Annual report 2011 - VTB

VTB BankNotes to the Consolidated Financial Statements – 31 December 2011 and 2010(in billions of Russian Roubles)13. Investments in Associates and Joint Ventures (continued)The following table contains the summarized aggregated financial information on the associates and joint ventures:31 December201131 December2010Assets 250.6 130.2Liabilities 193.9 97.9Net assets 56.7 32.3Revenue 57.0 32.5Net profit 1.2 0.2The unrecognized share of losses of associates for 2011 and cumulatively at 31 December 2011 was RUR 0.1 billionand RUR 0.2 billion, respectively (31 December 2010: RUR 0.1 billion and RUR 0.1 billion, respectively).14. Investment Securities Held-to-Maturity31 December201131 December2010Bonds of Russian companies and banks 32.8 32.6Russian municipal bonds 1.0 2.4Bonds of foreign governments 0.5 0.8Russian Federal loan bonds (OFZ) 0.1 –Bonds of foreign companies and banks – 0.4Total gross investment securities held-to-maturity 34.4 36.2Less: Allowance for impairment (Note 32) (2.0) (2.0)Total investment securities held-to-maturity 32.4 34.2Bonds of Russian companies and banks are mostly represented by debt securities issued by major Russian banks.15. Premises and EquipmentThe movements in property and equipment were as follows:PremisesEquipmentConstructionin progressEquipment inoperatingleaseNet book amount at 31 December 2010 61.1 15.1 3.1 33.9 113.2Cost or revalued amountOpening balance at 1 January 2011 62.3 28.2 3.1 35.0 128.6Effect of hyperinflation 0.7 0.6 0.2 – 1.5Acquisitions of subsidiaries (Note 42) 14.0 3.2 3.3 – 20.5Additions 4.5 6.8 7.8 21.7 40.8Transfer (7.8) (2.8) 0.3 3.2 (7.1)Disposals (1.0) (1.7) (3.9) (37.4) (44.0)Impairment – – (0.5) – (0.5)Translation difference (0.5) (0.6) (0.2) 0.3 (1.0)Closing balance at 31 December 2011 72.2 33.7 10.1 22.8 138.8Accumulated depreciationOpening balance at 1 January 2011 1.2 13.1 – 1.1 15.4Effect of hyperinflation – 0.3 – – 0.3Depreciation charge 1.8 4.8 – 1.9 8.5Disposals (0.2) (0.4) – (1.5) (2.1)Translation difference – (0.1) – – (0.1)Closing balance at 31 December 2011 2.8 17.7 – 1.5 22.0Net book amount at 31 December 2011 69.4 16.0 10.1 21.3 116.8Total32