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KTK-IFRS-FY2012-Presentation-Eng
1. FY 2012 FINANCIAL RESULTS
Presentation
April 4, 2013
Kemerovo
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2. DISCLAIMER
IMPORTANT: You must read the following before continuing.
The following applies to the management presentation (the “Management Presentation”) following this important notice, and you are, therefore, advised to read this important notice carefully before
reading, accessing or making any other use of the Management Presentation. In accessing the Management Presentation, you unconditionally agree to be bound by the following terms, conditions and
restrictions, including any modifications to them any time that you receive any information from OJSC “Kuzbasskaya Toplivnaya Company” (the “Company”) as a result of such access.
The information contained in this Management Presentation has been prepared by the Company.
This Management Presentation is an information document presenting information on the Company.
This Management Presentation (i) is not intended to form the basis for any investment decision and (ii) does not purport to contain all the information that may be necessary or desirable to evaluate the
Company fully and accurately and (iii) is not to be considered as a recommendation by the Company or any of its affiliates that any person (including a recipient of this Management Presentation)
participate in any transaction involving the Company or its securities. The Company has not independently verified any information contained herein and does not undertake any obligation to do so.
This Management Presentation is not directed to, or intended for distribution to or use by, any person or entity that a citizen or resident or located in any locality, state, country or other jurisdiction where
such distribution, publication, availability or use would be contrary to law or regulation or which would require registration of licensing within such jurisdiction.
Neither the provision of this Management Presentation, nor any information in connection with the analysis of the Company constitutes or shall be relied upon as constituting, the giving of investment (or
other) advice by Company, or any other shareholders, employees, representatives or affiliates thereof.
Neither the Company nor its respective subsidiaries, associates, directors, employees, agents or advisors (such directors, employees, agents or advisors being hereafter referred to as “representatives”),
makes any representation or warranty (express or implied) as to the adequacy, accuracy, reasonableness or completeness of the information contained in this Management Presentation or of any
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any other person in the course of its or their evaluation of an investment in the Company.
FORWARD-LOOKING STATEMENTS
This Management Presentation includes statements that are, or may be deemed to be, “forward looking statements”. These forward looking statements can be identified by the use of forward-looking
terminology, including the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case their negative or other variations or comparable terminology. These
forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Management Presentation and include statements regarding the intentions,
beliefs or current expectations of the Company. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances, which may or may
not occur in the future, are difficult or impossible to predict, and are beyond the Company’s control. Forward-looking statements are not guarantees of future performance. The Company's actual
performance, results of operations and financial condition may differ materially from the impression created by the forward-looking statements contained in this Management Presentation.
Subject to its legal and regulatory obligations, the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in expectations
with regard thereto or any change in events, conditions or circumstances on which any statement is based.
Any recipient of this Management Presentation is solely responsible for assessing and keeping under review the business, operations, financial condition, prospects, creditworthiness, status and affairs of
the Company.
In no circumstances shall the provision of this Management Presentation imply that no negative change may occur in the business of the Company after the date of provision of this Management
Presentation, or any date of amendment and/or addition thereto.
ROUNDING AND ERRORS
Certain numerical figures included in this presentation have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in certain tables may not be an arithmetic aggregation of
the figures that preceded them. Calculations of change in % are made after rounding of figures converted to USD.
We make every effort to check and verify the materials, but if you find any errors or inaccuracies please report it to vkr@oaoktk.ru and we will provide you with the correct data and publish any correction
notes on the website www.oaoktk.ru.
2 / 23
3. TABLE OF CONTENTS
I. BUSINESS REVIEW 4
II. OPERATIONAL HIGHLIGHTS 8
III. FINANCIAL PERFORMANCE 14
CAPEX 2013 18
CONTACTS 19
APPENDIX 20
PRESENTERS:
Eduard Vasily
Alekseenko Rumyantsev
First Deputy CEO Head of Moscow office, IRO
3 / 23
5. KTK AT A GLANCE
One of the fastest-growing thermal coal producers in Russia Coal production history with open-pit mine breakdown, mln. tonnes
One of major suppliers of coal in Western Siberia
In 2012 the Company became 6th largest thermal coal producer in Russia(1) 8.73 8.71
Since its establishment in 2000, the Company has launched 3 open-pit mines
and developed an extensive production and distribution infrastructure and 6.80
the fourth one is now under construction: 6.15 3.76 3.76
8.71 mln. tonnes of thermal coal produced in 2012 5.48
100% high-quality grade “D” thermal coal under Russian classification 4.33 4.29 4.10 0.98 2.06 2.55
Developed railway network and facilities 3.14 1.76 1.87
Two washing plants with 6 mln. tonnes total input capacity 2.29 2.38 0.41 1.77 1.65 1.36 1.91 1.44 1.47
1.30
3 existing open-pit mines Bryanskiy open-pit mine 2.73 2.74 2.78 3.23 3.08
0.37 2.29 2.38 2.56 2.64 2.59 2.65
1.30
Structural 0.37
11 mln. tonnes 3-5 mln. tonnes
capacity
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Reserves 391 mln. tonnes of coal resources
250 mln. tonnes according to
and 174 mln. tonnes of proven and Karakansky South Vinogradovsky Cheremshansky
the C2 category
probable reserves(2) Key operating and financial indicators(1)
2010 2011 2012
Utilization of modern and high-performance equipment fleet supporting Coal sales, mln. tonnes 8.54 10.66 10.20
efficient low-cost production – USD 22 per tonne of coal in 2012 incl. purchased coal, mln. tonnes 2.16 2.08 1.70
Revenue, USD mln. 466 814 743
Diversified sales capabilities balanced between domestic market (4.29 mln.
% change 39% 75% -9%
tonnes sold in 2012) and export markets (5.91 mln. tonnes sold in 2012)
EBITDA, USD mln. 70 133 112
Largest retail coal distribution network in Western Siberia, 70 PoS % margin 15% 16% 15%
Net Income, USD mln. 27 69 58
Employing about 4,000 people
% margin 6% 9% 8%
KTK shares are quoted on RTS and MICEX (ticker: KBTK)
Source: audited IFRS FS for 2010-2012 in which all amounts are presented in RUB, Company
65.61% of share capital is owned by the management (I. Prokudin – 50,001%, (1) Metal Expert, January 2013
V. Danilov – 15.61%), free-float – 34.39% is distributed between 25 (2) Run-of-mine coal, JORC classification;
(3) In the table USD are converted from RUB using average Central Bank of the Russian Federation
investment funds. Individuals own 0.31% exchange rates for each year (2012: 31.08 RUB/USD; 2011: 29.39 RUB/USD; 2010: 30.38 RUB/USD)
5 / 23
6. CORPORATE STRUCTURE
OJSC Kuzbasskaya Toplivnaya Company
CJSC Kaskad Management
LLC Meret Freight Forwarding
Vinogradovsky Open Pit 100% Company 100%
(Coal mining infrastructure division) (export sales)
Company
(railway freight company)
OJSC Kuzbasstoplivosbyt
100% (wholesale and retail coal sales in
Open-pit mine Kemerovo Region)
“Karakansky South” 100% OJSC Kaskad-Energo
(heat and energy producer)
LLC Transugol
Open-pit mine 52.04 % (wholesale and retail coal sales in Omsk
“Vinogradovsky” Region)
100% LLC Kaskad Geo
Open-pit mine OJSC Altay Fuel Company (land acquisition)
51% (wholesale and retail coal sales in Altay
“Cheremshansky” Region)
Open-pit mine LLC Novosibirsk Fuel
“Briansky” 51% Corporation
(wholesale and retail coal sales in
Novosibirsk Region)
100 % KTK Polska Sp. z. o. o.
(wholesale and retail coal sales in
Europe)
Production Retail and export sales Transportation, energy and real estate
6 / 23
9. OPERATIONAL HIGHLIGHTS Q4 AND FY 2012
In the Q4 2012 the volume of coal production increased by 7% Q-o-Q and amounted to 2.39
Coal production mln. tonnes (Q3 2012 2.24 mln. tonnes).
growth Q-o-Q In the 2012, the volume of production remained at the 2011 level and totaled 8.71 mln. tonnes
Washing plant Q-o-Q production of washed coal has decreased by 5% to 0.20 mln. tonnes (Q3 2012: 0.21 mln.
“Kaskad-1” is working tonnes).
at close to full For the year 2012 the volume of production at the washing plant "Kaskad" has increased by 3%
to 0.81 mln. tonnes (2011: 0.74 mln. tonnes).
capacity level
Due to the traditional growth in trading activity in the domestic market of thermal
Seasonal Q-o-Q coal, observed in Q4, the Company increased its sales compared to Q3 2012 to 21%
increase in coal sales implementing the 2.93 mln. tonnes (Q3 2012: 2.42 mln. tonnes).
volume The volume of coal sales for the year 2012 decreased by 4% to 10.20 mln. tonnes (2011: 10.66
mln. tonnes).
The quarterly average stripping ratio decreased by 6% Q-o-Q to 5.80 (Q3 2012: 6.16) and by 21%
Y-o-Y (Q4 2011: 7.35)
Key production cost The blasted rock mass decreased by 16% to 5.87 mln. cbm. Q-o-Q (Q3 2012: 7.01 mln. cbm.) and
drivers decrease decreased by 21% Y-o-Y (Q4 2011: 10.72 mln. cbm.)
The average stripping transportation distance decreased by 13% Q-o-Q to 2.80 km. (Q3 2012:
3.20 km.) and decreased by 5% Y-o-Y (Q4 2011: 2.95 km.)
Source: Company
9 / 23
10. COAL SALES BREAKDOWN FY 2012
Coal resale
1.70
17%
10.20 mln.
tonnes
8.51
83%
Own coal
Public utilities and households
3.86
90%
4.29 mln.
tonnes
0.43
10%
Power Generating companies
{ {
Domestic
market
4.29
42%
10.20 mln.
tonnes
Export
market
5.91
58%
{ Eastern Europe
2.80
47%
5.91 mln.
tonnes
3.11
53%
Asia-Pacific Region
Source: Company
10 / 23
11. AVERAGE REALISED PRICES VS BENCHMARKS
Asian export markets
KTK realized export prices(1) vs. international FOB and CIF benchmarks, USD/tonne
European export markets
USD / tonne
120 Other export markets
92.38 95.25
100 88.57 89.73 90.24
84.35 84.10 84.46
80
60
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12
KTK average export price CIF ARA 6,000 kkal/kg FOB Indonesia 5,800 kkal/kg
KTK FCA prices vs. Russian EXW benchmark, USD/tonne
45 44.02
USD / tonne
42.31 41.87 42.21
43
41.06
40.39
41 39.35
39 38.15
37
35
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12
KTK domestic price, FCA Meret Average price EXW in Russia, based on 5,200-5,400 kkal/kg
Source: Company, Metal Expert for average EXW prices in Russia, Argus for FOB Indonesia and CIF ARA
(1) Net of VAT, average KTK export realized price incl. railway tariffs
11 / 23
12. AVERAGE REALISED PRICES AND MARKETS
KTK’s transport flows
2.80 mln. tonnes
Eastern European Countries
(1)
North-West FD
Domestic market
Omsk region
Asia-Pacific
Domestic sales
Export sales
Headquarters
Moscow 4.29
mln. tonnes(1)
Railroad tariff to the Urals FD
Polish border:
47.07 USD/tonne (2)
Volga FD
Tomsk Region
3.11
Siberian FD mln. tonnes(1)
Omsk Region Asia-Pacific region
Kemerovo Region
Source: Company Novosibirsk Region
(1) Sales volumes for 2012 Railroad tariff to the station at
(2) Average Q4 2012 KTK transportation cost is converted to Nakhodka-East port :
Altay Region 40.83 USD/tonne (2)
USD using average Central Bank of the Russian Federation
exchange rate (Q4 2012: 31.08 RUB/USD)
Quarterly domestic and export sales, mln. tonnes Average quarterly domestic and export prices comparison (3)
21%
2.81 2.93 % of total 47.96
2.42 45.02
2.04 41.87 42.21
1.49 41.06 40.49 40.87 40.83
1.61 51% 39.35 40.25 39.88 39.51
1.36
1.45 0.50 17%
0.64 0.32
0.57 0.24 0.74 0.94 32%
0.35
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2012
Export sales Domestic sales (coal resale) Domestic sales (own coal)
Average domestic price Average export price Average blended price
Source: Company
(3) Prices are net of VAT and railroad tariffs; domestic prices include costs associated with retail distribution network; prices are converted to USD using average Central Bank of the
Russian Federation exchange rates for each quarter (Q4 2012: 31.08 RUB/USD; Q3 2012: 32.00; Q2 2012: 31.10 RUB/USD; Q1 2012: 30.03 RUB/USD)
12 / 23
13. RETAIL NETWORK IN WESTERN SIBERIA
Since its establishment, the Company has been continuously expanding 2012 retail sales breakdown (1), mln. tonnes
and building its retail sale and storage network: 0.14
1.23 Kemerovo Region
Own 70 points of sale as at the end of 2012; 4%
36%
0.40
Additional points of sale planned to be acquired or established; 11% Altay Region
Total sales in
Wide distribution network and strong regional presence position the Siberian FD Omsk Region
Company as one of the principal suppliers of coal to retail 3.45 mln. tonnes
costumers, municipalities, and public utilities in Western Siberia. Novosibirsk Region
Omsk Region 1.59 0.09
When export prices are high, the Company uses lower quality third-
party coal to satisfy domestic demand, while shifting its own higher
quality coal to export markets.
5 46% 3% KTK direct sales
points
of sale
26
Client base: over 400,000 individuals, over 1,000 corporates
0.14 mln. tonnes (1)
Omsk
Headquarters
points
of sale
1.23 mln. tonnes (1)
Novosibirsk Kemerovo
Novosibirsk Kemerovo Region
Region
Retail Subsidiary
Company’s
ownership
Type of activity
12 27
OJSC “Kuzbasstoplyvosbit” 100% Wholesale & retail sales in Kemerovo Region Barnaul points
Wholesale & retail sales in Omsk Region
points of sale
LLC “TransUgol” 51%
of sale 1.59 mln.
LLC “Novosibirsk TK” 51% Wholesale & retail sales in Novosibirsk Region 0.40 mln. Altay Region tonnes (1)
tonnes (1)
OJSC “Altay TK” 51% Wholesale & retail sales in Altay Region
Source: Company
(1) Sales for the year 2012, incl. coal resale
13 / 23
15. REVENUE
Key financial indicators(1) 2012 revenue by segments(1)
USD mln. Q4 2012 Q3 2012 2012 2011 9% 3%
Revenue 200 168 743 814
19%
Cost of sales (156) (135) (611) (660) Own coal, export
Gross profit 45 32 133 154
Own coal, Russia
Gross profit margin 22.3% 19.3% 17.8% 18.9% USD 743 mln.
Coal resale, Russia
SG&A and other expenses (16) (13) (57) (56)
Other revenue
(2)
EBITDA 39 28 112 133
69%
EBITDA margin 19.2% 16.9% 15.1% 16.3%
EBITDA per tonne, USD 16 13 13 15
Operating profit (EBIT) 28 20 75 98
Operating margin 14.1% 11.7% 10.1% 12.1% Segment revenue dynamics(1), USD mln. Q-o-Q
Net income 22 19 58 69
Net income margin 11.2% 11.3% 7.8% 8.4% 222 216 29%
8
Gross debt3 232 235 232 141 22 168 8 79%
Net debt3 154 155 154 83 38 156 23 57%
15 4
10 4 47 36%
20 35
153
123 114 122 7%
(1) Figures were converted to USD using the average exchange rates of the Central Bank of the Russian
Federation for each period (Q4 2012: 31.07 RUB/USD; Q3 2012: 32.00 RUB/USD; Q2 2012: 31.10 RUB/USD; Q1 2012 Q2 2012 Q3 2012 Q4 2012
Q1 2012: 30.03; 2012: 31.08 RUB/USD; 2011: 29.39 RUB/USD)
Other revenue Coal resale, Russia Own coal, Russia Own coal, export
(2) EBITDA for each period is defined as results from operating activities, adjusted for amortization and
depreciation, impairment loss and loss on disposal of property, plant and equipment
(3) Figures were converted to USD using the exchange rates of the Central Bank of the Russian Federation
for the end of each period (31.12.12: 30.37 RUB/USD; 30.09.12: 30.92 RUB/USD; 31.12.11: 32.20 RUB/USD)
15 / 23
16. COST OF SALES AND EBITDA
7%
Cost of sales breakdown and Production cash costs dynamics(1)
dynamics(1), USD mln. 28%
USD 156 mln. 56
50%
54
178 Q-o-Q
8%
6% 156 15% 44
143
56 135 11 12% 39
10 12% 28
54 44
24 39 26
9 13 54% Q-o-Q
11 8 9 17%
8 8 7%
90 79 12% 19
72 70 18
2.18 1.90 2.24 2.39
Q1 2012 Q2 2012 Q3 2012 Q4 2012
Q1 2012 Q2 2012 Q3 2012 Q4 2012
Other costs Production cash costs Coal purchased
Production volume, mln. tonnes Production cash costs, USD mln.
Depreciation Transportation costs
Cash cost, USD per tonne, USD
Production cash costs breakdown(1), mln. USD % of total Production cash costs in Q4 2012
56 54 12% Extraction, processing and sorting of coal
44
20 39 27% Fuel
19 5
6 23% Cost of personnel
14 12 12
11 14%
10 Spare parts
9 10 9
4 5 5 6 5% Mining and environment taxes
2 2 2 2 3
3 3 3 4 3 3 5
7% Repair and maintenance
Q1 2012 Q2 2012 Q3 2012 Q4 2012
11% Other costs
Source: audited 2012 IFRS FS, unaudited 9M 2012, 6M 2012, 3M 2012 IFRS FS in which all amounts are presented in RUB
(1) Figures were converted to USD using the average exchange rates of the Central Bank of the Russian Federation for each period (Q4 2012: 31.07 RUB/USD; Q3 2012: 32.00
RUB/USD; Q2 2012: 31.10 RUB/USD; Q1 2012: 30.03 RUB/USD).
16 / 23
17. INDEBTEDNESS
During Q4 2012 the total net debt decreased by 1% to USD 154 mln. Net Debt to EBITDA(1), USD mln.
Net Debt to EBITDA ratio increased by 4% from 1.32 to 1.382
Аverage interest on borrowings denominated in rubles at the end of 2012 was
8.45%3, and for loans denominated in U.S. dollars — 4.80%.
156 155 154
136
125
114 117
Debt structure(1) by currency as of 31.12.12 112
USD loans 47%
Total debt:
RUB loans USD 232 mln. 1.32 1.38
1.25
53%
0.84
Q1 2012 Q2 2012 Q3 2012 Q4 2012
4
Net debt EBITDA (12M) Net debt/EBITDA (12M)
Source: audited 2012 IFRS FS, unaudited 3M, 6M, 9M 2012 IFRS FS in which all amounts are presented in RUB
(1) Annualized EBITDA is calculated in USD after rounding
(2) Net debt/EBITDA is calculated in USD. Ratio as of 31.12.12 in RUB is 1.35
(3) Including subsidy of Belarus Republic for purchasing BelAZ mining trucks
(4) Figures were converted to USD using exchange rates of the Central Bank of the Russian Federation for each date (31.12.12: 30.37 RUB/USD; 30.09.12: 30.92 RUB/USD; 17 / 23
30.06.12: 32.82 RUB/USD; 31.03.12: 29.33 RUB/USD; 31.12.11: 32.20 RUB/USD).
18. CAPEX 2013
Due to changing conditions in the international coal markets, management CAPEX breakdown(1), USD mln.
decided to adjust the KTK's investment program for 2013 without giving up
the key strategic priorities including the construction of a third washing plant
"Vinogradovsky", development of open-pit "Bryansky", which will be the "Kaskad-2" washing plant 9
fourth mining asset of KTK.
In Q1 2013 the Company did not make new investments, all the funds will be Other infrastructure 2
invested in Q2-Q4, 2013.
Total investment program for 2013 amounts to USD 30 mln.1 There will be 6 Production and auxiliary equipment 7
major investment categories:
Financing the work at "Kaskad-2" washing plant Bryanskiy coal deposit 1
Purchasing of production and auxiliary equipment including P&H
excavator and BelAZ mining truck. Railroad infrastructure 1
Continue exploration and design works on the open-pit "Bryansky"
Developing of the retail network and distribution infrastructure, which Sales infrastructure 3
will allow the expansion of the retail network in the Altai Region.
Construction of industrial infrastructure, including the construction of a Other 5
complex for the production of crushed stone, which upon
commencement will significantly reduce the cost of tires for production
equipment.
Other investments: the expandtion of the area of one of the existing 4% 5%
open-pits and acquisition of a prospective mining licence, located in 10%
close proximity to existing assets of KTK 25%
USD 30 16%
This investment program demonstrates the key elements of investments and mln.
may change insignificantly during the year.
7%
31%
(1) – Net of VAT, USD figures were converted from RUB using 32.00 RUB/USD exchange rate 18 / 23
19. CONTACTS
OJSC “Kuzbasskaya toplivnaya company”
www.oaoktk.ru/en
News and announcements (Russian only)
Head office in Kemerovo: www.facebook.com/oaoktk
4, 50 let Oktyabrya street, Kemerovo, 650991, Russia
Presentations
Representative office in Moscow: www.slideshare.net/oaoktk
29, Serebryanicheskaya embankment, Moscow, 109028, Russia
Video
Investor calendar: www.oaoktk.ru/en/investors www.youtube.com/oaoktkru
To subscribe for news please request: vkr@oaoktk.ru
Eduard Alekseenko
First Deputy Chief Executive Officer
T: +7 (3842) 58-58-60 (Kemerovo)
E-mail: aev@oaoktk.ru
Vasily Rumyantsev
Head of Moscow office, IRO
Т: +7 (495) 787-68-05 (Moscow)
E-mail: vkr@oaoktk.ru
Skype: vasily.rumyantsev
19 / 23
21. INCOME STATEMENT FY 2012
USD1 mln. 2012 2011
Revenue 743 814
Cost of sales (611) (660)
Gross profit 133 154
Distribution expenses (22) (22)
Administrative expenses (35) (34)
Operating profit 75 98
Finance income 10 2
Finance costs (9) (13)
Profit / (loss) before income tax 76 87
Income tax expense (17) (18)
Profit / (loss) for the period 58 69
Profit / (loss) for the period margin 7.8% 8.4%
EBITDA2 112 133
EBITDA margin 15.1% 16.3%
Source: audited 2012 and 2011 IFRS FS in which all amounts are presented in RUB
(1) Figures were converted to USD using the average exchange rates of the Central Bank of the Russian Federation for each period (2012: 31.08 RUB/USD; 2011: 29.39 RUB/USD).
(2) EBITDA for each period is defined as results from operating activities, adjusted for amortization and depreciation, impairment loss and loss on disposal of property, plant and equipment
21 / 23
22. BALANCE SHEET AS AT DECEMBER 31, 2012
USD1 mln. 31.12.12 31.12.11 USD1 mln. 31.12.12 31.12.11
ASSETS EQUITY AND LIABILITIES
Equity
Non-current assets
Share capital 1 1
Property, plant and equipment 435 316
Retained earnings 225 176
Goodwill and intangible assets 1 1 Additional paid-in capital 93 88
Investments in equity accounted investees 0 1 Total attributable to equity holders of the company 319 265
Deferred tax assets 1 1 Total equity 319 265
Total non-current assets 449 325
Non-current liabilities
Loans and borrowings 117 87
Current assets Deferred income 7 7
Inventories 39 40 Net assets attributable to minority participants in LLC
4 3
entities
Other invetsments 0 1
Provisions 11 8
Trade and other receivables 63 49
Retirement benefit liability 2 1
Prepayments and deferred expenses 27 28 Deferred tax liabilities 16 13
Cash and cash equivalents 78 59 Total non-current liabilities 157 119
Total current assets 207 176
Current liabilities
TOTAL ASSETS 657 501 Loans and borrowings 115 54
Trade and other payables 63 61
Total current liabilities 181 117
Total liabilities 338 236
TOTAL EQUITY AND LIABILITIES 657 501
Source: audited 2012 and 2011 IFRS FS in which all amounts are presented in RUB
(1) Figures were converted to USD using exchange rates of the Central Bank of the Russian Federation for each date (31.12.12: 30.37 RUB/USD; 31.12.11: 32.20 RUB/USD). 22 / 23
23. CASH FLOW STATEMENT FY 2012
USD1 mln. 2012 2011 USD1 mln. 2012 2011
OPERATING ACTIVITIES INVESTING ACTIVITIES
Profit / (loss) for the period 58 69
Loans issued and term deposits (16) (1)
Adjustments for:
Depreciation and amortization 37 35 Acquisition of property, plant and equipment (124) (82)
Net finance income/(loss) (1) 12
Cash flow used in investing activities (127) (87)
Income tax expense 18 18
Operating result before change in working capital 112 133
FINANCING ACTIVITIES
Proceeds from borrowings 259 422
Change in inventories 3 (17)
Repayment of borrowings (172) (347)
Change in trade and other receivables (11) (17)
Change in prepayments for current assets 3 (16) Cash flow from financing activities 68 65
Change in trate and other payables (9) 7
Cash flow from operations before income tax and interest 99 97 Net increase / (decrease) in cash and cash equivalents 17 49
Income taxes and penalties paid (15) (19)
Interest paid (12) (7)
Cash flows from operating activities 75 71
Source: audited 2012 and 2011 IFRS FS in which all amounts are presented in RUB
(1) Figures were converted to USD using the average exchange rates of the Central Bank of the Russian Federation for each period (2012: 31.08 RUB/USD; 2011: 29.39 RUB/USD). 23 / 23
