Operating and Financial Results

(in thousands of Russian rubles)
Notes Year ended December 31, 2014 Year ended December 31, 2013
Cash flows from / (used in) operating activities:
Profit before tax 20 028 141 14 623 899
Adjustments for:
Depreciation and amortization charge 12 1 588 018 1 569 490
Interest expense on written put option on own shares - 199 686
Fair value adjustment on securities at fair value through profit or loss 369 215 (107 889)
Share-based payment expense 233 827 287 752
Unrealized (gain) / loss on foreign exchange operations (53 531) 218 680
Share of profits of associates (7 356) (74 605)
Loss on disposal of investments available-for-sale 9 1 588 205 672 539
Net change in interest accruals 3 246 (129 032)
Net loss on disposal of property and equipment and intangible assets 12 26 413 156 122
Gain from revaluation of previously held equity interest in the acquiree 6 (38 664) -
Impairment of goodwill and other intangible assets 12 209 775 -
Impairment of other assets 8 698 27 637
Impairment of investments in associates 12 - 118 715
Bargain gain 6 (18 596) -
Provision for onerous contracts 12 173 203 -
Gain on disposal of non-current assets held for sale 11 (313 560) -
Changes in operating assets and liabilities:
Due from financial institutions (5 066 891) (15 110 563)
Financial assets at fair value through profit or loss (146 417) 1 465 565
Central counterparty financial assets (92 601 238) (44 185 092)
Other assets (195 941) (36 431)
Balances of market participants 588 493 842 64 578 215
Central counterparty financial liabilities 92 601 238 44 185 092
Distributions payable to holders of securities 2 682 245 (766 095)
Other liabilities 696 231 (412 871)
Cash flows from operating activities before taxation 610 260 103 67 280 814
Income tax paid (2 752 593) (2 826 984)
Cash flows from operating activities 607 507 510 64 453 830
Cash flows from / (used in) investing activities:
Purchase of investments available-for-sale (60 565 857) (63 758 159)
Proceeds from disposal of investments available-for-sale 58 870 341 46 003 713
Purchase of property and equipment and intangible assets (1 110 508) (1 044 626)
Proceeds from redemption of investments held-to-maturity - 520 069
Proceeds from disposal of property and equipment and intangible assets 5 370 25 071
Proceeds from sale of investments in associates 593 890 -
Acquisition of subsidiaries, net of cash acquired 6 5 857 -
Disposal of subsidiaries, net of cash disposed 440 000 -
Cash flows used in investing activities (1 760 907) (18 253 932)
Cash flows from / (used in) financing activities:
Dividends paid (5 310 171) (2 726 452)
Sale of treasury shares 138 967 41 502
Acquisition of non-controlling interest in subsidiaries (2 057) (27)
Disposal of non-controlling interest in subsidiaries - 1 519
IPO proceeds, net of transaction costs paid - 5 757 600
Acquisition of treasury shares - (1 527 896)
Loans (repaid) / received (50 068) 30 055
Proceeds from issue of ordinary shares - 5 822
Cash flows (used in) / from financing activities (5 223 329) 1 582 123
Effect of changes in foreign exchange rates on cash and cash equivalents 306 199 374 15 921 982
Net increase in cash and cash equivalents 906 722 648 63 704 003
Cash and cash equivalents, beginning of year 15 257 060 487 193 356 484
Cash and cash equivalents, end of year 15 1 163 783 135 257 060 487

Interest received by the Group during the year ended December 31, 2014, amounted to RUB 14 464 307 thousand (December 31, 2013: RUB 11 014 096 thousand).

Interest paid by the Group during the year ended December 31, 2014, amounted to RUB 531 357 thousand (December 31, 2013: RUB 4 720 thousand).

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