QUARTERLY REPORT Quarter 2 of 2012 - Холдинг МРСК

Changes in indicators describing the issuer’s liquidity calculated on the basis of its accounting (financial)
statements
Standard (rules) applicable to the accounting (financial) statements used for calculating such indicators:
Russian Accounting Standards
Unit of measurement for calculations of net working capital: rubles in thousands
Indicator Description 6 months of 2011 6 months of 2012
Net working capital 13,128,527 17,377,896
Current ratio 35.21 34.17
Quick ratio 34.51 33.06
Equity to total assets ratio 0.998 0.996
At the issuer’s sole discretion, additional information concerning changes in indicators describing the
issuer’s liquidity and calculated on the basis of its consolidated accounting (financial) statements included in the
quarterly report: No
All indicators are calculated in accordance with recommended calculation methods: Yes
Economic analysis of the issuer’s liquidity and solvency and the adequacy of the issuer’s equity for
settling short-term liabilities and covering current operating expenses based on the economic analysis of changes
in the above-mentioned indicators, describing the factors that are believed by the issuer’s management bodies to
have had the greatest effect on the issuer’s liquidity and solvency:
Liquidity indicators are intended to demonstrate the degree of the Company’s solvency with regard to its
short-term debt.
The Company’s net working capital in the 1st half of 2012 is equal to 17.4 billion rubles. The positive
value of this indicator means that the Company actually used its own resources to finance almost all of its
working capital, which proves the Company’s sufficient high solvency.
Overall, the liquidity indicators of the 1st half of 2012 show a satisfactory structure of the Company’s
balance sheet. The Company’s financial condition is stable. The difference between the liquidity indicators of the
1st half of 2012 and the indicators of the corresponding period in 2011 is minor.
The Company’s high liquidity indicators in the 1st half of 2012 are due to the fact that the value of
current assets is much higher than that of short-term liabilities:
– 18.6 billion rubles of current assets, including 4.6 billion rubles of short-term accounts receivable and
12.8 billion rubles of cash and financial investments;
– 523.9 million rubles of short-term liabilities, including 457.6 million rubles of accounts payable.
The issuer’s management bodies have different opinions about reasons or the degree of their influence on the
issuer’s financial and economic performance: No
A member of the issuer’s Board of Directors (Supervisory Board) or a member of the issuer’s collegial
executive body has a dissenting opinion about the above-mentioned reasons and/or the degree of their
influence on the issuer’s financial and economic performance, which opinion is contained in the minutes of a
meeting of the issuer’s Board of Directors (Supervisory Board) or the issuer’s collegial executive body that
dealt with the relevant issues, and insists that this opinion be included in the quarterly report: No
4.3. Financial Investments of the Issuer
As of the final date of the reporting quarter
List of financial investments of the issuer accounting for 5 percent or more of its total financial
investments as of the final date of the reporting period
Investments in issue-grade securities
53