Investor Presentaiton
FCF calculation
RUB mln
Comprehensive income
2013
2014
2015
1H14
2H14
1H15
2H15
6,664
8,369
5,429
927
7,442
2,193
3,236
Adjustment for:
Depreciation
343
417
406
204
213
213
193
Loss/(gain) on disposal of PP&E
(15)
(52)
(65)
(46)
(6)
20
(85)
Impairment loss on investment property
280
215
60
220
166
49
Impairment loss on inventory
466
514
85
381
30
484
Loss on disposal of subsidiaries
Finance income, net
(337)
(1,164)
(1,182)
(149)
(1,015)
(405)
(777)
Income tax expense
1,833
2,026
2,002
302
1,724
795
1,207
Income tax paid
(907)
(1,645) (2,146)
(742)
(903) (1,605)
(541)
Interest paid
(1,724)
(1,588) (2,516)
(683)
(Increase)/Decrease in working capital
(6,903)
(6,598) (8,470)
944
(Increase)/Decrease in invested capital
(416)
(587)
(181)
(312)
FCF
(1,462)
(76)
(5,994)
590
(905) (1,180) (1,336)
(7,542) (4,845) (3,625)
(275) (66) (115)
(666) (4,684) (1,310)
(Increase)/Decrease in working capital based on CF
2013
2014
2015
1H14
2H14
1H15
2H15
statement
+
Change in inventories
Change in accounts receivable
Change in accounts payable
(7,837) (6,890)
(8,255) (6,763)
(5,080) (1,427) (3,958) (2,093)
4,880
1,184
2,369
(127)
(2,418) (5,837)
666
(366) (3,592)
10,135
8,951
(1,461)
3,830
Change in provisions
1,109
594
1,315
(324)
918
(600)
1,915
Change in other current assets
25
(59)
59
(11)
(48)
59
Working capital change
(6,903)
(6,598)
(8,470)
944
(7,542)
(4,845)
(3,625)
+
(Increase)/Decrease in invested capital based on CF
2013
2014
2015
1H14
2H14
1H15
2H15
statement
Acquisition of PP&E
(431)
(653)
(369)
(364)
(289)
(95)
(274)
Proceeds from disposal of non-current assets
15
66
188
52
14
29
159
Invested capital change
(416)
(587)
(181) (312)
(275)
(66)
(115)
ā Etalon Group
Operating
Landbank
Results
Valuation
Financial
Results
Selected
Appendix
Projects
47View entire presentation