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)
30
Non-controlling interest
Summarised financial information related to subsidiaries with significant amount of non-controlling interest
before elimination of operations between the Group’s subsidiaries are presented below:
RAO ES East subgroup
including DEK subgroup
Financial position
31 December
2015
31 December
2014
31 December
2015
31 December
2014
Percent of non-controlling interest
14.08%
14.08%
55.08%
55.08%
Percent of voting rights, attributable to
non-controlling interest
13.80%
13.80%
47.83%
47.83%
Non-current assets
104,873
95,072
57,183
55,443
Current assets
57,638
55,749
23,993
23,610
Non-current liabilities
(57,768)
(54,965)
(35,095)
(34,610)
Current liabilities
(88,518)
(68,768)
(54,549)
(44,090)
Net assets
16,225
27,088
(8,468)
353
Carrying value of non-controlling
interest
9,732
14,660
(2,656)
2,193
Financial results
Year ended
31 December
2015
Year ended
31 December
2014
Year ended
31 December
2015
Year ended
31 December
2014
Revenue
162,713
150,286
109,327
100,807
Loss for the year
(7,518)
(2,181)
(8,756)
(3,821)
Total comprehensive loss for the year
(8,410)
(1,193)
(9,402)
(3,101)
Loss for the year, attributable to non-
controlling interest
(4,621)
(1,632)
(4,522)
(2,334)
Changes in other comprehensive (loss) /
income, attributable to non-controlling
interest
(446)
526
(59)
393
Cash flows
Cash generated by operating activities
10,919
12,452
5,592
2,425
Cash used in investing activities
(14,854)
(13,292)
(6,406)
(6,951)
Cash generated / (used) by financing
activities
1,786
5,103
(191)
4,437
(Decrease) / increase in cash and
cash equivalents
(2,149)
4,263
(1,005)
(89)
The rights of the non-controlling shareholders of the presented subgroups are determined by the Federal Law
“On Joint Stock Companies” and the charter documents of PJSC RAO ES East and PJSC DEK.
Note 5.
Segment information
Operating segments are components of the Group engaged in operations from which they may earn revenue
and incur expenses, including revenue and expenses relating to transactions with other components of the
Group. The individual financial information of the operating segments, which based on the same principles
as the present consolidated financial statements, is available and is regularly reviewed by the chief operating
decision maker (CODM) to make operating decisions about resources to be allocated and the performance
of segments’ operating activities.
The CODM analyses the information concerning the Group by the groups of operations which are
aggregated in operating segments presented by the following separate reportable segments: PJSC
RusHydro (the Group’s parent company), ESС RusHydro subgroup, RAO ES East subgroup and other
segments (Note 4). Transactions of other segments are not disclosed as reportable segments as the
performance is based on quantitative indicators for the periods presented.
Management of operating activities of segments is performed with direct participation of individual segment
managers accountable to the CODM. Segment managers on a regular basis submit for approval to the
CODM results of operating activities and financial performance of segments. The CODM approves the
annual business plan at the level of reportable segments as well as analyses actual financial performance of
segments. Management bears responsibility for execution of approved plan and management of operating
activities at the level of segments.
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)
31
The segments’ operational results are estimated on the basis of EBITDA, which is calculated as operating
profit / loss excluding insurance indemnity, depreciation of property, plant and equipment and intangible
assets, impairment of property, plant and equipment, impairment of other non-current assets, impairment of
goodwill, impairment of available-for-sale financial assets, accounts receivable, long-term promissory notes,
loss on disposal of property, plant and equipment, loss on remeasurement of net assets of subsidiary
asquired exclusively with a view for resale, curtailment in pension payment and pension plan and other non-
monetary items of operating expenses. This method of definition of EBITDA may differ from the methods
applied by other companies. CODM believes that EBITDA represents the most useful means of assessing
the performance of ongoing operating activities of the Company and the Group’s subsidiaries, as it reflects
the earnings trends without showing the impact of certain charges.
Segment information also contains capital expenditures and the amount of debt as these indicators are
analysed by the CODM. Intersegment debt’s balances are excluded.
Other information provided to the CODM complies with the information presented in the consolidated
financial statements.
Intersegment sales are carried out at market prices.
Segment information for the years ended 31 December 2015 and 31 December 2014 and as at
31 December 2015 and 31 December 2014 is presented below:
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