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Key audit matter
How our audit addressed the Key audit
matter
The recognition of additional loss also led to a
decrease of RUB 4,920 million in the property,
plant and equipment revaluation reserve in the
consolidated statement of comprehensive
income. There was no basis for accrual of or
release of earlier accrued impairment loss for
those cash generating units for which the
results of the management’s assessment led
the management to conclude that their
recoverable amount is either higher than their
carrying amount or equal to it.
We focused on the property, plant and
equipment impairment assessment as this
process is complicated, requires significant
management’s judgements and is based on
assumptions that are affected by the projected
future market and economic terms that are
inherently uncertain.
The impairment test is sensitive to reasonably
possible changes in assumptions. The most
significant judgements are related to the
applied discount rate together with the
assumptions supporting the relevant forecast
cash flows, in particular those concerning the
electricity and capacity tariff rates, electricity
generation output and capital investments.
incorporated in the financial models for
assessing the impairment of property, plant
and equipment;
examination, on a test basis, of mathematical
accuracy of financial models used by the
management to assess the impairment of
property, plant and equipment ;
consideration of potential impact of
reasonably possible changes in key
assumptions;
obtaining management’s written
representations related to their property,
plant and equipment impairment test.
As a result of the above procedures, we believe
that the key assumptions used by the
management are acceptable for the purposes of
preparing the accompanying consolidated
financial statements.
Acceptability of management’s current estimates
regarding the property, plant and equipment
impairment for the purpose of preparing the
financial statements for the year ended
31 December 2016 does not guarantee that
future events that are inherently uncertain
would not lead to a significant change in these
estimates.
We note that the management’s financial models
are to a significant extent sensitive to the
changes in key assumptions. It could reasonably
be expected, that if actual results differ from
assumptions made, accordingly, there could
arise either additional losses from impairment in
the future or gains from the release of previously
recognised impairment charge.
We also assessed adequacy of disclosures in
Notes 2, 7 and 32 to the consolidated financial
statements and assessed their compliance with
the disclosure requirements of IAS 36
‘Impairment of Assets’.
Our procedures have not identified any findings
that would require significant adjustments to the
impairment amount recorded in the
consolidated financial statements.
The revenue increase based on the results of the year 2017 (3 months) compared to the year 2016 (3 months) is
insignificant.
Changes of the sales revenue amount (sales volume amount) of the issuer from business activities of 10 and more per
cent compared to the similar accounting period of the previous year and reasons for such changes: none.
General structure of issuer’s self cost
Account cost
2015
2016
2016, 3 months 2017, 3 months
Raw materials and materials, %
0,7
0,7
0,6
0,6
Purchased assembly parts, semi-products, %
0,0
-
0,0
-
Works and services of production nature, made
by external companies, %
9,3
9,8
4,5
5,7
Oil, %
0,0
-
0,0
-
Energy, %
21,8
12,5
15,7
14,6
Labor costs, %
12,8
13,4
11,0
10,8
Credit interests, %
0,0
-
0,0
-
Rent, %
1,6
2,5
2,4
2,7
Social security contributions, %
3,0
3,3
3,4
3,2
Capital consumption, %
21,6
26,3
29,3
30,5
Taxes, included in self-cost of the products, %
12,2
14,6
15,8
15,6
Other costs
16,9
16,9
17,3
16,3
Amortization of intangible assets, %
0,6
0,7
0,5
0,8
Remuneration for rationalization proposals, %
-
-
Mandatory insurance premium, %
2,3
3,0
2,8
2,6
Representational expenses, %
0,05
0,03
0,02
0,02
Other (specify), % *
13,9
13,1
14,0
12,9
Total amount: production and goods (works,
services) sell costs, %
100,0
100,0
100,0
100,0
For reference: Goods (works, services) sell
revenue, per cent to self-cost
167,4
204,1
214,9
209,5
* including costs for provision of performance of power Joint Market in 2015 – 4,5 per cent, in 2016 (3 months) – 5,5
per cent, in 2016 – 5,0 per cent, in 2017 (3 months) – 3,1 per cent.
New types of products (works, services), which have substantial significance and offered by issuer on the
market of its primary activity, to the extent that it is comply with the public information of such types of
products (works, services). It is indicated the development state of such types of products (works, services).
There are no new types of products (works, services), which have substantial significance.
Standards (rules) in accordance with which the Accounting (Financial) Statements of the issuer were prepared
and the calculations were conducted, which are presented in this subparagraph.
Accounting Statements of the issuer is made on the basis of current accounting and reporting requirements of the
Russian Federation, established by the Federal Law No. 402-FL dated 06.12.2011 On Accounting, Provision on
Accounting and Reporting Regulation in Russian Federation, approved by the order of Ministry of Finance of the
Russian Federation No.34н, dated 29.07.1998, as well as other normative acts, included into system of accounting
regulating and statement preparation of organizations in Russian Federation.
3.2.3. Materials, Goods (Raw Materials) and Suppliers of the Issuer
Name, location, TIN (if any), OGRN (if any) of issuer’s suppliers, which account for not less than 10 per cent of all
deliveries of materials and goods and their shares in the total volume of deliveries for the last completed financial
year and for accounting period, which includes three months of the current year.
As of 31.12.2016
The issuer’s suppliers, which account for not less than 10 per cent of all deliveries of materials and goods (raw
materials)
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