Etalon Group Operating Results

WORKING CAPITAL CALCULATION mln RUB 1H14 1H15 1H16 2014 2015 2016 Total inventory 57,132 61,131 69,237 57,525 67,722 71,261 Current part + Trade and other receivables 17,746 15,926 20,340 15,074 18,227 21,409 Trade and other payables 32,436 18,451 34,375 21,460 25,630 33,666 - Provisions 1,339 1,636 1,860 2,234 3,546 1,748 Non-current part + Trade and other receivables 756 2,164 3,801 2,521 3,303 5,063 - Trade and other payables 678 4,024 610 2,854 923 859 - Provisions 91 112 109 114 117 107 Adjustments - Cumulative borrowing costs capitalized during the period (Note 11 Finance income and finance costs) 4,660 6,636 9,278 5,416 7,977 10,602 + Cumulative borrowing costs that have been included into the cost of sales (Note 11 Finance income and finance costs) 1,629 2,585 3,718 2,313 3,210 4,451 -Income tax receivable (Note 18 Trade and other receivables) 85 467 302 159 358 412 +Income tax payable (Note 25 Trade and other payables) 116 10 100 380 125 399 Working capital 38,090 50,490 50,662 45,576 54,036 55,189 Etalon Group OPERATING RESULTS LANDBANK VALUATION FINANCIAL RESULTS SELECTED PROJECTS APPENDIX 45

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