Cash Flows

Cash, mn RUB
2013 2014 Change, %
Net cash generated from operating activities 276,736 283,965 2.6
Net cash used for investment activities –255,725 –364,792 42.7
Net cash generated from / (used for) financial activities –13,010 10,573
NET (DECREASE) / INCREASE IN CASH AND
CASH EQUIVALENTS

8,001 –70,254

Net cash and cash equivalents decreased by 70.3 bn RUB over the reporting year.

Net cash generated from operating activities, mn RUB
2013 2014 Change, %
Net cash generated by operating activities before the effect of changes in working capital, profit tax, interest and dividends 306,929 334,742 9.1
Changes in working capital 8,329 –6,414
Profit tax paid –33,514 –30,122 –10.1
Interest paid –9,981 –16,624 66.6
Dividends paid 4,973 2,383 –52.1
NET CASH GENERATED
FROM OPERATING ACTIVITIES
276,736 283,965 2.6

Net cash flow from operating activities totalled 284.0 bn RUB in the reporting year, up by 2.6% from 2013.

Net cash used for investment activities, mn RUB
2013 2014 Change, %
Capital expenditures –208,611 –271,330 30.1
Acquisition of subsidiaries, stakes in joint activities and investments recorded using the equity method –5,857 –57,848 887.7
Cash deposits –29,425 –15,877 –46.0
Other transactions –11,832 –19,737 66.8
NET CASH USED FOR INVESTMENT ACTIVITIES –255,725 –364,792 42.7

Net cash used for investment activities increased by 42.7% year-on-year to 364.8 bn RUB primarily due to:

  • growth in capital expenditures;
  • payment for the increased stake in LLC SeverEnergia and the acquisition of a stake in LLC Gazprom Resource Northgas.
Net cash used for financial activities, mn RUB

2013

2014

Change, %

Receipt of loans and credits

56,395

67,160

19.1

Dividend payments to Company shareholders

–63,328

–46,755

–26.2

Acquisition of non-controlling interests

–1,755

–4,118

134.6

Other transactions

–4,322

–5,714

32.2

NET CASH GENERATED FROM / (USED FOR)
FINANCIAL ACTIVITIES

–13,010

10,573

Net cash generated from financial activities in 2014 totalled 10.6 bn RUB.

The Companyincreased its loan portfolio in 2014 by 67.16 bn RUB primarily due to:

  • the use of a club-deal credit line for 2,150 mn USD received in November 2013;
  • the receipt of 10 bn RUB as part of a credit line provided by OJSC Rosselkhozbank;
  • the receipt of 10 bn RUB as part of a credit line provided by OJSC Sberbank.

The reduction in the amount of dividends paid in 2014 is connected with the switch to the system of payment of interim dividends in 2013.

In 2013, the Companypaid:

  • dividends for 2012 in the amount of 9.3 RUB per share;
  • dividends for the first half of 2013 in the amount of 4.09 RUB per share

In 2014, the Companypaid:

  • dividends for the second half of 2013 in the amount of 5.29 RUB per share;
  • dividends for the first half of 2014 in the amount of 4.62 RUB per share.