| | 31 December 2000
Rbl'000 | 31 December 1999
Rbl'000 |
CASH FLOW FROM OPERATING ACTIVITIES |
| Profit/(loss) before profits tax | 138 658 | (423 223) |
| Adjustments for non-cash transactions: |
| Depreciation | 109 489 | 148 452 |
| Impairment charge | – | 597 046 |
| Loss on disposal of tangible fixed assets | 18 834 | 22 760 |
| Net interest expense | 121 005 | 131 268 |
| Monetary and exchange rate effect on non-operating balances | (93 203) | (75 481) |
| Loss on disposal and impairment of investments | 3 554 | 284 |
| Goodwill amortisation - net | (16 379) | (21 805) |
| Income from loan and payable forgiveness | (11 285) | (73 803) |
| Subsidy from Moscow government received | (7 000) | (12 013) |
| Non-cash investing and financing activities | (16 840) | – |
| Income from investments in other companies | – | (64) |
| Operating profit before working capital changes | 246 833 | 293 421 |
| (Increase) / decrease in trade and other receivables | (41 216) | 51 364 |
| (Increase) / decrease in inventories | 120 765 | 1 825 |
| (Decrease) / increase in trade, other payables and accruals | (87 832) | 70 197 |
| Cash generated from operations | 238 550 | 416 807 |
| Interest paid | (116 030) | (139 262) |
| Profit tax paid | (38 266) | (185 363) |
| Net cash from operating activities | 84 254 | 92 182 |
CASH FLOWS FROM INVESTING ACTIVITIES |
| Acquisition of subsidiary, net of cash acquired | – | (4 384) |
| Purchase of property, plant and equipment | (114 358) | (250 219) |
| Purchase of non-current investments | (29 946) | – |
| Proceeds from sale of property, plant and equipment | 439 | 2 156 |
| Proceeds from sale of investments | 164 | – |
| Interest received | 526 | 822 |
| Net cash used in investing activities | (143 175) | (251 625) |
CASH FLOWS FROM FINANCING ACTIVITIES |
| Proceeds from issuance of share capital | – | 125 273 |
| Proceeds from re issuance of treasury shares | 714 | 338 |
| Proceeds from borrowings | 888 378 | 1 816 818 |
| Repayment of borrowings | (900 832) | (1 852 882) |
| Purchase of treasury shares | (3 003) | (24 289) |
| Dividends paid to the parent's shareholders | (16 075) | (43 481) |
| Subsidy from Moscow government | 7 000 | 12 013 |
| Dividends paid to minority interests | (9) | – |
| Effects of inflation and foreign exchange differences on financing activities | 76 871 | 88 168 |
| Net cash from (used) in financing activities | 53 044 | 121 958 |
|
| Effect of inflation and exchange rate changes on cash and cash equivalents | (9 552) | (12 687) |
| Net (decrease)/increase in cash and cash equivalents | (15 429) | (50 172) |
| Cash and cash equivalents - beginning of the period | 60 573 | 110 745 |
| Cash and cash equivalents - end of the period | 45 144 | 60 573 |
