Quarterly report
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- RusHydro Group Notes to the Consolidated Financial Statements as at and for the year ended 31 December 2015
- Total other current assets 22,574 41,872 Rating* Rating agency Effective interest rate
- Total deposits and promissory notes 19,532 40,122 Note 15. Equity Number of issued and fully paid
- Effect of changes in non-controlling interest of subsidiaries.
- Offer for shares of PJSC RAO ES East.
- Note 16. Income tax Income tax expense is as follows: Year ended 31 December 2015 Year ended 31 December 2014
- Total income tax expense 10,519 8 060
- Year ended 31 December 2015 Year ended 31 December 2014 Profit before income tax 37,678 32,191
- Total income tax expense (10,519) (8,060)
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) 49 Note 14. Other current assets 31 December 2015 31 December 2014 Deposits and promissory notes 19,532 40,122 Loans issued 2,728 1,484 Other short-term investments 314 266 Total other current assets 22,574 41,872 Rating* Rating agency Effective interest rate 31 December 2015 31 December 2014 Deposits PJSC Sberbank BBB- Fitch Ratings 8.80–12.81% 18,322 38,915 CJSC Ameriabank B+ Fitch Ratings 7.10% 728 - CJSC ARDSHINBANK B+ Fitch Ratings 3.00–16.00% 186 - Peresvet Bank B+ Fitch Ratings 12.50% 176 166 Other deposits - - - 78 768 Promissory notes JSC Alfa-Bank Ba2 Moody’s - 35 195 Other promissory notes - - - 7 78 Total deposits and promissory notes 19,532 40,122 Note 15. Equity Number of issued and fully paid ordinary shares (Par value of RR 1.00) As at 31 December 2015 386,255,464,890 As at 31 December 2014 386,255,464,890 As at 31 December 2013 386,255,464,890 Treasury shares. Аs at 31 December 2015 treasury shares were represented by 21,786,611,933 ordinary shares in the amount of RR 26,092 million (31 December 2014: 21,786,611,933 ordinary shares in the amount of RR 26,092 million). In July 2014 3.39 percent of treasury shares were received by the Group’s subsidiary JSC HydroInvest from JSC EuroSibEnergo in exchange of 25 percent minus 1 share of PJSC Krasnoyarskaya HPP. Treasury shares carry voting rights in the same proportion as other ordinary shares. Voting rights of ordinary shares of the Company held by entities within the Group are effectively controlled by management of the Group. Effect of changes in non-controlling interest of subsidiaries. In March 2015 the Group’s share in subsidiaries OJSC Daltehenergo and OJSC Guberovskiy machinery and repair plant was sold. In October 2015 share in JSC Kamchatskenergoremont was sold. During the year ended 31 December 2015 LLC Energokomfort Amur electricity wholesale company and JSC Amyrskaya Zhemchuzhina went bankrupt, also in June 2015 OJSC Kamchatskenergoremservis was liquidated. As a result non-controlling interest increased by RR 141 million due to decrease of share in losses of these subsidiaries previously absorbed by shareholders of the Group. As a result of increasing of share in OJSC Sakhalinenergo from 55,55 percent to 57,82 percent non- controling interest was reduced by RR 12 million. Dividends. On 26 June 2015 the Company declared dividends for the year ended 31 December 2014 of RR 0.0156 per share in the total amount of RR 6,033 million (RR 5,710 million excluding dividends to subsidiaries). On 27 June 2014 the Company declared dividends for the year ended 31 December 2013 of RR 0.0136 per share in the total amount of RR 5,248 million (RR 5,130 million excluding dividends to subsidiaries). Declared dividends of the Group’s subsidiaries in favour of non-controlling interest holders amounted to RR 102 million for the year ended 31 December 2015 (for the year ended 31 December 2014: RR 80 million). Offer for shares of PJSC RAO ES East. On 3 November 2015 in accordance with decision of the Board of Directors of the Company the subsudary of the Group - LLC Vostok - Finance declared voluntary offer to purchase shares of PJSC RAO ES East. According to the voluntary offer the shareholders of PJSC RAO 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) 50 ES East may choose between the sales of ordinary and preferred shares of PJSC RAO ES East owned by them or their exchange for ordinary shares of the Company. Offer for shares of PJSC RAO ES East is a commitment to purchase its own equity instruments for cash or other financial asset, and was recorded as a financial liability in the amount of discounted value of the cash to be paid. Since the offer involves the acquisition of a fixed number of the own equity instruments for a fixed amount of cash, this transaction was accounted for in equity. As at 31 December 2015 the Group recognised the obligation to purchase PJSC RAO ES East shares in the amount of RR 2,108 million (Note 20). Note 16. Income tax Income tax expense is as follows: Year ended 31 December 2015 Year ended 31 December 2014 Current income tax expense 8,881 7,450 Deferred income tax expense 1,638 610 Total income tax expense 10,519 8 060 The income tax rate applicable to the majority of the Group’s entities for the year ended 31 December 2015 is 20 percent (for the year ended 31 December 2014: 20 percent). A reconciliation between the expected and actual income tax expense is provided below: Year ended 31 December 2015 Year ended 31 December 2014 Profit before income tax 37,678 32,191 Theoretical tax expense at a statutory rate of 20 percent (7,536) (6,438) Tax effect of items which are not deductible or assessable for taxation purposes (1,230) (1,469) Increase in other unrecognised deferred tax assets (2,465) (1,053) Unrecognised deferred tax assets related to impairment of available-for- sale financial assets (Note 9) - (334) Other 712 1,234 Total income tax expense (10,519) (8,060) The total amount of deductible temporary differences for which deferred income tax assets have not been recognised by the Group as at 31 December 2015 comprised RR 64,285 million (31 December 2014: RR 51,960 million). These temporary differences mainly relate to accumulated impairment of property, plant and equipment, assets under construction and pension liabilities of several Group’s subsidiaries. Deferred income tax. Differences between IFRS and statutory taxation regulations in the Russian Federation give rise to temporary differences between the carrying amount of certain assets and liabilities for financial reporting purposes and their tax bases. The tax effect of the movements in these temporary differences is detailed below and is recorded at the rate of 20 percent (for the year ended 31 December 2014: 20 percent). Yüklə 5,37 Mb. Dostları ilə paylaş:
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