Annual Report & Accounts 2013
Severstal Annual Report 2013 Home > Financial statements > Consolidated statements of cash flows

PAO Severstal and subsidiaries

Consolidated statements of cash flows

Years ended December 31, 2013, 2012 and 2011
(Amounts expressed in thousands of US dollars, except as otherwise stated)

 Year ended December 31,
 2013 2012* 2011*
Operating activities:     
Profit before financing and taxation852,372 1,258,077 2,864,490
Adjustments to reconcile profit to cash generated from operations:     
Depreciation and amortization788,231 726,045 646,821
Impairment/(reversal of impairment) of non-current assets (Note 7)355,697 54,117 (438)
Movements in provision for inventories, receivables and other provisions(29,644) 128,333 34,295
(Gain)/loss on disposal of property, plant and equipment and intangible assets(11,961) 25,962 20,939
Loss/(gain) on disposal of subsidiaries and associates (Note 27)1,195 (9,873) (21,033)
Share of associates' and joint ventures' results less dividends from associates
and joint ventures
25,509 6,839 16,176
Changes in operating assets and liabilities:     
Trade accounts receivable(366,907) 228,989 (280,836)
Amounts receivable from related parties(3,847) 1,340 (59,578)
VAT recoverable87,832 (39,866) 42,708
Inventories246,277 153,922 (535,842)
Trade accounts payable81,581 (155,580) 272,951
Amounts payable to related parties4,515 (198) 11,290
Other taxes and social security payable(863) 7,841 22,882
Other non-current liabilities(37,999) (8,342) 3,335
Assets held for sale- - 7,242
Net other changes in operating assets and liabilities36,510 2,035 94,406
Cash generated from operations2,028,498 2,379,641 3,139,808
Interest paid(386,524) (429,638) (448,719)
Income tax paid(64,067) (191,391) (514,150)
Net cash from operating activities - continuing operations1,577,907 1,758,612 2,176,939
Net cash (used in)/from operating activities - discontinued operations- (8,253) 402,496
Net cash from operating activities1,577,907 1,750,359 2,579,435
Investing activities:     
Additions to property, plant and equipment(1,061,794) (1,336,450) (1,609,493)
Additions to intangible assets(115,958) (111,729) (106,722)
Net decrease in short-term bank deposits- - 13,150
Additions to financial investments and associates(49,759) (103,920) (40,619)
Net cash inflow from disposals of subsidiaries (Note 27)3,628 - 96,994
Proceeds from disposal of property, plant and equipment57,226 8,762 16,722
Proceeds from disposal of financial investments15,147 364,262 7,892
Interest received26,173 105,825 44,236
Dividends received4,856 13,742 28,435
Cash used in investing activities - continuing operations(1,120,481) (1,059,508) (1,549,405)
Cash used in investing activities - discontinued operations- (42,518) (352,115)
Cash used in investing activities(1,120,481) (1,102,026) (1,901,520)
Financing activities:     
Proceeds from debt finance3,149,086 2,825,787 2,000,414
Repayment of debt finance(4,070,475) (3,098,195) (2,010,250)
Repayments under lease obligations(2,485) (4,542) (8,020)
Dividends paid(213,246) (344,396) (380,162)
Repurchase of issued shares- (19,874) -
Acquisitions of non-controlling interests(4,083) (193,883) (3,020)
Contributions from non-controlling interests- - 13,610
Cash used in financing activities - continuing operations(1,141,203) (835,103) (387,428)
Cash used in financing activities - discontinued operations- - (151,626)
Cash used in financing activities(1,141,203) (835,103) (539,054)
Effect of exchange rates on cash and cash equivalents(6,550) 7,339 (70,852)
Net (decrease)/increase in cash and cash equivalents(690,327) (179,431) 68,009
Less change in cash and cash equivalents of discontinued operations- 42,168 -
Less cash and cash equivalents of discontinued operations and assets
held for sale at the end of the period
- - (217,133)
Cash and cash equivalents at beginning of the period1,726,275 1,863,538 2,012,662
Cash and cash equivalents at end of the period1,035,948 1,726,275 1,863,538

* These amounts reflect adjustments made in connection with the change in presentation described in Note 2 of these consolidated financial statements.

To view the full version of the Financial Statements of the Company for the period of FY2013, pls. follow: http://www.severstal.com/eng/ir/ (see «Results and Reports» section)

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