Consolidated Statement of Cash Flows for 2019

Note 2019 RUB million 2018 RUB million
Cash flows from operating activities
Operating profit 51,651 53,997
Adjustments for:
Depreciation and amortisation 9, 10, 11 23,931 20,911
Loss on disposal of property, plant and equipment and intangible assets 13 611 586
Operating profit before changes in working capital and provisions 76,193 75,494
Decrease/(increase) in inventories and catalysts 1,593 (5,438)
Decrease in trade and other receivables 2,764 324
Increase in trade and other payables 5,398 655
Cash flows from operations before income taxes and interest paid 85,948 71,035
Income tax paid (10,550) (6,146)
Finance costs paid (3,842) (5,210)
Cash flows from operating activities 71,556 59,679
Cash flows from investing activities
Acquisition of property, plant and equipment and intangible assets (42,656) (38,416)
Loans issued, net (84) (257)
Proceeds from disposal of property, plant and equipment 86 19
Finance income received 637 307
Acquisition of investments, net - (8)
Other payments (1,267) (814)
Cash flows used in investing activities (43,284) (39,169)
Cash flows from financing activities
Proceeds from borrowings 27 48,725 83,874
Repayment of borrowings 27 (42,698) (83,572)
Dividends paid to shareholders of the Parent 25 (32,244) (13,598)
Dividends paid to non-controlling interests (84) -
Leases paid 28 (1,937) (1,285)
Proceeds/(payments) from settlement of derivatives, net 112 (22)
Cash flows used in financing activities (28,126) (14,603)
Net increase in cash and cash equivalents 146 5,907
Cash and cash equivalents at 1 January 9,320 2,691
Effect of exchange rates fluctuations (1,230) 722
Cash and cash equivalents at 31 December 24 8,236 9,320