• Joint-Stock Commercial Savings Bank of the Russian Federation (joint-stock company)
  • The Company did not issue bonds for the period since the moment of formation of IDGC of Centre, JSC till the date of the end of the reporting quarter .
  • There were no specified circumstances within this reporting period
  • 2.3.4. Other liabilities of the issuer
  • 2.4. The purposes of issue and direction of use of the funds received as a result of placement of issue securities Within the reporting period the issuer
  • The risks connected with purchase of placed (or being in the process of placement) issue securities
  • The structure of the accounts payable of the issuer




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    The structure of the accounts payable of the issuer

    For 2009.

    Unit of measure: thousand Rubles




    Accounts payable

    Maturity




    Up to one year

    Up to one year

    Accounts payable to suppliers and contractors

    3 895 158

    9 585

    Including the deferred one

    0

    x

    Accounts payable to the organization personnel

    288 195

    0

    Including the deferred one

    0

    x

    Accounts payable to the budget of state and non-budgetary funds

    638 898

    0

    Including the deferred one

    0

    x

    Credits

    400 000

    10 380 512

    Including the deferred one

    0

    x

    Loans, total

    0

    345 738

    Including the deferred one

    0

    x

    Including the bonded loans

    0

    0

    Including the delayed bonded loans

    0

    x

    Other accounts payable

    1 772 356

    80 908

    Including the deferred one

    0

    x

    Total

    6 994 607

    10 816 743

    Including the deferred one

    0

    x

    There are no overdue accounts payable

    Creditors who owe at least 10% of the total accounts payable

    Full company name: Joint-Stock Commercial Savings Bank of the Russian Federation (joint-stock company)

    Abbreviated company name: Savings Bank of Russia, JSC

    Location: 117997, Russia, Moscow, Vavilov St., 19

    Taxpayer identification number: 7707083893

    Primary State Registration Number (OGRN): 1027700132195

    Amount of accounts payable, thousand rubles: 2 552 798

    Amount and conditions of the deferred accounts payable (interest rate, delayed damages, penalties): no

    This creditor is not an affiliate of the issuer.



    For 3 months 2010.

    Unit of measure: thousand Rubles




    Accounts payable

    Maturity




    Up to one year

    Up to one year

    Accounts payable to suppliers and contractors

    2 281 318

    9 585

    Including the deferred one

    30 033

    x

    Accounts payable to the organization personnel

    235 261

    0

    Including the deferred one

    0

    x

    Accounts payable to the budget of state and non-budgetary funds

    1 408 483

    0

    Including the deferred one

    0

    x

    Credits

    0

    11 052 838

    Including the deferred one

    0

    x

    Loans, total

    0

    345 589

    Including the deferred one

    0

    x

    Including the bonded loans

    0

    0

    Including the delayed bonded loans

    0

    x

    Other accounts payable

    2 074 050

    87 812

    Including the deferred one

    0

    x

    Total

    5 999 112

    11 495 824

    Including the deferred one

    30 033

    x

    If there is overdue account payable, including under credit contracts or loan agreement as well as under debt securities (bonds, bills, other) issued by the issuer, reasons of non-fulfillment or consequences for the issuer which occurred or can occur in future by virtue of the mentioned non-fulfilled liabilities, including sanctions imposed on the issuer as well as the term (assumed term) of redemption of the overdue accounts payable are indicated:

    Creditors who owe at least 10% of the total accounts payable

    Full company name: Joint-Stock Commercial Savings Bank of the Russian Federation (joint-stock company)

    Abbreviated company name: Savings Bank of Russia, JSC

    Location: 117997, Russia, Moscow, Vavilov St., 19

    Taxpayer identification number: 7707083893

    Primary State Registration Number (OGRN): 1027700132195

    Amount of accounts payable, thousand rubles: 2 552 305

    Amount and conditions of the deferred accounts payable (interest rate, delayed damages, penalties):
    no

    This creditor is not an affiliate of the issuer

    2.3.2 Credit history of the issuer

    The issuer’s fulfillment of obligations on credit contracts and/or loan agreements, the amount of principal debt on which is 5 or more percent of the balance value of the issuer’s assets for the date of the last completed reporting quarter prior to conclusion of the relevant contract as well as other credit contracts and/or loan agreements, that the issuer considers essential for it, which have been existing within the last 5 completed financial years or for each completed financial year, if the issuer performs activity less than 5 years, and existing for the date of the reporting quarter.

    In case the issuer performed bond issue, the issuer’s fulfillment of obligations on each bond issue, which par value is 5 or more percent of the balance value of the issuer’s assets foe the end date of the last completed quarter prior to the state registration of the report of bond issue results is described, and in case bond allocation is not completed or the state registration of the report of bond issue results is not performed by other reasons – for the end date of completed quarter prior to the state registration of bond issue.


    Name of liability

    Name of creditor (lender)

    Amount of main debt

    Currency

    Credit (loan) term /

    Payments period



    Late fulfillment of liability in payment of amount of main debt and /or fixed interests, overdue time period, days

    Opening of credit line contract No. 50/08-Р dated 28.03.2008

    GPB (JSC)

    1 300 000 000

    RUR

    18 months/ 28.09.2009

    no

    The Contract on Crediting in the form of overdraft No. 51/08-Р dated 28.03.2008

    GPB (JSC)

    700 000 000

    RUR

    12 months/ 27.03.2009

    no

    Agreement No. 1157 on general conditions of conclusion of transactions dated 28.03.2008

    GPB (JSC)

    800 000 000

    RUR

    with prolongation 36 months/ 28.03.2011

    no

    Crediting contract No.RK|053/08 dated 28.03.2008

    "ROSBANK" JSCB (OJSC)

    3 000 000 000

    RUR

    58 months/ 01.02.2013

    no

    Crediting contract (credit line)

    No. 32-260/15/567-08-КР dated 28.03.2008



    “Bank of Moscow” (JSC)

    1 300 000 000

    RUR

    6 months/ 24.09.2008

    no

    Credit agreement

    No. RBA/4698 dated 28.03.2008



    "Raiffeisenbank" (CJSC)

    1 400 000 000

    RUR

    15 months/ 28.06.2009

    no

    Credit contract

    No. CL-1099/08 dated 28.03.2008



    "Nordea Bank" (JSC) (till 16.09.2009 “ORGRESBANK” (JSC))

    2 000 000 000

    RUR

    36 months/ 28.03.2011

    no

    As of 31.03.2010 the debt of IDGC of Centre, JSC on the abovementioned contracts was 1 357 038 630 Rubles 30 kopecks.

    From the date of establishment (17.12.2004) the Company has not concluded other credit contracts under which liabilities amount exceeds 5% of the assets balance sheet value as of the last reporting date prior to the contract conclusion.




    The Company did not issue bonds for the period since the moment of formation of IDGC of Centre, JSC till the date of the end of the reporting quarter.


    2.3.3. Liabilities of the issuer from the maintenance given to the third parties

    Unit of measure: Rubles




    Indicator

    2005

    2006

    2007

    2008

    2009

    2010, 3 months

    Total amount of the issuer’s obligations out of security provided by it

    0

    0

    0

    1 480 123 478

    1 383 107 736

    1 383 107 736

    including total amount of obligations of the third persons, on which the issuer provided the third persons with security, including in the form of pledge or guarantee

    0

    0

    0

    1 976 486 522

    1 781 552 264

    1 680 610 264

    The issuer’s obligations out of security provided the third persons for the period from the date of the current financial year start and till the date of the reporting quarter end, including in the form of pledge or guarantee, which amount to not less than 5 percent from the balance value of the issuer’s assets аfor the end date of the last completed reporting period prior to security provision.

    There were no specified circumstances within this reporting period

    Within 2004-2007 the issuer did not have liabilities out of security provided to third persons. The total amount of the issuer’s liabilities under the provided security: as of 31.12.2008 - 3 456 610 000 Rubles; as of 31.12.2009 - 3 164 660 000 Rubles; as of 31.03.2010 - 3 063 718 000 Rubles.

    2.3.4. Other liabilities of the issuer



    There are no other liabilities which were not reflected in the accounting balance which can be reflected significantly in the financial position of the issuer, its liquidity, sources of financing and conditions of their use, results of activity and charges

    2.4. The purposes of issue and direction of use of the funds received as a result of placement of issue securities



    Within the reporting period the issuer did not implement placement of the securities by subscription.

    2.5. The risks connected with purchase of placed (or being in the process of placement) issue securities

    The issuer’s policy in the field of risk management:

    At present IDGC of Center, JSC implements the following main principles of the policy in the field of the issuer’s risk management:


    - risks are classified according to principal operating fields of the issuer’s activity;
    - identification of new risks and monitoring of probability of the revealed risk events is performed either within the frameworks of strategic planning cycle, so within the frameworks of operating activity of profile subdivisions of the issuer;
    - on each risk revealed by profile subdivisions complex of reaction measures took in case of event is being developed.

    Besides, currently the project on development of full-featured risk management system is started up.


    2.5.1. Industry risks

    The most significant events (changes) in the branch of the electric power industry for the issuer are:

    - transition to a new system of tariff regulation;
    - adoption of the Federal Law “On energy saving and on raising of energy efficiency and on alteration of certain legislative acts of the Russian Federation” (dated 23.11.2009 No.261-ФЗ).

    The Unified operating company IDGC of Centre, JSC (UOC) was formed during the reform of the power engineering industry. Transformation into UOC allowed the issuer to increase control level and to ensure efficiency and reliability of operation of electric grid complex of its responsibility zone.

    Now the issuer pursues active policy of participation in development and implementation of a new regulation system RAB, however, at present it is difficult to forecast in details the probability and correlation of risks connected with change of tariff regulation system.

    The global financial crisis influenced on the condition of sector, Having brought on, on the one hand total energy saving (4,6% for 2009, according to “UES SO”), on the other hand – appreciation of borrowed funds. Implementation of turnaround program of the Government of the Russian Federation for 2009 supposes the realization of the following measures, directly influencing on the condition of sector:


    - realization of state policy in the field of tariffs on product (services) of natural monopolies, supposing containment of increase of tariffs in comparison with the earlier planned graphic;
    - implementation of the mechanisms of financing of investment programs of natural monopolies not so much at the expense of increase of tariffs, as at the expense of increase of inner efficiency of the companies themselves, decrease of expenses, restriction of increase of salary of workers and remunerations of management;
    - establishment of reduced tariffs on technological connection to the electric networks, with possibility of installments of payment for three years.

    The abovementioned measures significantly increases the probability of underfunding of current investment program of the issuer, in this connection the issuer realizes the program on internal costs saving and optimization of financial flow.

    Adoption of the Federal Law on energy efficiency supposes energy saving in Russian economy-wide average on 10% that can be compensated by means of diversification of the issuer’s business, as in part of integration of territorial and municipal network assets, so as in part of composition of rendering services.

    In whole, in spite of continuing at present time (although not in active phase already) global financial crisis, in long-term prospect there are prerequisites allowing to assume with a high probability that the tendency of approaching of the estimation of electric power industry companies value will approach their fair value.

    According to the issuer’s estimation, now deterioration of the situation in the sector may be connected with:

    1. The operational (industrial) risks, connected with physical deterioration, infringement of terms of operation and drastic change of parameters of the equipment operation. Occurrence of these risks may lead to damage (failures) and destruction of constructions.

    Due to the mode of operation of the main equipment intensive enough, progressing process of its ageing is provoked. The unsatisfactory condition of the equipment due to its physical deterioration and obsolescence is a principal cause of occurrence of industrial risks, the main of which are:


    - Risk of high-grade performance of obligations under contracts on rendering services on transmission of electric energy;
    - Risk of failures with partial or full short shipment of the electric power with corresponding adverse social consequences;

    Actions of the issuer on this risk management:

    The probability of damage is at an average level therewith at the realization of risks the consequences for activities of the issuer may fluctuate from insignificant up to medium. For the purpose of leveling of consequences of production risk realization, all the main industrial facilities of the issuer are insured. Besides, a complex of measures on maintenance of reliability of the equipment and constructions is carried out by the issuer, namely:
    1. Fixed parameters of repair program and investment program regarding changes and reconstruction (up to 50% of total volume of investment program) are fulfilled in the volume necessary for ensuring of power supply continuity;
    2. The structure and amount of volume of purchase of spare parts is constantly optimized;
    3. The tender selection of the service and supplying organizations was implemented for the purpose of improvement of quality of these services and materials, the responsibility of counterparts and decrease in specific expenses;
    4. For maintenance of the system reliability, the emergency control automatics were implemented and are modernized according to the modern requirements. The tasks of the centralized system of the emergency control automatics include maintenance of the system reliability in all power supply system at occurrence of local failures.
    5. To decrease deterioration level, re-equipment of grid capacities is carried out on the basis of implementation of the innovative power equipment.
    6. Now the automated asset management system is planned to be implemented. Its aim is to optimize processes of operation, maintenance service and repairs of grid assets and also to order investment activity of the Company.

    Risk management in the field of observance of requirements of industrial safety in the total structure of management of the issuer and its DGC industrial risks is provided by observance of the federal laws in the field of industrial safety and the system of industrial inspection over observance of the industrial safety requirements at the specified enterprises functioning on its basis.




    2. The risks connected with state regulation of tariffs for services, rendered by the issuer

    Activities on transmission of the electric power through distribution grids and also technological connection to electric networks are regulated by the State. Thus, adoption by the regulatory bodies of tariff rates for services of the issuer directly influences volumes of the received proceeds. Even at RAB implementation, the role of the respective authorities in the process of tariff formation is still preserved. Besides, in the conditions of the global financial crisis the Government of the Russian Federation under turnaround program realizes the policy of containment of increase of tariffs on product (services) of natural monopolies.

    In this connection, there are risks of:

    - Establishment of tariffs below the economically proved level and as consequence lack of the issuer's financial assets (in case of transition to the tariff regulation system RAB – establishment of the amount of profitability norm lower than the average market interest rate for attraction of borrowed funds). Medium probability with medium consequences for the issuer’s activity are forecasted for the risk;

    - Risk of reduction of volumes of proceeds in connection with changes of actual structure of transmission of the electric power by the voltage levels concerning that adopted at approval of tariffs (probability is insignificant, consequences for issuer’s activities are medium);

    - Change of productive supply volume due to crisis and growth of power exchange in networks by dropping of ineffective generators (Insignificant probability, consequences for the issuer’s activities are insignificant);

    - Risk of occurrence of the additional charges connected with existence of cross subsidizing (probability is insignificant, consequences for the issuer’s activities – from insignificant to medium). Presence of cross subsidizing does not allow establishing economically proved tariffs by voltage levels; in this connection initialization from consumers of judicial claims is possible;

    - The risks connected with change of the legislation in the sphere of pricing concerning electric and thermal energy in the retail markets (probability is insignificant, consequences for issuer’s activities may fluctuate in wide range).

    The following measures are applied to eliminate the given risks:
    1. Work with Federal Service for tariffs and bodies of regulation of tariffs of the Russian Federation entities on economic substantiation of the expenses included in tariffs, on amending the legislation of the Russian Federation in the sphere of pricing on services of natural monopolies for the purpose of the account of interests of the distributive network companies is held at establishment of tariffs for electric energy in the retail market;
    2. Development and coordination of long-term programs of development of regions of the zones of activity of issuer’s branches with regional and local authorities with signing Agreements in is held which volumes of sources of financing of investment programs, in particular, are coordinated;
    3. Regular work on reduction of the issuer’s costs and investment program optimization is held;
    4. As of January 2010 new system of the tariff regulation based on the method of return on the invested capital (RAB) is already implemented in the issuer’s branches Belgorodenergo, Tverenergo, Lipetsenergo, Kurskenergo and Yarenergo. Application of the given method should contribute to attraction of long-term investments into the sector, and also to decrease influence of subjective factors on taking tariff decisions.
    3. Environmental risks which are expressed in an opportunity of leaking of transformer oil at substations to rivers and lakes.

    Environmental risk is a probability and scale of consequences of any anthropogenic changes of natural objects unfavorable for environmental resources.

    At social polls intended for revealing of priorities in human concern of environment condition, environmental risks do not stand apart of risks, which are dangerous for health.

    Risks can rise from the sources of permanent and single action. Sources of the permanent action include hazardous emissions of stationary installations (in respect to the issuer – insignificant), as well as transport systems – movable sources. In the process of startup, warm-up, entrance and departure of motor vehicles there is emission of carbon, nitrogen, carbon hydride and soot. But according to the results of measuring maximum-single emission do not exceed accepted values in surface air at the sanitary protection zone limit. To prevent possible negative impacts on the environment the issuer performs control over toxicity of burnt transport gases. On this ground environmental risks connected with emissions of polluting agents in the atmosphere are minimal and, besides, with insignificant consequences for the issuer’s activity in case of implementation.

    Environmental risks can be expressed in possibility of leakage of transformer oil at substations providing that there are no oil-receiving devices at surface water run-offs into a river of lake, it can cause pollution of water of fish economic importance with oil products. In the consequence of these infringements of nature protection law high fines can be imposed on the Company in accordance with the Federal law. Probability of these risks is estimated as significant with insignificant consequences for the issuer’s activity.

    Environmental policy approved by the Board of Directors of the issuer serves as the instrument for reduction of environmental risks. The issuer bears serious expenses for environmental policy implementation: so in 2009 expenses amounted to 22 463,36 thousand Rubles, in the 1st quarter 2010 amounted to 3797,43 thousand Rubles.

    Environmental policy of the issuer aims to increase the environmental security level for the account of ensuring of reliable and environmentally safety transport and power distribution, complex approach to use of natural power resources. The principle direction of the program is reduction of negative impact of the issuer’s activity on environment.

    In particular, much attention is paid to work on handling with hazardous waste – observance of rules of storage, transportation, recycling – this considerably reduces influence of toxic agents on soil and in consequence on human health.

    Reduction of environmental risks is contributed by multi-year program on change of oil switcher to vacuum in distribution grids of 6-10 kv, including installation of reclosers, this reduces technological cycles of dielectric oils and excludes their penetration in the environment and necessity to bear expenses for recycling of used oils. Effectiveness of change of oil switcher to vacuum consists in the following: noiselessness, clean, serviceability, grounded by low energy release in the arc and absence of oil slobbering and gas exhaust at switching on of short-circuit currents; absence of pollution of the environment.

    In the course of implementation of measures provided by perspective program of technical re-equipping and reconstruction the issuer changes elements and electric equipment sites to upgrading, which construction ensures high environmental safety of production.




    4. Risks of receiving less incomes than one is due, connected with payment from end users or decrease in their level of power consumption in comparison with the target level

    The main issuer’s buyers are the marketing companies which carry out delivery of electric energy to end users. Accordingly, the main risk connected with buyers is the probability of increase in the debt receivable in connection with infringement by payment discipline of end users of electric energy and occurrence of necessity of attraction of additional credit resources. During the certain periods, there is a risk of insufficiency of money resources on the issuer's accounts in connection with presence of time cash breaks between reception of money resources from the marketing company and necessity of financing of current operations. The foregoing risk probability decreased a little bit within 2-3 quarters 2009, but, nevertheless, it remains to be considerable under conditions of the economic crisis continuing at present. For minimization of the given risks, financial management of the issuer develops the well-thought credit policy, on management of debt receivable directed to optimization of its amount and collection of debt. The issuer performs as well active claim-related work on debt collection, implements policy of conclusion of direct contract with electric power consumers.

    Moreover, as the proceeds of the issuer are influenced by dynamics of power consumption of regions of IDGC of Centre's branches activity zone, there is a risk of receiving less incomes than one is due in connection with decrease in electric power consumption by separate large consumers in relation to the target level (so, recession in demand for electric power countrywide in 2009 was 4,7%, according to “UES SO”, JSC). At present this risk probability is estimated as high, with medium consequences for the issuer’s activity.

    To reduce this risk probability and minimize its consequences the issuer implements a complex of measures on expansion of sales markets and diversification of package of services rendered to electric power consumers.



    5. Risks connected with construction by large consumers of the alternative grid facilities

    Construction by large consumers of alternative grid facilities can lead in the future to reduction of the volume of services rendered by the issuer on transmission of the electric energy. This risk probability is estimated as insignificant with unessential consequences for the issuer’s activity.

    For leveling this risk, the issuer carries out active work with consumers directed to formation of mutually advantageous relations.

    Additional actions of the issuer for reduction of the designated risks:

    - increase of operational efficiency by realization of programs on decrease in industrial costs and economy;

    - carrying out of works on increase in the share of long-term contracts at rendering services on transmission of electric energy in the total amount of the concluded contracts;

    - carrying out by the issuer of the well thought-out financial policy.

    6. Risk of uncertainty of limiting volumes of rendering services on transmission of electric energy.

    The risk of uncertainty of the limiting volumes of rendering services consists in

    - absence in some RF entities and municipal formations of economic development plans with indication of the behaviour of growth of power consumption for the certain period.

    - probability of reduction of electric power consumption over the Russian economy in whole in connection with forecasted adoption of the Federal Law “On energy saving and on raising of energy efficiency and on alteration of certain legislative acts of the Russian Federation” (dated 23.11.2009 No.261-FZ);

    - probability of economy-wide reduction of electric power consumption due to uncertainty of end of recessionary tendencies.

    The specified circumstances make it impossible to perform exact forecasting of volumes of investments into the sector capable to satisfy an increasing demand for electric energy in medium-term and long-term prospect. Also these circumstances can result in fall of profitable component of the issuer’s budget within the long-term perspective. Basically, the given risk influences performance of obligations on rendering services on transmission of the electric power. This risk probability is estimated as medium with medium consequences for the issuer’s activity. Minimization of the given risk is carried out by means of the following actions:

    - work with the state bodies of the Russian Federation entities and institutions of local government on formation of plans of economic development of the region in the medium-term and long-term prospect;

    - protection of tariffs for transmission of electric energy in authorized state bodies in view of the investment component including RAB-regulation;

    - planning of diversification of the issuer’s services portfolio with it further transformation into power service company rendering among all services related to increase of power effectiveness.

    7. Risks connected with shortage of qualified specialists in the industry

    At present flow of qualified personnel in the industry is reducing. Keeping the current reduction rates the issuer can confront with shortage of qualified personnel in the region of the issuer’s presence. This risk is estimated as average within the long-term period with consequences for the issuer’s activity varying from insignificant up to medium. For the purposes of minimization of this risk probability the issuer performs the following measures:

    - support of industrial secondary special and higher industrial institutions in the region of the issuer’s presence including creation of financial support of implementation of the program on training of specialists in the field of electric power with subsequent guaranteed employment of trained specialists;

    - implementation of a series of programs intended to increase of motivation and reduction of volumes of staff turnover including implementation of a series of non-material motivation methods, constructive interaction with trade unions (conclusion of collective agreements).



    8. The risks connected with possible change of prices for component parts and services used by the issuer in the activity (separately in the internal and external markets), and their influence on activity of the issuer and execution of obligations under securities.

    In the process of the issuer’s activity, the issuer can run the risks connected with increase of the prices for component parts, equipment and other material resources which will be used by the issuer. The given risks are caused basically, by the inflationary processes and can be minimized by the following actions:

    - increase of operational- efficiency on the basis of realization of programs on decrease in industrial costs (creation of the competitive environment in the sphere of works and products purchases, optimization of expenses for repairs and operational needs and capital construction, etc.);

    - centralization of purchasing activity for reception of "scale effect" at purchases.

    - increase in purchasing of share of equipment and component parts of the Russian production with the purpose of reduction of dependence on currency fluctuations.

    In opinion of the issuer, influence of the given risks on activity of the issuer (under condition of their minimization on the part of the issuer) under conditions of the economic crisis at the current rate of inflation processes is medium at medium probability of risks.



    9. The risks connected with possible change of the prices for services of the issuer (separately in the internal and external markets), and their influence on activity of the issuer and execution of obligations under securities

    The issuer runs the risks connected with decrease of the tariff for services on transmission of electric energy below the level economically grounded for the issuer’s activity. At present under conditions of the world economic crisis the Government of the Russian Federation implements the policy of containment of growth of tariffs for products and services of natural monopolies within the frameworks of anti-crisis program; this preserves this risk probability as high one.

    In opinion of the issuer, influence of the given risks on activity of the issuer (under condition of their minimization on the part of the issuer) is medium.

    At present the issuer develops concept of risk management system, which will allow to track condition of the activity risks and in case of necessity to counteract influence of risks or minimize damage from their realization.


    The issuer does not carry out and does not plan to carry out activity in the external market, the issuer does not purchase component parts and equipment abroad. Therefore, risks connected with possible aggravation of the situation in the issuer’s industry in the external market; risks connected with possible change of prices for component parts and services used by the issuer in its activity in the external market as well as risks connected with change of prices in external markets cannot influence on the issuer’s activity.

    Risks of failure of the issuer to fulfill obligations before holders of equity securities in virtue of change of industry conjuncture is not described by reason of absence of the issuer’s obligations relating to payment of dividends to holders of preference shares and payment interests and redemption of bonds.



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    The structure of the accounts payable of the issuer

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