profit for the year
1317
1 189
adjustments to profit for the year
depreciation and amortization
566
544
impairment losses and provision for site restoration
-
-136
revaluation of share in mutual investment fund
-
1
loss on disposal of property plant and equipment
19
28
excess of the groups share in the fair value of net assets
acquired over the cost of acquisition
-
-36
change in expected credit loss
14
-
change in allowance for advances issued
7
1
change in allowance for doubtful accounts receivable
-
2
change in provision for impairment investments in
securities and other financial assets
1
-
change in allowance for obsolete and slow-moving items
1
2
foreign exchange -gain/loss net
-41
39
gain on disposal of subsidiaries
-
-5
share of results of associates
-
-5
change in net assets attributable to minority participants
-
1
operating cashflow before working capital changes
2356
1 965
movements in working capital
increase in trade and other receivables
-42
-170
decrease/-increase in value added tax recoverable
57
-44
decrease/-increase in inventories
28
-269
-decrease/increase in trade and other payables
-105
189
cash generated from operations
2294
1 671
income tax paid
-392
-288
net cash from operating activities
1887
1 358
purchase of property plant and equipment
-860
-664
purchase of intangible assets
-10
-10
acquisition of subsidiaries net of cash acquired
-
14
proceeds from sale of property plant and equipment
4
2
proceeds from sale of subsidiaries net of disposed cash
-
3
proceeds from sale of securities and other financial assets
6
5
proceeds from sale of assets ready for sale
-
4
purchase of securities and other financial assets
-5
-
purchase available-for-sale investments
-
-6
placement of short-term bank deposits
-1
-110
withdrawal of short-term bank deposits
1
153
net cash used in investing activities
-848
-599
the notes on pages 6 to 59 are an integral part of these consolidated financial statements
public joint stock company
magnitogorsk iron & steel works and subsidiaries
consolidated statement of cash flows
for the year ended 31 december 2018 -continued
-in millions of us dollars
proceeds from borrowings
867
881
repayments of borrowings
-850
-947
repayment of the principal amount of the lease debt
-12
-1
acquisition of minority interest
-3
-
dividends paid to equity holders of the parent company
-833
-413
net cash used in financing activities
-831
-480
net increase in cash and cash equivalents
208
279
cash and cash equivalents beginning of period
556
266
effect of translation to presentation currency and exchange
rate changes on the balance of cash held in foreign currencies
-25
11
cash and cash equivalents end of period
739
556
