Investor Presentaiton
FCF calculation
mln RUB
Comprehensive income
Adjustment for:
Depreciation
Gain on disposal of PP&E
Impairment loss on investment property
Impairment loss on inventories
2011
2012
2013
2014
7,440
5,000
6,664
8,369
265
417
343
417
(92)
(49)
(15)
(52)
280
466
Loss on disposal of subsidiaries
1
28
Gain on disposal of equity accounted investees
(24)
Finance income, net
(1,425)
(544)
(337)
(1,164)
Income tax expense
1,585
1,526
1,833
2,026
Income tax paid
(1,897)
(1,833)
(907)
(1,645)
Interest paid
(1,098)
(1,097)
(1,724)
(1,588)
(Increase)/Decrease in working capital
(8,628)
(7,572)
(6,903)
(6,598)
(Increase)/Decrease in invested capital
(609)
(773)
(416)
(587)
FCF
(4,482)
(4,897)
(1,462)
(76)
(Increase)/Decrease in working capital based on CF statement
2011
2012
2013
2014
Change in inventories
(5,308)
(7,633)
(7,837)
(6,890)
Change in accounts receivable
(2,893)
(3,024)
(5,080)
(1,427)
Change in accounts payable
Change in provisions
Change in other current assets
Working capital change
(818)
4,074
4,880
1,184
367
(992)
1,109
594
24
3
25
(59)
(8,628)
(7,572)
(6,903)
(6,598)
(Increase)/Decrease in invested capital based on CF statement
2011
2012
2013
2014
Acquisition of PP&E
Proceeds from disposal of non-current assets
Invested capital change
(726)
(844)
(431)
(653)
117
71
15
66
(609)
(773)
(416)
(587)
> Etalon Group
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