2015 Annual Report

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Consolidated statement of cash flows

Year ended 31 December
in billions of Russian Roubles Note 2015 2014
Cash flows from operating activities before changes in operating assets and liabilities
Interest received 2,220.3 1,809.4
Interest paid (1,105.3) (675.1)
Expenses paid directly attributable to deposit insurance (36.3) (31.9)
Fees and commissions received 379.8 305.1
Fees and commissions paid (63.6) (44.6)
Net losses incurred on trading securities (3.1) (1.3)
Dividends received 1.6 2.0
Net (losses incurred) / gains received on securities designated as at fair value through profit or loss (1.5) 1.0
Net losses incurred from trading in foreign currencies and from operations with foreign currency derivatives (25.1) (147.4)
Net (losses incurred) / gains received from operations with other derivatives (1.2) 20.0
Net losses incurred from operations with precious metals and precious metals derivatives (2.9) (26.2)
Revenue received from non-banking business activities 26.7 26.3
Expenses paid on non-banking business activities (25.0) (25.5)
Insurance premiums received 61.0 57.9
Payments on insurance operations (1.3) (0.2)
Payments on pension insurance agreements received 162.3 2.4
Payments on pension fund operations (8.0) (0.3)
Other operating income received 13.4 10.1
Operating expenses paid (550.6) (465.7)
Income tax paid (1.5) (88.4)
Cash flows from operating activities before changes in operating assets and liabilities 1,039.7 727.6
Changes in operating assets and liabilities
Net increase in mandatory cash balances with central banks (18.6) (34.9)
Net (increase) / decrease in financial assets at fair value through profit or loss (164.5) 56.2
Net (increase) / decrease in due from banks (471.2) 173.2
Net increase in loans and advances to customers (157.5) (2,615.5)
Net increase in other assets (117.2) (175.9)
Net (decrease) / increase in due to banks (2,624.3) 1,156.6
Net increase / (decrease) in due to individuals 2,127.6 (96.0)
Net increase in due to corporate customers 655.4 1,569.4
Net increase in debt securities in issue 106.5 20.9
Net increase in financial liabilities at fair value through profit or loss except for debt securities in issue 7.6 0.2
Net increase in other liabilities 57.9 50.1
Net cash from operating activities 441.4 831.9
Cash flows from investing activities
Purchase of investment securities available-for-sale (850.9) (717.9)
Proceeds from disposal and redemption of investment securities available-for-sale 742.4 682.7
Purchase of investment securities held-to-maturity (122.2) (6.3)
Proceeds from redemption of investment securities held-to-maturity 58.3 81.0
Acquisition of premises and equipment and intangible assets (74.3) (127.0)
Proceeds from disposal of premises and equipment and intangible assets including insurance payments 9.9 13.7
Acquisition of investment property (0.6) (0.3)
Proceeds from disposal of investment property 0.3 1.5
Acquisition of associates (1.2)
Acquisition of subsidiaries net of cash acquired 9.6
Proceeds from disposal of subsidiaries net of cash disposed 0.7 1.4
Net cash used in investing activities (237.6) (61.6)
Cash flows from financing activities
Other borrowed funds received 151.9 182.4
Redemption of other borrowed funds (377.2) (388.5)
Repayment of interest on other borrowed funds (10.6) (13.7)
Funds received from subordinated debt issued or reissued 0.6 238.9
Redemption of subordinated debt (27.4)
Repayment of interest on subordinated debt (47.2) (34.5)
Funds received from loan participation notes issued or reissued / other bonds issued 12.2 106.8
Redemption of loan participation notes / other bonds issued (166.7) (36.9)
Repayment of interest on loan participation notes / other bonds issued (38.2) (23.8)
Purchase of treasury shares (6.5) (34.5)
Proceeds from disposal of treasury shares 7.8 34.9
Dividends paid 32 (10.3) (72.0)
Net cash used in financing activities (511.6) (40.9)
Effect of exchange rate changes on cash and cash equivalents 333.1 254.0
Effect of hyperinflation on cash and cash equivalents 1.5
Net increase in cash and cash equivalents 25.3 984.9
Cash and cash equivalents as at the beginning of the year 2,308.8 1,327.0
Net effect of changes in cash and cash equivalents included in disposal group (0.5) (3.1)
Cash and cash equivalents as at the end of the year 7 2,333.6 2,308.8