| 7. | Material partly-owned subsidiaries |
Financial information of subsidiaries that have material non-controlling interests is provided below.
Proportion of equity interest held by non-controlling interests:
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Name |
At December 31, 2017 |
At December 31, 2016 |
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SKCC and subsidiaries* |
0.9 | % | 3.4 | % | ||||
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Kuzbass Power Sales Company (KPSC) |
27.9 | % | 27.9 | % | ||||
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Chelyabinsk Metallurgical Plant (CMP) |
5.8 | % | 5.9 | % | ||||
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Southern Urals Nickel Plant (SUNP) |
15.9 | % | 15.9 | % | ||||
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Beloretsk Metallurgical Plant (BMP) |
8.6 | % | 8.6 | % | ||||
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Korshunov Mining Plant (KMP) |
10.0 | % | 10.0 | % | ||||
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Urals Stampings Plant (USP) |
6.2 | % | 6.2 | % | ||||
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Izhstal |
10.0 | % | 10.0 | % | ||||
| * | Hereinafter SKCC and subsidiaries are represented by Southern Kuzbass Coal Company (SKCC), Tomusinsky Open Pit Mine (TOPM), Tomusinsky Energoupravlenie. |
The summarised financial information for these subsidiaries is provided below. This information is based on amounts before inter-company eliminations. SUNP was recognized as abandoned operations activity according to a decision to close SUNP without sale for the nine months of 2016, and year ended December 31, 2015. Therefore, SUNP’s results for the nine months period ended September 30, 2016, and for the year ended December 31, 2015 are not disclosed in summarised statements of profit and loss and summarized cash flow information below. The SUNP’s results for the fourth quarter of 2016 are disclosed in summarised statements of profit or loss below. Profit allocated to SUNP non-controlling interest was RUB 19 million and RUB 80 million for the years ended December 31, 2016 and 2015.
Summarised statements of profit (loss) and other comprehensive income (loss) for 2017:
| SKCC and subsidiaries |
KPSC | CMP | SUNP | BMP | KMP | USP | Izhstal | |||||||||||||||||||||||||
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Revenue |
31,993 | 22,418 | 118,557 | 102 | 24,206 | 11,492 | 12,725 | 18,696 | ||||||||||||||||||||||||
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Cost of sales |
(18,173 | ) | (10,754 | ) | (102,398 | ) | (24 | ) | (21,464 | ) | (6,136 | ) | (10,089 | ) | (16,199 | ) | ||||||||||||||||
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Total selling, distribution and operating expenses, net |
(7,844 | ) | (11,182 | ) | (11,894 | ) | (184 | ) | (1,634 | ) | (5,576 | ) | (909 | ) | (3,486 | ) | ||||||||||||||||
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Total other income and (expense), net |
12,769 | 340 | (506 | ) | 531 | 379 | 2,913 | 1,382 | (906 | ) | ||||||||||||||||||||||
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Profit before tax |
18,745 | 822 | 3,759 | 425 | 1,487 | 2,693 | 3,109 | (1,895 | ) | |||||||||||||||||||||||
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Income tax (expense) benefit |
(718 | ) | (170 | ) | 544 | (85 | ) | (91 | ) | 212 | (144 | ) | 194 | |||||||||||||||||||
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Profit (loss) for the year from continuing operations |
18,027 | 652 | 4,303 | 340 | 1,396 | 2,905 | 2,965 | (1,701 | ) | |||||||||||||||||||||||
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Total comprehensive income (loss) |
18,027 | 652 | 4,303 | 340 | 1,396 | 2,905 | 2,965 | (1,701 | ) | |||||||||||||||||||||||
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Attributable to non-controlling interests |
103 | 182 | 256 | 54 | 114 | 281 | 183 | (170 | ) | |||||||||||||||||||||||
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Dividends paid to non-controlling interests |
198 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Summarised statements of profit (loss) and other comprehensive income (loss) for 2016:
| SKCC and subsidiaries |
KPSC | CMP | SUNP | BMP | KMP | USP | Izhstal | |||||||||||||||||||||||||
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Revenue |
27,171 | 20,695 | 107,119 | 16 | 22,718 | 8,782 | 12,471 | 14,357 | ||||||||||||||||||||||||
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Cost of sales |
(18,115 | ) | (10,518 | ) | (84,441 | ) | (8 | ) | (20,311 | ) | (6,064 | ) | (9,908 | ) | (12,456 | ) | ||||||||||||||||
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Total selling, distribution and operating expenses, net |
(6,284 | ) | (9,865 | ) | (11,261 | ) | 13 | (1,746 | ) | (3,029 | ) | (1,035 | ) | (1,254 | ) | |||||||||||||||||
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Total other income and (expense), net |
3,995 | 274 | 1,209 | 530 | (640 | ) | 2,742 | 756 | (476 | ) | ||||||||||||||||||||||
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Profit before tax |
6,767 | 586 | 12,626 | 551 | 21 | 2,431 | 2,284 | 171 | ||||||||||||||||||||||||
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Income tax (expense) benefit |
(592 | ) | (128 | ) | 297 | (27 | ) | 29 | 25 | (170 | ) | 266 | ||||||||||||||||||||
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Profit for the year from continuing operations |
6,175 | 458 | 12,923 | 524 | 50 | 2,456 | 2,114 | 437 | ||||||||||||||||||||||||
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Total comprehensive income |
6,175 | 458 | 12,923 | 524 | 50 | 2,456 | 2,114 | 437 | ||||||||||||||||||||||||
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Attributable to non-controlling interests |
241 | 128 | 757 | 83 | 4 | 245 | 132 | 44 | ||||||||||||||||||||||||
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Dividends paid to non-controlling interests |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Summarised statements of profit (loss) and other comprehensive income (loss) for 2015:
| SKCC and subsidiaries |
KPSC | CMP | BMP | KMP | USP | Izhstal | ||||||||||||||||||||||
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Revenue |
31,169 | 20,723 | 96,126 | 23,605 | 7,784 | 12,591 | 9,902 | |||||||||||||||||||||
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Cost of sales |
(19,842 | ) | (11,268 | ) | (78,995 | ) | (21,518 | ) | (6,400 | ) | (9,663 | ) | (8,589 | ) | ||||||||||||||
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Total selling, distribution and operating expenses, net |
(6,281 | ) | (8,924 | ) | (6,421 | ) | (1,991 | ) | (3,031 | ) | (3,207 | ) | 5,097 | |||||||||||||||
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Total other income and (expense), net |
(27,950 | ) | 167 | (9,078 | ) | 1,702 | 2,768 | 993 | (1,552 | ) | ||||||||||||||||||
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(Loss) profit before tax |
(22,904 | ) | 698 | 1,632 | 1,798 | 1,121 | 714 | 4,858 | ||||||||||||||||||||
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Income tax (expense) benefit |
(3,432 | ) | (141 | ) | 665 | 37 | 26 | 298 | (730 | ) | ||||||||||||||||||
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(Loss) profit for the year from continuing operations |
(26,336 | ) | 557 | 2,297 | 1,835 | 1,147 | 1,012 | 4,128 | ||||||||||||||||||||
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Total comprehensive (loss) income |
(26,336 | ) | 557 | 2,297 | 1,835 | 1,147 | 1,012 | 4,128 | ||||||||||||||||||||
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Attributable to non-controlling interests |
(565 | ) | 155 | 135 | 157 | 114 | 63 | 413 | ||||||||||||||||||||
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Dividends paid to non-controlling interests |
2 | — | — | — | — | — | — | |||||||||||||||||||||
Summarised statements of financial position as of December 31, 2017:
| SKCC and subsidiaries |
KPSC | CMP | SUNP | BMP | KMP | USP | Izhstal | |||||||||||||||||||||||||
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Current assets |
43,303 | 3,492 | 44,440 | 7,245 | 10,104 | 11,111 | 11,005 | 4,958 | ||||||||||||||||||||||||
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Non-current assets |
86,396 | 4,158 | 86,353 | 0 | 6,810 | 23,006 | 15,958 | 2,880 | ||||||||||||||||||||||||
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Current liabilities |
(136,469 | ) | (2,804 | ) | (99,119 | ) | (135 | ) | (6,502 | ) | (1,599 | ) | (6,700 | ) | (12,059 | ) | ||||||||||||||||
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Non-current liabilities |
(4,019 | ) | (76 | ) | (5,252 | ) | (192 | ) | (145 | ) | (390 | ) | (160 | ) | (1,981 | ) | ||||||||||||||||
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Total equity |
10,789 | (4,770 | ) | (26,422 | ) | (6,918 | ) | (10,267 | ) | (32,128 | ) | (20,103 | ) | 6,202 | ||||||||||||||||||
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Attributable to: |
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Equity holders of parent |
10,990 | (3,443 | ) | (24,913 | ) | (5,820 | ) | (9,383 | ) | (28,929 | ) | (18,856 | ) | 5,587 | ||||||||||||||||||
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Non-controlling interest |
(201 | ) | (1,327 | ) | (1,509 | ) | (1,098 | ) | (884 | ) | (3,199 | ) | (1,247 | ) | 615 | |||||||||||||||||
Summarised statements of financial position as of December 31, 2016:
| SKCC and subsidiaries |
KPSC | CMP | SUNP | BMP | KMP | USP | Izhstal | |||||||||||||||||||||||||
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Current assets |
29,513 | 3,666 | 36,533 | 3,150 | 7,367 | 9,905 | 9,768 | 3,490 | ||||||||||||||||||||||||
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Non-current assets |
89,689 | 3,586 | 83,378 | 3,841 | 8,010 | 22,165 | 15,197 | 5,526 | ||||||||||||||||||||||||
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Current liabilities |
(138,268 | ) | (3,025 | ) | (92,371 | ) | (230 | ) | (6,291 | ) | (1,951 | ) | (7,700 | ) | (8,165 | ) | ||||||||||||||||
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Non-current liabilities |
(3,778 | ) | (104 | ) | (5,562 | ) | (181 | ) | (130 | ) | (799 | ) | (80 | ) | (5,372 | ) | ||||||||||||||||
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Total equity |
22,844 | (4,123 | ) | (21,978 | ) | (6,580 | ) | (8,956 | ) | (29,320 | ) | (17,185 | ) | 4,521 | ||||||||||||||||||
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Attributable to: |
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Equity holders of parent |
22,492 | (2,974 | ) | (20,690 | ) | (5,534 | ) | (8,190 | ) | (26,401 | ) | (16,113 | ) | 4,069 | ||||||||||||||||||
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Non-controlling interest |
352 | (1,149 | ) | (1,288 | ) | (1,046 | ) | (766 | ) | (2,919 | ) | (1,072 | ) | 452 | ||||||||||||||||||
Summarised cash flow information for the year ended December 31, 2017:
| SKCC and subsidiaries |
KPSC | CMP | SUNP | BMP | KMP | USP | Izhstal | |||||||||||||||||||||||||
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Operating |
(3,594 | ) | (347 | ) | 3,017 | (845 | ) | (1,532 | ) | (1,636 | ) | (416 | ) | 707 | ||||||||||||||||||
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Investing |
15,036 | 421 | 2,069 | 844 | 1,788 | 1,807 | 1,925 | 117 | ||||||||||||||||||||||||
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Financing |
(11,445 | ) | (45 | ) | (4,826 | ) | 0 | (323 | ) | (172 | ) | (1,590 | ) | (755 | ) | |||||||||||||||||
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Increase (decrease) in cash and cash equivalents, net |
(3 | ) | 29 | 260 | (1 | ) | (67 | ) | (1 | ) | (81 | ) | 69 | |||||||||||||||||||
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Summarised cash flow information for the year ended December 31, 2016:
| SKCC and subsidiaries |
KPSC | CMP | SUNP | BMP | KMP | USP | Izhstal | |||||||||||||||||||||||||
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Operating |
14,923 | 707 | 14,900 | 806 | (491 | ) | 86 | 2,119 | 987 | |||||||||||||||||||||||
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Investing |
25,989 | (554 | ) | (8,035 | ) | (806 | ) | 398 | 310 | (1,226 | ) | (33 | ) | |||||||||||||||||||
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Financing |
(41,114 | ) | 200 | (6,418 | ) | — | 151 | (396 | ) | (839 | ) | (949 | ) | |||||||||||||||||||
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(Decrease) increase in cash and cash equivalents, net |
(202 | ) | 353 | 447 | — | 58 | — | 54 | 5 | |||||||||||||||||||||||
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Summarised cash flow information for the year ended December 31, 2015:
| SKCC and subsidiaries |
KPSC | CMP | BMP | KMP | USP | Izhstal | ||||||||||||||||||||||
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Operating |
11,513 | 924 | 2,586 | 1,622 | (2,123 | ) | 1,926 | 803 | ||||||||||||||||||||
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Investing |
(7,894 | ) | (584 | ) | (12,368 | ) | 622 | 2,352 | (3,782 | ) | (34 | ) | ||||||||||||||||
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Financing |
(3,464 | ) | (21 | ) | 9,482 | (2,090 | ) | (274 | ) | 1,557 | (756 | ) | ||||||||||||||||
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Increase (decrease) in cash and cash equivalents, net |
155 | 319 | (300 | ) | 154 | (45 | ) | (299 | ) | 13 | ||||||||||||||||||
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