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)
55
Current debt
Effective
interest rate
31 December 2015 31 December 2014
PJSC Sberbank
11.84–19.00%
19,668
3,331
Bank GPB (JSC)
12.14–16.80%
7,038
2,076
PJSC ROSBANK
12.00–22.00%
6,776
4,096
Bank «RRDB» (JSC)
12.77–14.00%
966
727
LLC AlstomRusHydroEnergy
-*
750
-
JSC Alfa-Bank
14.00%
501
851
PJSC Bank VTB
-
-
4,921
JSC Raiffeisenbank
-
-
598
Current portion of non-current debt
-
25,159
39,937
Current portion of finance lease liabilities
-
673
913
Other current debt
-
683
393
Total current debt and current portion of non-current debt
62,214
57,843
Reference:
Interest payable
2,942
2,190
* The loan received from a related party, the joint venture of the Group (Note 6), the interest rate on this loan - 0.00 percent per annum.
Compliance with covenants. The Group is subject to certain covenants related primarily to its debt. As at
31 December 2015 and 31 December 2014 and during the reporting period the Group met all required
covenant clauses of the credit agreements.
Finance lease liabilities. Minimum lease payments under finance leases and their present values are as
follows:
Due in 1 year
Due between
2 and 5 years
Due after
5 years
Total
Minimum lease payments as at 31 December 2015
706
1,116
4,546
6,368
Less future finance charges
(33)
(475)
(3,598)
(4,106)
Present value of minimum lease payments
as at 31 December 2015
673
641
948
2,262
Minimum lease payments as at 31 December 2014
979
1,135
3,169
5,283
Less future finance charges
(66)
(276)
(2,628)
(2,970)
Present value of minimum lease payments
as at 31 December 2014
913
859
541
2 313
Note 19.
Other non-current liabilities
31 December 2015 31 December 2014
Pension benefit obligations (Note 17)
8,386
6,888
Other non-current liabilities
6,165
4,307
Total other non-current liabilities
14,551
11,195
Note 20.
Accounts payable and accruals
31 December 2015 31 December 2014
Trade payables
33,475
31,914
Advances received
9,849
7,824
Settlements with personnel
8,410
7,714
Accounts payable under factoring agreements
4,071
1,376
Obligation to PJSC RAO ES East shares purchase (Note 15)
2,108
-
Dividends payable
86
88
Other accounts payable
2,308
2,642
Total accounts payable and accruals
60,307
51,558
All accounts payable and accruals are denominated in Russian Rubles.
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)
56
Note 21.
Other taxes payable
31 December 2015 31 December 2014
VAT
8,085
5,855
Insurance contributions
2,864
2,717
Property tax
2,159
2,404
Other taxes
927
937
Total other taxes payable
14,035
11,913
Note 22.
Revenue
Year ended
31 December 2015
Year ended
31 December 2014
Sales of electricity
254,518
239,543
Sales of heat
and hot water
35,381
34,059
Sales of capacity
33,038
28,012
Other revenue
24,575
27,946
Total revenue
347,512
329,560
Other revenue includes revenue earned from transportation of electricity and heat, connections to the grid,
rendering of construction, repairs and other services.
Note 23.
Government grants
In accordance with legislation of the Russian Federation several companies of the Group are entitled to
government subsidies for compensation of the difference between approved economically viable electricity
and heat tariffs and actual reduced tariffs and for compensation of losses on purchased fuel. During the year
ended 31 December 2015 the Group received government subsidies in the amount of RR 14,314 million (for
the year ended 31 December 2014: RR 12,428 million) in the following subsidised territories: Kamchatsky
territory, the Sakha Republic (Yakutia), Magadan Region and other Far East regions.
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