Financial Results

Working capital calculation mln RUB Total inventory 2012 2013 2014 1H13 1H14 1H15 41,522 50,057 57,525 44,056 57,132 61,131 Current part + Trade and other receivables 11,058 15,078 15,074 14,387 17,746 15,926 - Trade and other payables 16,966 22,300 21,460 18,399 32,436 18,451 - Provisions 580 1,665 2,234 267 1,339 1,636 Non-current part + Trade and other receivables 433 1,332 2,521 390 756 2,164 - Trade and other payables 980 785 2,854 1,041 678 4,024 - Provisions 65 89 114 61 91 112 Adjustments - Cumulative borrowing costs capitalized during the period (Note 11 Finance income and finance costs) 2,725 4,092 5,416 3,457 4,660 6,636 + Cumulative borrowing costs that have been included into the cost of sales (Note 11 Finance income and finance costs) 510 1,289 2,313 864 1,629 2,585 -Income tax receivable (Note 18 Trade and other receivables) 310 103 159 307 85 467 +Income tax payable (Note 25 Trade and other payables) 7 248 380 13 116 10 Working capital 31,904 38,970 45,576 36,178 38,090 50,490 Etalon Group Operating Results Financial Results Landbank Valuation 2015 Deliveries Appendix 42

View entire presentation