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- 16. Borrowings
16. Borrowings
Borrowings as at 31 December 2014 and 2013 were as follows:
31 December 2014 | 31 December 2013 | |
Long-term Borrowings | ||
Non-current portion of long-term borrowings | ||
Bank and corporate loans | 112,697 | 149,393 |
Bonds | 25,000 | 35,000 |
Promissory notes | 10 | 9 |
Vendor financing | 46 | 55 |
Finance lease liabilities | 104 | 107 |
Interest payable | 14 | 15 |
Restructured customer payments | 1 | 21 |
Total non-current portion of long-term borrowings | 137,872 | 184,600 |
Current portion of long-term borrowings | ||
Bank and corporate loans | 25,721 | 1,133 |
Bonds | 12,560 | 5,000 |
Vendor financing | 9 | 9 |
Finance lease liabilities | 71 | 61 |
Restructured customer payments | 91 | 75 |
Total current portion of long-term borrowings | 38,452 | 6,278 |
Total long-term borrowings | 176,324 | 190,878 |
Short-term Borrowings | ||
Bank and corporate loans | 12,439 | 25,399 |
Promissory notes | - | 377 |
Interest payable | 1,251 | 1,155 |
Total short-term borrowings | 13,690 | 26,931 |
Current portion of long-term borrowings | 38,452 | 6,278 |
Total current borrowings | 52,142 | 33,209 |
Total borrowings | 190,014 | 217,809 |
Management believes that the fair value of its financial assets and liabilities approximates their carrying amounts except for the following borrowings:
December 31,2014 | |||
Fair value | Book value | Difference | |
Rostelecom 15 bonds | 4,800 | 5,000 | (200) |
Rostelecom 16 bonds | 2,522 | 2,560 | (38) |
Rostelecom 17 bonds | 9,597 | 10,000 | (403) |
Rostelecom 18 bonds | 9,193 | 10,000 | (807) |
Rostelecom 19 bonds | 9,906 | 10,000 | (94) |
Bank financing | 132,762 | 140,298 | (7,536) |
168,780 | 177,858 | (9,078) |
The above amounts exclude accrued interest. The market value of the Group’s Ruble bonds was determined based on MOEX.