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.

My Annual Report

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