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INTEGRATED REPORT 2016

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
Liabilities    
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:

Note 2016 2015
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
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