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ANNUAL REPORT 2016 Vol ANNUAL REPORT 2016 Vol. II “Sovereign Wealth Fund “Samruk-Kazyna” JSC Consolidated financial statements For the year ended December 31, 2016 with independent auditor’s report 1 Consolidated financial statements CONTENTS Independent auditor’s report 3-7 Consolidated financial statements Consolidated balance sheet 8-10 Consolidated statement of comprehensive income 11-12 Consolidated statement of changes in equity 13-14 Consolidated statement of cash flows 15-16 Notes to the consolidated financial statements 1. General information 17 2. Basis of preparation 18 3. Summary of significant accounting policies 20 4. Significant accounting estimates and judgements 36 5. Acquisitions 45 6. Discontinued operations and assets classified as held for sale 46 7. Property, plant and equipment 50 8. Intangible assets 52 9. Investments in joint ventures and associates 54 10. Loans issued 61 11. Amounts due from credit institutions 62 12. Other financial assets 64 13. Other non-current assets 65 14. Inventories 66 15. Trade accounts receivable and other current assets 67 16. Cash and cash equivalents 68 17. Equity 68 18. Borrowings 74 19. Loans from the government of the Republic of Kazakhstan 75 20. Other non-current liabilities 76 21. Finance lease liabilities 77 22. Provisions 79 23. Employee benefit liability 80 24. Other current liabilities 81 25. Revenue 81 26. Government grants 82 27. Cost of sales 82 28. General and administrative expenses 83 29. Transportation and selling expenses 83 30. Impairment loss 84 31. Finance costs 84 32. Finance income 84 33. Share in profit of joint ventures and associates, net 85 34. Income tax expenses 85 35. Consolidation 89 36. Significant non-cash transactions 89 37. Related party disclosures 90 38. Financial instruments and financial risk management objectives and policies 91 39. Commitments and contingencies 95 40. Segment reporting 101 41. Subsequent events 106 2 3 4 5 6 7 Consolidated financial statements CONSOLIDATED BALANCE SHEET As at December 31, 2016 In millions of tenge Note 2016 2015* Assets Non-current assets Property, plant and equipment 7 10,160,089 10,327,720 Intangible assets 8 922,465 216,480 Exploration and evaluation assets 427,368 424,509 Investment property 9,083 12,493 Investments in joint ventures and associates 9 2,767,678 2,5 47,103 Loans given 10 560,952 601,673 Amounts due from credit institutions 11 684,442 666,231 Deferred tax assets 34 145,150 116,4 43 Other non-current financial assets 12 166,236 178,941 Other non-current assets 13 511,324 607,916 16,354,787 15,699,509 Current assets Inventories 14 319,698 318,344 VAT receivable 177,212 196,805 Income tax prepaid 95,942 79,947 Trade accounts receivable 15 438,486 283,248 Loans given 10 140,345 121,241 Amounts due from credit institutions 11 1,669,459 1,492,619 Other current financial assets 12 27,316 15,000 Other current assets 15 399,666 287,050 Cash and cash equivalents 16 1,554,035 1,206,557 4,822,159 4,000,811 Assets classified as held for sale 6 1,283,914 1,189,364 Total assets 22,460,860 20,889,684 The accounting policies and explanatory notes on pages 17 through 105 form an integral part of these consolidated financial statements. 8 Sovereign Wealth Fund “Samruk-Kazyna” JSC CONSOLIDATED BALANCE SHEET (continued) As at December 31, 2016 In millions of tenge Note 2016 2015* Equity and liabilities Equity attributable to equity holder of the Parent Share capital 17 5,058,658 4,916,269 Revaluation reserve for available-for-sale investments 31,032 32,817 Currency translation reserve 17 1,008,696 1,025,930 Other capital reserves 17 (16,522) (13,922) Hedging reserve 17 (52,712) (59,171) Retained earnings 3,321,930 2,971,941 9,351,082 8,873,864 Non-controlling interest 17 1,640,592 1,527,508 Total equity 10,991,674 10,401,372 Non-current liabilities Borrowings 18 4,930,158 5,375,804 Loans from the Government of the Republic of Kazakhstan 19 912,180 859,715 Finance lease liabilities 21 116,078 134,833 Provisions 22 161,936 271,553 Deferred tax liability 34 583,245 527,014 Employee benefit liability 23 66,887 72,439 Other non-current liabilities 20 1,476,788 839,819 8,247,272 8,081,177 Current liabilities Borrowings 18 820,570 716,907 Loans from the Government of the Republic of Kazakhstan 19 6,231 6,722 Finance lease liabilities 21 18,332 19,364 Provisions 22 193,499 220,920 Employee benefit liability 23 6,172 6,384 Income taxes payable 4,220 9,490 Trade and other payables 587,217 506,213 Other current liabilities 24 892,977 355,968 2,529,218 1,841,968 The accounting policies and explanatory notes on pages 17 through 105 form an integral part of these consolidated financial statements. 9 Consolidated financial statements In millions of tenge Note 2016 2015* Liabilities associated with assets classified as held for sale 6 692,696 565,167 Total liabilities 11,469,186 10,488,312 Total equity and liabilities 22,460,860 20,889,684 * Certain amounts shown here do not correspond to 2015 consolidated financial statements and reflect reclassification made, details of which are disclosed in Note 2. Acting as Managing Director for Finance and Operations Yernar Zhanadil Chief accountant Almaz Abdrakhmanova The accounting policies and explanatory notes on pages 17 through 105 form an integral part of these consolidated financial statements. 10 Sovereign Wealth Fund “Samruk-Kazyna” JSC CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year December 31, 2016 In millions of tenge Note 2016 2015 Continuing operations Revenue 25 4,092,279 3,090,988 Government grants 26 34,209 28,732 4,126,488 3,119,720 Cost of sales 27 (3,397,102) (2,715,032) Gross profit 729,386 404,688 General and administrative expenses 28 (344,701) (380,578) Transportation and selling expenses 29 (218,340) (211,268) Impairment loss 30 (68,654) (292,270) Gain/(loss) on disposal of subsidiaries 44,531 (1,657) Operating gain/(loss) 142,222 (481,085) Finance costs 31 (400,955) (321,489) Finance income 32 273,738 282,122 Other non-operating loss (31,714) (36,520) Other non-operating income 61,216 41,380 Share in profit of joint ventures and associates, net 33 355,969 149,423 Net foreign exchange (loss)/gain (23,583) 683,359 Profit before income tax 376,893 317,190 Income tax expenses 34 (169,892) (274,019) Net profit for the year from continuing operations 207,001 43,171 Discontinued operations Profit from discontinued operations, net of income tax 6 368,199 261,631 Net profit for the year 575,200 304,802 Net profit for the year attributable to: Equity holder of the Parent 454,545 161,995 Non-controlling interest 120,655 142,807 575,200 304,802 The accounting policies and explanatory notes on pages 17 through 105 form an integral part of these consolidated financial statements. 11 Consolidated financial statements In millions of tenge Note 2016 2015 Other comprehensive income Other comprehensive income to be reclassified to profit or loss in subsequent periods: Exchange differences on translation of foreign operations 17.8 (24,351) 797,728 Unrealized loss from revaluation of available-for-sale investments (1,380) (17,094) Share of the other comprehensive loss items of associates and joint ventures to be reclassified to profit or loss in subsequent periods (1,683) (960) Gain/(loss) on transactions with hedge instruments 17.9 9,421 (81,922) Tax effect on transactions with hedge instrument 17.9 (1,001) 7,686 Net realized loss on available-for-sale investments (405) (419) Other comprehensive (loss)/income to be reclassified to profit or loss in subsequent periods (19,399) 705,019 Other comprehensive income not to be reclassified to profit or loss in subsequent periods: Share of the other comprehensive (loss)/income items of associates and joint ventures not to be reclassified to profit or loss in subsequent periods (343) 169 Actuarial gain/(losses) on defined benefit plans 7,424 (4,387) Tax effect on Comprehensive (loss)/income components (654) 885 Other comprehensive gain/(loss) not to be reclassified to profit or loss in subsequent periods 6,427 (3,333) Other comprehensive (loss)/income for the year, net of tax (12,972) 701,686 Total comprehensive income for the year, net of tax 562,228 1,006,488 Total comprehensive income for the year, attributable to: Equity holder of the Parent 447,957 666,861 Non-controlling interest 114,271 339,627 562,228 1,006,488 Acting as Managing Director for Finance and Operations Yernar Zhanadil Chief accountant Almaz Abdrakhmanova The accounting policies and explanatory notes on pages 17 through 105 form an integral part of these consolidated financial statements. 12 Sovereign Wealth Fund “Samruk-Kazyna” JSC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended December 31, 2016 Attributable to equity holder of the Parent Revaluation reserve for available- Currency Other Non- Share for-sale translation Hedging capital Retained controlling In millions of tenge Note capital investments reserve reserve reserves earnings Total interest Total Balance as at December 31, 2014 4,620,562 51,290 486,162 − (14,689) 2,224,315 7,367,6 4 0 764,438 8,132,078 Total comprehensive income for the year − (18,473) 584,461 (59,171) − 160,044 666,861 339,627 1,006,488 Issue of shares 295,707 − − − − − 295,707 − 295,707 Discount on loans from the Government − − − − − 325,118 325,118 − 325,118 Dividends − − − − − (34,713) (34,713) (21,559) (56,272) Other transactions with the Shareholder − − − − − (5,612) (5,612) − (5,612) Other distributions to the Shareholder − − − − − (32,201) (32,201) − (32,201) Disposal of subsidiaries − − − − − − − (13,676) (13,676) Change in ownership interests of subsidiaries – sale of non-controlling interest − − (44,693) − (210) 332,753 287, 850 462,150 750,000 Change in ownership interests of subsidiaries − acquisition of non- controlling interest − − − − − 916 916 (4,641) (3,725) Other equity movements − − − − 977 1,321 2,298 1,169 3,467 Balance as at December 31, 2015 4,916,269 32,817 1,025,930 (59,171) (13,922) 2,971,941 8,873,864 1,527,508 10,401,372 The accounting policies and explanatory notes on pages 17 through 105 form an integral part of these consolidated financial statements.
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