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S.P. KOROLEV ROCKET AND SPACE PUBLIC CORPORATION ENERGIA
FINANCIAL STATEMENTS
OF THE OPEN JOINT STOCK COMPANY «S.P. KOROLEV ROCKET AND SPACE PUBLIC
CORPORATION ENERGIA»
For 2013 and 2012
CONTENTS
FINANCIAL STATEMENTS FOR 2013 ........................................................................................... 3 FINANCIAL STATEMENTS FOR 2012 ......................................................................................... 66 In accordance with paragraph 9 of the Decree of the Russian Federation Government No. 1214 "On improvement of management of public companies with shares, related to the federal property, and federal state unitary enterprises", dated 31.12.2010, financial statements shall be presented for a 2 years (current and previous) term and shall become an appendix to chapter 9 of the Annual Report of RSC Energia for 2013.
FINANCIAL STATEMENTS
OF THE OPEN JOINT STOCK COMPANY «S.P. KOROLEV ROCKET AND SPACE PUBLIC
CORPORATION ENERGIA»
For 2013
[Stamp: HLB PACC-Audit]as of December 31, 2013
CodesForm as per OKUD
S.P. Korolev Rocket and Space Organization Public Corporation Energia, Open Joint-Stock Company as per OKPO
Taxpayer ID Number INN
Type of Research and developmentactivity in the field of natural sciences and technologyLegal organizational form / Form of ownership as per
Unit of measurement: RUB thousand as per OKEILocation (address) 4A Lenin St., Korolev, Moscow Region, 141070
Date (day, month, year)
5018033937
31 12 2013
/ Mixed Russian ownership with patial federal ownership
384
12 41 r OKOPF/ОКFS
BALANCE SHEET
0710001
07530238
73.10 OKVED
as per
Notes Item Line Code
as of December 31,
2013
as of December 31,
2012
as of December 31,
2011
ASSETS
1110 11,002 9,943 7,998 I. NON-CURRENT ASSETS
3.2 Intangible assets
3.3 Research and development results 1120 925,013 902,706 649,359
Intangible development assets 1130 - - -
Tangible development assets 1140 - - - 3.4 Fixed assets 1150 12,434,179 10,890,563 4,418,894 3.4 Income-bearing investments in tangible assets 1160 315,431 323,017 170,139 3.6 Financial investments 1170 560,756 254,050 247,670
Deferred tax assets 1180 112,015 97,988 65,804 3.5 Other non-current assets 1190 175,409 224,634 215,932
TOTAL of Section I 1100 14,533,885 12,702,901 5,775,846
II. CURRENT ASSETS 1210
17,521,769 16,324,881 9,983,696 3.7 Inventory
Value added tax on acquired assets 1220 940,857 639,154 441,602 3.10 Accounts receivable 1230 22,894,111 19,945,692 14,091,612 3.6 Financial investments (excluding cash equivalents) 1240 9,322,043 3,422,715 3,773,693
Cash and cash equivalents 1250 2,940,951 2,774,106 1,595,094
Other current assets 1260 135,822 303,622 356,140
TOTAL of Section II 1200 53,755,553 43,410,170 30,241,837
BALANCE 1600 68,289,438 56,113,071 36,017,683
[Stamp: Interdistrict IFTS of Russia No. 2 for the Moscow Region. March 28, 2014
Belova Yu.A.] [signature]
[Stamp: HLB PACC-Audit]
Form 0710001, p.2
Notes Item Line Code
as of December 31,
2013
as of December 31,
2012
as of December 31,
2011
LIABILITIES
III. CAPITAL AND RESERVES
Authorized capital (joint-stock capital, authorized fund, partners’ contributions) 1310 1,123,734 1,123,734 1,123,734
Shares repurchased 1320 5,953,074 6,067,731 733,799
Non-current assets revaluation 1340 - 163,859 164,737
Additional capital (without revaluation) 1350 168,560 168,560 168,560
Reserve capital 1360 3,190,630 2,780,170 2,364,303
Retained earnings (uncovered loss) 1370 10,435,998 10,304,054 4,555,133
TOTAL of Section III 1300 5,953,074 6,067,731 733,799
IV. LONG-TERM LIABILITIES 3,031,720 1,000,000 1,117610 Borrowings 1410
Deferred tax liabilities 1420 394,084 178,035 147,499
Estimated liabilities 1430 - - -
Other long-term liabilities 1450 - - -
TOTAL of Section IV 1400 3,425,804 1,178,035 1,265,109
V. SHORT-TERM LIABILITIES 100,271 299,993 950,000 Borrowings 1510
3.14 Accounts payable 1520 50,488,737 41,280,427 27,208,174 3.14 Deferred revenue 1530 399,157 411,939 272,693 3.24 Estimated liabilities 1540 414,815 307,795 312,255
Other short-term liabilities 1550 3,024,656 2,330,828 1,454,319
TOTAL of Section V 1500 54,427,636 44,630,982 30,197,441
BALANCE 1600 68,289,438 56,113,071 36,017,683 Chief Executive Officer: [signature] Lopota Vitaliy Aleksandrovich
(signature) (full name) Chief Accountant: [signature] Korogodina Yelena Mikhaylovna
(signature) (full name) March 28, 2014 [Seal of S.P. Korolev Rocket and Space Public Corporation Energia, Open Joint-Stock Company]
[Stamp: HLB PACC-Audit]for January - December 2013
CodesForm as per OKUD
S.P. Korolev Rocket and Space Organization Public Corporation Energia, Open Joint-Stock Company as per OKPO
Taxpayer ID Number INN
Type of Research and developmentactivity in the field of natural sciences and technologyLegal organizational form / Form of ownership as per
Unit of measurement: RUB thousand as per OKEILocation (address) 4A Lenin St., Korolev, Moscow Region, 141070
Date (day, month, year)
5018033937
31 12 2013
/ Mixed Russian ownership with patial federal ownership
384
12 41 r OKOPF/ОКFS
PROFIT AND LOSS STATEMENT
0710002
07530238
73.10 OKVED
as per
Notes Item Line Code
for January - December 2013
for January - December 2012
Revenues 2110 28,410,448 22,131,127
Cost of sales 2120 (27,375,935) (20,512,384)
Gross profit (loss) 2100 1,034,513 1,618,743
Selling expenses 2210 (291,702) (268,642)
Administrative expenses (G&A) 2220 - -
Sales profit (loss) 2200 742,811 1,350,101
Income from participation in other entities 2310 52,506 27,608
Interest receivable 2320 350,028 298,339
Interest payable 2330 (258,170) (392,631)
Other income 2340 3,778,622 3,857,346
Other expenses 2350 (3,932,336) (4,045,861)
Profit (loss) before tax 2300 733,461 1,094,902
Current income tax 2410 (118,563) (345,739)
including constant tax liabilities (assets) 2421 (173,237) (145,330)
Change in deferred tax liabilities 2430 (212,041) (32,998)
Change in deferred tax assets 2450 10,675 28,427
Other 2460 2,686 14,299
Net profit (loss): 2400 416,218 758,891
[Stamp: HLB PACC-Audit] Form 0710002, p.2
Notes Item Line Code
for January - December 2013
for January - December 2012
FOR REFERENCE
Result from the non-current assets revaluation, not included in the net profit (loss) for the period
2510 30,988 14,871
Result from other operations, not included in the net profit (loss) for the period 2520 - -
Consolidated financial result for the period 2530 447,206 773,762
Basic earnings (loss) per share 2900 - -
Diluted earnings (loss) per share 2910 - - Chief Executive Officer: [signature] Lopota Vitaliy Aleksandrovich
(signature) (full name) Chief Accountant: [signature] Korogodina Yelena Mikhaylovna
(signature) (full name) March 28, 2014 [Seal of S.P. Korolev Rocket and Space Public Corporation Energia, Open Joint-Stock Company]
[Stamp: HLB PACC-Audit]
CodesForm as per OKUD
Organization S.P. Korolev Rocket and Space Public Corporation Energia, Open Joint-Stock Company as per OKPO
Taxpayer ID Number INN
Type of activity Research and development in the field of natural sciences and technologyLegal organizational form / Form of ownership as per
Unit of measurement: RUB thousand as per OKEILocation (address) 4A Lenin St., Korolev, Moscow Region, 141070
as per
Date (day, month, year)
5018033937
31 12 2013
/ Mixed Russian ownership with patial federal ownership384
12 41 r OKOPF/ОКFS
STATEMENT OF CHANGES IN EQUITYfor January - December 2013
0710003
07530238
73.10 OKVED
1. Changes in Equity
Item Line Code Authorized capital Shares repurchased Additional capital Reserve capital Retained earnings
(uncovered loss) Total
Balance as of December 31, 2011 3100 1,123,734 - 898,536 168,560 2,364,303 4,555,133 For 2012
Capital increase - total: 3210 - - 5,347,936 - 758,891 6,106,827 including:
Net profit 3211 X X X X 758,891 758,891 Revaluation of assets 3212 X X 5,347,936 X - 5,347,936 Income directly charged to the capital increase 3213 X X
X - -
Additional share issue 3214
X X - Increase in the par value of shares 3214 - - - X - X Legal entity reorganization 3216 - - - - - -
[Stamp: HLB PACC-Audit] Form 0710003, p.2
Item Line Code Authorized capital
Shares repurchased Additional capital Reserve capital Retained earnings
(uncovered loss) Total
Capital decrease – total: 3220 - - - - (357,906) (357,906) including:
Loss 3221 X X X X - - Revaluation of assets 3222 X X - X - - Expenses directly charged to the capital decrease 3223 X X - X (43,260) (43,260) Decrease in the par value of shares 3224 - - - X - - Decrease in the number of shares 3225 - - - X - - Legal entity reorganization 3226 - - - - - - Dividends 3227 X X X X (314,646) (314.646)
Changes in additional capital 3230 X X (14,882) - 14,882 X Changes in reserve capital 3240 X X X - - X Balance as of December 31, 2012 3200 1,123,734 - 6,231,590 168,560 2,780,170 10,304,054
For 2013 Capital increase - total: 3310 - - - - 416,700 416,700
including: Net profit 3311 X X X X 416,218 416,218
Revaluation of assets 3312 X X - X - - Income directly charged to the capital increase 3313 X X - X 482 482 Additional share issue 3314 - - - X X - Increase in the par value of shares 3315 - - - X - X Legal entity reorganization 3316 - - - - - -
Capital decrease – total: 3320 - - (83,669) - (201,087) (284,756) including:
Loss 3321 X X X X - - Revaluation of assets 3322 X X (83,669) X - (83,669) Expenses directly charged to the capital decrease 3323 X X - X (7,805) (7,805) Decrease in the par value of shares 3324 - - - X - - Decrease in the number of shares 3325 - - - X - - Legal entity reorganization 3326 - - - - - - Dividends 3327 X X X X (193,282) (193,282)
Changes in additional capital 3330 X X (194,847) - 194,847 X Changes in reserve capital 3340 X X X - - X Balance as of December 31, 2013 3300 1,123,734 - 5,953,074 168,560 3,190,630 10,435,998
[Stamp: HLB PACC-Audit] Form 0710003, p.3
2. Adjustments introduced due to changes in the accounting policy and the correction of errors
Item Line Code as of December 31, 2011
Changes in equity for 2012
as of December 31, 2012 due to net profit (loss) due to other factors
Capital – total Prior to adjustments 3400 4,555,133 - 6,883,124 11,438,257 Adjustments due to:
changes in the accounting policy 3410 - - (1,134,203) (1,134,203) correction of errors 3420 - - - -
After adjustments 3500 4,555,133 - 5,748,921 10,304,054 including:
Retained earnings (uncovered loss): Prior to adjustments 3401 2,364,303 - 415,867 2,780,170 Adjustments due to:
changes in the accounting policy 3411 - - - - correction of errors 3421 - - - -
After adjustments 3501 2,364,303 - 415,867 2,780,170 As per other capital items
Prior to adjustments 3402 2,190,830 - 6,467,257 8,658,087 Adjustments due to:
changes in the accounting policy 3412 - - (1,134,203) (1,134,203) correction of errors 3422 - - - -
After adjustments 3502 2,190,830 - 5,333,054 7,523,884
[Stamp: HLB PACC-Audit] Form 0710003, p.4
3. Net Assets
Item Line Code
as of December 31, 2013
as of December 31, 2012
as of December 31, 2011
Net assets 3600 10,835,155 10,715,993 4,827,826
Chief Executive Officer: [signature] Lopota Vitaliy Aleksandrovich
(signature) (full name) Chief Accountant: [signature] Korogodina Yelena Mikhaylovna
(signature) (full name) March 28, 2014 [Seal of S.P. Korolev Rocket and Space Public Corporation Energia, Open Joint-Stock Company]
[Stamp: HLB PACC-Audit]for January - December 2013
CodesForm as per OKUD
S.P. Korolev Rocket and Space Organization Public Corporation Energia, Open Joint-Stock Company as per OKPO
Taxpayer ID Number INN
Type of Research and developmentactivity in the field of natural sciences and technologyLegal organizational form / Form of ownership as per
Unit of measurement: RUB thousand as per OKEILocation (address) 4A Lenin St., Korolev, Moscow Region, 141070
Date (day, month, year)
5018033937
31 12 2013
/ Mixed Russian ownership with patial federal ownership
384
12 41 r OKOPF/ОКFS
CASH FLOW STATEMENT
0710004
07530238
73.10 OKVED
as per
Item Line Code
For January – December, 2013
For January – December, 2012
Cash flows from operating activities:
Proceeds – total 4110 40,460,882 37,968,777 including: from sales of products, goods, works and services 4111 37,545,324 34,693,801 of which:
from sales of products, goods, works and services to subsidiaries and affiliates
220,692 232,862 lease payments, license fees, royalties, commissions and other similar payments 4112 196,121 164,623 of which:
lease payments, license fees, royalties, commissions and other similar payments to subsidiaries and affiliates
104,250 105,232
from resale of financial investments 4113 - - from investors for the participation in shared construction 4114 2,336,354 2,828,238 other proceeds 4119 383,083 282,115
Payments – total 4120 (39,799,369) (33,159,741) including: to suppliers (contractors) for raw materials, supplies, works and services 4121 (24,592,810) (23,633,529) of which:
to subsidiaries and affiliates for raw materials, supplies, works and services
14,603,392 14,175,341 with respect to the employee compensation 4122 (4,359,681) (4,219,158) debenture interest 4123 (248,886) (393,636) corporate income tax 4124 (154,425) (464,524) to suppliers (contractors) for raw materials, supplies, works and services under the participation in shared construction 4125 (1,293,895) (1,200,793) other payments 4129 (9,149,672) (3,248101)
Net cash flows from operating activities 4100 661,513 4,809,036 Cash flows from investing activities
Proceeds – total 4210 224,137 728,494 including: from the sale of non-current assets (except for financial investments) 4211 10,184 5,932 from the sale of shares (participatory interests) in other entities 4212 - 139 from the repayment of loans granted, sale of debt securities (rights of claim on cash against other parties) 4213 50,000 650,125 dividends, debenture interest and similar proceeds from participation in other entities 4214 125,003 72,298
4215 - - other proceeds 4219 38,950 -
Payments – total 4220 (2,093,625) (2,980,478) including: with respect to the acquisition, establishment, modernization, reconstruction and preparation for use of non-current assets 4221 (1,6891,130) (1,949,757) with respect to the acquisition of shares (participatory interests) in other entities 4222 (40,290) (510) with respect to the acquisition of debt securities (rights of claim on cash against other parties), granting of loans to other parties 4223 (361,500) (1,030,211) debenture interest included in the cost of an investment asset 4224 - -
4225 - - other payments 4229 (2,705) -
Net cash flows from investing activities 4200 (1,869,488) (2,251,984) [Stamp: HLB PACC-Audit]
[Stamp: HLB PACC-Audit] Form 0710004, p.2
Item Line Code
For January – December, 2013
For January – December, 2012
Cash flows from financing activities:
Proceeds – total 4310 9,880,772 8,993,329 including: borrowings 4311 9,880,772 8,993,329 monetary contributions of owners (participants) 4312 - - from the issue of shares, increase in participatory interests 4313 - - from the issue of bonds, bills and other debt securities etc. 4314 - -
4315 - - other proceeds 4319 - -
Payments – total 4320 (8,505,952) (10,371,318) including: to owners (participants) with respect to the repurchase of shares (participatory interests) from them or their withdrawal from participation 4321 - - for the payment of dividends and other profit distributions to the benefit of owners (participants) 4322 (190,785) (310,809) with respect to the discharge (redemption) of bills and other debt securities, repayment of borrowings 4323 (8,068,547) (9,759,814)
4324 - other payments 4329 (246,620) (300,695)
Net cash flows from financing activities 4300 1,374,820 (1,377,989) Net cash flows for the accounting period 4400 166,845 1,179,063 Opening balance of cash and cash equivalents 4450 2,774,106, 1,595,043 Closing balance of cash and cash equivalents 4500 2,940,951 2,774,106 Effect of changes in foreign exchange rates against the Russian ruble 4490 32,929 (12,785)
Chief Executive Officer: [signature] Lopota Vitaliy Aleksandrovich
(signature) (full name) Chief Accountant: [signature] Korogodina Yelena Mikhaylovna
(signature) (full name) March 28, 2014 [Seal of S.P. Korolev Rocket and Space Public Corporation Energia, Open Joint-Stock Company]
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
1. General Data
1.1 General Information
S.P. Korolev Rocket and Space Public Corporation Energia, open joint-stock company (hereinafter referred to as “the Corporation”, “RSC Energia, OJSC”) was founded based on the Decree of the Government of the Russian Federation No. 415 dated April 29, 1994.
The certificate of state registration of RSC Energia, together with a corresponding entry to the Unified State Register of Legal Entities under the main state registration No. 1025002032538 dated October 21, 2002, was issued by the Inspectorate of the Federal Tax Service of Russia No. 2 for the Moscow Region.
The Company is registered at the following address: 4a Lenin St., Korolev, Moscow Region, 141070.
1.2 Branches (Structural Units)
As of December 31, 2012, the Company has 9 standalone structural units (including branches).
List of Standalone Structural Units (Branches) No. Name Location KPP Activities
1
Voskhod Holiday Hotel 15, Sitniki instructional farm village, Sergiyev Posad District, Moscow Region
504202001 Holiday hotel, vacation retreat, etc.
2 Vostok Holiday Hotel with Health Resort Functions
Novomikhailovsky-2, Tuapse District, Krasnodar Krai
235502001 Holiday hotel, vacation retreat, etc.
3 Krepost Health Resort 9 Mira Avenue, Kislovodsk
Resort Town, Stavropol Krai
262802001 Holiday hotel, vacation retreat, etc.
4 Baikonur Baikonur-8, Kyzylorda
Region, Republic of Kazakhstan
990103001 Maintenance and operation of Baikonur Cosmodrome facilities
Other Standalone Structural Units
No. Name Activities 1 Catering Administration Trade, catering 2 Social Services Administration Social services 3 Podlipki Health and Recreation Resort Holiday hotel, vacation retreat, etc.
4 Standalone structural unit to support operations at Plesetsk Cosmodrome Support of operations at Plesetsk Cosmodrome
5 029 structural unit of RSC Energia, OJSC in Samara
Development of structures composing the ascent unit, support of the ascent unit assembly
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Over 2013, the following changes in the list of standalone structural units took place: the 029 structural unit of RSC Energia, OJSC in Samara dealing with the development of structures composing the ascent unit and the support of the ascent unit assembly was founded.
2. Significant Aspects of the Accounting Policy and Presentation of Information in the Accounting
Statements
2.1 Basis for the Accounting Statements Preparation
These accounting statements have been drafted based on the accounting and reporting rules applicable in the Russian Federation, in particular, the Federal Law No.402-FZ "On Accounting" dated December 6, 2011, and the Regulations on Accounting and Reporting in the Russian Federation adopted by the Decree of the Ministry of Finance of the Russian Federation No. 34n dated July 29, 1998, as well as other regulations being parts of the system regulating the accounting and reporting processes of entities in the Russian Federation,
The accounting statements have been prepared in accordance with the Accounting Policy, approved by the Order of the President of RSC Energia, OJSC No. 537 dated December 29, 2012.
2.2 Assets, Liabilities and Transactions in Foreign Currencies
Should accounting transactions be made in a foreign currency, the relevant currency’s exchange rate set by the Central Bank of the Russian Federation on the date of such transactions is applied. Cash on currency and deposit accounts with banks, float, including loans granted and received, credits denominated in foreign currencies, are recorded in the accounting statements in amounts calculated based on the official exchange rate. Such rate amounted to 32.7292 rubles and 30.3727 rubles for 1 US dollar, and 44.9699 rubles and 40.2286 rubles for 1 Euro as at December 31, 2013 and 2012, respectively.
Exchange rate differences emerged during the year with respect to transactions with assets and liabilities, and denominated in foreign currencies, as well as its recalculation as of the reporting date, are recognized in other income and expenses.
2.3 Short-Term and Long-Term Assets and Liabilities
In the Balance Sheet, receivables and payables are recognized as short-term ones if its circulation (redemption) periods do not exceed 12 months after the reporting date or are not set. The remaining assets and liabilities specified are presented as long-term ones. Financial investments, as well as credits and loans are classified as short-term or long-term based on the expected period of their use (circulation, possession or redemption) after the reporting date.
2.4 Changes in the Accounting Policy
2013 Land plots designated for housing construction shall be included in the housing construction expenses, as
they fail to satisfy the criteria to be recognized as fixed assets pursuant to p. 2, Art. 37 and p. 1 Art. 38 of the Housing Code of the Russian Federation. 2014
The following changes have been introduced to the Accounting Policy for 2014:
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Proceeds related to the provision of company’s assets for temporary use (temporary possession and use) for a fee shall be included in the income from ordinary activities and excluded from other income
2.5 Opening and Comparable Data
In order to ensure the comparability of the accounting (financial) statements, the opening values have been adjusted due to changes in the accounting policy.
The opening balances on the Balance Sheet have been changed due to the fact that land plots designated for housing construction shall not be revaluated, as they are not classified as fixed assets.
The opening balances on the Balance Sheet have been changed due to the fact that the Balance Sheet discloses certain information in the order as follows:
1) in the line 1110 “Intangible assets” – unfinished capital investments in intangible assets; 2) in the line 1120 “Research and development results” - unfinished R&D; 3) in the line 1150 “Fixed assets” - unfinished capital investments in fixed asset items; 4) in the line 1190 “Other non-current assets” – expenses incurred with respect to the future work under the
construction contract, which expenses are included in the cost of construction projects. RUB thsd.
Item Line Code
as of December 31, 2011 (prior to
adjustments)
Changes
as of December 31, 2011
(after adjustments)
as of December 31, 2012 (prior to
adjustments)
Changes
as of December 31, 2012
after adjustments)
ASSETS
Non-current assets (Section I of the Balance Sheet) Intangible assets
1110 7,408 590 7,998 9,351 592 (Other non-
current assets value
adjustment)
9,943
Research and development results
1120 180,188 469,171 649,359 73,673 829,033 (Other non-
current assets value adjustment)
902,706
Fixed assets 1150 2,840,842 1,578,052 4,418,894 10,096,535 1,928,231 (Other non-
current assets value adjustment)
(1,134,203) (Adjustment of
the revaluation of land plots
designated for housing
construction)
10,890,563
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Item Line Code
as of December 31, 2011 (prior to
adjustments)
Changes
as of December 31, 2011
(after adjustments)
as of December 31, 2012 (prior to
adjustments)
Changes
as of December 31, 2012
after adjustments)
Other non-current assets
1190 2,263,795 (2,047,813) 215,982 2,982,490 (2,757,856) (Adjustment of
unfinished capital investments
values in selected Balance
Sheet lines)
224,634
Current assets (Section II of the Balance Sheet) Accounts receivable
1230 14,091,612 0 14,091,612 19,961,370 (15,678) (Adjustment for
the value of VAT)
19,945,692
Other current assets
1260 356,140 0 356,140 287,944 15,678 (Adjustment for
the value of VAT)
303,622
Total 0 (1,134,203)
LIABILITIES
Capital and Reserves (Section III of the Balance Sheet) Non-current assets revaluation
1340 733,799 0 733,799 7,201,934 (1,134,203) (Adjustment of
the revaluation of land plots
designated for housing
construction)
6,067,731
Total 0 (1,134,203)
3. Disclosure of Major Indicators 3.1 Segment Information
Pursuant to PBU 12/2010 "Segment Information", based on the analysis of sources and nature of risks associated with the Corporation’s operations and profits being generated thereby, in order to group data by segments of the organizational and management structure of the internal accounting system, the information on operating segments is recognized as primary, and the information on each geographical segment is recognized as secondary.
Primary information - operating segments
One key operating segment may be distinguished in the Corporation’s activities: - research, development and experimental work on the assembly and operation of manned orbital facilities, launch vehicles, various classes of carriers, space telecommunications, broadcasting and satellite communications complexes;
other segments, including: - health resort treatment services, and children’s health camp services; - trade and public catering services; - social services; - other services (security measures, staff recruitment services for subsidiaries, typographical services, etc.).
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
RUB thsd. Indicator Research,
Development and Experimental
Work
Health Resort Treatment Services
Trade Services
Social Services Other Services
Corporation Total
1 2 3 4 5 6 7 For 2013
Segment revenue 27,516,773 51,7574 120,576 43,877 211,647 28,410,448
Earnings (loss) from segment sales
768,748 12,135 64,789 11,746 14,97! 742,811
Interest receivable 318,877 31,151 X 350,028
Interest payable 258,170 X 258,170
Income from participation in other
entities
52,506 X 52,506
Other income 3,774,153 2,670 - 1,799 X 3,778,622 Other expenses 3,926,926 4,127 400 883 X 3,932,336
Earnings (loss) before taxation of the segment
729,188 41,829 -65,189 12,662 14,971 733,461
As of December 31, 2013
Segment assets 67,091,606 1,322,816 35213 8,230 68,457,865
Assets not allocated to segments
Assets – total 67,091,606 I,322,816 35,213 8,230 68,457,865 Segment liabilities 56,655,608 1,322,816 35,213 8,230 58,021,867
Liabilities not allocated to segments
Liabilities - total 56,655,608 1,322,816 35,213 8,230 58,021,867
As of December 31, 2012
Segment assets 56,168,749 1,030,104 39,797 8,624 X 57,247,274
Assets not allocated to segments
Assets – total 56,168,749 1,030,104 39,797 8,624 X 57,247,274
Segment liabilities 44,730,492 1,030,104 39,797 8,624 X 45,809,017
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Indicator Research,
Development and Experimental
Work
Health Resort Treatment Services
Trade Services
Social Services Other Services
Corporation Total
Liabilities not allocated to segments
Liabilities - total 44,730,492 1,030,104 39,797 8,624 X 45,809,017
As of December 31, 2011
Segment assets 35,172,272 811,854 25,942 7,615 X 36,017,683 Assets not allocated to
segments
Assets – total 35,172,272 811,854 25,942 7,615 X 36,017,683 Segment liabilities 30,617,139 811,854 25,942 7,615 X 31,462,550
Liabilities not allocated to segments
Liabilities - total 30,617,139 811,854 25,942 7,615 X 31,462,550
Segment revenue (income) is generated as a result of making transactions with purchasers and customers. Operations with other segments are not allowed. Income tax expenses and other similar payments are not included in the calculation of segment’s earnings (loss). Interest receivable, interest payable, income from participation in other entities, other income and expenses have not been allocated between "Research, development and experimental works" and "Other services" segments due to the inexpediency of doing so, and the lack of the basis required. The mentioned income and expenses are attributed to the Corporation’s operations as a whole.
Segment assets primarily consist of fixed assets, construction in progress, inventory, work in progress, accounts receivable and other current assets other than deferred tax assets, financial investments and cash. Unallocated assets are not included in segment assets, as they are not directly related to reporting segments, and the required allocation basis is lacking.
Segment liabilities mainly include short-term liabilities, except for liabilities to the budget in terms of the income tax, liabilities under loans and credits used to fund the Corporation’s operations as a whole, and deferred tax liabilities.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
The aggregate share in the net profit of Corporation’s affiliates and subsidiaries, as well as the total amount
of investments in the same are not disclosed in this section, as they are not directly related to the Corporation’s segments distinguished.
Secondary information – geographical segments
Information on geographical segments (revenue from sales to outside customers and financial result from segment’s operations) is presented in the table below:
RUB, thsd. Geographical
Segments Sales Revenue (without VAT)
Production Cost Sales Profit Return on Sales, %
Domestic market 26,357,451 25,867,813 489,638 1.86
EU countries 305,466 234,881 70,585 23.11
Italy 12,316 9,291 3,025 24.56
Japan 1,431 823 608 42.46
USA 1,717,885 1,541,971 175,914 10.24 Canada 15,899 12,858 3,041 19.13
Total 28,410,448 27,667,637 742,811 2.61
Revenue is presented by geographical segments in market locations. Since production facilities of the Corporation are located in the territory of the Russian Federation, assets and investments are referred to a single geographical segment distinguished based on the assets location - the Russian Federation.
3.2 Intangible Assets
Accounting of intangible assets of the Corporation is performed in accordance with PBU 14/2007 "Accounting of Intangible Assets" adopted by the Decree of the Russian Ministry of Finance No. 153n dated December 27, 2007.
In the accounting statements, intangible assets are presented at their historical (replacement) cost net of depreciation accumulated during the entire period of their use. Intangible assets of the Corporation were not revaluated in 2013.
The depreciation of intangible assets is performed using the straight-line method.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Intangible Assets and Research, Development and Engineering (R&D) Expenses
Intangible Assets Availability and Flow
Indicator Line Code
Period Opening balance Changes over a period Closing balance Acquired Disposed Depreciation
charged Impairment
losses Revaluation
Historical cost
Accumulated depreciation and
impairment losses
Historical cost
Accumulated depreciation and
impairment losses
Historical cost
Accumulated depreciation
Historical cost
Accumulated depreciation
and impairment losses
Intangible assets – total
5100 for 20131 10,551, 1,200 2,238 823 131 689 0 0 0 11,966 1,758
5110 for 20122 8,026 618 2,534 9 7 589 0 0 0 10,551 1,200
including: Patents, licenses, know-how, copyrights
5101 for 20131 10,535 1,197 2,238 823 131 688 0 0 0 11,950 1,754
5111 for 20122 8,015 617 2,529 9 7 587 0 0 0 10,535 1,197
Industrial designs and models
5102 for 20131 16 3 0 0 0 1 0 0 0 16 4
5112 for 20122 11 1 5 0 0 2 0 0 0 16 3
Software, databases
5103 for 20131 0 0 0 0 0 0 0 0 0 0 0
5113 for 20122 0 0 0 0 0 0 0 0 0 0 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Intangible Assets and Research, Development and Engineering (R&D) Expenses
Historical Cost of Internally Generated Intangible Assets
Indicator Line Code As of December 31, 20134 As of December 31, 20122 As of December 31, 20115
Total 5120 11,966 10,551 8,026
including: Patents, licenses, know-how, copyrights
5121 11,950 10,535 8,015
Industrial designs and models 5122 16 16 11
Software, databases 5123
Fully Repaid Intangible Assets
Indicator Line Code As of December 31, 20134 As of December 31, 20122 As of December 31, 20115
Total 5130 - - -
including: Patents, licenses, know-how, copyrights
5131 - - -
Industrial designs and models 5132 - - -
Software, databases 5133 - - -
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.3 R&D Expenses
Non-current assets on separate sub-accounts of account 08 "Non-current assets" include research and development work in progress. Separate subaccounts of account 04 "Intangible assets" include finished research and development work being used in the manufacture of goods (performance of works, provision of services).
An accounting unit for R&D expenses is an inventory item. An inventory item is the aggregate of expenses incurred with respect to the work performed, the results of which are independently used in the manufacture of goods (performance of works, provision of services) or for management needs of the Corporation. The write-off of expenses is performed using the straight-line method. The period over which R&D expenses are to be written off is determined based on the expected service life of R&D results obtained. The expected service life and the expenses write-off method on each R&D subject shall be set by the Decision of the Technical Commission on the R&D results use, approved by the Project Manager.
R&D expenses not providing any positive result shall be written-off to other expenses of the accounting period.
In the Balance Sheet, finished R&D work being used in the manufacture of goods (performance of works, provision of services) is recognized in the line 1120 "Research and development results". Expenses for research and development work in progress are recorded in the line 1170 "Other non-current assets".
The Balance Sheet line 1120 "Research and development results" demonstrates the amount of total expenses for finished R&D work being used in the Corporation’s operations, which is equal to RUB 925,013 thsd.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
R&D Results Availability and Flow
Indicator Line Code
Period
Opening balance Changes over a period Closing balance
Acquired
Disposed Part of cost written-off as
expenses over a period
Historical cost Part of cost
written-off as expenses
Historical cost Part of cost
written-off as expenses
Historical cost Part of cost
written-off as expenses
R&D – total 5140 for 20131 73,673 0 261,083 0 153,001 0 181,755 0
5150 for 20122 180,188 0 6,994 0 113,509 0 73,673 0
including: Assets created as a result of R&D performed at the expense of the Corporation
5141 for 20131 71,823 0 156,721 0 116,732 0 111,812 0
5151 for 20122 178,049 0 5,224, 0 111,450 0 71,823 0
Assets created as a result of R&D funded out of special-purpose financing resources
5142 for 20131 1,850 0 104,362 0 36,269 0 69,943 0
5152 for 20122 2,139 0 1,770 0 2,059 0 1,850 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Unfinished and Unexecuted R&D and Uncompleted Operations on Intangible Asset Acquisition
Indicator Line Code Period Opening balance Changes over a period Closing balance Expenses over a period Written-off as
expenses not provided any positive result
Accepted for recording as intangible assets or R&D
Expenses for unfinished research and development – total
5160 for 20131 829,033 175,308 0 261,083 743,258
5170 for 20122 469,171 370,468 3,613 6,993 829,033
including: R&D performed at the expense of the Corporation
5161 for 20131 428,848 173,131 0 156,721 445,258
5171 for 20122 199,171 238,513 3,613 5,223 428,848
R&D funded out of special-purpose financing resources
5162 for 20131 400,185 2,177 0 104,362 298,000
5172 for 20122 270,000 131,955 0 1,770 400,185
Uncompleted operations on intangible asset acquisition – total
5180 for 20131 591 2,527 6 2,238 874
5190 for 20122 590 2,535 0 2,534 591
including: inventions
5181 for 20131 589 2,527 6 2,238 872
5191 for 20122 588 2,535 0 2,534 589
industrial designs 5182 for 20131 2 0 0 0 0
5192 for 20122 2 0 0 0 0
databases, software, licenses 5183 for 20131 0 0 0 0 0
5193 for 20122 0 0 0 0 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.4 Fixed Assets
Fixed assets include assets conforming to the requirements of the Russian Accounting Principle "Accounting of fixed assets" (PBU 6/01) adopted by the Decree of the Russian Ministry of Finance No. 26n dated March 30, 2001, and accepted for recording in a prescribed manner from the time of their putting into operation. In the accounting statements, fixed assets are presented at their historical (replacement) cost net of depreciation accumulated during the entire period of their use. As of December 31, 2012, the land plots owned by RSC Energia, OJSC were revaluated.
The depreciation of fixed assets acquired and constructed prior to January 1, 2002 is performed based on uniform depreciation rates approved by the Decree of the USSR Council of Ministers No. 1072 "On Uniform Depreciation Rates for the Full Recovery of Fixed Assets of the USSR National Economy" dated October 22, 1990, and of those acquired on or after January 1, 2002 – at rates calculated based on estimated useful lives thereof.
The useful life of a fixed asset is established in accordance with the Classification of Fixed Assets, approved by the Decree of the Government of the Russian Federation No. 1 dated January 1, 2002.
The depreciation is performed using the straight-line method.
Assets with useful life exceeding 12 months are included in the inventory, provided that their historical cost is below RUB 40 thsd. per unit.
As of December 31, 2013, the depreciated cost of fixed assets available on the Corporation’s books amounted to RUB 9,468,208 thsd.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Fixed Assets
Fixed Assets Availability and Flow
Indicator Line Code
Period Opening balance Changes over a period Closing balance Acquired Disposed Depreciation
charged Revaluation
Historical cost3
Accumulated depreciation6
Historical cost3
Accumulated depreciation6
Historical cost3
Accumulated depreciation6
Historical cost3
Accumulated depreciation6
Fixed assets (excluding income-bearing investments in tangible assets – total
5200 for 20131 11,498,124 2,535,792 1,338,367 447,869 137,247 318,907 -202,962 0 12,185,660 2,717,452
5210 for 20122 5,244,933 2,404,091 1,233,826 282,226 173,369 305,070 5,301,591 0 11,498,124 2,535,792
including: Buildings
5201 for 20131 3,306,618 1,070,969 238,597 120,572 9,323 47,822 0 0 3,424,643 1,109,468
5211 for 20122 2,908,186 1,049,528 487,895 89,463 22,078 43,519 0 0 3,306,618 1,070,969
Structures 5202 for 20131 361,221 153,721 27,126 69,458 6,808 12,780 0 0 318,889 159,693
5212 for 20122 235,031 148,752 131,040 4,850 4,850 9,819 0 0 361,221 153,721
Transfer devices 5203 for 20131 223,324 59,982 655,859 81,216 0 19,326 0 0 797,967 79308 5213 for 20122 103,602 55,855 121,180 1,458 1,458 5,585 0 0 223,324 59,982
Machinery and Equipment
5204 for 20131 1,614,215 949,387 254,430 115,813 81,557 193,817 0 0 1,752,832 1,061,647 5214 for 20122 1,317,177 836,779 363,220 66,182 54,342 166,950 0 0 1,614,215 949,387
Transport facilities 5205 for 20131 292,414 190,437 36,256 31,659 31,646 39,193 0 0 297,011 197,984 5215 for 20122 290,740 165,921 79,295 77,621 47,995 72,511 0 0 292,414 190,437
Production and household equipment
5206 for 20131 125,611 106,312 6,156 7,876 7,867 5,522 0 0 123,891 103,967 5216 for 20122 164,408 142,548 3,753 42,550 42,544 6,308 0 0 125,611 106,312
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Fixed Assets Fixed Assets Availability and Flow
Indicator Line Code
Period Opening balance Changes over a period Closing balance Acquired Disposed Depreciation
charged Revaluation
Historical cost3
Accumulated depreciation6
Historical cost3
Accumulated depreciation6
Historical cost3
Accumulated depreciation6
Historical cost3
Accumulated depreciation6
Perennial plantings 5207 for 20131 10 10 0 0 0 0 0 0 10 10
5217 for 20122 82 82 0 72 72 0 0 0 10 10
Land plots 5208 for 20131 5,569,737 0 119,496 21,229 0 0 -202,962 0 5,465,042 0
5218 for 20122 221,081 0 47,065 0 0 0 5,301,591 0 5,569,737 0
Other fixed assets 5209 for 20131 4,974 4,974 447 46 46 447 0 0 5,375 5,375
5219 for 20122 4,626 4,626 378 30 30 378 0 0 4,974 4,974
Accounted as a part of income-bearing investments in tangible assets – total
5220 for 20131 332,375 9,358 2,196 0 0 9,782 0 о 334,571 19,140
5230 for 20122 172,302 2,163 160,073 0 0 7,195 0 0 332,375 9,358
including: Property provided for commercial rent
5221 for 20131 332,375 9,358 2,196 0 0 9,782 0 0 334,571 19,140
5231 for 20122 172,302 2,163 160,073 0 0 7,195 0 0 332,375 9,358
Property provided for commercial rent
5222 for 20131 0 0 0 0 0 0 0 0 0 0 5232 for 20122 0 0 0 0 0 0 0 0 0 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Change in the Value of Fixed Assets as a Result of Further Construction, Further Equipping,
Reconstruction and Partial Liquidation
Indicator Line Code
For 20131 For 20122
Increase in the value of fixed assets as a result of further construction, further equipping, reconstruction – total
5260 278,512 374,288
including: Buildings 5261 109,398 290,695
Structures 5262 21,117 10,566 Transfer devices 5263 4,327 10,784 Machinery and equipment 5264 20,659 62,193
Transport facilities 5265 0 0
Production and household equipment 5266 3,718 50 Perennial plantings 5267 0 0 Land plots 5268 119,293 0
Other fixed assets 5269 0
Decrease in the value of fixed assets as a result of further construction, further equipping, reconstruction - total
5270 9,243 2,644
including: Buildings 5271 342 1,000
Structures 5272 6,808 0 Transfer devices 5273 0 0 Machinery and equipment 5274 559 723 Transport facilities 5275 35 0 Production and household equipment 5276 1,491 -921
Perennial plantings 5277 0 0
Other fixed assets 5278 8 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit] Other Use of Fixed Assets
Indicator Line Code As of December 31, 20134 As of December 31, 20122 As of December 31, 20115
Leased out fixed assets held on the balance sheet 5280 1,737,953 1,489,467 1,610,008 Leased out fixed assets held on off-balance-sheet accounts 5281
0 0 0 Leased fixed assets held on the balance sheet 5282 0 0 0 Leased fixed assets held on off-balance-sheet accounts 5283
212,166 768,368 612,505 Real estate accepted for operation and in use undergoing the state registration 5284
0 0 0 Mothballed fixed assets 5285 0 0 0 Other use of fixed assets (pledge, etc.) 5286 0 0 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.5 Construction in Progress The Balance Sheet line 1190 "Other non-current assets" demonstrates:
Capital Investments in Progress
Indicator Line Code Period Opening balance
Changes over a period Closing balance
Expenses over a period Written-off Accepted for recording as fixed assets, or cost increase
Construction in progress and uncompleted operations on fixed asset acquisition, modernization, etc. - total
5240 for 20131 2,152,866 3,262,596 1,215,349 1,058,733 3,141,380
5250 for 20122 1,794,034 2,786,069 1,350,139 1,077,098 2,152,866
including: Acquisition, construction and creation of fixed assets
5241 for 20131 1,896,830 2,948,200 1,210,086 985,769 2,649,175
5251 for 20122 1,601,399 2,353,331 1,338,615 719,285 I,896,830
Modernization and reconstruction 5242 for 20131 239,047 311,507 0 72,760 477,794 5252 for 20122 173,928 427,551 5,339 357,093 239,047
Acquisition of land plots 5243 for 20131 2,578 6 0 204 2,380 5253 for 20122 2,511 787 0 720 2,578
etc. 5244 for 20131 14,411 2,883 5,263 0 12,031 5254 for 20122 16,196 4,400 6,185 0 14,411
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.6 Financial Investments
Financial investments with non-determined market values are accounted at their historical costs. The historical cost of a financial investment acquired for a fee is recognized as the amount of actual expenses for its acquisition, except for value added tax and other compensated taxes.
The analytical accounting of financial investments is performed by investment groups and security types. Disposed financial investments not having a market value are recorded at historical cost of each item.
Income and expenses from financial investments are recognized in other income and expenses.
Financial investments are presented net of the accrued reserve for impairment of financial investment objects, with respect to which the signs of sustained reduction in their values have been detected (the reserve amount equaled to RUB 788,724 thsd. and RUB 798,087 thsd. as of December 31, 2013 and 2012, respectively).
Other Use of Financial Investments
Indicator Line Code
As of December 31, 20134
As of December 31, 20122
As of December 31, 20115
Pledged financial investments - total
5320 0 0 48,125
including: Bills
5321 0 0 48,125
etc. Financial investments transferred to third parties (except through sale) - total
5325 0 0 0
including: Bills
5326 0 0 0
etc. Other use of financial investments 5329 0 0 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Financial Investments Financial Investments Availability and Flow
Indicator Line Code
Period
Opening balance Changes over a period Closing balance Historical
cost
Accumulated adjustments 7
Acquired
Disposed (repaid) Interest accrual (including
bringing the historical cost to
the nominal value)
Current market value (impairment
losses)
Historical cost
Accumulated adjustments 7
Historical cost
Accumulated adjustments 7
Long-term - total 5301 for 20131 1,052,137 798,087 306,707 9,364 9,363 0 0 1,349,480 788,724 5311 for 20122 1,045,757 798,087 6,416 36 0 0 0 1,052,137 798,087
including: Stocks and shares in subsidiaries
5302 for 20131 125,306 0 297,344 0 0 0 0 422,650 0
5312 for 20122 118,890 0 6416 0 0 0 0 125,306 0
Stocks and shares in affiliates
5303 for 20131 39,606 10,119 9,363 9,363 9,363 0 0 39,606 756 5313 for 20122 39,616 10,119 0 10 0 0 0 39,606 10,119
Other 5304 for 20131 887,225 787,968 0 1 0 0 0 887,224 787,968 5314 for 20122 887,251 787,968 0 26 0 0 0 887,225 787,968
Short-term – total 5305 for 20131 3,422,715 0 5,707,702 50,000 0 172,592 69,034 9,322,043 0 5315 for 20122 3,773,693 0 1,070,014 1,421,022 0 30 0 3,422,715 0
including: Debt securities (bonds, bills)
5306 for 20131 2,039,629 0 200,000 0 0 172,563 0 2,412,192 0 5316 for 20122 2,726,125 0 0 686,496 0 0 0 2,039,629 0
Loans granted 5307 for 20131 1,372,533 0 361,500 50,000 0 0 24,788 1,708,821 0 5317 for 20122 989,561 0 1,068,493 685,521 0 0 0 1,372,533 0
Other 5308 for 20131 10,553 0 5,146,202 0 0 29 44,246 5,201,030 0 5318 for 20122 58,007 0 1,521 49,005 0 30 0 10,553 0
Etc. 0 0 0 0 0 0 0 0 0 Financial Investments - total
5300 for 20131 4,474,852 798,087 6,014,409 59,364 9,363 0 0 10,671,523 788,724
5310 for 20122 4,819,450 798,087 1,076,430 1,421,058 0 30 0 4,474,852 798,087
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.7 Inventory
Inventory is accepted for recording at its actual cost (in the amount of actual expenses for its acquisition).
The write-off cost of inventory shall be evaluated based on its average production cost. The average value is calculated using the weighted estimate as of the month-end.
As of December 31, 2013, the Corporation doesn’t have any inventory, which has become obsolete, lost its historical cost in whole or in part, or the current market price of which has decreased, on its books. Therefore, as of 31 December 2013, the reserve for tangible assets impairment was not created by the Corporation.
3.8 Expenses, Work in Progress and Finished Goods
Work in progress is evaluated based on total actual expenses incurred, including the appropriate portion of general expenses.
General expenses are monthly allocated to orders in proportion to the increase in values of items composing the "Payroll expenses" section, direct manufacturing expenses, other expenses related to the provision of Corporation’s assets for temporary use, as well as expenses for planned projects over the reporting month.
3.9 Prepaid Expenses
Costs incurred by the Corporation over the accounting period though related to future periods are recognized as prepaid expenses. Prepaid expenses comprise as follows:
− Expenses for obtaining licenses to perform certain activities;
− Payment for the non-exclusive right to use software products;
− Expenses related to the construction work arrangement.
The mentioned expenses are evenly written-off as intended or based on special calculations over the periods they pertain to.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Inventory Inventory Availability and Flow
Indicator Line Code
Period
Opening balance Changes over a period Closing balance Production
cost
Reserve for impairment
Proceeds and
expenses
Disposed Impairment losses
Inventory turnover between groups (types)
Production cost
Reserve for impairment
Production cost
Reserve for impairment
Inventory - total 5400 for 20131 16,324,881 0 29,851,203 28,654,315 0 0 X 17,521,769 0 5420 for 20122 9,983,696 0 27,564,424 21,223,239 0 0 X 16,324,881 0
including: Raw materials and supplies
5401 for 20131 698,769 0 1,381,908 1,467,215 0 0 88,596 613,462 0 5421 for 20122 257,591 0 1,082,735 641,557 0 0 0 698,769 0
Work in progress 5402 for 20131 15,469,886 0 28,104,851 26,763,553 0 0 0 16811,184 0 5422 for 20122 9,559,880 0 26,022,561 20,112,555 0 0 0 15,469,886 0
Prepaid expenses 5403 for 20131 0 0 0 0 0 0 0 0 0 5423 for 20122 0 0 0 0 0 0 0 0 0
Finished goods and goods for resale
5404 for 20131 10,110 0 359,227 361,597 0 0 0 7,740 0 5424 for 20122 7,544 0 392,500 389,934 0 0 0 10,110 0
Stocks – total 5405 for 20131 146,116 0 5,217 61,950 0 0 0 89,383 0 5425 for 20122 158,681 0 66,628 79,193 0 0 0 146,116 0
Other
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Pledged Inventory
Indicator Line Code
As of December 31, 20134
As of December 31, 20122
As of December 31, 20115
Inventory unpaid as of the reporting date – total
5320 0 0 0
including: Pledge agreements
5321 0 0 0
Inventory pledged under contract – total
5325 0 0 974,875
including: Raw materials and supplies
5326 0 0 974,875
Work in progress 0 0 0 Finished goods and goods for resale 0 0 0 Other 0 0 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.10 Trade Receivables
Trade receivables are determined based on the prices specified in agreements between the Corporation and purchasers (customers), including VAT.
The Balance Sheet line 1230 "Accounts Receivable" demonstrates the value of trade receivables (net of reserves for doubtful debts) in the amount of RUB 58,725 thsd. as of December 31, 2013.
Accounts receivable include advances for future settlements paid to other entities under the agreements. As of December 31, 2013, the amount of advances was RUB 20,896,558 thsd., and the reserve for advanced paid equaled to RUB 111, 892 thsd.
3.11 Cash
Pursuant to the Decree of the Russian Ministry of Finance No. 66n "On Forms of Accounting Reports of Organizations" dated July 2, 2010, and para 18 of PBU 23 "Cash Flow Statement", cash flow statement indicators shall be indicated in the currency of the Russian Federation - rubles. Cash flow values in a foreign currency shall be converted into rubles at the official exchange rate established by the Central Bank of the Russian Federation on the date of payment effecting or receipt.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Accounts Receivable and Accounts Payable
Accounts Receivable Availability and Flow
Indicator Line Code
Period
Opening balance Changes over a period Closing balance Accounted
under contract
Reserve for
doubtful debts
Acquired Disposed Reclassification from long-
term receivables to
short-term receivables
Accounted under
contract
Reserve for
doubtful debts
Through business
transactions (amount of
debt under a transaction, operation)8
Interest, penalties and other accruals
due8
Repayment Write-off to the
financial result8
Reserve recovery
Long-term accounts receivable - total
5501 for 20131 1,752,698 0 7,419,514 0 1,100,845 997 0 496,877 7,573,493 0 5521 for 20122 3,380,752 53,190 1,742,191 0 787,921 0 2,396 2,582,324 1,752,698 0
including: Trade receivables
5502 for 20131 8,836 138,332 0 104 997 8,732 137,335 0 5522 for 20122 53,190 53,190 6,440 0 50,794 0 2,396 0 8,836 0
Advances paid 5503 for 20131 1,735,751 0 7,281,182 0 1,097,848 0 0 488,145 7,430,940 0 5523 for 20122 3,317,252 0 1,735,751 0 734,928 0 0 2,582,324 1,735,751 0
Other accounts receivable 5504 for 20131 8,111 0 0 0 2,893 0 0 0 5,218 0 5524 for 20122 10,310 0 0 0 2,199 0 0 0 8,111 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Indicator Line Code
Period
Opening balance Changes over a period Closing balance Accounted
under contract
Reserve for
doubtful debts
Acquired Disposed Reclassification from long-
term receivables to
short-term receivables
Accounted under
contract
Reserve for
doubtful debts
Through business
transactions (amount of
debt under a transaction, operation)8
Interest, penalties and other accruals
due8
Repayment Write-off to the
financial result8
Reserve recovery
Short-term accounts receivable – total
5510 for 20131 18,208,672 0 8,091,998 0 11,305,896 416 0 496,877 15,491,235 170,617 5530 for 20122 10,854,917 90,867 !3,989,291 0 9,217,535 325 90,862 2,582,324 18,208,672 0
including: Trade receivables
5511 for 20131 1,107,150 1,005,348 0 721,580 121 0 1,390,797 58,725 5531 for 20122 282,926 19,906 1,067,874 0 243,650 19,901 0 1,107,150
Advances paid 5512 for 20131 16,377,761 0 6,628,605 0 10,028,893 0 488,145 13,465,618 111,892 5532 for 20122 10,061,152 0 12,361,923 0 8,627,326 312 0 2,582,324 16,377,761 0
Other accounts receivable 5513 for 20131 723,761 458,045 0 555,423 295 8,732 634,820 5533 for 20122 510,839 70,961 559,494 0 346,559 13 70,961 0 723,761
Total 5500 for 20131 19,961,370 0 15,511,512 0 12,406,741 1,413 0 X 23,064,728 170,617 5520 for 20122 14,235,669 144,057 15,731,482 0 10,005,456 325 93,258 X 19,961,370 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Overdue Accounts Receivable
Indicator Line Code As of December 31, 20134 As of December 31, 20122 As of December 31, 20115
Accounted under contract
Book value Accounted under contract
Book value Accounted under contract
Book value
Total 5540 126,815 0 333,910 0 103,912 53,126 including: Trade receivables 5541 126,815 0 333,711 0 103,912 53,126 Advances paid 5542 0 0 0 0 0 0 Other accounts receivable 5543 0 0 199 0 0 0
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.12 Capital and Reserves
The authorized capital amounts to RUB 1,123,734, and in 2013 its value was not changed.
Pursuant to the resolution of the general meeting of shareholders, based on the results of Corporation’s operations in 2012, dividends in the amount of RUB 193,282 thsd. have been accrued.
The Charter of the Corporation provides for the establishment of a reserve fund in the amount of at least 5% of the authorized capital. The fund is formed by means of compulsory annual deductions equal to minimum 5% of net profit.
3.13 Long-Term Liabilities
The Balance Sheet line 1410 "Borrowings" demonstrates total bank loans with maturities exceeding 365 days as of December 31, 2013.
3.14 Credits and Loans
Expenses for loans and credits received are recognized as costs of the period, during which they have been incurred (current expenses), and are included in other expenses.
Additional expenses associated with obtaining loans and credits are included in other expenses as they are paid.
Interest on borrowings is evenly (monthly) accrued, and is recognized as other expenses in the accounting periods, which these accruals pertain to.
The Corporation transfers long-term payables on loans and credits received to short-term payables at the time when there are 365 days left to repay the principals of such borrowings pursuant to loan agreements.
The line 1510 "Borrowings" demonstrates Corporation’s debts with maturity not exceeding 365 days under loan agreements with banks as of December 31, 2013.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Accounts Payable Availability and Flow
Indicator Line Code
Period Opening balance
Changes over a period Closing balance Acquired Disposed Reclassification
from long-term payables to short-
term payables
Through business transactions
(amount of debt under a transaction,
operation)8
Interest, penalties and other accruals
due8
Repayment Write-off to the financial result8
Long-term accounts payable - total
5551 for 20131 0 0 0 0 0 0 0
5571 for 20122 0 0 0 0 0 0 0
including: Trade payables
5552 for 20131 0 0 0 0 0 0 0 5572 for 20122 0 0 0 0 0 0 0
Other 5553 for 20131 0 0 0 0 0 0 0 5573 for 20122 0 0 0 0 0 0 0
Short-term accounts payable - total
5560 for 20131 41,280,427 28,195,279 0 18,986,417 552 0 50,488,737 5580 for 20122 27,208,174 26,854,505 0 12,781,109 1,143 0 41,280,427
including: Trade payables
5561 for 20131 2,169,023 1,770,848 0 2,155,612 0 0 1,784,259 5581 for 20122 2,063,781 2,156,059 0 2,049,742 1,075 0 2,169,023
Advanced received 5562 for 20131 38,431,660 25,661,130 0 16,167,950 16 0 47,924,824 5582 for 20122 24,601,436 24,024,448 0 10,194,224 0 0 38,431,660
Other accounts payable
5563 for 20131 679,744 763,301 0 662,855 536 0 779,654 5583 for 20122 542,957 673,998 0 537,143 68 0 679,744
Total 5550 for 20131 41,280,427 28,195,279 0 18,986,417 552 X 50,488,737 5570 for 20122 27,208,174 26,854,505 0 12,781,109 1,143 X 41,280,427
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Overdue Accounts Payable
Indicator Line Code
As of December 31, 20134
As of December 31, 20122
As of December 31, 20115
Total 5590 92,584 141,084 143,312 including: Trade payables
5591 92,584 141,084 143,312
Other 5592 0 0 0
3.15 Taxation
Value-added tax
The value added tax (VAT) on goods, products, works and services sold is calculated as of the date of actual shipment (delivery) of such goods, products, works and services.
Income tax
For the purposes of the income tax calculation, income is recognized in the reporting (tax) period, during which it occurred, regardless of the actual receipt of cash or any other property (works, services), and (or) property rights (accrual basis).
The income tax determined based on the accounting earnings (provisional income tax expenses) amounted to RUB 146,692 thsd. and RUB 218,980 thsd. in 2013 and 2012, respectively.
The current income tax recognized in the line 2410 of the Profit and Loss Statement equaled to RUB 118,563 thsd. and RUB 345,739 thsd. in 2013 and 2012, respectively.
3.16 Deferred Taxes
In its accounting and reporting documents, the Corporation discloses deferred tax assets and liabilities, as well as permanent tax assets and liabilities, i.e. the amounts, which may influence the income tax value in the current and / or forthcoming accounting periods.
Permanent Differences
Permanent differences have emerged in the Corporation’s accounting as a result of the excess of actual expenses included in the accounting earnings (loss) calculation over expenses accepted for tax purposes, with respect to which certain cost restrictions are provided, and other differences.
The sum of permanent tax liabilities (assets) calculated based on permanent differences is recorded in the line 2421 of the Profit and Loss Statement and amounted to RUB 173 237 thsd. and RUB 145,330 thsd. in 2013 and 2012, respectively.
Deductible Temporary Differences
In 2013, deductible temporary differences in the amount of RUB 10 675 thsd. emerged as a result of as follows:
− recognition of targeted funding in records for accounting and tax purposes; − recognition of service sector losses in records for accounting and tax purposes; − recognition of other income and expenses in records for accounting and tax purposes.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Changes in deferred tax assets are shown in the line 2450 of the Profit and Loss Statement and equaled to RUB 53,375 thsd. in 2013, and RUB 28,427 thsd. in 2012.
Taxable Temporary Differences
In 2013, taxable temporary differences in the amount of RUB 1,060,205 thsd. emerged as a result of as follows:
− evaluation of work in progress in records for accounting and tax purposes; − recognition of R&D expenses in records for accounting and tax purposes; − depreciation of fixed assets in records for accounting and tax purposes; − recognition of other income and expenses in records for accounting and tax purposes.
Changes in deferred tax liabilities are shown in the line 2430 of the Profit and Loss Statement in the amount of RUB 212,041 thsd. in 2013 and RUB 32,998 thsd. in 2012.
3.17 Deferred Revenue
As of December 31, 2013, the Balance Sheet line 1530 “Deferred Revenue” indicates the amount of target funding received equal to RUB 328,000 thsd.
3.18 Recognition of Income (Revenue)
Revenue from the provision of services (performance of works) is recognized as services are provided to customers (or upon the works completion) and payment documents are submitted to them. It is recorded in accounts net of value added tax, excises and similar payments.
The Corporation recognizes revenue from the performance of works, provision of services, selling of goods with a long manufacturing cycle in its accounts upon the completion of such works, services, or goods manufacture in general.
Other income of the Corporation may include:
− proceeds related to the provision of Corporation’s assets for temporary use for a fee; − proceeds related to the provision of rights arising from patents on inventions, industrial designs and
other intellectual property of the Corporation for a fee; − proceeds related to the participation in authorized capitals of other entities; − proceeds from the sale of fixed assets, inventory, financial investments, foreign currency; − interest received from the provision of Corporation’s funds for use; − difference between historical and nominal values of securities.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.19 Production Expenses
Indicator Line Code For 20131 For 20122
Material costs 5610 21,077,993 19,191,099 Payroll expenses 5620 4,956,154 4,699,430 Social benefit costs 5630 1,280,712 1,197,998 Depreciation 5640 321,249 260,513 Other expenses 5650 10,541,220 10,967,622 Total by elements 5660 38,177,328 36,316,662 Change in balances (increase [+], decrease [-]):
Work in progress 5670 +1,341,298 +5,910,006
Finished products 5680 -2,370 +2,566 Other - -
Total expenses for ordinary activities 5600 38,177,328 36,316,662
Expenses for Acquisition (Production) and Use of Energy Resources
RUB thsd.
Energy Resource Total expenses for 2013 2012
Acquisition (production)
Use Acquisition (production)
Use
For production purposes
For other purposes
For production purposes
For other purposes
ENERGY, Including 186,938.1 167,111.2 19,826.9 182,823.0 161,417.4 21,405.6
Electric 70,603.0 64,230.5 6,372.5 73,100.2 65,263.8 7,836.4
Thermal 114,724.2 101,269.8 13,454.4 89,279.4 76,716.0 12,563.4
Other 1,610.9 1,610.9 0.0 20,443.4 19,437.6 1,005.8
FUEL, Including 26,660.8 26,660.8 0.0 26,800.0 26,800.0 0.0
Liquid 2,6660.8 26,660.8 0.0 26,800.0 26,800.0 0.0
Solid 0.0 0.0 0.0 0.0 0.0 0.0
Gaseous 0.0 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0
TOTAL 213,598.9 193,772.0 19,826.9 209,623.0 188,217.4 21,405.6
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.20 Other Income and Expenses RUB thsd.
Other income / expenses 2012 2013 Income Expenses Income Expenses
Income and expenses related to the provision of Corporation’s assets for temporary use for a fee
246,698 158,487 293,161 210,642
Earnings and losses of previous years identified in the reporting year 158,051 178,065 19,362 16,147
Exchange and sum differences 234,054 320,250 459,294 331,951
Additional Corporation staff expenses (one-off bonuses, material aid, etc.) - 278,860 - 264,360
Expenses for works and services under terminated or non-concluded agreements, works performed at the expense of the Corporation
- 4,261 - 25,901
Bank services - 26,599 - 24,677 Sale of fixed assets 5,932 30,817 10,390 17,203 Sale of other assets 2,474,132 2,487,574 2,538,986 2,546,121 Expenses associated with obtaining loans and credits - 23,796 - 24,054
Reserves for doubtful debts - - - 170,697 Reserves for impairment of financial investments - - - -
Fines, penalties, forfeits, taxes and charges paid out of Corporation’s funds - 796 - 644
Income from the recovery of the unused reserve for doubtful debts 93,258 - - -
Income from the recovery of the unused reserve for impairment of financial investments
9,363 -
Saves on investment projects 499,209 - 329,387 -
Other income (expenses) 146,012 536,356 118,679 299,939
Total other income / expenses 3,857,346 4,045,861 3,778,622 3,932,336
3.21 Earnings Per Share
Basic earnings per share amount to RUB 0.37 thsd. The basic earnings value of RUB 416,218 thsd. and the average weighted number of outstanding shares equal to 1,123,734 pcs. were used for the calculation. Over 2013, the number of ordinary shares was not changed.
The Profit and Loss Statement does not indicate diluted earnings per share as the Corporation does not have any convertible securities and contracts on ordinary share sale/purchase from its issuer on the books.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.22 Security
Indicator Line Code As of December 31, 20124
As of December 31, 20112
As of December 31, 20105
Received - total 5800 0 23,818,754 130,015
including: Pledge 5801 0 0 0
Bank guarantee agreement, surety agreement 5802 23,818,754 130,015
Granted – total 5810 0 0 1,023,000
including: Pledge 5811 0 1,023,000
3.23 Related Parties
Subsidiaries and Affiliates List of Subsidiaries of RSC Energia, OJSC
Name Place of registration / location
Authorized Capital
Corporation’s participatory interest as of
December 31, 2013
Corporation’s participatory interest as of
December 31, 2013 (%)
Income from participation
for 2013, RUB thsd.
1 2 3 4 5 6 CJSC ZEM
RSC Energia 4A Lenin St. Korolev,
Moscow Region RUB 40,000
thsd. RUB 40,000
thsd. 100 49,158
CJSC VKB RSC Energia
26B Zemetsa St., Samara RUB 10,000 thsd.
RUB 10,000 thsd.
100 –
CJSC PO Kosmos
Room 1, bldg. 1,Vnukovo-3,
Borovskoye Highway, Moscow
RUB 200 thsd. RUB 200 thsd. 100 –
LLC IK Razvitie
4A Lenin St., Korolev, Moscow Region
RUB 6,150 thsd. RUB 6,150 thsd. 100 –
LLC RSC Energia – Finance
4A Lenin St., Korolev, Moscow Region
RUB 500 thsd. RUB 500 thsd. 100 72.5
CJSC Teplo RSC Energia
4A Lenin St., Korolev, Moscow Region
RUB 50,000 thsd.
RUB 50,000 thsd.
100 –
CJSC BELROSSAT
Office 416, 15 bldg. 5, P. Brovki St., Minsk
$25,000 $17,500 70 –
LLC OIME 4A Lenin St., Korolev, Moscow Region
RUB 16,874.3 thsd.
RUB 16,874.3 thsd.
100 –
LLC IPROVEN
RSC Energia
4A Lenin St., Korolev, Moscow Region
RUB 10 thsd. RUB 5.1 thsd. 51 91.2
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Name Place of registration /
location Authorized
Capital Corporation’s participatory interest as of
December 31, 2013
Corporation’s participatory interest as of
December 31, 2013 (%)
Income from participation
for 2013, RUB thsd.
1 2 3 4 5 6 CJSC Energia-
Telecom 4A Lenin St., Korolev,
Moscow Region RUB 1,000 thsd. RUB 501.0 thsd. 50.1 –
LLC Energia Satellite
Technologies
1a, Grabina St., Korolev, Moscow Region
RUB 80,000 thsd.
RUB 40,800 thsd.
51 -
List of Affiliates of RSC Energia, OJSC
Name Place of registration / location
Authorized Capital
Corporation’s participatory interest as of
December 31, 2013
Corporation’s participatory interest as of
December 31, 2013 (%)
Income from participation
for 2013, RUB thsd.
1 2 3 4 5 6 OJSC Space
Regatta Consortium
4A Lenin St., Korolev, Moscow Region
RUB 100 thsd. RUB 30 thsd. 30 -
OJSC NPK REKOD
40 / 6 bldg.1, 3rd proezd Maryinoy Roshchi,
Moscow
RUB 110,867 thsd.
RUB 29,457 thsd.
26.57 27.8
CJSC Astrasystems
8/5 Barrikadnaya St., Moscow
RUB 3,000 thsd. RUB 756 thsd. 25.2 –
JSC RSC Baikonur
50 Furmanova St., Almaty, Republic of
Kazakhstan
KZT 140,000 thsd.
KZT 99,000 thsd.
49.5 –
In the reporting year, Corporation’s shares in authorized capitals of affiliates were not changed.
Operations with Related Parties
In the reporting year, the Corporation performed works for and provided services to the related parties as follows:
RUB. thsd.
Affiliate Name Nature of Relationship Sales revenues (excluding VAT) in 2013
CJSC ZEM RSC Energia Significant influence 270,753 CJSC PO Kosmos Significant influence 18,481 LLC OIME Significant influence 7,228 CJSC Teplo RSC Energia Significant influence 110,852 Total 407,314
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
In the accounting period, the following affiliates provided services to (performed works for) the Corporation:
RUB thsd.
Affiliate Name Nature of Relationship Sales revenues (excluding VAT)
in 2013 CJSC ZEM RSC Energia Significant influence 12,190,166 CJSC Teplo RSC Energia Significant influence 517,125 CJSC VKB RSC Energia Significant influence 16,121 Total 12,723,412
As of December 31, 2013, Corporation’s settlements receivable from and payable to subsidiaries amounted to as follows:
RUB thsd.
Company Name Accounts Receivable Accounts Payable
2013 2012 2013 2012 CJSC ZEM RSC Energia 15,266,774.0 13,510,208.7 343,003.0 376,707.2 LLC OIME 1,170.0 1,755.6 986.0 - LLC IMPROVEN 8.0 46.3 - - LLC IK Razvitie 7.0 7.3 - CJSC PO Kosmos 95,916.0 90,985.2 77,076.0 16,820.2 Reserve (4,954.5) - - - CJSC VKB RSC Energia 72,691.0 104,516.1 61,539.0 - Reserve (61,278.7) - - - LLC RSC Energia – Finance 4.0 4.1 - - CJSC Teplo RSC Energia 136,073.0 234,661.7 183,704.0 70,546.4 Reserve (13,302.7) - - - CJSC Energia – Telecom - - 7,342.0 930.7
Prices for products, goods, works and services provided to the Corporation by its subsidiaries and supplied by the Corporation to its subsidiaries are set based on the contracts concluded in accordance with market prices. The Corporation settles accounts with its subsidiaries in cash.
As of December 31, 2013 and December 31, 2012, Corporation’s settlements receivable from and payable to subsidiaries amounted to as follows:
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
RUB thsd.
Form of indebtedness December 31 2013 2012
Accounts receivable, including 15,572,643.0 13,942,185.0 - Non-interest-bearing loans - Non-interest-bearing bills - Accounts receivable acquired under assignment agreements Accounts payable 673,650.0 465,004.5
The amount of interest accrued in 2013 on loans granted by the Corporation to its subsidiaries equaled to RUB 90 thsd. (CJSC Teplo RSC Energia)
The amount of interest accrued on loans granted by the Corporation to its largest other related entities (Energia Overseas, LLC and Energia - Logistics, LLC) equaled to RUB 132,940.0 thsd. and RUB 87,280.5 thsd. in 2013 and 2012, respectively.
The Corporation granted loans to its largest subsidiaries and other entities at rates ranging from 4.25% to 11% and from 7.0% to 12.0% in 2013 and 2012, respectively.
The amount of interest accrued on bills issued by the largest other related parties equaled to RUB 125,060.0 thsd. and RUB 151,856.5 in 2013 and 2012, respectively.
The remuneration paid to the administrative and management staff of the Corporation over 2013 and 2012 amounted to as follows:
RUB thsd. Indicator 2013 2012
Short-term remuneration (labor compensation, taxes accrued thereon and other mandatory payments)
693,906.9 611,383.0
The administrative and management staff of the Corporation includes as follows: the President – chief designer, vice presidents, deputy chief designers, heads of research and development centers, departments, branches, directorates, project offices, centers, administrations and services, program directors and other persons (exercising powers of an executive body under a power of attorney), administration and management personnel.
The remuneration of the President is approved by the Chairman of the Corporation’s Board of Directors.
The remuneration of members of the Corporation’s Board of Directors is approved by the General Meeting of shareholders.
3.24 Estimated Liabilities
In the Balance Sheet for 2011, the estimated liability on carry-over vacations amounting to RUB 312,255 thsd. as of December 31, 2011 is recorded in the line 1430 "Estimated liabilities"; in the Balance Sheet for 2012, the mentioned value as of December 31, 2012 is recorded in the line 1540 "Estimated liabilities".
In the Balance Sheet for 2012, the line 1540 "Estimated liabilities” contains the value of estimated liability on carry-over vacations of Corporation’s employees amounting to RUB 307,795 thsd. as of December 31, 2012.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
In the Balance Sheet for 2013, the line 1540 "Estimated liabilities” contains the value of estimated liability on carry-over vacations of Corporation’s employees amounting to RUB 414,815 thsd. as of December 31, 2013.
Indicator Line Code Opening balance Recognized Repaid Written-off as a surplus amount
Closing balance
Estimated liabilities – total 5700 307,795 648,457 541,437 0 414,815
including: Estimated liabilities on claims 5701 0 0 0 0
Estimated liabilities on onerous contracts
5702 0 0 0 0 0
Estimated liabilities on reorganization
5703 0 0 0 0 0
Estimated liabilities on warranties of goods sold quality 5704 0 0 0 0 0
Estimated liabilities on vacations 5705 307,795 648,457 541,437 0 414,815 3.25 Contingent Assets and Liabilities
As of December 31, 2013, the Corporation had no contingent assets and liabilities.
3.26 Risks Related to Business Operations
In the course of its operations, RSC Energia, OJSC is largely exposed to risks related to the economy and financial markets of the Russian Federation.
Should one or more risks of those listed below arise, RSC Energia will undertake all possible measures to minimize its negative consequences. The license requirements established by the applicable legislation are duly observed by the Corporation. Changes in the legislation, as well as draft documents in the field of core activities licensing provided on official websites of licensing authorities are carefully examined. In order to reduce some of the risks to the extent possible, the Corporation undertook certain protective measures primarily related to the implementation of the main production program of the Corporation (in particular, insurance against certain risks is common). However, it should be noted that working out preliminarily adequate measures to counteract unforeseen events is difficult due to the uncertainty about how the situation unfolds.
3.26.1. Industry Risks
At present, the demand for space services (both manned and unmanned) in the global market is gradually increasing. After the close-out of the Space Shuttle program, Russia became dominant in the manned flight market. The steady demand for RSC Energia’s products, such as Soyuz and Progress spacecrafts, is likely to be observed in the next 4-5 years. It is determined by the need to meet the international commitments of Russia to deliver international crew members and cargo supporting the Russian segment to the ISS. Starting from October 2012, the American space agency NASA may independently perform freight transportations and return cargo elements from the ISS by means of the Dragon cargo spacecraft.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Resulting from this, cargo transportations using Progress spacecrafts have slightly decreased. The demand for the Corporation’s operations related to the ISS utilization and intended use, building new ISS elements, advanced developments in the field of manned cosmonautics, including the development of an advanced manned transportation system and long-term programs of deep space exploration is expected to be stable.
However, due to the considerable progress of the US commercial companies in implementing their plans for building manned space vehicles, Russia’s dominance in the global market of manned space flights is not expected to last for a long time. Major competitors of the Corporation in the field of cargo delivery are two private automatic cargo spacecrafts developed under NASA’s order within the Commercial Orbital Transportation Services (COTS) program. Dragon’s successful flights added a fresh page to the history of manned cosmonautics, and NASA pin their hopes on this spacecraft. Under the $1.6 billion contract between NASA and SpaceX, it is planned that these spacecrafts will carry cargo, and later (after 2017) they will deliver astronauts to the ISS.
Furthermore, SpaceX (Dragon spacecraft), Boeing (CST-100 spacecraft) and Sierra Nevada Corporation (Dream Chaser spacecraft) received the financial backing from NASA for further development of their manned and cargo space vehicles under the commercial manned spacecraft development program. With a systematic improvement of the Chinese manned spacecraft Shen Chzhou and building of the Chinese national orbital station Tyangun, the risk of a reduced demand in the global market for Russian manned spacecrafts without their technical and cost performance being improved also increases. One of the most critical factors determining space industry risks is the cost of an orbital flight per man, as well as the cost of an orbital insertion of a mass unit and a payload volume unit.
Space industry risks of the Corporation are associated with an increase in the product cost, and the dynamics of this increase as compared to world analogues. In its turn, the spacecraft modernization and EEE parts replacement being performed will impact the cost of space vehicles towards its rise in value, at least at the current stage of their modernization, as capital investments in new plants and testing of new solutions are required.
At present, the demand for space services to be provided using unmanned space vehicles (SV) tends to grow steadily in the Russian and global markets (the satellite services segment is the largest one in the global space market). The demand for RSC Energia’s products, such as unmanned space vehicles (satellites) and space systems, is to a large extent determined by the high scientific and technological potential of RSC Energia, and a short lead time to manufacture reliable high-energy heavy-class satellites, which have passed through the testing and development cycle, and are customized to suit customers’ up-to-date needs and desires.
Concurrently with this factor, the increase in demand for RSC Energia’s satellites in the international community is also largely supported by the global brand of RSC Energia associated with a great number of priority achievements of Russia in the space industry. Nowadays, the main growth directions in the global market of commercial communications and broadcasting space vehicles are as follows:
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
− Creation of a SV with improved performance (service life, capacity, throughput, etc.) in C and Ku frequency ranges in order to perform the planned replacement of existing SVs;
− Manufacture of SVs in an advanced frequency range – Ka-band - allowing to boost up the satellite throughput, provide new types of satellite communications services – the broadband Internet access, and arrange high-speed trunk communications channels.
At the same time, there is a risk of possible technological inferiority of Russian SV manufacturers, which particularly stems from the insufficient presence of domestic electronic components and materials with the required specifications in the market.
The most critical factors determining space industry risks in the global market of unmanned space vehicles are as follows:
– keen competition between major global manufacturers of space vehicles;
– new global players from the countries with high rates of economic growth (such as China, India, Japan) entering the market of unmanned spacecraft manufacture and launch;
– political instability in certain developing countries forming the potential market for the Corporation’s products and services;
– trend towards the global space services market integration into the common open area of free partnership for space services and technologies manufacture and application. It should also be noted that there is a strong competition between national spacecraft manufacturers, such as ISS named after M.F. Reshetnev, SRP RSC TsSKb – Progress, NPO Lavochkin, etc.
In order to prevent possible negative consequences of space industry risks, RSC Energia pursues an active research and development policy involving the participation in the Federal Space Program of the Russian Federation, constantly searches for potential Russian and foreign customers for satellites, as well as foreign partners interested in developing advanced space technologies. RSC Energia gives considerable consideration to research and development activities dedicated to the improvement and mastering of new technologies for building unmanned space vehicles. In order to master and introduce advanced technologies in the field of designing and manufacturing SVs for various purposes, RSC Energia is developing its cooperation with the leading European company Astrium, specifically within the joint venture Energia – Satellite Technologies. In 2013, RSC Energia and Astrium signed the License Agreement for the Joint Use of Technologies, which establishes the main principles of technology and know-how transfer and application while producing and testing space vehicles for various purposes.
With regard to DM-type upper stages produced by RSC Energia, which are used with LVs, such as Proton and Zenit, there is a competition with Russian upper stage manufacturers - SRP RSC named after M.V. Khrunichev (Breeze-M upper stages are used with Proton-M LVs) and NPO Lavochkin (Fregat-SB upper stages are designated to be used with Zenit, Soyuz LVs). Therefore, the Corporation constantly takes measures to improve and advance operating characteristics of the DM-type upper stage, which is considered to be one of the best in the world in terms of energy efficiency, accuracy of “heavy” payload (SVs) delivery to the intended high-energy orbits / paths, and environmental safety.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
3.26.2. Country and Regional Risks
The core activities of the Corporation are concentrated in Russia.
Its operations may be impacted by the risks associated with general instability in the country, as well as the industrial output downturn.
The main factors generating political risks are as follows:
– imperfect legislative base governing economic relations;
– inadequate efficiency of the judicial system;
– unstable and week power in constituent entities of the Russian Federation.
The general political situation in the country remains stable.
The Corporation does not forecast any negative changes in the situation in Russia, which might adversely impact the Corporation’s economic status and its operations in the nearest future. However, we cannot rule out the possibility of the economic situation destabilization in the country caused by the crisis in the global financial markets, or stemming from the sharp reduction in oil and gas prices. The risks related to the phase-out of certain commercial component parts may also affect the enterprise’s operations.
The Corporation is registered and performs its operations in a rapidly developing area – the Moscow Region, which is considered to be one of the most promising regions with its economy growing at a fast pace. The Moscow Region is an economically stable area. Geographic features of this region provide for extremely low risks of exposure to disasters (including hurricanes, floods, earthquakes, etc.). This area is located in the central part of the Russian Federation, where the transportation is well developed. The Moscow Region is connected with all other Russian and world regions via motor, railway and air transport, which allows to absolutely eliminate the risk of possible transportation termination due to the remoteness of the region and/or its being hard to reach.
The Moscow Region is regarded as one of the most economically and politically stable areas, which does not directly border upon warfare zones, as well as the regions with a high probability of introducing the state of emergency. At the same time, the geographical remoteness of the Corporation from sites of vehicle prelaunch processing at technical and launching complexes of cosmodromes (including Baikonur Cosmodrome) generates risks of the Corporation’s property loss and damage during its transportation to the destination point. The Corporation provides for insurance against such risks.
Due to the fact that the Corporation performs certain operations in the territory of the Republic of Kazakhstan (Baikonur Cosmodrome), the impact of country risks related to the unfavorable development of political and economic factors in interstate relations is possible. However, the agreement between Russia and Kazakhstan on the use of Baikonur Cosmodrome up to 2050, as well as the adopted Declaration on the Eurasian Economic Integration, the parties to which announced their switching to the Common Economic Space (baseline documents became effective from January 1, 2012), allow to assess such a risk as insignificant. The Parties create the conditions required for the sustainable economic growth of the member states, in particular, provide the agreed state backing of their priority sectors and industries, pursue the coordinated customs policy, and develop unified transport systems.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
Considering that the Corporation implements certain projects for foreign customers located in African countries, the unstable political situation in the mentioned region may adversely impact the Corporation’s operations due to the possible customers’ waiving to extend the contracts.
3.26.3. Financial Risks
RSC Energia’s operations and its financial stability, as well as the proceeds from sales of goods (works, services) and earnings are impacted by inflation risks, changes in foreign exchange rates and loan interest rates.
Should there be no compensating component in prices for goods to be sold, the inflationary processes resulting in costlier products and materials used in business operations may have a significant negative effect on the Corporation’s net profit value. The inflation may significantly impact the Corporation’s operations, as it leads to increased production expenses. The inflation values for 2014 are expected at 5-5.6% or even less. Therefore, we evaluate the likelihood of inflation growth in Russia in the middle term as extremely low considering the pursued policies of the Government and the Central Bank of the Russian Federation.
However, the inflation exceeding the expected level may have a significant adverse impact on the Corporation’s operations.
Changes in interest rates may affect the Corporation’s financial and credit activities, as the enterprise extensively uses borrowed resources in its operations. However, considering the refinancing rate of the Central Bank of the Russian Federation and commercial bank rates being stable during the past year, we regard this risk as unlikely. Besides, in order to further decrease the cost of borrowed funds servicing and diversify the same, the enterprise has middle-term and long-term plans to come into the public borrowing market. Also, the government is currently taking a range of measures, such as the real sector crediting system improvement, which is sure to result in positive consequences for the enterprise. Exchange rate risks are important to RSC Energia due to the fact that the Corporation is the exporter of science-intensive and high-technology products; accordingly, its proceeds are partly denominated in US dollars or Euros, while expenses are mostly incurred in rubles. Therefore, changes in inflation and foreign exchange rates have a considerable effect on the Corporation’s financial and operating performance. Contracts concluded with foreign counterparts are valued in US dollars and Euros; therefore, the Corporation benefits from high exchange rates of the mentioned currencies against the ruble. The ruble rate strengthening with respect to major international currencies would be unfavorable for the enterprise. However, considering the exchange rate policy pursued by the Central Bank of the Russian Federation, which prescribes that the ruble strengthening shall not exceed 3-4% per year, any sharp ruble strengthening is unlikely to occur.
3.26.4. Legal risks
One of the peculiarities of the Russian legislation with regard to taxes and charges is its permanent variability. The laws introducing amendments to the Tax Code of the Russian Federation in terms of changes in specific tax calculation and payment procedures are passed annually. This adds complexity to making middle-term and long-terms forecasts with respect to taxpayer activities, and complicates the tax planning as a whole. The tax regulations instability exposes the Corporation to the risk of being charged and having to pay rather high penalties and fines (despite its intention to operate in strict compliance with the legislation), as well as may lead to an increase in the aggregate tax burden.
RSC Energia, OJSC Notes to the Balance Sheet and Profit and Loss Statement for 2013
[Stamp: HLB PACC-Audit]
The Corporation regularly reviews the amendments being introduced to the existing tax legislation in order to to reduce tax risks.
The share of import in Corporation’s products is insignificant, while the export share in its proceeds is high. Consequently, changes in customs regulations, specifically those related to Russia’s entry into the WTO, may prominently impact the Corporation’s operations. No considerable changes in the customs clearance rules were noted in the reporting period.
The Corporation participates in external economic relations, and its liabilities are partially expressed in foreign currencies.
3.27 Events After the Reporting Date
Over the period between the reporting date and the accounting statements execution date, the Corporation didn't face any events, which impacted or were likely to have a significant impact on the financial condition, cash flows or operating results of the Corporation.
President [signature] V.A. Lopota
Chief Accountant: [signature] Ye. M. Korogodina [Seal of S.P. Korolev Rocket and Space Public Corporation Energia, Joint-Stock Company]
[Stamp: HLB PACC-Audit]
[blank page]
Bound and Numbered
61 (sixty one) pages
[Signature] Leshunova A.G.
[Seal: HLB PACC-Audit, Closed Joint-Stock Company]
AUDIT REPORT
ON THE ACCOUNTING (FINANCIAL) STATEMENTS OF S.P. KOROLEV ROCKET AND SPACE PUBLIC CORPORATION ENERGIA, OPEN JOINT-STOCK COMPANY FOR 2013 TO THE SHAREHOLDERS OF S.P. KOROLEV ROCKET AND SPACE PUBLIC CORPORATION ENERGIA, OJSC AND OTHER USERS
HLB PACC-Audit
HLB PACC-Audit, Closed Joint Stock Company
Member of the self-regulatory organization of auditors of the non-commercial partnership Institute of Professional Auditors (IPA), Certificate No. 34; entered into the register of auditors and audit firms of the aforesaid self-regulatory organization of auditors on December 28, 2009 under the primary registration number 10302022506
The Certificate of State Registration of HLB PACC-Audit, Closed Joint-Stock Company No. 549 063, issued on November 13, 1995 by the Moscow Registration Chamber
Location: Prem. 6, 18 Verkhniye Polya St., Moscow, 109341
Post Address: ITC, 12 Krasnopresnenskaya nab., Moscow, 123610
HLB PACC-Audit is a member of HLB International - an international network of independent professional accounting firms and business advisors
AUDIT REPORT TO THE SHAREHOLDERS OF S.P. KOROLEV ROCKET AND SPACE PUBLIC CORPORATION ENERGIA, OJSC AND OTHER USERS
Data on the Entity under Audit: Name: S.P. Korolev Rocket and Space Public Corporation Energia,
OJSC Primary State Registration Number 1025002032538 Location 4a Lenin St., Korolev, Moscow Region, 141070
Data on the Auditing Company: Name HLB PACC-Audit, CJSC Primary State Registration Number 1027739402096 Location Prem. 6, 18 Verkhniye Polya St., Moscow, 109341 Post address ITC, 12 Krasnopresnenskaya nab., Moscow, 123610 Name of the self-regulatory organization of auditors IPA non-commercial partnership, Certificate No. 34 Primary registration number in the SRO register 10302022506, dated December 28,.2009
We have audited of the attached accounting statements of S.P. Korolev Rocket and Space Public Corporation Energia, OJSC for 2013. The accounting statements of S.P. Korolev Rocket and Space Public Corporation Energia, OJSC for 2013 comprise as follows: Balance Sheet as of December 31, 2013; Profit and Loss Statement for 2013; Statement of Changes in Equity for 2013; Cash Flow Statement for 2013; Notes to the Balance Sheet and Profit and Loss Statement for 2013.
Responsibility of the Entity under Audit for the Accounting Statements
The management of the Entity under Audit shall be responsible for the preparation and fair presentation of these accounting statements in accordance with the established Russian regulations for the accounting statements preparation, as well as for the internal control system required to prepare the accounting statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the Auditor
Our responsibility is to express an opinion on the fair presentation of these accounting statements based on our audit. We conducted our audit in accordance with the federal standards of auditing. Those standards require that we comply with the applicable ethical norms, as well as plan and perform the audit in a manner to obtain the reasonable assurance about whether the accounting statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the accounting statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation and fair presentation of the accounting statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management of the Entity under Audit, as well as evaluating the overall presentation of the accounting statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion with regard to the fair presentation of the accounting statements.
HLB PACC-Audit is a member of HLB International - an international network of independent professional accounting firms and business advisors
Opinion
In our opinion, the accounting statements of S.P. Korolev Rocket and Space Public Corporation Energia, OJSC present fairly, in all material respects, the financial position of S.P. Korolev Rocket and Space Public Corporation Energia, OJSC as at December 31, 2013, as well as its financial and business performance and cash flows for the year then ended in accordance with the Russian accounting and reporting rules.
Head of Department
HLB PACC-Audit, CJSC
I.G. Marich [signature] [Seal: HLB PACC-Audit, Closed Joint-Stock Company]
(Based on the power of attorney No.5 dated January 20, 2014; auditor qualification certificate No. 02-000108 dated February 22, 2012, with no expiration date; member of IPA non-commercial partnership, membership certificate No. 629 dated April 15, 2005; ORN No. 20002001681) March 28, 2014
HLB PACC-Audit is a member of HLB International - an international network of independent professional accounting firms and business advisors
Appendices to the Audit Report of HLB PACC-Audit on the Financial (Accounting) Statements of S.P. Korolev Rocket and Space Public Corporation Energia, OJSC for 2013 Balance Sheet as of December 31, 2013 – on 2 pages,
Profit and Loss Statement for 2013- on 2 pages,
Statement of Changes in Equity for 2013 – on 4 pages,
Cash Flow Statement for 2013- on 3 pages,
Notes to the Balance Sheet and Profit and Loss Statement for 2013 – on 45 pages.
S.P. KOROLEV ROCKET AND SPACE PUBLIC CORPORATION ENERGIA, OPEN JOINT-STOCK COMPANY
INTERNAL AUDIT COMMISSION Korolev, Moscow Region April 17, 2014
Members of the Internal Audit Commission of RSC Energia, OJSC selected by the annual general meeting of shareholders on July 6, 2013 comprising: A.V. Ardeyev, V.V. Ashurkov, S.A. Barinov, P.E. Dubrovin, L.V. Yeliseyeva, V.S. Yemelyanov, O.Yu. Pleshakov, E.P. Polezhayeva, and S.V. Soloshchenko, pursuant to the authorities stipulated by the Federal Law of the Russian Federation “On Joint-Stock Companies”, the charter of RSC Energia, OJSC, and the Regulations on the Internal Audit Commission, conducted a review of the financial and business operations of RSC Energia, OJSC for 2013.
The review was performed with respect to the annual accounting statements of RSC Energia, OJSC for the period from January 1, 2013 till December 31, 2013.
The analysis was conducted based on documents, ledgers and tax ledgers, registers and notes provided by the management of the Corporation.
The review included an examination of the information on the financial and business operations disclosed in the financial (accounting) statements and the Annual Report, an assessment of the accounting principles and methods, as well as the rules for the financial (accounting) statements and annual report preparation.
The Internal Audit Commission used sampling methods to review individual transactions.
The results of the review are set out in the Explanatory Note on the review performed.
CONCLUSION
Based on the results of the review of the financial and business operations of RSC Energia, OJSC for 2013, the Internal Audit Commission concludes as follows:
1. The accounting statements for 2013 present fairly, in all material respects, the financial position of RSC Energia, OJSC, as well as its financial and business performance for the period from January 1, 2013 till December 31, 2013.
2. The Annual Report for 2013 presented by RSC Energia, OJSC and comprising the Balance Sheet, the Profit and Loss Statement and notes thereto, contains the reliable data in its material provisions, the presentation of which is stipulated by the laws of the Russian Federation.
3. No violations of the Federal Law “On Joint-Stock Companies”, the charter of RSC Energia, OJSC, or the resolutions of the General Meeting of shareholders or the Board of Directors that entailed negative consequences for RSC Energia, OJSC, were identified.
This Conclusion shall be considered jointly with all forms of the accounting statements and the
Explanatory Note being constituent parts of the Annual Report.
Commission Chairman [signature] S.A. Barinov
FINANCIAL STATEMENTS
OF THE OPEN JOINT STOCK COMPANY «S.P. KOROLEV ROCKET AND SPACE PUBLIC
CORPORATION ENERGIA»
For 2012
INN 5018033937-- dated July 02, 2010, No. 66v with amendments as of October 05, 2011, No. 124n
1050 4017 KPP 501801001 Page 001
All-Russia Classifier of Management Documentation form: 0710099
Balance sheet Correction number: 0
Reporting period (code) 34 Reporting year 2012
Open Joint Stock Company "Rocket and Space Corporation "Energiya", named after S.P. Korolev
(name of the organization) Code of economic activity in OKVED classifier
73.10
OKPO Code 07530238 Form of ownership (OKFS) 41 Legal form (OKOPF) 12247 Unit of measure (thousand roubles, million roubles – OKEI code
384
17 pages with appendix of documents and their copies on ___ pages
The accuracy and completeness of information, specified in this document, is confirmed:
Filled by the member of the tax authority
Manager Information about delivery of documents Lopota This document is
delivered (code)
Vitali On ____ pages Aleksandrovich Composed of (mark with "V”)
(First name, last name, patronymic, completely) 0710001 0710002 Signature: /signature/ Date: 28.03.2013 0710003 0710004 Place for signature 0710005 0710006 Chief accountant Korogodina with appendix of
documents and their copies on ___ pages
Elena Date of delivery of the document
Mikhaylovna Registered with the number
(First name, last name, patronymic, completely)
Signature: /signature/ (First name, last name,
patronymic) (signature)
Stamp: Open Joint Stock Company "Rocket and Space Corporation "Energiya", the Russian Federation, Korolev, Moscow
Oblast, OJSC "RSC Energiya". Stamp: Interdistrict Inspectorate of the Federal Tax Service No. 2 for Moscow Oblast, March 28, 2013, Koroleva S.V.
No. 18962730 No. 18962368
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Location (address) Post code 141070 Subject of the Russian Federation (code) 50 District City Korolev Locality (village, town, etc) Street (avenue, lane, etc.) Lenina St. House (estate) number 4a Number of building (structure) Office number
INN 5018033937-- All-Russia Classifier of Management Documentation form: 0710001
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Balance sheet Active
Explanations Name of indicator Code For the reporting date of the reporting
period
On December, 31 of the previous year
On December, 31 of the year, prior to the
previous year 1 2 3 4 5 6
I. NON-CURRENT ASSETS 3 2 Intangible assets 1110 9351 7408 4347 3 3 Results of research and
development 1120 73673 180186 277562
Intangible research assets 1130 - - - Tangible research assets 1140 - - - 3 4 Fixed assets 1150 10096535 2840842 2537569 3 4 Profitable investments in tangible
assets 1160 323017 170139 68795
3 6 Financial investments 1170 254050 247670 248430 Deferred tax assets 1180 97988 65804 24561 3 5 Other non-current assets 1190 2982490 2263795 747046 Total in section I 1100 13837104 5775846 3908310 II. CURRENT ASSETS 3 7 Stock 1210 16324881 9983696 5125734 Value added tax on acquired
values 1220 639154 441602 198122
3 10 Accounts receivable 1230 19961370 14091612 11952830 3 6 Financial investments (excluding
cash equivalents) 1240 3422715 3773693 1736834
Cash and cash equivalents 1250 2774106 1595094 3625231 Other current assets 1260 287944 356140 259363 Total in section II 1200 43410170 30241837 22898114 BALANCE 1600 57247274 36017683 26806424
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PASSIVE Explanations Name of indicator Code For the reporting
date of the reporting period
On December, 31 of the previous
year
On December, 31 of the year, prior to the
previous year 1 2 3 4 5 6
III. CAPITAL AND RESERVES Authorized capital (share capital,
charter capital, members deposits)
1310 1123734 1123734 1123734
Own shares, repurchased from the shareholders
1320 - - -
Revaluation of fixed assets 1340 7201934 733799 738910 Additional capital (without
revaluation) 1350 163859 164737 164737
Reserve capital 1360 168560 168560 116008 Accumulated surplus
(accumulated losses) 1370 2780170 2364303 1281129
Total in section III 1300 11438257 4555133 3424518 III. SPECIAL-PURPOSE FINANCING Share fund 1310 - - - Endowment 1320 - - - Targeted funds 1350 - - - Real estate fund and fund of
valuable personal property 1360 - - -
Reserve fund and other trust funds
1370 - - -
Total in section III 1300 - - - IV. LONG-TERM LIABILITIES Borrowed funds 1410 1000000 1117610 1587963 Deferred tax liabilities 1420 178035 147499 123464 Estimated liabilities 1430 - - - Other liabilities 1450 - - 882673 Total in section IV 1400 1178035 1265109 2594100
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Explanations Name of indicator Code For the reporting date of the reporting period
On December, 31 of the
previous year
On December, 31 of the year,
prior to the previous year
1 2 3 4 5 6 V. SHORT-TERM LIABILITIES Borrowed funds 1510 299993 950000 1062000 3 14 Accounts payable 1520 41280427 27208174 19556779 3 17 Deferred revenues 1530 411939 272693 131696 3 24 Estimated liabilities 1540 307795 312255 - Other liabilities 1550 2330828 1454319 37331 Total in section V 1500 44630982 30197441 20787806 BALANCE 1700 57247274 36017683 26806424 Notes 1. Specify the number of the corresponding note to the balance sheet and profit and loss statement. 2. Deducted or negative indicator should be written parenthetically here and in other forms of reports. 3. Should be completed by non-commercial organizations.
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Interpretation of separate indicators of balance sheet The page is given in case of presence of transcripts
Explanations Name of indicator Code For the reporting date of the reporting
period
On December, 31 of the previous year
On December, 31 of the year, prior to the
previous year 1 2 3 4 5 6
Intangible assets (p. 1110), including 3 2 Patents, know-how, copyright
rights 11101 9338 7398 4340
- 11102 - - - - 11103 - - - Results of research and development (p. 1120), including: 3 3 Finished R&D 11201 73673 180188 277562 11202 Intangible research assets (p. 1130), including: - 11301 - - - - 11302 - - - Tangible research assets (p. 1140), including: 11401 - - - 11402 - - - Fixed assets (p. 1150), including: 3 4 Buildings and structures 11501 2443149 1944937 1862931 3 4 Machines and equipment 11502 664828 480398 409533 3 4 Means of transportation 11503 101977 124819 132966 Profitable investments (p. 1160), including: 3 4 - 11601 323017 170139 68795 - 11602 Financial investments (p. 1170), including: 3 6 Stocks and shares of subsidiary
companies 11701 125306 118890 118890
3 6 Stocks and shares of dependent companies
11702 29487 29497 30253
3 6 Stocks and shares of other companies
11703 99257 99283 99287
11704 - - - Deferred tax assets (p. 1180), including: - 11801 - - - - 11802 - - - Filled indicators (p. 1185), including: - 11851 - - - - 11852 - - -
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Interpretation of separate indicators of balance sheet The page is given in case of presence of transcripts
Explanations Name of indicator Code For the reporting date of the reporting
period
On December, 31 of the previous year
On December, 31 of the year, prior to the
previous year 1 2 3 4 5 6
Other non-current assets (p. 1210), including 3 5 Non-finished capital investments 11901 2152866 1794034 369784 3 3 Non-finished R&D 11902 829033 469171 288978 - 11903 - - - Stock (p. 1210), including 3 7 Materials, raw materials and other
valuables 12101 698769 275591 307306
3 8 Non-finished production costs 12102 15469886 9559880 4810469 - 12103 - - - - 12104 - - - - 12105 - - - Value added tax on goods purchased (p. 1220), including: 12201 - - - Accounts receivable (p. 1230), including: 3 10 Payments to suppliers and
contractors 12301 1115986 263020 193288
3 10 Advances, paid 12302 18113512 13378404 11200674 - 12303 - - - - 12304 - - - - 12305 - - - Financial investments (excluding cash equivalents) (p. 1240), including: Loans, issued 12401 1372533 989561 844005 - 12402 - - - - 12403 - - - Cash and cash equivalents (p. 1250), including: - 12501 - - 12502 - Filled indicators (p. 1255), including: - 12551 - - - 12552 - - - Other current assets (p. 1260), including: VAT, claimed for reimbursement
under agreements and contracts 12601 173115 238480 170572
VAT, from received advances 12602 15348 17603 17650 - 12603 - - -
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Interpretation of separate indicators of balance sheet The page is given in case of presence of transcripts
Explanations Name of indicator Code For the reporting date of the reporting
period
On December, 31 of the previous year
On December, 31 of the year, prior to the
previous year 1 2 3 4 5 6
Authorized capital (share capital, charter capital, members deposits) / share fund (p. 1435), including: - 13101 - - - Own shares, repurchased from the shareholders (p.1320), including: - 13201 - - - Endowment (p.1320), including: - 13201 - - - Revaluation of fixed assets (p. 1340), including: - 13401 - - - Additional capital (without revaluation) / Targeted funds (p. 1530), including: - 13501 - - - - 13502 - - - Reserve capital / Real estate fund and fund of valuable personal property (p. 1360), including: Reserves, formed in accordance
with the constituent documents 13601 168560 168560 116008
- 13602 - - - Accumulated surplus (accumulated losses) / Reserve fund and other trust funds (p. 1370), including: - 13701 - - - - 13702 - - - Filled indicators (p. 1375), including: - 13751 - - - - 13752 - - - Borrowed funds (p. 1410), including: Credits 14101 1000000 1117610 1587963 - 14102 - - - Deferred tax liabilities (p. 1420), including: - 14201 - - - Estimated liabilities (p. 1430), including: Estimated liabilities for leaves 14301 - - - - 14302 - - -
INN 5018033937-- B226 75E6 5082 A18D D68F F795 BF7E 6A54
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Interpretation of separate indicators of balance sheet The page is given in case of presence of transcripts
Explanations Name of indicator Code For the reporting date of the reporting
period
On December, 31 of the previous year
On December, 31 of the year, prior to the
previous year 1 2 3 4 5 6
Filled indicators (p. 1435), including: - 14351 - - - - 14352 - - - Other long-term liabilities (p.1450), including: - 14501 - - - Borrowed assets (p.1510), including: Credits 15101 299993 950000 1062000 Accounts receivable (p. 1520), including: 3 14 suppliers and contractors 15201 2169023 2063781 1809169 debt to organization personnel 15202 317459 237959 221270 debt to state non-budgetary funds 15203 82178 45860 32917 taxes and charges 15204 201858 238303 111233 3 14 advances received 15205 38431660 24601436 17170927 debt to participants on dividends
payment 15206 6065 2232 2634
- 15207 - - - Prepaid income (p, 1530), including: 3 17 targeted research funding 15301 400860 272650 131650 Estimated liabilities (p. 1540), including: 3 24 estimated liabilities for leaves 15401 307151 312255 - - 15402 - - - Filled indicators (p. 1545), including: - 15451 - - - - 15452 - - - Other current liabilities (p. 1550), including: equity participation in construction 15501 2248668 1417734 - - - - - -
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Profit and loss statement All-Russia Classifier of Management Documentation form No. 0710002
Explanations Name of indicator Code For the reporting period For the similar period of the previous year
1 2 3 4 5 Revenue (2) 2110 22131127 20538538 Cost of sales 2120 20512384 18669363 Total profit (loss) 2100 1618743 1869175 Selling costs 2210 268642 90974 Management costs 2220 Profit (loss) from sales 2200 1350101 1778201 Revenue from investments in other
companies 2310 27608 85395
Interest receivable 2320 298339 126268 Interest payable 2330 392631 225925 Other types of revenue 2340 3857346 5505822 Other costs 2350 4045861 5600410 Profit (loss) before taxation 2300 1094902 1669351 Current income tax 2410 345739 446291 including permanent tax liabilities (assets) 2421 145330 117038 Changes in deferred tax liabilities 2430 (32998) (20110) Changes in deferred tax assets 2450 28427 33493 Other 2460 14299 9381 Net income (loss) 2400 758891 1245824 REFERENTIAL Result from revaluation of fixed assets, not
included in the net income (loss) for the period
2510 - -
Result from other operations, not included in the net income (loss) for the period
2520 14871 7026
Combined financial results for the period 2500 773762 1252850 Basic earnings (loss) per share 2900 - - Diluted profit (loss) per share 2910 - - Notes:
1. Specify the number of the corresponding note to the balance sheet and profit and loss statement. 2. The profit is shown deducting the value added tax and excises. 3. The total financial result of the period is defined as the sum of "Net income" (loss) " line," Result from
revaluation of fixed assets, not included in the net income (loss) for the period" line and "Results from other operations, not included in the net income (loss) of the period" line.
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Interpretation of separate indicators of profit and loss statement The page is given in case of presence of transcripts
Explanations Name of indicator Code For the reporting period For the similar period of the previous year
1 2 3 4 5 Revenue (p.2110), including: Research and experimental development in
the field of natural sciences and engineering 21101 21484988 19958741
Services in a construction sector, social sphere, sphere of trade and public catering
21102 646139 579797
Cost of sales (p.2120), including: Research and experimental development in
the field of natural sciences and engineering 21201 19915385 18122542
Services in a construction sector, social sphere, sphere of trade and public catering
22202 596999 546821
Total profit (loss) (p.2100), including: Research and experimental development in
the field of natural sciences and engineering 21001 1569603 1836199
Services in a construction sector, social sphere, sphere of trade and public catering
21002 49140 32976
Selling costs (p.2210), including: Research and experimental development in
the field of natural sciences and engineering 22101 268642 90974
Management costs (p.2220), including - 22201 - - Profit (loss) from sales (p.2200), including: Research and experimental development in
the field of natural sciences and engineering 22001 1394752 1820161
Services in a construction sector, social sphere, sphere of trade and public catering
22002 44651 41960
Revenue from investments in other companies (p.2310), including:
- 23101 - - Interest receivable (p.2320), including: - 23201 - - Interest payable (p.2330), including: - 23301 - - Other types of revenue (p.2340), including Revenues, connected with provision of assets
of the Corporation for temporary use with payment of corresponding fees
23401 246698 243946
Revenues, connected with sale of fixed assets and other assets
23402 2480203 4237193
- 23403 Other costs (p.2350), including: Costs, connected with provision of assets of
the Corporation for temporary use with payment of corresponding fees
23501 158487 101941
Costs, connected with sale of fixed assets and other assets
23502 2518391 4241062
- 23503 - -
INN 5018033937--
1050 4130 KPP 501801001 Page 012
Report on changes in equity All-Russia Classifier of Management Documentation form 0710003
1. Capital transfer Authorized capital Own shares repurchased
from the shareholders Additional capital Reserve fund Accumulated
surplus (accumulated
losses)
Total
1 2 3 4 5 6 Capital value on 31 December of the year, prior to the previous (3100) 1123734 - 903647 116008 1281129 3424518
(PREVIOUS YEAR) Capital increase – total (3210): - - - - including: - - - 1247738 1247738 net profit (3211) - - - 1245824 1245824 revaluation of assets (3212) - - - 1914 1914 revenues, directly connected with the increase of the capital (3213)
- - - - -
additional issue of shares (3214)
- - - - -
- - - - - - increase of the nominal value of shares (3215)
- - - - -
- - - - - - reorganization of legal entity (3216)
- - - - -
Capital decrease – total (3220):
- - - - -
- - - - 117123 117123 including: - - - loss (3221) - - - revaluation of assets (3222) - - - costs, directly connected with decrease of the capital (3223)
- - - 4750 4750
reduction of the nominal value of shares (3224)
- - - - -
- - - - - - decrease of the number of shares (3225)
- - - - -
- - - - - - reorganization of legal entity (3226)
- - - - -
- - - - - - dividends (3227) - - - 112373 112373 Change of the additional capital (3230)
- 5111 - 5111 -
Change of the reserve capital (3240)
- - 52552 52552 -
INN 5018033937--
1050 4147 KPP 501801001 Page 013
Authorized capital Own shares repurchased from the shareholders
Additional capital Reserve fund Accumulated surplus
(accumulated losses)
Total
1 2 3 4 5 6 Capital value on 31 December of the previous year (3200) 1123734 - 898536 168560 2364303 4555133
(REPORTING YEAR) Capital increase – total (3310): - - 6482139 - 758891 7241030 including: - - - 758891 758891 net profit (3311) - - - - - revaluation of assets (3312) - - - - - revenues, directly connected with the increase of the capital (3313)
- - - - -
additional issue of shares (3314)
- - - - -
- - - - - increase of the nominal value of shares (3315)
- - - - -
- - - - - reorganization of legal entity (3316)
- - - - -
Capital decrease – total (3320):
- - - - -
- - - - 357906 357906 including: - - - - - loss (3321) - - - - - revaluation of assets (3322) - - - - - costs, directly connected with decrease of the capital (3323)
- - - 43260 43260
reduction of the nominal value of shares (3324)
- - - - -
- - - - - - decrease of the number of shares (3325)
- - - - -
- - - - - - reorganization of legal entity (3326)
- - - - -
- - - - - - dividends (3327) - - - 314646 314646 Change of the additional capital (3330)
- 14882 - 14882 -
Change of the reserve capital(3340)
- - - - -
Capital value on December 31 of the reporting year (3300) 1123734 - 7365793 168560 2780170 11438257
INN 5018033937--
1050 4154 KPP 501801001 Page 014
2. Corrections, made due to changes in accounting policies and process of correction of errors Changes in equity for the previous year
Name of indicator Code On December 31 of the year, prior to the previous
From the net profit (loss)
Because of other factors
On December 31 of the previous
year 1 2 3 4 5 6
Capital - total - - - before correction 3400 - - - - corrections, made in connection with:
- - - -
changes in accounting policy 3410 - - - - errors correction 3420 - - - - after correction 3500 - - - - including: - - - - accumulated surplus (accumulated losses):
- - - -
before correction 3401 - - - - corrections, made in connection with:
- - - -
changes in accounting policy 3411 - - - - errors correction 3421 - - - - after correction 3501 - - - - other parts of capital - - - - before correction 3402 - - - - corrections, made in connection with:
- - - -
changes in accounting policy 3412 - - - - errors correction 3422 - - - - after correction 3502 - - - -
3. Net assets Name of indicator Code On December 31 of the
reporting year On December 31 of the previous year
On December 31 of the year, prior to the previous
1 2 3 4 5 Net assets 3600 11850196 4827826 3556214
INN 5018033937--
1050 4178 KPP 501801001 Page 015
Report on cash flows All-Russia Classifier of Management Documentation form 0710004
Name of indicator Code For the reporting year For the same period of the previous year
1 2 3 4 Cash flow from current operations Income - total 4110 37968777 31448510 including: sale of products, goods, works and services 4111 34693801 28114822 lease payments, license fees, royalties, fees and other similar payments
4112 164623 136786
resale of financial investments 4133 - - other types of income 4119 3110353 3196902 Payments - total; 4120 33159741 28775669 including: payments to suppliers (contractors) for raw materials, works or services
4121 23633529 19459820
in connection with the compensation of employees 4122 4219158 3786501 percent of the debt liabilities 4123 393636 192416 income tax 4124 464524 353018 other payments 4129 4448894 4983914 Balance of cash flows from current operations 4100 4809036 2672841 Cash flows from investment operations Income - total 4210 728494 1991947 including: sales of fixed assets (excluding financial investments) 4211 5932 807 sales of shares of other organizations (market shares) 4212 139 2866 return of loans, sale of debt securities (rights of demand of funds to other persons)
4213 650125 1846457
dividends, interest on debt financial investments and similar income from the share holding in other companies
4214 72298 141817
other types of income 4219 Payments - total; 4220 2980478 5689663 including: in connection with acquisition, creation, modernization, reconstruction and preparation for use of non-current assets
4221 1949757 984768
in connection with acquisition of shares of other organizations (market shares)
4222 510 -
in connection with acquisition of debt securities (rights to demand money to other persons), giving loans to other people and entities
4223 103021 4704895
interest on debt obligations, included in the price of investment assets
4224 - -
other payments 4229 - - Balance of cash flows from investment operations 4200 2251984 3697716
INN 5018033937--
1050 4185 KPP 501801001 Page 016
Name of indicator Code For the reporting year For the same period of the previous year
1 2 3 4 Cash flow from finance operations Income - total 4310 8993329 3348241 including: receiving of credits and loans 4311 8993329 3348241 cash contributions of the owners (members) 4312 - - issue of shares, increase of market shares 4313 - - issuance of bonds, bills, other debt securities, etc. 4314 - - other types of income 4319 - - Payments - total; 4320 10371318 4353554 including: owners (shareholders) in connection with redemption of their shares (market shares) of organizations or their quit from the membership
4321 - -
payment of dividends and other payments according to distribution of profits in behalf of the owners (shareholders)
4322 310809 110860
in connection with redemption of bills and other debt securities, repayment of loans and credits
4323 9759814 3930978
other payments 4329 300695 311716 Balance of cash flows from finance operations 4300 1377989 1005313 Balance of cash flows for a reporting period 4400 1179063 2030188 Balance of cash and cash equivalents at the beginning of a reporting period
4450 1595043 3625231
Balance of cash and cash equivalents at the end of a reporting period
4500 2774106 1595043
Effect of changes in foreign currency exchange rates against the rouble
4490 12785 11177
INN 5018033937--
1050 4192 KPP 501801001 Page 017
Interpretation of separate indicators of a cash flow report The page is given in case of presence of transcripts
Name of indicator Code For the reporting period For the similar period of the previous year
1 2 3 4 Filled indicators (p. 4114), including: - 41141 - - - 41142 - - Other receipts (p.4119), including: investors' share in construction processes 41191 2828238 1778760 - 41192 - - Filled indicators (p. 4125), including: - 41251 - - - 41252 - - Other receipts (p.4129), including: suppliers (contractors) for raw materials, works and services in connection with equity
41291 1200793 2362089
- 41292 - - Filled indicators (p.4215), including: - 42151 - - - 42152 - - Other receipts (p.4219), including: - 42191 - - - 42192 - - Filled indicators (p. 4225), including: - 42251 - - - 42252 - - Other receipts (p.4229), including: - 42291 - - - 42292 - - Filled indicators (p.4315), including: - 43151 - - - 43152 - - Other receipts (p.4319), including: - 43191 - - - 43192 - - Filled indicators (p.4324), including: - 43241 - - - 43242 - - Other receipts (p.4329), including: - 43291 - - - 43292 - -
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
1. Main information
1.1 Main information
The Open Joint Stock Company "Rocket and Space Corporation "Energiya" was established on the basis of a decree No. 415 of the Government of the Russian Federation, dated April 29, 1994.
A certificate of state registration is issued for "RSC "Energiya" and corresponding notes are provided in the Unified State Register of Legal Entities: main state registration number - 1025002032538. The certificate of state registration is issued on October 21, 2002 by the Inspection of the Russian Federation Federal Tax service No. 2 in the Moscow oblast
The Company is registered at the following address: 141070, Moscow oblast, Korolev. Lenina st. 4a.
1.2 Branches (structural units)
The Company had eight geographically separate structural units (including branches) as of 31.12.2012.
The list of separate structural units (including branches)
No. Name Location KPP Activity
1 Recreation centre "Voskhod"
Moscow oblast, Sergiev Posad district, instructional farm
village "Sitniki", building no. 15
504202001 Activities of recreation
centers, etc.
2 Recreation centre of a
sanatorium type "Vostok"
Krasnodar region, Tuapse district, vil.
Novomikhailovsky-2 235502001
Activities of recreation centers, etc.
3 Sanatorium "Krepost" Stavropol region, resort city Kislovodsk, Prospect Mira 9
262802001 Activities of recreation
centers, etc.
4 "Baikonur" The Republic of Kazakhstan,
Kyzyl-Orda region, Baikonur-8 990103001
Maintenance and operation of "Baikonur" objects
Other separate structural units No. Name Activity 1 Catering department Trade, catering 2 Social sphere department Social services
3 Sanatorium "Podlipki" Activities of recreation centers, etc.
4 Separate branch for works provision at the
"Plesetsk" launch site Works provision at the "Plesetsk" launch site
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
The following changes were taken during 2012 as parts of separate structural units: creation of a separate unit, ensuring works performance at the "Plesetsk" launch site.
2. Significant aspects of accounting policies and presentation of information in financial statements 2.1 Basis for statements formation
These financial statements are formed on the basis of existing rules for accounting and reporting of the Russian Federation, in particular, the Federal Law No.402- FZ "On Accounting", dated December 6, 2011, and Regulations on Accounting and Reporting of the Russian Federation, approved by a corresponding order of the Ministry of Finance of the Russian Federation on July 29, 1998 (No. 34n) as well as other regulations in the system of accounting and reporting, functioning on the territory of the Russian Federation,
Financial statements are prepared in accordance with accounting policies, approved by the order of the President of "RSC "Energiya" No. 524, dated December 31, 2011.
2.2 Assets, liabilities and transactions in foreign currency
Accounting for transactions, made in a foreign currency, shall use exchange rates of a relevant currency, set by the Central Bank of the Russian Federation on the date of transactions. Cash on currency and deposit accounts with banks, funds for calculations, including loans, issued and received, loans, denominated in foreign currencies, shall be recorded in financial statements in amounts, set on the basis of an official exchange rate. Such rate amounted to 30.3727 roubles and 32.1961 roubles for 1 US dollar and 40.2286 roubles and 41.6714 roubles for 1 Euro on December 31, 2012 and 2011, respectively.
Exchange rate differences, arising during the year in connection with assets and liabilities, denominated in foreign currencies, as well as their recalculation as of reporting date, shall be included in the structure of other income and costs.
2.3 Short-term and long-term assets and liabilities
The balance sheet describes receivables and payables as short-term if their maturity (redemption term) is less than 12 months after the reporting date or if it is not set. All other assets and liabilities shall be presented as long-term. Financial investments and loans are classified as short-term or long-term on the basis of an expected period of use (circulation, possession or maturity) after the reporting date.
2.4 Changes in accounting policies
Accounting policies of "RSC "Energiya" for 2012 have no changes, significantly affecting financial statements.
3. Disclosure of important indicators 3.1 Segment information
Primary segment information is used for operating segments and secondary segment information is used for geographical segments in accordance with AR 12/2010 "Segment information". Such structure is formed on the basis of sources and nature analysis for risks, associated with activities of the Corporation, profits, gained by it, organizational and management structure and internal reporting systems, used to generate information.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Primary information - operating segments Activities of the Corporation can include one main operating segment: - performance of research, development and experimental works on creation and operation of manned orbital
complexes, launch vehicles, launch equipment of different classes, space telecommunication systems, means of broadcasting and satellite communications;
other segments, including: - services, connected with sanatorium treatment, services of children's health camps; - provision of services in the sphere of trade and catering: - provision of social services; - provision of other services (for regime activities and recruitment for subsidiaries, printing services, etc.)
Indicator Performance of research,
development and experimental work
Provision of services for sanatorium treatment
Provision of services in the field of trade
Provision of social services
Provision of other services
Total for the Corporation
1 2 3 4 5 6 7 For 2012
Segment revenue 21 277 305 498 963 111 120 36 055 207 684 22 131 127
Profit (loss) from segment sales
1 378 456 14 390 -67 366 8 325 16 296 1 350 101
Interest receivable 275 176 23 163 X 298 339
Interest payable -392 631 X -392 631
Income from participation in other
organizations 27 608 X 27 608
Other types of income 3 731 877 2 693 23 122 753 X 3 857 346 Other types of costs -3 914 819 -5 894 -1 013 -124 135 X -4 045 861
Profit (loss) before taxation, segment
1 105 667 34 352 -68 356 6 943 16 296 1 094 902
As of December 31, 2011
Segment assets 35 172 272 811 854 25 942 7615 X 36 017 683
Assets, not allocated to segments
Assets - total 35 172 272 811 854 25 942 7 615 X 36 017 683
Segment liabilities 30 617 139 811 854 25 942 7 615 X 31 462 550
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Indicator Performance of research,
development and experimental work
Provision of services for sanatorium treatment
Provision of services in the field of trade
Provision of social services
Provision of other services
Total for the Corporation
Liabilities, not allocated to segments
Liabilities - total 30 617 139 811 854 25 942 7615 X 31 462 550
As of December 31, 2010
Segment assets 56 168 749 1 030 104 39 797 8 624 X 57 247 274
Assets, not allocated to segments
- -
Assets - total 56 168 749 1 030 104 39 797 8 624 X 57 247 274
Segment liabilities 44 730 492 1 030 104 39 797 8 624 X 45 809 017
Liabilities, not allocated to segments
- -
Liabilities - total 44 730 492 1 030 104 39 797 8 624 X 45 809 017
Revenue (income) is generated as a result of transactions with purchasers and customers. Operations with other segments are not allowed. Income tax costs and other similar payments are not included in income (loss) segment calculations. Distribution of interest receivable, interest payable, income from participation in other organizations, other types income and costs, arising between segments "Carrying out of research, development and experimental works" and "Provision of other services" was not carried out as it was inexpedient and due to the lack of a necessary basis. These income and costs are related to activities of the Corporation as a whole.
Segment assets consist of primarily fixed assets, construction in progress, stocks, production in progress, accounts receivable and other current assets other than deferred tax assets, financial investments and cash. Non-allocated assets are not included in segment assets, as they are not directly related to reporting segments and the required allocation base is missing for them.
Segment liabilities include mainly short-term liabilities, except liabilities to the budget, connected with the income tax, liabilities to loans and credits, used to finance activities of the Corporation as a whole, and deferred tax liabilities.
A combined share in net profits of associates and subsidiaries and total amount of investments in these Corporation elements are not disclosed in this section as they are not directly related to Corporation segments.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Secondary information - geographical segments Geographical segments information (revenues from sales to external customers and financial results of such segments) are presented in the following table: ______________________________________________________________________ th. roub.
Geographical segments Sales (excluding
VAT) Prime cost Profit on sales Return on sales, %
Domestic market 21 272 753 20 180 530 1 092 223 5,13 EU countries 71 400 60 371 11 029 15,45
Italy 569 574 340 908 228 666 40,15 Japan 13 107 10 093 3 014 23,00 USA 204 293 189 124 15 169 7,43 Total 22 131 127 20 781 026 1 350 101 6,10
Revenue is presented in terms of geographical segments by market locations. Assets and
investments are classified in one geographical segment, chosen in accordance with location of assets - the Russian Federation, since capacities of the Corporation are located on the territory of the Russian Federation.
3.2 Intangible assets
Accounting of intangible assets of the Corporation is conducted in accordance with AR 14/2007 "Accounting of Intangible Assets", approved by the Order of the Russian Ministry of Finance No. 153n, dated 27.12.2007.
Accounting includes records on intangible assets at their historical (replacement) cost net of amortization, accumulated during the period of their use. Revaluation of intangible assets of the Corporation was not made in 2012.
Amortization of intangible assets is done, using a linear method.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Intangible assets and costs on research, development and engineering (R&D) works.
Availability and movement of intangible assets
Indicator Period
At the beginning of the year Changes for a period
At the end of a period
Proceeded
Excluded
Amortization charged
Impairment losses
Reevaluation
Initial cost3 Accumulated
amortization and impairment losses
Initial cost3
Accumulated amortization
and impairment losses
Initial cost3 Accumulated amortization Initial cost3
Accumulated amortization and impairment losses
Intangible assets - total
for 2012 (1) 8 026 -618 2 534 -9 7 -589 10 551 -1 200
for 2011 (2) 4 656 -309 3 561 -191 19 -328 8 026 -618
including patents, licenses, know-how,
copyrights,
for 2012 (1) 8 015 -617 2 529 -9 7 -587 10 535 -1 197
for 2011 (2) 4 649 -309 3 557 -191 19 -327 8 015 -617
Industrial designs and models
for 2012 (1) 11 -1 5 0 0 -2 16 -3
for 2011 (2) 7 0 4 0 -1 11 -1
Software, databases for 2012 (1) 0 0 0 0
for 2011 (2) 0 0 0 0
Etc.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Intangible assets and costs on research, development and engineering (R&D)
Initial cost of intangible assets, created by the organization
Indicator As of December 31, 2012 (4) As of December 31, 2011 (2) As of December 31, 2010 (5)
Total 10551 8 026 4 656
including: Patents, licenses, know-how, copyrights,
(types of intangible assets) 10 535 8015 4 649
Industrial designs and models (types of intangible assets) 16 11 7
Software, databases (types of intangible assets)
Etc.
Intangible assets with a fully repaid cost
Indicator As of December 31, 2012 (4) As of December 31, 2011 (2) As of December 31, 2010 (5)
Total - - -
including: Patents, licenses, know-how, copyrights,
(types of intangible assets)
Industrial designs and models (types of intangible assets)
Software, databases (types of intangible assets)
Etc.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.3 R&D costs Non-current assets on separate sub-accounts of account 08 "Fixed assets" include performed
scientific research and experimental design activities. Separate subaccounts of account 04 "Intangible assets" include performed scientific research and experimental design activities, finished and used in the process of goods (works, services) production.
An accounting unit for R&D costs is an inventory item. An inventory item is considered as the sum of costs for performed works, the results of which are independently used in the process of goods (works, services) production or for administrative needs of the Corporation. The costs are deducted, using a straight-line method. Depreciable term of R&D costs is determined on the basis of the expected life of received R&D results. Expected usage term and amortization method for costs on each R&D subject shall be set by a Technical Commission on the use of R&D results, approved by the Project Manager.
R&D costs, not providing positive results, shall be deducted in other costs of a reporting period. A balance sheet reflects finished and used products for R&D production (works, services) in line
1120 "Results of research and development" Costs of performed scientific research and experimental design works are reflected in line 1170 "Other current assets".
Line 1120 "Research and development results" of a balance sheet shows total costs on elements, completed and used in R&D activities of the Corporation in the amount of 73 673 thousand roubles.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Presence and transfer of R&D results
Indicator Period
At the beginning of the year Changes for a period
At the end of a period
Proceeded
Excluded Part of the cost,
charged to expenses during
the period Initial cost
Part of the cost, charged to expenses
Initial cost Part of the cost,
charged to expenses
Initial cost Part of the cost,
charged to expenses
Research and development - total
For 2012 (1) 180 188 0 6 994 0 113 509 0 73 673 0
For 2011 (2) 277 562 0 67 532 0 164 906 0 180 188 0
including assets, created as a result of R&D,
performed on the basis of Corporation's own
funds
For 2012 (1) 178 049 0 5 224 0 111 450 0 71 823 0
For 2011 (2) 273 878 0 65 020 0 160 849 0 178 049 0
Assets, created as a result of R&D,
performed by means of trust financing
For 2012 (1) 2 139 0 1 770 0 2 059 0 1 850 0
For 2011 (2) 3 684 0 2512 0 4 057 0 2 139 0
etc
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Unfinished and unformed research and development operations for acquisition of intangible assets
Indicator Period At the beginning of the year
Changes for a period
At the end of a period costs for a period excluded as costs, not
giving a positive result accepted for accounting as intangible assets or R&D
Costs of unfinished research and development - total
For 2012 (1) 469 171 370 468 -3 613 -6 993 829 033
For 2011 (2) 288 978 247 725 0 -67 532 469 171
including: R&D performed, using
Corporation's own funds
For 2012 (1) 199 171 238 513 -3 613 -5 223 428 848
For 2011 (2) 157 741 106 450 0 -65 020 199 171
R&D performed, using trust funds For 2012 (1) 270 000 131 955 0 -1 770 400 185
For 2011 (2) 131 237 141 275 0 -2 512 270 000 Etc.
non-finished operations for acquisition of intangible assets -
total
For 2012 (1) 590 2 535 0 -2 534 591
For 2011 (2) 375 3 776 0 2 360 590
including: inventions For 2012 (1) 588 2 535 0 -2 534 589
For 2011 (2) 373 3 776 0 -3 561 588
industrial designs For 2012 (1) 2 0 0 0 2
For 2011 (2) 2 0 0 0 2
databases, software, licenses For 2012 (1) 0 0 0 0 0
For 2011 (2) 0 0 0 0 0
Etc.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.4 Fixed assets Fixed assets include assets, conforming to requirements of provisions on "Accounting of fixed assets"
(AR 6/01), approved by the Order of the Ministry of Finance of Russia No. 26n, dated March 30, 2001, approved in a prescribed manner from the moment of their commissioning. The accounting documentation includes fixed assets, shown at historical (replacement) cost net of an accumulated amortization period of their use. Revaluation of land plots, owned by the right of ownership of "RSC "Energiya" was carried out as of 31.12.2012.
Amortization of fixed assets, acquired and constructed before January 1, 2002, is based on uniform
amortization rates, approved by the Decree of the USSR Council of Ministers No. 1072 "On uniform norms of amortization for recovery of fixed assets within the National Economy of the USSR" dated October 22, 1990, and for acquired - beginning from January 1, 2002 - at rates, based on estimated useful life terms.
The useful life for fixed assets is established in accordance with the Classification of Fixed Assets
No. 1, approved by the Government of the Russian Federation, dated 01.01.2002 № 1. A linear method is used for amortization calculation. Assets with a life of more than 12 months are included in the inventory if their initial cost is not more
than 40 thousand roubles per unit. The corporation has fixed assets with the net value, amounted to 10,096,535 thousand rubles, on its
balance sheet as of 31.12.2012.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Fixed assets. Availability and movement of fixed assets
Indicator Period
At the beginning of the year Changes for a period
At the end of a period
Proceeded
Excluded
Charged, amortization
Revaluation
initial cost (3) accumulated amortization (6) initial cost (3)
accumulated amortization
(6) initial cost (3) accumulated
amortization (6) initial cost (3) accumulated amortization (6)
Fixed assets (excluding income-bearing investments in
tangible assets - total
For 2012 (1) 5 244 933 -2 404 091 1 233 826 -282 226 173 369 -305 070 6 435 794 0 12 632 327 -2 535 792
For 2011 (2) 4 796 522 -2 258 953 530 072 -81 661 66 831 -211 969 0 0 5 244 933 -2 404 091
including: buildings For 2012 (1) 2 908 186 -1 049 528 487 895 -89 463 22 078 -43 519 3 306 618 -1 070 969
For 2011 (2) 2 811 159 -1 016 395 100 813 -3 786 3 230 -36 363 2 908 186 -1 049 528
structures For 2012 (1) 235 031 -148 752 131 040 -4 850 4 850 -9 819 361 221 -153 721
For 2011 (2) 213 361 -145 194 25 297 -3 627 3 621 -7 179 235 031 -148 752
transfer devices For 2012 (1) 103 602 -55 855 121 180 -1 458 1 458 -5 585 223 324 -59 982
For 2011 (2) 80 205 -51 138 23 397 0 -3 515 103 602 -55 855
machinery and equipment For 2012 (1) 1 317 177 -836 779 363 220 -66 182 54 342 -166 950 1 614 215 -949 387
For 2011 (2) 1 166 849 -757 316 208 472 -58 144 43 926 -124 591 1 317 177 -836 779
means of transport For 2012 (1) 290 740 -165 921 79 295 -77 621 47 995 -72 511 292 414 -190 437
For 2011 (2) 277 537 -144 571 25 843 -12 640 12 609 -33 959 290 740 -165 921
industrial and household equipment
For 2012 (1) 164 408 -142 548 3 753 -42 550 42 544 -6 308 125 611 -106 312
For 2011 (2) 157 698 -139 977 10 107 -3 397 3 378 -5 949 164 408 -142 548
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Fixed assets. Availability and movement of fixed assets (continuation)
Indicator Period
At the beginning of the year Changes for a period At the end of a period
Excluded Charged,
amortization
Revaluation
initial cost (3) accumulated amortization (6) Proceeded initial cost (3) accumulated
amortization (6) initial cost (3) accumulated amortization (6) initial cost (3) accumulated
amortization (6)
Perennial plantings For 2012 (1) 82 -82 -72 72 0 10 -10
For 2011 (2) 105 -105 -23 23 82 -82
Land plots For 2012 (1) 221 081 0 47 065 6 435 794 6 703 940 0
For 2011 (2) 85 351 0 135 730 0 0 221 081 0
Other fixed assets
For 2012 (1) 4 626 -4 626 378 -30 30 -378 4 974 -4 974
For 2011 (2) 4 257 -4 257 413 -44 44 -413 4 626 -4 626
Accounted as a part of income-bearing investments
in tangible assets - total
For 2012 (1) 172 302 -2 163 160 073 0 0 -7 195 332 375 -9 358
For 2011 (2) 69 228 -433 103 074 0 0 -1 730 172 302 -2 163
including: property For 2012 (1) 172 302 -2 163 160 073 -7 195 332 375 -9 358
provided for commercial recruitment
For 2011 (2) 69 228 -433 103 074 0 -1 730 172 302 -2 163
Etc.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Changing of the value of fixed assets in result of completion of construction, further equipping, renovation and partial liquidation
Indicator For 20121 For 20112
Changing of the value of fixed assets objects in result of completion of construction, further equipping, renovation - total
374 288 82 941
including: buildings 290 695 42 208
structures 10 566 2 736 transfer devices 10 784 0
machinery and equipment 62 193 37 481
means of transport 0 516
industrial and household equipment 50 0 perennial plantings 0 0
land plots 0 0
other fixed assets 0 0
Changing of the value of fixed assets objects in result of partial liquidation – total:
-2 644 -1 000
including: buildings -1 000 -1 000
structures 0 0 transfer devices 0 0
machinery and equipment -723 0 means of transport 0 0
industrial and household equipment -921 0
perennial plantings 0 0
land plots 0 0
other fixed assets 0 0
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Other use of the fixed assets
Indicator As of December 31, 2012
(4) As of December 31, 2011
(2) As of December 31, 2010
(5)
Leased fixed assets on the balance 1 489 467 1 610 008 1 443 861
Leased fixed assets, outstanding the balance
Received rent fixed assets on the balance
Received rent fixed assets, outstanding the balance 768 368 612 505 60 122
Real estate, accepted and actually used in the process of state registration
Fixed assets, transferred for conservation
Other types of use of fixed assets (mortgage, etc.)
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.5 Non-finished construction Line 1190 "Other current assets" of the balance sheet describes:
Non-finished capital investments
Indicator Period At the beginning of the year
Changes for a period
At the end of a period costs for a period excluded
accepted for accounting as fixed assets or increased in terms of
the cost
Non-finished construction and non-finished operations on acquisition,
upgrading, etc. of fixed assets - total
For 2012 (1) 1 794 034 2 786 069 -1 350 139 -1 077 098 2 152 866
For 2011 (2) 457 693 2 932 293 -1 050 044 -545 908 1 794 034
including: Acquisition, construction and creation
of fixed assets
For 2012 (1) 1 601 399 2 353 331 -1 338 615 -719 285 1 896 830
For 2011 (2) 264 503 2 662 401 -993 191 -332 314 1 601 399
Modernization and reconstruction
For 2012 (1) 173 928 427 551 -5 339 -357 093 239 047
For 2011 (2) 2 333 249 460 0 -77 865 173 928
Acquisition of land plots
For 2012 (1) 2 511 787 0 -720 2 578
For 2011 (2) 153 530 16 110 -31 400 -135 729 2511
Other
For 2012 (1) 16 196 4 400 -6 185 0 14 411
For 2011 (2) 37 327 4 322 -25 453 0 16 196
Etc.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.6 Financial investments Investments with non-determined market values are accounted at their initial cost. The initial cost of
investments, purchased for a fee, is the amount of actual costs for their purchase, except for value added tax and other taxes payable.
Analytical accounting of investments is carried out in terms of groups and types of investment securities. Disposed investments, not having a market value, are stated at historical cost of each element.
Income and costs from financial investments are recorded in groups with other income and costs. Financial investments are stated net of impairment for objects of investments, shown the signs of
sustained reduction in their value (the reserve amount was 798,087 thousand roubles and 798,087 roubles as of December 31, 2012 and 2011, respectively).
Other spheres of use of financial investments
Indicator As of December 31, 2012
(4) As of December 31, 2011
(2) As of December 31, 2010 (5)
Pledged financial investments - total 0 48 125
including: promissory notes 0 48 125
Etc. Investments, transferred to persons
(other than sale) - total
including: promissory notes
Etc. Other types of use of financial
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Presence and transfer of financial investments
Indicator Period
At the beginning of the year Changes for a period At the end of a period
Proceeded
Excluded accrual of interest
(including bringing initial cost to a nominal level)
Current market value (impairment losses) Initial cost
cumulative adjustment 7
Initial cost cumulative
adjustment 7 Initial cost
cumulative adjustment 7
Long-term - total For 2012 (1) 1 045 757 798 087 6416 -36 0 1 052 137 798 087
For 2011 (2) 1 045 761 797 331 9 363 -9 367 9 363 1 045 757 798 087
including: stocks and shares of
subsidiaries
For 2012 (1) 118 890 0 6416 125 306 0
For 2011 (2) 128 253 9 363 -9 363 9 363 118 890 0
Stocks and shares of affiliates For 2012 (1) 39 616 10 119 -10 39 606 10 119
For 2011 (2) 30 253 0 9 363 0 39 616 10 119
Other For 2012 (1) 887 251 787 968 -26 887 225 787 968
For 2011 (2) 887 255 787 968 -4 887 251 787 968
Short-term - total For 2012 (1) 3 773 693 0 1 070 014 -1 421 022 30 3 422 715
For 2011 (2) 1 736 834 0 23 347 086 -21 310 227 3 773 693
including: Debt securities (bonds, notes)
For 2012 (1) 2 726 125 -686 496 2 039 629
For 2011 (2) 5 411 000 -2 684 875 2 726 125
Provided loans
For 2012 (1) 989 561 1 068 493 -685 521 1 372 533
For 2011 (2) 844 005 2 027 509 -1 881 953 989 561
Other For 2012 (1) 58 007 1 521 -49 005 30 10 553
For 2011 (2) 892 829 15 908 577 -16 743 399 58 007
etc.
Financial investments - total For 2012 (1) 4 819 450 798 087 1 076 430 -1 421 058 0 4 474 852 798 087
For 2011 (2) 2 782 595 797 331 23 356 449 -21 319 594 9 363 4 819 450 798 082
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.7 Stocks
Stocks shall be accounted at their actual cost (in the amount of actual costs of their acquisition). Evaluation of exclusion cost for stocks is carried at the average cost. A way to calculate an average value is
connected with planned evaluation, performed at the end of a month. The Corporation does not have stocks, become obsolete or wholly or partially lost their initial value, or stocks
with decreased current market value on its balance as of December 31, 2012. Therefore, the reserve for impairment of tangible assets was not created by the Corporation as of 31 December 2012. 3.8 Costs, non-finished production and finished goods
Non-finished production is assessed on the basis of total actual costs, including the appropriate proportion of general costs.
General costs are allocated to orders monthly in proportion to values of elements, included in the section "Labor costs", direct production costs, other costs, connected with provision of Corporation assets for temporary use and costs of planned projects for a reporting month. 3.9 Prepaid costs
Costs, incurred by the Corporation during the reporting period, but related to future periods are accounted as prepaid costs. The structure of prepaid costs includes:
Costs for obtaining licenses for certain activities; Costs for non-exclusive rights to use software products; Costs, connected with the organization of construction works. These costs are charged uniformly by appointment or by special calculations for periods to which they relate.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Stocks
Availability and transfer of stocks
Indicator Period
At the beginning of the year Changes for a period
At the end of a period
Income and costs
Excluded
impairment losses
stock turnover between their groups (types) cost value
impairment reserve value
cost value impairment
reserve value cost value
impairment reserve value
Stocks - total For 2012 (1) 9 983 696 0 27 564 424 -21 223 239 0 X 16 324 881 0
For 2011 (2) 5125 734 0 24 165 195 -19 289 820 -17413 X 9 983 696 0
including: Raw materials and
supplies
For 2012 (1) 257 591 0 1 082 735 -641 557 698 769 0
For 2011 (2) 307 306 0 571 231 -605 190 -15 756 257 591 0
Non-finished production For 2012 (1) 9 559 880 0 26 022 561 -20 112 555 15 469 886 0
For 2011 (2) 4 810 469 0 23 014 459 -18 265 048 9 559 880 0
Prepaid costs For 2012 (1) 0 0 0
For 2011 (2) 0 0 0
Finished goods and goods for resale
For 2012 (1) 7 544 0 392 500 -389 934 10 110 0
For 2011 (2) 7 959 0 342 601 -341 359 -1657 7 544 0
Other For 2012 (1) 158 681 0 66 628 -79 193 146 116 0
For 2011 (2) 0 236 904 -78 223 158 681 0
Etc.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Pledged stocks
Indicator As of December 31, 2012 (4) As of December 31, 2011 (2) As of December 31, 2010 (5)
Stocks, not paid at the reporting date - total .
including: pledge agreements
Etc.
Stocks, pledged under a corresponding agreement - total 0 974 875 1 348 625
including: Raw materials and supplies
Non-finished production 0 974 875 1 348 625
Finished goods and goods for resale
Other
Etc.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.10 Trade receivables
Trade receivables are determined on the basis of prices, set by agreements between the Corporation and purchasers (customers), including VAT.
Line 1230 "Receivables" of the balance sheet includes receivables (net of reserves for doubtful debts) in the amount of 1,115,986 roubles as of 31.12.2012.
Accounts receivable include advances for future settlements, paid to other organizations in accordance with contractual terms. The amount of advances is 18,113,512 thousand roubles as of December 31, 2012. 3.11 Cash resources
In accordance with the Order of the Ministry of Finance No. 66n "On forms of accounting in organizations", dated 02.07.2010, and P.18. AR 23 "Statement of Cash Flows", indicators of cash flows of an organization shall be reflected, using the Russian currency - roubles. Cash flow values, indicated in a foreign currency, shall be converted into roubles at an official exchange rate of foreign currencies, established by the Central Bank of the Russian Federation on the date of payment or payment receipt.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Receivables and payables. Availability and flow of receivables.
Indicator Period
At the beginning of the year Changes for a period
At the end of a period Proceeded Excluded
transfer from long-term to
short-term debt accounted in
terms of a contract
reserve value for doubtful
debts
in result of transactions (debt for a transaction, operation)8
interest, penalties and other charges to be received
repayment cancellation
for a financial result8
reserve recovery
accounted in terms of a contract
reserve value for doubtful
debts
Long-term receivables - total For 2012 (1) 3 327 562 0 1 742 191 -737 127 0 2 396 -2 582 324 1 752 698 0
For 2011 (2) 1 379 118 -50 830 3 322 093 -137 610 0 50 830 -1 182 849 3 327 562 0
including: Buyers and customers
For 2012 (1) 0 0 6 440 0 2 396 0 8 836 0
For 2011 (2) 56 670 -50 830 8 -3 488 0 50 830 -53 190 0 0
Advances, issued For 2012 (1) 3 317 252 0 1 735 751 -734 928 0 -2 582 324 1 735 751 0
For 2011 (2) 1 308 206 0 3 322 085 -130 190 0 -1 182 849 3 317 252 0
Other debtors For 2012 (1) 10310 0 -2 199 0 0 8 111 0
For 2011 (2) 14 242 0 -3 932 0 0 10 310 0
Etc.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Receivables and payables. Availability and flow of receivables (continuation)
Indicator Period
At the beginning of the year Changes for a period
At the end of a period Proceeded Excluded
transfer from long-term to
short-term debt accounted in
terms of a contract
reserve value for doubtful
debts
in result of transactions (debt for a transaction, operation)8
interest, penalties and other charges to be received
repayment cancellation
for a financial result8
reserve recovery
accounted in terms of a contract
reserve value for doubtful
debts
Short-term receivables - total For 2012 (1) 10 908 107 -144 057 13 989 291 -9 270 725 -325 144 057 2 582 324 18 208 672 0
For 2011 (2) 10 896 917 -272 375 8 130 149 -8 170 047 -2 102 272 375 10 908 107 -144 057
including: Buyers and customers
For 2012 (1) 336 116 -73 096 1 067 874 -296 840 73 096 1 107 150 0
For 2011 (2) 459 823 -272 375 276 572 -453 467 -2 272 375 53 190 336 116 -73 096
Advances, issued For 2012 (1) 10 061 152 0 12 361 923 -8 627 326 -312 2 582 324 16 377 761 0
For 2011 (2) 9 892 468 0 7 343 606 -7 174 900 -22 10 061 152 0
Other debtors For 2012 (1) 510 839 -70 961 559 494 -346 559 -13 70 961 723 761
For 2011 (2) 544 626 0 509 971 -541 680 -2 078 510 839 -70 961
Etc.
For 2012 (1) 14 288 859 -197 247 15 731 482 -10 058 646 -325 146 453 X 19 961 370 0
For 2011 (2) 12 276 035 -323 205 11 452 242 -8 307 657 -2 102 323 205 X 12 276 035 -197 247
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Overdue receivables
Indicator
As of December 31, 2012 (4) As of December 31, 2011 (2) As of December 31, 2010 (5)
accounted under the terms of a
contract balance value
accounted under the terms of a
contract balance value
accounted under the terms of a
contract balance value
Total 333 910 333 910 205 004 60 947 169 882 119 096
including: Buyers and customers 333 711 333 711 134 043 60 947 169 882 119 096
Advances, issued
Other debtors 199 199 70 961
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.12 Capital and reserves
The value of the share capital is 1,123,734 roubles and it was not changed in 2012. According to a decision of the general meeting of shareholders, dividends in the amount of 314,645.5 thousand
roubles are accrued on the basis of results of the Corporation for 2011. The Corporation charter provides establishment of a reserve fund in the amount of not less than 5% of an
authorized capital. The fund is formed by compulsory annual deductions, amounting to at least 5% of net profit. 3.13 Long-term liabilities
Line 1410 of the balance sheet ("Borrowings" section) shows total bank loans with maturities of more than 365 days as of 31.12.2012. 3.14 Credits and loans
Costs on received loans and credits are recognized as costs of a period in which they are incurred (current costs) and are included in other costs.
Additional costs, incurred in connection with loans and credits, are included in other costs as incurred. Interest on loans is accrued evenly (monthly) and is recognized as other costs in accounting periods to which
these accruals refer. The Corporation transfers long-term debts on received loans and credits to short at the moment when the terms
of a contract provide principal repayment within 365 days. Line 1510 "Borrowings" reflects receivables of the Corporation under loan agreements, signed with banks,
with maturity of less than 365 days as of 31.12.2012.
iii¡;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Availability and flow of accounts payable
Indicator Period At the beginning of the year
Changes for a period
At the end of a period
Proceeded Excluded transfer from long-term to short-term
debt
as a result of transactions (transaction,
operation debt)
interest, penalties and other charges to be received 9
repayment cancellation for a financial result9
Long-term receivables - total
For 2012 (1) - - - 0 0 0
For 2011 (2) - - - 0 0 0 -
including: Credits and loans
For 2012 (1) - - - 0 0 0 -
For 2011 (2) - - - 0 0 0 -
Other For 2012 (1) - - - 0 0 0 -
For 2011 (2) - - - 0 0 0 -
Short-term receivables - total
For 2012 (1) 27 208 174 26 854 505 -12 781 109 -1 143 41 280 427
For 2011 (2) 19 556 779 19 772 578 0 -12 121 023 -160 27 208 174
including: Buyers and customers
For 2012 (1) 2 063 781 2 156 059 -2 049 742 -1 075 2 169 023
For 2011 (2) 1 809 169 2 060 039 -1 805 360 -67 2 063 781
Advances, issued For 2012 (1) 24 601 436 24 024 448 -10 194 224 0 38 431 660
For 2011 (2) 17 170 927 17 173 617 -9 743 108 0 24 601 436
Other debtors For 2012 (1) 542 957 673 998 -537 143 -68 679 744
For 2011 (2) 576 683 538 922 -572 555 -93 542 957
Total For 2012 (1) 27 208 174 26 854 505 -12 781 109 -1 143 X 41 280 427
For 2011 (2) 19 556 779 19 772 578 -12 121 023 -160 X 27 208 174
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Overdue accounts payable
Indicator As of December 31,
2012 (4) As of December 31,
2011 (2) As of December 31,
2010 (5)
Total 141 084 143 312 287 740 including:
Buyers and customers 141 084 143 312 287 740
Other
Etc. 3.15 Taxation Value-added tax A value added tax (VAT) for goods, products, works and services is calculated on the date of actual shipment (delivery) of such goods, products, works and services. Income tax For purposes of income tax calculation revenues are recognized in a reporting (tax) period in which they occurred, regardless of the actual receipt of cash or other assets (works, services) and (or) property rights (accrual basis). The income tax, determined on the basis of accounting profit (conditional costs on the income tax) amounted to 218,980 thousand roubles and 333,870 thousand roubles in 2012 and 2011, respectively. Current income tax is recognized in line 2410 "Report on financial results". It amounted to 345,739 thousand roubles in 2012 and 446,291 thousand roubles in 2011. 3.16 Deferred taxes The Corporation reflects deferred tax assets and liabilities, permanent tax assets and liabilities in accounting and reporting documents, i.e. amounts which can influence a value of the income tax in current and / or future reporting periods. Permanent differences Permanent differences in Corporation accounting resulted from the excess of actual costs, taken into account in the process of formation of accounting profit (loss) over costs, deductible for tax purposes, imposing restrictions on costs and other differences. The sum of permanent tax liabilities (asset), calculated on the basis of temporary differences, is recorded in line 2421 "Report on financial results" and amounted to 145,330 thousand roubles in 2012 and 117,038 roubles in 2011 (recorded in line 2421 "Report on financial results").
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Deductible temporary differences Deductible temporary differences amounted to 1423.35 thousand roubles in 2012, resulted due to differences in: - recognition of targeted funding for accounting and tax purposes; - recognition of OPH losses in accounting and taxation; - recognition of other income and costs for accounting and tax purposes. Changes in deferred tax assets are reflected in line 2450 "Report on financial results" with a total of 28,427 thousand roubles for 2012 and 33,493 thousand roubles for 2011. Taxable temporary differences Taxable temporary differences amounted to 164,990 thousand roubles in 2012, resulted due to differences in: - assessment of non-finished production in accounting and taxation; - recognition of R&D costs in accounting and taxation; - amortization of fixed assets in accounting and taxation; - recognition of other income and costs in accounting and taxation. Changes in deferred tax liabilities are reflected in line 2430 "Report on financial results" with a total of 32,998 thousand roubles in 2012 and 20,110 thousand roubles in 2011. 3.17 Prepaid income Line 1530 "Prepaid income" of the balance sheet reflects the amount of target funding of 411,939 thousand roubles as of 31.12.2012. 3.18 Recognition of income (revenue) Revenue from service rendering (works rendering) is recognized as services are provided to customers and payment documents are submitted to them (or at the end of works performance). It is reflected in financial statements net of the value added tax, excises and similar payments. Accounting documents of the Corporation recognize revenue from works performance, rendering of services, selling of products with a long manufacturing cycle on completion of such works, services, products manufacture in general. Other types of income of the Corporation can include:
• income, related to provision of assets of the Corporation for temporary use; • income, related to provision of rights arising from patents on inventions, industrial designs and other
intellectual property of the Corporation for a corresponding payment;
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
• income, related to participation in the authorized capital of other organizations; • income from the sale of fixed assets, stocks, investments, foreign currency; • interest, received from granting of funds of the Corporation for use; • difference between the original and nominal value of securities.
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.19 Production costs
Indicator Line code For 2012 For 2011
Material costs 5610 19 191 099 17 178 709 Costs for salaries 5620 4 699 430 4 146 940
Social benefit costs 5630 1 197 998 1 053 174 Amortization 5640 260 513 212 753 Other costs 5650 10 967 622 10 635 926
Total, for elements 5660 36 316 662 33 227 502 Change in balances (increase [-1-], decrease [-]): non finished
production 5670 +5 910 006 +4 833 861
Finished products 5680 +2 566 -415 Other - -
Total costs from ordinary activities 5600 36 316 662 33 227 502
Acquisition (production) costs and costs for use of energy resources
Thousand roubles
Type of energy resource
Total costs for 2012 2011
Acquisition (production)
Use Acquisition (production)
Use
For production purposes
For other purposes
For production purposes
For other purposes
Energy, including 182 823.0 161 417.4 21 405.6 171 369.7 150 839.0 20 530.7
-electric 73 100.2 65 263.8 7 836.4 67 091.0 59 898.8 7 192.2
-thermal 89 279.4 76716.0 12 563.4 89 685.3 77 064.8 12 620.5
-other 20 443.4 19 437.6 1 005.8 14 593.4 13 875.4 718.0
FUEL, including 26 800.0 26 800.0 0.0 21 249.5 21 249.5 0.0
-liquid: 26 800.0 26 800.0 0.0 21 249.5 21 249.5 0.0
-solid: 0.0 0.0 0.0 0.0 0.0 0.0
-gaseous: 0.0 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0
Total 209 623.0 188 217.4 21 405.6 192 619.2 172 088.5 20 530.7
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.20 Other income and costs
Thousand roubles
Other income / costs 2012 2011
Income Costs Income Costs
Income and costs, connected with provision of assets of the Corporation for temporary use 246 698 158 487 243 946 101 941
Gains and losses of previous years, identified in the reporting year 158 051 178 065 867 74 256
Exchange and value differences 234 054 320 250 272 741 234 580
Additional costs for the Corporation staff (premium, material aid sums, etc.) - 278 860 - 173 615
Costs for works and services on terminated or non-concluded agreements, performed at the expense of
the Corporation - 4 261 - 48 182
Bank services - 26 599 - 20 511 Sale of fixed assets 5 932 30 817 684 1 253 Sale of other assets 2 474 132 2 487 574 4 236 509 4 239 809
Costs, associated with obtaining of loans and credits - 23 796 - 19 255
Reserves for doubtful debts - - . 144 057
Reserves for impairment of financial investments - - 756
Fines, penalties, taxes and charges, carried out at the own expense of the Corporation - 796 - 338
Income from recovery of unused reserves for doubtful debts 93 258 - 323 205 -
Saves on investment projects 499 209 - 326 720 -
Other income (costs) 146012 536 356 101 150 536 744
Total, other income / costs 3 857 346 4 045 861 5 505 822 5 600 410
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
3.21 Profit per share The amount of basic profit per share is 0.675 thousand roubles. Basic profit in the amount of
758,891 thousand roubles is used for the calculation together with the weighted average number of ordinary shares in the amount of 1,123,734. The number of ordinary shares was not changed during 2012.
The statement of financial results does not show diluted earnings per share, as the Corporation does not have any convertible securities and contracts of sale/purchase of ordinary shares from their issuer on its balance.
3.22 Securing of liabilities
Indicator As of December 31,
2012 (4) As of December 31, 2011
(2) As of December 31,
2010 (5)
Received - total 23 818 754 130 015 0
including: Deposit
Contract of bank guarantees, surety agreement 23 818 754 130 015
Etc.
Issued - total 3 507154 4 554 862 1348625
including: Deposit 1 023 000 1 348 625
Surety agreement 3 507 154 3 531 862
Etc.
3.23 Related parties
Subsidiaries and affiliates List of subsidiaries of "RSC" Energiya"
Name Place of registration of the company / location
Value of the share capital of the company
Corporation equity interest as
of 31.12.2012
Corporation equity interest as of
31.12.2012 (%)
Income from participation in 2012, th.
roub.
1 2 3 4 5 6
CJSC "ZEM RSC "Energiya"
Mosc. oblast Korolev, Lenina st. 4a
40 000 th. roub. 40 000 th. roub. 100 27 290,8
CJSC "VKB RSC "Energiya" Samara, Zemetsa st. 26 "B" 10 000 th.
roub. 10 000 th. roub. 100 —
CJSC "PO "Kosmos" Moscow, Borovskoe Highway 200 th. roub. 200 th. roub. 100 —
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Name Place of registration of the company / location
Value of the share capital of the company
Corporation equity interest on
31.12.2012
Corporation equity interest on
31.12.2012 (%)
Income from participation in 2012, th.
roub.
1 2 3 3
4 5 6
Vnukovo 3, bld. 1, pr. 1
LLC "IC "Razvitie" Mosc. oblast Korolev, Lenina st. 4a 6 150 th. roub. 6 150 th. roub. 100
—
LLC "RSC "Energiya Finance"
Mosc. oblast Korolev, Lenina st. 4a 500 th. roub. 500 th. roub. 100
—
CJSC "Teplo RSC "Energiya"
Mosc. oblast Korolev, Lenina st. 4a
50 000 th. roub. 50 000 th. roub. 100
—
CJSC "BELROSSAT" Minsk, P. Brovki 15, bld. 5, of. 416 25 000 $ 17 500 $ 70
—
LLC "OIME" Mosc. oblast Korolev, Lenina st. 4a
16 874.3 th. roub.
10 968.3 th. roub. 65
—
LLC "IPROVEN" RSC "Energiya"
Mosc. oblast Korolev, Lenina st. 4a 10 th. roub.. 5.1 th. roub.. 51
—
CJSC "Energiya-Telecom"
Mosc. oblast Korolev, Lenina st. 4a 1 000 th. roub. 501.0 th. roub. 50,1%
—
The corporation forms consolidated financial statements, combining financial statements of the Corporation and its subsidiaries, including information on affiliates.
All subsidiaries are incorporated in the Russian Federation.
List of affiliates of OJSC "RSC "Energiya"
Name Place of registration of the company / location
Value of the share capital of the company
Corporation equity interest on
31.12.2012
Corporation equity interest on 31.12.2012
(%)
Income from participation in 2012, th. roub.
1 2 3 4 5 6
LLC "Experiment" Mosc. oblast Korolev, 20.225 th. roub. 10.0 th. roub. 49,48 44,2
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
Name Place of registration of the company / location
Value of the share capital of the company
Corporation equity interest on
31.12.2012
Corporation equity interest on 31.12.2012
(%)
Income from participation in 2012, th. roub.
1 2 3 4 5 6 Lenina st. 4a
OJSC "Consortium "Kosmicheskaya
Regata"
Mosc. oblast Korolev, Lenina st. 4a 100.0 th. roub. 30.0 th. roub. 30,0
OJSC "NPK "REKOD"
Moscow, 3-rd passage Maryina Roscha 40, corp.
6, building 1
110 867 th. roub. 29 457 th. roub. 26,57 242,9
CJSC "Astrasystems" Moscow, Barrikadnaya st. 8/5
3 000.0 th. roub. 756.0 th. roub. 25,2
JSC CRISP "Aelita" Almaty, Republic of
Kazakhstan, Furmanova st. 50
140 000 000 tenge
99 000 000 tenge 49,5
All affiliates are incorporated in the Russian Federation.
The Company's share in the charter capital of subsidiaries was not changed in the reporting year.
Operations with related parties The Corporation performed works and rendered services to the following related parties during the reporting
year: th. roubles
Name of an affiliate Nature of the relationship Sales volume (excluding VAT) in 2012
CJSC "ZEM RSC "Energiya" Provision of significant impact 183 822.9
CJSC "PO "Kosmos" Provision of significant impact 5 429.5
LLC "OIME" Provision of significant impact 3 088.2
CJSC "Teplo RSC "Energiya" Provision of significant impact 21 241.1
Total 213 581.7
The following affiliates provided services (completed works) for the Corporation during the year: th. roubles
Name of an affiliate Nature of the relationship Sales volume (excluding VAT) in 2012
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
CJSC "ZEM RSC "Energiya" Provision of significant impact 10 355 155.0
CJSC "Teplo RSC "Energia" Provision of significant impact 297 178.0
CJSC "VKB RSC "Energiya" Provision of significant impact 12 960.0
Total 10 665 293.0
As of December 31, 2012, the corporate debt for settlements with subsidiaries amounted to: th . roubles
Company name Accounts receivable Accounts payable
2012 2011 2012 2011 CJSC "ZEM RSC "Energiya" 13 510 208.7 10 056 410.0 376 707.2 377 282.0
LLC "OIME" 1 755.6 191.0 - 978,0 LLC "IPROVEN" 46.3 45.0 - -
LLC "IC "Razvitie" 7.3 - - - CJSC "PO "Kosmos" 90 985.2 112 360.0 16 820.2 2 414.0
CJSC "VKB RSC "Energiya" 104 516.1 79 866.0 - 3 627 LLC "RSC "Energiya Finance" 4D - - - CJSC "Teplo RSC "Energiya" 234 661.7 232 787.0 70 546.4 15 406.0
CJSC "Energiya-Telecom" - - 930.7 5 563.0
Prices for products, goods, works and services, provided to the Corporation by its subsidiaries and delivered by the Corporation to its subsidiaries, are set on the basis of contracts, concluded in accordance with market prices. The Corporation accounts with its subsidiaries in cash.
As of 31.12.2012 and 31.12.2011 the Corporate debt settlements with subsidiaries were as follows: th . roubles
Form of indebtedness December 31
2012 2011 Accounts receivable, including 13 942 185.0 465 004.5
- Noninterest-bearing loans - - - Noninterest-bearing notes - -
- Receivables, acquired under contracts of assignment - -
Accounts payable 465 004.5 405 270.0
The amount of interest, accrued in 2012 for loans, issued by the Corporation to its subsidiaries, amounted to 1 817.5 thousand roubles (CJSC "Teplo RSC "Energiya")
The amount of interest, accrued for loans, issued by the Corporation to its largest related organizations (LLC "Energiya Overseas", LLC "Energiya-Logistics") was 87 280.5 thousand roubles and 35 363.5 thousand roubles in 2012 and 2011, respectively.
The Corporation issued loans to its largest subsidiary and other organizations at rates, ranging from
OJSC «RSC Energiya»
Notes to the balance sheet and financial results for 2012.
7.0% to 12.0% and from 4.0% to 10.0% in 2012 and 2011, respectively. The amount of interest, accrued on the notes, issued by major related parties, amounted to 151
836.5 thousand roubles and 35 110.2 thousand roubles in 2012 and 2011, respectively. Remuneration of the President is approved by the Chairman of the Board of Directors of the
Corporation. Remuneration of members of the Board of Directors of the Corporation is approved by the General
Meeting of Shareholders.
3.24 Estimated liabilities
The balance sheet for 2011 contains line 1430 "Estimated liabilities" (in the amount of 312,255 roubles as of 31.12.2011), reflecting estimated liabilities for unused leaves; the amount, indicated in line 1540 "Estimated liabilities" in the balance sheet reflects estimated liabilities for 2012 as of 31.12.2012.
Estimated liabilities for unused leaves of employees of the Corporation is reflected in line 1540 "Estimated liabilities" of the balance sheet for 2012 as of 31.12.2012 in the amount of 307,795 thousand roubles.
Estimated liabilities
Indicator Balance at beginning of year Accepted Repaid Excluded as surplus
amount End period balance
Estimated liabilities - total 312 255 2 024 -6 484 0 307 795
Including: Estimated liabilities for leaves 0 0
Estimated liabilities for onerous contracts 0 0
Estimated liabilities for reorganization 0 0
Estimated liabilities for quality guarantees of sold products 0 0
Estimated liabilities for leaves 312 255 2 024 -6 484 307 795
3.25 Contingent assets and liabilities
The Corporation has no contingent assets and liabilities as of December 31, 2012.. 3.26 Events after the reporting date
The Corporation didn't face any events which are likely to have a significant impact on the financial condition, cash flows or results of operations of the Corporation in the period between the reporting date and the date of financial statements signature.
President: V.A. Lopota /signature/ Chief Accountant: E.M. Korogodina /signature/
Stamp: Open Joint Stock Company "Rocket and Space Corporation "Energiya", the Russian Federation, Korolev, Moscow Oblast, OJSC "RSC Energiya".
AUDITORS' REPORT
On accounting (financial) statements of "RSC "Energiya" for 2012, addressed to shareholders of "RSC "Energiya" and other users of statements
HLB PACC-Audit
Closed Joint Stock Company "H L B PACC-Audit"
Member of a self-controlled organization of auditors of the non-commercial partnership "Institute of Professional Auditors" (IPAR), certificate no. 34, included in the register of auditors and audit firms of the aforesaid organization of auditors on 28.12.2009 with a primary registration number 10302022506
The Certificate of State Registration of a Closed Joint Stock Company "H L B PACC-Audit" No. 549063, issued on November 13, 1995 by the Moscow Registration Chamber
Location: 109341, Moscow, Verhnie Polya st. 18, prem. 6
Postal address: 123610 Moscow, Krasnopresnenskaya nab. 12, ITC.
This report is addressed to shareholders of" RSC "Energiya" and other users of financial statements Information about an audited entity: Name Main state registration number Location Information about an auditor: Name Main state registration number Location Postal address Name of the a self-controlled organization of auditors Main registration number in a registry of audit organizations
OJSC «RSC «Energiya» 1025002032538 141070, Moscow oblast, Korolev, Lenina st. 4a CJSC "HLB PACC-Audit" 1027739402096 109341, Moscow, Verhnie Polya st. 18, prem. 6 123610 Moscow, Krasnopresnenskaya nab. 12, ITC NP "IPAR", certificate no. 34 10302022506, dated 28.12.2009
We have audited the accompanying financial statements of "RSC" Energiya" for 2012. The financial statements of "RSC" Energiya" for 2012 consist of: balance sheet as of 31.12.2012, report on financial results for 2012, statement of changes in equity for 2012 , statement of cash flows for 2012, notes to the balance sheet and the financial results report for 2012: Responsibility of an entity for financial statements Management of an audited entity is responsible for preparation and fair presentation of these financial statements in accordance with corresponding accounting standards and for internal control, necessary for preparation of financial statements, which are free from material misstatement, whether due to fraud or errors. Auditor's responsibility Our responsibility is to express an opinion on these financial statements on the basis of our audit. We conducted our audit in accordance with federal auditing standards. These standards require that we shall comply with ethical requirements and requirements towards planning and performance of the audit, used to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit procedure involves performance of measures, used to obtain audit evidence, proving indicators and disclosing information in financial statements. The choice of audit procedures is a part of the auditor's judgment, based on assessment of risks of material misstatement, whether due to fraud or errors. The process of risk assessment includes our consideration of a system of internal control, providing preparation and fair presentation of financial statements, made in order to perform appropriate audit procedures, but not for a purpose of expressing an opinion on effectiveness of internal control. The audit procedure also includes evaluation of appropriateness of used accounting policies and reasonableness of estimates made by the management, as well as evaluation of an overall presentation of financial statements as a whole. We believe that the audit evidence provides a reasonable basis for our opinion on aforesaid financial statements.
Opinion In our opinion, financial statements of "RSC "Energiya" present information on financial position of "RSC "Energiya" fairly, in all material respects as of December 31, 2012. Statements also provide results of operations and cash flows for 2012 in accordance with accounting standards of the Russian Federation. Director of a department of an audit company "HLB PACC-Audit" I.G. Marich /signature/ Stamp On the basis of the power of attorney No.5, dated January 18, 2012. Auditor qualification certificate No. 02-000108, dated 22.02.2012, unlimited term, member of the NP "MPAR", membership certificate No. 629, dated 15.04.2005, ORN No. 20002001681 March 28, 2013
OPEN JOINT STOCK COMPANY "ROCKET AND SPACE CORPORATION "ENERGIYA", NAMED AFTER S.P.KOROLEV
AUDIT COMMITTEE
Korolev, Moscow Oblast 11.04.2013
Members of the Audit Committee of "RSC "Energiya" are elected by the Annual General Meeting of Shareholders on 23 June 2012: Barinov S.A., Eliseeva L.V., Emelyanov V.S., Oreshkin O.A., Petrov M.N., Pleshakov O.Y., Polezhaev E.P., Solonin A.M., Tushunov D.Y., pursuant to authorities, set by the corresponding Federal Law "On Joint Stock Companies", charter of "RSC "Energiya" and the Regulations on the Audit Commission. All members audited financial and economic activities of "RSC" Energiya" for 2012. The audit was conducted in respect of annual reports of "RSC "Energiya" for the period from January 1, 2012 to December 31, 2012. The analysis was conducted on the basis of documents, accounting and tax records, registers and explanations, provided by the management of the Corporation. The analysis involved checks of information disclosure on financial and economic activities, evaluation and accounting practices, as well as rules for financial (accounting) statements and annual reports creation. Financial (accounting) statements and annual reports were checked in the process of such analysis. The Audit Commission used spot check methods for individual operations. All analysis results are set out in an explanatory note of the Audit Commission for activity of the OJSC "RSC "Energiya" in 2012.
CONCLUSION Based on the results of an audit of financial and economic activity of OJSC "RSC "Energiya", checking the results of activity for 2012, the Audit Commission concludes that:
1. Financial statements for 2012 present fair (in all material respects) financial position of "RSC "Energiya" and results of its operations for the period from January 01, 2012 to December 31, 2012;
2. Presented annual report of "RSC "Energiya" for 2012 contains reliable information in its essential provisions, the description of which is stipulated by the legislation of the Russian Federation;
3. Violations of the Federal Law "On Joint Stock Companies", charter of "RSC" Energiya", decisions of the General Meeting of Shareholders, Board of Directors, caused negative effects of "RSC" Energiya", were not detected.
Head of the Committee /signature/ S.А. Barinov