Consolidated statement of financial position

as at 31 December 2010
(all amounts are presented in thousands of Russian Roubles,
unless otherwise stated)

	Note	31 December 2010	31 December 2009
ASSETS
Non-current assets:
Property, plant and equipment	7	73,121,566	56,382,417
Mineral rights	11	7,318,107	7,271,496
Goodwill	8	204,866	204,866
Intangible assets	9	814,523	427,457
Restricted cash	14	143,898	179,115
Available-for-sale investments	10	36,954,062	33,619,657
Available-for-sale investments pledged as collateral	10	909,269	–
Deferred income tax assets	28	969,064	1,328,848
Other non-current assets		–	247,893
Total non-current assets		120,435,355	99,661,749
Current assets:
Inventories	12	9,827,892	8,105,067
Trade receivables	13	2,710,818	2,151,240
Prepayments, other receivables and other current assets	13	7,523,132	7,630,102
Derivative financial assets	18	36,751	–
Restricted cash	14	37,461	551,086
Cash and cash equivalents	14	8,896,623	10,676,772
Total current assets		29,032,677	29,114,267
TOTAL ASSETS		149,468,032	128,776,016
LIABILITIES AND EQUITY
Equity:
Capital and reserves attributable to owners of the parent:
Share capital	15	6,800,000	6,800,000
Treasury shares	15	(7,760)	(7,760)
Retained earnings and other reserves		87,388,382	65,644,137
		94,180,622	72,436,377
Non-controlling interests		323,896	758,683
Total equity		94,504,518	73,195,060
Non-current liabilities:
Bank borrowings	16	11,464,834	26,556,324
Bonds issued	17	18,772,380	8,724,895
Deferred income tax liabilities	28	1,908,932	1,972,782
Other non-current liabilities and deferred credits		795,321	430,393
Total non-current liabilities		32,941,467	37,684,394
Current liabilities:
Bank borrowings	16	12,589,767	12,491,434
Derivative financial liabilities	18	127,981	–
Trade payables	20	2,182,951	1,373,488
Other accounts payable and accrued expenses	20	5,860,875	3,574,522
Income tax payable		682,050	108,465
Other taxes payable		578,423	348,653
Total current liabilities		22,022,047	17,896,562
Total liabilities		54,963,514	55,580,956
TOTAL LIABILITIES AND EQUITY		149,468,032	128,776,016

Approved on behalf of the Board of Directors 28 February 2011

D.S. Strezhnev

Chief Executive Officer

A.A. Ilyin

Chief Financial Officer

The accompanying notes are an integral part of these consolidated financial statements.