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Dynamics of liabilities is characterized by:
 increase in the share of short-term liabilities by 3.5 percentage points, from 17.9% to 21.4%;
 decrease in the share of long-term liabilities by 1.4 percentage points;
decrease in the share of own capital from 75.9% to 73.8%.
| Structure of Liabilities in 2002, % |
Structure of Liabilities in 2003, % |
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![]() Dynamics of the structure of borrowed finds is characterized by:
significant decrease in the share of long-term payables by 7.4 percentage points, from 25.7% to 18.2%;
significant increase in the share of short-term credits and loans by 5.7 percentage points;
increase in the share of short-term payables from 65.9% to 67.1%;
insignificant increase in the share of other short-term liabilities by 0.4 percentage points;
emergence of long-term credits and loans as a part of the borrowed funds, with the share of 0.2%.
| Structure of Borrowed Funds in 2002, % |
Structure of Borrowed Funds in 2003, % |
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In absolute numbers, the greatest decrease in the share of assets was recorded for receivables by 436,716 thousand rubles, construction in progress by 86,709 thousand rubles, and fixed assets by 66,056 thousand rubles. The greatest increase was recorded for short-term financial investment by 936,767 thousand rubles, long-term financial investment by 211,406 thousand rubles (including 208,652 thousand rubles of investment in daughter companies), and value-added tax on procured valuables by 229,864 thousand rubles.
In the structure of liabilities, the value of long-term payables has decreased by 208,550 thousand rubles, the value of own capital has increased by 141,746 thousand rubles, the amount of short-term payables and short-term borrowed funds has increased by 415,991 thousand rubles and 297,596 thousand rubles respectively.
The value of assets at the end of 2003 has increased by 692,532 thousand rubles and has amounted to 17,921,071 thousand rubles.
Due to faster growth of short-term liabilities in comparison to growth of current assets, the value of own current assets has decreased by 118,205 thousand rubles. The shortage of own current assets in comparison to current inventories and VAT on procured valuables at the end of the reporting period was 1,068,592 thousand rubles.
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