 26 (541) (219)
(Gain)/loss on derivatives, net   (2,051) 101 
Dividend income   (95) (652)
Unrealised foreign exchange effect on non-operating balances   19,180 2,422 
       
Operating cash flows before working capital changes   21,496 15,807 
(Increase)/decrease in gross trade receivables   (1,830) 233 
(Increase)/decrease in advances to suppliers   (866) 426 
(Increase)/decrease in other receivables   (369) 1,425 
(Increase)/decrease in inventories   (2,258) 2,060 
(Increase)/decrease in other current assets   (6) 67 
Increase in trade payables   1,389
Increase/(decrease) in other payables   699 (848)
(Decrease)/increase in advances from customers   (218) 789 
(Decrease)/increase in other current liabilities   (629) 178 
       
Cash generated from operations before income taxes and interest paid   17,408 20,143 
Income taxes paid   (2,010) (2,605)
Interest paid   (2,704) (3,178)
Net cash generated from operating activities   12,694 14,360 
       
Cash flows from investing activities      
Purchase of property, plant and equipment and intangible assets   (11,478) (14,443)
Loans provided   (3,951) (2,165)
Proceeds from loans repaid   3,960 3,478 
Interest received   356 520 
Dividends received   98 884 
Proceeds from sale of available-for-sale investments   3,984 5,541 
Purchase of available-for-sale investments   (4,115) (3,840)
Proceeds from sale of trading investments   8 1,553 
Purchase of trading investments   - (948)
Net change in other non-current assets and liabilities   (270) 173 
Net cash used in investing activities   (11,408) (9,247)
       
Cash flows from financing activities      
Acquisition of non-controlling interest   (822) (3,685)
Dividends paid to shareholders of the Company 20 (6,161) (2,598)
Dividends paid to non-controlling shareholders   (94) (94)
Acquisition of treasury shares 20 (337)
Sale of treasury shares   - 65 
Closing of subsidiary   9
Proceeds from sale of shares of subsidiaries   6,672
Irrevocable deposits proceeds   767 668 
Proceeds from borrowings   30,192 30,453 
Repayment of borrowings   (29,119) (45,832)
Proceeds from financial liabilities   - 671 
Repayment of financial liabilities   - (692)
Payment (made)/ received from derivative   - 69 
Net cash generated from/(used in) financing activities   1,107 (20,975)
       
Net increase/(decrease) in cash and cash equivalents   2,393 (15,862)
Cash and cash equivalents at 1 January   12,787 27,453
Effect of movements in exchange rates on cash and cash equivalents   9,593 1,196 
Cash and cash equivalents at the end of the year 6 24,773 12,787 

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