Management report
Balance sheet
Working capital
In 2010 net working capital decreased to RUB 10.8bn from RUB 12.5bn in 2009. This is mainly due to increases in inventories (up 21%) and trade receivables (up 26%) coupled with a strong increase in trade and other payables. Current restricted cash declined from RUB 551m reserved for the next principal and interest payments on bank loans in 2009 to RUB 37m held in compliance with regulatory requirements in 2010.
| 2010 | 2009 | 2008 | |||
|---|---|---|---|---|---|
| RUB m | % change | RUB m | % change | RUB m | |
| Inventories | 9,828 | 21% | 8,105 | (28%) | 11,183 |
| Including finished goods | 3,891 | 21% | 3,207 | (36%) | 4,988 |
| Trade receivables | 2,711 | 26% | 2,151 | (32%) | 3,184 |
| Prepayment, other receivables and other current assets | 7,523 | (1%) | 7,630 | (28%) | 10,613 |
| Subtotal | 20,062 | 12% | 17,886 | (28%) | 24,980 |
| Trade payables | 2,183 | 59% | 1,373 | (23%) | 1,794 |
| Other accounts payable and accrued expenses | 7,121 | 77% | 4,032 | (24%) | 5,300 |
| Subtotal | 9,304 | 72% | 5,405 | (24%) | 7,094 |
| Net working capital | 10,758 | (14%) | 12,481 | (30%) | 17,886 |
| Finished goods, days | 28 | 28 | 41 | ||
| Trade debtors, days | 10 | 11 | 10 | ||
| Trade creditors, days | 16 | 12 | 15 | ||
In 2010, we were able to keep finished goods days at 28, the same level as 2009. At the same time, we maintained tight sales terms with predominantly prepayment or letters of credit confirmed by a financial institution with a credit profile acceptable to us. Trade debtor days decreased slightly to 10 in 2010 from 11 a year earlier.
+143%
Increase in operating profit.