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)
41
OJSC Sakhalin Energy Company (OJSC SEC)
OJSC SEC is the customer-developer of a number of electricity sector assets in the Sakhalin region as part
of the federal special purpose program Economic and Social Development of the Far East and Transbaikal
until 2014 and the oblast’s special purpose program Power Sector Development in the Sakhalin Region until
2010 and for the Long-term Period until 2020. OJSC SEC's major investment project was the Construction of
Power Generating Unit No. 4 at Yuzhno-Sakhalinsk Thermal Power Plant-1, which is operated by
OJSC Sakhalinenergo, the Group's subsidiary, under a lease agreement. Other OJSC SEC's shareholders,
in addition to the Group, are the Russian Government and the government of the Sakhalin region
represented by the Ministry of Land and Property Affairs of Sakhalin region
The Group's investments in OJSC SEC represent strategic assets which allow a more efficient joint
operation of the assets of OJSC Sakhalinenergo and OJSC SEC.
PJSC Krasnoyarskaya HPP
In July 2014 25 percent minus 1 share of PJSC Krasnoyarskaya HPP were transfered by the Group’s
subsidiary JSC HydroInvest to JSC EuroSibEnergo in exchange of 3.39 percent of treasury shares
(Note 15). Remaining 0.12 percent of shares of PJSC Krasnoyarskaya HPP were reclassified to available-
for-sale financial assets.
Summarised financial information for significant associates for the years ended 31 December 2015 and
31 December 2014 and as at 31 December 2015 and 31 December 2014:
OJSC SEC
OJSC IENC
PJSC Krasnoyarskaya
HPP
As at 31 December
2015
2014
2015
2014
2015
2014
Non-current asssets
11,242
10,519
24,862
25,848
-
-
Current assets
761
1,516
1,037
2,478
-
-
Non-current liabilities
(12)
-
(1,571)
(5,334)
-
-
Current liabilities
(54)
(1,063)
(8,350)
(6,353)
-
-
Net assets
11,937
10,972
15,978
16,639
-
-
For the year ended 31 December
2015
2014
2015
2014
2015
2014
Revenue
449
285
16,995
15,674
-
7,673
Reversal of impairment of
property, plant and equipment
-
-
-
-
-
-
(Loss) / profit for the year
(35)
(69)
(661)
(843)
-
1,166
Total comprehensive (loss) / income
for the year
(35)
(69)
(661)
(843)
-
1,166
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)
42
Reconciliation of the summarised financial information presented to the carrying value of interest in
associates:
OJSC SEC
OJSC IENC
PJSC
Krasnoyars
kaya HPP
Others
Total
Net assets as at 31 December 2013
10,691
17,482
55,199
814
84,186
(Loss) / profit for the year
(69)
(843)
1,166
212
466
Additional share issue
350
-
-
-
350
Disposal
-
-
(56,103)
-
(56,103)
Reclassification to available-for-sale financial
assets
-
-
(262)
-
(262)
Net assets as at 31 December 2014
10,972
16,639
-
1,026
28,637
Interest in associates
3,960
7,114
-
335
11,409
Goodwill
-
946
-
-
946
Additional share issues
(519)
-
-
-
(519)
Accumulated losses
-
-
-
8
8
Carrying value as at 31 December 2014
3,441
8,060
-
343
11,844
Net assets as at 31 December 2014
10,972
16,639
-
1,026
28,637
Loss for the year
(35)
(661)
-
(32)
(728)
Additional share issue
1,000
-
-
-
1,000
Disposal
-
-
-
(402)
(402)
Reclassification to subsidiaries
-
-
-
19
19
Net assets as at 31 December 2015
11,937
15,978
-
611
28,526
Interest in associates
4,308
6,831
-
172
11,311
Goodwill
-
946
-
-
946
Additional share issues
(879)
-
-
-
(879)
Carrying value as at 31 December 2015
3,429
7,777
-
172
11,378
Joint ventures
BoGES Group and BALP Group
Starting from 2006 the Company and RUSAL Group have been jointly implementing the BEMA project based
on an agreement for mutual financing, completion and subsequent operation of Boguchanskaya HPP and
Boguchansky aluminium plant. Within the BEMA project on parity basis joint ventures BoGES Ltd (Cyprus)
and BALP Ltd (Cyprus) were formed, which have controlling interests in OJSC Boguchanskaya HPP and
CJSC Boguchansky Aluminium Plant.
BoGES Ltd and OJSC Boguchanskaya GES together form BoGES Group. BALP Ltd and
CJSC Boguchansky Aluminium Plant together form BALP Group.
BoGES Ltd and BALP Ltd provide corporate governance of Boguchanskaya HPP and Boguchansky
Aluminium Plant in line with the parity of interests of the investors and are not engaged in other operations.
Starting from November 2012 Boguchanskaya HPP sells electricity and capacity to large consumers and
utilities companies. An installed capacity of Boguchanskaya HPP is 2,997 MW, long-term average project
production – 17 600 million kWh.
The construction of 1-st series of Boguchansky Aluminium Plant is ongoing. Project capacity of Boguchansky
Aluminium Plant is 600 thousand tonnes of aluminium per annum. Manufacturing plant complex consists of
two series of capacity 296 thousand tonnes each. Boguchansky Aluminium Plant will become a key
consumer of energy generated by Boguchanskaya HPP.
.
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