RusHydro Group
Notes to the Consolidated Financial Statements as at and for the year ended
31 December 2015
(in millions of Russian Rubles unless noted otherwise)
43
Summarised financial information for significant joint ventures
for the years ended 31 December 2015 and
31 December 2014 and as at 31 December 2015 and 31 December 2014
:
BoGES Group
BALP Group
As at 31 December
2015
2014
2015
2014
Non-current asssets
45,007
44,551
1,475
17,290
Current assets including:
3,681
3,103
6,315
756
Cash and cash equivalents
442
765
498
130
Non-current liabilities including:
(44,343)
(43,629)
(100,750)
(5,952)
Non-current financial liabilities (excluding trade
payables)
(37,715)
(37,347)
(96,872)
(3,337)
Current liabilities including:
(1,918)
(1,973)
(3,877)
(61,729)
Current financial liabilities (excluding trade
payables)
(678)
(731)
(3)
(60,157)
Net assets
2,427
2,052
(96,837)
(49,635)
For the year ended 31 December
2015
2014
2015
2014
Revenue
14,632
6,571
11,558
275
Depreciation of property, plant and equipment
(1,191)
(1,066)
(111)
(55)
Impairment of promissory notes
(5,780)
-
-
-
Interest income
489
53
7
15
Interest expense
(2,849)
(2,730)
(6,460)
(3,407)
Foreign exchange differences
(10)
(5)
(19,118)
(24,197)
Impairment of property, plant and equipment
-
-
(3,869)
(5,521)
Loss before income tax
(125)
(2,146)
(30,123)
(33,584)
Income tax benefit / (expense)
500
226
(17,079)
6,656
Profit / (loss) for the year
375
(1,920)
(47,202)
(26,928)
Other comprehensive income / (loss) for the year
-
-
-
-
Total comprehensive income / (loss) for the
year
375
(1,920)
(47,202)
(26,928)
Reconciliation of the summarised financial information presented to the carrying value of interest in joint
ventures:
BoGES Group
BALP Group
Others
Total
Net assets as at 31 December 2013
3,972
(22,707)
2,241
(16,494)
Net assets at the date of the purchase
-
-
23
23
Loss for the year
(1,920)
(26,928)
(159)
(29,007)
Net assets as at 31 December 2014
2,052
(49,635)
2,105
(45,478)
Interest in joint ventures
1,026
(24,818)
1,036
(22,756)
Non-controlling interest
22
-
-
22
Accumulated losses
-
24,818
104
24,922
Carrying value as at 31 December 2014
1,048
-
1,140
2,188
Net assets as at 31 December 2014
2,052
(49,635)
2,105
(45,478)
Increase of share capital
-
-
1,003
1,003
Profit / (loss) for the year
375
(47,202)
(623)
(47,450)
Net assets as at 31 December 2015
2,427
(96,837)
2,485
(91,925)
Interest in joint ventures
1,214
(48,419)
1,129
(46,076)
Non-controlling interest
15
-
-
15
Accumulated losses
-
48,419
406
48,825
Carrying value as at 31 December 2015
1,229
-
1,535
2,764
The Group has issued guarantees for OJSC Boguchanskaya HPP for the loan facility in favour of the State
Corporation Vnesheconombank (Note 28).
RusHydro Group
Notes to the Consolidated Financial Statements as at and for the year ended
31 December 2015
(in millions of Russian Rubles unless noted otherwise)
44
Note 9.
Available-for-sale financial assets
31 December 2015
31 December 2014
% of ownership
Fair value
% of ownership
Fair value
PJSC Inter RAO
4,92%
5,606
4,92%
3,654
PJSC Russian Grids
0,28%
228
0,28%
212
PJSC FGC UES
0,13%
99
0,13%
76
Other
-
161
-
190
Total available-for-sale financial assets
6,094
4,132
The fair values of available-for-sale financial assets were calculated based on quoted market prices, for
those which are not publicly traded fair values were estimated by reference to the discounted cash flows of
the investees (Note 31).
Profit arising on available-for-sale financial assets for the year ended 31 December 2015 totaled
RR 1,962 million, including revaluation of PJSC Inter RAO – RR 1,953 million, was recorded within other
comprehensive income (for the year ended 31 December 2014 loss totaled RR 2,436 million and was
recorded within other comprehensive income in amount of RR 42 million net of tax and in profit or loss in
amount of RR 2,478 million).
Note 10.
Other non-current assets
31 December 2015 31 December 2014
Long-term promissory notes
38,189
37,047
Discount
(16,946)
(16,864)
Impairment provision
(14,025)
(14,025)
Long-term promissory notes, net
7,218
6,158
VAT recoverable
2,546
3,226
Dams of Bratskaya, Ust’-Ilimskaya and Irkutskaya HPPs
2,164
5,478
Customer base of LLC ESC Bashkortostan
553
1,109
Goodwill
481
929
Other non-current assets
8,440
8,121
Total other non-current assets
21,402
25,021
Rating*
Rating
agency
Effective
interest rate
Maturity
date
31 December 2015 31 December 2014
Long-term promissory
notes
OJSC Boguchanskaya HPP
-
-
9.75%
2029
5,711
5,203
PJSC ROSBANK
ВВВ-
Fitch
Ratings 10.90
–
14.58% 2020
–
2022
784
446
JSC Alfa Bank
Вa2
Moody’s 11.90
–
16.35% 2016
–
2022
673
466
Other
50
43
Total long-term promissory notes
7,218
6,158
Promissory notes of OJSC Boguchanskaya HPP. As at 31 December 2015 the amortised cost of interest-
free long-term promissory notes of OJSC Boguchanskaya HPP (payable not earlier than 31 December 2029
with total nominal value of RR 21,027 million) pledged as collateral to the State Corporation
Vnesheconombank amounted to RR 5,711 million (31 December 2014: RR 5,203 million) (Note 8).
Dams of Bratskaya, Ust’-Ilimskaya and Irkutskaya HPPs. The recoverable amount of dams of Bratskaya,
Ust’-Ilimskaya and Irkutskaya HPPs owned by the Group received in 2011 in the course of additional share
issue of the Company is estimated by management based on future cash flows. Key assumption used for the
cash flows analysis is estimation of the annual consideration, received from PJSC Irkutskenergo and
respective to market value of right of temporary ownership and use this property. Due to the deterioration of
estimation of the annual consideration as at 31 December 2015 the Group recognised impairment of dams of
Bratskaya, Ust’-Ilimskaya and Irkutskaya HPPs in the amount of RR 3,220 million.
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