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Working capital calculation mln RUB Total inventory 2013 2014 2015 1H14 1H15 1H16 50,057 57,525 67,722 57,132 61,131 69,237 Current part + Trade and other receivables 15,078 15,074 18,227 17,746 15,926 20,340 Trade and other payables 22,300 21,460 25,630 32,436 18,451 34,375 - Provisions 1,665 2,234 3,546 1,339 1,636 1,860 Non-current part + Trade and other receivables 1,332 2,521 3,303 756 2,164 3,801 - Trade and other payables 785 2,854 923 678 4,024 610 - Provisions 89 114 117 91 112 109 Adjustments - Cumulative borrowing costs capitalized during the period (Note 11 Finance income and finance costs) 4,092 5,416 7,977 4,660 6,636 9,278 + Cumulative borrowing costs that have been included into the cost of sales (Note 11 Finance income and finance costs) 1,289 2,313 3,210 1,629 2,585 3,718 -Income tax receivable (Note 18 Trade and other receivables) 103 159 358 85 467 302 +Income tax payable (Note 25 Trade and other payables) 248 380 125 116 10 100 Working capital 38,970 45,576 54,036 38,090 50,490 50,662 Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 46

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