Cash flows
In 2018, the Group’s cash flow from operating activities (after changes in working capital) increased by RUB 6,426 mn (up 8.2%) to RUB 84,551 mn.
Cash spent to purchase PP&E decreased by RUB 4,270 mn, or 6.0% to RUB 67,423 mn in 2018 due to the completion of the investment cycle of the Far Eastern investment projects.
In 2018, RusHydro Group for the first time generated positive free cash flow sufficient to fund dividend payments.
2017 | 2018 | | |
---|---|---|---|
Cash flows from operating activities (after accounting for changes in working capital) | 78,125 | 84,551 | 8.2 |
Cash for PP&E acquisition | -71,693 | -67,423 | -6.0 |
Proceeds from sale of PP&E | 213 | 977 | 358.7 |
Proceeds from sale of Inter RAO shares | – | 2,160 | – |
Proceeds from disposal of joint venture | – | 871 | – |
Interest received | 7,848 | 5,545 | -29.3 |
Interest paid | -15,794 | -14,217 | -10.0 |
Free cash flow (FCF) | -1,301 | 12,464 | – |
Tax payments
RusHydro Group is one of the main taxpayers in the regions of its operation.In 2018, tax payments to budgets of all levels totaled RUB 81.2 bn, including RUB 34.3 bn - to regional budgets.
Level of budget | RusHydro Subgroup | JSC RAO ES East Subgroup | RusHydro Group | ||||||
---|---|---|---|---|---|---|---|---|---|
2016 | 2017 | 2018 | 2016 | 2017 | 2018 | 2016 | 2017 | 2018 | |
Federal | 17,093 | 22,026 | 29,432 | 19,873 | 20,878 | 16,736 | 36,966 | 42,904 | 46,168 |
including insurance contributions | 4,302 | 4,494 | 4,954 | 11,404 | 11,469 | 11,910 | 15,706 | 15,963 | 16,864 |
Regional | 21,647 | 23,578 | 23,971 | 8,992 | 10,075 | 10,304 | 30,639 | 33,653 | 34,275 |
Local | 434 | 424 | 403 | 371 | 364 | 330 | 805 | 788 | 733 |
Total | 39,174 | 46,028 | 53,806 | 29,236 | 31,317 | 27,370 | 68,410 | 77,345 | 81,176 |