Quarterly report
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- RusHydro Group Notes to the Consolidated Financial Statements as at and for the year ended 31 December 2015
- 31 December 2015 31 December 2014
- Change in assumption Effect on net liability Effect on net liability, %
- Retirement benefit plan parameters and related risks.
- Note 18. Current and non-current debt Non-current debt Effective interest rate Due date
- Bonds issue (April 2015).
- Bonds issue (July 2015).
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) 53 In December 2015 JSC DGK decided to partially reduce payments to the unemployed pensioners. Also in accordance with the new collective agreement some conditions and the amount of benefits to employees have changed. As a result the Group recognized RR 717 million gain for the year ended 31 December 2015 (RR 501 million for the year ended 31 December 2014) (Note 24). Principal actuarial assumptions for the Group are as follows: 31 December 2015 31 December 2014 Nominal discount rate 9.80% 13.00% Inflation rate 6.00% 7.00% Wage growth rate 7.50% 8.50% Staff turnover Staff turnover depending on age based on statistics for three years Mortality table Russia-2013* Russia-2011* * Taking into account the pull down adjustment calculated based on statistical data of mortality for employees of the Group of age till 60 years old for years 2012–2015 (31 December 2014: 2012–2013) The sensitivity of the defined benefit obligation to changes in the principal actuarial assumptions as at 31 December 2015 is presented below: Change in assumption Effect on net liability Effect on net liability, % Nominal discount rate + 1% (726) -8% - 1% 852 9% Inflation rate + 1% 548 6% - 1% (469) -5% Wage growth rate + 1% 327 3% - 1% (287) -3% Staff turnover + 3% (940) -10% - 3% 1,375 15% Mortality Rates + 10% (134) -1% - 10% 145 2% The Group expects to contribute RR 613 million to the defined benefit plans in 2015. The weighted average duration of the defined benefit obligation of the Group is 9 years. Retirement benefit plan parameters and related risks. The Group has liabilities under retirement benefit plans in Russia. The retirement benefit plan includes benefits of the following types: lump sum payment upon retirement, jubilee benefits paid at certain age or upon completion of a certain number of years of service, financial aid and compensation to cover funeral expenses in the event of an employee’s or pensioner's death, financial aid provided to pensioners, pension benefits paid to former employees through the non-state pension fund (hereinafter referred to as the “NPF”). The amount of benefits depends on the period of the employees' service (years of service), salary level over the recent years preceding retirement, predetermined fixed amount or minimum tariff rate of remuneration or salary or a combination of these factors. As a rule, the above benefits are indexed according to the inflation rate and salary growth for benefits that depend on the salary level, excluding the retirement benefits paid through NPF, which are not indexed for the inflation rate at the time the payment is made (following the retirement of employees, all risks are borne by NPF). In addition to the inflation risk, all retirement benefit plans of the Group are exposed to mortality and survival risks. Plan assets held on NPF's accounts are governed in accordance with the local legislation and regulatory practices. The Group and NPF are severally liable for plans management, including investments decisions and the contribution schedule. NPF invests the Group's funds in a diversified portfolio. When investing pension savings and placing the pension reserves, NPF is guided by the Russian legislation that provides a strict regulation with respect to the possible list of financial instruments and restricts their utilisation, which also leads to diversification and reduces investment risks. 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) 54 The Group transfers the obligation to pay lifelong non-state pension benefits to the Group's former employees to NPF and funds these obligations when awarding the pension. Therefore, the Group insures the risks related to payment of non-state pensions (investment risks and survival risks). Note 18. Current and non-current debt Non-current debt Effective interest rate Due date 31 December 2015 31 December 2014 PJSC Sberbank 7.99–13.20% / MosPrime 3M+2.10% 2016–2027 47,865 48,473 Russian bonds (PJSC RusHydro) issued in Febrary 2013 8.50% 2018* 20,635 20,628 EBRD MosPrime 3M+1.50–3.45% / LIBOR6M+3.45% 2016–2027 20,280 18,560 Russian bonds (PJSC RusHydro) issued in July 2015 11.85% 2018 15,840 - Russian bonds (PJSC RusHydro) issued in April 2011 8.00% 2016* 15,240 15,233 Russian bonds (PJSC RusHydro) issued in April 2015 12.75% 2017* 10,214 - UniCredit Bank Austria AG 3.35%** 2017–2026 6,585 5,580 Crédit Agricole Corporate and Investme nt Bank Deutschland Euribor 6M+0.625% 2018–2029 6,252 5,211 PJSC ROSBANK 10.40–12.34% 2016–2017 4,909 4,481 PJSC Bank VTB 8.39% 2018 4,522 4,522 ASIAN Development bank LIBOR 6M+3.45% 2017–2026 1,787 1,437 Municipal authority of Kamchatka region 8.57% 2016–2034 1,535 2,526 Bayerische Landesbank Euribor 6M+0.85% 2016–2025 1,212 965 Bank GPB (JSC) 12.49–14.49% 2016–2018 469 1,179 PJSC Bank Vozrozhdenie 15.00% 2017 440 - Eurobonds (RusHydro Finance Ltd) - - - 20,281 OJSC Bank of Moscow - - - 7,536 Other long-term debt - - 964 1,112 Finance lease liabilities - - 2,262 2,313 Total 161,011 160,037 Less current portion of non-current (25,159) (39,937) Less current portion of finance lease liabilities (673) (913) Total non-current debt 135,179 119,187 * The bonds mature in 10 years with a put option to redeem them in 2018, 2016 and 2017 respectively. ** Fixed interest rate applied to 90 percent of the credit facility, to the rest 10 percent of the facility the quarterly variable export finance rate published by OeKB (Oesterreichische Kontrollbank AG) less 0.25 percent is applied. Bonds issue (April 2015). In April 2015 the Group placed non-convertible ten years interest bearing bonds of series 09 with a nominal amount of RR 10,000 million. The term of the offer (period of redemption of bonds on request of their owners) – 2.5 years, coupon rate of 12.75 percent per annum was determined for the first 2.5 years only. Bonds issue (July 2015). In July 2015 the Group placed market bonds with a nominal amount of RR 15,000 million for the purpose of refinancing the eurobonds issued in October 2010 and financing the investment programme of the Company. The maturity of the bonds – 3 years, coupon rate is 11.85 percent per annum. Yüklə 5,37 Mb. Dostları ilə paylaş:
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