Liquidity and capital resources
Indicator | 2016 | 2017 | ∆, % |
---|---|---|---|
Net cash provided by operating activities | 321,297 | 421,700 | 31.2 |
Net cash used in investing activities | (323,854) | (312,889) | (3.4) |
Net cash used in financing activities | (68,430) | (50,521) | (26.2) |
Increase / (Decrease) in cash and cash equivalents | (70,987) | 58,290 | – |
Indicator | 2016 | 2017 | ∆, % |
---|---|---|---|
Net cash provided by operating activities before changes in working capital, income tax, interest and dividends | 361,567 | 439,320 | 21.5 |
Net changes in working capital | 15,216 | 52,808 | >200 |
Income tax paid | (22,158) | (36,530) | 64.9 |
Interest paid | (36,476) | (39,449) | 8.2 |
Dividends received | 3,148 | 5,551 | 76.3 |
Net cash provided by operating activities | 321,297 | | 31.2 |
Net cash provided by operating activities increased by 31.2% YOY primarily due to higher operating profit and changes in working capital.
Indicator | 2016 | 2017 | ∆, % |
---|---|---|---|
Capital expenditures | (384,817) | (357,090) | (7.2) |
Acquisition of subsidiaries, shares in joint operations and equity affiliates | (2,028) | (8,345) | >200 |
Net changes in deposits | 48,517 | (5,933) | – |
Net changes in loans issued and other investments | (2,104) | 44,938 | – |
Other transactions | 16,578 | 13,541 | (18.3) |
Net cash used in investing activities | (323,854) | (312,889) | (3.4) |
Net cash used in investment activities decreased by 3.4% YOY due to lower capital expenditures and repayments of loans issued to Messoyakha.
Indicator | 2016 | 2017 | ∆, % |
---|---|---|---|
Net changes in debt | (63,929) | 3,556 | – |
Payment of dividends to shareholders | (2,598) | (50,382) | >200 |
Other transactions | (1,903) | (3,695) | 94.2 |
Net cash used in financing activities | (68,430) | (50,521) | (26.2) |
Net cash used in financing activities decreased by 26.2% YOY mainly due to a decline of net amount of new funds raised and repayments of loans and borrowings. The Group paid dividends for 2016 in 3Q 2017.
Indicator | 2016 | 2017 | ∆, % |
---|---|---|---|
Exploration and production | 245,256 | 223,916 | (8.7) |
Consolidated subsidiaries | 228,084 | 207,900 | (8.8) |
Joint operations | 17,172 | 16,016 | (6.7) |
Refining | 50,095 | 81,370 | 62.4 |
Marketing and distribution | 9,728 | 12,466 | 28.1 |
Others | 14,724 | 16,227 | 10.2 |
Subtotal capital expenditures | 319,803 | 333,979 | 4.4 |
Change in advances issued and material used in capital expenditures, including | 65,014 | 23,111 | (64.5) |
Total capital expenditures | 384,817 | 357,090 | (7.2) |
Capital expenditures for exploration and production decreased by 8.7% YOY due to:
- Completion of first stage of infrustructure construction at Novoportovskoye field
- Completion of oil infrustructure construction at Badra
- Decreased drilling volumes at brownfields.
Capital expenditures for refining increased by 62.4% YOY due to the second stage of modernization programme at Omsk and Moscow refineries (catalytic cracking reconstruction and construction of plant Euro+ at Moscow refinery).
Indicator | 2016 | 2017 |
---|---|---|
Short-term loans and borrowings | 80,187 | 131,760 |
Long-term loans and borrowings | 596,221 | 548,654 |
Cash and cash equivalents | (33,621) | (90,608) |
Short-term deposits | (886) | (5,779) |
Net debt | 641,901 | 584,027 |
Short-term debt / total debt, % | 11.9 | 19.4 |
Net debt / EBITDA for 12 months preceding | 1.60 | 1.19 |
The Group’s diversified debt structure includes syndicated and bilateral loans, bonds and other instruments.
As at December 31, 2017 average debt maturity remained unchanged from 3.6 years as at December 31, 2016.
The average interest rate increased insignificantly from 5.52% as at December 31, 2016 to 5.54% as at December 31, 2017.