Consolidated Statement of Cash Flows

Currency – RUB millions
Notes Year ended 31 December 2019 Year ended 31 December 2018
Cash flows from operating activities
Profit before income tax 507,834 480,122
Adjustments for:
Share of profit of associates and joint ventures 14 (83,906) (90,704)
Net foreign exchange (gain) / loss 31 (10,518) 33,558
Finance income 32 (22,906) (7,506)
Finance expense 33 32,772 21,476
Depreciation, depletion and amortisation 11,12,13 181,372 175,451
Other non-cash items 10,804 12,386
Operating cash flow before changes in working capital 615,452 624,783
Changes in working capital:
Accounts receivable (41,927) (10,661)
Inventories (23,453) (27,688)
Taxes receivable (13,531) (33,855)
Other assets (8,165) (4,339)
Accounts payable 83,185 51,826
Taxes payable (1,974) 13,175
Other liabilities 45,370 11,868
Total effect of working capital changes 39,505 326
Income tax paid (53,087) (61,157)
Interest paid (59,057) (46,492)
Dividends received 65,404 20,063
Other cash flows from operating activities 859 -
Net cash provided by operating activities 609,076 537,523
Cash flows from investing activities
Increase in cash due to subsidiary acquisition - (920)
Acquisition of investments in joint ventures (210) (440)
Bank deposits placement (97,090) (640)
Repayment of bank deposits 82,000 7,350
Acquisition of other investments (474) (70)
Proceeds from sales of other investments 1,425 -
Short-term loans issued (532) (143)
Repayment of short-term loans issued 661 218
Long-term loans issued (7,148) (984)
Repayment of long-term loans issued 1,313 12,490
Purchases of property, plant and equipment and intangible assets (453,011) (370,067)
Purchases of oil and gas licences (9,623) (5,130)
Proceeds from sale of property, plant and equipment, net of tax 115,710 4,413
Interest received 17,155 18,885
Other cash flows from investing activities (13,765) -
Net cash used in investing activities (363,589) (335,038)
Cash flows from financing activities
Proceeds from short-term borrowings 15,592 442
Repayment of short-term borrowings (343) (220)
Proceeds from long-term borrowings 243,371 366,102
Repayment of long-term borrowings (292,036) (360,840)
Transaction costs directly attributable to the borrowings received (375) (158)
Dividends paid to Gazprom Neft shareholders (227,120) (70,774)
Dividends paid to non-controlling shareholders (6,609) (11,864)
Proceeds from sale of non-controlling interest in subsidiaries 38 - 22,348
Repayment of principal portion of lease liabilities (9,200) -
Repayment of principal portion of finance lease liabilities - (1,579)
Net cash used in financing activities (276,720) (56,543)
(Decrease) / increase in cash and cash equivalents (31,233) 145,942
Effect of foreign exchange on cash and cash equivalents (13,948) 11,035
Cash and cash equivalents as of the beginning of the period 247,585 90,608
Cash and cash equivalents as of the end of the period 202,404 247,585