Derivative financial assets and liabilities
At 31 December 2016, the derivative financial liabilities were represented by cross-currency interest rate swap, entered into in conjunction with RR-denominated loan in the notional amount of US$ 315,916 (31 December 2015: US$ 444,052) and interest rate swaps with insignificant fair value amount as at reporting date, entered in conjunction with $US-denominated loans in the aggregate notional amount of $US 1 billion as at the reporting date (31 December 2015: nil) with the rate to be fixed in June 2017.
In accordance with cross-currency interest rate swap, the Group pays US$ at floating rate USD-ISDA+4.2% (31 December 2015: floating rate USD-ISDA+4.2%) and receives RR at floating rates MosPrime 3m+2.59% (31 December 2015: MosPrime 3m+2.59%). Maturity of the swap is linked to loan redemption (2018).
|31 December 2016||31 December 2015|
|Current derivative financial liabilities||153,372||227,480|
|Non-current derivative financial liabilities||123,753||358,123|
|Total net derivative financial liabilities||277,125||585,603|
Movements of the carrying amounts of derivative financial assets and liabilities were as follows:
|Balance as at 1 January||585,603||554,897|
|Cash proceeds from derivatives||14,671||49,621|
|Cash paid for derivatives||(215,620)||(94,337)|
|Changes in the fair value||26||(184,983)||232,759|
|Effect of translation to presentation currency||77,454||(157,337)|
|Balance as at 31 December||277,125||585,603|