Inventory - Quarterly report "Interregional Distribution Grid Company of Centre", Joint-Stock Company

3.5. Inventory
Inventory was estimated in the sum of actual expenses for acquisition. Disposal of inventory for production was performed per a unit of the prime cost.
Reserve for the sum of decrease in the cost of the materials was not created by the Company.
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3.6. Expenses of future periods
Expenses taken by the Company in the reporting year but referring to the next reporting periods are reflected as the expenses of future periods. These expenses are being gradually written off according to their intended purpose within the periods they are related to.
Period over which expenses of future periods are written off is determined by the Company’s Director on the basis of expert opinion or other documentary evidence. Expenses of future periods are subject to writing-off gradually within the period they are related to.
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3.7. Debts of consumers and customers
Debts of consumers and customers is defined on the basis of prices fixed by the contracts concluded between the Company and consumers (customers) with account of all discounts (markups) granted by the Company and VAT. In the reporting period the Company did not render services under the conditions of commercial credit granted in the form of deferral of payment.
3.8. Credits and loans
The Company recognizes liability on received borrowed funds (on loans and credits) as separate kind of liabilities accounted on the independent accounts.
Indebtedness under credits and loans is divided into:
long-term and short-term:
- short-term indebtedness is considered to be the indebtedness under obtained loans and credits which payment period under the conditions of the contract does not exceed 12 months;
- long-term indebtedness is considered to be the indebtedness under obtained loans and credits which payment period under the conditions of the contract exceeds 12 months;
due payment and overdue payment:
- due payment is considered to be the indebtedness under obtained loans and credits which payment period under the conditions of the contract did not begin or is extended (prolonged) ordinarily;
- overdue payment is considered to be the indebtedness under obtained loans and credits with expired under the conditions of the contract period of payment.
In case of conclusion of additional agreements to the contract the due payment is changed into the overdue payment.
The Company takes into account the borrowed funds which are in its possession and which payment period under the contract of loan or credit exceeds 12 months before the expiry of mentioned period on the long-term indebtedness side.
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3.9. Inventory procedures
Inventory procedures of property and financial liabilities are performed under the existing Methodological Instructions No. 49 of the Ministry of Finance of the Russian Federation dated 13.06.95. Before drawing up of the annual report the Company performed inventory procedures of material valuables, fixed assets, incomplete construction, intangible assets as of 01.10.2009, monetary funds, securities, other financial investments, calculations of taxes and obligatory deductions to the budget, calculations with debtors and creditors, expenses of future periods, reserve of future expenses and payments as of 31.12.2009.
3.10. Revenue recognition
The Company divides the revenues into revenues from ordinary activities and other revenues.
Revenues from ordinary activities are the incomings connected with rendering of services, execution of work, as well as from the sale of production and goods to the outside organisations.
The Company recognizes to be the revenues from ordinary activities the following incomings:
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incomings from electric power transmission and transit services;
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incomings from technological connection to grid services,
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incomings from execution of other works and rendering of industrial nature services;
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incomings from execution of other works and rendering of nonindustrial nature services
All incomings not connected with execution of works and rendering of services in ordinary activities are the other revenues. Revenue is included for the accounting in amount calculated in monetary terms and equal to the amount of cash inflow and other property and (or) amount of accounts receivable.
Revenues earned (accrued) in the accounting period but relevant to the future accounting periods as well as forthcoming of shortfall indebtedness inflow discovered in the accounting period for past years and difference between the sum is to be collected from guilty persons and the value of assets included for the accounting at the discovery of shortfall and damage are recognized to be the revenues of future periods.
3.11. Order of recognition of expenses.
The Company divides the expenses into expenses for ordinary activities and other expenses.
expenses for ordinary activities are the expenses connected with rendering of services, execution of works.
expenses for ordinary activities are formed from operational costs (prime cost of services, of works, of production), management expenses.
expenses for ordinary activities at first instance are:
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expenses for electric power transmission and transit services;
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expenses for technological connection to grid services,
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expenses associated with execution of other works and rendering of industrial nature services;
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expenses associated with execution of other works and rendering of nonindustrial nature services
Management expenses are recognized in the prim cost of sold production, goods, works, and services in full in the reporting year as the expenses for ordinary activities.
3.12. Record keeping of calculations on income tax of organizations (RAS 18/02)
Amounts of current income tax are determined by the Company on the basis of data formed in accounting.
Sum of income tax determined by reference to book income (loss) and reflected in the accounting independent from sum of taxable income (loss) is provisional profits tax expense (income).
Provisional profits tax expense (income) equals to the amount determined as product of book income formed in the accounting period by income tax rate fixed by the tax and levy legislation of the Russian Federation and which is valid at the accounting date.
Provisional profits tax expense (income) is accounted in the accounting on independent provisional profits tax expense (income) subaccount to profit and loss ledger.
Income tax for the purposes of taxation determined by reference to the amount of contingent gain (loss) adjusted according to sums of permanent tax liabilities (asset), increase or reduction of deferred tax asset and deferred tax liabilities of the accounting period is recognized to be the current income tax.
If there are no permanent differences, deductible temporary differences and taxable temporary differences which result in creation of permanent tax liabilities (assets), deferred tax assets and deferred tax liabilities then provisional profits tax expense will be equal to current income tax. Herewith amount of current income tax should correspond to sum of calculated income tax reflected in income tax return;
Sum of additional payment (overpayment) of income tax due to recovery of errors (misstatements) in previous accounting (tax) periods not affecting on current income tax of the accounting period is reflected on separate item of profit and loss statement (next to item of current income tax).
Deferred tax assets and deferred tax liabilities are reflected by the Company in detail.
4. Disclosure of essential indicators
4.1. Intangible assets.
The following intangible assets are accounted in balance of the Company: trademark and program products.
Value and profile of intangible assets of the Company are presented by the following table:
No.
|
Name of groups
|
Initial cost
|
Accrued depreciation
|
Residual cost
|
|
As of 01.01.2010
|
|
|
|
1
|
Trademark
|
125
|
31
|
94
|
2
|
Program products
|
51 577
|
15993
|
35 584
|
|
Total of IA:
|
51 702
|
16 024
|
35 678
|
4.2. Fixed assets.
The Company accrued the depreciation in the amount of 4 017 241 thousand rubles for accounting period.
Value and profile of fixed assets in groups as of 31.12.2009 is presented by the following table:
No.
|
Name of groups
|
Replacement cost as of 31.12.09
|
Residual cost as of 31.12.09
|
As % of total
|
1
|
Plots of land
|
104 588
|
104 588
|
0.2
|
2
|
Buildings
|
6 331 342
|
6 006 365
|
11.3
|
3
|
Installations and transmission facilities
|
31 323 083
|
27 937 556
|
56.0
|
4
|
Material-working machinery and equipment
|
17 412 594
|
14 583 803
|
31.1
|
5
|
Transport
|
667 674
|
408 415
|
1.2
|
6
|
production and organizational inventory
|
119 004
|
64 347
|
0.2
|
|
Total
|
55 958 285
|
49 105 074
|
100.0
|
Fixed assets which initial cost equals 5 144 thousand Rubles and residual cost equals 4 714 thousand Rubles are not used temporary in production activity (laid-up) as of 31.12.2009. Depreciation on these objects is not accrued.
Leased fixed assets
Leased fixed assets in the total amount of 14 195 898 thousand Rubles are on the off-balance account of the Company. This value was calculated on the basis of value of property reflected in the lease contracts for the accounting period. Among leased fixed assets are buildings and constructions – 1 022 702 thousand Rubles, machinery and equipment, transport – 3 784 192 thousand Rubles and other (for the most part presented by plots of land under supports and transformers) – 9 389 004 thousand Rubles.
The Company took on financial lease the property in sum of 4 297 030 thousand Rubles. Among them 207 345 thousand Rubles are on the balance of the Company and 4 089 685 thousand Rubles are off the balance.
Coming lease payments
for the equipment which is on the off-balance account, thousand rubles
branch
|
|
2010
|
2011
|
2012
|
2013
|
2014
|
Belgorodenergo
|
|
480 831
|
282 877
|
151 799
|
67 940
|
0
|
Bryanskenergo
|
|
70 522
|
45 314
|
39 022
|
32 713
|
2 439
|
Voronezhenergo
|
|
78 883
|
67 794
|
58 380
|
48 940
|
3 649
|
Kostromaenergo
|
|
61 493
|
46 886
|
38 598
|
31 524
|
2 350
|
Kurskenergo
|
|
57 038
|
49 067
|
43 669
|
27 383
|
1 807
|
Lipetskenergo
|
|
110 173
|
94 101
|
80 242
|
37 620
|
2 685
|
Orelenergo
|
|
48 413
|
36 897
|
31 111
|
26 080
|
1 944
|
Smolenskenergo
|
|
84 575
|
63 527
|
54 486
|
36 972
|
2 597
|
Tambovenergo
|
|
54 613
|
42 784
|
37 043
|
27 715
|
2 011
|
Smolenskenergo
|
|
95 581
|
72 673
|
59 171
|
47 691
|
15 407
|
Yarenergo
|
|
130 004
|
102 539
|
63 897
|
41 458
|
3 078
|
total
|
|
1 272 125
|
904 458
|
657 418
|
426 036
|
37 966
|
Coming lease payments
for the equipment booked on balance, thousand Rubles
branch
|
|
2010
|
2011
|
2012
|
2013
|
Yarenergo
|
|
1 756
|
501
|
96
|
14
|
4.3. Financial investments.
Shares of associated Company Sanatorium-Preventorium “Energetik”, JSC in the amount of 15 355 thousand Rubles are booked on the balance of the Company according to line code 141.
shares of other organizations in the amount of 130 196 thousand Rubles are booked according to line code 143.
4.4 Assets and liabilities in foreign currency
In accounting period there were no payments in foreign currency.
4.5. Inventory (line code 210 of accounting balance-sheet)
Inventory is evaluated in the amount of actual expenses for acquisition, its amount at the end of the year equals 1 639 282 thousand Rubles, 21,74% of current assets or 2,7% of all assets of the Company.
4.6. Expenses of future periods
Expenses of future periods with payment period of more than one year in form 1 “Accounting balance-sheet” are presented in section і “Non-current assets” on line code 150 and expenses of future periods with payment period of less than one year are presented in section іі “Current assets” on line code 216.
thousand Rubles
Type of EFP
|
long-term
|
short-term
|
line code 150
|
line code 216
|
Licenses
|
37 034
|
32
|
Program products
|
1 140 416
|
49 556
|
Insurance
|
4 040
|
66 478
|
Expenses for vacation pay of next periods
|
0
|
6 784
|
Other EFP
|
46 100
|
14 018
|
Total
|
1 227 590
|
136 868
|
4.7. Accounts receivable (line code 230 and 240 of Accounting sheet-balance).
Profile of the accounts receivable is presented in the following table:
(thousand Rubles)
Detailed interpretation of other debtors is given in the Appendix No. 1.
Accounts payable (line code 520 and 620 of Accounting sheet-balance).
Profile of the accounts payable is presented in the following table:
(thousand Rubles)
Name
|
Line code
|
2008
|
2009
|
Accounts payable including:
|
520+620
|
7 116 524
|
6 685 100
|
Accounts payable (payments on which are expected more than within 12 months after accounting date including:
|
520
|
40 312
|
90 493
|
suppliers and contractors
|
521
|
9 585
|
9 585
|
other
|
523
|
30 727
|
80 908
|
accounts payable (payments on which are expected within 12 months after accounting date including:
|
620
|
7 076 212
|
6 594 607
|
suppliers and contractors
|
621
|
3 849 961
|
3 895 158
|
debt to personnel relating to labor payment
(current)
|
624
|
295 704
|
288 195
|
debt to governmental and extra-budgetary funds
including:
|
625
|
93 584
|
45 320
|
to Pension Fund of the Russian Federation
|
62501
|
71 590
|
34 961
|
to Compulsory Medical Insurance Fund
|
62502
|
15 608
|
7 448
|
to Social Insurance Fund
|
62503
|
6 386
|
2 881
|
taxes and levies payable to the budget
|
626
|
436 324
|
593 578
|
to federal budget
|
62601
|
348 939
|
529 107
|
budgets of constituent entities of the Russian Federation
|
62602
|
78 019
|
52 803
|
to local budgets
|
62603
|
9 366
|
11 668
|
advances received
|
627
|
2 182 860
|
1 640 726
|
other creditors
|
628
|
217 779
|
131 630
|
Detailed interpretation of other creditors is presented in Appendix No.2
The Company has unsettled accounts payable in the sum of 725 256 thousand Rubles which is declared by suppliers but not recognized by the Company. For indebtedness in the amount of 87 182 thousand Rubles the contingency reserve is formed taking into account estimation of its recovery probability. The reserve for other sums of indebtedness is not formed because the Company estimates its recovery probability to be the low one.
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