Statement of cash flows
| Index | 2017 | 2018 | Change, % |
|---|---|---|---|
| Cash generated from operations before changes in working capital and income tax | 4,103 | 6,339 | 54 |
| Movements in working capital | -1,670 | 941 | n. a. |
| Income tax paid | -670 | -787 | 17 |
| Net cash generated from operating activities | 1,763 | 6,493 | 4x |
| Capital expenditure | -2,002 | -1,553 | -22 |
| Other investing activities | 66 | -9 | n. a. |
| Net cash used in investing activities | -1,936 | -1,562 | -19 |
| Free cash flow | -173 | 4,931 | n. a. |
| Interest paid | -642 | -551 | -14 |
| Other financing activities | -1,595 | -3,753 | 2x |
| Net cash used in financing activities | -2,237 | -4,304 | 92 |
| Effects of foreign exchange differences on balances of cash and cash equivalents | -63 | -91 | 44 |
| Net increase/(decrease) in cash and cash equivalents | -2,473 | 536 | n. a. |
| Index | 2017 | 2018 |
|---|---|---|
| Change of the net working capital in the balance sheet | -1,694 | 1,282 |
| Foreign exchange differences | 115 | -277 |
| Change in income tax payable | -7 | -5 |
| Other changes including reserves | -84 | -59 |
| Change of working capital per cash flow | -1,670 | 941 |
In 2018, free cash flow increased to USD 4.9 billion primarily due to higher cash generated from operating activities and lower CAPEX.
In 2018, net cash generated from operating activities increased 4 -fold to USD 6.5 billion primarily driven by the increase in EBITDA and decrease of working capital in 2018 (versus increase in 2017).
Interest paid reduced by 14% to USD 551 million as a result of the optimization of debt portfolio.
In 2018, CAPEX decreased by 22% to USD 1.6 billion primarily due to the completion of Talnakh Concentrator modernization and the construction of Chita project as well as the projects related to the development of Pelyatkinskoye gas condensate field.
| Project | 2017 | 2018 | Change, % |
|---|---|---|---|
| Polar Division, including: | 860 | 696 | -19 |
| Skalisty mine | 216 | 218 | 1 |
| Taymirsky mine | 93 | 71 | -24 |
| Komsomolsky mine | 18 | 44 | 2x |
| Oktyabrsky mine | 69 | 40 | -42 |
| Talnakh Concentrator | 89 | 29 | -67 |
| Sulphur project | 37 | 36 | -3 |
| Other Polar Division projects | 338 | 258 | -24 |
| Kola MMC | 228 | 292 | 28 |
| Chita (Bystrinsky) project | 449 | 168 | -63 |
| Other production projects | 453 | 386 | -15 |
| Other non-production assets | 12 | 11 | -8 |
| Total | 2,002 | 1,553 | -22 |