Investor Presentaiton
FCF calculation
mln RUB
Comprehensive income
2013
2014
2015
1H14
2H14
1H15
2H15
1H16
6,664
8,369
5,429
927
7,442
2,193
3,236
1,308
Adjustment for:
Depreciation
343
417
406
204
213
213
193
240
Loss/(gain) on disposal of PP&E
(15)
(52)
(65)
(46)
(6)
20
(85)
(7)
Impairment loss on investment property
280
215
60
220
166
49
27
Impairment loss on inventory
466
514
85
381
30
484
290
Loss on disposal of subsidiaries
Finance income, net
Income tax expense
Income tax paid
Interest paid
(337)
(1,164)
(1,182)
(149)
(1,015)
(405)
(777)
(739)
1,833
2,026
2,002
302
1,724
795
1,207
117
(907)
(1,645) (2,146)
(742)
(903)
(1,605)
(541)
(1,070)
(1,724)
(1,588) (2,516)
(683)
(905)
(1,180) (1,336)
(1,278)
(Increase)/Decrease in working capital
(Increase)/Decrease in invested capital
FCF
(6,903)
(6,598) (8,470)
944
(7,542) (4,845)
(3,625)
3,942
(416)
(587)
(181)
(312)
(275)
(66)
(115)
(173)
(1,462)
(76)
(5,994)
590
(666)
(4,684)
(1,310)
2,657
(Increase)/Decrease in working capital based on CF
2013
2014
2015
1H14
2H14
1H15
2H15
1H16
statement
+
Change in inventories
Change in accounts receivable
(7,837)
(5,080)
(6,890) (8,255)
(6,763)
(1,427) (3,958)
(2,093)
(127)
666
(2,418)
(366)
(5,837)
(502)
(3,592) (2,381)
Change in accounts payable
4,880
1,184
2,369
10,135
8,951
(1,461)
3,830
8,519
Change in provisions
1,109
594
1,315
(324)
918
(600)
1,915
(1,694)
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)
3,942
+
(Increase)/Decrease in invested capital based on CF
2013
2014
2015
1H14
2H14
1H15
2H15
1H16
statement
Acquisition of PP&E
(431)
(653)
(369)
(364)
(289)
(95)
(274)
(218)
Proceeds from disposal of non-current assets
15
66
188
52
14
29
159
45
Invested capital change
(416)
(587)
(181)
(312)
(275)
(66)
(115)
(173)
Etalon Group
Operating
Landbank
Financial
Selected
Appendix
Results
Valuation
Results
Projects
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