Consolidated Statement of Cash Flows

## ANNUAL REPORT FOR 2012

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- Independent auditors’ report
- Consolidated Financial Statement

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# Consolidated Statement of Cash Flows

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In billions of Russian Roubles | Note | 2012 | 2011
--- | --- | --- | ---
Cash flows from operating activities
Interest received |  | 1,135.7 | 826.6
Interest paid |  | (384.5) | (231.7)
Expenses paid directly attributable to deposit insurance |  | (22.9) | (19.3)
Fees and commissions received |  | 188.3 | 152.2
Fees and commissions paid |  | (16.7) | (10.7)
Net gains received from trading securities |  | 5.9 | 0.4
Net (losses incurred) / gains received from securities designated at fair value through profit or loss |  | (1.7) | 0.2
Net gains received from trading in foreign currencies and from operations with foreign currency derivatives |  | 16.6 | 2.1
Net (losses incurred) / gains received from operations with other derivatives |  | (0.7) | 1.5
Net gains received from operations with precious metals and precious metals derivatives |  | 5.0 | 7.0
Revenue of non-core business activities |  | 48.7 | 66.8
Cost of sales of non-core business activities |  | (34.4) | (50.0)
Other operating income received |  | 8.5 | 7.9
Operating expenses paid |  | (370.7) | (303.1)
Income tax paid |  | (100.1) | (71.9)
Cash flows from operating activities before changes in operating assets and liabilities |  | 477.0 | 378.0
Changes in operating assets and liabilities
Net increase in mandatory cash balances with central banks |  | (36.2) | (49.6)
Net decrease in trading securities |  | 6.8 | 14.2
Net decrease in securities designated at fair value through profit or loss |  | 31.1 | 41.5
Net increase in due from banks |  | (62.3) | (26.6)
Net increase in loans and advances to customers |  | (2,003.3) | (2,163.3)
Net increase in other assets |  | (69.8) | (39.9)
Net increase in due to banks |  | 820.9 | 384.5
Net increase in due to individuals |  | 867.8 | 869.8
Net increase in due to corporate customers |  | 664.3 | 337.8
Net increase / (decrease) in debt securities in issue |  | 257.3 | (19.1)
Net (decrease) / increase in other liabilities |  | (34.6) | 28.4
Net cash from / (used in) operating activities |  | 919.0 | (244.3)
Cash flows from investing activities
Purchase of investment securities available for sale |  | (474.9) | (852.6)
Proceeds from disposal and redemption of investment securities available for sale |  | 232.2 | 1 122.8
Purchase of investment securities held to maturity |  | (8.0) | (98.7)
Proceeds from redemption of investment securities held to maturity |  | 61.1 | 40.0
Acquisition of premises and equipment |  | (144.4) | (109.4)
Acquisition of investment property |  | (0.1) | —
Proceeds from disposal of investment property |  | — | (0.2)
Proceeds from disposal of premises and equipment including insurance payments |  | 4.5 | 10.9
Acquisition of subsidiaries net of cash acquired |  | (93.2) | 27.3
Proceeds from disposal of subsidiaries net of cash disposed |  | 8.6 | 0.7
Dividends received |  | 5.1 | 3.5
Net cash (used in) / from investing activities |  | (409.1) | 144.3
Cash flows from financing activities
Other borrowed funds received |  | 141.9 | 154.4
Redemption of other borrowed funds |  | (98.8) | (98.2)
Repayment of interest on other borrowed funds |  | (5.4) | (2.4)
Subordinated debt received |  | 66.0 | —
Redemption of subordinated debt |  | (0.2) | —
Repayment of interest on subordinated debt |  | (19.8) | (19.5)
Funds received from loan participation notes issued under the MTN programme |  | 144.3 | 27.9
Redemption of loan participation notes issued under the MTN programme |  | (8.1) | (22.9)
Repayment of interest on loan participation notes issued under the MTN programme |  | (11.8) | (8.9)
Purchase of treasury shares |  | (0.6) | —
Dividends paid | 30 | (47.3) | (20.9)
Net cash from financing activities |  | 160.2 | 9.5
Effect of exchange rate changes on cash and cash equivalents |  | (4.2) | 5.4
Effect of inflation on cash and cash equivalents |  | (0.7) | (8.9)
Net increase/(decrease) in cash and cash equivalents |  | 665.2 | (94.0)
Cash and cash equivalents at the beginning of the year |  | 625.6 | 719.6
Cash and cash equivalents as at the end of the reporting period | 7 | 1,290.8 | 625.6

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Consolidated Statement of Changes in Equity | Consolidated Statement of Cash Flows | Notes to consolidated financial statements

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