Annual Report 2012

Consolidated statement of cash flows

for the year ended 31 December 2012 (in millions of Russian Roubles)

  Note 2012 2011
Cash flows from operating activities
Profit before taxation   18,959 25,524
Adjustments for:
Depreciation and amortisation 23 1,970 1,917
Reversal of impairment of property, plant and equipment, net 13 (89) (164)
Provision for impairment of accounts receivable 9 1 13
(Reversal)/provision for inventory obsolescence 11 (2) 108
Gain on disposal of investments 16,18 (309) (4,188)
Gain on disposal of exploration permits 14 (4,839)
Loss on disposal of property, plant and equipment 13 31 487
Interest expense   1,152 1,240
Interest income   (255) (895)
Loss on derivatives, net   178
Dividend income   (683) (133)
Unrealised foreign exchange effect on non-operating balances 26 (1,676) 1,835
Operating cash flows before working capital changes   19,277 20,905
Decrease/(increase) in gross trade receivables   861 (634)
Decrease/(increase) in advances to suppliers   630 (1,598)
Increase in other receivables   (528) (1,163)
Increase in inventories   (3,644) (2,122)
Increase in other current assets   (75) (112)
Increase in trade payables   682 2,089
Increase/(decrease) in other payables   497 (469)
(Decrease)/increase in advances from customers   (970) 850
Increase/(decrease) in other current liabilities   27 (126)
Cash generated from operations   16,757 17,620
Income taxes paid   (4,028) (4,413)
Interest paid   (3,435) (2,833)
Net cash generated from operating activities   9,294 10,374
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets   (16,122) (10,844)
Proceeds from sale of exploration permits   5,455
Loans provided   (1,802) (616)
Proceeds from loans repaid   1,404 528
Interest received   76 96
Dividends received   618 364
Proceeds from sale of available-for-sale investments   248 4,307
Purchase of available-for-sale investments   (3,876) (46)
Proceeds from sale of trading investments   1,488 317
Purchase of trading investments   (1,942)
Net change in other non-current assets and liabilities   (163)
Net cash used in investing activities   (19,908) (602)
Cash flows from financing activities
Proceeds from issue of capital to non-controlling shareholders   12,755
Acquisition of non-controlling interest 22 (116) (2,066)
Dividends paid to shareholders of the Company   (1,863) (6,874)
Dividends paid to non-controlling shareholders   (100) (3)
Acquisition of treasury shares 22 (65) (4,129)
Irrevocable deposits made 8 (314) (1,121)
Proceeds from borrowings   48,752 39,144
Repayment of borrowings   (33,040) (28,953)
Payment (made)/ received from derivative   (531) 140
Net cash generated from/(used in) financing activities   25,478 (3,862)
Effect of exchange rate changes on cash and cash equivalents   (920) 2
Net increase in cash and cash equivalents   13,944 5,912
Cash and cash equivalents at the beginning of the year   13,509 7,597
Cash and cash equivalents at the end of the year 8 27,453 13,509
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