rus
2014

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 31 december 2014 (in millions of russian rubles, unless otherwise stated)
 

Notes

Year ended
31 December 2014

Year ended
31 December 2013
(restated)

Revenue

8

759,608

755,806

Operating expenses

10

(759,805)

(912,566)

Other income, net

9

14,309

7,939

Results from operating activities

 

14,112

(148,821)

Finance income

12

10,712

9,049

Finance costs

12

(42,863)

(50,618)

Net finance costs

 

(32,151)

(41,569)

Share of loss of equity accounted investees 
(net of income tax)

 

(10)

(11)

Loss before income tax

 

(18,049)

(190,401)

Income tax expense/( benefit)

13

(6,208)

31,012

Loss for the year

 

(24,257)

(159,389)

Other comprehensive income

     

Items that are or may be reclassified subsequently to profit or loss

     

Net change in fair value of available-for-sale financial assets

16

125

(123)

Foreign currency translation differences

 

650

26

Related income tax

17

(22)

25

Total items that are or may be reclassified subsequently to profit or loss

 

753

(72)

Items that will never be reclassified to profit or loss

     

Remeasurements of the defined benefit liability

24

3,023

(3,879)

Related income tax

17

(499)

752

Total items that will not be reclassified to profit or loss

 

2,524

(3,127)

Other comprehensive loss for the year, net of income tax

 

3,277

(3,199)

Total comprehensive loss for the year

 

(20,980)

(162,588)

Loss attributable to:

     

Owners of the Company

 

(15,355)

(132,113)

Non-controlling interest

 

(8,902)

(27,276)

Total comprehensive loss attributable to:

     

Owners of the Company

 

(13,071)

(134,332)

Non-controlling interest

 

(7,909)

(28,256)

Loss per share

     

Basic and diluted loss per ordinary share (in RUB)

22

(0.096)

(0.832)

 

Explanation and notes to the financial statements are disclosed in full an Annex 6 of this Annual Report.
Explanation and notes are an integral part of the consolidated financial statements of the ROSSETI Group of companies.

 

Consolidated Statement of Financial Position

As at 31 December 2014 (in millions of Russian rubles, unless otherwise stated)
 

Notes

31 December 2014

31 December 2013

ASSETS

     

Non-current assets

     

Property, plant and equipment

14

1,643,586

1,595,862

Intangible assets

15

14,300

16,557

Investments in associates and joint ventures

 

1,627

1,202

Non-current accounts receivable

19

6,971

7,442

Other investments and financial assets

16

22,952

27,309

Deferred tax assets

17

7,117

9,012

Total non-current assets

 

1,696,553

1,657,384

Current assets

     

Inventories

18

26,630

23,920

Other investments and financial assets

16

17,908

53,306

Current income tax prepayments

 

4,636

5,568

Trade and other receivables

19

155,776

143,944

Cash and cash equivalents

20

82,576

61,917

Total current assets

 

287,526

288,655

Total assets

 

1,984,079

1,946,039

EQUITY AND LIABILITIES

     

Equity

21

   

Share capital

 

163,154

163,154

Share premium

 

212,978

212,978

Treasury shares

 

(2,725)

(2,819)

Other reserves

 

(3,981)

(6,265)

Retained earnings

 

383,554

398,711

Total equity attributable to equity holders of the Company

 

752,980

765,759

Non-controlling interest

 

285,824

295,932

Total equity

 

1,038,804

1,061,691

Non-current liabilities

     

Loans and borrowings

23

485,409

492,229

Trade and other payables

25

17,851

14,487

Employee benefits

24

25,512

28,971

Deferred tax liabilities

17

34,389

38,715

Total non-current liabilities

 

563,161

574,402

Current liabilities

     

Loans and borrowings

23

93,227

57,808

Trade and other payables

25

268,469

241,266

Provisions

26

18,871

10,397

Current tax liabilities

 

1,547

475

Total current liabilities

 

382,114

309,946

Total liabilities

 

945,275

884,348

Total equity and liabilities

 

1,984,079

1,946,039

 

Explanation and notes to the financial statements are disclosed in full an Annex 6 of this Annual Report.
Explanation and notes are an integral part of the consolidated financial statements of the ROSSETI Group of companies.

 

Consolidated Statement of Cash Flows

For the year ended 31 December 2014 (in millions of Russian rubles, unless otherwise stated)

 

Notes

Year ended
31 December 2014

Year ended
31 December 2013

OPERATING ACTIVITIES

     

Loss for the year

 

(24,257)

(159,389)

Adjustments for:

     

Depreciation and amortization

10, 14, 15

125,910

115,942

Impairment of property, plant and equipment

14

81,690

239,446

Finance costs

12

42,863

50,618

Finance income

12

(10,712)

(9,049)

Loss on disposal of property, plant and equipment

 

148

3,245

Share of loss of an associate and a joint venture

 

10

11

Impairment of accounts receivable and inventory

 

18,711

19,847

Bad debt write-off

 

200

430

Non-cash receipt of property, plant and equipment

 

(4,427)

(2,281)

Non-cash settlement of technological connection agreements

 

(926)

(613)

Other non-cash transactions

 

175

1,029

Income tax expense/(benefit)

 

6,208

(31,012)

Operating profit before changes in working capital

 

235,593

228,224

Change in trade and other receivables (before impairment)

 

(30,019)

(40,577)

Change in inventories (before impairment)

 

(2,151)

(2,996)

Change in trade and other payables

 

5,134

15,823

Change in employee benefit liabilities

 

(2,470)

(869)

Change in provisions

26

8,381

(4,169)

Other

 

480

5

Cash flows from operating activities before income tax and interest paid

 

214,948

195,441

Income tax paid

 

(7,322)

(9,050)

Interest paid

 

(46,950)

(37,448)

Net cash flows from operating activities

 

160,676

148,943

INVESTING ACTIVITIES

     

Acquisition of property, plant and equipment and intangible assets

 

(204,193)

(266,415)

Proceeds from the sale of property, plant and equipment

 

4,702

1,507

Acquisition of investments and placement of bank deposits

 

(120,533)

(97,447)

Proceeds from disposal of investments and withdrawal of bank deposits

 

144,904

101,904

Dividends received

 

31

47

Interest received

 

8,799

7,290

Net cash flows used in investing activities

 

(166,290)

(253,114)

FINANCING ACTIVITIES

     

Proceeds from loans and borrowings

 

118,482

293,076

Repayment of loans and borrowings

 

(89,592)

(185,484)

Proceeds from shares issued

 

-

4,295

Acquisition of non-controlling interest in subsidiaries

21

-

(764)

Dividends paid

 

(2,020)

(3,469)

Repayment of finance lease liabilities

 

(597)

(1,381)

Net cash flows from financing activities

 

26,273

106,273

Net increase in cash and cash equivalents

 

20,659

2,102

Cash and cash equivalents at the beginning of year

 

61,917

59,815

Cash and cash equivalents at the end of year

20

82,576

61,917

 

Explanation and notes to the financial statements are disclosed in full an Annex 6 of this Annual Report.
Explanation and notes are an integral part of the consolidated financial statements of the ROSSETI Group of companies.