ru

Cash flows

Cash flows, RUB mn
2014 2015 Change, %
Net cash generated from operating activities 283 965 285 175 0.4
Net cash used for investment activities (364 792) (314 511) (13.8)
Net cash generated from financial activities 10 573 82 193 677.4
Net increase / (decrease) in cash and cash equivalents (70 254) 52 857
Net cash generated from operating activities, RUB mn
2014 2015 Change, %
Net cash generated by operating activities before the effect of changes in working capital, profit tax, interest and dividends 304 421 312 169 2.5
Changes in working capital 23 907 18 342 (23.3)
Profit tax paid (30 122) (19 522) (35.2)
Interest paid (16 624) (28 229) 69.8
Dividends paid 2 383 2 415 1.3
Net cash generated from operating activities 283 965 285 175 0.4

Net cash generated from operating activities increased by 0.4% primarily as a result of higher operating profit, which was partially offset by growth in interest expenses and the change in working capital.

Net cash used for investment activities, RUB mn
2014 2015 Change, %
Capital expenditures (271 330) (349 036) 28.6
Acquisition of subsidiaries, stakes in joint activities and investments recorded using the equity method (57 848) 197
Receipt / (Placement) of cash deposits (15 877) 45 745
Other transactions (19 737) (11 417) (42.2)
Net cash used for investment activities (364 792) (314 511) (13.8)

Net cash used for investment activities decreased by 13.8% year-on-year. Growth in capital expenditures was offset by less spending on the acquisition of new assets.

Net cash generated from financial activities, RUB mn
2014 2015 Change, %
Receipt of loans and credits 67 160 121 565 81.0
Dividend payments to Company shareholders (46 755) (36 346) (22.3)
Acquisition of non-controlling interests (4 118)
Other transactions (5 714) (3 026) (47.0)
Net cash generated from financial activities 10 573 82 193 677.4

Net cash generated from financial activities increased due to the large volume of loans and credits received.