Consolidated Statement of Cash Flows

Currency — RUB millions
Year ended December 31, 2014 Year ended December 31, 2013
Cash flows from operating activities
Profit before income tax 145,870 225,980
Adjustments for:
Share of loss / (profit) of associates and joint ventures 14 6,306 (11,251)
Loss on foreign exchange differences 82,670 9,350
Finance income 30 (7,075) (6,011)
Finance expense 31 15,279 11,233
Depreciation, depletion and amortisation 12,13 85,951 76,785
Allowance for doubtful accounts 34 343 (413)
Other non-cash items 5,398 1,256
Changes in working capital:
Accounts receivable 21,110 (16,632)
Inventories 5,072 4,056
Other assets (9,114) 9,228
Accounts payable (5,633) 15,681
Taxes payable (4,643) 3,111
Other liabilities (13,206) (7,115)
Income taxes paid (30,122) (33,514)
Interest paid (16,624) (9,981)
Dividends received 2,383 4,973
Net cash provided by operating activities 283,965 276,736
Cash flows from investing activities
Acquisition of subsidiaries and joint operations, net of cash acquired (12,493) (4,657)
Acquisition of associates and joint ventures (45,355) (1,200)
Bank deposits placement (129,917) (74,295)
Repayment of bank deposits 114,040 44,870
Acquisition of other investments (2,480) (283)
Proceeds from sales of other investments 890
Short-term loans issued (2,100) (2,829)
Repayment of short-term loans issued 1,867 863
Long-term loans issued (23,142) (19,848)
Repayment of long-term loans issued 1,374 1,004
Capital expenditures (271,330) (208,611)
Proceeds from sale of property, plant and equipment 1,743 3,847
Interest received 3,001 4,524
Net cash used in investing activities (364,792) (255,725)
Cash flows from financing activities
Proceeds from short-term borrowings 26,750 18,930
Repayment of short-term borrowings (24,601) (31,249)
Proceeds from long-term borrowings 109,078 119,032
Repayment of long-term borrowings (44,067) (50,318)
Transaction costs directly attributable to the borrowings received (2,342) (1,074)
Dividends paid to Gazprom neft shareholders (46,755) (63,328)
Dividends paid to non-controlling interest (3,372) (3,248)
Acquisition of non-controlling interest in subsidiaries (4,118) (1,755)
Net cash provided by / (used in) financing activities 10,573 (13,010)
(Decrease) / increase in cash and cash equivalents (70,254) 8,001
Effect of foreign exchange on cash and cash equivalents 32,344 3,877
Cash and cash equivalents as of the beginning of the period 91,077 79,199
Cash and cash equivalents as of the end of the period 53,167 91,077