Annual Report 2010 - Magnitogorsk Iron & Steel Works

CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2010(In millions of U.S. Dollars)INVESTING ACTIVITIES:NotesYears ended 31 December2010 2009Purchase of property, plant and equipment (2,209) (1,613)Purchase of intangible assets (10) (11)Proceeds from sale of property, plant and equipment 11 12Acquisition of subsidiaries, net of cash acquired - (278)Interest received 23Purchase of securities and other financial assets (42) (8)Proceeds from sale of disposal group 6 225 -Proceeds from sale of securities and other financial assets 8 34Net change in bank deposits - 148Dividends received from associate 4 4Net cash used in investing activities (2,005) (1,689)FINANCING ACTIVITIES:Proceeds from borrowings 3,439 2,935Repayments of borrowings (2,024) (2,974)Proceeds from capital transactions of subsidiaries 80 47Purchase of treasury shares (181) (2)Proceeds from issuance of ordinary shares from treasury shares 78 6Principal repayments of obligations under finance leases (29) (36)Dividends paid to:equity holders of the Parent Company (198) (16)- non-controlling interests (2) -Net cash generated by/(used in) financing activities 1,163 (40)NET INCREASE /(DECREASE) IN CASH ANDCASH EQUIVALENTS331 (864)CASH AND CASH EQUIVALENTS, beginning of year 165 1,106Effect of translation to presentation currency and exchange ratechanges on the balance of cash held in foreign currencies19 (77)CASH AND CASH EQUIVALENTS, end of year 515 165Steel & Style , 10 MMK ANNUAL REPORT 95