Investor Presentaiton
FCF calculation
Free cash flow calculation
mln RUB
Comprehensive income
Adjustment for:
Depreciation
Gain on disposal of PP&E
Impairment loss on investment property
Impairment loss on inventory
2011
2012
2013 I 1H12
2H12
1H13
2H13
1H14
I
7,440
5,000
6,664
2,369
2,631
3,098
3,566
927
265
417
343
209
208
168
175
204
(92)
(49)
(15)
(27)
(22)
(27)
12
(46)
60
85
Loss on disposal of subsidiaries
1
28
28
Gain on disposal of equity accounted investees
(24)
Finance income, net
(1,425)
(544)
(337)
(237)
(307)
(319)
(18)
(149)
Income tax expense
1,585
1,526
1,833
651
875
822
1,011
302
Income tax paid
(1,897) (1,833) (907)
(936)
(897)
(632)
(275)
(742)
Interest paid
(1,098) (1,097) (1,724) (476)
(621)
(871)
(853)
(683)
(Increase)/Decrease in working capital
(Increase)/Decrease in invested capital
FCF
(4,482)
(8,628) (7,572)
(609) (773)
(4,897)
(6,903) I (1,438) (6,134)
(416) I (256)
(517) (103)
(1,462) ¦ (141) (4,756) (1,891)
(4,027)
(2,876)
944
(313)
(312)
429
590
I
(Increase)/Decrease in working capital based on CF
I
2011
2012
2013
1H12
2H12
1H13
2H13
1H14
statement
I
Change in inventories
(5,308) (7,633)
(7,837)
Change in accounts receivable
(2,893) (3,024)
(5,080)
(2,082)
(401)
(5,551) (1,957)
(2,623) (3,243)
(5,880)
(6,763)
(1,837) (2,093)
Change in accounts payable
(818)
4,074
4,880
|
1,434
2,640
1,478
3,402
10,135
Change in provisions
367
(992)
1,109
I (410)
(582)
(317)
1,426
(324)
Change in other current assets
24
3
I
Working capital change
(8,628)
(7,572)
25
(6,903) (1,438)
21
(18)
12
13
(11)
(6,134)
(4,027)
(2,876)
944
T
(Increase)/Decrease in invested capital based on CF
2011
2012
2013
1H12
2H12
1H13
2H13
1H14
statement
I
Acquisition of PP&E
(726)
(844)
(431)
(297)
(547)
(160)
(271)
(364)
Proceeds from disposal of non-current assets
117
71
15
41
30
57
(42)
52
Invested capital change
(609)
(773)
(416)
(256)
(517)
(103)
(313)
(312)
Etalon Group
50
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