Financial statements

Transcription

Original in the Russian language
CJSC SSMO “LenSpecSMU”
Separate financial statements
As at 31 of December, 2006 together with independent auditor’s report
Company CJSC SSMO “LenSpecSMU”
separate financial statements
CONTENTS
Separate financial statements of CJSC SSMO “LenSpecSMU”
INDEPENDENT AUDITOR’S REPORT
Balance sheet ........................................................................................................................................................................1
Income statement ................................................................................................................................................................2
Statement of changes in equity ..........................................................................................................................................3
Statement of cash flows .....................................................................................................................................................4
Notes to the separate financial statements
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Principal activities....................................................................................................................................................5
Basis of preparation.................................................................................................................................................5
Significant accounting policies...............................................................................................................................6
Cash and cash equivalents ......................................................................................................................................8
Short-term financial assets......................................................................................................................................8
Accounts receivable.................................................................................................................................................9
Inventory ................................................................................................................................................................11
Other current assets ..............................................................................................................................................12
Property, plant and equipment, capital construction in progress and Intangible assets ..............................13
Long-term financial assets....................................................................................................................................14
Borrowings .............................................................................................................................................................14
Liabilities.................................................................................................................................................................15
Income taxes ..........................................................................................................................................................16
Share capital…………………………………………………………………………………………...16
Revenue ..................................................................................................................................................................17
Cost of sales ...........................................................................................................................................................17
Selling and administrative expenses ....................................................................................................................18
Other operating income and expenses ...............................................................................................................18
Related party transactions.....................................................................................................................................18
Events after the balance sheet date.....................................................................................................................19
INCOME STATEMENT
(Thousand Russian rubles)
2005
2006
Revenue
15
3 525 767
6 249 162
Cost of sales
16
(3 240 458)
(5 309 343)
285 309
939 819
Selling expenses
17
(36 204)
(87 026)
General and administrative expenses
17
(35 320)
(113 989)
(625)
(612)
202 384
(101 866)
415 544
636 326
Gross profit
Taxes, other than income tax
Other operating income/(expenses)
18
Operating profit
1 373
12 029
Interest to payment
(33 504)
(43 402)
Course difference
(16 544)
34 927
-
(2 317)
366 869
637 563
(105 218)
(184 912)
Interest income
Change of amortization cost of financial actives
Profit before income tax
Income tax
13
Net Profit
Base and watered profit on the share
261 651
452 651
1 308,26
2 263,26
The accompanying notes are the essential part of these separate financial statements.
2
STATEMENT OF CHANGES IN EQUITY
For the period ended 31 December 2006
‘000 RR
Share capital
Share premium
Retained earnings
Total
Balance at December 31, 2004
Errors of last years
The corrected balance at December 31,
2004
Net profit/(loss) for the period
Dividends
The corrected balance at December 31,
2005
Net profit/(loss) for the period
Dividends
200
1 037
72 063
(72 063)
234 005
71 026
306 268
-
1 237
-
305 031
306 268
-
-
261 651
(40 000)
261 651
(40 000)
1 237
-
526 682
527 919
-
-
452 651
(40 000)
452 651
(40 000)
Balance at December 31, 2006
1 237
-
939 333
940 570
3
Company SCJC SSMO “LenSpecSMU”
STATEMENT OF CASH FLOWS
Profit before income tax
Adjustments for net profit:
Depreciation
(Profit)/loss from assets sold
For period ended
December, 31 2005
366 869
For period ended
December, 31 2006
637 563
34 797
98 705
1 265
2 274
(15 338)
(54 105)
Foreign exchange (gain)/(loss)
16 544
(1 886)
Interest income
(1 373)
(12 029)
Interest expense
Income from participation in other organizations
33 504
43 402
(9 008)
(10 335)
9 203
131 384
401 666
736 268
Other income and expenses
Operating profit before changes in working capital
40 121
(129 098)
(2 928 891)
(745 547)
76 682
(71 262)
(Increase)/decrease in Accounts payable
1 559 915
294 976
Cash and cash equivalents from operating activities
(850 507)
85 337
(48 049)
(237 804)
Net cash and cash equivalents from operating activities
(898 556)
(152 467)
Acquisition of property, plant and equipment, intangible assets and construction in progress
(467 510)
-
13 644
14 183
(Increase)/decrease in Accounts receivables
(Increase)/decrease in Inventories
(Increase)/decrease in Other assets / liabilities
Income tax paid
Proceeds from selling of property, plant and equipment and intangible assets
Acquisition / selling of long-term investments, securities and other financial assets
-
529 613
11 143
10 335
(216 205)
(107 958)
1 071
12 029
Net cash from investment activities
(657 857)
458 202
Amounts borrowed
2 049 146
581 220
Repayment of amounts borrowed
(439 611)
(805 535)
Dividends paid to shareholders
(39 328)
(36 628)
Interest paid
(33 544)
(43 342)
1 536 663
(304 285)
(19 750)
1 450
24 101
4 351
4 351
5 801
Acquisition / repayment of deposits
Interest income received
Net cash from financial activity
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
4
NOTES TO THE SEPARATE FINANCIAL STATEMENTS
As at 31 of December, 2006
1.
Principal activities
The company CJSC SSMO “LenSpecSMU” specializes in mass house building under brick and monolith technology
in the field of higher comfort and business-class housing.
At present the share of the building market falling on the objects constructed by the Company constitutes around
7,1% of the whole building market of Saint-Petersburg. In 2006 CJSC SSMO “LenSpecSMU” constructed building
of total area of 168 637 sq. m.
The Company performs the whole cycle of investment and building process – from projecting of real estate to its
operation.
The company CJSC Specialized Building and Assembly Association “LenSpecSMU” was registered under the
Resolution of the Registration chamber of Saint-Petersburg dated 28.12.1995. The last edition of the Articles of
Association was registered by the Resolution of the Registration dated 16.03.2007.
CJSC SSMO “LenSpecSMU” has the following licenses:
•
Licenses to carry out activity on building construction.
•
License to carry out realty activity.
•
License to carry out activity on operation of underground constructions.
•
License to carry out activity on projecting of underground constructions.
•
License to carry out design of buildings.
The main office is located in Saint-Petersburg at the following address: Bogatyrskiy prospect, 2.
In 2006 259 employees on average worked for the Company.
2.
Basis of preparation
General
The accompanying separate financial statements have been prepared in accordance with the International Financial
Reporting Standards (“IFRS”) and is represented in thousand Russian rubles (“thousand rubles”). The Russian ruble
is utilized as measurement currency as the majority of the Company’s operations are expressed, measured or paid in
Russian rubles. Operations in other currencies are treated as transactions in foreign currencies.
Preparation of the separate financial statements requires from the head body certain estimates and assumptions in
respect of amounts stated in the statements. Such estimates are based on the information known at the date of the
separate financial statements. Actual results, therefore, may differ from such estimates.
The Company must maintain accounting records and prepare financial statements for the purposes of regulating
bodies in Russian rubles in accordance with the Russian Accounting Standards (RAS). The accompanying separate
financial statements have been prepared on the basis of official accounting registers with the necessary adjustments
and re-classifications of particular items to comply with the requirements of IFRS.
Correction of fundamental errors and classification change
At detection of errors by preparation of financial reports of one or several previous periods all corrections are
considered at calculation of net profit or the loss for earliest of the presented periods
In the separate financial reporting of the Company for the year which has ended on December, 31st, 2004 the sum
of the share capital it is reflected without inflation, an indicator of retained earnings it is erroneous declassed as the
issue income for the sum of 72 063 thousand rubles. Initial and comparative indicators of the individual financial
reporting of the Company for a year, ended on December, 31st, 2006, are prepared taking into account share capital
updating on an inflationary component at a rate of 1 037 thousand rubles and retained earnings.
Separate articles of the separate financial reporting for the previous period were declassed according to a format of
the data presentation, accepted in current year.
5
3.
Significant accounting policies
Cash and cash equivalents
Cash and cash equivalents are stated at fair value of cash inflows. Cash and cash equivalents include cash on hand,
cash in banks and highly liquid investments with maturity date up to ninety days from the date of issue not charged
with any agreed liabilities.
Accounts receivable
Accounts receivable represent amounts due from individuals and legal entities under settlements for not redeemed
flats.
Accounts receivable are stated at cost less provision for impairment. The amount of provision is recognized directly
in the income statement.
Taxes recoverable
Taxes recoverable comprise incoming value added tax (hereinafter – VAT) as well as debit balance for other taxes.
Inventories
For accounting of construction in progress the company CJSC SSMO “LenSpecSMU” applies IAS 2 “Inventories”.
This standard is used due to the inappropriateness of applying IAS 11 “Construction Contracts”.
Rejection to apply IAS 11 is caused by the fact that the principal activities of LenSpecSMU are those of investor and
customer-builder. The Company invests in and organizes construction and operation of typical housing. The
Company does not perform construction works under construction contracts.
Sales of construction objects are performed through execution of share participation agreements (SPA) with future
owners of housing (shareholders) or through executing agreements of preliminary sale (PSA).
Notwithstanding considerable differences in two schemes, risks associated with buildings being constructed are
transferred to shareholders (buyers) after commissioning of a house by the State commission and registration of
ownership rights over the housing being purchased by co-investors and shareholders. Till such moment housing and
premises (including garages) under construction are accounted in LenSpecSMU books as inventories, within
"Production in process".
Inventories are evaluated at the lower of cost and net realizable value.
The cost of inventories comprises all costs of purchase, production costs and other related cost included in cost of
finished goods.
Administrative expenses that do not contribute to bringing the inventories to their present condition as well as
selling costs are not included in the cost of the inventories.
Short-term investments
Investments are accounted for in accordance with IAS 32 “Financial Instruments: Disclosure and Presentation” and
IAS 39 “Financial Instruments: Recognition and Measurement”. The Company determines the corresponding
classification of investments at initial recognition and re-evaluates this designation at every reporting date if it is
required under IAS.
Short-term investments comprise shares in garage-building cooperative societies, bills of exchange of banks and
legal entities purchased for short-term financial investments and recognized at fair value. Changes in the fair value of
short-term investments are recognized in the income statement.
Long-term investments
Long-term investments comprise long-term bills of exchange, investments in other companies’ shares, shares in
garage-building cooperative societies, interests in garage-building cooperatives as well as loans given to legal entities.
Investments in shares and interests which do not have an active market are stated at cost. In case of permanent
diminution of long-term investments value, the carrying amount of such investments is adjusted accordingly.
Property, Plant and Equipment
Property, Plant and Equipment are stated at historical cost less accumulated depreciation and impairment losses..
6
At each reporting date the Company’s management assesses whether there is any indication that any asset of
Property, Plant and Equipment may be impaired. If any such indications exist, the Company estimates the
recoverable amount of the asset which is the higher of its net realizable value and value in use. Depreciation of
assets under construction and assets not commissioned for operation starts from the date when such assets are put
into operation. Depreciation is calculated using a straight line method based on the following estimated useful lives:
Years
Land
Buildings
Machinery and equipment
Other FA
Not applicable
25-30
3-5
5
The carrying amount of assets included in Property, Plant and Equipment is reviewed at each reporting date in order
to estimate whether their carrying amount is higher than their recoverable amount. In this case the carrying amount
is reduced to its recoverable amount. The impairment loss is recognized in the income statement of the current
accounting period within administrative and operating expenses.
Repair and reconstruction costs incurred for items of Property, Plant and Equipment are recognized in the income
statement as incurred within other administrative and operating expenses in case when they are not capitalized in the
structure of corresponding fixed asset value.
Obligations, liabilities, advance payments received
In 2005 in Russian Federation there was adopted the Federal Law “On participation in share Company in building
apartment houses and other real estate objects”.
This law reinforces control over building and sales of houses under scheme of executing share participation
agreements. Enterprises engaged in the field of construction and using share participation agreements, starting from
April, 2005 must:
- register each share participation agreement;
- define with high degree of accuracy the price of agreement and the order of its payment, warranty term of share
building, amounts of forfeit for breach of obligations by the parties etc;
Such conditions complicate execution of new share participation agreements.
Therefore, starting from April, 2005, LenSpecSMU started using new scheme for attracting finance for housing
construction – execution of preliminary sale agreements. For agreements executed before 01.04.2005 the former
scheme of share participation agreements is used.
In accordance with the agreement LenSpecSMU engages its subsidiary CJSC “CUN” as an agent responsible for
attraction of buyers and preliminary sale agreements execution.
At finishing construction LenSpecSMU acquires ownership right over the building constructed and, the buyer
having contributed 100% of prepayment, within 30 days executes sales agreement with such buyer and actually
passes over the objects constructed to him.
In accordance with the share participation agreements and preliminary sales agreements investors (shareholders,
future housing owners) invest in LenSpecSMU paying advances intended for housing building.
At finishing building, objects of building commissioning by the state commission, registration of ownership rights
for housing by the shareholders and passing over the objects of building to the respective owners there performed
writing-off of the deferred income and advances received to the financial result for each object.
Deferred taxes
Deferred taxes are calculated using the balance sheet liability method which is based on the concept of temporary
differences. Temporary differences are differences between carrying amounts of assets and liabilities recognized in
balance sheet and the amounts used for taxation purposes. In accordance with this method deferred taxes are
recognized for all temporary differences except for some particular cases. The amount of deferred tax assets and
deferred tax liabilities provided is based on the expected manner of realization or settlement of the carrying amount
of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. A deferred tax asset
7
is recognized only to the extent that it is probable that future taxable profits will be available against which the
unused tax losses and credits can be utilized.
Share capital
Share capital is stated at historical cost. Contributions to share capital in the form of assets other than cash are
recognized at fair value on the date of contribution. Profits and losses from sales of shares redeemed from
shareholders are attributed to or written-off from the additional paid-in capital account.
Ordinary dividends are recognized in equity in the period in which they are declared. Dividends declared after the
balance sheet date are disclosed in the section “Post-Balance sheet events” according to IAS 10 “Events after the
Balance sheet date”.
Incidental expenses
Incidental expenses are recognized in financial reporting only at occurrence of circumstances in which there may be
needed assets to regulate liabilities the amount of which can be evaluated with sufficient reliability. Incidental income
is not recognized in financial reporting but is disclosed when there appears probability of economical benefit receipt.
Recognition of operating income/expenses
The proceeds from sales of built housing and other operating income and expenses are recognized in the same
period. In accordance with IFRS 18 “Revenue” the revenue is recognized when substantially all risks are transferred
to customer; the amount of revenue can be measured reliably; the amount of related costs can be measured reliably;
it is probable that economic benefits will flow to the company.
All income received and expenses incurred are shown in these financial statements separately net of VAT.
Financial income and expenses
Interest income and interest expense are recognized using accrual concept and are calculated using effective interest
rate method.
4.
As at 31 of December 2006 cash and cash equivalents consist of the following items:
2005
Cash
Cash on hand
Current and settlement accounts
Cash equivalents
Others
TOTAL
5.
2006
3 251
822
2 429
1 100
1 100
4 351
5 151
1 894
3 257
650
650
5 801
Financial assets (short-term)
As at 31 of December, 2006 short-term financial assets include other items:
2005
2006
Held-to-maturity investments
15
116 550
Deposits
15
116 550
-
220 135
Available-for-sale financial assets
Loans given to legal entities
18 005
39 812
Loans given to affiliated companies
16 507
26 025
Loans given to other companies
TOTAL
1 498
13 787
18 020
376 497
The loans which have been given out to legal bodies, include the loan which has been given out to subsidiaries
company of Joint-Stock Company "ACTIV" (for the sum of 25 175 thousand rubles), the loan which has been given
8
out association to the company of LLC "Orgtechremstroy" (for the sum of 850 thousand rubles) and the loans
which have been given out to the external companies.
6.
Accounts receivable
As at 31 of December, 2006 accounts receivable of the Company consist of the following items:
2005
Accounts receivable (short-term)
2006
1 157 545
1 559 075
Accounts receivable for the principal activities
271 244
579 621
268 748
256 680
2 496
322 941
Advances to suppliers for the principal activities
105 348
735 997
Other accounts receivable and advances payment
784 858
325 026
Bad debt reserve
(16 993)
(89 474)
Taxes recoverable
13 088
7 905
13 088
1 459
-
6 446
528 930
167 024
1 686 475
1 726 099
Accounts receivable accompanied by bills of exchange
VAT recoverable
Other accounts receivable under taxes
Accounts receivable (long-term)
TOTAL
The major debtors for advances given are LLC “LenEnergo” (settlements for electricity), LLC “Medprofi”, CJSC
“Interservis – Garant”, LLC “SPbMontage”, LLC “Promis” – settlements for building and assembly and
architecture and planning works.
Other accounts receivable and advances given include settlements under rent agreements, settlements for flats
redeemed from individuals, settlements for shares in garage building cooperatives (GBC) and other settlements.
9
Considerable part of accounts receivable of CJSC SSMO LenSpecSMU falls on settlements with subsidiaries and
associated companies:
2005
2006
Accounts receivable (short-term)
Accounts receivable for principal activities
CJSC “SPb MFTC”
CJSC “LenSpecSMU – Reconstruction”
LLC “ORGTECHREMSTROY”
CJSC “Energy company “Teplogarant”
OJSC “SMU "Elektronstroy”
CJSC “CUN”
CJSC “Etalon-PozhStandart”
CJSC “AKTIV”
Advances given
CJSC “Etalon-PozhStandart”
Other accounts receivable and advances given
CJSC “CUN”
CJSC “SPb MFTC”
CJSC “LSO”
CJSC “AKTIV”
Accounts receivable (long-term)
CJSC “SPb MFTC”
Advances given
Other accounts receivable
CJSC “SPb MFTC”
108 588
2 052
1 631
11
47
54
232
77
5 767
5 642
125
100 769
79 097
90
139
18 680
365
2 398
458 818
458 818
458 818
-
224 480
137 912
8 736
111 772
17 404
4 100
4 100
82 468
31
135
214
363
11
81 714
15 403
722
722
14 549
14 549
132
47
85
TOTAL
567 406
239 883
10
7.
Inventories
As at 31 of December the inventories of the Company included the following items:
2005
2006
Raw materials
20 690
29 144
Construction
8 936
7 264
Scrap metal
121
-
Metal-roll (armature, angle bars, metal bars, etc.)
151
772
Wood Boards, Low density wood boards
-
1 821
Wood Boards, Low density wood boards
113
5
73
145
Special clothing
-
118
Inventories and utilities
6 454
2 978
Cement
1 907
-
107
65
Instruments
Sand
Concrete and reinforced concrete items
Others
10
1 360
6 626
20 616
991
-
Tare and tare materials
1 130
1
Spare parts
2 594
1 263
Fuel
413
-
1 060 979
1 206 211
16 445
5 651
Own flats
809 533
826 519
Built-in premises
231 169
370 309
-
3 732
Other raw materials
Finished products and goods for re-sale
Secondary market flats
Others
3 832
-
Construction in progress
4 699 895
5 291 756
Flats and built-in premises
3 863 630
4 933 769
836 265
357 987
5 781 564
6 527 111
Addition (hours, albums, vacuum cleaners and so forth)
Garages
TOTAL
In comparison with 2005 year cost value of stocks of raw materials and materials in 2006 has increased, article "Own
apartments" and "the Built in premises (uninhabited)", sold on the habitation market has slightly increased.
The volume of a construction in progress at the expense of article "apartments and the built in premises" has grown.
11
The construction in progress objects are situated at the following addresses:
2005
2006
Lanskoy block
17 921
18 503
Zhivoy rodnik (1, 2, 3 turn, infrastructure objects)
31 995
36 543
Zhivoy ruchey
-
113 719
Morscoy kaskad, morskoy fasad
-
4 747
395 575
1 102 435
1 025 365
64 267
Grazhdanka-City
V. O. Birzhevoy passage, 12
House on Serebrystiy
5 368
1 543
Infrastructure objects
95 803
74 233
House in Ozerki
Shuvalovskiy kvartal
Zolotaya Gavan’
7 156
7 650
-
61 571
1 515 932
1 774 541
HC Polezhaevskiy
-
114 588
The house in the street Rudnev
-
67 565
Ol’minskogo st.
House on Avangardnaya st.
House on Serebrystiy
8 101
2 615
252 672
12 204
5 368
-
88 597
310 185
Novoye sozvezdie
147 217
636 267
Other objects
TOTAL
266 560
530 593
3 863 630
4 933 769
Housing complex "Yuzhniy"
Object comparison for 2005 and 2006 shows that the largest objects of building during 2006 year were objects:
“Zolotaya Gavan” and “Grazhdanka - City”.
Flats redeemed for further re-sale (in particular – at the secondary market) for the amount of 5 651 thousand rubles
as well as built at Company’s own account or at account of saved assets of depositors for the amount of 826 519
thousand rubles are included in the structure of finished production and goods for re-sale reserves.
8.
Other current assets
2005
2006
Other current assets
6 375
-
Prepaid expenses
9 597
91 172
15 972
91 172
TOTAL Other assets, liabilities
Prepaid expenses have the following structure:
2005
Prepaid expenses
Subscription
Insurance
Staff training
2006
9 597
91 172
134
167
1 074
1 718
265
-
27
-
Marketing
-
71 339
Agency services in individual share contracts
-
17 899
8 097
49
Licenses
Others
12
9.
Property, Plant and Equipment, intangible assets and capital construction in progress objects
Property, Plant and Equipment flows during 2006 is as follows:
TOTAL
Cost as at 31 of December, 2005
Additions
Disposals
Cost as at 31 of December, 2006
Accumulated depreciation as at 31 of December, 2005
Depreciation accrued for the period
Depreciation on disposals
Accumulated depreciation as at 31 of December, 2006
Net book value as at 31 of December, 2005
Net book value as at 31 of December, 2006
575 550
70 058
(58 703)
586 905
(77 110)
(29 329)
14 972
(91 467)
498 440
495 438
Land plots
443 733
443 733
443 733
443 733
Buildings and
constructions
33 519
17 326
(30 519)
20 326
(216)
(3 406)
120
(3 502)
33 303
16 824
Machines and
equipment
71 941
29 414
(3 479)
97 876
(61 784)
(25 013)
2 547
(84 250)
10 157
13 626
Vehicles
3 205
(3 139)
66
(2 752)
(450)
3 139
(63)
453
3
Devices and
installations
15 794
45
(15 144)
695
(9 239)
(73)
9 123
(189)
6 555
506
Other FA
5 464
19 066
(322)
24 208
(3 119)
(387)
43
(3 463)
2 345
20 745
Construction in
progress
1 894
4 207
(6 100)
1
1 894
1
Intangible assets of the company constitute 640 thousand rubles and include software, trade marks. Intangible assets were not impaired.
13
Notes to financial statements
NOTES TO FINANCIAL STATEMENTS
10.
Financial assets (long-term)
As at 31 of December, 2006 financial assets are represented by long-term investments:
2005
Long-term financial investments
Long-term investments into the other companies
Financial investments available for sale
Loans given to legal entities
2006
378 758
366 913
7
11 838
379 716
366 896
431
12 389
Long-term investments are investments in the following subsidiaries and affiliates:
2006
CJSC “SPb MFTC”
CJSC “CUN”
CJSC “LSO”
OJCS “SMU” “Elektronstroy”
CJSC “Building materials factory “Etalon”
CJSC “AKTIV”
366 896
2 616
40
3
3
2
1 725
76
362 431
Long-term loans issued by CJSC SSMO “LenSpecSMU” for the amount of 12 389 include the loan issued to LLC
“Severnaya viysota and K” – 12 330 thousand rubles as well as loans issued to associated companies CJSC “LSO”
for the amount of 59 thousand rubles.
11.
Borrowings and loans
As at 31 of December, 2006, borrowings of LenSpecSMU can be represented as follows:
Total, borrowings
Balance at the beginning of the period (principal amount)
Received (principal amount)
Repaid (principal amount)
Exchange difference
Balance at the end of the period (principal amount)
Balance at the beginning of the period (interest)
Charged to expenses (interest)
Paid up (interest)
Balance at the end of the period (interest)
Balance at the end of the period (principal amount) in the following currencies
US dollars borrowings
Total, borrowings (principal amount) at the end of period at cost
Payables within 12 months after the balance sheet date (principal amount) at the end of the
period
Payables within 2 years after the balance sheet date (principal amount) at the end of the
period
Payables within 3 years after the balance sheet date (principal amount) at the end of the
period
Payables at the end of the period at the amortized (balance) cost
Investment
borrowings
540 862
581 220
(805 535)
(574)
315 973
29
43 313
(43 342)
315 973
315 973
315 973
540 862
581 220
(805 535)
(574)
315 973
29
43 313
(43 342)
315 973
315 973
315 973
186 898
186 898
64 564
64 564
64 511
64 511
298 596
298 596
The long-term loans is presented by the loans of Amsterdam Trading bank N.V. For the sum of 298 596 thousand
rubles, crediting it is carried out by transfer of money resources through Open Society "Alpha bank”.
14
Notes to financial statements
NOTES TO FINANCIAL STATEMENTS
12.
Liabilities
2005
2006
4 521 645
Short-term liabilities, including
6 806 630
812 816
571 579
Advance payments received on primary activity
2 509 813
6 093 295
Other short-term liabilities, including
Long-term liabilities
1 199 016
141 756
2 810 970
1 596 595
Advances received from the principal activities
2 810 970
851 029
-
745 566
7 332 615
8 403 225
Payables to suppliers and contractors
Accrued reserves
TOTAL
In 2005 of CJSC SSMO "LenSpecSMU" has passed to the new scheme of realization of the constructed habitation
and uninhabited premises - by the conclusion of contracts of preliminary purchase and sale. According to the new
scheme of CJSC "CUN" carries out search and attraction of potential buyers, and also from a name and at the
expense of CJSC SSMO "LenSpecSMU" concludes contracts of preliminary purchase and sale (PPS).
The means received by CJSC "CUN" from buyers of the future apartments and transferred by CJSC SSMO under
contracts of preliminary purchase and sale , are presented as advance payments received on primary activity
Along with contracts of preliminary purchase and sale in the Company the scheme of realization of habitation under
individual share contracts operates. The means received CJSC SSMO “LenSpecSMU” to shareholders under
contracts of individual share are presented as advance payments received on primary activity.
Write-off of advance payments received on primary activity on financial result occurs in process of delivery of
objects of building of the state commission.
Short-term liabilities in the amount of 571 579 thousand rubles include settlements for building and assembly works
with affiliated companies for the amount of 172 446 thousand rubles, with "Novator" company (building and
assembly works at objects "Lanskoy quarter", “Invigorating spring” and others) for the amount of 98 282 thousand
rubles as well as other settlements on building and assembly and other works performance and services provision
related with constructing houses and premises, for the amount of 300 851 thousand rubles.
2005
Other short-term liabilities, including
2006
1 199 016
141 756
Payables to personnel and accompanying liabilities
10 756
3 239
Short-term liability for taxes payable
77 511
59 696
Dividends payable
Other liabilities and accrual expenses
728
-
1 110 021
78 821
Other short-term liabilities in the amount of 78 821 thousand rubles include settlements with subsidiaries company
CJSC “CUN” for the amount of 60 537 thousand rubles.
The essential share of creditor debts of CJSC SSMO "LenSpecSMU" is necessary on calculations with subsidiaries
and assosiated the companies.
Liabilities, total,
including
CJSC “SPb MFTC”
CJSC “CUN”
CJSC “LSO”
OJCS “SMU” “Elektronstroy”
TOTAL
122 532
1 281 124
48 414
636
443
421
1 453 570
Liabilities for
settlements with
suppliers and
contractors
122 532
48 414
636
443
421
172 446
Advances
received on
primary activity
1 220 587
1 220 587
Other short-term
liabilities
60 537
60 537
15
statements
Notes
to
financial
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
13. Income taxes As at 31 of December the deferred tax assets and liabilities consist of the following items:
2005
Deferred tax assets
Financial investments
Accounts receivable
Inventories
Prepaid expenses
Property, Plant and Equipment and construction in progress
Intangible assets
Long –term loans given out
Reserves
Borrowings and loans received
Others
Deferred tax liabilities
Accounts receivable less doubtful debts reserve
Inventories
Intangible assets
Liabilities
Long-term borrowings and loans
Others
Total, net deferred assets (liabilities)
42 752
395
3 261
16 758
12 663
2 416
95
256
6 908
25 450
395
9 250
15 645
401
(241)
17 302
Movement
1 285 064
(395)
18 213
(16 758)
(8 339)
1 246 256
(95)
556
7 557
44 600
(6 531)
1 262 449
(395)
(9 250)
1 223 072
18
(401)
49 164
241
22 615
2006
1 327 816
21 474
4 324
1 248 672
556
7 557
44 856
377
1 287 899
1 238 717
18
49 164
39 917
Income tax expenses of the Company consist of the following items:
2005
2006
Current income tax
(97 290)
(207 527)
Deferred income tax
( 7 928)
22 615
TOTAL income tax
(105 218)
(184 912)
The Company files tax returns for different taxes including income tax. The applicable rate of corporate income tax
for Russian companies constitutes 24%.
14. Share capital For December, 31st, 2006 declared, registered and completely brought share capital of the Company consisted of
200 shares a nominal of 1 000 rubles for the action.
Shareholders of the company as of December, 31st, 2006 were:
Shareholder
Quantity of
shares
Participation
share, %
Nominal
The sum
corrected taking
into account
inflation
CJSC “The operating company - building
holding “Etalon – LenSpecSMU”
197
98,5%
197
1 218
Others
3
200
1,5%
100%
3
200
19
1 237
16
statements
Notes
to
financial
15.
Revenue
2005
Proceeds from sales
3 525 767
6 249 162
Construction
Commissioning of objects of building (houses)
3 525 767
6 206 294
3 346 010
5 197 121
Flats of the secondary market
Own flats
Built-in premises
16.
2006
2 038
14 755
99 623
749 864
846
222 920
Building and assembly works
23 364
5 283
Other sales
53 886
16 351
Rent
-
19 275
Other production, goods, services
-
23 593
Cost of sales
2005
Cost of sales
Objects of building commissioning (houses)
2006
3 240 458
5 309 343
3 103 153
4 554 905
Materials for inside furnishing
29 123
18 727
Own flats
-
376 339
Flats of the secondary market
-
11 597
Built-in premises
-
189 479
-
54 798
994
254
Sale of other kinds of works, services
Energy (electricity and heat)
Water
Wages and other payments to personnel
Depreciation
Goods for re-sale written-off to cost
Other costs
428
35
20 143
50 314
1 265
2 274
79 308
5 164
6 044
45 457
In 2006, as compared with 2005, the absolute value of proceeds and corresponding cost of sales decreased. The
indicator of total profit has increased practically in three kinds.
2005
Proceeds from sales
Cost of sales
Gross profit
15
16
3 525 767
(3 240 458)
285 309
2006
6 249 162
(5 309 343)
939 819
This fact evidences that in 2006 the profitability of objects commissioned was higher than in 2005.
17
statements
Notes
to
financial
17.
Selling and administrative expenses
Selling and administrative and operating expenses for 2006 included the following items:
2005
Selling expenses
Advertisement and marketing
Other
General and administrative expenses
Wages and other payments to personnel
Office and polygraph expenses
Business-trip expenses
Advisory, legal, audit and other professional services
Informational (subscription, satellite TV and other)
Insurance expenses
Communication services
Transport
Protection services
Representative expenses
Other
Total selling and administrative expenses
18.
2006
36 204
35 889
315
35 320
20 502
60
193
12 233
58
765
316
1 017
96
80
71 524
Other operating income and expenses
2005
Other operating income (expenses)
Bad debt reserve
Incomes (expenses) of realization of shares in GSCS
Services of social nature
Write off of accounts payable/accounts receivable
Income (expenses) from sale of assets
Current legislation cases reserve
Fees, fines, forfeits
Liquidation and write-off of assets
Other income
19.
87 026
72 532
14 494
113 989
88 419
94
290
5 660
631
1 111
8 908
114
8 762
201 015
2006
202 384
(7 249)
(2 662)
(2 247)
9 008
15 254
651
(1 870)
191 499
(101 866)
(72 481)
53 504
(13 594)
13 335
10 335
(4 074)
(1 571)
2 410
(89 730)
Related party transactions
Company performs production operations with the following subsidiaries:
Share of CJSC SSMO
“LenSpecSMU”
CJSC “SPb MFTC”
61%
OJSC “SMU” “Elektronstroy”
88%
CJSC “AKTIV”
CJSC “CUN”
100%
40%
In 2005, 2006 CJSC SSMO “LenSpecSMU” has acted as the guarantor under bonded loans (to a series 01,02) which
emitter is Joint-Stock Company "CUN". Total of placed securities - 2,5 million piece, face value of the bond - 1000
rubles (including in 2005 1 million piece, in 2006 1,5 million piece).
18
statements
Notes
to
financial
The Company also performs operations with the following associated companies:
Share of CJSC SSMO
“LenSpecSMU”
CJSC “Building materials factory “Etalon”
25%
25%
Operations with the connected parties are opened in corresponding sections of the separate financial reporting
20.
Events after the Balance sheet date
26.04.2007 years of Joint-Stock Company SSMO "LenSpecSMU" have represented itself as the borrower in the
scheme on release of credit notes for the sum of 100 million US dollars. Term of the reference of notes - 5 years
with the offer in two years. The rate - 9,75 % annual. As the technical emitter in the transaction company Golden
Ring Finance S.A has acted. (Luxembourg), guarantors - subsidiaries companies CJSC SSMO “LenSpecSMU”: CJSC
“SPb MFTC”, CJSC “Aktiv” and CJSC “CUN”. The organizer of release – OJSC AKB “ROSBANK” (Russia).
19

Financial statements

Transcription

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