Net operating cash flow amounted to RUB 85.6 billion in 2013, reflecting the high base effect of 2012 as a result of certain one-off revenues.
Net cash used in investing activities fell by 33% in 2013 to RUB 61.9 billion. Investments amounted to RUB 21.4 billion in the fourth quarter, 25% lower than in the corresponding period of 2012. CAPEX decreased by 27% year-on-year to RUB 68.5 billion in 2013. The decrease in investments in the fourth quarter and full year of 2013 was down to management’s policy to improve the effectiveness of investment activities, which includes optimising tender procedures and relationships with suppliers.
The changes in net cash received from financing activities related to the repurchase of shares from shareholders who voted against the Company’s reorganisation.
In 2013, the Company reported FCF of RUB 17.2 bln, 5 x higher y-o-y.
FCF1 analysis, RUB billion
At the end of 2013, the Group’s total debt grew by 5% and amounted to RUB 228.1 billion, which was partly due to buying back shares from shareholders who did not approve the Company’s reorganisation. Nearly 99% of the Group’s total debt was rouble-denominated as at 31 December, 2013.
As at 31 December, 2013, the Group’s net debt amounted to RUB 217.3 billion, with a net debt / OIBDA ratio of 1.9x.
In 2013, the Company made progress in optimizing its debt portfolio towards long- term maturity loans
Total debt by maturity
1 Free Cash Flow = net cash provided by operating activities less CAPEX