Financial results 2018

Consolidated Statement of Cash Flows (in millions of Russian rubles, unless otherwise stated)

Notes Year ended 31 December 2018 Year ended 31 December 2017 (restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 124,678 121,159
Adjustments for:
Depreciation of property, plant and equipment and  amortization of intangible assets 10 116,124 107,300
Impairment of property, plant and equipment 14 7,688 21,244
Finance costs 12 27,517 30,034
Finance income 12 (17,617) (16,319)
Loss on disposal of  property, plant and equipment 2,275 3,048
Share of (profit) of associates and joint ventures, net of income tax (337) (2)
(Gain on derecognition of subsidiary)/Loss on regain of control over subsidiaries 9 (690) 80
Allowance for expected credit losses 10 25,820 16,159
Bad debt write-off 406 509
Non-cash  receipt of property, plant and equipment (2,684) (2,777)
Accounts payable write-off (860) (666)
Non-cash settlements of technological connection agreements (2,570) (5,137)
Other non-cash transactions (244) 760
Income tax expense 41,453 37,524
Total impact of adjustments 196,281 191,757
Change in assets related to employee benefit liabilities  494 (2)
Change in employee benefit liabilities (8,839) (1,608)
Cash flows from operating activities before changes in working capital 312,614 311,306
Changes in working capital:
Change in trade and other receivables (31,992) (24,147)
Change in inventories (1,648) (754)
Change in trade and other payables 26,514 4,526
Change in provisions 340 (3,744)
Cash flows from operating activities before income tax and interest paid 305,828 287,187
Income tax paid (27,550) (29,637)
Interest paid (39,707) (45,164)
Net cash flows from operating activities 238,571 212,386
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of property, plant and equipment and intangible assets (220,653) (215,701)
Proceeds from sale of property, plant and equipment and intangible assets 1,375 1,941
Acquisition of investments and placement of bank deposits (73,091) (26,660)
Disposal of investments and withdrawal of bank deposits 26,351 39,865
Interest received 7,129 9,215
Sale of financial investments 2,795
Dividends received 2,254 2,500
Net cash flows used in investing activities (253,840) (188,840)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings 615,072 537,413
Repayment of loans and borrowings (605,710) (537,483)
Proceeds from share premium 1,525
Acquisition of non-controlling interests  (476)
Sale of own shares 1,214
Dividends paid (12,684) (9,642)
Repayment of finance lease liabilities (145) (275)
Net cash flows used in financing activities (2,729) (8,462)
Net (decrease)/increase in cash and cash equivalents (17,998) 15,084
Cash and cash equivalents at the beginning of the period 20 102,054 86,970
Cash and cash equivalents at the end of the period 20 84,056 102,054