XML 39 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS
6 Months Ended
Jun. 30, 2015
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS  
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS

 

4. CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; OTHER NON-CURRENT ASSETS

        The Company's cash and cash equivalents and short-term investments comprise bank accounts and term deposits. Deposits with an original maturity ranging from 91 to 365 days are classified as short-term investments. Below are breakdowns of cash and cash equivalents and short-term investments:

                                                                                                                                                                                    

 

 

December 31,
2014

 

June 30,
2015

 

Cash and cash equivalents:

 

 

 

 

 

 

 

Russian ruble bank accounts

 

$

30,672 

 

$

29,090 

 

U.S. dollar bank accounts

 

 

5,861 

 

 

21,629 

 

Other

 

 

1,303 

 

 

3,054 

 

​  

​  

​  

​  

Total cash and cash equivalents

 

$

37,836 

 

$

53,773 

 

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

December 31, 2014

 

 

 

 

 

 

 

June 30, 2015

 

 

 

Annual interest rate

 

 

 

 

 

Amount

 

Annual interest rate

 

Amount

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

Ruble-denominated deposits

 

 

 

$

 

11.48% - 15%

 

$

15,309 

 

U.S. dollar-denominated deposits

 

0.55% - 3.9%

 

$

103,800 

 

1.54% - 4.44%

 

$

35,390 

 

​  

​  

​  

​  

Total short-term investments

 

 

 

$

103,800 

 

 

 

$

50,699 

 

​  

​  

​  

​  

​  

​  

​  

​  

        Other non-current assets—On March 20, 2014, the United States imposed sanctions on Bank Rossiya, a Russian open joint stock company, and Bank Rossiya was placed on the Specially Designated Nationals ("SDN") and Blocked Persons List of the U.S. Department of the Treasury, Office of Foreign Assets Control ("OFAC"). On April 28, 2014, LLC IC Abros, a holding company related to Bank Rossiya, was also designated an SDN. More than 50% of the voting capital of Telcrest Investments Limited ("Telcrest"), one of the Company's principal stockholders, is beneficially owned, directly or indirectly, by Bank Rossiya and LLC IC Abros, and therefore Telcrest is also considered to be a target of sanctions.

        In 2014 and the first quarter of 2015, dividends totaling $34,605 otherwise payable to Telcrest were blocked pursuant to the U.S. sanctions described above and paid into a separate interest-bearing bank account for the benefit of Telcrest, but to which Telcrest will not have access while Telcrest continued to be a deemed remain an SDN.

        In addition, as of June 30, 2015, other non-current assets included advance payments to RTRS towards the construction of the digital infrastructure in the 50– coverage regions of approximately $8.0 million. See Note 9, Commitments and Contingencies "—Purchase Commitments".