Severstal Annual Report 2015 Home > Financial Statements > Consolidated statements of cash flows
PAO Severstal and subsidiaries

Consolidated statements of cash flows
Years ended December 31, 2015, 2014 and 2013

(Amounts expressed in thousands of US dollars, except as otherwise stated)

    
 

Year ended December 31,

 

2015

2014*

2013*

Operating activities:   
Profit before financing and taxation

1,468,984

1,208,422

900,157

Adjustments to reconcile profit to cash generated from operations:   
Depreciation and amortization

366,567

560,682

607,231

Impairment of non-current assets (Note 8)

182,678

291,587

241,714

Movements in provision for inventories, receivables and other provisions

32,344

59,691

8,381

Loss/(gain) on disposal of property, plant and equipment and intangible assets

13,014

11,174

(12,473)

Loss on disposal of subsidiaries (Note 28)

3,258

27,336

1,195

Share of associates’ and joint ventures’ results less dividends from associates and joint ventures

5,391

31,062

8,633

Changes in operating assets and liabilities:   
Trade accounts receivable

98,347

19,811

(294,814)

Amounts receivable from related parties

3,871

(4,344)

(2,589)

VAT recoverable

(12,343)

6,378

87,832

Inventories

(41,526)

(146,968)

192,823

Trade accounts payable

(48,515)

45,805

37,022

Amounts payable to related parties

(6,517)

3,649

6,477

Other taxes and social security payable

(195)

43,212

(1,414)

Other non-current liabilities

(6,904)

(27,271)

(33,637)

Net other changes in operating assets and liabilities

37,067

101,347

1,326

Cash generated from operations

2,095,521

2,231,573

1,747,864

Interest paid

(177,251)

(246,837)

(307,218)

Income tax paid

(50,531)

(54,275)

(63,815)

Net cash from operating activities - continuing operations

1,867,739

1,930,461

1,376,831

Net cash (used in)/from operating activities - discontinued operation

(14,326)

107,532

201,076

Net cash from operating activities

1,853,413

2,037,993

1,577,907

Investing activities:   
Additions to property, plant and equipment

(412,291)

(699,947)

(968,008)

Additions to intangible assets

(27,203)

(79,457)

(115,958)

Additions to financial investments, associates and joint ventures

(2,252)

(37,284)

(42,126)

Net cash inflow from disposals of subsidiaries (Notes 27, 28)

4,000

2,012,756

3,628

Proceeds from disposal of property, plant and equipment

24,841

23,343

57,738

Proceeds from disposal of financial investments

9,852

19,862

13,266

Interest received

99,289

56,170

25,969

Dividends received

-

1,101

4,856

Cash (used in)/from investing activities - continuing operations

(303,764)

1,296,544

(1,020,635)

Cash used in investing activities - discontinued operation

-

(94,207)

(99,846)

Cash (used in)/from investing activities

(303,764)

1,202,337

(1,120,481)

Financing activities:   
Proceeds from debt finance

243,090

1,948,868

849,300

Repayments of debt finance **

(1,222,117)

(2,571,583)

(1,408,441)

Repayments under lease obligations

(211)

(246)

(1,718)

Dividends paid

(722,921)

(1,060,565)

(213,246)

Acquisitions of non-controlling interests

(218)

-

(4,083)

Cash used in financing activities - continuing operations

(1,702,377)

(1,683,526)

(778,188)

Cash used in financing activities - discontinued operation

-

(367,191)

(363,015)

Cash used in financing activities

(1,702,377)

(2,050,717)

(1,141,203)

Effect of exchange rates on cash and cash equivalents

(96,779)

(328,886)

(6,550)

Net (decrease)/increase in cash and cash equivalents

(249,507)

860,727

(690,327)

Cash and cash equivalents at beginning of the period

1,896,675

1,035,948

1,726,275

Cash and cash equivalents at end of the period

1,647,168

1,896,675

1,035,948

*These amounts reflect adjustments made in connection with the change in the unrealized gain in inventory calculation methodology (Note 2).

** These amounts include repurchases of bonds of US$ 634.7 million for the year ended December 31, 2015, repurchase and redemption of bonds of US$ 1,406.1 million for the year ended December 31, 2014 and redemption of bonds of US$ 1,037.4 million for the year ended December 31, 2013.

 

The accompanying notes form an integral part of these consolidated financial statements.

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