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Financials / Consolidated Statement of Cash Flows for the Year Ended December 31, 2012

RUB millions

Notes Year ended
December 31, 2012
Year ended
December 31, 2011

Cash flows from operating activities

Profit before income tax

219,991

207,665

Adjustments for:

Share of profit of equity accounted investments

13

(28,281)

(6,874)

(Gain) / loss on foreign exchange differences

(5,247)

5,127

Finance income

25

(3,174)

(1,956)

Finance expense

26

11,160

11,446

Depreciation, depletion and amortization

11, 12

58,461

55,799

Allowance for doubtful accounts

29

2,773

299

Other non-cash items

3,351

5,815

Changes in working capital:

Accounts receivable

(1,931)

(22,080)

Inventories

(14,222)

(18,190)

Other assets

(18,130)

(22,271)

Accounts payable

9,952

5,742

Taxes payable

6,073

6,837

Other liabilities

9,079

(7,340)

Income taxes paid

(25,361)

(43,047)

Interest paid

(11,302)

(9,657)

Dividends received

17,881

13,556

Net cash provided by operating activities

231,073

180,871

Cash flows from investing activities

Acquisition of subsidiaries, net of cash acquired

(2,261)

(16,239)

Proceeds from disposal of subsidiaries,
net of cash disposed

8,371

Acquisition of equity-accounted investments

(1,506)

Bank deposits placement

(43,315)

(3,442)

Repayment of bank deposits

39,076

6,837

Acquisition of other investments

(4,517)

(7,248)

Proceeds from sales of other investments

4,557

5,104

Short-term loans issued

(4,193)

(6,736)

Repayment of short-term loans issued

10,840

1,228

Long-term loans issued

(13,751)

(5,744)

Repayment of long-term loans issued

261

1,099

Capital expenditures

(158,102)

(130,788)

Proceeds from sale of property, plant and equipment

2,314

1,575

Interest received

2,476

5,200

Net cash used in investing activities

(166,615)

(142,289)

Cash flows from financing activities

Proceeds from short-term borrowings

92,986

20,069

Repayment of short-term borrowings

(78,341)

(17,889)

Proceeds from long-term borrowings

67,743

66,988

Repayment of long-term borrowings

(56,970)

(60,834)

Transaction costs directly attributable
to the borrowings received

(683)

(206)

Dividends paid to the Company’s shareholders

(34,433)

(29,157)

Dividends paid to non-controlling interest

(762)

(754)

Acquisition of non-controlling interest in subsidiaries

(5,572)

(23,722)

Net cash used in financing activities

(16,032)

(45,505)

Increase in cash and cash equivalents

48,426

(6,923)

Effect of foreign exchange on cash and cash equivalents

(1,850)

1,431

Cash and cash equivalents as
of the beginning of the year

29,436

34,928

Cash and cash equivalents as of the end
of the year

76,012

29,436

The accompanying notes are an integral part of these consolidated financial statements

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