Quarterly report
Yüklə 5,37 Mb. Pdf görüntüsü
|
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) 61 The table below summarises the Group’s exposure to foreign currency exchange rate risk: 31 December 2015 31 December 2014 Monetary financial assets Monetary financial liabilities Net balance sheet position Monetary financial assets Monetary financial liabilities Net balance sheet position USD 6,409 (3,735) 2,674 3,300 (5,464) (2,164) EUR 61 (14,335) (14,274) 2,310 (12,292) (9,982) Other 114 - 114 25 - 25 Total 6,584 (18,070) (11,486) 5,635 (17,756) (12,121) The above analysis includes only monetary assets and liabilities. Equity investments and non-monetary assets are not considered to give rise to any material currency risk. There is no significant effect of the changes of foreign currency rates on the Group’s financial position. Interest rate risk. The Group’s operating profits and cash flows from operating activities are not dependent largely on the changes in the market interest rates. Borrowings issued at variable rates (Note 18) expose the Group to cash flow interest rate risk. The Group obtains debt financing with floating rates, which are established on the basis of the MOSPRIME, Euribor, Libor rates. As at 31 December 2015, had interest rates at that date been 3 percent higher (31 December 2014: 6 percent higher), with all other variables held constant, profit for the year ended 31 December 2015 and the amount of capital that the Group managed as at 31 December 2015 would have been RR 889 million (31 December 2014: RR 2 093 million) lower, mainly as a result of higher interest expense on variable interest liabilities. The Group monitors interest rates for its financial instruments. Effective interest rates are disclosed in Note 18. For the purpose of interest risk reduction the Group makes the following arrangements: credit market monitoring to identify favourable credit conditions, diversification of credit portfolio by raising of borrowings with fixed rates and floating rates. Liquidity risk. Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Prudent liquidity risk management includes maintaining sufficient cash and marketable securities and the availability of funding from an adequate amount of committed credit facilities. The Group adheres to the balanced model of financing of working capital – both at the expense of short-term sources and long-term sources. Temporarily free funds are placed into short-term financial instruments, mainly bank deposits and short-term bank promissory notes. Current liabilities are represented mainly by the accounts payable to suppliers and contractors. The Group has implemented a control system under its contract conclusion process by introducing and applying typical financial arrangements which include standardised payment structure, payment deadlines, percentage ratio between advance and final settlement, etc. In such a manner the Group controls capital maturity. The table below shows liabilities as at 31 December 2015 by their remaining contractual maturity. The amounts disclosed in the maturity table are the contractual undiscounted cash flows, including gross finance lease obligations (before deducting future finance charges). Such undiscounted cash flows differ from the amount included in the Consolidated Statement of Financial Position because this amount is based on the discounted cash flows. 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) 62 The maturity analysis of financial liabilities as at 31 December 2015 is as follows: 2016 year 2017 year 2018 year 2019 year 2020 year Starting from year 2021 Liabilities Current and non-current debt 74,633 33,577 65,664 8,313 28,242 38,978 Trade payables (Note 20) 33,475 - - - - - Accounts payable under factoring agreements (Note 20) 4,071 - - - - - Obligation to PJSC RAO ES East shares purchase (Note 20) 2,108 - - - - - Financial guarantees (Note 28) 712 771 1,008 1,269 1,537 22,178 Dividends payable (Note 20) 86 - - - - - Finance lease liabilities (Note 18) 706 442 267 203 204 4,546 Net settled derivatives 32 26 17 10 4 - Total future payments, including principal and interest payments 115,823 34,816 66,956 9,795 29,987 65,702 The maturity analysis of financial liabilities as at 31 December 2014 is as follows: 2015 year 2016 year 2017 year 2018 year 2019 year Starting from year 2020 Liabilities Current and non-current debt 67,650 30,036 10,676 44,154 12,325 64,984 Trade payables (Note 20) 31,914 - - - - - Accounts payable under factoring agreements (Note 20) 1,376 - - - - - Financial guarantees (Note 28) 842 636 771 1,008 1,269 23,714 Dividends payable (Note 20) 88 - - - - - Finance lease liabilities (Note 18) 979 449 367 192 127 3,169 Net settled derivatives 103 118 65 36 20 7 Total future payments, including principal and interest payments 102,952 31,239 11,879 45,390 13,741 91,874 Liabilities of disposal group 496 - - - - - Note 30. Management of capital Compliance with Russian legislation requirements and capital cost reduction are key objectives of the Group’s capital risk management. The following capital requirements have been established for joint stock companies by the legislation of the Russian Federation: share capital cannot be lower than 1,000 minimum shares on the date of the company’s registration; if the share capital of the entity is more than the statutory net assets of the entity, such entity must decrease its share capital to the value not exceeding its net assets; if the minimum allowed share capital is more than the statutory net assets of the entity, such entity is subject to liquidation. As at 31 December 2015 and 31 December 2014 the Company was in compliance with the above share capital requirements. The Group’s objectives in respect of capital management are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders. The amount of capital that the Group managed as at 31 December 2015 was RR 613,919 million (31 December 2014: RR 595,151 million). Consistent with others in the energy industry, the Group monitors the gearing ratio, that is calculated as the total debt divided by the total capital. Debt is calculated as a sum of non-current and current debt, as shown in the Consolidated Statement of Financial Position. Total capital is equal to the total equity, as shown in the 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) 63 Consolidated Statement of Financial Position. The gearing ratio was 0.32 as at 31 December 2015 (31 December 2014: 0.30). Note 31. Fair value of assets and liabilities Fair value measurements are analysed by level in the fair value hierarchy as follows: (i) Level 1 are measurements at quoted prices (unadjusted) in active markets for identical assets or liabilities, (ii) Level 2 measurements are valuations techniques with all material inputs observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices), and (iii) Level 3 measurements are valuations not based on observable market data (that is, unobservable inputs). a) Recurring fair value measurements Recurring fair value measurements are those that the accounting standards require or permit in the statement of financial position at the end of each reporting period. The level in the fair value hierarchy into which the recurring fair value measurements are categorised are as follows: 31 December 2015 Level 1 Level 2 Level 3 Total Financial assets Available-for-sale financial assets 6,057 - 37 6,094 Non-financial assets Property, plant and equipment (except for construction in progress, office buildings and land) - - 480,692 480,692 Total assets recurring fair value measurements 6,057 - 480,729 486,786 31 December 2014 Financial assets Available-for-sale financial assets 4,055 - 77 4,132 Non-financial assets Property, plant and equipment (except for construction in progress, office buildings and land) - - 451,262 451,262 Total assets recurring fair value measurements 4,055 - 451,339 455,394 As at 31 December 2015 and 31 December 2014 the Group’s liabilities measured at fair value are not significant. The valuation technique, inputs used in the fair value measurement for significant Level 3 measurements and related sensitivity to reasonably possible changes in those inputs are as follows at 31 December 2015: Fair value Valuation technique Significant unobservable inputs Reasonable change Sensitivity of fair value measurement Non-financial assets Property, plant and equipment (except for construction in progress, office buildings and land) 480,692 Discounted cash flows Electricity and capacity prices -10% (21,696) Discount rate +1% (14,628) Capital expenditures +10% (3,914) Total recurring fair value measurements at Level 3 480,692 (40,238) The above tables discloses sensitivity to valuation inputs for property, plant and equipment as changing one or more of the unobservable inputs to reflect reasonably possible alternative assumptions would change fair value significantly. There were no changes in valuation technique for Level 3 recurring fair value measurements during the years ended 31 December 2015 and 31 December 2014. (b) Assets and liabilities not measured at fair value but for which fair value is disclosed Financial assets carried at amortised cost. The Group considers that the fair value of cash, short term deposits (Level 1 of the fair value hierarchy) and accounts receivable (Level 3 of the fair value hierarchy) approximates their carrying value. The fair value of long term accounts receivable, other non-current and current assets is estimated based on future cash flows expected to be received including expected losses (Level 3 of the fair value hierarchy), the fair value of these assets approximates their carrying value. 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) 64 Liabilities carried at amortised cost. The fair value of floating rate liabilities approximates their carrying value. The fair value of bonds is based on quoted market prices (Level 1 of the fair value hierarchy). Fair value of the fixed rate liabilities is estimated based on expected cash flows discounted at current interest rates for new instruments with similar credit risk and remaining maturity (Level 3 of the fair value hierarchy). The fair value of current liabilities carried at amortised cost approximates their carrying value. As at 31 December 2015 the carrying value of bonds exceeded their fair value by RR 763 million. As at 31 December 2014 the carrying value of bonds exceeded their fair value by RR 2,527 million. As at 31 December 2015 the carrying value of non-current fixed rate debt exceeded their fair value by RR 7,121 million. As at 31 December 2014 the carrying value of non-current fixed rate debt exceeded their fair value by RR 7,319 million. Note 32. Presentation of financial instruments by measurement category The following table provides a reconciliation of classes of financial assets with the measurement categories of IAS 39, Financial Instruments: Recognition and Measurement as at 31 December 2015: Loans and receivables Available-for-sale financial assets Total Assets Other non-current assets (Note 10) 7,896 - 7,896 Promissory notes 7,218 - 7,218 Long-term loans issued 633 - 633 Net settled derivatives 45 - 45 Available-for-sale financial assets (Note 9) - 6,094 6,094 Trade and other receivables (Note 12) 38,383 - 38,383 Trade receivables 34,917 - 34,917 Promissory notes receivable 9 - 9 Other financial receivables 3,457 - 3,457 Other current assets (Note 14) 22,291 - 22,291 Deposits and promissory notes 19,532 - 19,532 Short-term loans issued 2,728 - 2,728 Net settled derivatives 31 - 31 Cash and cash equivalents (Note 11) 48,025 - 48,025 Total financial assets 116,595 6,094 122,689 Non-financial assets 814,660 Non-current assets and assets of disposal group classified as held for sale 788 Total assets 938,137 All of the Group’s financial liabilities are carried at amortised cost. Financial liabilities are represented mainly by the current and non-current debt (Note 18), trade payables and other account payable (Note 20). 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) 65 The following table provides a reconciliation of financial assets with the measurement categories as at 31 December 2014: Loans and receivables Available-for-sale financial assets Total Assets Other non-current assets (Note 10) 7,297 - 7,297 Promissory notes 6,158 - 6,158 Deposits 585 - 585 Long-term loans issued 373 - 373 Net settled derivatives 181 - 181 Available-for-sale financial assets (Note 9) - 4,132 4,132 Trade and other receivables (Note 12) 35,113 - 35,113 Trade receivables 32,288 - 32,288 Promissory notes receivable 13 - 13 Other financial receivables 2,812 - 2,812 Other current assets (Note 14) 41,703 - 41,703 Deposits and promissory notes 40,122 - 40,122 Short-term loans issued 1,484 - 1,484 Net settled derivatives 97 - 97 Cash and cash equivalents (Note 11) 34,394 - 34,394 Total financial assets 118,507 4,132 122,639 Non-financial assets 760,467 Non-current assets and assets of disposal group classified as held for sale 664 Total assets 883,770 Note 33. Subsequent events As at 28 January 2016 the Group subsidiary - PJSC RAO ES East accounted for the shares repurchased from shareholders who voted against decision on approval of large-scale deals or who did not participate in voting within the extraordinary General Shareholders meeting held at 12 November 2015. 22,282,264 ordinary nominal uncertified shares and 3,608,736 preference nominal uncertified shares were repurchased. Shareholders accepted terms of the voluntary offer up to 18 January 2016 transferred PJSC RAO ES East shares to the account of LLC Vostok-Finance during the period from 19 January 2016 to 2 February 2016. Based on the voluntary offer LLC Vostok-Finance bought 4,707,066,939 ordinary shares and 341,828,698 preference shares of PJSC RAO ES East which amount to 11.11 percent of voting shares. PJSC RAO ES East shareholders received 2,934,258,766 shares of the Company and RR 30 million as a compensation for purchased shares. The voluntary offer resulted to the Group share in PJSC RAO ES East capital exceeding 95 percent. According to legislation share in share capital of more than 95 percent entitles squeeze out to increase the Group share up to 100 percent, which right the Group is going to exercise. Yüklə 5,37 Mb. Dostları ilə paylaş:
|