Analytical balance sheet

History

Assets, mln rubles

Indicator Dec 31, 2009 Dec 31, 2010 Dec 31, 2011 Share of assets
as of Dec 31, 2010, %
Non-current assets
Intangible assets 0 0 1 0.0
Fixed assets 133,177 154,050 168,967 63.6
Construction in progress 36,678 27,894 27,306 10.3
Advances issued for capital construction and the acquisition of fixed assets 3,838 1,527 1,177 0.4
Long-term financial investments 3,686 4,186 4,301 1.6
Deferred tax assets 583 791 1,265 0.5
Other non-current assets 144 236 507 0.2
Total for Section I 178,106 188,684 203,523 76.6
Current assets
Reserves 5,211 4,487 4,614 1.7
Value-added tax 308 61 129 0.1
Accounts receivable (more than 12 months) 29,159 33,035 29,781 11.2
Accounts receivable (less than 12 months) 20,088 13,566 16,826 6.3
Short-term financial investments 2,969 0 0 0.0
Cash flow 4,845 1,108 3,144 1.2
Other current assets 9,948 8,770 7,558 2.9
Total for Section II 72,528 61,026 62,052 23.4
Balance (sum of lines 190+290) 250,634 249,710 265,575 100.0

« IN 2011, the COMPANY’S ASSETS WERE WORTH A TOTAL OF 265,575 MILLION RUBLES »

Liabilities, mln rubles

Indicator Dec 31, 2009 Dec 31, 2010 Dec 31, 2011 Share of liabilities
as of Dec 31, 2011, %
Capital and reserves
Charter capital 24,354 24,354 24,354 9.2
Additional paid-in capital 63,721 69,315 69,271 26.0
Reserve capital 810 1,126 1,218 0.5
Retained earnings of previous years 31,268 45,657 43,282 16.3
Retained earnings of reporting year - - 17,053 6.4
Total for Section III 120,153 140,452 155,178 58.4

« The INCREASE IN LONG-TERM LIABILITIES AND the DECREASE IN SHORT-TERM LIABILITIES HAVE A POSITIVE EFFECT ON the COMPANY’S FINANCIAL STABILITY »

Liabilities, mln rubles (continuation)

Indicator Dec 31, 2009 Dec 31, 2010 Dec 31, 2011 Share of liabilities
as of Dec 31, 2011, %
Long-term liabilities
Borrowings and loans 13,962 26,725 39,106 14.7
Deferred tax liabilities 1,676 2,593 3,376 1.3
Other long-term liabilities 21,786 10,672 9,278 3.5
Total for Section IV 37,424 39,990 51,760 19.5
Short-term liabilities
Borrowings and loans 26,798 4,603 1,321 0.5
Accounts payable 63,426 61,024 53,654 20.2
Deferred income 0 0 0 0.0
Estimated liabilities 1,975 2,042 2,079 0.8
Other liabilities 858 1,599 1,583 0.6
Total for Section V 93,057 69,268 58,637 22.1
Balance (sum of lines 490+590+690) 250,634 249,710 265,575 100.0

The balance sheet assets contain information on the allocation of capital available to the Company. In 2011, the Company’s assets totaled 265,575 million rubles. The proportion of non-current assets increased in the structure of assets over the reporting period, while the share of current assets declined, accordingly. Fixed assets make up the largest share of the Company’s non-current assets at 63.6% of total assets. Among current assets, accounts receivable account for the largest proportion of total assets at 17.5%, including 11.2% for long-term accounts receivable and 6.3% for short-term accounts receivable.

The balance sheet liabilities reflect the sources of the Company’s property. The share of the Company’s equity capital increased over the reporting period, while the proportion of borrowed capital declined, accordingly. This fact is a positive indicator of the Company’s financial stability. During the reporting period, the Company’s long-term liabilities increased due to growth in long-term loan debt. A reduction in short-term liabilities was also seen due to a decline in accounts payable and debt on short-term loans. The increase in long-term liabilities and the decrease in short-term liabilities have a positive effect on the Company’s financial stability.