er 2013 GEM Equity Strategy Outlook 2014 Figure 66: MSCI Russia — FCF/ Sales, rolling 12-month average (%) 20% 15% 10% 5% 0% -5% Figure 67: MSCI Russia — Leverage (Total debt/Equity), rolling 12-month average (%) 10% 15% 20% 25% 30% 35% 40% 45% 0% 5% Source: Deutsche Bank, Bloomberg Finan