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With regard to 11 integrated entities (OJSC Concern PVO Almaz-Antey, Precision Instrument-Making Systems Research and Production Corporation, Uralvagonzavod Research and Production Corporation, Center of Excellence of Live Stock Reproduction, Rosneftgaz, Moscow Thermotechincs Institute Corporation, INTER RAOUES, OJSC Federal Hydropower Generating Company (RusHydro) and such FSUEs as MMPP Salut, Khrunichev State Research and Production Space Center, Rosoboronexport), the decisions of the President and the Government of the Russian Federation were implemented in 2011 (the data provided by the Ministry of Economic Development and Trade of Russia).

At the end of October, OJSC Russian Railways sold 75% -2 shares (Rb 125,5bn) to its subsidiary Pervaya Gruzovaya Kompaniya. A blocking interest to Transcontainer was considered to be sold in the same manner1. However, the rolling stock was transferred to Pervaya Gruzovaya Kompaniya and Vtoraya Gruzovaya Kompaniya, other subsidiaries and independent companies because it became impossible to provide cargo transportation serviced on the side of the largest all-Russian railway carrier, which raised a question of introducing a category of outsourced cars which the Russian Railways should lease from other operators, including subsidiaries, to provide to consignors at special prices2.

Under such circumstances, apart from the structural policy aspects, it is the dividend policy of the state as shareholder of integrated entities that becomes important in terms of generating extra revenues from sale of assets in addition to operating income. The state may expect a certain amount of compensation for contributing free assets to these entities. In some cases, the http://www.1prime.ru, 28.10.2011, M. Kukushkin. The Case is in Container // Moscow News, No. 159 (159), November 11, 2011, p. 07.

Direct investments, No. 1 (117), 2012, p. 66.

RUSSIAN ECONOMY IN trends and outlooks state may accept discounting of budget-related problems by integrated entities in implementing big privatization, which requires a mandatory set of behavior requirements to such business entities with regard to pricing policy, participation in mergers and acquisitions, investments, etc.

6.1.6. Budget effect of the state property policy in the period between 2000 and The downturn the Russian economy has been facing since the fall of 2008, naturally resulted in reduction of budget revenues, including revenues from the implementation of the state property policy. In 2011, like in the preceding year, economic growth was followed by a visible growth in state-funded revenues relating somehow to state-owned property assets.

It should be reminded that all federal budget revenues from state-owned property assets can be divided into two groups in terms of nature and sources thereof. One group includes revenues from the use of state-owned property (renewable sources). The second group comprises revenues of single origin, which are non-renewable, because once they are sold the state assigns the title thereto to other legal entities and individuals, incl. as part of the privatization process (non-renewable sources).

Below (Tables 9 and 10) are the data on the revenues (save for the data on the preceding year) specified in the laws on the implementation of the federal budget for the period of 20002010, with regard to the use of state-owned property assets and sale thereof only in the form of tangible assets1.

Outside the investigation remained federal budget revenues from mineral tax payments (including aquatic biological resources, revenues from the use of forest resources and mineral resources), compensation for losses in agricultural productivity relating to forfeiture of agricultural lands as a result of financial operations (revenues from allocation of budget funds (revenues from balances of budget funds and allocation thereof, from 2006 also revenues from management of funds allocated in the Stabilization Fund of the Russian Federation (in 2009 the Reserve Fund and the National Wealth Fund), revenues from allocation of money accumulated during state-held shares auctions), interest from domestic budget loans extended with federal budget funds, interest on sovereign loans (cash inflow from foreign governments and legal entities thereof as repayments for loans extended by the Russian Federation, revenues from enterprises and organizations as payments of interest and guarantees on loans issued to the Russian Federation by foreign governments and international financial organizations)), from the provision of paid services or compensation for government expenses, transfer of profit to the Central Bank of Russia, some types of payments from public and municipal enterprises and organizations (patent fees and registration dues payable for official registration of software, data banks and integrated circuit layouts and other revenues which prior to including 2004 formed an integral part of payments due by government organizations (apart from revenues from the Vietsovpetro Joint Venture since 2001 and allocation of a part of the profit of FSUEs since 2002)), revenues from exercise of product sharing agreements (PSA), revenues from disposal and sale of confiscated properties converted into the revenues received from the usage and sale of confiscated and other property returned to the state (including properties whose title was transferred to the state by way of inheritance or gift, or contributions), revenues from lotteries, other revenues from the use of state-owned properties and title (revenues from exercise of rights to intellectual activity (R&D and technological works) of military, special and double purposes, revenues from exercise of rights to the state-owned results of scientific and research activity, revenues from operation and use of motor road assets, motor road tolls payable for vehicles registered overseas, and other revenues from the use of state-owned property assets), as well as from permitted types of activity of organizations, federal budget revenues from sale of precious metals and stones as part of the national reserve of the same.

Section Institutional Issues Table Federal budget revenues from the use of state-owned property assets (renewable sources) in the period between 2000 and 2011, m Rb Dividends on shares Revenues from trans(20002011) and Revenues from fers of a part of after- Vietsovinvest revenues from other Rental payments for leasing of stateYear Total tax profit and other Joint Venture forms of capital par- state-owned land owned property mandatory payments Revenues ticipation (2005 assets payable by FSUEs 2011) 2000 23244,5 5676,5 - 5880,7 - 11687,3 2001 29241,9 6478,0 3916,7b 5015,7c 209,6d 13621,2002 36362,4 10402,3 3588,1 8073,2 910,0 13388,2003 41261,1 12395,8 10276,8e 2387,6 16200,2004 50249,9 17228,2 908,1f 12374,5g 2539,6 17199,2005 56103,2 19291,9 1769,2h 14521,2i 2445,9 18075,2006 69173,4 25181,8 3508,0h 16809,9i 2556,0 21117,2007 80331,85 43542,7 4841,4h 18195,2i 3231,7 10520,2008 76266,7 53155,9 6042,8h 114587,7i 2480,3 2009 31849,6 10114,2 6470,5h 113507,6i 1757,3 2010 69728,8 45163,8 7451,7h 12349,2j 4764,1 2011 104304,0 79441,0 8210,5h 111241,25 4637,85 773, according to the Federal Agency for State Property Management of Russia, the Law On the Implementation of the Federal Budget for 2000 contained no separate line for these; the amount of payments from state-owned enterprises (Rb 9887,1m) was specified (no specific elements were shown);

b amount of rental for (i) agricultural lands and (ii) lands of cities and settlements;

c total revenues from leasing of the property assets secured to (i) research institutions, (ii) educational institutions, (iii) medical institutions, (iiii) public museums, public institutions of arts and humanities, (iiiii) archive institutions, (iiiiii) Ministry of Defense of Russia, (iiiiiii) organizations under the Traffic Ministry of Russia, (iiiiiiii) organizations providing services to public academies of science and (iiiiiiiii) other revenues from leasing of state-owned property assets;

d according to the Federal Agency for State Property Management of Russia, the Law On the Implementation of the Federal Budget for 2001 contained no separate line for these; the value coincided with the value of other revenues from payments due by public and municipal organizations;

e total amount of revenues from lease of state-owned property assets (without specifying land rental);

f amount of rental for (i) lands of cities and settlements and (ii) state-owned land after the delimitation of land ownership;

g total revenues from leasing of the property assets secured to (i) research institutions, (ii) educational institutions, (iii) medical institutions, (iiii) public institutions of arts and humanities, (iiiii) public archive institutions, (iiiiii) federal postal agencies under the Federal Communications Agency, (iiiiiii) organizations providing services to public academies of science and (iiiiiiii) other revenues from leasing of federally owned property assets;

h rental after the delimitation of land ownership and proceeds from sale of the right to conclude contacts on leasing of state-owned land (net of land plots owned by autonomous (20082011) and state-funded (2011) institutions);

i revenues from leasing of property assets which are operatively managed by federal government bodies and the institutions established thereby and on the basis of economic management by FSUEs: transferred for the purpose of state-status operating management (i) scientific institutions, (ii) institutions providing scientific services under the Russian Academy of Science and industry-specific academies of science, (iii) educational institutions, (iiii) medical institutions, (iiiii) federal postal agencies under the Federal Communications Agency, (iiiiii) public institutions of arts and humanities, (iiiiiii) public archive institutions and (iiiiiiii) other revenues from leasing of property assets which are operatively managed by federal government bodies and the institutions established thereby and on the basis of economic management by FSUEs1 (for 20062009 net of overseas reve In 2008-2009, FSUEs, as a source of revenues from leasing of property assets being under economic management thereby, were not mentioned, and leasing of property assets being under operating management by federal government authorities and the institutions established thereby excludes property assets owned by federal autonomous institutions.

RUSSIAN ECONOMY IN trends and outlooks nues from permitted types of activity and the use of federal property assets located overseas, which were not shown in the previous years1);

j revenues from leasing of property assets which are operatively managed by federal government bodies and the institutions established thereby (save for state-funded and autonomous institutions): transferred for the purpose of state-status operating management (i) scientific institutions, (ii) institutions providing scientific services under the Russian Academy of Science and industry-specific academies of science, (iii) educational institutions, (iiii) medical institutions, (iiiii) public institutions of arts and humanities, (iiiiii public archive institutions, (iiiiiii) on the basis of economic management by the Ministry of Defense of Russia and its subordinated bodies, (iiiiiiii) federally owned with functions of disposing thereof being assigned to the Department for Presidential Affairs of the Russian Federation (2010) and (iiiiiiiii) other revenues from leasing of property assets which are operatively managed by federal government bodies and the institutions established thereby (net of overseas revenues from permitted types of activity and the use of federal property assets located overseas).

Source: The laws on the implementation of the federal budget for the period of 20002010, the Report on the Implementation of the Federal Budget as of January 1, 2012, www.roskazna.ru; IETs estimates.

Proceeding to analysis of preliminary results of the budget effect of the state property policy in 2011 with regard to renewable sources, first of all it is worth noting that dividends were growing and their value visibly increased 76% vs. 2010. Transfers of a part of the profit of unitary enterprises decreased a bit (less than 3%). A similar picture was seen in budget revenues from leasing. Revenues from leasing of land kept growing (more than 10%) like they did in 2010 as revenues from leasing of federal property decreased by 9%.

Finally, the dividends which were accumulated in the budget (Rb 79,44bn)2 and land rental (Rb 8,21bn) exceeded in terms of absolute value all of the previously reported indicators.

Transfers of a part of the profit of FSUEs (Rb 4,64bn) were found to be maximum too throughout the entire 2000x, save for 2010. In the meantime, revenues from leasing of property assets were continuously dropping since 2008 to reach the level of 2004.

The structure of the federal budget revenues from renewable sources saw continued growth of dividends in percentage terms (more than 76% in 2011 vs. 64.8% in the preceding year).

The percentage of other sources decreased vs. 2010: by 10.8% for revenues from leasing of property assets, 7.9% from leasing of land, 4.4% for the profit transferred by FSUEs.

Proceeding to analysis the federal budget revenues from privatization and sale of stateowned property (Table 10), it should be noted that since 1999 revenues from sale of a major part of such assets (shares, and also land plots in 200320073) became classified as sources of financing of the federal budget deficit.

According to the Federal Agency for State Property Management, revenues from the use of federal property assets located overseas (net of revenues of the Russian participant in Vietsovpetro Joint Venture), totaled Rb 315m in 1999 and Rb 440m in 2000. Thereupon, Overseas Management Enterprise, a FSUE, began to play the key role in organizing commercial use of federally owned immovable property assets located overseas.

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