Financial Results
FCF calculation
mln RUB
Comprehensive income
Adjustment for:
2012
2013
2014
1H13
2H13
1H14
2H14
1H15
5,000
6,664
8,369
3,098
3,566
927
7,442
2,193
Depreciation
417
343
417
168
175
204
213
213
Gain on disposal of PP&E
(49)
(15)
(52)
(27)
12
(46)
(6)
20
Impairment loss on investment property
280
60
220
166
Impairment loss on inventory
466
85
381
30
Loss on disposal of subsidiaries
28
Finance income, net
Income tax expense
(544)
(337)
(1,164) (319)
(18)
(149)
(1,015)
(405)
1,526
1,833
Income tax paid
(1,833) (907)
2,026
(1,645)
822
1,011
302
1,724
795
(632)
(275)
(742)
(903)
(1,605)
Interest paid
(1,097) (1,724)
(1,588) (871)
(853)
(683)
(905)
(1,180)
(Increase)/Decrease in working capital
(Increase)/Decrease in invested capital
(773)
FCF
(4,897)
(7,572) (6,903)
(416)
(1,462)
(6,598) (4,027) (2,876)
944
(7,542)
(4,845)
(587)
(76)
(103)
(313)
(312)
(275)
(66)
(1,891)
429
590
(666)
(4,684)
(Increase)/Decrease in working capital based on CF
2012
2013
2014
1H13
2H13
1H14
2H14
1H15
statement
+
Change in inventories
(7,633)
Change in accounts receivable
(3,024)
Change in accounts payable
4,074
4,880
(7,837) (6,890) (1,957)
(5,080) (1,427) (3,243) (1,837)
1,184
(5,880)
(6,763)
(127)
(2,418)
(2,093)
666
(366)
1,478
3,402
10,135
8,951
(1,461)
Change in provisions
(992)
1,109
594
(317)
1,426
(324)
918
(600)
Change in other current assets
3
25
(59)
12
13
(11)
(48)
Working capital change
(7,572)
(6,903)
(6,598)
(4,027)
(2,876)
944
(7,542)
(4,845)
+
(Increase)/Decrease in invested capital based on CF
2012
2013
2014
1H13
2H13
1H14
2H14
1H15
statement
Acquisition of PP&E
(844)
(431)
(653)
(160)
(271)
(364)
(289)
(95)
Proceeds from disposal of non-current assets
71
15
66
57
(42)
52
14
29
Invested capital change
(773)
(416)
(587)
(103)
(313)
(312)
(275)
(66)
Etalon Group
Operating
Financial
Landbank
2015
Results
Results
Appendix
43
Valuation
DeliveriesView entire presentation