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ALFA GROUP Combined Financial Statements for the Year Ended 31 December 2004

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ALFA GROUP Combined Financial Statements for the Year Ended 31 December 2004 ALFA GROUP COMBINED FINANCIAL STATEMENTS AND AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2004 ALFA GROUP Combined Financial Statements For the year ended 31 December 2004 Table of Contents Statement of Management’s Responsibilities Auditors’ Report Combined Balance Sheet...............................................................................................................................................1 Combined Statement of Income ....................................................................................................................................2 Combined Statement of Cash Flows .............................................................................................................................3 Combined Statement of Changes in Shareholders’ Equity............................................................................................4 Notes to the Combined Financial Statements 1 Alfa Group.........................................................................................................................................................5 2 Operating Environment of the Group................................................................................................................6 3 Principal Accounting Policies ...........................................................................................................................7 4 Property, Plant and Equipment........................................................................................................................17 5 Investment in Joint Ventures ...........................................................................................................................17 6 Investments in Associated Companies ............................................................................................................22 7 Investments Available for Sale........................................................................................................................24 8 Loans and Advances to Customers..................................................................................................................26 9 Due from Banks...............................................................................................................................................27 10 Receivables and Other Assets..........................................................................................................................27 11 Trading Securities............................................................................................................................................28 12 Cash and Cash Equivalents..............................................................................................................................28 13 Share Capital and Share Premium ...................................................................................................................29 14 Borrowings ......................................................................................................................................................29 15 Customer Accounts .........................................................................................................................................31 16 Due to Banks ...................................................................................................................................................31 17 Payables and Other Liabilities.........................................................................................................................32 18 Income Tax......................................................................................................................................................32 19 Provisions on Operating Items ........................................................................................................................35 20 Goodwill, Net ..................................................................................................................................................35 21 Net Interest, Fees and Other Income on Banking Activities............................................................................36 22 Operating Expenses.........................................................................................................................................36 23 Net Interest Expense on Non-banking Activities ............................................................................................36 24 Minority Interest..............................................................................................................................................37 25 Movements in Working Capital Balances .......................................................................................................37 26 Acquisition, Formation and Disposal of Subsidiaries......................................................................................37 27 Analysis by Segment .......................................................................................................................................38 28 Fair Value of Financial Instruments ................................................................................................................42 29 Financial Risk Management ............................................................................................................................42 30 Commitments and Derivative Financial Instruments.......................................................................................47 31 Contingent Liabilities ......................................................................................................................................50 32 Fiduciary Assets ..............................................................................................................................................55 33 Related Party Transactions ..............................................................................................................................55 34 Principal Subsidiaries, Joint Ventures and Associated Companies .................................................................58 35 Subsequent Events...........................................................................................................................................59 STATEMENT OF MANAGEMENT’S RESPONSIBILITIES TO THE SHAREHOLDERS OF ALFA GROUP 1 International convention requires that Management prepare financial statements which give a true and fair view of the state of affairs of Alfa Group (the “Group”) at the end of each financial period and of the results, cash flows and changes in shareholders’ equity for each period. Management are responsible for ensuring that the Group keeps accounting records which disclose, with reasonable accuracy, the financial position of each entity and which enable it to ensure that the Group’s financial statements comply with International Financial Reporting Standards and that their statutory accounting reports comply with the applicable country’s laws and regulations. Furthermore, appropriate adjustments were made to such statutory accounts to present the accompanying combined financial statements in accordance with International Financial Reporting Standards. Management also have a general responsibility for taking such steps as are reasonably possible to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. 2 Management consider that, in preparing the combined financial statements set out on pages 1 to 60, the Group has used appropriate and consistently applied accounting policies, which are supported by reasonable and prudent judgments and estimates and that the appropriate International Financial Reporting Standards have been followed. For and on behalf of Management _____________________ Nigel J. Robinson 15 December 2006 ZAO PricewaterhouseCoopers Audit Kosmodamianskaya Nab. 52, Bld. 5 115054 Moscow Russia Telephone +7 (495) 967 6000 Facsimile +7 (495) 967 6001 AUDITORS’ REPORT To the Management of Alfa Group: We have audited the accompanying combined balance sheet of Alfa Group (the “Group” as defined in Note 1 to the combined financial statements) at 31 December 2004 and the related combined statements of income, of cash flows and of changes in shareholders’ equity for the year then ended. These combined financial statements are the responsibility of the Group’s Management. Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall combined financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accompanying combined financial statements present fairly, in all material respects, the combined financial position of the Group at 31 December 2004 and the combined results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Moscow, Russian
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