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This value also exceeds the aggregate value of federal budget revenues prior to the crisis in 2007 from domestic dividends on shares of Russian JSCs (Rb 43,5bn) and revenues from the Russian participant in the Vietsovpetro Joint Venture (about Rb 10,5bn). After completion of the development program for OJSC Zarubezhneft, during which a 50% interest held by the Russian participant in the Vietsovpetro Joint Venture was contributed to the Zarubezhneft charter capital in 2007 along with the shares of two joint stock companies as research institutes, this source of federal budget revenues ceased to exist and was not even recognized in the structure of revenues from renewable sources in 2008-2010. In 2011, Vietsovpetro Joint Ventures revenues (Rb 773,4m) were transferred to the federal budget in terms of settlements on revenues generated in the previous years.

In 2003-2004, given the sale of leasehold right.

Section Institutional Issues Table Federal budget revenues from privatization and sale of property assets (non-renewable sources) in the period between 2000 and 2011, Rb m Sale of federally held shares (20002011) and other forms Year Total Sale of land plots Sale of various types of property of interest holding (20052011) 2000 27167,8 26983,5 - 184,3b 2001 10307,9 9583,9 119,6c 217,5+ 386,5+0,4 (IAs)d 2002 10448,9 8255,9e 1967,0f 226,0g 2003 94077,6 89758,6 3992,3h 316,2+10,5i 2004 70548,1 65726,9 3259,3j 197,3+1364,6+0,04 (IAs)k 2005 41254,2 34987,6 5285,7l 980,9m 2006 24726,4 17567,9 5874,2l 1284,3n 2007 25429,4 19274,3 959,6o 5195,5p 2008 12395,0 6665,2+29,6 1202,0q 4498,2+0,025 (IAs)r 2009 4544,1 1952,9 1152,5q 1438,7r 2010 18677,6 14914,4 1376,2q 2387,0+0,039 (IAs)r 2011 136660,2 126207,5 2425,2q 8027,5r a refer to sources of internal financing of the federal budget deficit, total amount of Rb 29,6m in 2008 (according to the data provided in the Report on the implementation of the federal budget as of January 1, 2009) was classified as federal budget revenues but not specified in the Federal Law On the Implementation of the Federal Budget in 2008;

b revenues from privatization of state-owned organizations classified as sources of internal financing of the federal budget deficit;

c revenues from sale land plots and leasehold rights to state-owned land plots (specifying the land plots on which privatized enterprises are located) classified as federal budget revenues;

d amount of proceeds from (1) sale of federally owned property classified as sources of internal financing of the federal budget deficit, (2) revenues (i) from sale of living quarters, (ii) from sale of public productive and nonproductive assets, means of transport, other equipment and other tangible assets, as well as (3) revenues from sale of intangible assets (IAs) classified as federal budget revenues;

e including Rb 6m from sale of shares held by constituent territories of the Russian Federation;

f revenues from sale of land and intangible assets, without specifying the amount of proceeds therefrom, classified as federal budget revenues;

g proceeds from sale of state-owned property (including Rb 1,5m from sale of the property owned by constituent territories of the Russian Federation) classified as sources of internal financing of the federal budget deficit;

h includes proceeds (1) from sale of land plots, which include immovable property assets owned by the federal government prior to transfer, to be allocated to the federal budget, (2) from sale of other land plots, as well as from sale of the right to conclude contracts on leasehold thereof, (3) from sale of land plots prior to the delimitation of land ownership, as well as from sale of the right to conclude contracts on leasehold thereof, to be allocated to the federal budget, classified as sources of internal financing of the federal budget deficit;

i the amount (1) of proceeds from federally owned property classified as sources of internal financing of the federal budget deficit, and (2) revenues from sale of intangible assets classified as federal budget revenues;

j includes proceeds (1) from sale of land plots prior to the delimitation of state ownership of land, which include immovable property assets owned by the federal government prior to transfer, to be allocated to the federal budget, (2) from sale of other land plots, as well as from sale of the right to conclude contracts on leasehold thereof, (3) from sale of land plots prior to the delimitation of land ownership, as well as from sale of the right to conclude contracts on leasehold thereof, to be allocated to the federal budget, classified as sources of internal financing of the federal budget deficit;

k the amount (1) of proceeds from federally owned property classified as sources of internal financing of the federal budget deficit, (2) revenues (i) from sale of living quarters, (ii) from sale of equipment, means of transport and other tangible assets, to be allocated to the federal budget, (iii) from sale of ship utilization products, (iiii) from sale of the property owned by SUEs, institutions and military equipment, (iiiii) from disposal of military products, equipment and ammunition, (3) revenues from sale of intangible assets (IAs) classified as federal budget revenues;

RUSSIAN ECONOMY IN trends and outlooks l includes proceeds (1) from sale of land plots prior to the delimitation of state ownership of land, which include immovable property assets owned by the federal government prior to transfer, (2) from sale of land plots prior to the delimitation of land ownership,, to be allocated to the federal budget, (3) from sale of other land plots which were owned by the state prior to the delimitation of state ownership of land and are not to be used for housing construction (the latter update is referred to 2006 only) and are classified as sources of financing of the federal budget deficit;

m revenues from sale of tangible and intangible assets (net of federal budget revenues from disposal and sale of confiscated and other property converted into state income), include revenues (i) from sale of living quarters, (ii) from sale of the property of FSUEs, (iii) from sale of the property operatively managed by federal institutions, (iiii) from sale of military property, (iiiii) from disposal of military products, equipment and ammunition, (iiiiii) from sale of other federally owned property, (iiiiiii) from sale of intangible assets, classified as federal budget revenues;

n revenues from sale of tangible and intangible assets (net of revenues which represent a public share in profit products in executing product sharing contracts (PSCs) and federal budget revenues from disposal and sale of vacant, confiscated and other property converted into state income), include revenues (i) from sale of living quarters, (ii) from sale of the property of FSUEs, (iii) from sale of the property operatively managed by federal institutions, (iiii) from sale of military property, (iiiii) from disposal of military products, equipment and ammunition, (iiiiii) revenues from sale of other federally owned property classified as federal budget revenues;

o proceeds from sale of land plots prior to the delimitation of land ownership, which were owned by the federal government and are classified as sources of financing of the federal budget deficit;

revenues from sale of tangible and intangible assets (net of revenues which represent a public share in profit products in executing product sharing contracts (PSCs) and federal budget revenues from disposal and sale of vacant, confiscated and other property converted into public revenues, proceeds from sale of sequestered lumber), include revenues (i) from sale of living quarters, (ii) from sale of the property of FSUEs, (iii) from sale of the property operatively managed by federal institutions, (iiii) from sale of released movable and immovable military and other property available at federal government executive bodies in which military and equivalent to military services are envisaged, (iiiii) from sale of military products available in federal government executive bodies within the framework of military and technical cooperation, (iiiiii) revenues from sale of other federally owned property classified as federal budget revenues;

q revenues from sale land plots owned by the state (save for land plots of federal autonomous and state-funded (2011) institutions), classified as federal budget revenues;

r revenues from sale of tangible and intangible assets (net of revenues which represent a public share in profit products in executing product sharing contracts (PSCs) and federal budget revenues from disposal and sale of vacant, confiscated and other property converted into public revenues, proceeds from sale of sequestered lumber, revenues from sale of special raw materials and fertile materials), include revenues (i) from sale of living quarters, (ii) from sale of the property operatively managed by federal institutions (save for state-funded and autonomous institutions (2011), (iii) from sale of released movable and immovable military and other property available at federal government executive bodies in which military and equivalent to military services are envisaged, (iiii) from disposal of military products, equipment and ammunition, (iiiii) from sale of military products available at federal government executive bodies within the framework of military and technical cooperation (2008 and 20102011), (iiiiii) from disposal of military products, equipment as part of the federal special program on Industrial Utilization of Arms and Military Equipment for the period of 20052010, (iiiiiii) revenues from sale of other federally owned property, as well as revenues from sale of intangible assets (IAs) classified as federal budget revenues;

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.

A rapid, more than 7-fold growth in the federal budget property-related revenues from nonrenewable sources took place in 2011 against the preceding year, which is comparable with the results of 2003, when a 9-fold growth was reported.

Proceeds from sale of shares increased most (by 8.5 times) and exceeded by 40% in terms of absolute value (Rb 126,2bn) the best results since 2003. However, it should be understood Section Institutional Issues that most of these revenues were generated from a single transaction with 10% shares of OJSC VTB Bank (Rb 95,68bn).

Revenues from sale of various types of property increased almost 3.4 times, revenues from sale of land plots increased by 76%. While the revenues from the former exceeded in terms of absolute value (more than Rb 8bn) the previous maximum (Rb 5,2bn) in 2007, federal budget revenues from sale of land plots were much less (more than Rb 2,4bn) than in 20032006, but exceeded by 22.5 times those in 20072010.

All in all, proceeds from sale of shares in 2011 accounted for more than 92% of total revenues from nonrenewable sources vs. almost 80% in 2010. Other sources of revenues were insignificant: revenues from sale of various types of property stood at 5.9% (13% in 2010), revenues from sale of land stood at mere 1.8% (7.4% in 2010).

Total federal budget revenues from privatization (sale) and the use of state-owned property assets (Table 11) in 2011 increased more than 2.7 times vs. 2010. The reached an absolute maximum of about Rb 241bn from the beginning of the 2000s.

Table Structure of federal budget property-related revenues from various sources in the period between 2000 and Total revenues from privatization Revenues from the use of stateRevenues from privatiza(sale) and use of state-owned prop- owned property assets (renewable Year tion(nonrenewable sources) erty assets sources) Rb m % of total Rb m % of total Rb m % of total 2000 50412,3 100.0 27167,8 53.9 23244,5 46.2001 39549,8 100.0 10307,9 26.1 29241,9 73.2002 46811,3 100.0 10448,9 22.3 36362,4 77.2003 135338,7 100.0 94077,6 69.5 41261,1 30.2004 120798,0 100.0 70548,1 58.4 50249,9 41.2005 97357,4 100.0 41254,2 42.4 56103,2 57.2006 93899,8 100.0 24726,4 26.3 69173,4 73.2007 105761,25 100.0 25429,4 24.0 80331,85 76.2008 88661,7 100.0 12395,0 14.0 76266,7 86.2009 36393,7 100.0 4544,1 12.5 31849,6 87.2010 88406,4 100.0 18677,6 21.1 69728,8 78.2011 240964,2 100.0 136660,2 56.7 104304,0 43.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.

Nonrenewable sources in the structure of total revenues from privatization (sale) and the use of state-owned property assets in 2011 increased by more than 2.5 times (up to 56.7%) vs.

the preceding year and doubled a half thereof for the first time over the last 7 years. The foregoing value is comparable with the results of 2000 and 2004, and a bit smaller than those in 2003 (69.5%). On the contrary, revenues from the use of state-owned property assets decreased from 79% in 2010 to 43.3% in 2011. In the meantime, the results of 2011 were maximum in terms of absolute value and outstripped by 30% the results 2007, while revenues from privatization (sale) of property outstripped by 45% the previous maximum (2003) The results of privatization in 2011 allows one to assume that the new privatization policy which was under discussion in 20092011 and supported by a series of legal updates, has a chance, under otherwise equal conditions, to be implemented in full in the ensuing years.

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