Consolidated Statement of Cash Flows
Currency – ₽ millions
Notes | Year ended 31 December 2018 | Year ended 31 December 2017 | |
---|---|---|---|
Cash flows from operating activities | |||
Profit before income tax | 480,122 | 325,200 | |
Adjustments for: | |||
Share of profit of associates and joint ventures | 13 | (90,704) | (45,504) |
Net foreign exchange loss / (gain) | 29 | 33,558 | 241 |
Finance income | 30 | (7,506) | (10,098) |
Finance expense | 31 | 21,476 | 25,127 |
Depreciation, depletion and amortisation | 11, 12 | 175,451 | 140,998 |
Other non-cash items | 12,386 | 3,355 | |
Operating cash flow before changes in working capital | 624,783 | 439,319 | |
Changes in working capital: | |||
Accounts receivable | (10,661) | 13,655 | |
Inventories | (27,688) | (20,672) | |
Taxes receivable | (33,855) | (2,502) | |
Other assets | (4,339) | (1,752) | |
Accounts payable | 51,826 | 33,002 | |
Taxes payable | 13,175 | 15,600 | |
Other liabilities | 11,868 | 15,478 | |
Total effect of working capital changes | 326 | 52,809 | |
Income taxes paid | (61,157) | (36,530) | |
Interest paid | (46,492) | (39,449) | |
Dividends received | 20,063 | 5,551 | |
Net cash provided by operating activities | 537,523 | 421,700 | |
Cash flows from investing activities | |||
Acquisition of subsidiaries, net of cash acquired | (920) | - | |
Acquisition of investments in joint ventures | (440) | (8,345) | |
Disposal of investments in joint ventures | - | 476 | |
Bank deposits placement | (640) | (8,462) | |
Repayment of bank deposits | 7,350 | 2,529 | |
Acquisition of other investments | (70) | - | |
Proceeds from sales of other investments | - | 670 | |
Short-term loans issued | (143) | (200) | |
Repayment of short-term loans issued | 218 | 33,295 | |
Long-term loans issued | (984) | (1,875) | |
Repayment of long-term loans issued | 12,490 | 13,048 | |
Purchases of property, plant and equipment and intangible assets | (370,067) | (357,080) | |
Purchases of oil and gas licences | (5,130) | (10) | |
Proceeds from sale of property, plant and equipment, intangible assets | 4,413 | 2,210 | |
Proceeds from sale of other non-current assets | - | 1,706 | |
Interest received | 18,885 | 9,149 | |
Net cash used in investing activities | (335,038) | (312,889) | |
Cash flows from financing activities | |||
Proceeds from short-term borrowings | 442 | 2,210 | |
Repayment of short-term borrowings | (220) | (9,207) | |
Proceeds from long-term borrowings | 366,102 | 354,160 | |
Repayment of long-term borrowings | (360,840) | (343,607) | |
Transaction costs directly attributable to the borrowings received | (158) | (260) | |
Dividends paid to Gazprom Neft shareholders | (70,774) | (50,382) | |
Dividends paid to non-controlling interest | (11,864) | (2,542) | |
Proceeds from sale of non-controlling interest in subsidiaries | 22,348 | - | |
Repayment of finance lease liabilities | (1,579) | (893) | |
Net cash used in financing activities | (56,543) | (50,521) | |
Increase in cash and cash equivalents | 145,942 | 58,290 | |
Effect of foreign exchange on cash and cash equivalents | 11,035 | (1,303) | |
Cash and cash equivalents as of the beginning of the period | 90,608 | 33,621 | |
Cash and cash equivalents as of the end of the period | 247,585 | 90,608 |