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:

In 2014, the Companypaid: