REG - Evraz Plc - Annual Financial Report <Origin Href="QuoteRef">EVRE.L</Origin> - Part 3

EvrazAnnouncement

01/04/2015 07:10

- Part 3: For the preceding part double click  ID:nRSA0934Jb 

    257           
 Income tax payable                                                                86            57            48            
 Other taxes payable                                                               151           203           195           
 Provisions                                                                        41            45            40            
 Dividends payable by the Group's subsidiaries to non-controlling shareholders     -             5             8             
                                                                                   2,681         4,252         4,031         
 Liabilities directly associated with disposal groups classified as held for sale  13            112           175           
                                                                                   2,694         4,364         4,206         
 Total equity and liabilities                                                      $    11,630   $    17,685   $    17,737   
 
 
EVRAZ plc 
 
Consolidated Statement of Cash Flows 
 
(in millions of US dollars) 
 
                                                                                          Year ended 31 December  
                                                                                          2014                    2013          2012          
                                                                                                                  restated*     restated*     
 Cash flows from operating activities                                                                                                         
 Net profit/(loss)                                                                        $    (1,278)            $      (551)  $      (420)  
 Adjustments to reconcile net profit/(loss) to net cash flows from operating activities:                                                      
 Deferred income tax (benefit)/expense (Note 8)                                           (163)                   (335)         (38)          
 Depreciation, depletion and amortisation (Note 7)                                        833                     1,114         1,259         
 Loss on disposal of property, plant and equipment                                        48                      47            56            
 Impairment of assets                                                                     540                     563           413           
 Foreign exchange (gains)/losses, net                                                     1,005                   258           41            
 Interest income                                                                          (17)                    (23)          (23)          
 Interest expense                                                                         563                     699           654           
 Share of (profits)/losses of associates and joint ventures                               (10)                    (8)           (1)           
 (Gain)/loss on derecognition of equity investments, net                                  -                       (89)          -             
 (Gain)/loss on financial assets and liabilities, net                                     583                     43            (164)         
 (Gain)/loss on disposal groups classified as held for sale, net                          (136)                   (131)         (23)          
 Other non-operating (gains)/losses, net                                                  -                       (15)          6             
 Bad debt expense                                                                         41                      8             12            
 Changes in provisions, employee benefits and other long-term assets and liabilities      (62)                    (68)          (55)          
 Expense arising from equity-settled awards  (Note 21)                                    30                      25            22            
 Other                                                                                    (1)                     (2)           (6)           
                                                                                          1,976                   1,535         1,733         
 Changes in working capital:                                                                                                                  
 Inventories                                                                              (87)                    229           121           
 Trade and other receivables                                                              (1)                     65            (78)          
 Prepayments                                                                              (2)                     15            37            
 Receivables from/payables to related parties                                             (246)                   131           141           
 Taxes recoverable                                                                        33                      48            120           
 Other assets                                                                             11                      (17)          18            
 Trade and other payables                                                                 150                     (135)         96            
 Advances from customers                                                                  27                      30            (1)           
 Taxes payable                                                                            100                     4             (43)          
 Other liabilities                                                                        (4)                     (5)           (1)           
 Net cash flows from operating activities                                                 1,957                   1,900         2,143         
 
 
 Cash flows from investing activities                                                                                          
 Issuance of loans receivable to related parties                                                        (4)    (2)    (5)      
 Proceeds from repayment of loans issued to related parties, including interest                         -      -      1        
 Issuance of loans receivable                                                                           -      (2)    -        
 Proceeds from repayment of loans receivable, including interest                                        3      3      4        
 Return of capital by a joint venture (Note 11)                                                         -      -      38       
 Purchases of subsidiaries, net of cash acquired (Note 4)                                               (102)  31     (12)     
 Purchases of interest in associates/joint ventures (Note 11)                                           (29)   (61)   -        
 Restricted deposits at banks in respect of investing activities                                        1      (2)    -        
 Short-term deposits at banks, including interest                                                       8      677    (656)    
 Purchases of property, plant and equipment and intangible assets                                       (612)  (902)  (1,261)  
 Proceeds from disposal of property, plant and equipment                                                14     7      9        
 Proceeds from sale of disposal groups classified as held for sale, net of transaction costs (Note 12)  311    1      311      
 Dividends received                                                                                     2      1      88       
 Other investing activities, net                                                                        19     (15)   (61)     
 Net cash flows used in investing activities                                                            (389)  (264)  (1,544)  
 
 
 Cash flows from financing activities                                                                                                                 
 Purchase of treasury shares in the course of the Group's reorganisation (Note 20)                      $           -  $           -  $          (4)  
 Purchase of treasury shares (Note 20)                                                                  (13)           (6)            -               
 Proceeds from loans provided by related parties                                                        267            -              -               
 Repayment of loans provided by related parties                                                         (251)          -              -               
 Purchases of non-controlling interests (Note 4)                                                        -              -              (1)             
 Dividends paid by the parent entity to its shareholders (Note 20)                                      (90)           -              (375)           
 Dividends paid by the Group's subsidiaries to non-controlling shareholders                             (3)            (1)            (1)             
 Proceeds from bank loans and notes                                                                     2,579          1,976          2,706           
 Repayment of bank loans and notes, including interest                                                  (3,223)        (3,978)        (2,716)         
 Net proceeds from/(repayment of) bank overdrafts and credit lines, including interest                  (942)          621            292             
 Payments for purchase of property, plant and equipment on deferred terms                               (42)           -              -               
 Payments under covenants reset (Note 22)                                                               -              (1)            (7)             
 Gain/(loss) on derivatives not designated as hedging instruments (Note 25)                             (94)           51             81              
 Collateral under swap contracts (Note 18)                                                              14             (21)           10              
 Restricted deposits at banks in respect of financing activities                                        -              -              2               
 Payments under finance leases, including interest                                                      (1)            (8)            (29)            
 Other financing activities                                                                             (12)           -              -               
 Net cash flows used in financing activities                                                            (1,811)        (1,367)        (42)            
                                                                                                                                                      
 Effect of foreign exchange rate changes on cash and cash equivalents                                   (282)          (48)           32              
                                                                                                                                                      
 Net increase in cash and cash equivalents                                                              (525)          221            589             
 Cash and cash equivalents at the beginning of the year                                                 1,604          1,382          801             
                                                                                                                                                      
 Add back: decrease/(increase) in cash of disposal groups classified as assets held for sale (Note 12)  7              1              (8)             
 Cash and cash equivalents at the end of the year                                                       $     1,086    $     1,604    $     1,382     
 Supplementary cash flow information:                                                                                                                 
 Cash flows during the year:                                                                                                                          
 Interest paid                                                                                          $      (517)   $      (586)   $      (559)    
 Interest received                                                                                      10             23             7               
 Income taxes paid by the Group                                                                         (263)          (249)          (298)           
 
 
*        The amounts shown here do not correspond to the 2013 and 2012
financial statements and reflect adjustments made in connection with the
cessation of classification of subsidiaries as held for sale. 
 
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