Investor Presentaiton
En+
GROUP
FINANCIAL STATEMENTS
En+ Group Annual Report 2021
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
Appendices
(f)
EN+ GROUP IPJSC
Notes to the Consolidated Financial Statements
for the year ended 31 December 2021
Investments in equity securities measured at fair value through profit and loss
As at 31 December 2021 the Group owns circa 7% of RusHydro shares, most of which were acquired by Rusal
subsidiaries through several transactions consummated from July 2020 till April 2021, for a total consideration
of USD 366 million, of which USD 291 million was incurred in 2021. The Group treats them as equity
securities measured at fair value through profit and loss.
16.
Equity
(a)
Share capital, additional paid-in capital and transactions with shareholders
As at 31 December 2021 the Parent Company's share capital is divided into 638,848,896 ordinary shares with
a nominal value of USD 0.00007 each. The Parent Company may also issue 75,436,818.286 ordinary shares.
As at 31 December 2021 and 31 December 2020 all issued ordinary shares were fully paid.
Change in effective interest in subsidiaries
In 2021, through certain transactions, the Group increased its effective interest in Irkutskenergo from 93.2%
to 98.03% for USD 44 million.
(b) Treasury share reserve
(c)
When shares recognised as equity are repurchased, the amount of the consideration paid, which includes
directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares
are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold
or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus
or deficit on the transaction is presented in additional paid-in capital.
The reserve for the Group's treasury shares comprises the cost of the Parent Company's shares held by the
Group. As at 31 December 2021 and 31 December 2020 the Group held 136,511,122 of its own shares.
Currency translation reserve
The currency translation reserve comprises all foreign exchange differences arising from the translation of
the consolidated financial statements of foreign operations. The reserve is dealt with in accordance with the
accounting policies set out in note 3(b).
(d)
Other reserves
(e)
(f)
Other reserves include the cumulative unrealised actuarial gains and losses on the Group's defined post-
retirement benefit plans, the effective portion of the accumulative net change in fair value of cash flow
hedges, the Group's share of other comprehensive income of associates and cumulative unrealised gains and
losses on Group's financial assets which have been recognised directly in other comprehensive income.
Dividends
During the years ended 31 December 2021 and 31 December 2020 the Group did not declare and pay dividends.
The Parent Company may distribute dividends from retained earnings and profit for the reporting period in
compliance with the current legislation of the Russian Federation and the provisions of its Charter.
Revaluation reserve
The revaluation reserve comprises the cumulative net change in the fair value of hydro assets at the reporting
date and is dealt with in accordance with the accounting policies set out in note 11(a)(i).
An independent valuation analysis of hydro assets was carried out as at 31 December 2020, the fair value of
hydro assets was estimated at USD 3,443 million (note 11(e)). As a result of this fair value valuation, the
Group recognised an additional revaluation reserve in the amount of USD 184 million net of tax (including
USD 180 million attributable to shareholders of the Parent Company).
(g)
EN+ GROUP IPJSC
Notes to the Consolidated Financial Statements
for the year ended 31 December 2021
Non-controlling interests
The following table summarises the information relating to each of the Group's subsidiaries that has material non-controlling interest:
31 December 2021
NCI percentage
Assets
Liabilities
Net assets
Carrying amount of NCI
Revenue
Profit
UC RUSAL
Irkutskenergo
Group
OJSC Irkutsk
Electric Grid
Company
Total
43.1%
1.97%
46.6%
20,422
5,772
534
(10,382)
(3,462)
(175)
10,040
2,310
359
4,329
46
161
4,536
11,994
1,790
345
3,225
17
(9)
627
172
3,852
189
(9)
1,391
4
(3)
1,392
269
12
281
1,673
Cash flows generated from operating activities
Cash flows generated from (used in) investing activities
Cash flows (used in) / generated from financing activities
Net increase in cash and cash equivalents
1,146
398
36
490
(409)
(60)
(1,891)
79
26
(255)
68
2
Other comprehensive income
Total comprehensive income
Profit attributable to NCI
Other comprehensive income attributable to NCI
31 December 2020
NCI percentage
Assets
Liabilities
Net assets
Carrying amount of NCI
Revenue
EN+ GROUP IPJSC
Notes to the Consolidated Financial Statements
for the year ended 31 December 2021
OJSC Irkutsk
UC RUSAL
Irkutskenergo
Group
Electric Grid
Company
Total
43.1%
6.8%
47.6%
16,894
5,176
517
(10,835)
(3,200)
(165)
6,059
1,976
352
2,613
129
167
2,909
8,566
1,598
309
759
24
8
(963)
104
(204)
128
8
327
2
3
332
Other comprehensive income attributable to NCI
(415)
(18)
(32)
(465)
(133)
Cash flows generated from operating activities
1,091
178
60
Cash flows generated from (used in) investing activities
128
(1,688)
(64)
Cash flows used in financing activities
(694)
1,539
4
525
29
Profit
Other comprehensive income
Total comprehensive income
Profit attributable to NCI
Net increase/(decrease) in cash and cash equivalents
188
189View entire presentation