Funds
The source of financing for the activities of Rusnano in 2008 and 2009 was an asset contribution of 130 billion rubles (US $4.39 billion) from the Russian Federation, received in November 2007. During 2009 capital of Rusnano decreased by 58.768 billion rubles and at year end stood at 76.638 billion rubles (US $2.59 billion). The change in the corporation’s capital is attributable to the return of 66.4 billion rubles of the asset contribution to the Russian Federation, expenditures of 3.617 billion rubbles in fulfillment of the corporation’s purposes, and net income of 11.251 billion rubles earned largely from temporarily free monetary resources deposited in accounts at commercial banks in accordance with recommendations from the Ministry of Finance of the Russian Federation. Rusnano also intends to attract additional investment by issuing state-guaranteed bonds
In 2011, Rusnano suffered US $2.9 billion of net loss under Russian Accounting Standards and closed down 6 investment projects worth $300 million. The company seems to have a shortage of money. In March 2012, Rusnano announced it was closing 13 investment projects estimated at $600 billion, the official reason for the decision was the rejection of the co-investors. In April 2012 announced that it was looking to sell a 10% share by the end of 2012. This is just the beginning of a plan to make 40% of the company private.
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