Open joint-stock company territorial generating company no. 9 (стр. 9 )

5.2. Financial Analysis

Components, structure and dynamics of assets

Table 5.2.1.

Unit: ‘000 RUB

Item No.	Indicators	As of December 31, 2009	As of December 31, 2010	As of December 31, 2011	Variability of 2011 actuals as compared to 2010
‘000 RUB	% to Total	‘000 RUB	∆ abs.	∆ abs.	% to Total	∆ abs.	∆ rel., %
1	Capital assets	26	42%	36	50%	50	69,4%	13	38%
1.1.	Intangible assets	205	0%	170	0%	291	0.0%	121	71%
1.2.	Fixed assets	17,381,782	28%	16,577,809	23%	16,612,196	23.0%	34,387	0%
1.3.	Construction in progress	4,911,306	8%	8,239,689	11%	10,119,683	14.0%	1,879,994	23%
1.4.	Long-term financial investments	116,797	0%	9,348,906	13%	19,275,035	26.7%	9,926,129	106%
1.5.	Deferred tax assets	30,217	0%	57,639	0%	1,099,105	1.5%	1,041,466	1,807%
1.6.	Other capital assets	3,738,432	6%	2,002,737	3%	2,976,016	4.1%	973,279	49%
2	Current assets	35,754,752	58%	35,622,291	50%	22,112,709	30.6%	-13,509,582	-38%
2.1.	Inventory	1,765,099	3%	1,553,261	2%	1,669,700	2.3%	116,439	7%
2.2.	VAT on assets purchased	278,775	0%	294,863	0%	155,379	0.2%	-139,484	-47%
2.3.	Receivables	14,222,209	23%	13,801,741	19%	13,572,573	18.8%	-229,168	-2%
2.4.	Short-term financial investments	16,182,393	26%	10,535,478	15%	323,646	0.4%	-10,211,832	-97%
2.5.	Cash	3,298,268	5%	9,432,108	13%	6,386,728	8.8%	-3,045,380	-32%
2.6.	Other current assets	8,008	0%	4,840	0%	4,683	0.0%	-157	-3%
3.	Total assets	61,933,491	100%	71,849,241	100%	72,195,035	100%	345,794	0%

Assets of the Company for the reporting period increased by RUB345,794,000 and amounted to RUB72,195,035,000

Capital assets for the analyzed period increased by RUB13,855,376,000 and amounted to RUB50,082,326,000 comprising the major part of assets (69.4%). Current assets value is mainly composed of fixed assets value (RUB16,612,196,000, 23%), long-term financial investments (RUB19,275,035,000, 26.7%) and construction in progress (RUB10,119,683,000, 14%).

Other assets amount to less than 5 % of the Company’s capital assets, thus changes thereof have no material effect on net assets.

Current assets decreased by RUB13,509,582,000 and amounted to RUB22,112,709,000 as of December 31, 2011. Major proportion of current assets is allocated to receivables (RUB13,572,573,000, 18.8%) mainly represented by trade receivables (11.9%). Cash as of December 31, 2011 amount to RUB6,386,728,000, 8,8% which is RUB3,045,380,000 less than in the analyzed previous period.

Other assets amount to less than 5 % of current assets, thus changes thereof have no material effect on net assets.

Components, structure and dynamics of equity capital and liabilities of the Company

Table 5.2.2.