Annual report and accounts 2012

Related party balances

OAO Severstal and Subsidiaries
Notes to the Consolidated Financial Statements
11. Related party balances

for the years ended December 31, 2012, 2011 and 2010
(Amounts expressed in thousands of US dollars, except as otherwise stated)

 December 31,
 201220112010
Joint ventures' balances   
Short-term trade accounts receivable4,5578,048-
Long-term loans53,55035,82134,792
Long-term promissory notes19,900--
Short-term trade accounts payable21,88626,2847,959
    
Associates' balances   
Short-term trade accounts receivable5,13610,0403,046
Long-term loans5,4463,9653,915
Long-term trade accounts receivable-8,859-
Short-term trade accounts payable11,3928,7606,510
    
Other related party balances   
Cash and cash equivalents at related party bank and pension fund561,946689,388669,643
Short-term deposits with related party bank and
pension fund
--12,627
Accounts receivable from other related parties:   
Trade accounts receivable4,8523,0402,603
Advances paid6255,5065,870
Other receivables298715840
Short-term loans1,0271,741487
Short-term promissory notes2,4072074,146
Long-term loans-2,490-
Available-for-sale financial assets8125,4347,653
 10,02119,13321,599
Short-term trade accounts payable to other
related parties:
   
Trade accounts payable1,909705556
Advances received433208-
Liability related to Gold segment separation (Note 27)-1,546,951-
Other accounts payable6141231,692
 2,9561,547,9872,248
Debt financing includes the following balances
with other related parties:
   
Short-term debt financing-19-
Long-term debt financing4,3914,1044,315
 4,3914,1234,315

The amounts outstanding are expected to be settled in cash, except liability related to Gold segment separation. The Group did not hold any collateral for amounts owed by related parties.

Loans given to related parties were provided at interest rates ranging from nil to 13% per annum in 2012 (from nil to 15% per annum in 2011 and 2010) and were given to finance working capital and investments.