Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Mechel PAO |
Entity Central Index Key | 0001302362 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 416,270,745 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Entity Incorporation, State or Country Code | 1Z |
Document Annual Report | true |
Entity Address, Country | RU |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Title of 12(b) Security | COMMON SHARES |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
ICFR Auditor Attestation Flag | true |
Preferred Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 138,756,915 |
Title of 12(b) Security | PREFERRED SHARES |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Common American Depositary Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | COMMON AMERICAN DEPOSITARY SHARES, EACH COMMON ADS REPRESENTING TWO |
Trading Symbol | MTL |
Security Exchange Name | NYSE |
Preferred American Depositary Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | PREFERRED AMERICAN DEPOSITARY SHARES, EACH PREFERRED ADS REPRESENTING ONE-HALF |
Trading Symbol | MTL PR |
Security Exchange Name | NYSE |
Consolidated Statement of Profi
Consolidated Statement of Profit (Loss) and Other Comprehensive Income - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Continuing operations | |||||
Revenue from contracts with customers | ₽ 265,454 | ₽ 287,153 | ₽ 303,795 | ||
Cost of sales | (170,605) | (183,086) | (174,058) | ||
Gross profit | 94,849 | 104,067 | 129,737 | ||
Selling and distribution expenses | (49,994) | (48,432) | (49,752) | ||
Impairment of goodwill and other non-current assets, net | (3,897) | (1,804) | (7,222) | ||
Allowance for expected credit losses on financial assets | (149) | (234) | (941) | ||
Taxes other than income taxes | (3,446) | (4,517) | (4,026) | ||
Administrative and other operating expenses | (18,437) | (15,568) | (18,332) | ||
Other operating income | 999 | 688 | 1,682 | ||
Total selling, distribution and operating income and (expenses), net | (74,924) | (69,867) | (78,591) | ||
Operating profit | 19,925 | 34,200 | 51,146 | ||
Finance income | 3,504 | 590 | 33,943 | ||
Finance costs including fines and penalties on overdue loans and borrowings and lease payments | (25,145) | (33,863) | (37,514) | ||
Foreign exchange (loss) gain, net | (36,388) | 18,288 | (24,187) | ||
Share of profit of associates, net | 20 | 28 | 10 | ||
Other income | 718 | 228 | 498 | ||
Other expenses | (259) | (483) | (346) | ||
Total other income and (expense), net | (57,550) | (15,212) | (27,596) | ||
(Loss) profit before tax from continuing operations | (37,625) | 18,988 | 23,550 | ||
Income tax expense | (2,528) | (7,913) | (2,653) | ||
(Loss) profit for the period from continuing operations | (40,153) | 11,075 | 20,897 | ||
Discontinued operations | |||||
Profit (loss) after tax for the period from discontinued operations | 41,609 | (6,790) | (7,361) | ||
Profit for the period | 1,456 | 4,285 | 13,536 | ||
Attributable to: | |||||
Equity shareholders of Mechel PAO | 808 | 2,409 | 12,628 | ||
Non-controlling interests | 648 | 1,876 | 908 | ||
Other comprehensive income | |||||
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods, net of income tax | 2,042 | (1,771) | (9) | ||
Exchange differences on translation of foreign operations | 2,042 | (1,771) | (9) | ||
Other comprehensive income (loss) not to be reclassified to profit or loss in subsequent periods, net of income tax | 253 | (867) | 487 | ||
Net gain (loss) on equity instruments designated at fair value through other comprehensive income | 53 | ||||
Re-measurement of defined benefit plans | 200 | (867) | 487 | ||
Other comprehensive income (loss) for the period, net of tax | 2,295 | (2,638) | 478 | ||
Total comprehensive income for the period, net of tax | 3,751 | 1,647 | 14,014 | ||
Attributable to: | |||||
Equity shareholders of Mechel PAO | 3,099 | (210) | 13,096 | ||
Non-controlling interests | ₽ 652 | ₽ 1,857 | ₽ 918 | ||
Earnings per share | |||||
Weighted average number of common shares | 412,589,910 | 416,256,510 | 416,270,745 | ||
Earnings per share (Russian rubles per share) attributable to common equity shareholders – basic and diluted | ₽ 1.96 | ₽ 5.79 | ₽ 30.34 | ||
(Loss) earnings per share from continuing operations (Russian rubles per share) – basic and diluted | (98.89) | 22.10 | 48.02 | ||
Earnings (loss) per share from discontinued operations (Russian rubles per share) – basic and diluted | ₽ 100.85 | ₽ (16.31) | ₽ (17.68) | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Property, plant and equipment | ₽ 81,345 | ₽ 179,264 |
Right-of-use assets | 12,840 | 17,728 |
Mineral licenses | 18,458 | 31,075 |
Goodwill and other intangible assets | 10,383 | 13,652 |
Investments in associates | 341 | 321 |
Deferred tax assets | 561 | 3,648 |
Other non-current assets | 611 | 553 |
Non-current financial assets | 445 | 232 |
Total non-current assets | 124,984 | 246,473 |
Current assets | ||
Inventories | 42,138 | 39,773 |
Income tax receivables | 45 | 65 |
Trade and other receivables, net | 16,403 | 15,340 |
Other current assets | 8,423 | 6,982 |
Other current financial assets | 141 | 363 |
Cash and cash equivalents | 1,706 | 3,509 |
Total current assets | 68,856 | 66,032 |
Total assets | 193,840 | 312,505 |
Equity | ||
Treasury shares | (907) | (63) |
Additional paid-in capital | 23,410 | 24,434 |
Accumulated other comprehensive income (loss) | 1,391 | (848) |
Accumulated deficit | (273,186) | (273,754) |
Equity attributable to equity shareholders of Mechel PAO | (244,289) | (245,228) |
Non-controlling interests | 13,618 | 11,631 |
Total equity | (230,671) | (233,597) |
Non-current liabilities | ||
Loans and borrowings | 2,201 | 7,205 |
Lease liabilities | 3,958 | 7,002 |
Other non-current financial liabilities | 1,901 | 48,303 |
Other non-current liabilities | 301 | 105 |
Pension obligations | 5,232 | 4,933 |
Provisions | 4,802 | 5,238 |
Deferred tax liabilities | 6,773 | 13,877 |
Total non-current liabilities | 25,168 | 86,663 |
Current liabilities | ||
Loans and borrowings, including interest payable, fines and penalties on overdue amounts of RUB 13,227 million and RUB 11,111 million as of December 31, 2020 and 2019, respectively | 314,836 | 381,317 |
Trade and other payables | 43,783 | 38,244 |
Lease liabilities | 7,535 | 10,353 |
Income tax payable | 7,843 | 9,161 |
Taxes and similar charges payable other than income tax | 10,969 | 9,228 |
Advances received | 6,067 | 4,975 |
Other current financial liabilities | 324 | 147 |
Other current liabilities | 1,038 | 841 |
Pension obligations | 631 | 615 |
Provisions | 6,317 | 4,558 |
Total current liabilities | 399,343 | 459,439 |
Total liabilities | 424,511 | 546,102 |
Total equity and liabilities | 193,840 | 312,505 |
Common shares [member] | ||
Equity | ||
Equity shares | 4,163 | 4,163 |
Preferred shares [member] | ||
Equity | ||
Equity shares | ₽ 840 | ₽ 840 |
Consolidated Statement of Fin_2
Consolidated Statement of Financial Position (Parenthetical) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of financial position [abstract] | ||
Interest payable, fines and penalties | ₽ 13,227 | ₽ 11,111 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - RUB (₽) ₽ in Millions | Total | Common shares [member] | Preferred shares [member] | Treasury shares [member] | Additional paid-in capital [member] | Accumulated other comprehensive income (loss) [member] | Accumulated deficit [member] | Equity attributable to shareholders of Mechel PAO [member] | Non-controlling interest [member] | |
Beginning balance at Dec. 31, 2017 | ₽ (245,822) | ₽ 4,163 | ₽ 833 | ₽ 24,378 | ₽ 1,303 | ₽ (285,427) | ₽ (254,750) | ₽ 8,928 | ||
Beginning balance, shares at Dec. 31, 2017 | 416,270,745 | 83,254,149 | ||||||||
Profit for the period | 13,536 | [1] | 12,628 | 12,628 | 908 | |||||
Other comprehensive income (loss) | ||||||||||
Re-measurement losses on defined benefit plans | 487 | 487 | 487 | |||||||
Exchange differences on translation of foreign operations | (9) | [1] | (19) | (19) | 10 | |||||
Total comprehensive income (loss) for the period | 14,014 | [1] | 468 | 12,628 | 13,096 | 918 | ||||
Dividends declared to equity shareholders of Mechel PAO | (1,387) | (1,387) | (1,387) | |||||||
Ending balance (Adjustment on inital application of IFRS 16 [member]) at Dec. 31, 2018 | (533) | (461) | (461) | (72) | ||||||
Ending balance (As of January 1, 2019 adjusted for the effect of IFRS 16 [member]) at Dec. 31, 2018 | (233,728) | ₽ 4,163 | ₽ 833 | 24,378 | 1,771 | (274,647) | (243,502) | 9,774 | ||
Ending balance at Dec. 31, 2018 | (233,195) | ₽ 4,163 | ₽ 833 | 24,378 | 1,771 | (274,186) | (243,041) | 9,846 | ||
Ending balance, shares (As of January 1, 2019 adjusted for the effect of IFRS 16 [member]) at Dec. 31, 2018 | 416,270,745 | 83,254,149 | ||||||||
Ending balance, shares at Dec. 31, 2018 | 416,270,745 | 83,254,149 | ||||||||
Profit for the period | 4,285 | [1] | 2,409 | 2,409 | 1,876 | |||||
Other comprehensive income (loss) | ||||||||||
Re-measurement losses on defined benefit plans | (867) | (848) | (848) | (19) | ||||||
Exchange differences on translation of foreign operations | (1,771) | [1] | (1,771) | (1,771) | ||||||
Total comprehensive income (loss) for the period | 1,647 | [1] | (2,619) | 2,409 | (210) | 1,857 | ||||
Sale of preferred shares kept as treasury shares by the Group shares | 709,130 | |||||||||
Sale of preferred shares kept as treasury shares by the Group value | 63 | ₽ 7 | 56 | 63 | ||||||
Reacquired common shares value | (63) | ₽ (63) | (63) | |||||||
Reacquired common shares shares | (1,018,996) | |||||||||
Dividends declared to equity shareholders of Mechel PAO | (1,516) | (1,516) | (1,516) | |||||||
Ending balance at Dec. 31, 2019 | (233,597) | ₽ 4,163 | ₽ 840 | ₽ (63) | 24,434 | (848) | (273,754) | (245,228) | 11,631 | |
Ending balance, shares at Dec. 31, 2019 | 416,270,745 | 83,963,279 | (1,018,996) | |||||||
Profit for the period | 1,456 | 808 | 808 | 648 | ||||||
Other comprehensive income (loss) | ||||||||||
Re-measurement of equity instruments designated at fair value through OCI | 53 | 53 | 53 | |||||||
Re-measurement losses on defined benefit plans | 200 | 196 | 196 | 4 | ||||||
Exchange differences on translation of foreign operations | 2,042 | 2,042 | 2,042 | |||||||
Total comprehensive income (loss) for the period | 3,751 | 2,291 | 808 | 3,099 | 652 | |||||
Transfer of actuarial gains (losses) due to disposal of discontinued operations | (52) | 52 | ||||||||
Reacquired common shares value | (844) | ₽ (844) | (844) | |||||||
Reacquired common shares shares | (10,475,623) | |||||||||
Dividends declared to equity shareholders of Mechel PAO | (292) | (292) | (292) | |||||||
Sale and purchase of non-controlling interests | 311 | (1,024) | (1,024) | 1,335 | ||||||
Ending balance at Dec. 31, 2020 | ₽ (230,671) | ₽ 4,163 | ₽ 840 | ₽ (907) | ₽ 23,410 | ₽ 1,391 | ₽ (273,186) | ₽ (244,289) | ₽ 13,618 | |
Ending balance, shares at Dec. 31, 2020 | 416,270,745 | 83,963,279 | (11,494,619) | |||||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Cash flows from operating activities | |||||
(Loss) profit for the period from continuing operations | ₽ (40,153) | ₽ 11,075 | [1] | ₽ 20,897 | [1] |
Profit (loss) after tax for the period from discontinued operations | 41,609 | (6,790) | [1] | (7,361) | [1] |
Profit for the period | 1,456 | 4,285 | [1] | 13,536 | [1] |
Adjustments to reconcile profit to net cash provided by operating activities | |||||
Depreciation and amortisation | 14,818 | 15,176 | 13,859 | ||
Foreign exchange loss (gain), net | 37,765 | (19,241) | 25,775 | ||
Deferred income tax expense (benefit) | 2,574 | 2,288 | (2,596) | ||
Changes in allowance for expected credit losses and write-off of trade and other receivables and payables, net | 48 | 73 | 517 | ||
Write-off of inventories to net realisable value | 928 | 1,763 | 1,162 | ||
Impairment of goodwill and other non-current assets, net and loss on write-off of non-current assets | 4,350 | 2,880 | 7,953 | ||
Finance income | (3,504) | (600) | (34,056) | ||
Finance costs including fines and penalties on overdue loans and borrowings and lease payments | 26,853 | 38,830 | 42,052 | ||
Provisions for legal claims, income tax and other taxes and other provisions | 24 | 3,630 | 4,940 | ||
Gain on sale of discontinued operations | (45,580) | ||||
Other | (167) | 198 | 575 | ||
Changes in working capital items | |||||
Trade and other receivables | (236) | 1,546 | 1,354 | ||
Inventories | (5,283) | (1,511) | (7,858) | ||
Trade and other payables | 1,137 | 4,037 | 4,150 | ||
Advances received | 995 | 650 | 485 | ||
Taxes payable and other liabilities | 4,580 | 5,151 | 683 | ||
Other assets | (1,474) | 1,238 | (851) | ||
Income tax paid | (1,335) | (2,735) | (3,562) | ||
Net cash provided by operating activities | 37,949 | 57,658 | 68,118 | ||
Cash flows from investing activities | |||||
Interest received | 129 | 76 | 188 | ||
Royalty and other proceeds associated with disposal of subsidiaries | 0 | 17 | 3 | ||
Proceeds from loans issued and other investments | 39 | 313 | 9 | ||
Proceeds from disposal of the discontinued operations, net of cash disposed of | 88,979 | ||||
Proceeds from disposals of property, plant and equipment | 119 | 211 | 215 | ||
Purchases of property, plant and equipment | (4,826) | (6,282) | (5,472) | ||
Purchases of intangible assets | 0 | (150) | |||
Interest paid, capitalised | (57) | (256) | (440) | ||
Net cash provided by (used in) investing activities | 84,383 | (5,921) | (5,647) | ||
Cash flows from financing activities | |||||
Proceeds from loans and borrowings, including proceeds from factoring arrangement of RUB 1 million, RUB 214 million and RUB 918 million for the periods ended December 31, 2020, 2019 and 2018, respectively | 77,367 | 7,599 | 76,504 | ||
Repayment of loans and borrowings, including payments from factoring arrangement of RUB 353 million, RUB 2,222 million and RUB 435 million for the periods ended December 31, 2020, 2019 and 2018, respectively | (176,883) | (20,772) | (97,269) | ||
Repayment of other current financial liabilities | 0 | (442) | |||
Repurchase of common shares | (844) | 0 | 0 | ||
Sale and purchase of non-controlling interest in subsidiaries | 169 | 0 | 0 | ||
Dividends paid to shareholders of Mechel PAO | (292) | (1,515) | (1,386) | ||
Dividends paid to non-controlling interests | (3) | (16) | (8) | ||
Interest paid, including fines and penalties | (22,912) | (30,923) | (33,308) | ||
Payment of principal portion of lease liabilities | (2,660) | (2,276) | (2,780) | ||
Sale and leaseback transactions | 462 | 248 | |||
Acquisition of assets under deferred payment terms | (508) | (341) | (629) | ||
Deferred consideration paid for the acquisition of subsidiaries in prior periods | 0 | (361) | (3,968) | ||
Net cash used in financing activities | (126,104) | (48,357) | (63,286) | ||
Foreign exchange (loss) gain on cash and cash equivalents, net | (61) | (891) | 63 | ||
Changes in allowance for expected credit losses on cash and cash equivalents | 28 | (2) | (91) | ||
Net (decrease) increase in cash and cash equivalents | (3,805) | 2,487 | (843) | ||
Cash and cash equivalents at beginning of period | 3,509 | 1,803 | 2,452 | ||
Cash and cash equivalents, net of overdrafts at beginning of period | 2,867 | 380 | 1,223 | ||
Cash and cash equivalents at end of period | 1,706 | 3,509 | 1,803 | ||
Cash and cash equivalents, net of overdrafts at end of period | ₽ (938) | ₽ 2,867 | ₽ 380 | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of cash flows [abstract] | |||
Proceeds from factoring arrangement | ₽ 1 | ₽ 214 | ₽ 918 |
Payments from factoring arrangement | ₽ 353 | ₽ 2,222 | ₽ 435 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Corporate information | 1. Corporate information (a) Information Mechel PAO (“Mechel”, formerly – Mechel OAO and Mechel Steel Group OAO) was incorporated on March 19, 2003, under the laws of the Russian Federation in connection with a reorganization to serve as a holding company for various steel and mining companies. Igor V. Zyuzin with his family members is the ultimate controlling party. The registered office is located at Krasnoarmeyskaya St. 1, Moscow, 125167, Russian Federation. Mechel and its subsidiaries are collectively referred to herein as the “Group”. Set forth below is a summary of the Group’s primary subsidiaries: Name of subsidiary Registered in Core business Date control Interest in voting stock held Southern Kuzbass Coal Company (SKCC) Russia Coal mining January 1999 99.1 % Chelyabinsk Metallurgical Plant (CMP) Russia Steel products December 2001 93.7 % Vyartsilya Metal Products Plant (VMPP) Russia Steel products May 2002 93.3 % Beloretsk Metallurgical Plant (BMP) Russia Steel products June 2002 91.4 % Urals Stampings Plant (USP) Russia Steel products April 2003 90.0 % Korshunov Mining Plant (KMP) Russia Iron ore mining October 2003 90.0 % Mechel Nemunas (MN) Lithuania Steel products October 2003 100.0 % Mechel Energo Russia Power sales February 2004 100.0 % Port Posiet Russia Transshipment February 2004 97.8 % Izhstal Russia Steel products May 2004 90.0 % Port Kambarka Russia Transshipment April 2005 90.4 % Mechel Service Russia Trading May 2005 100.0 % Mechel Coke Russia Coke production June 2006 100.0 % Moscow Coke and Gas Plant (Moskoks) Russia Coke production October 2006 99.5 % Southern Kuzbass Power Plant (SKPP) Russia Power generation April 2007 98.3 % Kuzbass Power Sales Company (KPSC) Russia Electricity distribution June 2007 72.1 % Bratsk Ferroalloy Plant (BFP) Russia Ferrosilicon production August 2007 100.0 % Yakutugol Russia Coal mining October 2007 100.0 % Port Temryuk Russia Transshipment March 2008 100.0 % Mechel Carbon AG Switzerland Trading April 2008 100.0 % HBL Holding GmbH (HBL) Germany Trading September 2008 100.0 % Mechel Service Stahlhandel Austria GmbH and its subsidiaries Austria Trading September 2012 100.0 % * Date, when a control interest was acquired or a new company established. (b) Business The Group operates in three business segments: steel (comprising steel and steel products), mining (comprising coal, iron ore and coke) and power (comprising electricity (generation and distribution) and heat power generation), and conducts operations in Russia, the CIS countries, Europe and Asia Pacific. The Group sells its products within Russia and foreign markets. As of December 31, 2020, there were no changes in the composition of the Group except for disposal of entities described in Note 25. The Group operates in highly competitive industries; any local or global downturn in the industry may have an adverse effect on the Group’s results of operations and financial condition. While the Group has intention to continue to rely on operating cash flow, it expects to attract long-term loans and borrowings to finance major investment projects, focus on refinancing and restructuring of the loan portfolio and other financing sources for its capital needs. As discussed in Notes 4 and 5, management believes that the Group will secure adequate financing. (c) Authorisation for issuance These consolidated financial statements as of December 31, 2020 and for the year then ended were authorised for issuance on March 11, 2021. |
Basis of preparation of the con
Basis of preparation of the consolidated financial statements | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Basis of preparation of the consolidated financial statements | 2. Basis of preparation of the consolidated financial statements (a) Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on a historical cost basis, except for specific financial assets and liabilities that have been measured at fair value. Russian associates and subsidiaries of the Group maintain their books and records in Russian rubles and prepare accounting reports in accordance with the accounting principles and practices mandated by Russian Accounting Standards (RAS). Foreign subsidiaries and associates maintain their books and records in different foreign functional currencies and prepare accounting reports in accordance with generally accepted accounting principles (GAAP) in various jurisdictions. The financial statements and accounting reports for the Group and its subsidiaries and associates for the purposes of preparation of the consolidated financial statements in accordance with IFRS have been translated and adjusted on the basis of the respective standalone RAS or other GAAP financial statements. The accompanying consolidated financial statements differ from the financial statements issued for the RAS and other GAAP purposes in that they reflect certain adjustments, not recorded in the statutory books, which are appropriate to present the financial position, results of operations and cash flows in accordance with IFRS. The principal adjustments relate to: (1) purchase accounting; (2) recognition of interest expense and certain operating expenses; (3) valuation and depreciation of property, plant and equipment and mineral licenses; (4) defined benefit plans and other long-term benefits; (5) foreign currency translation; (6) deferred income taxes; (7) accounting for tax penalties, uncertainties and contingencies; (8) revenue recognition; (9) valuation allowances for unrecoverable assets; (10) accounting for financial instruments; (11) leases, (12) recording investments at fair value and (13) results of discontinued operations. The consolidated financial statements of the Group comply with the Russian Federal Law No. 208 On Consolidated Financial Statements “208-FZ”), 208-FZ (b) Basis of consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries for the year ended December 31, 2020. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); • Exposure, or rights, to variable returns from its involvement with the investee; • The ability to use its power over the investee to affect its returns. The Group re-assesses Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of significant accounting policies | 3. Summary of significant accounting policies (a) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling non-controlling When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as of the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling re-assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. (b) Investments in associates An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The considerations made in determining significant influence are similar to those necessary to determine control over subsidiaries. The Group’s investments in its associate are accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately. The consolidated statement of profit (loss) and other comprehensive income reflects the Group’s share of the results of operations of the associate. Any change in OCI of those investees is presented as part of the Group’s OCI movements. In addition, when there has been a change recognised directly in the equity of the associate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The aggregate of the Group’s share of profit or loss of an associate is shown on the face of the consolidated statement of profit (loss) and other comprehensive income outside operating profit and represents profit or loss after tax and non-controlling The financial statements of the associate are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the investment in associate and its carrying value, and then recognises the loss within ‘Share of profit (loss) of associates’ in the consolidated statement of profit (loss) and other comprehensive income. Upon loss of significant influence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in the consolidated statement of profit (loss) and other comprehensive income. (c) Current versus non-current The Group presents assets and liabilities in the consolidated statement of financial position based on current/non-current • Expected to be realised or intended to be sold or consumed in the normal operating cycle; • Held primarily for the purpose of trading; • Expected to be realised within twelve months after the reporting period; or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: • It is expected to be settled in the normal operating cycle; • It is held primarily for the purpose of trading; • It is due to be settled within twelve months after the reporting period; or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current (d) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability; or • In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 — quoted (unadjusted) market prices in active markets for identical assets or liabilities; • Level 2 — valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; • Level 3 — valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the consolidated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing (e) Revenue from contracts with customers Revenue from contracts with customers is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Revenue from contracts with customers is inflows from sales of goods that constitute ongoing major operations of the Group and is reported as such in the consolidated statement of profit (loss) and other comprehensive income. Inflows from incidental and peripheral operations, net of related costs, are considered gains and are included in other operating income and other income in the consolidated statement of profit (loss) and other comprehensive income. The following criteria are also applicable to other specific revenue transactions from contracts with customers: Sales of goods and rendering services Revenue from the sale of goods and rendering services Certain contracts are provisionally priced so that price is not settled until the final price based on the market price for the relevant period is determined. Revenue from these transactions is initially recognised based on related coal market indices. An adjustment to the final price on provisionally priced contracts is recorded in revenue. Sales of power In the Power segment (Note 26), revenue is recognised based on unit of power measure (kilowatts) delivered to customers, since the Group transfers control for a service or good over period and, therefore, satisfies a performance obligation over time. The billings are usually done on a monthly basis, several days after each month end. Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. Some contracts with customers provide a right of return, trade discounts or volume rebates. IFRS 15 Revenue from Contracts with Customers Volume rebates The Group applies the most likely amount method to estimate the variable consideration in the contract using the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognised as revenue. A refund liability is recognised for the expected future rebates (i.e., the amount not included in the transaction price). Significant financing component The Group decided to use the practical expedient provided in IFRS 15, which allows not to adjust the promised amount of consideration for the effects of a significant financing component in the contracts where the Group expects, at contract inception, that the period between the Group’s transfer of a promised good or service to a customer and the payment will be one year or less. Warranty obligations The Group provides warranties to its customers under the Russian Federation Law requirements. These warranties represent assurance type warranties and do not require providing any additional service to the Group’s customers. This type of warranties is accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets Trade receivables A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Note 3 (n). Contract assets Contract assets relate to revenue earned from performance that does not create an asset with an alternative use and there is an enforceable right to receive payment for performance completed to date of performance. As such, the balances of this account vary and depend on the number of orders in progress under these contracts at the end of the year. Contract liabilities Contract liabilities are presented by short-term advances received from customers and recognised as advances received in the consolidation statement of financial position. A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). The disclosure of significant accounting judgements relating to revenue from contracts with customers is provided in Note 3 (v). (f) Taxes Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Uncertain tax positions The Group’s policy is to comply fully with the applicable tax regulations in the jurisdictions in which its operations are subject to income taxes. The Group’s estimates of current income tax expense and liabilities are calculated assuming that all tax computations filed by the Group’s subsidiaries will be subject to a review or audit by the relevant tax authorities. The Group and the relevant tax authorities may have different interpretations of how regulations should be applied to actual transactions. Such uncertain tax positions are accounted for in accordance with IAS 12 Income Taxes Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside profit or loss is recognised in correlation to the underlying transaction either in OCI or directly in equity. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred taxliabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. (g) Foreign currencies The Group’s consolidated financial statements are presented in Russian rubles to comply with the Law 208-FZ. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The functional currencies of the main Russian and European subsidiaries of the Group are the Russian ruble and euro, respectively. The U.S. dollar is the functional currency of other main international operations of the Group. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. (i) Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency exchange rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rates as of the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary Non-monetary The following table presents the exchange rates for the functional and operating currencies at various subsidiaries, other than the presentation currency: Exchange rates* at Average exchange rates* Currency December 31, December 31, December 31, December 31, December 31, U.S. dollar 73.88 61.91 72.15 64.74 62.71 Euro 90.68 69.34 82.45 72.50 73.95 (*) Exchange rates shown in Russian rubles for one currency unit. The majority of the balances and operations not already denominated in the presentation currency were denominated in the U.S. dollar and euro. The Russian ruble is not a convertible currency outside the territory of Russia. Official exchange rates are determined daily by the Central Bank of the Russian Federation (“CBR”) and are generally considered to be a reasonable approximation of market rates. (ii) Group companies On consolidation, the assets and liabilities of foreign operations are translated into the Russian rubles at the rate of exchange prevailing at the reporting date and their statements of profit (loss) and other comprehensive income are translated at the average exchange rate for the period. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the exchange rate as of the reporting date. (h) Non-current The Group classifies non-current non-current The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: • Represents a separate major line of business or geographical area of operations; • Is part of a single co-ordinated • Is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of profit (loss) and other comprehensive income. Additional disclosures are provided in Note 25. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. (i) Mineral licenses The Group’s mining segment production activities are located within Russia. The Group’s mineral reserves and deposits are situated on the land belonging to government and regional authorities. Mining minerals requires a subsoil license from the state authorities with respect to identified mineral deposits. The Group obtains licenses from such authorities and pays certain taxes to explore and produce from these deposits. These licenses expire up to 2038, with the most significant licenses expiring between 2024 and 2033, and management believes that they may be extended at the initiative of the Group without substantial cost, based on previous experience. Management intends to extend such licenses for deposits expected to remain productive subsequent to their license expiry dates. Mineral licenses acquired separately are measured on initial recognition at cost. The cost of mineral licenses acquired in a business combination is their fair value at the date of acquisition. Mineral licenses are amortised under a unit of production basis over proved and probable reserves of the relevant area. In order to calculate proved and probable reserves, estimates and assumptions are used about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. There are numerous uncertainties inherent in estimating proved and probable reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. The Group established a policy according to which internal mining engineers review proved and probable reserves annually. This policy does not change the Group’s approach to the measurement of proved and probable reserves as of their acquisition dates as part of business combinations that involve independent mining engineers. The Group’s proved and probable reserve estimates as of the reporting date were made by internal mining engineers and the majority of the assumptions underlying these estimates had been previously reviewed and verified by independent mining engineers. The carrying values of the mineral licenses were reduced proportionate to the depletion of the respective mineral reserves at each deposit related to mining and production of reserves adjusted for the reserves re-measurement (j) Property, plant and equipment Property, plant and equipment and construction in progress are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the rehabilitation provision, and, for qualifying assets (where relevant), borrowing costs and other costs incurred in connection with the borrowings. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. Where a separately depreciated asset, or part of an asset, is replaced, the expenditure is capitalised. Where part of the asset was not separately considered as a component and therefore not depreciated separately, the replacement value adjusted for prices inflation is used to estimate the carrying amount of the replaced asset(s) which is immediately written off. All other repair and maintenance costs are recognised in the consolidated statement of profit (loss) and other comprehensive income as incurred. The present value of the expected cost for the rehabilitation of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Inventories planned to be used for construction and spare parts with useful lives over one year are recorded within property, plant and equipment. Mining assets and processing plant and equipment Mining assets and processing plant and equipment are those assets, including construction in progress, which are intended to be used only for the needs of a certain mine or field, and upon full extraction exhausting of the reserves of such mine or the field, these assets cannot be further used for any other purpose without a capital reconstruction. Items of production mines are stated at cost, less accumulated depreciation and accumulated impairment losses, if any. Costs of developing new underground mines are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Additionally, interest expense subject to allocation to the cost of developing mining properties and to constructing new facilities is capitalized until assets are ready for their intended use. Exploration and evaluation activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of identified proved and probable reserves. Once the legal right to explore has been acquired, exploration and evaluation expenditure is charged to profit or loss as incurred, unless the Group concludes that a future economic benefit is more likely than not to be realized. The Group had no exploration and evaluation assets as of December 31, 2020. As part of its surface mining operations, the Group incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred in the development phase of a mine, before the production phase commences, are capitalized as part of cost of constructing the mine. In general case, the capitalization of development stripping costs ceases when the mine is commissioned and ready for use as intended by management. Stripping costs undertaken during the production phase of mine are charged to profit and loss as cost of sales as incurred. In some cases, the further development of a mine may require stripping operations, equivalent by scale to those that were incurred in the development phase of a mine. In such cases, production stripping costs are capitalized similarly to the capitalization of costs during the development phase of a mine. Stripping costs incurred in the production phase are capitalized, if all of the following criteria according to IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (a) It is probable that the future economic benefit associated with the stripping activity will flow to the entity; (b) The entity can identify the component of the ore body for which access has been improved; (c) The costs relating to the stripping activity associated with that component can be measured reliably. When mining assets and processing plant and equipment are placed in production, the applicable capitalized costs, including mine development costs, are depleted using the unit-of-production unit-of-production The unit-of-production A decision to abandon, reduce or expand activity on a specific mine is based upon many factors, including general and specific assessments of mineral reserves, anticipated future mineral prices, anticipated costs of developing and operating a producing mine, the expiration date of mineral licenses, and the likelihood that the Group will continue exploration on the mine. Based on the results at the conclusion of each phase of an exploration program, properties that are not economically feasible for production are re-evaluated Other property, plant and equipment Capitalized production costs for internally developed assets include material, direct labor costs, and allocated material and manufacturing direct overhead costs. When construction activities are performed over an extended period, borrowing costs incurred in connection with the borrowing of funds are capitalized. Construction-in-progress Property, plant and equipment other than mining assets and processing plant and equipment is depreciated using the straight-line method, apart from railway of the Elga coal deposit which is depreciated using the units of production method as discussed in (u) Significant accounting judgements, estimates and assumptions. Upon sale or retirement, the acquisition or production cost and related accumulated depreciation are removed from the consolidated statement of financial position and any gain or loss is included in the consolidated statement of profit (loss) and other comprehensive income. The following useful lives are used as a basis for calculating depreciation: Category of asset Useful economic Buildings and constructions 5-85 Operating machinery and equipment 2-30 Transportation vehicles 2-25 Other equipment 2-15 The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. (k) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value right-of-use Right-of-use The Group recognises right-of-use Right-of-use right-of-use Right-of-use Category of asset Years Buildings and constructions 2-120 Operating machinery and equipment 3-20 Transportation vehicles 2-22 The right-of-use The right-of-use Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment, office and storage facilities (i.e., those leases that have a lease term of 12 months or less from the commencement date and do no |
Going concern
Going concern | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Going concern | 4. Going concern In April 2020, as part of its debt restructuring, the Group sold its 51% share in Elgaugol OOO, ElgaDoroga OOO and Mecheltrans-Vostok OOO (collectively — “the Elga coal complex”) to a third party for a consideration of RUB 89 billion used for repayment of debt principal to VTB and Gazprombank in proportion to their shares in the Group’s debt portfolio. As a result of the Elga coal complex disposal other non-current However, the debt restructuring was not finalised with respect to the portion of the Group’s credit portfolio with the foreign banks and lenders, therefore, as of December 31, 2020, the Group was not in compliance with the payment schedules under certain credit facilities and a number of financial and non-financial non-financial The COVID-19 The economic environment influenced by the global spread of the COVID-19 Management has concluded that the events and conditions, as well as the other circumstances mentioned above, indicate the existence of a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern and, therefore, the Group may be unable to realize its assets and discharge its liabilities in the normal course of business. The management believes that the Group will achieve an agreement on restructuring with the foreign banks and lenders and secure adequate financing to continue in operational existence in the foreseeable future. The management’s strategy includes enhancement of crude steel production, increase in sales of the major steel products, diversification of product range to quickly respond to market changes, and further development of the Group’s mining assets providing additional volumes of high-grade coking coal both to the Russian consumers and to exports markets. The Group’s operational plans include further optimisation of the costs structure and on-going The consolidated financial statements have been prepared assuming that the Group will continue as a going concern. Accordingly, the consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities or any other adjustments that might result in the Group being unable to continue as a going concern. |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Capital management | 5. Capital management The equity capital of the Group was formed by injecting shares of its operating subsidiaries into Mechel PAO. This together with obtaining profits allowed the Group to raise debt to finance major investment projects as well as to acquire new companies. Although it has always been the Group’s priority to create and grow the shareholders’ value, during the past several years, the Group has become more focused on managing its debt, which has been the major source for expansion and growth. Metals and mining industry is known for its capital intensive investment cycle requiring secure long-term financing. In 2012-2015, high price volatility on the coal seaborne market and metal market resulted in the decrease in the Group’s operating profit and impairments of non-current Given current economic circumstances and the amount of debt, the Group’s primary objective is to focus on resolving the debt issues through a long-term restructuring of the remaining non-restructured In previous periods, as a consequence of a fall of the commodity markets, the Group violated several covenants and defaulted on major credit facilities of interest and debt payments. During 2020, the Group signed restructuring arrangements with the Russian state-controlled banks, however, as of December 31, 2020, the Group was not in compliance with a number of financial and non-financial The main goal for the Group is to achieve long-term restructuring of the remaining non-restructured The objectives, policies and processes for managing capital during the year ended December 31, 2020 and 2019 were not changed. |
Material partly-owned subsidiar
Material partly-owned subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Material partly-owned subsidiaries | 6. Material partly-owned subsidiaries Financial information of subsidiaries that have material non-controlling Proportion of equity interest held by non-controlling Name At December 31, At December 31, SKCC and subsidiaries* 0.9 % 0.9 % Kuzbass Power Sales Company (KPSC) 27.9 % 27.9 % Chelyabinsk Metallurgical Plant (CMP)** 6.3 % 5.8 % Southern Urals Nickel Plant (SUNP) 15.9 % 15.9 % Beloretsk Metallurgical Plant (BMP) 8.6 % 8.6 % Korshunov Mining Plant (KMP) 10.0 % 10.0 % Urals Stampings Plant (USP)** 10.0 % 6.2 % Izhstal 10.0 % 10.0 % * Hereinafter SKCC and subsidiaries are represented by Southern Kuzbass Coal Company (SKCC), Tomusinsky Open Pit Mine (TOPM), Tomusinsky Energoupravlenie. ** See Note 23. The summarised financial information for these subsidiaries is provided below. This information is based on amounts before inter-company eliminations. Summarised statements of profit (loss) and other comprehensive income for 2020: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Revenue from contracts with customers 26,664 24,002 114,092 90 21,673 12,937 10,219 16,755 Cost of sales (21,521 ) (11,546 ) (95,461 ) (50 ) (18,860 ) (6,494 ) (8,196 ) (15,429 ) Total selling, distribution and operating expenses, net (16,303 ) (11,255 ) (12,485 ) (187 ) (2,123 ) (4,360 ) (1,240 ) (1,803 ) Total other income and (expense), net (16,021 ) 251 (5,021 ) 443 278 1,417 1,837 (978 ) (Loss) profit before tax (27,181 ) 1,452 1,125 296 968 3,500 2,620 (1,455 ) Income tax (expense) benefit 938 (302 ) (373 ) (67 ) (111 ) (182 ) 81 (255 ) (Loss) profit for the period (26,243 ) 1,150 752 229 857 3,318 2,701 (1,710 ) Total comprehensive (loss) income (26,243 ) 1,150 752 229 857 3,318 2,701 (1,710 ) Attributable to non-controlling (212 ) 320 76 36 73 330 215 (173 ) Dividends paid to non-controlling — — — — — — — — Summarised statements of profit (loss) and other comprehensive income for 2019: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Revenue from contracts with customers 35,059 24,624 113,020 198 22,061 15,776 17,231 20,208 Cost of sales (21,667 ) (12,479 ) (101,258 ) (54 ) (19,263 ) (6,739 ) (12,330 ) (17,631 ) Total selling, distribution and operating expenses, net (7,264 ) (11,531 ) (11,406 ) (218 ) (1,749 ) (4,439 ) (1,157 ) 919 Total other income and (expense), net (233 ) 209 4,173 235 41 1,831 1,633 (99 ) Profit before tax 5,895 823 4,529 161 1,090 6,429 5,377 3,397 Income tax (expense) benefit (372 ) (174 ) (551 ) (37 ) (28 ) (271 ) (323 ) 97 Profit for the period 5,523 649 3,978 124 1,062 6,158 5,054 3,494 Total comprehensive income 5,523 649 3,978 124 1,062 6,158 5,054 3,494 Attributable to non-controlling 79 182 231 20 91 613 315 348 Dividends paid to non-controlling — — — — — — — — Summarised statements of profit (loss) and other comprehensive income for 2018: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Revenue from contracts with customers 32,251 24,084 124,372 88 25,899 9,989 16,549 21,173 Cost of sales (18,123 ) (12,077 ) (101,829 ) (47 ) (24,095 ) (6,222 ) (13,131 ) (19,392 ) Total selling, distribution and operating expenses, net (9,064 ) (11,894 ) (11,988 ) (170 ) (1,867 ) (4,250 ) (1,099 ) (2,498 ) Total other income and (expense), net (4,514 ) 343 (5,114 ) 722 1,034 2,103 2,090 (1,097 ) Profit (loss) before tax 550 456 5,441 593 971 1,620 4,409 (1,814 ) Income tax (expense) benefit (1,707 ) (94 ) 1,443 (115 ) (34 ) 46 (109 ) 228 (Loss) profit for the period (1,157 ) 362 6,884 478 937 1,666 4,300 (1,586 ) Total comprehensive (loss) income (1,157 ) 362 6,884 478 937 1,666 4,300 (1,586 ) Attributable to non-controlling 12 101 345 76 83 166 269 (154 ) Dividends paid to non-controlling — — — — — — — — Summarised statements of financial position as of December 31, 2020: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Current assets 75,693 4,582 66,066 2,259 14,659 14,658 12,549 4,674 Non-current 50,065 4,960 220,598 5,879 5,022 32,797 23,754 3,811 Current liabilities (88,813 ) (2,452 ) (222,009 ) (97 ) (6,201 ) (3,346 ) (4,028 ) (12,873 ) Non-current (68,469 ) (153 ) (27,780 ) (659 ) (416 ) (995 ) (185 ) (1,663 ) Total equity 31,524 (6,937 ) (36,875 ) (7,382 ) (13,064 ) (43,114 ) (32,090 ) 6,051 Attributable to: Equity shareholders of Mechel PAO 31,585 (5,006 ) (34,534 ) (6,210 ) (11,938 ) (38,822 ) (28,889 ) 5,452 Non-controlling (61 ) (1,931 ) (2,341 ) (1,172 ) (1,126 ) (4,292 ) (3,201 ) 599 Summarised statements of financial position as of December 31, 2019: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Current assets 74,924 4,373 46,448 3,301 14,127 20,413 15,374 4,049 Non-current 61,772 4,316 170,004 4,556 3,651 23,484 19,942 4,405 Current liabilities (135,625 ) (2,727 ) (177,585 ) (93 ) (5,308 ) (3,001 ) (5,504 ) (10,153 ) Non-current (6,626 ) (176 ) (2,757 ) (610 ) (261 ) (1,098 ) (422 ) (2,634 ) Total equity 5,555 (5,786 ) (36,110 ) (7,154 ) (12,209 ) (39,798 ) (29,390 ) 4,333 Attributable to: Equity shareholders of Mechel PAO 5,828 (4,176 ) (34,021 ) (6,019 ) (11,156 ) (35,836 ) (27,565 ) 3,908 Non-controlling (273 ) (1,610 ) (2,089 ) (1,135 ) (1,053 ) (3,962 ) (1,825 ) 425 Summarised cash flow information for the year ended December 31, 2020: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Operating 8,718 1,465 (1,446 ) (183 ) 1,441 6,647 3,538 1,531 Investing 8,118 (749 ) (30,413 ) 217 (1,407 ) (6,409 ) (3,497 ) (72 ) Financing (16,903 ) (696 ) 31,413 (34 ) (344 ) (238 ) (235 ) (1,487 ) Increase (decrease) in cash and cash equivalents, net (67 ) 20 (446 ) — (310 ) — (194 ) (28 ) Summarised cash flow information for the year ended December 31, 2019: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Operating 12,043 243 10,898 (146 ) (2,482 ) 2,867 1,375 2,839 Investing (950 ) (58 ) (3,522 ) 163 2,685 (2,627 ) (912 ) (72 ) Financing (10,945 ) (245 ) (7,108 ) (17 ) 505 (240 ) (199 ) (2,741 ) Increase (decrease) in cash and cash equivalents, net 148 (60 ) 268 — 708 — 264 26 Summarised cash flow information for the year ended December 31, 2018: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Operating 13,152 193 13,015 (264 ) (1,891 ) 1,325 3,950 1,647 Investing 547 (97 ) (76,283 ) 264 1,870 (1,003 ) (1,163 ) (89 ) Financing (13,651 ) (99 ) 63,200 — (169 ) (322 ) (2,829 ) (1,604 ) Increase (decrease) in cash and cash equivalents, net 48 (3 ) (68 ) — (190 ) — (42 ) (46 ) |
Investments in associates
Investments in associates | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Investments in associates | 7. Investments in associates Investments in associates comprised of: Percent of shares held at Investment carrying value at Investee December 31, December 31, December 31, December 31, TPTU (Mining segment) 40 % 40 % 219 208 TRMZ (Mining segment) 25 % 25 % 122 113 Total investments in associates 341 321 TPTU (Tomusinskiy Transportation Management Center) shares are owned by SKCC. The core business is provision of transportation services. TRMZ (Tomusinskiy Auto Repair Shop) shares are owned by SKCC. TRMZ provides repair services. The following table shows movements in the investments in associates: TPTU TRMZ Total December 31, 2017 184 99 283 Share of profit 5 5 10 December 31, 2018 189 104 293 Share of profit 19 9 28 December 31, 2019 208 113 321 Share of profit 11 9 20 December 31, 2020 219 122 341 |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Related party disclosures | 8. Related party disclosures Note 1 provides information about the Group’s structure, including details of the subsidiaries and the holding company. The following table provides the total amount of transactions that have been entered into with the related parties in 2020, 2019 and 2018. 2020 2019 2018 Purchases Sales Other Purchases Sales Other Purchases Sales Other Associates 104 62 — 110 98 — 121 103 (33 ) Controlling shareholders and entities under control of the Group’s Controlling shareholders 1,451 336 142 904 184 138 280 52 (9 ) Total 1,555 398 142 1,014 282 138 401 155 (42 ) As of December 31, 2020 and 2019, the Group had the following balances in settlement with related parties: December 31, 2020 December 31, 2019 Financial Financial Total Financial Financial Total Associates 7 (20 ) (13 ) 7 (6 ) 1 Controlling shareholders and entities under control of the Group’s Controlling shareholders 140 (1,565 ) (1,425 ) 100 (963 ) (863 ) Total 147 (1,585 ) (1,438 ) 107 (969 ) (862 ) (a) Controlling shareholders and entities under control of the Group’s Controlling shareholders As of December 31, 2020 and 2019, the amounts of non-current As of December 31, 2020 and 2019, the amounts of financial liabilities included amounts the trade and other payables of RUB 1,088 million and RUB 456 million, respectively, and amounts of the current lease liabilities of RUB 76 million and RUB 94 million, respectively, and non-current Mechel PAO purchased 6,419,753 of its ordinary shares from the Controlling shareholders and entities under control of the Group’s Controlling shareholders for RUB 517 million as a result of the buyback of the shares on September 29, 2020 (Note 23). The outstanding cash balance in Coalmetbank, an entity under control of the Group’s Controlling shareholders, was RUB 382 million and RUB 1,509 million as of December 31, 2020 and December 31, 2019, respectively. In 2020 and 2019, the Group purchased energy and electricity from its related party in the amount of RUB 1,265 million and RUB 692 million, respectively. (b) Compensation to key management personnel The total compensation to key management personnel was included in general and administrative expenses in the consolidated statement of profit (loss) and other comprehensive income and consisted of the short-term employee benefits in the amount of RUB 602 million, RUB 592 million and RUB 561 million in the year ended December 31, 2020, 2019 and 2018, respectively. There are no share-based payments to key management personnel. The Group’s directors and executive officers are also provided with voluntary medical insurance and the use of wireless services. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Fair value measurement | 9. Fair value measurement Set out below is a comparison by class of the carrying amounts and fair value of the Group’s financial liabilities that are carried in the consolidated financial statements: December 31, 2020 December 31, 2019 Level Carrying Fair Carrying Fair Financial liabilities measured at amortised cost Floating rate loans and borrowings 2 308,657 284,427 370,312 357,276 Bonds 1 2,473 2,496 6,483 6,534 Fixed rate loans and borrowings 2 5,907 5,734 11,727 11,169 Other non-current 2 1,901 1,919 48,303 46,200 Total 318,938 294,576 436,825 421,179 The fair value of loans and borrowings was calculated based on the present value of future principal and interest cash flows, discounted at the Group’s interest rates adjusted for risk premium at the reporting dates (Level 2). Management assessed that the fair values of cash and cash equivalents, trade and other receivables (other than arising from provisionally priced contracts), trade and other payables, bank overdrafts and other financial assets approximate their carrying amounts largely due to the short-term maturities of these instruments. As of December 31, 2020 and 2019, trade receivables of RUB 1,115 million and RUB 459 million arising from provisionally priced contracts were measured at fair value through profit or loss upon recognition (Level 2). The adjustments to the final price on provisionally priced contracts measured at fair value resulted in a net loss of RUB 420 million, net loss of RUB 815 million and net gain of RUB 29 million are recorded within revenue for the years ended December 31, 2020, 2019 and 2018, respectively. |
Financial assets and financial
Financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Financial assets and financial liabilities | 10. Financial assets and financial liabilities 10.1 Financial liabilities: loans and borrowings The Group has the following principal and interest amounts outstanding for loans and bonds: Short-term borrowings and current portion of long-term debt December 31, 2020 December 31, 2019 Interest Amount of Interest Amount of In Russian rubles Banks and financial institutions 5.8 2,644 7.8 1,347 Weighted average interest rate for the period 5.8 7.8 In euro Banks and financial institutions 1.7-1.8 171 1.7-1.9 524 Weighted average interest rate for the period 1.8 1.9 Current portion of long-term debt — 298,794 — 368,335 Interest payable — 9,750 — 9,014 Fines and penalties on overdue amounts — 3,477 — 2,097 Total short-term borrowings and current portion of long-term 314,836 381,317 Long-term debt December 31, 2020 December 31, 2019 Interest Amount of Interest Amount of In Russian rubles Banks and financial institutions 1.0-6.9 158,969 1.0-9.8 239,659 Bonds issue 7.9-8.8 2,432 8.0-11.9 6,370 Corporate lenders 9.3 47 9.3 43 Weighted average interest rate for the period 5.8 7.9 In U.S. dollars Banks and financial institutions 7.1-7.2 29,576 3.2-9.0 44,725 Weighted average interest rate for the period 7.2 8.4 In euro Banks and financial institutions 0.3-5.7 109,971 0.8-7.0 84,743 Weighted average interest rate for the period 4.7 4.8 Current part of long-term loans and borrowings (298,794 ) (368,335 ) Total long-term debt 2,201 7,205 Aggregate scheduled maturities of the debt outstanding as of December 31, 2020 were as follows: Payable by On demand 310,522 2021 (current portion) 4,314 2022 2,101 2023 17 2024 17 2025 63 Thereafter 3 Total 317,037 The unused portion under all credit facilities except revolving credit lines and overdrafts as of December 31, 2020 and 2019 was RUB 653 million and RUB 514 million, respectively. The outstanding balances of principal amount of short-term and long-term debt by denominated currencies and major banks as of December 31, 2020 and 2019 were as follows: Short-term and long-term debt December 31, December 31, Russian ruble-denominated Gazprombank 97,505 139,971 VTB 63,313 99,411 Bonds 2,432 6,370 Other 842 1,667 Total 164,092 247,419 U.S. dollar-denominated VTB 18,135 27,256 BNP 11,441 9,587 VEB — 7,000 Other — 882 Total 29,576 44,725 Euro-denominated VTB 85,898 66,145 BNP 18,036 13,793 Wiltan Enterprises Ltd 3,590 96 Other 2,618 5,233 Total 110,142 85,267 Total short-term and long-term debt 303,810 377,411 (a) VTB facilities The outstanding balances of the euro-denominated credit facilities as of December 31, 2020 and 2019 were RUB 85,898 million and RUB 66,145 million, respectively, bearing interest at 5.3-5.7% p.a. In April 2020, the Group signed amendment agreement with VTB to restructure the euro-denominated loan of EUR 897 million (RUB 81,318 million as of December 31, 2020) issued to CMP for refinancing of pre-export non-financial According to the respective amendment agreement, the new ruble-denominated loan in the amount of RUB 870 million was received in September 2020 and was further used to finance a redemption of shares (Note 23), and the new ruble-denominated loan in the amount of RUB 58,507 million was received in October 2020 and was used for the full repayment of VTB credit facilities of CMP, Mechel PAO and SKCC. The new ruble-denominated loans have same maturities and repayment schedule as the euro-denominated loan. As a result of restructuring due to a decrease in effective interest rate the finance income in the amount of RUB 2,796 million was recognised in the consolidated statements of profit (loss) and other comprehensive income for the year ended December 31, 2020. In July 2020, the Group signed a working capital loan agreement in the amount of RUB 5,000 million in accordance with the program implemented under the Russian Government Resolution No. 582 dated April 24, 2020. In September 2020, the new ruble-denominated overdraft loan agreements were signed for a total amount of RUB 2,500 million. The outstanding balances of the ruble-denominated facilities as of December 31, 2020 and 2019 were RUB 63,313 million and RUB 99,411 million, respectively, bearing interest at 3.7-5.8% p.a. The outstanding balance of the U.S. dollar-denominated credit facilities as of December 31, 2020 and 2019 was RUB 18,135 million and RUB 27,256 million, respectively, bearing interest at 7.2% p.a. Along with the restructuring of the CMP loan, the Group signed amendment agreements with VTB for extension of repayment of principal amounts due in February-March 2020 under two U.S. dollar-denominated credit facilities of SKCC of $18 million (RUB 1,349 million as of December 31, 2020) until November 2020. In October 2020, the Group signed amendment agreements for further extension of the above principal repayment until February 2021 (Note 27). To refinance the U.S. dollar-denominated facilities of SKCC, in April 2020, a new credit agreement was signed between VTB and SKCC, according to which VTB provides a credit line with a credit limit of $327 million (24,157 million rubles as of December 31, 2020) with the final maturity until April 2022. The major covenants are aligned with the covenants of the restructured VTB euro-denominated loan. As of December 31, 2020, no cash has been received under this agreement as conditions to draw the credit facility have not occurred (Note 27). Upon sale of the Elga coal complex, the consideration received was used for repayment of VTB loans in the amount of RUB 51,113 million. (b) Gazprombank facilities The outstanding balances of the ruble-denominated facilities as December 31, 2020 and 2019 were RUB 97,505 million and RUB 139,971 million, respectively, bearing interest at 5.8% p.a. In April 2020, as a result of restructuring of Gazprombank loans, additional amendments were signed for all Gazprombank facilities with Beloretsk Metallurgical Plant (“BMP”), Mechel Energo, Mechel Coke, SKCC, Mechel Service, CMP, Urals Stamping Plant (“USP”), Port Posiet, Yakutugol in the amount of RUB 101,459 million including interest and fines and penalties as of the date of the restructuring. In May 2020, the Group complied with the conditions precedent of the agreements and Gazprombank confirmed coming into effect of the restructuring terms under the amendment agreements including the extension of the original debt maturity until March 2027 with a further extension of the final repayment period until 2030 if the extension conditions are met. Other terms in the restructuring agreements have remained unchanged from the original agreements apart from the updated levels of financial covenants, specific non-financial Upon sale of the Elga coal complex, the consideration received was used for repayment of the ruble-denominated loans of Gazprombank in the amount of RUB 37,887 million. (c) VEB facility VEB credit facility at Elgaugol of RUB 7,000 million as of December 31, 2019 ($113,069 thousand at exchange rate as of December 31, 2019) was disposed of in the course of sale of the Elga coal complex in April 2020. (d) Bonds During 2009-2011, Mechel PAO placed a number of issues of the 5,000,000 ruble-denominated bonds each in an aggregate principal amount of RUB 40,000 million with maturity dates between February 2020 and July 2021. The range of coupon interest rate as of December 31, 2020 varies from 7.9% p.a. to 8.8% p.a. (e) Other loans In 2010-2020, the Group signed revolving credit agreements and overdrafts for working capital financing up to RUB 7,832 million with several banks. The unused portion under the revolving credit lines and overdrafts is RUB 3,981 million as of December 31, 2020. These revolving credit lines allow the Group to withdraw, repay and re-draw 1.3-6.9% (f) Pledges In order to secure bank financings, the Group pledged shares in certain key subsidiaries, including 99%-2 As of December 31, 2020 and 2019, the carrying value of property, plant and equipment pledged under the loan agreements amounted to RUB 21,522 million and RUB 116,717 million, respectively. Carrying value of inventories pledged under the loan agreements amounted to RUB 2,253 million and RUB 2,931 million as of December 31, 2020 and 2019, respectively. Accounts receivable pledged as of December 31, 2020 and 2019 amounted to RUB 145 million and RUB 179 million, respectively. Additionally, CMP pledged its rights to receive future payments (revenue) related to the contract with Russian Railways JSC in the amount of RUB 7,388 million ($100 million). 1 (g) Covenants The Group’s loan agreements contain a number of covenants and restrictions, which include, but are not limited to, financial ratios, various limitations, acceleration and cross-default provisions. The covenants include, among other things, limitations on: (1) raising of additional borrowings; (2) payment of dividends on common and preferred shares; and (3) amounts that can be spent for capital expenditures, new investments and acquisitions. Covenant breaches if not waived generally permit lenders to demand accelerated repayment of principal and interest. The Group was required to comply with the following ratios under the most significant loan agreements with the Russian state-controlled banks as of December 31, 2020 2 Restrictive covenants Requirement Actual as of Group’s Adjusted EBITDA 3 Shall not be less than 2.0:1.0 1.67:1.0 Group’s Adjusted EBITDA to Consolidated Financial Expense Shall not be less than 2.0:1.0 1.64:1.0 Group’s Net Debt to Adjusted EBITDA Shall not exceed 6.0:1.0 8.05:1.0 Group’s Total Debt to Adjusted EBITDA Shall not exceed 6.0:1.0 8.08:1.0 Group’s Cash flow from operating activities to Adjusted EBITDA Shall not be less than 0.80:1.0 0.90:1.0 Group’s Adjusted EBITDA to Revenue Shall not be less than 0.15:1.0 0.15:1.0 In April 2020, the Group received a waiver from VTB for financial and non-financial non-financial As of December 31, 2020, the Group was not in compliance with several financial and non-financial 1 CMP’s accounts receivable from Russian Railways JSC as of December 31, 2020 amounted to nil. 2 Net Debt and Total Debt are calculated according to the respective definitions set by the credit agreements. Generally, Total Debt includes outstanding loans, lease, bonds and other finance liability balances; Net Debt is equal to Total Debt less cash and cash equivalents. 3 Adjusted EBITDA is calculated as defined in the respective loan agreements. Adjusted EBITDA ratio, Adjusted EBITDA to Net Interest Expense ratio and targeted amount of Adjusted Shareholder’s Equity). There was a default on payments of principal and interest in the amount of RUB 30,835 million and RUB 2,000 million as of December 31, 2020 and in the amount of RUB 25,354 million and RUB 1,563 million as of December 31, 2019, respectively, which is represented by ECA-covered ECA-lenders, non-compliance 10.2 Leases The Group has lease contracts for various items of land, operating machinery and equipment and transportation vehicles. None of them meets the definition of investment property. Set out below are the carrying amounts of right-of-use Land Buildings Operating Transportation Total As of January 1, 2019 — — 643 9,469 10,112 Adjustment on initial application of IFRS 16 1,932 681 73 12 2,698 Additions as a result of new leases and capitalized leasehold improvements 54 537 257 7,088 7,936 Depreciation charge (72 ) (138 ) (204 ) (2,587 ) (3,001 ) Effect of modification and changes of estimates in lease contracts 137 4 142 311 594 Impairment (72 ) — (19 ) (363 ) (454 ) Transfer to own property, plant and equipment — — (114 ) (1 ) (115 ) Exchange differences on translation of foreign operations (1 ) (23 ) (15 ) (3 ) (42 ) As of December 31, 2019 1,978 1,061 763 13,926 17,728 Additions as a result of new leases and capitalized leasehold improvements 41 70 163 1,804 2,078 Depreciation charge (67 ) (266 ) (191 ) (3,307 ) (3,831 ) Effect of modification and changes of estimates in lease contracts (265 ) 153 5 (1,030 ) (1,137 ) Discontinued operations (Note 25) (511 ) (13 ) — (1,123 ) (1,647 ) Impairment (16 ) — (81 ) (303 ) (400 ) Transfer to own property, plant and equipment — — (29 ) (4 ) (33 ) Exchange differences on translation of foreign operations 5 46 25 6 82 As of December, 31 2020 1,165 1,051 655 9,969 12,840 The Group presents lease liabilities separately from other liabilities in the consolidated statement of financial position. Set out below are the carrying amounts of lease liabilities and the movements during the years ended December 31, 2020 and 2019: 2020 2019 Lease liabilities as of January 1 17,355 8,293 Adjustment on initial application of IFRS 16 — 3,259 Additions as a result of new leases 573 7,372 Effect of modification and changes of estimates in lease contracts (1,155 ) 608 Interest expense 1,088 1,409 Lease payments (5,031 ) (3,488 ) Discontinued operations (Note 25) (1,448 ) — Exchange differences on translation of foreign operations 99 (34 ) Other 12 (64 ) Lease liabilities as of December 31 11,493 17,355 The total cash outflow for leases during the years ended December 31, 2020 and 2019 was RUB 3,841 million and RUB 5,404 million, respectively. The lease liabilities of RUB 1,490 million were settled through sale and leasing back of railway carriages. The amount of expense relating to short-term leases during the years ended December 31, 2020 and 2019 was RUB 322 million and RUB 1,536 million, respectively. The total amount of commitments for short-term leases excluding VAT amounted to RUB 104 million and RUB 62 million as of December 31, 2020 and 2019, respectively. The Group’s lease contracts contain a number of restrictions, which include but are not limited to cross-default provisions. As of December 31, 2020 and 2019, the Group was not in compliance with certain covenants under a number of loan agreements and certain lease contracts. As a result, the related long-term lease liabilities of RUB 4,345 million and RUB 5,480 million were reclassified to short-term lease liabilities due to covenant violations as of December 31, 2020 and 2019, respectively. In June 2019, the Group has extended a contract for lease of railway carriages until July 2021 resulting in addition to right-of-use In March 2020, the Group has reached an agreement with one of the lessors to reduce rental fees for lease of railway carriages, and, as a result of remeasurement of the lease liability, the amount of right-of-use The total amount including VAT of additional financing from leaseback transactions was RUB 2,584 million and RUB 344 million during the years ended December 31, 2020 and 2019, respectively. The Group has lease contracts that have not yet commenced as of December 31, 2020 with the future lease payments of RUB 9 million within one year, RUB 25 million within five years and RUB 5 million thereafter. 10.3 Financial instruments risk management objectives and policies The Group is exposed to foreign currency risk, credit risk and liquidity risk. Management reviews and agrees policies for managing each of these risks, which are summarised below. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset which can increase the risk of losses. The Group has procedures with the objective of minimising such losses such as maintaining sufficient cash and other highly liquid current assets to meet its liabilities as and when they fall due. As of December 31, 2020, the Group was in breach of a number of financial and non-financial The following tables show the remaining contractual maturities at the reporting date of the Group’s non-derivative Maturity On demand Within More than 2 years More than 3 years More than 4 years More than Total At December 31, 2020 Loans and borrowings, including interest payable 311,673 4,333 2,109 18 18 66 318,217 Lease liabilities 6,329 2,521 1,299 672 475 8,187 19,483 Trade and other payables 27,226 13,125 — — — — 40,351 Other financial liabilities — 488 487 481 445 1,272 3,173 Maturity On demand Within More than More than More than More than Total At December 31, 2019 Loans and borrowings, including interest payable 373,799 7,998 5,024 2,325 14 70 389,230 Lease liabilities 8,802 3,992 3,122 1,230 643 12,515 30,304 Trade and other payables 20,210 14,642 — — — — 34,852 Other financial liabilities — — 54,450 38 38 19 54,545 Credit risk Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The Group is exposed to credit risk from its operating activities (primarily trade receivables (Note 12)) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Customer credit risk is managed by each subsidiary subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. The contractual credit period for sales of goods is about 30 days on average. No interest is charged on trade receivables. An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on actual incurred historical data. Based on the results of impairment analysis the allowance for expected credit losses on receivables is recognised (Note 12). The maximum exposure to credit risk arising from the Group’s financial assets is presented as follows: December 31, December 31, Restricted cash (excluding cash on hand) 284 147 Cash deposits (Note 14) 320 1,074 Trade and other receivables 16,442 15,442 Other financial assets 370 382 — Promissory notes — — — Loans issued 354 368 — Bonds 16 14 Total 17,416 17,045 The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Restricted cash (excluding cash on hands) mostly relates to cash received as advances under the contracts with customers. Foreign currency risk Foreign currency risk is the risk that the value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchanges rates. This risk arises when commercial transactions and recognised assets and liabilities are denominated in a currency different from the Group’s functional currencies. The Group undertakes transactions denominated in foreign currencies and consequently is exposed to foreign currency risk. Approximately 23% of the Group’s sales are denominated in U.S. dollars and 13% of the Group’s sales are denominated in euro, 12% of the Group’s borrowings are denominated in U.S. dollars and 36% of the Group’s borrowings are denominated in euro. The Group does not have formal arrangements to mitigate foreign currency risk. However, management of the Group believes that the foreign currency risk from sales of the Group denominated in U.S. dollars and euro is partly mitigated by foreign exchange (loss) gain from the Group’s borrowings and purchases denominated in foreign currencies, mostly in euro and U.S. dollars. The Group’s exposure at the reporting date to foreign currency risk arising from recognised assets and liabilities denominated in a currency other than the functional currency of the entity to which they relate to is set out in the table below: Assets and liabilities denominated in U.S. dollars December 31, December 31, Current assets 215 639 Trade and other receivables 74 172 Cash and cash equivalents 141 467 Non-current — (4,667 ) Loans and borrowings — (4,667 ) Current liabilities (40,342 ) (41,047 ) Loans and borrowings (38,041 ) (38,861 ) Trade and other payables (2,301 ) (2,186 ) Assets and liabilities denominated in euro December 31, December 31, Current assets 555 171 Trade and other receivables 470 63 Cash and cash equivalents 85 108 Non-current (2,173 ) (148 ) Loans and borrowings (2,084 ) — Lease liabilities (89 ) (148 ) Current liabilities (113,510 ) (88,794 ) Loans and borrowings (110,359 ) (86,213 ) Trade and other payables (3,025 ) (2,499 ) Lease liabilities (126 ) (82 ) Sensitivity analysis The table below demonstrates the Group’s sensitivity to a devaluation of the Russian ruble against U.S. dollar and euro which management believes is an appropriate measure in the current market conditions and which would impact its operations: Change in Effect before tax Change in Effect /increase) before tax 2018 +14 % (7,672 ) +14 % (14,098 ) -14 % 7,672 -14 % 14,098 2019 +13 % (5,860 ) +13 % (11,540 ) -11 % 4,958 -11 % 9,765 2020 +16 % (6,420 ) +16 % (18,420 ) -16 % 6,420 -16 % 18,420 Interest rate risk Interest rate risk is the risk that changes in floating interest rates adversely impacts the financial results of the Group. As of December 31, 2020 and 2019, the share of the borrowings with floating rates in the total amount of the borrowings were 98% (incl. key rate of the Central Bank of the Russian Federation – 51%, LIBOR, EURIBOR and other – 47%) and 97% (incl. key rate of the Central Bank of the Russian Federation – 65%, LIBOR, EURIBOR and other – 32%), respectively. The table below demonstrates the Group’s sensitivity to the change of floating rates: Increase/decrease in the Effect before tax Increase/ Effect before tax Increase/ Effect before tax 2018 +0.75 % (1,922 ) +0.50 % (226 ) +0.20 % (190 ) -1.00 % 2,563 -0.15 % 68 -0.01 % 9 2019 +1.25 % (3,116 ) +0.35 % (145 ) +0.15 % (126 ) -1.25 % 3,116 -0.35 % 145 -0.15 % 126 2020 +1.50 % (2,387 ) +1.00 % (361 ) +0.20 % (225 ) -1.00 % 1,592 -0.25 % 90 -0.20 % 225 10.4 Other current and non-current In November 2011, the Group entered into a loan agreement pursuant to which a loan of $944,530 thousand (RUB 28,433 million at exchange rate as of November 10, 2011) was granted by the Group. According to the loan agreement, in the event that the loan is not repaid at maturity (September 30, 2012), the Group was entitled to enforce the pledge over the pledged third party metallurgical plants assets and thereby take control of these assets subject to approval from the Russian Federal Antimonopoly Service. The Group has not taken possession of assets provided as collateral because these entities are under the bankruptcy procedure and burdened with substantial amount of debt. The Group evaluates the recoverability of the loan based on the fair value of the pledged assets. As of December 31, 2020 and 2019, this loan in the amount of RUB 7,992 million and RUB 7,992 million, respectively, was fully provided for as the fair value of the pledged assets was nil as at these dates. In 2019, this loan was partially written off in the amount of $34,929 thousand (RUB 2,250 million at the dates of transactions), due to liquidation of certain debtors. 10.5 Other non-current In April 2020, other non-current In March 2020, the Group sold and leased back railway carriages for a period from 7 to 10 years for a purpose of additional financing resulting in recognition of other non-current |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
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Inventories | 11. Inventories December 31, December 31, Raw materials 13,178 13,643 Work in progress 9,655 8,565 Finished goods and goods for resale 19,305 17,565 Total inventories at the lower of cost and net realisable value 42,138 39,773 During 2020, RUB 796 million (2019: RUB 1,628 million, 2018: RUB 756 million) was recognised as an expense within cost of sales for inventories carried at net realisable value. The amount of inventories recognised as an expense during the period was RUB 147,513 million for 2020 (2019: RUB 158,528 million, 2018: RUB 149,719 million). The finished goods contain raw coal, which can be sold to third parties in its current condition or sent for processing for further sale in the amount of RUB 2,825 million and RUB 2,312 million as of December 31, 2020 and 2019, respectively. |
Trade and other receivables, ne
Trade and other receivables, net | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Trade and other receivables, net | 12. Trade and other receivables, net Due to negative market trends caused by the COVID-19 COVID-19 December 31, December 31, Trade receivables, including from contracts with 21,863 21,262 — domestic customers 18,104 18,251 — foreign customers 3,759 3,011 Less allowance for expected credit losses on trade receivables (5,984 ) (6,200 ) Total trade receivables, net 15,879 15,062 Other receivables 4,035 2,933 Less allowance for expected credit losses on other receivables (3,511 ) (2,655 ) Total other receivables, net 524 278 Total accounts receivable, net 16,403 15,340 Trade receivables included RUB 1,115 million and RUB 459 million of trade receivables subject to provisional pricing measured at fair value through profit or loss as of December 31, 2020 and 2019, respectively. Trade receivable included RUB 188 million and nil of contract assets as of December 31, 2020 and 2019, respectively. Set out below is the information about the credit risk exposure on the Group’s trade receivables (not subject to provisional pricing) by ageing as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Trade Expected Trade Expected Current 11,088 (253 ) 11,585 (169 ) =<30 days 2,442 (103 ) 2,023 (59 ) 31-60 590 (129 ) 502 (99 ) 61-90 430 (121 ) 352 (126 ) 91-180 385 (88 ) 444 (134 ) 181-365 547 (175 ) 659 (565 ) >1 year 5,266 (5,115 ) 5,238 (5,048 ) Total trade receivables 20,748 (5,984 ) 20,803 (6,200 ) The Group does not provide any collateral over these balances. The movements in the allowance for expected credit losses on trade and other receivables were as follows: Total At December 31, 2017 9,083 Charge 791 Utilised amounts (575 ) Exchange rate difference 538 At December 31, 2018 9,837 Charge 226 Utilised amounts (800 ) Exchange rate difference (408 ) At December 31, 2019 8,855 Charge 177 Utilised amounts (653 ) Discontinued operations (2 ) Exchange rate difference 1,118 At December 31, 2020 9,495 |
Other current and non-current a
Other current and non-current assets | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Other current and non-current assets | 13. Other current and non-current December 31, December 31, Other current assets Prepayments and advances 4,428 2,930 Input, recoverable and deferred VAT and other taxes recoverable 3,875 3,970 Other current assets 120 82 Total prepayments and other current assets 8,423 6,982 December 31, December 31, Other non-current Deferred assets from sale and lease back 176 208 Other non-current 435 345 Total other non-current 611 553 Generally in Russia, VAT related to sales is payable to the tax authorities on an accrual basis based upon invoices issued to the customer. VAT incurred on purchases may be reclaimed, subject to certain restrictions, against VAT related to sales. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
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Cash and cash equivalents | 14. Cash and cash equivalents December 31, December 31, Cash on hand 5 6 Cash at banks, including - in Russian rubles 849 1,715 - in U.S. dollars 358 1,081 - in euro 415 640 - in other currencies 144 160 Total cash and cash equivalents 1,771 3,602 Less allowance for expected credit losses (65 ) (93 ) Total cash and cash equivalents, net 1,706 3,509 For the purpose of the consolidated statement of cash flows, bank overdrafts are deducted from cash and cash equivalents in the amount of RUB 2,644 million and RUB 642 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the Group had short-term deposits included in cash at banks of RUB 320 million and RUB 1,074 million, respectively. Reconciliation between the changes in liabilities arising from financing activities including both changes arising from cash flows and non-cash Loans and Lease Deferred Effect of Put option of Other Deferred At December 31, 2017 439,893 9,354 1,680 — 40,260 734 4,010 Cash flows (52,951 ) (3,892 ) (629 ) — — (442 ) (3,968 ) Foreign exchange movement 24,167 83 — — — — 339 Changes in fair value — — — — — (292 ) — Other changes, including interest 7,723 2,748 379 — 3,796 — — At December 31, 2018 418,832 8,293 1,430 — 44,056 — 381 Cash flows (42,831 ) (3,488 ) (341 ) 234 — — (361 ) Foreign exchange movement (17,636 ) (38 ) — — — — (20 ) Other changes, including interest 30,157 12,588 62 14 4,145 — — At December 31, 2019 388,522 17,355 1,151 248 48,201 — — Cash flows (121,363 ) (3,541 ) (508 ) 278 — — — Foreign exchange movement 34,053 60 — — — — — Non-cash — (1,490 ) — 1,490 — — — Gain on sale of the discontinued operations (8,031 ) (1,448 ) (443 ) — (49,418 ) — — Other changes, including interest 23,856 557 (88 ) 183 1,217 — — At December 31, 2020 317,037 11,493 112 2,199 — — — The table above does not include dividends paid of RUB 295 million, RUB 1,531 million and RUB 1,394 million, repurchase of common shares of RUB 844 million, nil and nil, proceeds from sale of non-controlling The amounts presented in other changes are primarily attributable to interest accrued of RUB 23,369 million, RUB 33,159 million and RUB 36,660 million for the years ended December 31, 2020, 2019 and 2018, respectively, new lease agreements of RUB 573 million, RUB 11,234 million (including effect of adoption of IFRS 16 in the amount of RUB 3,259 million) and RUB 1,675 million for the years ended December 31, 2020, 2019 and 2018, respectively, and effect of restructuring of loans of RUB 3,204 million, RUB 25 million and RUB 33,514 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
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Property, plant and equipment | 15. Property, plant and equipment Land Buildings and Operating Trans- Other Construction- in-progress Mining Railway Total Cost At December 31, 2017 3,095 80,813 117,638 30,831 996 19,645 16,977 74,808 344,803 Additions 9 10 2,423 2,048 83 6,851 50 — 11,474 Change in rehabilitation provision — (187 ) — — — — (102 ) — (289 ) Transfers 1 487 2,750 251 97 (4,099 ) 119 394 — Disposals (255 ) (649 ) (1,734 ) (1,410 ) (32 ) (509 ) (136 ) — (4,725 ) Exchange differences on translation of foreign operations 91 277 251 40 28 — — — 687 At December 31, 2018 2,941 80,751 121,328 31,760 1,172 21,888 16,908 75,202 351,950 Transfer to right-of-use — — (1,745 ) (14,557 ) — — — — (16,302 ) Additions — 27 1,180 282 33 7,332 38 — 8,892 Change in rehabilitation provision — 456 — — — — 707 — 1,163 Transfers (9 ) 2,606 3,176 262 21 (6,752 ) (26 ) 722 — Transfer to own property, plant and equipment — — 752 95 — — — — 847 Disposals (24 ) (240 ) (2,400 ) (2,045 ) (33 ) (990 ) — — (5,732 ) Exchange differences on translation of foreign operations (84 ) (263 ) (223 ) (29 ) (30 ) (2 ) — — (631 ) At December 31, 2019 2,824 83,337 122,068 15,768 1,163 21,476 17,627 75,924 340,187 Additions — 26 1,332 413 41 5,442 9 — 7,263 Change in rehabilitation provision — 30 — — — — 170 — 200 Transfers 1 4,106 5,521 117 20 (9,772 ) 7 — — Transfer to own property, plant and equipment — — 57 5 — — — — 62 Disposals (47 ) (377 ) (1,981 ) (954 ) (35 ) (449 ) (974 ) — (4,817 ) Discontinued operations (Note 25) — (11,804 ) (4,887 ) (2,379 ) (153 ) (9,044 ) (5,783 ) (75,924 ) (109,974 ) Exchange differences on translation of foreign operations 169 553 487 73 48 1 — — 1,331 At December 31, 2020 2,947 75,871 122,597 13,043 1,084 7,654 11,056 — 234,252 Depreciation and impairment At December 31, 2017 (292 ) (40,275 ) (80,872 ) (17,738 ) (797 ) (1,733 ) (4,412 ) (809 ) (146,928 ) Depreciation charge — (3,550 ) (7,273 ) (2,253 ) (99 ) — (180 ) (279 ) (13,634 ) Transfers — (150 ) (35 ) 5 23 24 133 — — Disposals 223 437 1,628 1,312 27 23 37 — 3,687 Impairment (43 ) (319 ) (1,065 ) (709 ) (15 ) (536 ) (2,153 ) — (4,840 ) Exchange differences on translation of foreign operations (3 ) (110 ) (191 ) (28 ) (24 ) — — — (356 ) At December 31, 2018 (115 ) (43,967 ) (87,808 ) (19,411 ) (885 ) (2,222 ) (6,575 ) (1,088 ) (162,071 ) Transfer to right-of-use — — 1,102 5,088 — — — — 6,190 Depreciation charge — (2,781 ) (6,764 ) (882 ) (53 ) — (186 ) (295 ) (10,961 ) Transfers — (19 ) (103 ) (43 ) 1 163 1 — — Transfer to own property, plant and equipment — — (638 ) (94 ) — — — — (732 ) Disposals 22 193 2,228 1,996 21 30 — — 4,490 Reversal of impairment/ (impairment) 36 634 1,617 (9 ) 9 (473 ) (19 ) — 1,795 Exchange differences on translation of foreign operations 3 114 192 34 23 — — — 366 At December 31, 2019 (54 ) (45,826 ) (90,174 ) (13,321 ) (884 ) (2,502 ) (6,779 ) (1,383 ) (160,923 ) Depreciation charge — (2,695 ) (6,212 ) (583 ) (51 ) — (144 ) (73 ) (9,758 ) Transfers — (399 ) (537 ) (30 ) (2 ) 986 (18 ) — — Transfer to own property, plant and equipment — — (28 ) (1 ) — — — — (29 ) Disposals — 302 1,842 948 2 200 933 — 4,227 Discontinued operations (Note 25) — 7,934 2,744 2,240 78 — 111 1,456 14,563 Impairment — (25 ) (37 ) — — (105 ) (6 ) — (173 ) Exchange differences on translation of foreign operations — (260 ) (428 ) (83 ) (42 ) — (1 ) — (814 ) At December 31, 2020 (54 ) (40,969 ) (92,830 ) (10,830 ) (899 ) (1,421 ) (5,904 ) — (152,907 ) Net book value At December 31, 2017 2,803 40,538 36,766 13,093 199 17,912 12,565 73,999 197,875 At December 31, 2018 2,826 36,784 33,520 12,349 287 19,666 10,333 74,114 189,879 At December 31, 2019 2,770 37,511 31,894 2,447 279 18,974 10,848 74,541 179,264 At December 31, 2020 2,893 34,902 29,767 2,213 185 6,233 5,152 — 81,345 As of December 31, 2020 and 2019, the Group performed an impairment analysis of property, plant and equipment (Note 17). Assets under construction As of December 31, 2020 and 2019, construction-in-progress Capitalised borrowing costs The amount of borrowing costs capitalised during the year ended December 31, 2020 was RUB 66 million (2019: RUB 309 million, 2018: RUB 492 million). The rate used to determine the amount of borrowing costs eligible for capitalisation was 7.13% (2019: 8.57%, 2018: 8.55%), which is the average rate of the eligible borrowings. Contractual commitments As of December 31, 2020 and 2019, the total Group’s contractual commitments to acquire property, plant and equipment excluding VAT amounted to RUB 9,300 million and RUB 10,506 million, respectively. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Intangible assets | 16. Intangible assets Goodwill Mineral Other intangible Cost At December 31, 2017 32,878 55,618 880 Exchange differences on translation of foreign operations 90 — — At December 31, 2018 32,968 55,618 880 Exchange differences on translation of foreign operations (57 ) — — At December 31, 2019 32,911 55,618 880 Disposals — (1,023 ) — Discontinued operations (Note 25) — (11,823 ) — Exchange differences on translation of foreign operations 90 — — At December 31, 2020 33,001 42,772 880 Amortisation and impairment At December 31, 2017 (14,547 ) (22,378 ) — Impairment (2,382 ) — — Amortisation — (1,172 ) (36 ) At December 31, 2018 (16,929 ) (23,550 ) (36 ) Impairment (3,139 ) (6 ) — Amortisation — (987 ) (35 ) At December 31, 2019 (20,068 ) (24,543 ) (71 ) Impairment (3,324 ) — — Amortisation — (921 ) (35 ) Disposals — 1,023 — Discontinued operations (Note 25) — 127 — At December 31, 2020 (23,392 ) (24,314 ) (106 ) Net book value At December 31, 2017 18,331 33,240 880 At December 31, 2018 16,039 32,068 844 At December 31, 2019 12,843 31,075 809 At December 31, 2020 9,609 18,458 774 As of December 31, 2020 and 2019, the Group performed an impairment analysis of goodwill (Note 17). In 2020, four mineral licenses for coal and iron ore deposits which were previously fully impaired were revoked due to non-fulfillment As of December 31, 2020 and 2019, the total Group’s contractual commitments to acquire intangible assets excluding VAT amounted to RUB nil and nil, respectively. |
Impairment of goodwill and othe
Impairment of goodwill and other non-current assets | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Impairment of goodwill and other non-current assets | 17. Impairment of goodwill and other non-current As of December 31, 2020 and 2019, the Group performed an impairment analysis of goodwill and other non-current Goodwill Cash generating units Segment December 31, December 31, Yakutugol Mining 10,259 13,399 Kuzbass Power Sales Company Power 1,026 1,026 Port Posiet Mining 756 756 Chelyabinsk Metallurgical Plant Steel 679 589 Southern Kuzbass Coal Company Mining 143 143 Port Temryuk Mining 69 69 Total 12,932 15,982 As of December 31, 2020 and 2019, the recoverable amount of CGUs was determined based on value in use. Inflation and discount rates, range of discount rates, estimated for each year for the forecasted period, were as follows: Forecast period, years As of December 31, 20 19 2020 2021 2022 2023 2024 Inflation rate in Russia 3.7% 3.4% 3.8% 3.8% 3.8% Inflation rate in European countries 3.1% 2.7% 2.8% 2.8% 2.9% Pre-tax 10.0%-14.9% 10.0%-14.9% 10.0%-14.9% 10.0%-14.9% 10.0%-14.9% As of December 31, 2020 2021 2022 2023 2024 2025 Inflation rate in Russia 4.4% 3.7% 3.8% 3.8% 3.8% Inflation rate in European countries 3.0% 2.9% 2.8% 2.8% 2.8% Pre-tax 10. 4 10. 4 10. 4 10. 4 10. 4 The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated in the range 2.7%-3.9% . For the forecasted period from 2021 to 2025, the Group used the following key assumptions on prices for products sold in assessing the recoverable amount of the tested cash generating units: Cash generating units Segment Product, measurement unit Range of sales prices, FCA Chelyabinsk Metallurgical Plant Steel Rails (Rub, thousand/tn) 43 – 48 Chelyabinsk Metallurgical Plant Steel Rebar (Rub, thousand/tn) 30 – 32 Chelyabinsk Metallurgical Plant Steel Billets (Rub, thousand/tn) 26 – 28 Izhstal Steel Billets (Rub, thousand/tn) 62 – 64 Izhstal Steel Long products (Rub, thousand/tn) 57 – 61 Yakutugol Mining Coking coal (Rub, thousand/tn) 3.5 – 3.5 Yakutugol Mining Steam coal (Rub, thousand/tn) 1.3 – 2.4 Southern Kuzbass Coal Company Mining Coking coal (Rub, thousand/tn) 4.0 – 4.4 Southern Kuzbass Coal Company Mining Anthracite (Rub, thousand/tn) 3.1 – 3.2 Southern Kuzbass Coal Company Mining Steam coal (Rub, thousand/tn) 0.8 – 1.0 BFP Steel Ferrosilicon (Rub, thousand/tn) 62 – 72 KPSC Power Electricity (Rub, thousand/kWh) 3.1 – 3.6 As of December 31, 2020, the Group performed the impairment testing for the following number of CGUs by segments: Steel – 3, Mining – 5 and Power – 2. Impairment of goodwill According to the identified during the reporting period indicators for impairment of goodwill, an impairment loss as of December 31, 2020 was recognised in the following CGU: Cash generating units Impairment loss Yakutugol 3,324 Total 3,324 Goodwill at Yakutugol was impaired in the amount of RUB 3,324 in 2020 due to coal prices decline in long-term forecast along with forthcoming depletion of Neryungrinsky Open Pit, decline in forecasted extraction and sales volumes in 2021-2022 with the shift to the next years as a consequence of current market environment impacted by the COVID-19 According to the results of the impairment analysis of goodwill, an impairment loss as of December 31, 2019 was recognised in the following CGU: Cash generating units Impairment loss Yakutugol 3,139 Total 3,139 Goodwill at Yakutugol was impaired in the amount of RUB 3,139 in 2019 due to coal prices decline in long-term forecast along with forthcoming depletion of Neryungrinsky Open Pit. The remaining carrying value of goodwill was RUB 10,259 million. According to the results of the impairment analysis of goodwill, an impairment loss as of December 31, 2018 was recognised in the following CGU: Cash generating units Impairment loss Southern Kuzbass Power Plant (SKPP) 2,382 Total 2,382 Goodwill at SKPP was written down from RUB 2,382 million to nil as of December 31, 2018 due to the breakdown of generating equipment and increased raw materials cost, that led to the increased idle and maintenance costs and reduced generating capacity forecasts. Impairment of non-current According to the results of the impairment analysis, impairment of non-current Cash generating units Impairment loss on non-current identified Korshunov Mining Plant (KMP) 50 5 Other 6 8 Total 573 Estimated future cash flows remained negative at KMP therefore property, plant and equipment and right-of-use According to the results of the impairment analysis, impairment of non-current Cash generating units Impairment loss non-current identified as a result of Bratsk Ferroalloy Plant (BFP) 727 Korshunov Mining Plant (KMP) 549 Total 1,276 Impairment of non-current right-of-use right-of-use According to the results of the impairment analysis, reversal of previously recognised impairment loss of non-current Cash generating units Gain from reversal of non-current at Izhstal 2,611 Total 2,611 An impairment loss of non-current pre-tax right-of-use According to the results of the impairment analysis, impairment of non-current Cash generating units Impairment loss on non-current assets identified as a result of impairment tests Korshunov Mining Plant (KMP) 1,151 Izhstal 781 Southern Kuzbass Power Plant (SKPP) 337 Total 2,269 The carrying value of property, plant and equipment and right-of-use non-current right-of-use Impairment of property, plant and equipment at Izhstal of RUB 781 million was caused by the shift of production technology to casting own steel instead of acquiring billets, increased projected cost of purchased scrap metal and continued growth in long-term production costs. The remaining carrying value of the property, plant and equipment of Izhstal was RUB 1,799 million. Impairment of non-current Carrying value of individual items of the non-current Subsidiaries Impairment loss on non-current identified at December 31, Southern Kuzbass Coal Company (SKCC) 2,533 Other 38 Total 2,571 Sensitivity analysis Reasonably possible change in key assumptions used in calculations of value in use could impact recoverable amount which was most sensitive to the growth of discount rate, cash flows growth rates after the forecasted period and change in operating profit due to changes in sales and extraction volumes and selling prices. Based on the sensitivity analysis carried out as of December 31, 2020, a 3% decrease in future planned revenues would trigger additional impairment of goodwill of RUB 3,606 million at Yakutugol, and a 1% increase in discount rate would lead to additional impairment of goodwill of RUB 1,481 million at Yakutugol. The calculated value in use of Yakutugol is sensitive to annual production volumes. If annual production volumes are decreased by 20%, the value in use of Yakutugol would trigger additional impairment of goodwill of RUB 1,329 million. For the cash-generating units, which were not impaired in the reporting period and for which the reasonably possible changes could lead to impairment, the recoverable amounts would become equal to their carrying amounts if the assumptions used to measure the recoverable amounts changed by the following percentages: decrease in sales prices of 3.3%, 1.3%, 1.6% and 0.2% at SKCC, Izhstal, BFP and SKPP, respectively, decrease in growth rate of 0.6% at SKPP and increase in discount rate of 0.5% and 2.1% at SKPP and SKCC, respectively. The recoverable amounts of SKCC, Izhstal, BFP and SKPP based on initial key assumptions exceed the carrying amounts by RUB 12,101 million, RUB 2,889 million, RUB 901 million and RUB 117 million, respectively. Reasonably possible changes in other key assumptions used in assessing recoverable amount of CGUs as of December 31, 2020 do not lead to excess of carrying value over recoverable amount. The Group considered potential impacts and effects of the COVID-19 COVID-19 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Trade and other payables | 18. Trade and other payables December 31, December 31, Trade payables 32,290 27,806 Other payables 11,493 10,438 Total trade and other payables 43,783 38,244 Other payables include accruals for fines and penalties, payables for property, plant and equipment acquired, salaries payable, dividends payable and other. December 31, December 31, Other payables Accounts payable for property, plant and equipment 3,650 3,164 Wages and salaries payable and other related obligations 3,378 3,538 Dividends payable, common shares 7 136 Dividends payable, preferred shares 3 80 Other 4,455 3,520 Total 11,493 10,438 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Income tax | 19. Income tax The major components of income tax expense for the years ended December 31, 2020, 2019 and 2018 are: Recognised in profit or loss from continuing operations 2020 2019* 2018* Current income tax Current income tax charge (2,118 ) (2,921 ) (2,433 ) Adjustments in respect of income tax, including income tax penalties and changes in uncertain income tax position 2,167 (2,718 ) (3,046 ) Deferred tax Relating to origination and reversal of temporary differences (2,577 ) (2,274 ) 2,826 Income tax expense reported in the consolidated statement of profit (loss) and other comprehensive income (2,528 ) (7,913 ) (2,653 ) * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). In January 2013, the Group created the consolidated group of taxpayers in accordance with the Tax code of the Russian Federation, under the Federal law of the Russian Federation of November 16, 2011 No. 321-FZ. 302-FZ, For subsidiaries which are not included in the consolidated group of taxpayers, income taxes are calculated on an individual subsidiary basis. Deferred income tax assets and liabilities are recognised in the accompanying consolidated financial statements in the amount determined by the Group in accordance with IAS 12. During 2018-2020, income tax was calculated at 20% of taxable profit in Russia and Kazakhstan, and at 25% in Austria. Income tax in Germany was calculated at 32.10%, 32.10% and 32.10% for 2018, 2019 and 2020. Amendments in the tax legislation of Switzerland resulted in the increase in tax rate from 10.5%-11% Starting 2018 up to the date of disposal (Note 25), Elgaugol used a privilege and applied a 0% income tax rate due to fulfillment of conditions of the Regional investment project. The reconciliation between the income tax expense computed by applying the Russian enacted statutory tax rates to the income from continuing operations before tax and non-controlling Notes 2020 2019* 2018* (Loss)/profit before tax from continuing operations (37,625 ) 18,988 23,550 Loss before tax from discontinued operations 25 (3,953 ) (6,716 ) (7,333 ) Accounting (loss)/profit before tax (41,578 ) 12,272 16,217 Income tax benefit (expense) at statutory income tax rate of 20% 8,316 (2,454 ) (3,243 ) Adjustments: Adjustments in respect of income tax, including income tax penalties and changes in uncertain income tax position 2,167 (2,718 ) (2,962 ) Unrecognised current year tax losses and write-off (9,728 ) (1,277 ) 4,008 Non-deductible (1,443 ) (948 ) (3,512 ) Impairment of goodwill (665 ) (628 ) (476 ) Effect of restructuring and expense related to fines and penalties on breach of covenants in credit agreements (16 ) — 3,460 Effect of different tax rates (1,172 ) 155 (12 ) Change in tax rate (5 ) (117 ) 56 At the effective income tax rate of (6.1)% (65.1% in 2019, 16.5% in 2018) income tax expense (2,546 ) (7,987 ) (2,681 ) Income tax expense reported in the consolidated statement of profit (loss) and other comprehensive income from continuing operations (2,528 ) (7,913 ) (2,653 ) Income tax attributable to a discontinued operation 25 (18 ) (74 ) (28 ) Total income tax expense (2,546 ) (7,987 ) (2,681 ) * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). Unrecognised current year tax losses and write-off Effect of different tax rates included the amount of RUB 642 million, RUB 49 million losses and RUB 259 million income in 2020, 2019 and 2018, respectively, related to applying a privilege on income tax by Elgaugol up to date of disposal (Note 25). The deferred tax balances were calculated by applying the currently enacted statutory income tax rate in each jurisdiction applicable to the period in which the temporary differences between the carrying amounts and tax base (both in respective local currencies) of assets and liabilities are expected to reverse. The amounts reported in the accompanying consolidated financial statements consisted of the following: January 1, Tax (expense) recognised in Disposals of Other December 31, Deferred tax assets Property, plant, equipment and right-of-use 686 (291 ) — 3 398 Rehabilitation provision 1,068 71 (188 ) — 951 Inventories 1,679 (41 ) (13 ) 5 1,630 Trade and other receivables 519 (268 ) — — 251 Loans and borrowings 360 (342 ) — — 18 Lease liabilities 2,577 (881 ) (181 ) 18 1,533 Other financial liabilities — 412 — — 412 Trade and other payables and other liabilities 529 426 (12 ) 1 944 Net operating loss carry-forwards 10,403 (2,345 ) (2,723 ) 20 5,355 Other 111 133 (11 ) 132 365 Deferred tax liabilities Property, plant, equipment and right-of-use (17,805 ) 625 7,371 (100 ) (9,909 ) Mineral licenses (6,141 ) 181 2,318 — (3,642 ) Inventories (989 ) 42 — (5 ) (952 ) Trade and other receivables (774 ) 189 — (6 ) (591 ) Loans and borrowings (2,073 ) (572 ) — — (2,645 ) Trade and other payables and other liabilities (379 ) 87 6 (44 ) (330 ) Deferred tax assets (liabilities), net (10,229 ) (2,574 ) 6,567 24 (6,212 ) January 1, Adjustment January 1, Tax (expense) recognised in Other December 31, Deferred tax assets Property, plant, equipment and right-of-use 386 (86 ) 300 386 — 686 Rehabilitation provision 773 — 773 295 — 1,068 Inventories 1,716 — 1,716 (36 ) (1 ) 1,679 Trade and other receivables 790 — 790 (269 ) (2 ) 519 Loans and borrowings 320 — 320 40 — 360 Lease liabilities 843 651 1,494 1,087 (4 ) 2,577 Trade and other payables and other liabilities 869 — 869 (340 ) — 529 Net operating loss carry-forwards 13,623 — 13,623 (3,210 ) (10 ) 10,403 Other 74 — 74 40 (3 ) 111 Deferred tax liabilities Property, plant, equipment and right-of-use (15,468 ) (537 ) (16,005 ) (1,830 ) 30 (17,805 ) Mineral licenses (6,376 ) — (6,376 ) 235 — (6,141 ) Inventories (834 ) — (834 ) (160 ) 5 (989 ) Trade and other receivables (499 ) — (499 ) (280 ) 5 (774 ) Loans and borrowings (3,898 ) — (3,898 ) 1,825 — (2,073 ) Trade and other payables and other liabilities (337 ) — (337 ) (71 ) 29 (379 ) Deferred tax assets (liabilities), net (8,018 ) 28 (7,990 ) (2,288 ) 49 (10,229 ) January 1, Adjustment January 1, Tax (expense) recognised in Other December 31, Deferred tax assets Property, plant and equipment 759 — 759 (373 ) — 386 Rehabilitation provision 802 — 802 (29 ) — 773 Inventories 179 — 179 1,537 — 1,716 Trade and other receivables 735 — 735 52 3 790 Loans and borrowings 313 822 1,135 (815 ) — 320 Lease liabilities 983 — 983 (141 ) 1 843 Trade and other payables and other liabilities 656 — 656 213 — 869 Net operating loss carry-forwards 7,972 — 7,972 5,646 5 13,623 Other 86 — 86 (15 ) 3 74 Deferred tax liabilities Property, plant and equipment (15,869 ) — (15,869 ) 429 (28 ) (15,468 ) Mineral licenses (6,652 ) (6,652 ) 276 — (6,376 ) Inventories (801 ) — (801 ) (28 ) (5 ) (834 ) Trade and other receivables (330 ) — (330 ) (160 ) (9 ) (499 ) Loans and borrowings (112 ) 50 (62 ) (3,835 ) (1 ) (3,898 ) Trade and other payables and other liabilities (119 ) — (119 ) (161 ) (57 ) (337 ) Deferred tax assets (liabilities), net (11,398 ) 872 (10,526 ) 2,596 (88 ) (8,018 ) Recognised in the consolidated statement of financial position: December 31, December 31, Deferred tax assets 561 3,648 Deferred tax liabilities (6,773 ) (13,877 ) Deferred tax liabilities, net (6,212 ) (10,229 ) Reconciliation of deferred tax (expense) benefit during the period recognised in profit or loss is provided below: Deferred tax (expense) benefit during the period 2020 2019 2018 Tax (expense) benefit attributable to continuing operation (2,577 ) (2,274 ) 2,826 Tax (expense) benefit attributable to discontinued operation 3 (14 ) (230 ) Tax (expense) benefit during the period recognised (2,574 ) (2,288 ) 2,596 The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. For consolidated financial reporting purposes, the Group has not recognised deferred tax assets in the amount of RUB 38,153 million (December 31, 2019: RUB 29,600 million) on losses in the amount of RUB 191,411 million (December 31, 2019: RUB 150,460 million) that are available to carry forward against future taxable income of the subsidiaries in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as it is not probable that future taxable profit will be available for utilisation of such assets. Deferred tax assets on net operating loss carry forwards which are considered to be realisable in the future, are mostly related to the Russian subsidiaries. The calculated future taxable profit is sensitive to operational results. The recovery of the sales volumes and selling prices may be slower than reasonably expected due to macroeconomic uncertainty and instability from the COVID-19 A deferred tax liability of approximately RUB 566 million and RUB 305 million as of December 31, 2020 and 2019, respectively, has not been recognised for temporary differences related to the Group’s investment in foreign subsidiaries primarily as a result of unremitted earnings of consolidated subsidiaries, as it is the Group’s intention, generally, to reinvest such earnings permanently. Similarly, a deferred tax liability of approximately RUB 72 million and RUB 105 million as of December 31, 2020 and 2019, respectively, has not been recognised for temporary difference related to unremitted earnings of consolidated domestic subsidiaries as management believes the Group is able to control the timing of the reversal of these temporary differences and does not intend to reverse them in the foreseeable future. Probable income tax risks of RUB 6,575 million and RUB 8,984 million as of December 31, 2020 and 2019, respectively, have been recorded in the Group’s consolidated financial statements. Due to changes in the Russian tax legislation effective from January, 2017, calculation of the consolidated tax base of the consolidated group of taxpayers and the way to offset current losses and losses received in the previous tax periods (before January 2017) were changed. Due to the absence of official explanations of the regulatory authorities concerning changes, there is an uncertainty in the interpretation. The Group does not believe that any other material income tax matters exist relating to the Group, including current pending or future governmental claims and demands, which would require adjustment to the accompanying consolidated financial statements in order for those statements not to be materially misstated or misleading as of December 31, 2020. Possible income tax risks of RUB 862 million and RUB 1,663 million as of December 31, 2020 and 2019, respectively, have not been recognised in the Group’s consolidated financial statements. Indemnity in the amount of RUB 1.9 billion was included in the purchase and sale agreement related to the Elga coal complex (Note 25) to address different interpretations of the tax law and regulations existed before the disposal date assessed by the management as possible for the income tax and other taxes risk. |
Taxes and similar charges payab
Taxes and similar charges payable other than income tax | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Taxes and similar charges payable other than income tax | 20. Taxes and similar charges payable other than income tax December 31, December 31, VAT payable 4,705 4,120 Payroll taxes 4,180 3,353 Property tax 614 566 Land lease 591 454 Land tax 323 240 Mineral extraction tax 280 332 Other 276 163 Total 10,969 9,228 |
Pensions and other post-employm
Pensions and other post-employment benefit plans | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Pensions and other post-employment benefit plans | 21. Pensions and other post-employment benefit plans In addition to the state pension and social insurance required by the Russian legislation, the Group has a number of defined benefit pension plans that cover the majority of production employees and some other postretirement benefit plans. A number of the Group’s companies provide their former employees with non-state non-state The Group provides several types of long-term employee benefits such as death-in-service one-time As of December 31, 2020, there were 43,801 active participants under the defined benefit pension plans and other long-term benefit plans and 37,640 pensioners receiving monthly pensions or other regular financial support from these plans. As of December 31, 2019 and December 31, 2018, the related figures were 47,288 and 48,531 of active participants under the defined benefit pension plans and other long-term benefits and 37,814 and 38,751 pensioners receiving monthly pensions or other regular financial support from these plans, respectively. The majority of employees at the Group’s major subsidiaries belong to the trade unions. Actuarial valuation of pensions and other long-term benefits for the major subsidiaries as of December 31, 2020 was performed in January 2021. Members’ census data as of that date was collected for all relevant business units of the Group. Pension obligations and expenses determined by the Group are supported by an independent qualified actuary in accordance with the “Projected Unit Credit method” of calculation of actuarial present value of future liabilities. The state retirement age is one of the factors affecting the retirement of employees from the Group. In October 2018, the state gradually changed the previously established national retirement age; the Group took this circumstance into account in the actuarial valuation of the obligations. The effect of the revaluation of the retirement benefit obligation due to the amended pension legislation of the Russian Federation was reflected as the cost of past services in 2018. As of December 31, 2020, defined benefit obligations, including pension obligations in the amount of RUB 4,996 million and other long-term benefit obligations in the amount of RUB 867 million (RUB 4,745 million and 803 million as of December 31, 2019, respectively), were presented within Pension obligations in the consolidated statement of financial position. Changes in the present value of the pension obligations and other long-term benefits and fair value of plan assets for 2018 were as follows: Pension Fair value of Benefit December 31, 2017 (4,632 ) 271 (4,361 ) Current service cost (130 ) — (130 ) Net interest expense (266 ) (13 ) (279 ) Curtailment/settlement gain 4 — 4 Remeasurement of other long-term benefit obligations (492 ) — (492 ) Past service cost 70 — 70 Sub-total (814 ) (13 ) (827 ) Benefit paid 299 (17 ) 282 Exchange difference (213 ) 41 (172 ) Actuarial changes arising from changes in demographic assumptions (38 ) — (38 ) Actuarial changes arising from changes in financial assumptions 354 — 354 Experience adjustments 171 — 171 Sub-total 274 41 315 December 31, 2018 (4,873 ) 282 (4,591 ) Changes in the present value of the pension obligations and other long-term benefits and fair value of plan assets for 2019 were as follows: Pension Fair value of Benefit December 31, 2018 (4,873 ) 282 (4,591 ) Current service cost (210 ) — (210 ) Net interest expense (297 ) 4 (293 ) Curtailment/settlement gain — — — Remeasurement of other long-term benefit obligations (25 ) — (25 ) Past service cost — — — Sub-total (532 ) 4 (528 ) Benefit paid 344 (7 ) 337 Exchange difference 117 (16 ) 101 Actuarial changes arising from changes in demographic assumptions (88 ) — (88 ) Actuarial changes arising from changes in financial assumptions (772 ) — (772 ) Experience adjustments (7 ) — (7 ) Sub-total (750 ) (16 ) (766 ) December 31, 2019 (5,811 ) 263 (5,548 ) In 2019, the effect of actuarial changes arising from changes in financial assumptions is connected with the significant decrease in discount rate. Changes in the present value of the pension obligations and other long-term benefits and fair value of plan assets for 2020 were as follows: Pension Fair value of Benefit December 31, 2019 (5,811 ) 263 (5,548 ) Current service cost (220 ) — (220 ) Net interest expense (290 ) 2 (288 ) Curtailment/settlement gain — — — Remeasurement of other long-term benefit obligations 54 — 54 Past service cost — — — Discontinued operations 186 — 186 Sub-total (270 ) 2 (268 ) Benefit paid 304 (14 ) 290 Exchange difference (457 ) 91 (366 ) Actuarial changes arising from changes in demographic assumptions — — — Actuarial changes arising from changes in financial assumptions (22 ) — (22 ) Experience adjustments 103 — 103 Discontinued operations (52 ) — (52 ) Sub-total (428 ) 91 (337 ) December 31, 2020 (6,205 ) 342 (5,863 ) Deferred tax related to net loss from remeasurement of defined benefit plans amounted to RUB 119 million and nil as of December 31, 2020 and 2019, respectively Amounts of the pension obligations recognised in the consolidated statement of the financial position were as follows: December 31, December 31, Current liabilities 631 615 Non-current 5,232 4,933 Total net pension obligations 5,863 5,548 The plan asset allocation of the investment portfolio was as follows as of December 31, 2020 and 2019: December 31, December 31, Debt instruments 184 142 Equity instruments 97 82 Cash and cash equivalents 32 18 Property 17 12 Other assets 12 9 Total plan assets 342 263 The investment strategy employed includes an overall goal to attain a maximum investment return with a strong focus on limiting the amount of risk taken. The strategy is to invest with a medium- to long-term perspective while maintaining a level of liquidity through proper allocation of investment assets. Investment policies include rules to avoid concentrations of investments. The vast majority of plan assets are measured using quoted prices in active markets for identical assets (Level 1 assets). The investment portfolio is primarily comprised of debt and equity instruments. Real estate and other alternative investments asset can be included when these have favorable return and risk characteristics. Debt instruments include investment grade and high yield corporate and government bonds with fixed yield and mostly short- to medium maturities. Equity instruments include selected investments in equity securities listed on active exchange market. The valuation of debt and equity securities is determined using a market approach, and is based on an unadjusted quoted prices. The Group’s entities have a practice to provide lump-sum 11-12 The key actuarial assumptions used to determine defined benefit obligations were as follows as of December 31, 2020 and 2019: December 31, December 31, Discount rate Russian entities 6.40 % 6.60 % German entities 0.84 % 1.10 % Austrian entities 0.50 % 0.75 % Inflation rates Russian entities 3.90 % 4.00 % Rate of compensation increase Russian entities 4.90 % 5.10 % German entities 4.00 % 4.00 % Austrian entities 2.25 % 2.25 % The results of sensitivity analysis of defined benefit obligations for the Russian entities as of December 31, 2020 and 2019 are presented below: 2020 2019 Discount rate 1% increase -8.90 % -9.20 % 1% decrease 10.60 % 11.00 % Inflation rate 1% increase 5.60 % 5.90 % 1% decrease -5.20 % -5.00 % Rate of compensation increase 1% increase 3.90 % 4.00 % 1% decrease -3.70 % -3.60 % Turnover rate 3% increase -5.80 % -7.40 % 3% decrease 6.10 % 7.90 % The results of sensitivity analysis of defined benefit obligations for Austrian entities as of December 31, 2020 and 2019 are presented below: 2020 2019 Discount rate 1% increase -10.00 % -10.20 % 1% decrease 12.00 % 12.20 % The results of sensitivity analysis of defined benefit obligations for German entities as of December 31, 2020 and 2019 are presented below: 2020 2019 Discount rate 1% increase -12.00 % -12.00 % 1% decrease 18.00 % 18.00 % The sensitivity analyses above have been prepared based on a method that extrapolates the impact on the defined benefit pension obligations and other long-term benefits obligations as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in one significant assumption, keeping all other assumptions constant. The sensitivity analysis may not be representative of an actual change in the defined benefit obligations and other long-term |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Provisions | 22. Provisions Rehabilitation Provisions for Provisions on Other Total At December 31, 2017 3,992 2,290 576 315 7,173 Arising — 1,516 199 905 2,620 Utilised (77 ) (273 ) — (256 ) (606 ) Revision in estimated cash flow and discount rate change (309 ) — — — (309 ) Unused amounts reversed — (646 ) (188 ) (20 ) (854 ) Unwinding of discount 302 — — — 302 Exchange differences — 215 (4 ) 4 215 At December 31, 2018 3,908 3,102 583 948 8,541 Current 189 3,102 583 948 4,822 Non-current 3,719 — — — 3,719 Arising — 1,346 980 — 2,326 Utilised (30 ) (264 ) — (722 ) (1,016 ) Revision in estimated cash flow and discount rate change 1,180 — — — 1,180 Unused amounts reversed — (1,200 ) (9 ) (197 ) (1,406 ) Unwinding of discount 345 — — — 345 Exchange differences — (150 ) (19 ) (5 ) (174 ) At December 31, 2019 5,403 2, 834 1,535 24 9,796 Current 165 2, 834 1,535 24 4,558 Non-current 5,238 — — — 5,238 Arising — 3,037 665 252 3,954 Utilised (18 ) (567 ) (27 ) (20 ) (632 ) Revision in estimated cash flow and discount rate change 233 — — — 233 Unused amounts reversed — (572 ) (1,249 ) — (1,821 ) Unwinding of discount 311 — — — 311 Discontinued operations (940 ) (61 ) — — (1,001 ) Exchange differences — 246 32 1 279 At December 31, 2020 4,989 4,917 956 257 11,119 Current 187 4,917 956 257 6,317 Non-current 4,802 — — — 4,802 Rehabilitation provision The Group has numerous site rehabilitation obligations that it is required to perform under law or contract once an asset is permanently taken out of service. The main part of these obligations is not expected to be paid in a foreseeable future, and will be funded from the general Group’s resources when respective works will be performed. The Group’s rehabilitation provisions primarily relate to its steel and mining production facilities with related landfills and dump areas and its mines. Rehabilitation activities are generally undertaken at the end of the production life at the individual sites. Remaining production lives range from 1 year to 118 years with an average for all sites, weighted by current closure provision of approximately 14 years. The discount rate used in the calculation of the provision as of December 31, 2020 equaled 6.57% (2019: 6.52%). A 0.5% decrease in the discount rates applied of December 31, 2020 would result in an increase to the closure and rehabilitation provision and increase in property, plant and equipment of RUB 371 million. Estimates can also be impacted by the emergence of new rehabilitation techniques, changes in regulatory requirements for rehabilitation, and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. Provisions for legal claims In 2020, a provision for the disputes over purchases was recognised in the amount of RUB 1,741 million due to negative court judgment. In March 2021, the Group lost a legal case related to these litigations. The court decisions has not yet come into force. The Group plans to file an appeal of the court decision. Legal claim contingency As of December 31, 2020, management assesses the outcome of several court proceedings and claims where the Group’s companies act as defendants in the aggregate amount of RUB 1,146 million as possible based on the management’s analysis and discussions with the legal advisers. As of December 31, 2020, the Group as a defendant is involved in the court proceeding regarding the third party metallurgical plant’s bankruptcy case. It is not practicable to estimate the potential effect of this claim and the timing of the payment, if any. The Group has been advised by its legal counsel that it is only possible, but not probable, that the action will succeed for the Group. Provisions on taxes other than income tax Management believes that the Group has paid or accrued all applicable taxes. The Group recorded RUB 956 million and RUB 1,535 million of other tax claims including fines and penalties that management believes are probable as of December 31, 2020 and 2019, respectively. The Group does not believe that any other material tax matters exist relating to the Group, including current pending or future governmental claims and demands, which would require adjustment to the accompanying consolidated financial statements in order for those statements not to be materially misstated or misleading as of December 31, 2020. Possible tax liabilities on other tax claims including fines and penalties, which were identified by management as those that can be subject to different interpretations of the tax law and regulations, are not accrued in the consolidated financial statements. The amount of such liabilities was RUB 468 million and RUB 1,904 million as of December 31, 2020 and 2019, respectively. Environmental Possible liabilities, which were identified by management as those that can be subject to potential claims from environmental authorities, are not accrued in the consolidated financial statements. The amount of such liabilities was not significant. |
Issued capital and reserves
Issued capital and reserves | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Issued capital and reserves | 23. Issued capital and reserves Common shares The capital stock of Mechel PAO consists of 416,270,745 common shares, each with a nominal value of 10 Russian rubles, all of which are issued, fully paid for and outstanding under the Russian law, of which 11,494,619 and 1,018,996 were owned by Group’s subsidiaries as of December 31, 2020 and 2019, respectively. In December 2019, the Group reacquired 1,018,996 common shares for RUB 63 million. Mechel PAO is authorised to issue additional 81,698,341 common shares with a nominal value of 10 Russian rubles each. In September 2020, the Group reacquired 10,804,058 common shares for RUB 870 million (RUB 80.57 per share). The repurchase price was declared by Mechel PAO’s Board of Directors on June 4, 2020 for redemption by the shareholders that have the right to demand buyback of the shares in accordance with the Russian law. The repurchased shares were recognised as treasury shares within the consolidated statement of changes in equity at cost. Preferred shares As of December 31, 2020 and 2019, the Group had 138,756,915 preferred shares with a nominal value of 10 Russian rubles each, authorised and issued under the Russian law and representing 25% of the Mechel PAO’s share capital, of which 83,963,279 shares were outstanding and fully paid for, and the remaining 54,793,636 shares were owned by one of the Group’s subsidiaries. In December 2019, the Group sold 709,130 preferred shares for RUB 63 million. Under the Russian law and the Mechel PAO’s Charter, these preferred shares are non-cumulative Distributions made and proposed Mechel and its subsidiaries can distribute all profits as dividends or transfer them to reserves in accordance with applicable legislation and the charters. Dividends may only be declared from undistributed earnings as shown in the statutory financial statements of Russian subsidiaries. Dividends from Russian companies are generally subject to a 13% withholding tax for residents and 15% for non-residents, Effective January 1, 2008, intercompany dividends may be subject to a withholding tax of 0% (if at the date of dividends declaration, the dividend-recipient Russian company held a controlling (over 50%) interest in the share capital of the company (Russian or foreign) of the dividend payer for a period over one year and the residence of the dividend distribution foreign company is not included into the Ministry of Finance offshore list. On June 30, 2020, Mechel declared dividends to the holders of preferred shares for 2019 in the amount of RUB 482.9 million (RUB 3.48 per preferred share), including RUB 292.2 million dividends to the third party holders of preferred shares. On June 14, 2019, the Group’s subsidiary declared dividends attributable to non-controlling On June 29, 2018, the Group’s subsidiaries declared dividends attributable to non-controlling Additional paid-in In 2020, additional paid-in non-controlling Earnings (loss) per share (EPS) Basic EPS is calculated by dividing the profit (loss) for the year attributable to common equity holders of the parent by the weighted average number of common shares outstanding during the year. There were no dilutive securities issued as of December 31, 2020, 2019 and 2018. The following table reflects the income and share data used in basic and diluted EPS calculations: 2020 2019* 2018* Earnings per share Weighted average number of common shares 412,589,910 416,256,510 416,270,745 Profit for the period Attributable to Equity shareholders 808 2,409 12,628 Earnings per share (Russian rubles per share) attributable to common equity shareholders — basic and diluted 1.96 5.79 30.34 (Loss) profit for the period from continuing operations, RUB million (40,153 ) 11,075 20,897 Less attributable to non-controlling 648 1,876 908 Profit for the period Attributable to Equity shareholders (40,801 ) 9,199 19,989 (Loss) earnings per share from continuing operations (Russian rubles per share) — basic and diluted (98.89 ) 22.10 48.02 Profit (loss) after tax for the period from discontinued operations, RUB million 41,609 (6,790 ) (7,361 ) Earnings (loss) per share from discontinued operations (Russian rubles per share) — basic and diluted 100.85 (16.31 ) (17.68 ) * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). The total weighted-average number of common shares outstanding during the period was as follows: Shares Fraction Weighted-average 2018 Common shares: January 1 – December 31 416,270,745 365 416,270,745 Total weighted average shares outstanding during the period 365 416,270,745 2019 Common shares: January 1 – December 20 416,270,745 354 403,725,599 Common shares: December 20 – December 23 416,119,371 3 3,420,159 Common shares: December 23 – December 24 416,005,348 1 1,139,741 Common shares: December 24 – December 25 415,881,411 1 1,139,401 Common shares: December 25 – December 26 415,756,171 1 1,139,058 Common shares: December 26 – December 31 415,556,251 5 5,692,551 Common shares: December 31 – December 31 415,251,749 — — Total weighted average shares outstanding during the period 365 416,256,510 2020 Common shares: January 1 – September 29 415,251,749 273 309,736,960 Common shares: September 29 – December 31 404,776,126 93 102,852,950 Total weighted average shares outstanding during the period 366 412,589,910 |
Other income_expenses
Other income/expenses | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Other income/expenses | 24. Other income/expenses 24.1 Administrative and other operating expenses General, administrative and other operating expenses are comprised of the following: 2020 2019* 2018* Wages, salaries and social security costs 9,856 8,771 10,158 Provision for legal claims, net 2,463 96 828 Office and maintenance expenses 1,264 1,226 1,206 Depreciation 708 721 749 Audit and consulting services 527 546 927 Fines and penalties related to business contracts 501 539 370 Loss on write-off non-current 454 979 931 Banking charges and services 335 328 243 Consumables 269 294 291 Social expenses 188 288 373 Expense relating to short-term leases (Note 10.2) 68 83 153 Business trips 30 109 133 Write off of trade and other receivables 22 5 2 Other 1,752 1,583 1,968 Total 18,437 15,568 18,332 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). Loss on write-off non-current 24.2 Employee benefits expense Employee benefits expenses are comprised of the following: 2020 2019* 2018* Included in cost of sales Wages and salaries 21,235 21,020 19,580 Social security costs 7,005 6,877 6,332 Post-employment benefits 209 182 117 Included in selling and distribution expenses Wages and salaries 3,864 3,566 3,470 Social security costs 1,055 968 911 Included in administrative and other operating expenses Wages and salaries 7,853 6,939 8,193 Social security costs 2,003 1,832 1,965 Total 43,224 41,384 40,568 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). 24.3 Other operating income Other operating income is comprised of the following: 2020 2019* 2018* Rental income 238 241 192 Subsidies received from the governmental authorities as a compensation for operating activities (energy tariffs) 121 — 359 Income from fines and penalties related to business contracts 119 157 247 Subsidies received from the governmental authorities to compensate losses of European group companies 82 — — Curtailment and result of remeasurement of other long-term benefit obligations 62 25 93 Net result from disposal of non-current 42 31 128 Gain from sales of scrap materials — — 373 Other 335 234 290 Total 999 688 1,682 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). 24.4 Finance income and finance costs Finance income is comprised of the following: 2020 2019* 2018* Effect of restructuring of loans and leases 3,341 353 33,403 Interest income on other financial assets 119 179 206 Income from the discounting of financial instruments 44 58 16 Remeasurement of fair value of financial instruments — — 318 Total 3,504 590 33,943 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). Effect of restructuring of loans in 2020 primarily relates to VTB (Note 10.1 (a)), in 2019, it mainly includes waiving of fines and penalties on leases with Gazprombank Leasing and Cat Financial, in 2018 it primarily relates to VTB and the refinancing of the pre-export Finance costs are comprised of the following: 2020 2019* 2018* Interest on loans and borrowings 22,090 31,231 35,049 Fines and penalties on overdue loans and borrowing payments and overdue interest payments 1,080 733 847 Interest expense on lease liabilities 1,047 1,217 917 Fines and penalties on overdue leases 157 49 10 Total finance costs related to loans, borrowings and 24,374 33,230 36,823 Unwinding of discount on rehabilitation provision 291 304 272 Interest expenses under pension liabilities 286 284 272 Expenses related to discounting of financial instruments 194 45 147 Total 25,145 33,863 37,514 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). 24.5 Other income and other expenses Other income is comprised of the following: 2020 2019* 2018* Reversal of unclaimed declared dividends to non-controlling 203 — — Write-off 177 155 412 Gain on sales and purchases of foreign currencies 50 — — Other income 288 73 86 Total 718 228 498 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). Other expenses are comprised of the following: 2020 2019* 2018* Loss on sales and purchases of foreign currencies — 148 108 Other non-operating 259 335 238 Total 259 483 346 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). Write-off write-off written-off |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Discontinued Operations [Abstract] | |
Discontinued operations | 25. Discontinued operations In January 2020, the Group entered into negotiations relating to the sale of the Elga coal complex to a prospective buyer, a third party. On April 21, 2020, the Group received a consent required by the put option agreement 4 On April 21, 2020, the Group signed a sale and purchase agreement with the buyer for the sale of the Elga coal complex for the consideration of RUB 89 billion. From that date, the Group lost control over the Elga coal 4 In June 2016, the put option agreement was signed granting put option to Gazprombank to sell the stake (in full or in part) in the Elga coal complex to the Group within three years following a five-year grace period or in case of a breach of conditions stipulated by such agreement. Gazprombank held 49% in the Elga coal complex. Put option agreement allowed the Group to retain control over 100% of shares and therefore obligations under the put option was recognised as non-current complex. The deal on disposal was completed on April 30, 2020 upon the legal transfer of ownership. This transaction resulted in a pre-tax April 21, 2020 Consideration paid by the buyer 89,000 Derecognition of put option from Gazprombank 49,418 Net assets disposed of (92,838 ) Gain on sale of discontinued operations 45,580 The Elga coal complex represented one of the separate major lines of the Group’s business that operated in Sakha Republic (Yakutia) in Far East and it was classified as a discontinued operation due to significant contribution to the Group’s pretax loss, financing and investing cash flows. As a result of the Elga coal complex being classified as discontinued operation, the comparative amounts in these consolidated financial statements have been adjusted accordingly. The results of the Elga coal complex presented as discontinued operations in the consolidated statements of profit (loss) and other comprehensive income were as follows: Year ended December 31, 2020* 2019 2018 Revenue 2,142 9,414 8,778 Expenses (3,010 ) (12,115 ) (9,985 ) Finance costs (1,708 ) (4,967 ) (4,538 ) Foreign exchange (loss) gain, net (1,377 ) 952 (1,588 ) Loss before tax from discontinued operations (3,953 ) (6,716 ) (7,333 ) Income tax expense (18 ) (74 ) (28 ) Loss after tax from discontinued operations (3,971 ) (6,790 ) (7,361 ) Gain on sale of discontinued operations 45,580 — — Income tax expense related to sale transaction — — — Net gain on sale of discontinued operations 45,580 — — Profit (loss) after tax for the period from discontinued operations 41,609 (6,790 ) (7,361 ) * Represents operations for the period of January 1 – April 21, 2020. The sales of coking and steam coal to the third parties were included in the results of discontinued operations and coal used in production of coke and steel was included in the continuing operations. Finance costs from discontinued operations include remeasurement of non-current non-controlling . The major classes of assets and liabilities of the Elga coal complex classified as a disposal group as of the disposal date were as follows: Assets April 21, 2020 Non-current Property, plant and equipment 95,411 Right-of-use 1,647 Mineral licenses 11,696 Other non-current 7 Total non-current 108,761 Current assets Inventories 928 Income tax receivables 8 Trade and other receivables 3,060 Other current assets 248 Cash and cash equivalents 21 Total current assets 4,265 Total assets 113,026 Liabilities April 21, 2020 Non-current Lease liabilities 565 Pension obligations 110 Provisions 940 Deferred tax liabilities 6,567 Total non-current 8,182 Current liabilities Loans and borrowings, including interest payable 8,031 Trade and other payables 1,930 Lease liabilities 883 Taxes and similar charges payable other than income tax 1,075 Advances received and other current liabilities 2 Pension obligations 24 Provisions 61 Total current liabilities 12,006 Total liabilities 20,188 Net assets 92,838 Other non-current The net cash flows from discontinued operations of the Elga coal complex were, as follows: Year ended December 31, 2020* 2019 2018 Operating 1,102 2,668 4,541 Investing (182 ) (867 ) (1,438 ) Financing (906 ) (1,800 ) (3,305 ) Net cash inflow (outflow) 14 1 (202 ) * Represents operations for the period of January 1 – April 21, 2020. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Segment information | 26. Segment information The Group’s operations are presented in three operating segments as follows: • Steel segment, comprising production and sales of semi-finished steel products, carbon and specialty long products, carbon and stainless flat products, value-added downstream metal products, including forgings, stampings, hardware, rails, balks and ferrosilicon; • Mining segment, comprising production and sales of coal (coking and steam) and middlings, coke and chemical products, and iron ore concentrate, which supplies raw materials to the Steel and Power segments and also sells substantial amounts of raw materials to third parties. The Elga coal complex included in mining segment was recognised as discontinued operation in 2020 (Note 25); • Power segment, comprising generation and sales of electricity and heat power, which supplies electricity and heat power to the Steel and Mining segments and also sells a portion of electricity and heat power to third parties. The above three segments meet criteria for reportable segments. No operating segments have been aggregated to form the above reportable operating segments. Subsidiaries are consolidated by the segment to which they belong based on their products and by which they are managed. The Group’s management evaluates performance of the segments based on segment revenues, gross margin, operating profit (loss), assets and liabilities. Transfer prices between operating segments are on an arm’s-length As of December 31, 2020 and for the year then ended Mining Steel Power Adjustments Consolidated Revenue from contracts with external customers 70,881 166,885 27,688 — 265,454 Inter-segment revenue 34,402 6,626 15,769 (56,797 ) — Gross profit 51,441 30,030 14,089 (711 ) 94,849 Gross margin, % 48.9 17.3 32.4 — 35.7 Depreciation and amortisation (7,463 ) (6,335 ) (488 ) — (14,286 ) Impairment of goodwill and other non-current (3,829 ) (67 ) (1 ) — (3,897 ) Operating profit (loss) 14,108 6,520 (308 ) (395 ) 19,925 Share of profit of associates, net 20 — — — 20 Finance income 502 3,000 2 — 3,504 Intersegment finance income 1,786 306 21 (2,113 ) — Finance costs (12,209 ) (12,678 ) (258 ) — (25,145 ) Intersegment finance costs (199 ) (1,725 ) (189 ) 2,113 — Income tax benefit (expense) 149 (676 ) 34 (2,035 ) (2,528 ) Profit after tax for the period from discontinued operations 41,651 — — (42 ) 41,609 Profit (loss) for the period 38,854 (34, 166 ) (760 ) (2,47 2 ) 1,456 Segment assets 83,178 102,759 8,875 (972 ) 193,840 Segment liabilities 160,866 250,356 11,188 2,101 424,511 Investments in associates 341 — — — 341 As of December 31, 2019 and for the year then ended Mining Steel Power Adjustments Consolidated Revenue from contracts with external customers* 83,517 174,850 28,786 — 287,153 Inter-segment revenue* 37,710 6,068 15,541 (59,319 ) — Gross profit* 63,680 27,486 13,058 (157 ) 104,067 Gross margin, %* 52.5 15.2 29.5 — 36.2 Depreciation and amortisation* (6,774 ) (6,153 ) (482 ) — (13,409 ) Impairment of goodwill and other non-current (3,688 ) 1,884 — — (1,804 ) Operating profit (loss)* 26,775 7,087 1,416 (1,078 ) 34,200 Share of profit of associates, net 28 — — — 28 Finance income* 514 75 1 — 590 Intersegment finance income 386 375 30 (791 ) — Finance costs* (18,967 ) (14,514 ) (382 ) — (33,863 ) Intersegment finance costs (195 ) (325 ) (271 ) 791 — Income tax expense* (20 ) (503 ) (333 ) (7,057 ) (7,913 ) (Loss) profit after tax for the period from discontinued operations (6,962 ) 39 133 — (6,790 ) Profit (loss) for the period 4,955 6,934 531 (8,135 ) 4,285 Segment assets 202,423 100,493 7,610 1,979 312,505 Segment liabilities 300,058 233,279 9,432 3,333 546,102 Investments in associates 321 — — — 321 As of December 31, 2018 and for the year then ended Mining Steel Power Adjustments Consolidated Revenue from contracts with external customers* 88,104 187,918 27,773 — 303,795 Inter-segment revenue* 37,549 5,847 15,471 (58,867 ) — Gross profit* 72,269 44,415 12,438 615 129,737 Gross margin, %* 57.5 22.9 28.8 — 42.7 Depreciation and amortisation* (5,978 ) (5,738 ) (500 ) — (12,216 ) Impairment of goodwill and other non-current (3,684 ) (819 ) (2,719 ) — (7,222 ) Operating profit (loss)* 34,091 19,814 (3,374 ) 615 51,146 Share of profit of associates, net 10 — — — 10 Finance income* 23,274 9,478 1,191 — 33,943 Intersegment finance income 1,071 395 41 (1,507 ) — Finance costs* (24,394 ) (12,810 ) (310 ) — (37,514 ) Intersegment finance costs (220 ) (1,015 ) (272 ) 1,507 — Income tax (expense) benefit* (5,912 ) 531 83 2,645 (2,653 ) (Loss) profit after tax for the period from discontinued operations (7,512 ) 18 133 — (7,361 ) Profit (loss) for the period 11,489 1,331 (2,544 ) 3,260 13,536 Segment assets 208,123 97,373 7,519 4,610 317,625 Segment liabilities 296,125 247,241 9,469 (2,015 ) 550,820 Investments in associates 293 — — — 293 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). Depreciation and amortisation are included in cost of sales in the amount of RUB 9,880 million (2019: RUB 9,975 million, 2018: RUB 10,343 million), in the selling and distribution expenses in the amount of RUB 3,698 million (2019: RUB 2,714 million, 2018: RUB 1,123 million) and in the administrative and other operating expenses in the amount of RUB 708 million (2019: RUB 720 million, 2018: RUB 750 million). The following table presents the Group’s revenues from contracts with customers segregated between domestic and export sales. Domestic represents sales by a subsidiary in the country in which it is located. This category is further divided between subsidiaries located in Russia and other countries. Export represents cross-border 2020 2019* 2018* Domestic Russia 156,584 170,851 178,762 Other 28,491 28,469 29,665 Total 185,075 199,320 208,427 Export 80,379 87,833 95,368 Total revenue 265,454 287,153 303,795 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). The advances received represented contract liabilities to perform obligations under the contracts with customers. The revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period was RUB 4,861 million, RUB 4,306 and RUB 3,670 million for the years ended December 31, 2020, 2019 and 2018, respectively. Allocation of total revenue from contracts with customers by country is based on the location of the customer. The Group’s total revenue from external customers by geographic area were as follows: 2020 2019* 2018* Russia* 156,712 170,980 178,879 Asia* 45,284 54,137 53,179 Europe 35,536 38,334 44,263 CIS 23,749 21,465 23,877 Middle East 3,794 1,983 3,130 USA 102 155 258 Other regions 277 99 209 Total 265,454 287,153 303,795 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). The majority of the Group’s non-current assets are located in Russia. The carrying amounts of mineral licenses, property, plant and equipment and right-of-use assets pertaining to the Group’s major operations were as follows: December 31, December 31, Russia 109,954 225,755 Germany 1,446 1,225 Austria 820 677 Czech Republic 247 237 Other 176 173 Total 112,643 228,067 Because of the significant number of customers, there are no individual external customers that generate sales greater than 10% of the Group’s consolidated total revenue from contracts with customers. The following table presents the breakdown of the Group’s revenues from contracts with external customers by major products: 2020 2019* 2018* Mining segment Coal and middlings* 54,324 62,518 71,305 Coke and chemical products 14,783 17,970 14,205 Iron ore concentrate 413 1,179 839 Other* 1,361 1,850 1,755 Total 70,881 83,517 88,104 Steel segment Long steel products 98,908 97,692 105,722 Hardware 25,971 27,086 30,040 Flat steel products 23,056 23,371 22,786 Forgings and stampings 8,451 14,818 15,848 Ferrosilicon 3,159 3,229 3,927 Steel pipes 3,380 3,281 3,230 Semi-finished steel products 181 137 54 Other 3,779 5,236 6,311 Total 166,885 174,850 187,918 Power segment Electricity* 26,306 27,030 26,009 Other* 1,382 1,756 1,764 Total 27,688 28,786 27,773 Total revenue 265,454 287,153 303,795 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Events after the reporting period | 27. Events after the reporting period The Group evaluated subsequent events from December 31, 2020 through the date the consolidated financial statements were issued and concluded that no subsequent events have occurred that would require recognition or disclosure in the consolidated financial statements other than discussed below and disclosed in Note 10.1 and Note 22. In January 2021, the Group signed an environmental agreement, according to which the Group undertook additional commitments in amount of RUB 2,856 million to reduce emissions of air pollutants until 2026. On February 3, 2021, the U.S. dollar-denominated loan from VTB in the amount of $250 million agreed in April 2020 was received and used for the full repayment of the U.S. dollar-denominated VTB credit facilities of SKCC (Note 10.1 (a)). Chief Executive Officer of Mechel PAO |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Business combinations and goodwill | (a) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling non-controlling When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as of the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling re-assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. |
Investments in associates | (b) Investments in associates An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The considerations made in determining significant influence are similar to those necessary to determine control over subsidiaries. The Group’s investments in its associate are accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately. The consolidated statement of profit (loss) and other comprehensive income reflects the Group’s share of the results of operations of the associate. Any change in OCI of those investees is presented as part of the Group’s OCI movements. In addition, when there has been a change recognised directly in the equity of the associate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The aggregate of the Group’s share of profit or loss of an associate is shown on the face of the consolidated statement of profit (loss) and other comprehensive income outside operating profit and represents profit or loss after tax and non-controlling The financial statements of the associate are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the investment in associate and its carrying value, and then recognises the loss within ‘Share of profit (loss) of associates’ in the consolidated statement of profit (loss) and other comprehensive income. Upon loss of significant influence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in the consolidated statement of profit (loss) and other comprehensive income. |
Current versus non-current classification | (c) Current versus non-current The Group presents assets and liabilities in the consolidated statement of financial position based on current/non-current • Expected to be realised or intended to be sold or consumed in the normal operating cycle; • Held primarily for the purpose of trading; • Expected to be realised within twelve months after the reporting period; or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: • It is expected to be settled in the normal operating cycle; • It is held primarily for the purpose of trading; • It is due to be settled within twelve months after the reporting period; or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current |
Fair value measurement | (d) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability; or • In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 — quoted (unadjusted) market prices in active markets for identical assets or liabilities; • Level 2 — valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; • Level 3 — valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the consolidated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing |
Revenue from contracts with customers | (e) Revenue from contracts with customers Revenue from contracts with customers is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Revenue from contracts with customers is inflows from sales of goods that constitute ongoing major operations of the Group and is reported as such in the consolidated statement of profit (loss) and other comprehensive income. Inflows from incidental and peripheral operations, net of related costs, are considered gains and are included in other operating income and other income in the consolidated statement of profit (loss) and other comprehensive income. The following criteria are also applicable to other specific revenue transactions from contracts with customers: Sales of goods and rendering services Revenue from the sale of goods and rendering services Certain contracts are provisionally priced so that price is not settled until the final price based on the market price for the relevant period is determined. Revenue from these transactions is initially recognised based on related coal market indices. An adjustment to the final price on provisionally priced contracts is recorded in revenue. Sales of power In the Power segment (Note 26), revenue is recognised based on unit of power measure (kilowatts) delivered to customers, since the Group transfers control for a service or good over period and, therefore, satisfies a performance obligation over time. The billings are usually done on a monthly basis, several days after each month end. Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. Some contracts with customers provide a right of return, trade discounts or volume rebates. IFRS 15 Revenue from Contracts with Customers Volume rebates The Group applies the most likely amount method to estimate the variable consideration in the contract using the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognised as revenue. A refund liability is recognised for the expected future rebates (i.e., the amount not included in the transaction price). Significant financing component The Group decided to use the practical expedient provided in IFRS 15, which allows not to adjust the promised amount of consideration for the effects of a significant financing component in the contracts where the Group expects, at contract inception, that the period between the Group’s transfer of a promised good or service to a customer and the payment will be one year or less. Warranty obligations The Group provides warranties to its customers under the Russian Federation Law requirements. These warranties represent assurance type warranties and do not require providing any additional service to the Group’s customers. This type of warranties is accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets Trade receivables A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Note 3 (n). Contract assets Contract assets relate to revenue earned from performance that does not create an asset with an alternative use and there is an enforceable right to receive payment for performance completed to date of performance. As such, the balances of this account vary and depend on the number of orders in progress under these contracts at the end of the year. Contract liabilities Contract liabilities are presented by short-term advances received from customers and recognised as advances received in the consolidation statement of financial position. A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). The disclosure of significant accounting judgements relating to revenue from contracts with customers is provided in Note 3 (v). |
Taxes | (f) Taxes Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Uncertain tax positions The Group’s policy is to comply fully with the applicable tax regulations in the jurisdictions in which its operations are subject to income taxes. The Group’s estimates of current income tax expense and liabilities are calculated assuming that all tax computations filed by the Group’s subsidiaries will be subject to a review or audit by the relevant tax authorities. The Group and the relevant tax authorities may have different interpretations of how regulations should be applied to actual transactions. Such uncertain tax positions are accounted for in accordance with IAS 12 Income Taxes Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. • In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside profit or loss is recognised in correlation to the underlying transaction either in OCI or directly in equity. |
Foreign currencies | (g) Foreign currencies The Group’s consolidated financial statements are presented in Russian rubles to comply with the Law 208-FZ. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The functional currencies of the main Russian and European subsidiaries of the Group are the Russian ruble and euro, respectively. The U.S. dollar is the functional currency of other main international operations of the Group. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. (i) Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency exchange rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rates as of the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary Non-monetary The following table presents the exchange rates for the functional and operating currencies at various subsidiaries, other than the presentation currency: Exchange rates* at Average exchange rates* Currency December 31, December 31, December 31, December 31, December 31, U.S. dollar 73.88 61.91 72.15 64.74 62.71 Euro 90.68 69.34 82.45 72.50 73.95 (*) Exchange rates shown in Russian rubles for one currency unit. The majority of the balances and operations not already denominated in the presentation currency were denominated in the U.S. dollar and euro. The Russian ruble is not a convertible currency outside the territory of Russia. Official exchange rates are determined daily by the Central Bank of the Russian Federation (“CBR”) and are generally considered to be a reasonable approximation of market rates. (ii) Group companies On consolidation, the assets and liabilities of foreign operations are translated into the Russian rubles at the rate of exchange prevailing at the reporting date and their statements of profit (loss) and other comprehensive income are translated at the average exchange rate for the period. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the exchange rate as of the reporting date. |
Non-current assets held for sale and discontinued operations | (h) Non-current The Group classifies non-current non-current The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: • Represents a separate major line of business or geographical area of operations; • Is part of a single co-ordinated • Is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of profit (loss) and other comprehensive income. Additional disclosures are provided in Note 25. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. |
Mineral licenses | (i) Mineral licenses The Group’s mining segment production activities are located within Russia. The Group’s mineral reserves and deposits are situated on the land belonging to government and regional authorities. Mining minerals requires a subsoil license from the state authorities with respect to identified mineral deposits. The Group obtains licenses from such authorities and pays certain taxes to explore and produce from these deposits. These licenses expire up to 2038, with the most significant licenses expiring between 2024 and 2033, and management believes that they may be extended at the initiative of the Group without substantial cost, based on previous experience. Management intends to extend such licenses for deposits expected to remain productive subsequent to their license expiry dates. Mineral licenses acquired separately are measured on initial recognition at cost. The cost of mineral licenses acquired in a business combination is their fair value at the date of acquisition. Mineral licenses are amortised under a unit of production basis over proved and probable reserves of the relevant area. In order to calculate proved and probable reserves, estimates and assumptions are used about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. There are numerous uncertainties inherent in estimating proved and probable reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. The Group established a policy according to which internal mining engineers review proved and probable reserves annually. This policy does not change the Group’s approach to the measurement of proved and probable reserves as of their acquisition dates as part of business combinations that involve independent mining engineers. The Group’s proved and probable reserve estimates as of the reporting date were made by internal mining engineers and the majority of the assumptions underlying these estimates had been previously reviewed and verified by independent mining engineers. The carrying values of the mineral licenses were reduced proportionate to the depletion of the respective mineral reserves at each deposit related to mining and production of reserves adjusted for the reserves re-measurement |
Property, plant and equipment | (j) Property, plant and equipment Property, plant and equipment and construction in progress are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the rehabilitation provision, and, for qualifying assets (where relevant), borrowing costs and other costs incurred in connection with the borrowings. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. Where a separately depreciated asset, or part of an asset, is replaced, the expenditure is capitalised. Where part of the asset was not separately considered as a component and therefore not depreciated separately, the replacement value adjusted for prices inflation is used to estimate the carrying amount of the replaced asset(s) which is immediately written off. All other repair and maintenance costs are recognised in the consolidated statement of profit (loss) and other comprehensive income as incurred. The present value of the expected cost for the rehabilitation of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Inventories planned to be used for construction and spare parts with useful lives over one year are recorded within property, plant and equipment. Mining assets and processing plant and equipment Mining assets and processing plant and equipment are those assets, including construction in progress, which are intended to be used only for the needs of a certain mine or field, and upon full extraction exhausting of the reserves of such mine or the field, these assets cannot be further used for any other purpose without a capital reconstruction. Items of production mines are stated at cost, less accumulated depreciation and accumulated impairment losses, if any. Costs of developing new underground mines are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Additionally, interest expense subject to allocation to the cost of developing mining properties and to constructing new facilities is capitalized until assets are ready for their intended use. Exploration and evaluation activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of identified proved and probable reserves. Once the legal right to explore has been acquired, exploration and evaluation expenditure is charged to profit or loss as incurred, unless the Group concludes that a future economic benefit is more likely than not to be realized. The Group had no exploration and evaluation assets as of December 31, 2020. As part of its surface mining operations, the Group incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred in the development phase of a mine, before the production phase commences, are capitalized as part of cost of constructing the mine. In general case, the capitalization of development stripping costs ceases when the mine is commissioned and ready for use as intended by management. Stripping costs undertaken during the production phase of mine are charged to profit and loss as cost of sales as incurred. In some cases, the further development of a mine may require stripping operations, equivalent by scale to those that were incurred in the development phase of a mine. In such cases, production stripping costs are capitalized similarly to the capitalization of costs during the development phase of a mine. Stripping costs incurred in the production phase are capitalized, if all of the following criteria according to IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (a) It is probable that the future economic benefit associated with the stripping activity will flow to the entity; (b) The entity can identify the component of the ore body for which access has been improved; (c) The costs relating to the stripping activity associated with that component can be measured reliably. When mining assets and processing plant and equipment are placed in production, the applicable capitalized costs, including mine development costs, are depleted using the unit-of-production unit-of-production The unit-of-production A decision to abandon, reduce or expand activity on a specific mine is based upon many factors, including general and specific assessments of mineral reserves, anticipated future mineral prices, anticipated costs of developing and operating a producing mine, the expiration date of mineral licenses, and the likelihood that the Group will continue exploration on the mine. Based on the results at the conclusion of each phase of an exploration program, properties that are not economically feasible for production are re-evaluated Other property, plant and equipment Capitalized production costs for internally developed assets include material, direct labor costs, and allocated material and manufacturing direct overhead costs. When construction activities are performed over an extended period, borrowing costs incurred in connection with the borrowing of funds are capitalized. Construction-in-progress Property, plant and equipment other than mining assets and processing plant and equipment is depreciated using the straight-line method, apart from railway of the Elga coal deposit which is depreciated using the units of production method as discussed in (u) Significant accounting judgements, estimates and assumptions. Upon sale or retirement, the acquisition or production cost and related accumulated depreciation are removed from the consolidated statement of financial position and any gain or loss is included in the consolidated statement of profit (loss) and other comprehensive income. The following useful lives are used as a basis for calculating depreciation: Category of asset Useful economic Buildings and constructions 5-85 Operating machinery and equipment 2-30 Transportation vehicles 2-25 Other equipment 2-15 The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
Leases | (k) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value right-of-use Right-of-use The Group recognises right-of-use Right-of-use right-of-use Right-of-use Category of asset Years Buildings and constructions 2-120 Operating machinery and equipment 3-20 Transportation vehicles 2-22 The right-of-use The right-of-use Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment, office and storage facilities (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Group also applies the lease of low-value low-value Sale and leaseback transactions The Group sells and leases back operating machinery and transportation vehicles. The Group keeps the transferred assets subject to the sale and leaseback transaction on the balance sheet and accounts for amounts received as a financial liability due to intention to exercise repurchase option for the underlying assets set by contracts. |
Borrowing costs | (l) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale (a qualifying asset) are capitalised as part of the cost of the respective asset. Borrowing costs consist of interest including exchange differences arising from foreign currency borrowings and other costs that an entity incurs in connection with the borrowing of funds. Where funds are borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the period. According to IAS 23 Borrowing Costs |
Intangible assets | (m) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with determinable useful lives are amortised using the straight-line method over their estimated period of benefit, ranging from two to twenty five years, and assessed for impairment whenever there is an indication that the intangible asset may be impaired. |
Financial instruments - initial recognition and subsequent measurement | (n) Financial instruments — initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 (Note 3 (e)). In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortised cost; • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments); • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); • Financial assets at fair value through profit or loss. Financial assets at amortised cost This category of financial assets is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. This category generally applies to trade and other receivables excluding trade receivables on provisionally priced contracts. Financial assets at fair value through OCI (debt instruments) The Group measures financial assets at fair value through OCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For financial assets at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the consolidated statement of profit (loss) and other comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition of financial assets represented by debt instruments at fair value through OCI the cumulative fair value change recognised in OCI is recycled to profit or loss in opposite to equity instruments at fair value through OCI with the cumulative fair value change remained in OCI. Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation instrument-by-instrument The Group elected to classify irrevocably its non-listed Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Trade receivables on provisionally priced contracts are measured at fair value through profit or loss. Trade receivables on provisionally priced contracts are remeasured at each reporting date based on the market price for the relevant period. These trade receivables are initially measured at the amount which the Group expects to be entitled to, being the estimate of the price expected to be received at the end of the quotational period. The quotational periods can range between one and three months post shipment and final payment is due within 30 days from the end of the quotational period. Adjustments to the final price on provisionally priced contracts are recorded within revenue. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognised in the consolidated statement of profit or loss. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when: • The rights to receive cash flows from the asset have expired; or • The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Allowance for expected credit losses of financial assets Further disclosures relating to impairment of financial assets are also provided in the following notes: • Financial assets — Note 10. • Trade and other receivables — Note 12. Allowance for expected credit losses is recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, expected credit losses are provided for credit losses that result from default events that are possible within the next 12-months 12-month For purposes of measuring probability of default, the Group defines default as a situation when the exposure meets one or more of the following criteria: • The customer is more than 90 days past due on its contractual payments; • International rating agencies have classified the customer in the default rating class; • The customer meets the unlikeliness-to-pay • The customer is insolvent; • The customer is in breach of financial covenants; and • It is becoming likely that the customer will enter bankruptcy. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. To estimate the allowance for expected credit losses for trade and other receivables the Group applied 2-dimension The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 10.3. The Group does not hold collateral as security. Allowance for expected credit losses on cash and cash equivalents is calculated based on the 12-month (ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the consolidated statement of profit (loss) and other comprehensive income. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Loans and borrowings This is the category most relevant to the Group. After initial recognition, loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the consolidated statement of profit (loss) and other comprehensive income. This category generally applies to loans and borrowings (Note 10). Put options written on non-controlling The Group initially measures a financial liability at the present value of the redemption amount in the parent’s consolidated financial statements for written puts on non-controlling non-controlling non-controlling Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated statement of profit (loss) and other comprehensive income. (iii) Interest income For all financial instruments measured at amortised cost interest income is recorded using the EIR. The EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset. Interest income is included in finance income in the consolidated statement of profit (loss) and other comprehensive income. |
Derivative financial instruments | (o) Derivative financial instruments The Group uses derivative financial instruments, such as cross currency swap and cross currency option. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the years ended December 31, 2020, 2019 and 2018, the Group did not have any derivatives designated as hedging instruments. |
Inventories | (p) Inventories Inventories are measured at the lower of cost or net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventories is determined under the weighted average cost method, and includes all costs in bringing the inventories to its present location and condition. The elements of costs include direct material, labor and allocable material and manufacturing overhead. Costs of production in process and finished goods include the purchase costs of raw materials and conversion costs such as direct labor and allocation of fixed and variable production overheads. Raw materials are valued at a purchase cost inclusive of freight and other shipping costs. Coal and iron ore inventories costs include direct labor, supplies, depreciation of equipment and mining assets, and amortisation of licenses to use mineral reserves, mine operating overheads and other related costs. Operating overheads are charged to expenses in the periods when the production is temporarily paused or abnormally low. |
Impairment of non-current assets | (q) Impairment of non-current Further disclosures relating to impairment of non-current • Intangible assets — Note 16 • Property, plant and equipment — Note 15. • Impairment of goodwill and other non-current The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group’s CGUs represent single entities or group of entities with one component of business in each case. In assessing value in use, the Group uses assumptions that include estimates regarding the discount rates, growth rates and expected changes in selling prices, production and sales volumes and operating costs, as well as capital expenditures and working capital requirements during the forecasted period. The estimated future cash flows expected to be generated by the asset, when the quoted market prices are not available, are discounted to their present value using a pre-tax non-current The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. For CGUs involved in mining activity future cash flows include estimates of recoverable minerals that will be obtained from proved and probable reserves, mineral prices (considering current and historical prices, price trends and other related factors), production levels, capital and reclamation costs, all based on the life of mine models prepared by the Group’s engineers. Impairment losses of continuing operations are recognised in the consolidated statement of profit (loss) and other comprehensive income. For impaired assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. Previously impaired assets (excluding goodwill) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation), had no impairment loss been recognised for the asset or cash generating units (CGUs). Such reversal is recognised in the consolidated statement of profit (loss) and other comprehensive income. Goodwill is tested for impairment annually as of December 31 and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. |
Cash and cash equivalents | (r) Cash and cash equivalents Cash and cash equivalents in the consolidated statement of financial position comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group’s cash management. |
Provisions | (s) Provisions General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, including legal or tax proceedings’ obligations, and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the consolidated statement of profit (loss) and other comprehensive income, net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax Rehabilitation provision The Group has numerous site rehabilitation obligations that it is required to perform under law or contract once an asset is permanently taken out of service. The main part of these obligations is not expected to be paid in a foreseeable future, and will be funded from the general Group’s resources when respective works will be performed. The Group’s rehabilitation provisions primarily relate to its steel and mining production facilities with related landfills and dump areas and its mines. Mine rehabilitation costs will be incurred by the Group either while operating, or at the end of the operating life of the Group’s facilities and mine properties. The Group assesses its mine rehabilitation provision at each reporting date. The Group recognises a rehabilitation provision where it has a legal and constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of obligation can be made. The nature of these restoration activities includes: dismantling and removing structures; rehabilitating mines and tailings dams; dismantling operating facilities; closing plant and waste sites; and restoring, reclaiming and revegetating affected areas. The obligation generally arises when the asset is installed or the ground/environment is disturbed at the mining operation’s location. When the liability is initially recognised, the present value of the estimated costs is capitalised by increasing the carrying amount of the related mining assets to the extent that it was incurred as a result of the development/construction of the mine. Changes in the estimated timing of rehabilitation or changes to the estimated future costs are dealt with prospectively by recognising an adjustment to the rehabilitation provision and a corresponding adjustment to the asset to which it relates, if the initial estimate was originally recognised as part of an asset measured in accordance with IAS 16 Property, Plant and Equipment Any reduction in the rehabilitation provision and, therefore, any deduction from the asset to which it relates, may not exceed the carrying amount of that asset. If it does, any excess over the carrying value is taken immediately to the consolidated statement of profit (loss) and other comprehensive income. Over time, the discounted liability is increased for the change in present value based on the discount rates that reflect current market assessments and the risks specific to the liability. The periodic unwinding of the discount is recognised in the consolidated statement of profit (loss) and other comprehensive income as part of finance costs. For closed sites, changes to estimated rehabilitation costs are recognised immediately in the consolidated statement of profit (loss) and other comprehensive income. Environmental expenditures and liabilities Environmental expenditures that relate to current or future revenues are expensed or capitalised as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future earnings are expensed. Liabilities for environmental costs are recognised when a clean-up |
Pensions and other post-employment benefits | (t) Pensions and other post-employment benefits Defined benefit pension and other post-retirement plans The Group has a number of defined benefit pension plans and other long-term benefits that cover the majority of production employees. Benefits under these plans are primarily based upon years of service and average earnings. The Group accounts for the cost of defined benefit plans and other long-term benefits using the projected unit credit method. Under this method, the cost of providing pensions is charged to the consolidated statement of profit (loss) and other comprehensive income, so as to attribute the total pension cost over the service lives of employees in accordance with the benefit formula of the plan. The Group’s obligation in respect of defined retirement benefit plans and other long-term benefits is calculated separately for each defined benefit plan and other long-term benefit plan by discounting the amounts of future benefits that employees have already earned through their service in the current and prior periods. The discount rate applied represents the yield at the yearend on highly rated long-term bonds. For defined benefit pension plans, actuarial gains and losses arising from changes in actuarial assumptions are recognised directly in other comprehensive income. For other long-term benefits, actuarial gains and losses arising from changes in actuarial assumptions are recognised in profit or loss. For unfunded plans, the Group recognises a pension liability, which is equal to the projected benefit obligation. For funded plans, the Group offsets the fair value of the plan assets with the projected benefit obligations and recognises the net amount of pension liability. The market value of plan assets is measured at each reporting date. State pension fund The Group’s Russian companies are legally obligated to make defined contributions to the Russian Pension Fund at the rate of 10% from employee’s annual income over RUB 1.3 million and at the rate of 22% from employee’s annual income not exceeding RUB 1.3 million (a defined contribution plan financed on a pay-as-you-go |
Treasury shares | (u) Treasury shares Reacquired own equity instruments (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the additional paid-in |
Significant accounting estimates, assumptions and judgments | (v) Significant accounting estimates, assumptions and judgments The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported carrying amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, and the amounts of revenues and expenses recognised during the reporting period. Estimates and assumptions are continually evaluated and are based on the Group’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The COVID-19 COVID-19 COVID-19 Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below or in the related accounting policy note. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market change or circumstances arising beyond the control of the Group. In particular, the Group has identified a number of areas where significant estimates and assumptions are required. Further information on each of these areas and how they impact the various accounting policies are described with the associated accounting policy note within the related qualitative and quantitative note as described below. Critical accounting estimates Deferred tax assets Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits and the existence of taxable temporary differences (Note 19). Various factors are considered to assess the probability of the future utilization of deferred tax assets for individual subsidiaries and for the consolidated group of taxpayers, including past operating results, operational plans for not longer than five years as this term is considered reliable and accurate for forecast, same assumptions for operational plans as used for determination of the expected future cash flows from the cash generating units and which have been reassessed and adjusted when necessary due to the impacts arising from the recent COVID-19 The carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to reflect the likelihood that the estimated taxable profit and taxable temporary differences will be sufficient to recover the asset in whole or in part. Impairment of property, plant and equipment and other non-current The Group assesses at each reporting date whether there is any indication that an asset may be impaired. If any such indication exists, the Group makes an estimate of the asset’s recoverable amount. Impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length for similar assets or observable market prices less incremental costs for disposing of the asset. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Impairment is based on a large number of factors, such as changes in current competitive conditions, expectations of growth in the industry, changes in cost of capital, changes in the future availability of financing, technological obsolescence, and other changes in circumstances that indicate that impairment exists. The determination of the recoverable amount of a cash-generating cash-generating Increased economic uncertainty due to the recent developments of the COVID-19 non-current COVID-19 Impairment of goodwill The Group determines whether goodwill is impaired at least on an annual basis and when circumstances indicate that the carrying value may be impaired. This requires an estimation of the value in use of the cash generating units to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate of the expected future cash flows from the cash-generating unit including assumptions related to sales and extraction volumes, selling prices and also to choose a suitable discount rate in order to calculate the present value of those cash flows. These assumptions have been reassessed and adjusted when necessary due to the impacts arising from the recent COVID-19 Other accounting estimates and assumptions Uncertain income tax positions The Group determines whether to consider each uncertain income tax treatment separately or together with one or more other uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty. The Group applies significant judgement in identifying uncertainties over income tax treatments, and where uncertainty exists, the Group records tax liabilities based on its best estimate of the probable outflow of resources embodying economic benefits, which are required to settle these liabilities. Useful lives of items of property, plant and equipment The Group assesses the remaining useful lives of items of property, plant and equipment at least at each financial year end and, if expectations differ from previous estimates, the changes are accounted for as a change in an accounting estimate in accordance with IAS 8. These estimates may have a material impact on the amount of the carrying values of property, plant and equipment and on depreciation expense for the period. Mineral reserves Mineral reserves and the associated mine plans are a material factor in the Group’s computation of amortisation charge proportional to the depletion. Estimation of reserves involves some degree of uncertainty. The uncertainty depends mainly on the amount of reliable geological and engineering data available at the time of the estimate and the interpretation of this data, which also requires use of subjective judgment and development of assumptions. Mine plans can be updated which can have a material impact on the amortisation charge proportional to the depletion for the period. More details are provided in Note 3(i). Provisions The outcomes of various legal proceedings, disputes and claims to the Group are subject to significant uncertainty. Management evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to increase or decrease the amount recorded or to be recorded for a matter that has not been previously recorded because it was not considered probable (Note 22). Pensions and other post-employment benefits The cost of defined benefit pension plans and other post-employment benefits and the present value of the pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions which may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation and other long-term benefit plans are highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. The discount rate is the most sensitive to a change assumption. In determining the appropriate discount rate, management considers the yield curve of the Russian government bonds together with the expected term of the defined benefit obligation. The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. More details are provided in Note 21. Rehabilitation provisions The Group reviews rehabilitation provisions at each reporting date and adjusts them to reflect the current best estimate. Rehabilitation provisions are recognised in the period in which they arise and are stated at the best estimate of the present value of estimated future costs. These estimates require extensive judgment about the nature, cost and timing of the work to be completed, and may change with future changes to costs, environmental laws and regulations and remediation practices. The Group applies a suitable discount rate in order to calculate the present value of the estimated future costs, depending on their timing. The terms of rehabilitation works are linked to the termination of extraction phase, use of assets or regulatory requirements and vary significantly for different assets. These estimates, including the methodologies used, may have a material impact on the amount of rehabilitation provision. Changes in the estimated timing of rehabilitation or changes to the estimated future costs are dealt with prospectively by recognising an adjustment to the rehabilitation provision and a corresponding adjustment to the asset to which it relates, if the initial estimate was originally recognised as part of an asset measured in accordance with IAS 16 (Note 15). Impairment of financial assets The Group makes allowances for expected credit losses resulting from the expected inability of customers to make required payments. When evaluating the adequacy of an allowance for expected credit losses management bases its estimates on the current overall economic conditions, the ageing of accounts receivable balances, historical write-off The COVID-19 Determining net realisable value of inventories The Group makes write-downs for obsolete and slow-moving raw materials and spare parts. In addition, finished goods of the Group are carried at net realisable value (Note 11). Estimates of net realisable value of finished goods are based on the most reliable evidence available at the time the estimates are made. These estimates take into consideration fluctuations of price or cost directly relating to events occurring subsequent to the end of the reporting period to the extent that such events confirm conditions existing at the end of the period. Provision for legal claims The Group is subject to various other lawsuits, claims and proceedings related to matters incidental to the Group’s business, licenses, tax positions. Accruals for probable cash outflows have been made based on an assessment of a combination of litigation and settlement strategies. It is possible that results of operations in any future period could be materially affected by changes in assumptions or by the actual effectiveness of such strategies. Interest rate implicit in the lease The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognised in the consolidated financial statements. Railway depreciation method In 2015, the Group commenced to depreciate the railway of the Elga coal deposit using units of production method. In applying the units of production method, depreciation is normally calculated based on produced and delivered tonnes in the period as a percentage of total expected tonnes to be produced and delivered in current and future periods over the Elga coal deposit life cycle. The Group’s analysis has shown that the consumption of the economic benefits of the asset is linked to production and delivery of coal. The Group assesses the total or ultimate railway capacity in tonnes at least at each financial year end and, if expectations differ from previous estimates, the changes will be accounted for as a change in an accounting estimate in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Principal vs agent arrangements Revenue is recognised when a customer obtains control over the goods or services. Determining the timing of the transfer of control — at a point in time or over time — requires judgement. The Group is engaged into contracts which include transportation and freight services. Under certain agreements, the Group is responsible for providing shipping services after the date at which control over the goods passes to the customer at the loading port or place. Freight and transportation services are required to be accounted for as separate performance obligations with revenue recognised over time as the service is rendered. The Group has concluded that it acts as a principal when it is primarily responsible for fulfilling the promise to provide transportation services and as an agent when it is not primarily responsible for fulfilling the promise to provide transportation services. As a result, for operations when the Group acts as a principal the amounts of transportation costs and freight services, which are included in the transaction price and incurred by the Group in fulfilling its performance obligations shall be recorded as revenue and recognised over time as the obligation is fulfilled. For agent services related to transportation of goods sold, when cost of transportation is included into the goods price, the revenue and selling expenses are recognised on a net basis. Leases The likelihood of extension and termination options being exercised, the separation and estimation of non-lease in-substance right-of-use The Group determines the lease term as the non-cancellable Taxation The Group is subject to taxation to the largest extent in Russia, and secondarily in other jurisdictions. The Russian tax, currency and customs legislation is subject to varying interpretations, and changes, which can occur frequently. Management’s interpretation of such legislation as applied to the transactions and activity of the Group may be challenged by the relevant regional and federal authorities. Russian tax authorities take assertive position in its interpretation of the legislation and assessments and as a result, it is possible that transactions and activities that have not been challenged in the past may be challenged. As such, significant additional taxes, penalties and interest may be assessed. Fiscal periods remain open to review by the authorities in respect of the taxes for three calendar years preceding the year of review. Under certain circumstances reviews may cover longer periods. The fact that a year has been reviewed does not close that year, or any tax declaration applicable to that year, from further review during the three-year period. In the event that a taxpayer submits a revised tax declaration for a period of more than three years in which the stated amount of tax is less than the amount previously declared, tax audit of a taxpayer may be performed, but only with the respect to the changes in the tax declaration. In other tax jurisdictions where the Group conducts operations or holds shares, taxes are generally charged on their worldwide income. In the most jurisdictions agreements to avoid double taxation were signed with other jurisdictions; however, the risk of additional taxation exists, especially in respect of certain domiciles where some of the Group entities are located. The Russian transfer pricing legislation, which came into force on January 1, 2012, allows the Russian tax authority to apply transfer pricing adjustments and impose additional profits tax liabilities in respect of all “controlled” transactions if the transaction price differs from the market level of prices. The list of “controlled” transactions includes transactions performed with related parties, including transactions performed with independent dealers, and certain types of cross-border transactions. For domestic transactions the transfer pricing rules apply only if taxpayers satisfy certain criteria and the amount of all transaction with related party exceeds RUB 1,000 million since 2019. In order to support the level of prices applied for the “controlled” transactions the Group should provide evidence that prices of “controlled” transactions are based on market prices and to prepare the reports for submission to the Russian tax authorities. Otherwise, the Russian tax authorities have the right to challenge the prices determined by the Group for such transactions and to charge additional taxes, penalties and fines. In cases where the domestic transaction resulted in an accrual of additional tax liabilities for one party, another party could correspondingly adjust its profit tax liabilities according to the special notification issued by the authorised body in due course. Special transfer pricing rules apply to transactions with securities and derivatives. The Group believes that it uses the market prices in “controlled” transactions and does not expect any claims of tax authorities related to the prices used in such transactions. However, due to the uncertainty and limited practice of the Russian legislation in the area of transfer pricing relevant tax claims may be raised and the respective effect is currently impossible to estimate. In addition, in 2014, the legislation of the Russian Federation has been significantly revised in order to prevent the misuse of low-tax non-taxable Environmental contingencies In the course of the Group’s operations, the Group may be subject to environmental claims and legal proceedings. The quantification of environmental exposures requires an assessment of many factors, including changing laws and regulations, improvements in environmental technologies, the quality of information available related to specific sites, the assessment stage of each site investigation, preliminary findings and the length of time involved in remediation or settlement. Management does not believe that any pending environmental claims or proceedings will have a material adverse effect on the Group’s financial position and results of operations. For other judgments, estimates and assumptions and details refer to: • Mineral licenses (Note 3(i)); • Property, plant and equipment (Note 3(j)); • Deferred tax assets (Note 3(f)); • Non-current • Inventories (Note 3(p)); • Impairment of non-current • Pensions and other post-employment benefits (Note 3(t)); • Provisions (Note 3(s)); • Fair value measurement (Note 3(d)). |
Reclassifications and rounding | (w) Reclassifications and rounding Certain reclassifications have been made to the prior periods’ consolidated financial statements to conform to the current year presentation. Such reclassifications affect the presentation of certain items in the consolidated statement of financial position, consolidated statement of profit (loss) and other comprehensive income, consolidated statement of cash flows and notes to the consolidated financial statements and have no impact on net income or equity. Unless otherwise stated, comparative financial information for 2019 and 2018 reflect adjustments made in connection with the presentation of discontinued operation (sale of the Elga coal complex). All amounts disclosed in these consolidated financial statements and notes have been rounded to the nearest millions of Russian rubles units unless otherwise stated. |
New and amended standards and interpretations adopted by the Group | (x) New and amended standards and interpretations adopted by the Group The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2020. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The following amended standards became effective from January 1, 2020, but did not have any material impact on the consolidated financial statements of the Group: • Amendments to IFRS 3 — Definition of a Business • Amendments to IAS 1 and IAS 8 — Definition of Material • Amendments to IFRS 9, IAS 39 and IFRS 7 — Interest Rate Benchmark Reform Standards issued but not effective The standards and interpretations applicable to the Group that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are discussed below. The Group intends to adopt these standards and amendments, if applicable, when they become effective. The Group expects no material impact on its consolidated financial statements from the following amendments and improvements applicable to the Group but they may impact future periods should the Group enter into new relevant transactions (e.g., business combinations): • Amendments to IAS 1 — Classification of Liabilities as Current or Non-current • Amendments to IAS 1 and IFRS Practice Statement 2 — Disclosure of Accounting policies • Amendments to IAS 8 — Definition of Accounting Estimates • Amendments to IAS 16 — Property, Plant and Equipment: Proceeds before Intended Use • Amendments to IAS 37 — Onerous Contracts — Costs of Fulfilling a Contract • Amendments to IFRS 3 — Reference to the Conceptual Framework (issued on May 14, 2020 and effective for annual reporting periods beginning on or after January 1, 2022). • Annual Improvements to IFRSs 2018-2020 – amendments to IFRS 9 — Fees in the ’10 per cent’ test for derecognition of financial liabilities (issued on May 14, 2020 and effective for annual reporting periods beginning on or after January 1, 2022). • Amendments to IFRS 16 — COVID-19 • Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 — Interest Rate Benchmark Reform Over the past few years, global financial regulators developed a reform aimed at replacement of benchmark interbank offered rates (“IBOR”), such as LIBOR and EURIBOR, with new official benchmark rates known as alternative risk- free rates. This reform caused changes to the financial reporting requirements under IFRS. The IASB tackled the changes in two phases: phase 1 amended specific hedge accounting requirements where uncertainty could arise in the run-up It was announced that LIBOR, one of the most widely used benchmarks, will be discontinued after December 2021, as banks will no longer be required to submit the quotes used to construct it. The Group has a number of short-term and long-term borrowings with variable interest rates. Currently, the Group is assessing its floating rate debt maturing after 2021 and discussing with the banks the possible changes to the contract terms. The Group is in the process of evaluation of the effect of application of these amendments. |
Corporate information (Tables)
Corporate information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Corporate Information | Set forth below is a summary of the Group’s primary subsidiaries: Name of subsidiary Registered in Core business Date control Interest in voting stock held Southern Kuzbass Coal Company (SKCC) Russia Coal mining January 1999 99.1 % Chelyabinsk Metallurgical Plant (CMP) Russia Steel products December 2001 93.7 % Vyartsilya Metal Products Plant (VMPP) Russia Steel products May 2002 93.3 % Beloretsk Metallurgical Plant (BMP) Russia Steel products June 2002 91.4 % Urals Stampings Plant (USP) Russia Steel products April 2003 90.0 % Korshunov Mining Plant (KMP) Russia Iron ore mining October 2003 90.0 % Mechel Nemunas (MN) Lithuania Steel products October 2003 100.0 % Mechel Energo Russia Power sales February 2004 100.0 % Port Posiet Russia Transshipment February 2004 97.8 % Izhstal Russia Steel products May 2004 90.0 % Port Kambarka Russia Transshipment April 2005 90.4 % Mechel Service Russia Trading May 2005 100.0 % Mechel Coke Russia Coke production June 2006 100.0 % Moscow Coke and Gas Plant (Moskoks) Russia Coke production October 2006 99.5 % Southern Kuzbass Power Plant (SKPP) Russia Power generation April 2007 98.3 % Kuzbass Power Sales Company (KPSC) Russia Electricity distribution June 2007 72.1 % Bratsk Ferroalloy Plant (BFP) Russia Ferrosilicon production August 2007 100.0 % Yakutugol Russia Coal mining October 2007 100.0 % Port Temryuk Russia Transshipment March 2008 100.0 % Mechel Carbon AG Switzerland Trading April 2008 100.0 % HBL Holding GmbH (HBL) Germany Trading September 2008 100.0 % Mechel Service Stahlhandel Austria GmbH and its subsidiaries Austria Trading September 2012 100.0 % * Date, when a control interest was acquired or a new company established. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Exchange Rates for the Functional and Operating Currencies | The following table presents the exchange rates for the functional and operating currencies at various subsidiaries, other than the presentation currency: Exchange rates* at Average exchange rates* Currency December 31, December 31, December 31, December 31, December 31, U.S. dollar 73.88 61.91 72.15 64.74 62.71 Euro 90.68 69.34 82.45 72.50 73.95 (*) Exchange rates shown in Russian rubles for one currency unit. |
Summary of Useful Lives | The following useful lives are used as a basis for calculating depreciation: Category of asset Useful economic Buildings and constructions 5-85 Operating machinery and equipment 2-30 Transportation vehicles 2-25 Other equipment 2-15 |
Disclosure In Tabular Form Of Estimated Lives Of Right Of Use Assets Estimated Useful Lives | Right-of-use Category of asset Years Buildings and constructions 2-120 Operating machinery and equipment 3-20 Transportation vehicles 2-22 |
Material partly-owned subsidi_2
Material partly-owned subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [LineItems] | |
Summary of Financial Information of Subsidiaries | Summarised statements of profit (loss) and other comprehensive income for 2020: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Revenue from contracts with customers 26,664 24,002 114,092 90 21,673 12,937 10,219 16,755 Cost of sales (21,521 ) (11,546 ) (95,461 ) (50 ) (18,860 ) (6,494 ) (8,196 ) (15,429 ) Total selling, distribution and operating expenses, net (16,303 ) (11,255 ) (12,485 ) (187 ) (2,123 ) (4,360 ) (1,240 ) (1,803 ) Total other income and (expense), net (16,021 ) 251 (5,021 ) 443 278 1,417 1,837 (978 ) (Loss) profit before tax (27,181 ) 1,452 1,125 296 968 3,500 2,620 (1,455 ) Income tax (expense) benefit 938 (302 ) (373 ) (67 ) (111 ) (182 ) 81 (255 ) (Loss) profit for the period (26,243 ) 1,150 752 229 857 3,318 2,701 (1,710 ) Total comprehensive (loss) income (26,243 ) 1,150 752 229 857 3,318 2,701 (1,710 ) Attributable to non-controlling (212 ) 320 76 36 73 330 215 (173 ) Dividends paid to non-controlling — — — — — — — — Summarised statements of profit (loss) and other comprehensive income for 2019: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Revenue from contracts with customers 35,059 24,624 113,020 198 22,061 15,776 17,231 20,208 Cost of sales (21,667 ) (12,479 ) (101,258 ) (54 ) (19,263 ) (6,739 ) (12,330 ) (17,631 ) Total selling, distribution and operating expenses, net (7,264 ) (11,531 ) (11,406 ) (218 ) (1,749 ) (4,439 ) (1,157 ) 919 Total other income and (expense), net (233 ) 209 4,173 235 41 1,831 1,633 (99 ) Profit before tax 5,895 823 4,529 161 1,090 6,429 5,377 3,397 Income tax (expense) benefit (372 ) (174 ) (551 ) (37 ) (28 ) (271 ) (323 ) 97 Profit for the period 5,523 649 3,978 124 1,062 6,158 5,054 3,494 Total comprehensive income 5,523 649 3,978 124 1,062 6,158 5,054 3,494 Attributable to non-controlling 79 182 231 20 91 613 315 348 Dividends paid to non-controlling — — — — — — — — Summarised statements of profit (loss) and other comprehensive income for 2018: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Revenue from contracts with customers 32,251 24,084 124,372 88 25,899 9,989 16,549 21,173 Cost of sales (18,123 ) (12,077 ) (101,829 ) (47 ) (24,095 ) (6,222 ) (13,131 ) (19,392 ) Total selling, distribution and operating expenses, net (9,064 ) (11,894 ) (11,988 ) (170 ) (1,867 ) (4,250 ) (1,099 ) (2,498 ) Total other income and (expense), net (4,514 ) 343 (5,114 ) 722 1,034 2,103 2,090 (1,097 ) Profit (loss) before tax 550 456 5,441 593 971 1,620 4,409 (1,814 ) Income tax (expense) benefit (1,707 ) (94 ) 1,443 (115 ) (34 ) 46 (109 ) 228 (Loss) profit for the period (1,157 ) 362 6,884 478 937 1,666 4,300 (1,586 ) Total comprehensive (loss) income (1,157 ) 362 6,884 478 937 1,666 4,300 (1,586 ) Attributable to non-controlling 12 101 345 76 83 166 269 (154 ) Dividends paid to non-controlling — — — — — — — — Summarised statements of financial position as of December 31, 2020: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Current assets 75,693 4,582 66,066 2,259 14,659 14,658 12,549 4,674 Non-current 50,065 4,960 220,598 5,879 5,022 32,797 23,754 3,811 Current liabilities (88,813 ) (2,452 ) (222,009 ) (97 ) (6,201 ) (3,346 ) (4,028 ) (12,873 ) Non-current (68,469 ) (153 ) (27,780 ) (659 ) (416 ) (995 ) (185 ) (1,663 ) Total equity 31,524 (6,937 ) (36,875 ) (7,382 ) (13,064 ) (43,114 ) (32,090 ) 6,051 Attributable to: Equity shareholders of Mechel PAO 31,585 (5,006 ) (34,534 ) (6,210 ) (11,938 ) (38,822 ) (28,889 ) 5,452 Non-controlling (61 ) (1,931 ) (2,341 ) (1,172 ) (1,126 ) (4,292 ) (3,201 ) 599 Summarised statements of financial position as of December 31, 2019: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Current assets 74,924 4,373 46,448 3,301 14,127 20,413 15,374 4,049 Non-current 61,772 4,316 170,004 4,556 3,651 23,484 19,942 4,405 Current liabilities (135,625 ) (2,727 ) (177,585 ) (93 ) (5,308 ) (3,001 ) (5,504 ) (10,153 ) Non-current (6,626 ) (176 ) (2,757 ) (610 ) (261 ) (1,098 ) (422 ) (2,634 ) Total equity 5,555 (5,786 ) (36,110 ) (7,154 ) (12,209 ) (39,798 ) (29,390 ) 4,333 Attributable to: Equity shareholders of Mechel PAO 5,828 (4,176 ) (34,021 ) (6,019 ) (11,156 ) (35,836 ) (27,565 ) 3,908 Non-controlling (273 ) (1,610 ) (2,089 ) (1,135 ) (1,053 ) (3,962 ) (1,825 ) 425 Summarised cash flow information for the year ended December 31, 2020: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Operating 8,718 1,465 (1,446 ) (183 ) 1,441 6,647 3,538 1,531 Investing 8,118 (749 ) (30,413 ) 217 (1,407 ) (6,409 ) (3,497 ) (72 ) Financing (16,903 ) (696 ) 31,413 (34 ) (344 ) (238 ) (235 ) (1,487 ) Increase (decrease) in cash and cash equivalents, net (67 ) 20 (446 ) — (310 ) — (194 ) (28 ) Summarised cash flow information for the year ended December 31, 2019: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Operating 12,043 243 10,898 (146 ) (2,482 ) 2,867 1,375 2,839 Investing (950 ) (58 ) (3,522 ) 163 2,685 (2,627 ) (912 ) (72 ) Financing (10,945 ) (245 ) (7,108 ) (17 ) 505 (240 ) (199 ) (2,741 ) Increase (decrease) in cash and cash equivalents, net 148 (60 ) 268 — 708 — 264 26 Summarised cash flow information for the year ended December 31, 2018: SKCC and KPSC CMP SUNP BMP KMP USP Izhstal Operating 13,152 193 13,015 (264 ) (1,891 ) 1,325 3,950 1,647 Investing 547 (97 ) (76,283 ) 264 1,870 (1,003 ) (1,163 ) (89 ) Financing (13,651 ) (99 ) 63,200 — (169 ) (322 ) (2,829 ) (1,604 ) Increase (decrease) in cash and cash equivalents, net 48 (3 ) (68 ) — (190 ) — (42 ) (46 ) |
Subsidiaries with Material Non-controlling Interests [Member] | |
Statement [LineItems] | |
Summary of Financial Information of Subsidiaries | Proportion of equity interest held by non-controlling Name At December 31, At December 31, SKCC and subsidiaries* 0.9 % 0.9 % Kuzbass Power Sales Company (KPSC) 27.9 % 27.9 % Chelyabinsk Metallurgical Plant (CMP)** 6.3 % 5.8 % Southern Urals Nickel Plant (SUNP) 15.9 % 15.9 % Beloretsk Metallurgical Plant (BMP) 8.6 % 8.6 % Korshunov Mining Plant (KMP) 10.0 % 10.0 % Urals Stampings Plant (USP)** 10.0 % 6.2 % Izhstal 10.0 % 10.0 % * Hereinafter SKCC and subsidiaries are represented by Southern Kuzbass Coal Company (SKCC), Tomusinsky Open Pit Mine (TOPM), Tomusinsky Energoupravlenie. ** See Note 23. |
Investments in associates (Tabl
Investments in associates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Summary of Investments in Associates | Investments in associates comprised of: Percent of shares held at Investment carrying value at Investee December 31, December 31, December 31, December 31, TPTU (Mining segment) 40 % 40 % 219 208 TRMZ (Mining segment) 25 % 25 % 122 113 Total investments in associates 341 321 |
Summary of Movements in the Investments | The following table shows movements in the investments in associates: TPTU TRMZ Total December 31, 2017 184 99 283 Share of profit 5 5 10 December 31, 2018 189 104 293 Share of profit 19 9 28 December 31, 2019 208 113 321 Share of profit 11 9 20 December 31, 2020 219 122 341 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Transactions with Related Parties | Note 1 provides information about the Group’s structure, including details of the subsidiaries and the holding company. The following table provides the total amount of transactions that have been entered into with the related parties in 2020, 2019 and 2018. 2020 2019 2018 Purchases Sales Other Purchases Sales Other Purchases Sales Other Associates 104 62 — 110 98 — 121 103 (33 ) Controlling shareholders and entities under control of the Group’s Controlling shareholders 1,451 336 142 904 184 138 280 52 (9 ) Total 1,555 398 142 1,014 282 138 401 155 (42 ) |
Summary of Settlement with Related Parties | As of December 31, 2020 and 2019, the Group had the following balances in settlement with related parties: December 31, 2020 December 31, 2019 Financial Financial Total Financial Financial Total Associates 7 (20 ) (13 ) 7 (6 ) 1 Controlling shareholders and entities under control of the Group’s Controlling shareholders 140 (1,565 ) (1,425 ) 100 (963 ) (863 ) Total 147 (1,585 ) (1,438 ) 107 (969 ) (862 ) |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Comparison By Class of Carrying Amount and Fair Value of Group Financial Instruments | Set out below is a comparison by class of the carrying amounts and fair value of the Group’s financial liabilities that are carried in the consolidated financial statements: December 31, 2020 December 31, 2019 Level Carrying Fair Carrying Fair Financial liabilities measured at amortised cost Floating rate loans and borrowings 2 308,657 284,427 370,312 357,276 Bonds 1 2,473 2,496 6,483 6,534 Fixed rate loans and borrowings 2 5,907 5,734 11,727 11,169 Other non-current 2 1,901 1,919 48,303 46,200 Total 318,938 294,576 436,825 421,179 |
Financial assets and financia_2
Financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule Of Principal And Interest Amounts Outstanding For Loans And Bonds | The Group has the following principal and interest amounts outstanding for loans and bonds: Short-term borrowings and current portion of long-term debt December 31, 2020 December 31, 2019 Interest Amount of Interest Amount of In Russian rubles Banks and financial institutions 5.8 2,644 7.8 1,347 Weighted average interest rate for the period 5.8 7.8 In euro Banks and financial institutions 1.7-1.8 171 1.7-1.9 524 Weighted average interest rate for the period 1.8 1.9 Current portion of long-term debt — 298,794 — 368,335 Interest payable — 9,750 — 9,014 Fines and penalties on overdue amounts — 3,477 — 2,097 Total short-term borrowings and current portion of long-term 314,836 381,317 Long-term debt December 31, 2020 December 31, 2019 Interest Amount of Interest Amount of In Russian rubles Banks and financial institutions 1.0-6.9 158,969 1.0-9.8 239,659 Bonds issue 7.9-8.8 2,432 8.0-11.9 6,370 Corporate lenders 9.3 47 9.3 43 Weighted average interest rate for the period 5.8 7.9 In U.S. dollars Banks and financial institutions 7.1-7.2 29,576 3.2-9.0 44,725 Weighted average interest rate for the period 7.2 8.4 In euro Banks and financial institutions 0.3-5.7 109,971 0.8-7.0 84,743 Weighted average interest rate for the period 4.7 4.8 Current part of long-term loans and borrowings (298,794 ) (368,335 ) Total long-term debt 2,201 7,205 |
Scheduled Maturities of the Debt Outstanding | Aggregate scheduled maturities of the debt outstanding as of December 31, 2020 were as follows: Payable by On demand 310,522 2021 (current portion) 4,314 2022 2,101 2023 17 2024 17 2025 63 Thereafter 3 Total 317,037 |
Summary of Outstanding Balances of Principal Amount of Short-term and Long-term Debt by Denominated Currencies and Major Banks | The outstanding balances of principal amount of short-term and long-term debt by denominated currencies and major banks as of December 31, 2020 and 2019 were as follows: Short-term and long-term debt December 31, December 31, Russian ruble-denominated Gazprombank 97,505 139,971 VTB 63,313 99,411 Bonds 2,432 6,370 Other 842 1,667 Total 164,092 247,419 U.S. dollar-denominated VTB 18,135 27,256 BNP 11,441 9,587 VEB — 7,000 Other — 882 Total 29,576 44,725 Euro-denominated VTB 85,898 66,145 BNP 18,036 13,793 Wiltan Enterprises Ltd 3,590 96 Other 2,618 5,233 Total 110,142 85,267 Total short-term and long-term debt 303,810 377,411 |
Schedule of Information About Ratios Under Most Significant Loan Agreements | The Group was required to comply with the following ratios under the most significant loan agreements with the Russian state-controlled banks as of December 31, 2020 2 Restrictive covenants Requirement Actual as of Group’s Adjusted EBITDA 3 Shall not be less than 2.0:1.0 1.67:1.0 Group’s Adjusted EBITDA to Consolidated Financial Expense Shall not be less than 2.0:1.0 1.64:1.0 Group’s Net Debt to Adjusted EBITDA Shall not exceed 6.0:1.0 8.05:1.0 Group’s Total Debt to Adjusted EBITDA Shall not exceed 6.0:1.0 8.08:1.0 Group’s Cash flow from operating activities to Adjusted EBITDA Shall not be less than 0.80:1.0 0.90:1.0 Group’s Adjusted EBITDA to Revenue Shall not be less than 0.15:1.0 0.15:1.0 In April 2020, the Group received a waiver from VTB for financial and non-financial non-financial As of December 31, 2020, the Group was not in compliance with several financial and non-financial 1 CMP’s accounts receivable from Russian Railways JSC as of December 31, 2020 amounted to nil. 2 Net Debt and Total Debt are calculated according to the respective definitions set by the credit agreements. Generally, Total Debt includes outstanding loans, lease, bonds and other finance liability balances; Net Debt is equal to Total Debt less cash and cash equivalents. 3 Adjusted EBITDA is calculated as defined in the respective loan agreements. |
Disclosure Of Detailed Information About Right Of Use Assets Movement Explanatory [Text Block] | Set out below are the carrying amounts of right-of-use Land Buildings Operating Transportation Total As of January 1, 2019 — — 643 9,469 10,112 Adjustment on initial application of IFRS 16 1,932 681 73 12 2,698 Additions as a result of new leases and capitalized leasehold improvements 54 537 257 7,088 7,936 Depreciation charge (72 ) (138 ) (204 ) (2,587 ) (3,001 ) Effect of modification and changes of estimates in lease contracts 137 4 142 311 594 Impairment (72 ) — (19 ) (363 ) (454 ) Transfer to own property, plant and equipment — — (114 ) (1 ) (115 ) Exchange differences on translation of foreign operations (1 ) (23 ) (15 ) (3 ) (42 ) As of December 31, 2019 1,978 1,061 763 13,926 17,728 Additions as a result of new leases and capitalized leasehold improvements 41 70 163 1,804 2,078 Depreciation charge (67 ) (266 ) (191 ) (3,307 ) (3,831 ) Effect of modification and changes of estimates in lease contracts (265 ) 153 5 (1,030 ) (1,137 ) Discontinued operations (Note 25) (511 ) (13 ) — (1,123 ) (1,647 ) Impairment (16 ) — (81 ) (303 ) (400 ) Transfer to own property, plant and equipment — — (29 ) (4 ) (33 ) Exchange differences on translation of foreign operations 5 46 25 6 82 As of December, 31 2020 1,165 1,051 655 9,969 12,840 |
Summary of the Carrying Amounts of Lease Liabilities and the Movements | The Group presents lease liabilities separately from other liabilities in the consolidated statement of financial position. Set out below are the carrying amounts of lease liabilities and the movements during the years ended December 31, 2020 and 2019: 2020 2019 Lease liabilities as of January 1 17,355 8,293 Adjustment on initial application of IFRS 16 — 3,259 Additions as a result of new leases 573 7,372 Effect of modification and changes of estimates in lease contracts (1,155 ) 608 Interest expense 1,088 1,409 Lease payments (5,031 ) (3,488 ) Discontinued operations (Note 25) (1,448 ) — Exchange differences on translation of foreign operations 99 (34 ) Other 12 (64 ) Lease liabilities as of December 31 11,493 17,355 |
Schedule of Information About Remaining Contractual Maturities of Non-derivative Financial Liabilities | The following tables show the remaining contractual maturities at the reporting date of the Group’s non-derivative Maturity On demand Within More than 2 years More than 3 years More than 4 years More than Total At December 31, 2020 Loans and borrowings, including interest payable 311,673 4,333 2,109 18 18 66 318,217 Lease liabilities 6,329 2,521 1,299 672 475 8,187 19,483 Trade and other payables 27,226 13,125 — — — — 40,351 Other financial liabilities — 488 487 481 445 1,272 3,173 Maturity On demand Within More than More than More than More than Total At December 31, 2019 Loans and borrowings, including interest payable 373,799 7,998 5,024 2,325 14 70 389,230 Lease liabilities 8,802 3,992 3,122 1,230 643 12,515 30,304 Trade and other payables 20,210 14,642 — — — — 34,852 Other financial liabilities — — 54,450 38 38 19 54,545 |
Schedule of Information About Maximum Exposure to Credit Risk Arising from Financial Assets | The maximum exposure to credit risk arising from the Group’s financial assets is presented as follows: December 31, December 31, Restricted cash (excluding cash on hand) 284 147 Cash deposits 320 1,074 Trade and other receivables 16,442 15,442 Other financial assets 370 382 — Promissory notes — — — Loans issued 354 368 — Bonds 16 14 Total 17,416 17,045 |
Schedule of Information About Foreign Currency Risk Arising from Recognized Assets and Liabilities | The maximum exposure to credit risk arising from the Group’s financial assets is presented as follows: December 31, December 31, Restricted cash (excluding cash on hand) 284 147 Cash deposits (Note 14) 320 1,074 Trade and other receivables 16,442 15,442 Other financial assets 370 382 — Promissory notes — — — Loans issued 354 368 — Bonds 16 14 Total 17,416 17,045 |
Schedule of Information About Sensitivity to Devaluation | The table below demonstrates the Group’s sensitivity to a devaluation of the Russian ruble against U.S. dollar and euro which management believes is an appropriate measure in the current market conditions and which would impact its operations: Change in Effect /increase) before tax Change in Effect /increase) before tax 2018 +14 % (7,672 ) +14 % (14,098 ) -14 % 7,672 -14 % 14,098 2019 +13 % (5,860 ) +13 % (11,540 ) -11 % 4,958 -11 % 9,765 2020 +16 % (6,420 ) +16 % (18,420 ) -16 % 6,420 -16 % 18,420 |
Schedule of Information About Sensitivity to Change of Floating Rates | The table below demonstrates the Group’s sensitivity to the change of floating rates: Increase/decrease in the Effect before tax Increase/ Effect before tax Increase/ Effect before tax 2018 +0.75 % (1,922 ) +0.50 % (226 ) +0.20 % (190 ) -1.00 % 2,563 -0.15 % 68 -0.01 % 9 2019 +1.25 % (3,116 ) +0.35 % (145 ) +0.15 % (126 ) -1.25 % 3,116 -0.35 % 145 -0.15 % 126 2020 +1.50 % (2,382 ) +1.00 % (361 ) +0.20 % (225 ) -1.00 % 1,588 -0.25 % 90 -0.20 % 225 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Inventories | December 31, December 31, Raw materials 13,178 13,643 Work in progress 9,655 8,565 Finished goods and goods for resale 19,305 17,565 Total inventories at the lower of cost and net realisable value 42,138 39,773 |
Trade and other receivables, _2
Trade and other receivables, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Trade and Other Receivables Net | Due to negative market trends caused by the COVID-19 COVID-19 December 31, December 31, Trade receivables, including from contracts with 21,863 21,262 — domestic customers 18,104 18,251 — foreign customers 3,759 3,011 Less allowance for expected credit losses on trade receivables (5,984 ) (6,200 ) Total trade receivables, net 15,879 15,062 Other receivables 4,035 2,933 Less allowance for expected credit losses on other receivables (3,511 ) (2,655 ) Total other receivables, net 524 278 Total accounts receivable, net 16,403 15,340 |
Summary of Credit Risk Exposure on Trade Receivables | Set out below is the information about the credit risk exposure on the Group’s trade receivables (not subject to provisional pricing) by ageing as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Trade Expected Trade Expected Current 11,088 (253 ) 11,585 (169 ) =<30 days 2,442 (103 ) 2,023 (59 ) 31-60 590 (129 ) 502 (99 ) 61-90 430 (121 ) 352 (126 ) 91-180 385 (88 ) 444 (134 ) 181-365 547 (175 ) 659 (565 ) >1 year 5,266 (5,115 ) 5,238 (5,048 ) Total trade receivables 20,748 (5,984 ) 20,803 (6,200 ) |
Summary of Movements in Allowance for Expected Credit Losses on Trade and Other Receivables | The movements in the allowance for expected credit losses on trade and other receivables were as follows: Total At December 31, 2017 9,083 Charge 791 Utilised amounts (575 ) Exchange rate difference 538 At December 31, 2018 9,837 Charge 226 Utilised amounts (800 ) Exchange rate difference (408 ) At December 31, 2019 8,855 Charge 177 Utilised amounts (653 ) Discontinued operations (2 ) Exchange rate difference 1,118 At December 31, 2020 9,495 |
Other current and non-current_2
Other current and non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Current and Non-Current Assets [Member] | |
Statement [LineItems] | |
Schedule of Other Current and Non-Current Assets | December 31, December 31, Other current assets Prepayments and advances 4,428 2,930 Input, recoverable and deferred VAT and other taxes recoverable 3,875 3,970 Other current assets 120 82 Total prepayments and other current assets 8,423 6,982 December 31, December 31, Other non-current Deferred assets from sale and lease back 176 208 Other non-current 435 345 Total other non-current 611 553 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | December 31, December 31, Cash on hand 5 6 Cash at banks, including - in Russian rubles 849 1,715 - in U.S. dollars 358 1,081 - in euro 415 640 - in other currencies 144 160 Total cash and cash equivalents 1,771 3,602 Less allowance for expected credit losses (65 ) (93 ) Total cash and cash equivalents, net 1,706 3,509 |
Reconciliation Between the Changes in Liabilities Arising from Financing Activities | Reconciliation between the changes in liabilities arising from financing activities including both changes arising from cash flows and non-cash Loans and Lease Deferred Effect of Put option of Other Deferred At December 31, 2017 439,893 9,354 1,680 — 40,260 734 4,010 Cash flows (52,951 ) (3,892 ) (629 ) — — (442 ) (3,968 ) Foreign exchange movement 24,167 83 — — — — 339 Changes in fair value — — — — — (292 ) — Other changes, including interest 7,723 2,748 379 — 3,796 — — At December 31, 2018 418,832 8,293 1,430 — 44,056 — 381 Cash flows (42,831 ) (3,488 ) (341 ) 234 — — (361 ) Foreign exchange movement (17,636 ) (38 ) — — — — (20 ) Other changes, including interest 30,157 12,588 62 14 4,145 — — At December 31, 2019 388,522 17,355 1,151 248 48,201 — — Cash flows (121,363 ) (3,541 ) (508 ) 278 — — — Foreign exchange movement 34,053 60 — — — — — Non-cash — (1,490 ) — 1,490 — — — Gain on sale of the discontinued operations (8,031 ) (1,448 ) (443 ) — (49,418 ) — — Other changes, including interest 23,856 557 (88 ) 183 1,217 — — At December 31, 2020 317,037 11,493 112 2,199 — — — |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Land Buildings and Operating Trans- Other Construction- in-progress Mining Railway Total Cost At December 31, 2017 3,095 80,813 117,638 30,831 996 19,645 16,977 74,808 344,803 Additions 9 10 2,423 2,048 83 6,851 50 — 11,474 Change in rehabilitation provision — (187 ) — — — — (102 ) — (289 ) Transfers 1 487 2,750 251 97 (4,099 ) 119 394 — Disposals (255 ) (649 ) (1,734 ) (1,410 ) (32 ) (509 ) (136 ) — (4,725 ) Exchange differences on translation of foreign operations 91 277 251 40 28 — — — 687 At December 31, 2018 2,941 80,751 121,328 31,760 1,172 21,888 16,908 75,202 351,950 Transfer to right-of-use — — (1,745 ) (14,557 ) — — — — (16,302 ) Additions — 27 1,180 282 33 7,332 38 — 8,892 Change in rehabilitation provision — 456 — — — — 707 — 1,163 Transfers (9 ) 2,606 3,176 262 21 (6,752 ) (26 ) 722 — Transfer to own property, plant and equipment — — 752 95 — — — — 847 Disposals (24 ) (240 ) (2,400 ) (2,045 ) (33 ) (990 ) — — (5,732 ) Exchange differences on translation of foreign operations (84 ) (263 ) (223 ) (29 ) (30 ) (2 ) — — (631 ) At December 31, 2019 2,824 83,337 122,068 15,768 1,163 21,476 17,627 75,924 340,187 Additions — 26 1,332 413 41 5,442 9 — 7,263 Change in rehabilitation provision — 30 — — — — 170 — 200 Transfers 1 4,106 5,521 117 20 (9,772 ) 7 — — Transfer to own property, plant and equipment — — 57 5 — — — — 62 Disposals (47 ) (377 ) (1,981 ) (954 ) (35 ) (449 ) (974 ) — (4,817 ) Discontinued operations (Note 25) — (11,804 ) (4,887 ) (2,379 ) (153 ) (9,044 ) (5,783 ) (75,924 ) (109,974 ) Exchange differences on translation of foreign operations 169 553 487 73 48 1 — — 1,331 At December 31, 2020 2,947 75,871 122,597 13,043 1,084 7,654 11,056 — 234,252 Depreciation and impairment At December 31, 2017 (292 ) (40,275 ) (80,872 ) (17,738 ) (797 ) (1,733 ) (4,412 ) (809 ) (146,928 ) Depreciation charge — (3,550 ) (7,273 ) (2,253 ) (99 ) — (180 ) (279 ) (13,634 ) Transfers — (150 ) (35 ) 5 23 24 133 — — Disposals 223 437 1,628 1,312 27 23 37 — 3,687 Impairment (43 ) (319 ) (1,065 ) (709 ) (15 ) (536 ) (2,153 ) — (4,840 ) Exchange differences on translation of foreign operations (3 ) (110 ) (191 ) (28 ) (24 ) — — — (356 ) At December 31, 2018 (115 ) (43,967 ) (87,808 ) (19,411 ) (885 ) (2,222 ) (6,575 ) (1,088 ) (162,071 ) Transfer to right-of-use — — 1,102 5,088 — — — — 6,190 Depreciation charge — (2,781 ) (6,764 ) (882 ) (53 ) — (186 ) (295 ) (10,961 ) Transfers — (19 ) (103 ) (43 ) 1 163 1 — — Transfer to own property, plant and equipment — — (638 ) (94 ) — — — — (732 ) Disposals 22 193 2,228 1,996 21 30 — — 4,490 Reversal of impairment/ (impairment) 36 634 1,617 (9 ) 9 (473 ) (19 ) — 1,795 Exchange differences on translation of foreign operations 3 114 192 34 23 — — — 366 At December 31, 2019 (54 ) (45,826 ) (90,174 ) (13,321 ) (884 ) (2,502 ) (6,779 ) (1,383 ) (160,923 ) Depreciation charge — (2,695 ) (6,212 ) (583 ) (51 ) — (144 ) (73 ) (9,758 ) Transfers — (399 ) (537 ) (30 ) (2 ) 986 (18 ) — — Transfer to own property, plant and equipment — — (28 ) (1 ) — — — — (29 ) Disposals — 302 1,842 948 2 200 933 — 4,227 Discontinued operations (Note 25) — 7,934 2,744 2,240 78 — 111 1,456 14,563 Impairment — (25 ) (37 ) — — (105 ) (6 ) — (173 ) Exchange differences on translation of foreign operations — (260 ) (428 ) (83 ) (42 ) — (1 ) — (814 ) At December 31, 2020 (54 ) (40,969 ) (92,830 ) (10,830 ) (899 ) (1,421 ) (5,904 ) — (152,907 ) Net book value At December 31, 2017 2,803 40,538 36,766 13,093 199 17,912 12,565 73,999 197,875 At December 31, 2018 2,826 36,784 33,520 12,349 287 19,666 10,333 74,114 189,879 At December 31, 2019 2,770 37,511 31,894 2,447 279 18,974 10,848 74,541 179,264 At December 31, 2020 2,893 34,902 29,767 2,213 185 6,233 5,152 — 81,345 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of Intangible Assets | Goodwill Mineral Other intangible Cost At December 31, 2017 32,878 55,618 880 Exchange differences on translation of foreign operations 90 — — At December 31, 2018 32,968 55,618 880 Exchange differences on translation of foreign operations (57 ) — — At December 31, 2019 32,911 55,618 880 Disposals — (1,023 ) — Discontinued operations (Note 25) — (11,823 ) — Exchange differences on translation of foreign operations 90 — — At December 31, 2020 33,001 42,772 880 Amortisation and impairment At December 31, 2017 (14,547 ) (22,378 ) — Impairment (2,382 ) — — Amortisation — (1,172 ) (36 ) At December 31, 2018 (16,929 ) (23,550 ) (36 ) Impairment (3,139 ) (6 ) — Amortisation — (987 ) (35 ) At December 31, 2019 (20,068 ) (24,543 ) (71 ) Impairment (3,324 ) — — Amortisation — (921 ) (35 ) Disposals — 1,023 — Discontinued operations (Note 25) — 127 — At December 31, 2020 (23,392 ) (24,314 ) (106 ) Net book value At December 31, 2017 18,331 33,240 880 At December 31, 2018 16,039 32,068 844 At December 31, 2019 12,843 31,075 809 At December 31, 2020 9,609 18,458 774 |
Impairment of goodwill and ot_2
Impairment of goodwill and other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [LineItems] | |
Summary of Goodwill Acquired Through Business Combinations Allocated to CGUs for Impairment Testing | Goodwill acquired through business combinations has been allocated to CGUs for impairment testing as follows (before impairment write-downs): Goodwill Cash generating units Segment December 31, December 31, Yakutugol Mining 10,259 13,399 Kuzbass Power Sales Company Power 1,026 1,026 Port Posiet Mining 756 756 Chelyabinsk Metallurgical Plant Steel 679 589 Southern Kuzbass Coal Company Mining 143 143 Port Temryuk Mining 69 69 Total 12,932 15,982 |
Summary of Inflation and Discount Rates, Range of Discount Rates, Estimated for Each Year for Forecasted Period | Inflation and discount rates, range of discount rates, estimated for each year for the forecasted period, were as follows: Forecast period, years As of December 31, 20 19 2020 2021 2022 2023 2024 Inflation rate in Russia 3.7% 3.4% 3.8% 3.8% 3.8% Inflation rate in European countries 3.1% 2.7% 2.8% 2.8% 2.9% Pre-tax 10.0%-14.9% 10.0%-14.9% 10.0%-14.9% 10.0%-14.9% 10.0%-14.9% As of December 31, 2020 2021 2022 2023 2024 2025 Inflation rate in Russia 4.4% 3.7% 3.8% 3.8% 3.8% Inflation rate in European countries 3.0% 2.9% 2.8% 2.8% 2.8% Pre-tax 10. 4 10. 4 10. 4 10. 4 10. 4 |
Summary of Assumptions On Prices In Respect Of Products Sold In Cash Generating Unit | The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated in the range 2.7%-3.9% . For the forecasted period from 2021 to 2025, the Group used the following key assumptions on prices for products sold in assessing the recoverable amount of the tested cash generating units: Cash generating units Segment Product, measurement unit Range of sales prices, FCA Chelyabinsk Metallurgical Plant Steel Rails (Rub, thousand/tn) 43 – 48 Chelyabinsk Metallurgical Plant Steel Rebar (Rub, thousand/tn) 30 – 32 Chelyabinsk Metallurgical Plant Steel Billets (Rub, thousand/tn) 26 – 28 Izhstal Steel Billets (Rub, thousand/tn) 62 – 64 Izhstal Steel Long products (Rub, thousand/tn) 57 – 61 Yakutugol Mining Coking coal (Rub, thousand/tn) 3.5 – 3.5 Yakutugol Mining Steam coal (Rub, thousand/tn) 1.3 – 2.4 Southern Kuzbass Coal Company Mining Coking coal (Rub, thousand/tn) 4.0 – 4.4 Southern Kuzbass Coal Company Mining Anthracite (Rub, thousand/tn) 3.1 – 3.2 Southern Kuzbass Coal Company Mining Steam coal (Rub, thousand/tn) 0.8 – 1.0 BFP Steel Ferrosilicon (Rub, thousand/tn) 62 – 72 KPSC Power Electricity (Rub, thousand/kWh) 3.1 – 3.6 |
Summary of Carrying Value of Individual Items of Assets | According to the identified during the reporting period indicators for impairment of goodwill, an impairment loss as of December 31, 2020 was recognised in the following CGU: Cash generating units Impairment loss Yakutugol 3,324 Total 3,324 According to the results of the impairment analysis of goodwill, an impairment loss as of December 31, 2019 was recognised in the following CGU: Cash generating units Impairment loss Yakutugol 3,139 Total 3,139 According to the results of the impairment analysis of goodwill, an impairment loss as of December 31, 2018 was recognised in the following CGU: Cash generating units Impairment loss Southern Kuzbass Power Plant (SKPP) 2,382 Total 2,382 |
Non-current assets [member] | |
Statement [LineItems] | |
Summary of Carrying Value of Individual Items of Assets | According to the results of the impairment analysis, impairment of non-current Cash generating units Impairment loss on non-current identified Korshunov Mining Plant (KMP) 50 5 Other 6 8 Total 573 According to the results of the impairment analysis, impairment of non-current Cash generating units Impairment loss non-current identified as a result of Bratsk Ferroalloy Plant (BFP) 727 Korshunov Mining Plant (KMP) 549 Total 1,276 According to the results of the impairment analysis, reversal of previously recognised impairment loss of non-current Cash generating units Gain from reversal of non-current at Izhstal 2,611 Total 2,611 According to the results of the impairment analysis, impairment of non-current Cash generating units Impairment loss on non-current assets identified as a result of impairment tests Korshunov Mining Plant (KMP) 1,151 Izhstal 781 Southern Kuzbass Power Plant (SKPP) 337 Total 2,269 |
Non-current assets individually impaired [member] | |
Statement [LineItems] | |
Summary of Carrying Value of Individual Items of Assets | Carrying value of individual items of the non-current Subsidiaries Impairment loss on non-current identified at December 31, Southern Kuzbass Coal Company (SKCC) 2,533 Other 38 Total 2,571 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of Trade and Other Payables | December 31, December 31, Trade payables 32,290 27,806 Other payables 11,493 10,438 Total trade and other payables 43,783 38,244 |
Summary of Other Payables | Other payables include accruals for fines and penalties, payables for property, plant and equipment acquired, salaries payable, dividends payable and other. December 31, December 31, Other payables Accounts payable for property, plant and equipment 3,650 3,164 Wages and salaries payable and other related obligations 3,378 3,538 Dividends payable, common shares 7 136 Dividends payable, preferred shares 3 80 Other 4,455 3,520 Total 11,493 10,438 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of Major Components of Income Tax Expense | The major components of income tax expense for the years ended December 31, 2020, 2019 and 2018 are: Recognised in profit or loss from continuing operations 2020 2019* 2018* Current income tax Current income tax charge (2,118 ) (2,921 ) (2,433 ) Adjustments in respect of income tax, including income tax penalties and changes in uncertain income tax position 2,167 (2,718 ) (3,046 ) Deferred tax Relating to origination and reversal of temporary differences (2,577 ) (2,274 ) 2,826 Income tax expense reported in the consolidated statement of profit (loss) and other comprehensive income (2,528 ) (7,913 ) (2,653 ) * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Schedule of Reconciliation Related to Income Tax Expense | The reconciliation between the income tax expense computed by applying the Russian enacted statutory tax rates to the income from continuing operations before tax and non-controlling Notes 2020 2019* 2018* (Loss)/profit before tax from continuing operations (37,625 ) 18,988 23,550 Loss before tax from discontinued operations 25 (3,953 ) (6,716 ) (7,333 ) Accounting (loss)/profit before tax (41,578 ) 12,272 16,217 Income tax benefit (expense) at statutory income tax rate of 20% 8,316 (2,454 ) (3,243 ) Adjustments: Adjustments in respect of income tax, including income tax penalties and changes in uncertain income tax position 2,167 (2,718 ) (2,962 ) Unrecognised current year tax losses and write-off (9,728 ) (1,277 ) 4,008 Non-deductible (1,443 ) (948 ) (3,512 ) Impairment of goodwill (665 ) (628 ) (476 ) Effect of restructuring and expense related to fines and penalties on breach of covenants in credit agreements (16 ) — 3,460 Effect of different tax rates (1,172 ) 155 (12 ) Change in tax rate (5 ) (117 ) 56 At the effective income tax rate of (6.1)% (65.1% in 2019, 16.5% in 2018) income tax expense (2,546 ) (7,987 ) (2,681 ) Income tax expense reported in the consolidated statement of profit (loss) and other comprehensive income from continuing operations (2,528 ) (7,913 ) (2,653 ) Income tax attributable to a discontinued operation 25 (18 ) (74 ) (28 ) Total income tax expense (2,546 ) (7,987 ) (2,681 ) * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Schedule of Deferred Tax Assets and Liabilities | The amounts reported in the accompanying consolidated financial statements consisted of the following: January 1, Tax (expense) recognised in Disposals of Other December 31, Deferred tax assets Property, plant, equipment and right-of-use 686 (291 ) — 3 398 Rehabilitation provision 1,068 71 (188 ) — 951 Inventories 1,679 (41 ) (13 ) 5 1,630 Trade and other receivables 519 (268 ) — — 251 Loans and borrowings 360 (342 ) — — 18 Lease liabilities 2,577 (881 ) (181 ) 18 1,533 Other financial liabilities — 412 — — 412 Trade and other payables and other liabilities 529 426 (12 ) 1 944 Net operating loss carry-forwards 10,403 (2,345 ) (2,723 ) 20 5,355 Other 111 133 (11 ) 132 365 Deferred tax liabilities Property, plant, equipment and right-of-use (17,805 ) 625 7,371 (100 ) (9,909 ) Mineral licenses (6,141 ) 181 2,318 — (3,642 ) Inventories (989 ) 42 — (5 ) (952 ) Trade and other receivables (774 ) 189 — (6 ) (591 ) Loans and borrowings (2,073 ) (572 ) — — (2,645 ) Trade and other payables and other liabilities (379 ) 87 6 (44 ) (330 ) Deferred tax assets (liabilities), net (10,229 ) (2,574 ) 6,567 24 (6,212 ) January 1, Adjustment January 1, Tax (expense) recognised in Other December 31, Deferred tax assets Property, plant, equipment and right-of-use 386 (86 ) 300 386 — 686 Rehabilitation provision 773 — 773 295 — 1,068 Inventories 1,716 — 1,716 (36 ) (1 ) 1,679 Trade and other receivables 790 — 790 (269 ) (2 ) 519 Loans and borrowings 320 — 320 40 — 360 Lease liabilities 843 651 1,494 1,087 (4 ) 2,577 Trade and other payables and other liabilities 869 — 869 (340 ) — 529 Net operating loss carry-forwards 13,623 — 13,623 (3,210 ) (10 ) 10,403 Other 74 — 74 40 (3 ) 111 Deferred tax liabilities Property, plant, equipment and right-of-use (15,468 ) (537 ) (16,005 ) (1,830 ) 30 (17,805 ) Mineral licenses (6,376 ) — (6,376 ) 235 — (6,141 ) Inventories (834 ) — (834 ) (160 ) 5 (989 ) Trade and other receivables (499 ) — (499 ) (280 ) 5 (774 ) Loans and borrowings (3,898 ) — (3,898 ) 1,825 — (2,073 ) Trade and other payables and other liabilities (337 ) — (337 ) (71 ) 29 (379 ) Deferred tax assets (liabilities), net (8,018 ) 28 (7,990 ) (2,288 ) 49 (10,229 ) January 1, Adjustment January 1, Tax (expense) recognised in Other December 31, Deferred tax assets Property, plant and equipment 759 — 759 (373 ) — 386 Rehabilitation provision 802 — 802 (29 ) — 773 Inventories 179 — 179 1,537 — 1,716 Trade and other receivables 735 — 735 52 3 790 Loans and borrowings 313 822 1,135 (815 ) — 320 Lease liabilities 983 — 983 (141 ) 1 843 Trade and other payables and other liabilities 656 — 656 213 — 869 Net operating loss carry-forwards 7,972 — 7,972 5,646 5 13,623 Other 86 — 86 (15 ) 3 74 Deferred tax liabilities Property, plant and equipment (15,869 ) — (15,869 ) 429 (28 ) (15,468 ) Mineral licenses (6,652 ) (6,652 ) 276 — (6,376 ) Inventories (801 ) — (801 ) (28 ) (5 ) (834 ) Trade and other receivables (330 ) — (330 ) (160 ) (9 ) (499 ) Loans and borrowings (112 ) 50 (62 ) (3,835 ) (1 ) (3,898 ) Trade and other payables and other liabilities (119 ) — (119 ) (161 ) (57 ) (337 ) Deferred tax assets (liabilities), net (11,398 ) 872 (10,526 ) 2,596 (88 ) (8,018 ) |
Schedule of Deferred Tax Assets and Liabilities Recognized | Recognised in the consolidated statement of financial position: December 31, December 31, Deferred tax assets 561 3,648 Deferred tax liabilities (6,773 ) (13,877 ) Deferred tax liabilities, net (6,212 ) (10,229 ) |
Schedule of Deferred Tax Expense Income Recognition | Reconciliation of deferred tax (expense) benefit during the period recognised in profit or loss is provided below: Deferred tax (expense) benefit during the period 2020 2019 2018 Tax (expense) benefit attributable to continuing operation (2,577 ) (2,274 ) 2,826 Tax (expense) benefit attributable to discontinued operation 3 (14 ) (230 ) Tax (expense) benefit during the period recognised (2,574 ) (2,288 ) 2,596 |
Taxes and similar charges pay_2
Taxes and similar charges payable other than income tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of Taxes and Similar Charges Payable Other than Income Tax | December 31, December 31, VAT payable 4,705 4,120 Payroll taxes 4,180 3,353 Property tax 614 566 Land lease 591 454 Land tax 323 240 Mineral extraction tax 280 332 Other 276 163 Total 10,969 9,228 |
Pensions and other post-emplo_2
Pensions and other post-employment benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of Changes in Present Value of the Defined Benefit Obligations and Other Long-term Benefits and Fair Value of Plan Assets | Changes in the present value of the pension obligations and other long-term benefits and fair value of plan assets for 2018 were as follows: Pension Fair value of Benefit December 31, 2017 (4,632 ) 271 (4,361 ) Current service cost (130 ) — (130 ) Net interest expense (266 ) (13 ) (279 ) Curtailment/settlement gain 4 — 4 Remeasurement of other long-term benefit obligations (492 ) — (492 ) Past service cost 70 — 70 Sub-total (814 ) (13 ) (827 ) Benefit paid 299 (17 ) 282 Exchange difference (213 ) 41 (172 ) Actuarial changes arising from changes in demographic assumptions (38 ) — (38 ) Actuarial changes arising from changes in financial assumptions 354 — 354 Experience adjustments 171 — 171 Sub-total 274 41 315 December 31, 2018 (4,873 ) 282 (4,591 ) Changes in the present value of the pension obligations and other long-term benefits and fair value of plan assets for 2019 were as follows: Pension Fair value of Benefit December 31, 2018 (4,873 ) 282 (4,591 ) Current service cost (210 ) — (210 ) Net interest expense (297 ) 4 (293 ) Curtailment/settlement gain — — — Remeasurement of other long-term benefit obligations (25 ) — (25 ) Past service cost — — — Sub-total (532 ) 4 (528 ) Benefit paid 344 (7 ) 337 Exchange difference 117 (16 ) 101 Actuarial changes arising from changes in demographic assumptions (88 ) — (88 ) Actuarial changes arising from changes in financial assumptions (772 ) — (772 ) Experience adjustments (7 ) — (7 ) Sub-total (750 ) (16 ) (766 ) December 31, 2019 (5,811 ) 263 (5,548 ) In 2019, the effect of actuarial changes arising from changes in financial assumptions is connected with the significant decrease in discount rate. Changes in the present value of the pension obligations and other long-term benefits and fair value of plan assets for 2020 were as follows: Pension Fair value of Benefit December 31, 2019 (5,811 ) 263 (5,548 ) Current service cost (220 ) — (220 ) Net interest expense (290 ) 2 (288 ) Curtailment/settlement gain — — — Remeasurement of other long-term benefit obligations 54 — 54 Past service cost — — — Discontinued operations 186 — 186 Sub-total (270 ) 2 (268 ) Benefit paid 304 (14 ) 290 Exchange difference (457 ) 91 (366 ) Actuarial changes arising from changes in demographic assumptions — — — Actuarial changes arising from changes in financial assumptions (22 ) — (22 ) Experience adjustments 103 — 103 Discontinued operations (52 ) — (52 ) Sub-total (428 ) 91 (337 ) December 31, 2020 (6,205 ) 342 (5,863 ) |
Schedule of Pension Obligations Recognized in Consolidated Statement of Financial Position | Amounts of the pension obligations recognised in the consolidated statement of the financial position were as follows: December 31, December 31, Current liabilities 631 615 Non-current 5,232 4,933 Total net pension obligations 5,863 5,548 |
Schedule of Plan Asset Allocation of Investment Portfolio | The plan asset allocation of the investment portfolio was as follows as of December 31, 2020 and 2019: December 31, December 31, Debt instruments 184 142 Equity instruments 97 82 Cash and cash equivalents 32 18 Property 17 12 Other assets 12 9 Total plan assets 342 263 |
Schedule of Key Actuarial Assumptions Used to Determine Benefit Obligations | The key actuarial assumptions used to determine defined benefit obligations were as follows as of December 31, 2020 and 2019: December 31, December 31, Discount rate Russian entities 6.40 % 6.60 % German entities 0.84 % 1.10 % Austrian entities 0.50 % 0.75 % Inflation rates Russian entities 3.90 % 4.00 % Rate of compensation increase Russian entities 4.90 % 5.10 % German entities 4.00 % 4.00 % Austrian entities 2.25 % 2.25 % |
Schedule of Sensitivity Analysis of Defined Benefit Obligations | The results of sensitivity analysis of defined benefit obligations for the Russian entities as of December 31, 2020 and 2019 are presented below: 2020 2019 Discount rate 1% increase -8.90 % -9.20 % 1% decrease 10.60 % 11.00 % Inflation rate 1% increase 5.60 % 5.90 % 1% decrease -5.20 % -5.00 % Rate of compensation increase 1% increase 3.90 % 4.00 % 1% decrease -3.70 % -3.60 % Turnover rate 3% increase -5.80 % -7.40 % 3% decrease 6.10 % 7.90 % The results of sensitivity analysis of defined benefit obligations for Austrian entities as of December 31, 2020 and 2019 are presented below: 2020 2019 Discount rate 1% increase -10.00 % -10.20 % 1% decrease 12.00 % 12.20 % The results of sensitivity analysis of defined benefit obligations for German entities as of December 31, 2020 and 2019 are presented below: 2020 2019 Discount rate 1% increase -12.00 % -12.00 % 1% decrease 18.00 % 18.00 % |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Provisions | Rehabilitation Provisions for Provisions on Other Total At December 31, 2017 3,992 2,290 576 315 7,173 Arising — 1,516 199 905 2,620 Utilised (77 ) (273 ) — (256 ) (606 ) Revision in estimated cash flow and discount rate change (309 ) — — — (309 ) Unused amounts reversed — (646 ) (188 ) (20 ) (854 ) Unwinding of discount 302 — — — 302 Exchange differences — 215 (4 ) 4 215 At December 31, 2018 3,908 3,102 583 948 8,541 Current 189 3,102 583 948 4,822 Non-current 3,719 — — — 3,719 Arising — 1,346 980 — 2,326 Utilised (30 ) (264 ) — (722 ) (1,016 ) Revision in estimated cash flow and discount rate change 1,180 — — — 1,180 Unused amounts reversed — (1,200 ) (9 ) (197 ) (1,406 ) Unwinding of discount 345 — — — 345 Exchange differences — (150 ) (19 ) (5 ) (174 ) At December 31, 2019 5,403 2, 834 1,535 24 9,796 Current 165 2, 834 1,535 24 4,558 Non-current 5,238 — — — 5,238 Arising — 3,037 665 252 3,954 Utilised (18 ) (567 ) (27 ) (20 ) (632 ) Revision in estimated cash flow and discount rate change 233 — — — 233 Unused amounts reversed — (572 ) (1,249 ) — (1,821 ) Unwinding of discount 311 — — — 311 Discontinued operations (940 ) (61 ) — — (1,001 ) Exchange differences — 246 32 1 279 At December 31, 2020 4,989 4,917 956 257 11,119 Current 187 4,917 956 257 6,317 Non-current 4,802 — — — 4,802 |
Issued capital and reserves (Ta
Issued capital and reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Earnings Per Share | The following table reflects the income and share data used in basic and diluted EPS calculations: 2020 2019* 2018* Earnings per share Weighted average number of common shares 412,589,910 416,256,510 416,270,745 Profit for the period Attributable to Equity shareholders 808 2,409 12,628 Earnings per share (Russian rubles per share) attributable to common equity shareholders — basic and diluted 1.96 5.79 30.34 (Loss) profit for the period from continuing operations, RUB million (40,153 ) 11,075 20,897 Less attributable to non-controlling 648 1,876 908 Profit for the period Attributable to Equity shareholders (40,801 ) 9,199 19,989 (Loss) earnings per share from continuing operations (Russian rubles per share) — basic and diluted (98.89 ) 22.10 48.02 Profit (loss) after tax for the period from discontinued operations, RUB million 41,609 (6,790 ) (7,361 ) Earnings (loss) per share from discontinued operations (Russian rubles per share) — basic and diluted 100.85 (16.31 ) (17.68 ) * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Summary of Weighted-Average Number of Common Shares Outstanding | The total weighted-average number of common shares outstanding during the period was as follows: Shares Fraction Weighted-average 2018 Common shares: January 1 – December 31 416,270,745 365 416,270,745 Total weighted average shares outstanding during the period 365 416,270,745 2019 Common shares: January 1 – December 20 416,270,745 354 403,725,599 Common shares: December 20 – December 23 416,119,371 3 3,420,159 Common shares: December 23 – December 24 416,005,348 1 1,139,741 Common shares: December 24 – December 25 415,881,411 1 1,139,401 Common shares: December 25 – December 26 415,756,171 1 1,139,058 Common shares: December 26 – December 31 415,556,251 5 5,692,551 Common shares: December 31 – December 31 415,251,749 — — Total weighted average shares outstanding during the period 365 416,256,510 2020 Common shares: January 1 – September 29 415,251,749 273 309,736,960 Common shares: September 29 – December 31 404,776,126 93 102,852,950 Total weighted average shares outstanding during the period 366 412,589,910 |
Other income_expenses (Tables)
Other income/expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of General, Administrative and Other Operating Expenses | General, administrative and other operating expenses are comprised of the following: 2020 2019* 2018* Wages, salaries and social security costs 9,856 8,771 10,158 Provision for legal claims, net 2,463 96 828 Office and maintenance expenses 1,264 1,226 1,206 Depreciation 708 721 749 Audit and consulting services 527 546 927 Fines and penalties related to business contracts 501 539 370 Loss on write-off non-current 454 979 931 Banking charges and services 335 328 243 Consumables 269 294 291 Social expenses 188 288 373 Expense relating to short-term leases (Note 10.2) 68 83 153 Business trips 30 109 133 Write off of trade and other receivables 22 5 2 Other 1,752 1,583 1,968 Total 18,437 15,568 18,332 |
Summary of Employee Benefits Expenses | Employee benefits expenses are comprised of the following: 2020 2019* 2018* Included in cost of sales Wages and salaries 21,235 21,020 19,580 Social security costs 7,005 6,877 6,332 Post-employment benefits 209 182 117 Included in selling and distribution expenses Wages and salaries 3,864 3,566 3,470 Social security costs 1,055 968 911 Included in administrative and other operating expenses Wages and salaries 7,853 6,939 8,193 Social security costs 2,003 1,832 1,965 Total 43,224 41,384 40,568 |
Summary of Other Operating Income | Other operating income is comprised of the following: 2020 2019* 2018* Rental income 238 241 192 Subsidies received from the governmental authorities as a compensation for operating activities (energy tariffs) 121 — 359 Income from fines and penalties related to business contracts 119 157 247 Subsidies received from the governmental authorities to compensate losses of European group companies 82 — — Curtailment and result of remeasurement of other long-term benefit obligations 62 25 93 Net result from disposal of non-current 42 31 128 Gain from sales of scrap materials — — 373 Other 335 234 290 Total 999 688 1,682 |
Summary of Finance Income | Finance income is comprised of the following: 2020 2019* 2018* Effect of restructuring of loans and leases 3,341 353 33,403 Interest income on other financial assets 119 179 206 Income from the discounting of financial instruments 44 58 16 Remeasurement of fair value of financial instruments — — 318 Total 3,504 590 33,943 |
Summary of Finance Costs | Finance costs are comprised of the following: 2020 2019* 2018* Interest on loans and borrowings 22,090 31,231 35,049 Fines and penalties on overdue loans and borrowing payments and overdue interest payments 1,080 733 847 Interest expense on lease liabilities 1,047 1,217 917 Fines and penalties on overdue leases 157 49 10 Total finance costs related to loans, borrowings and 24,374 33,230 36,823 Unwinding of discount on rehabilitation provision 291 304 272 Interest expenses under pension liabilities 286 284 272 Expenses related to discounting of financial instruments 194 45 147 Total 25,145 33,863 37,514 |
Summary of Other Income | Other income is comprised of the following: 2020 2019* 2018* Reversal of unclaimed declared dividends to non-controlling 203 — — Write-off 177 155 412 Gain on sales and purchases of foreign currencies 50 — — Other income 288 73 86 Total 718 228 498 |
Summary of Other Expenses | Other expenses are comprised of the following: 2020 2019* 2018* Loss on sales and purchases of foreign currencies — 148 108 Other non-operating 259 335 238 Total 259 483 346 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Discontinued Operations [Abstract] | |
Summary of Discontinued operations | April 21, 2020 Consideration paid by the buyer 89,000 Derecognition of put option from Gazprombank 49,418 Net assets disposed of (92,838 ) Gain on sale of discontinued operations 45,580 |
Summary of Profit (Loss) and Other Comprehensive Income from Discontinued Operations | The results of the Elga coal complex presented as discontinued operations in the consolidated statements of profit (loss) and other comprehensive income were as follows: Year ended December 31, 2020* 2019 2018 Revenue 2,142 9,414 8,778 Expenses (3,010 ) (12,115 ) (9,985 ) Finance costs (1,708 ) (4,967 ) (4,538 ) Foreign exchange (loss) gain, net (1,377 ) 952 (1,588 ) Loss before tax from discontinued operations (3,953 ) (6,716 ) (7,333 ) Income tax expense (18 ) (74 ) (28 ) Loss after tax from discontinued operations (3,971 ) (6,790 ) (7,361 ) Gain on sale of discontinued operations 45,580 — — Income tax expense related to sale transaction — — — Net gain on sale of discontinued operations 45,580 — — Profit (loss) after tax for the period from discontinued operations 41,609 (6,790 ) (7,361 ) * Represents operations for the period of January 1 – April 21, 2020. |
Summary of Classes of Assets and Liabilities from Discontinued Operations | The major classes of assets and liabilities of the Elga coal complex classified as a disposal group as of the disposal date were as follows: Assets April 21, 2020 Non-current Property, plant and equipment 95,411 Right-of-use 1,647 Mineral licenses 11,696 Other non-current 7 Total non-current 108,761 Current assets Inventories 928 Income tax receivables 8 Trade and other receivables 3,060 Other current assets 248 Cash and cash equivalents 21 Total current assets 4,265 Total assets 113,026 Liabilities April 21, 2020 Non-current Lease liabilities 565 Pension obligations 110 Provisions 940 Deferred tax liabilities 6,567 Total non-current 8,182 Current liabilities Loans and borrowings, including interest payable 8,031 Trade and other payables 1,930 Lease liabilities 883 Taxes and similar charges payable other than income tax 1,075 Advances received and other current liabilities 2 Pension obligations 24 Provisions 61 Total current liabilities 12,006 Total liabilities 20,188 Net assets 92,838 |
Summary of Net Cash Flows from Discontinued Operations | The net cash flows from discontinued operations of the Elga coal complex were, as follows: Year ended December 31, 2020* 2019 2018 Operating 1,102 2,668 4,541 Investing (182 ) (867 ) (1,438 ) Financing (906 ) (1,800 ) (3,305 ) Net cash inflow (outflow) 14 1 (202 ) * Represents operations for the period of January 1 – April 21, 2020. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Operating Results by Segments | As of December 31, 2020 and for the year then ended Mining Steel Power Adjustments Consolidated Revenue from contracts with external customers 70,881 166,885 27,688 — 265,454 Inter-segment revenue 34,402 6,626 15,769 (56,797 ) — Gross profit 51,441 30,030 14,089 (711 ) 94,849 Gross margin, % 48.9 17.3 32.4 — 35.7 Depreciation and amortisation (7,463 ) (6,335 ) (488 ) — (14,286 ) Impairment of goodwill and other non-current (3,829 ) (67 ) (1 ) — (3,897 ) Operating profit (loss) 14,108 6,520 (308 ) (395 ) 19,925 Share of profit of associates, net 20 — — — 20 Finance income 502 3,000 2 — 3,504 Intersegment finance income 1,786 306 21 (2,113 ) — Finance costs (12,209 ) (12,678 ) (258 ) — (25,145 ) Intersegment finance costs (199 ) (1,725 ) (189 ) 2,113 — Income tax benefit (expense) 149 (676 ) 34 (2,035 ) (2,528 ) Profit after tax for the period from discontinued operations 41,651 — — (42 ) 41,609 Profit (loss) for the period 38,854 (34, 166 ) (760 ) (2,47 2 ) 1,456 Segment assets 83,178 102,759 8,875 (972 ) 193,840 Segment liabilities 160,866 250,356 11,188 2,101 424,511 Investments in associates 341 — — — 341 As of December 31, 2019 and for the year then ended Mining Steel Power Adjustments Consolidated Revenue from contracts with external customers* 83,517 174,850 28,786 — 287,153 Inter-segment revenue* 37,710 6,068 15,541 (59,319 ) — Gross profit* 63,680 27,486 13,058 (157 ) 104,067 Gross margin, %* 52.5 15.2 29.5 — 36.2 Depreciation and amortisation* (6,774 ) (6,153 ) (482 ) — (13,409 ) Impairment of goodwill and other non-current (3,688 ) 1,884 — — (1,804 ) Operating profit (loss)* 26,775 7,087 1,416 (1,078 ) 34,200 Share of profit of associates, net 28 — — — 28 Finance income* 514 75 1 — 590 Intersegment finance income 386 375 30 (791 ) — Finance costs* (18,967 ) (14,514 ) (382 ) — (33,863 ) Intersegment finance costs (195 ) (325 ) (271 ) 791 — Income tax expense* (20 ) (503 ) (333 ) (7,057 ) (7,913 ) (Loss) profit after tax for the period from discontinued operations (6,962 ) 39 133 — (6,790 ) Profit (loss) for the period 4,955 6,934 531 (8,135 ) 4,285 Segment assets 202,423 100,493 7,610 1,979 312,505 Segment liabilities 300,058 233,279 9,432 3,333 546,102 Investments in associates 321 — — — 321 As of December 31, 2018 and for the year then ended Mining Steel Power Adjustments Consolidated Revenue from contracts with external customers* 88,104 187,918 27,773 — 303,795 Inter-segment revenue* 37,549 5,847 15,471 (58,867 ) — Gross profit* 72,269 44,415 12,438 615 129,737 Gross margin, %* 57.5 22.9 28.8 — 42.7 Depreciation and amortisation* (5,978 ) (5,738 ) (500 ) — (12,216 ) Impairment of goodwill and other non-current (3,684 ) (819 ) (2,719 ) — (7,222 ) Operating profit (loss)* 34,091 19,814 (3,374 ) 615 51,146 Share of profit of associates, net 10 — — — 10 Finance income* 23,274 9,478 1,191 — 33,943 Intersegment finance income 1,071 395 41 (1,507 ) — Finance costs* (24,394 ) (12,810 ) (310 ) — (37,514 ) Intersegment finance costs (220 ) (1,015 ) (272 ) 1,507 — Income tax (expense) benefit* (5,912 ) 531 83 2,645 (2,653 ) (Loss) profit after tax for the period from discontinued operations (7,512 ) 18 133 — (7,361 ) Profit (loss) for the period 11,489 1,331 (2,544 ) 3,260 13,536 Segment assets 208,123 97,373 7,519 4,610 317,625 Segment liabilities 296,125 247,241 9,469 (2,015 ) 550,820 Investments in associates 293 — — — 293 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). Depreciation and amortisation are included in cost of sales in the amount of RUB 9,880 million (2019: RUB 9,975 million, 2018: RUB 10,343 million), in the selling and distribution expenses in the amount of RUB 3,698 million (2019: RUB 2,714 million, 2018: RUB 1,123 million) and in the administrative and other operating expenses in the amount of RUB 708 million (2019: RUB 720 million, 2018: RUB 750 million). |
Summary of Group's Revenues Segregated Between Domestic and Export Sales | The following table presents the Group’s revenues from contracts with customers segregated between domestic and export sales. Domestic represents sales by a subsidiary in the country in which it is located. This category is further divided between subsidiaries located in Russia and other countries. Export represents cross-border 2020 2019* 2018* Domestic Russia 156,584 170,851 178,762 Other 28,491 28,469 29,665 Total 185,075 199,320 208,427 Export 80,379 87,833 95,368 Total revenue 265,454 287,153 303,795 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Summary of Group's Total Revenues from External Customers by Geographic Area | Allocation of total revenue from contracts with customers by country is based on the location of the customer. The Group’s total revenue from external customers by geographic area were as follows: 2020 2019* 2018* Russia* 156,712 170,980 178,879 Asia* 45,284 54,137 53,179 Europe 35,536 38,334 44,263 CIS 23,749 21,465 23,877 Middle East 3,794 1,983 3,130 USA 102 155 258 Other regions 277 99 209 Total 265,454 287,153 303,795 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Summary of Carrying Amounts of Mineral Licenses and Property, Plant and Equipment Pertaining to Group's Major Operations | The majority of the Group’s non-current assets are located in Russia. The carrying amounts of mineral licenses, property, plant and equipment and right-of-use assets pertaining to the Group’s major operations were as follows: December 31, December 31, Russia 109,954 225,755 Germany 1,446 1,225 Austria 820 677 Czech Republic 247 237 Other 176 173 Total 112,643 228,067 |
Summary of Group's Revenues from External Customers by Major Products | Because of the significant number of customers, there are no individual external customers that generate sales greater than 10% of the Group’s consolidated total revenue from contracts with customers. The following table presents the breakdown of the Group’s revenues from contracts with external customers by major products: 2020 2019* 2018* Mining segment Coal and middlings* 54,324 62,518 71,305 Coke and chemical products 14,783 17,970 14,205 Iron ore concentrate 413 1,179 839 Other* 1,361 1,850 1,755 Total 70,881 83,517 88,104 Steel segment Long steel products 98,908 97,692 105,722 Hardware 25,971 27,086 30,040 Flat steel products 23,056 23,371 22,786 Forgings and stampings 8,451 14,818 15,848 Ferrosilicon 3,159 3,229 3,927 Steel pipes 3,380 3,281 3,230 Semi-finished steel products 181 137 54 Other 3,779 5,236 6,311 Total 166,885 174,850 187,918 Power segment Electricity* 26,306 27,030 26,009 Other* 1,382 1,756 1,764 Total 27,688 28,786 27,773 Total revenue 265,454 287,153 303,795 * These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Corporate Information - Summary
Corporate Information - Summary of Corporate Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Southern Kuzbass Coal Company (SKCC) [member] | Russia [member] | Coal mining [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 1999-01 |
Interest in voting stock held by the Group | 99.10% |
Chelyabinsk Metallurgical Plant (CMP) [member] | Russia [member] | Steel products [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2001-12 |
Interest in voting stock held by the Group | 93.70% |
Vyartsilya Metal Products Plant (VMPP) [member] | Russia [member] | Steel products [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2002-05 |
Interest in voting stock held by the Group | 93.30% |
Beloretsk Metallurgical Plant (BMP) [member] | Russia [member] | Steel products [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2002-06 |
Interest in voting stock held by the Group | 91.40% |
Urals Stampings Plant (USP) [member] | Russia [member] | Steel products [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2003-04 |
Interest in voting stock held by the Group | 90.00% |
Korshunov Mining Plant (KMP) [member] | Russia [member] | Iron ore mining [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2003-10 |
Interest in voting stock held by the Group | 90.00% |
Mechel Nemunas (MN) [member] | Lithuania [member] | Steel products [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2003-10 |
Interest in voting stock held by the Group | 100.00% |
Mechel Energo [member] | Russia [member] | Power sales [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2004-02 |
Interest in voting stock held by the Group | 100.00% |
Port Posiet [member] | Russia [member] | Transshipment [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2004-02 |
Interest in voting stock held by the Group | 97.80% |
Izhstal [member] | Russia [member] | Steel products [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2004-05 |
Interest in voting stock held by the Group | 90.00% |
Port Kambarka [member] | Russia [member] | Transshipment [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2005-04 |
Interest in voting stock held by the Group | 90.40% |
Mechel Service [member] | Russia [member] | Trading [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2005-05 |
Interest in voting stock held by the Group | 100.00% |
Mechel Coke [member] | Russia [member] | Coke production [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2006-06 |
Interest in voting stock held by the Group | 100.00% |
Moscow Coke and Gas Plant (Moskoks) [member] | Russia [member] | Coke production [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2006-10 |
Interest in voting stock held by the Group | 99.50% |
Southern Kuzbass Power Plant (SKPP) [member] | Russia [member] | Power generation [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2007-04 |
Interest in voting stock held by the Group | 98.30% |
Kuzbass Power Sales Company (KPSC) [member] | Russia [member] | Electricity distribution [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2007-06 |
Interest in voting stock held by the Group | 72.10% |
Bratsk Ferroalloy Plant (BFP) [member] | Russia [member] | Ferrosilicon production [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2007-08 |
Interest in voting stock held by the Group | 100.00% |
Yakutugol [member] | Russia [member] | Coal mining [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2007-10 |
Interest in voting stock held by the Group | 100.00% |
Port Temryuk [member] | Russia [member] | Transshipment [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2008-03 |
Interest in voting stock held by the Group | 100.00% |
Mechel Carbon AG [member] | Switzerland [member] | Trading [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2008-04 |
Interest in voting stock held by the Group | 100.00% |
HBL Holding GmbH (HBL) [member] | Germany [member] | Trading [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2008-09 |
Interest in voting stock held by the Group | 100.00% |
Mechel Service Stahlhandel Austria GmbH and its subsidiaries [member] | Austria [member] | Trading [member] | |
Disclosure of description of reporting entity [line items] | |
Date control acquired / date of incorporation | 2012-09 |
Interest in voting stock held by the Group | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Exchange Rates for the Functional and Operating Currencies (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. dollars [member] | |||
Disclosure of exchange rates for the functional and operating currencies at various subsidiaries other than the presentation currency [line items] | |||
Rates at | 73.88 | 61.91 | |
Average exchange rates | 72.15 | 64.74 | 62.71 |
Euro [member] | |||
Disclosure of exchange rates for the functional and operating currencies at various subsidiaries other than the presentation currency [line items] | |||
Rates at | 90.68 | 69.34 | |
Average exchange rates | 82.45 | 72.50 | 73.95 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Bottom of range [member] | Buildings and constructions [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 5 years |
Bottom of range [member] | Operating machinery and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 2 years |
Bottom of range [member] | Transportation vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 2 years |
Bottom of range [member] | Other equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 2 years |
Top of range [member] | Buildings and constructions [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 85 years |
Top of range [member] | Operating machinery and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 30 years |
Top of range [member] | Transportation vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 25 years |
Top of range [member] | Other equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail) - RUB (₽) | 12 Months Ended | 84 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line items] | ||||
Russian pension fund contribution rate for amount of salary above limit | 10.00% | |||
Russian pension fund contribution rate for amount of salary below limit | 22.00% | |||
Employee's annual income | ₽ 1,300,000 | |||
Non-taxable income right [member] | ||||
Summary Of Significant Accounting Policies [Line items] | ||||
Amount of non-taxable income of controlled foreign corporation | ₽ 10,000,000 | ₽ 10,000,000 | ₽ 10,000,000 | |
Bottom of range [member] | ||||
Summary Of Significant Accounting Policies [Line items] | ||||
Intangible assets useful lives | 2 years | |||
Bottom of range [member] | Land [member] | ||||
Summary Of Significant Accounting Policies [Line items] | ||||
Right of use assets useful life | 2 years | |||
Bottom of range [member] | Transfer pricing [member] | ||||
Summary Of Significant Accounting Policies [Line items] | ||||
Transaction with related party | ₽ 1,000,000,000 | ₽ 1,000,000,000 | ||
Percentage of controlling interest in foreign corporation to be recognized as controlled foreign corporation | 25.00% | |||
Bottom of range [member] | Transfer pricing [member] | Scenario [member] | ||||
Summary Of Significant Accounting Policies [Line items] | ||||
Percentage of controlling interest in foreign corporation to be recognized as controlled foreign corporation | 10.00% | |||
Top of range [member] | ||||
Summary Of Significant Accounting Policies [Line items] | ||||
Intangible assets useful lives | 25 years | |||
Top of range [member] | Land [member] | ||||
Summary Of Significant Accounting Policies [Line items] | ||||
Right of use assets useful life | 70 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Disclosure In Tabular Form Of Estimated Lives Of Right Of Use Assets Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Bottom of range [member] | Buildings and constructions [member] | |
Disclosure Of Estimated Useful Lives Of Right Of Use Assets [Line Items] | |
Right of use assets useful life | 2 years |
Bottom of range [member] | Operating machinery and equipment [member] | |
Disclosure Of Estimated Useful Lives Of Right Of Use Assets [Line Items] | |
Right of use assets useful life | 3 years |
Bottom of range [member] | Transportation vehicles [member] | |
Disclosure Of Estimated Useful Lives Of Right Of Use Assets [Line Items] | |
Right of use assets useful life | 2 years |
Top of range [member] | Buildings and constructions [member] | |
Disclosure Of Estimated Useful Lives Of Right Of Use Assets [Line Items] | |
Right of use assets useful life | 120 years |
Top of range [member] | Operating machinery and equipment [member] | |
Disclosure Of Estimated Useful Lives Of Right Of Use Assets [Line Items] | |
Right of use assets useful life | 20 years |
Top of range [member] | Transportation vehicles [member] | |
Disclosure Of Estimated Useful Lives Of Right Of Use Assets [Line Items] | |
Right of use assets useful life | 22 years |
Going Concern - Additional Info
Going Concern - Additional Information (Detail) - RUB (₽) ₽ in Millions | Apr. 21, 2020 | Apr. 30, 2020 | Dec. 31, 2020 |
Disclosure of going concern [line items] | |||
Percentage of stock granted for sale | 51.00% | ||
Amount of groups total liabilities exceeded total assets | ₽ 230,671 | ||
Borrowings, maturity | March 2027 with the option of further extension by three years more if the extension conditions are met | ||
On demand | 310,522 | ||
Long-term debt classified as short-term debt | ₽ 248,667 | ||
Other non-current financial liabilities | ₽ 49,418 | ||
Consideration paid by the buyer | ₽ 89,000 | ₽ 89,000 |
Material Partly-Owned Subsidi_3
Material Partly-Owned Subsidiaries - Summary of Financial Information of Subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Southern Kuzbass Coal Company (SKCC) and subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of equity interest held by non-controlling interests | 0.90% | 0.90% |
Kuzbass Power Sales Company (KPSC) [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of equity interest held by non-controlling interests | 27.90% | 27.90% |
Chelyabinsk Metallurgical Plant (CMP) [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of equity interest held by non-controlling interests | 6.30% | 5.80% |
Southern Urals Nickel Plant (SUNP) [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of equity interest held by non-controlling interests | 15.90% | 15.90% |
Beloretsk Metallurgical Plant (BMP) [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of equity interest held by non-controlling interests | 8.60% | 8.60% |
Korshunov Mining Plant (KMP) [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of equity interest held by non-controlling interests | 10.00% | 10.00% |
Urals Stampings Plant (USP) [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of equity interest held by non-controlling interests | 10.00% | 6.20% |
Izhstal [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of equity interest held by non-controlling interests | 10.00% | 10.00% |
Material Partly-Owned Subsidi_4
Material Partly-Owned Subsidiaries - Summary of Statements of Profit and Other Comprehensive Income (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | ₽ 265,454 | ₽ 287,153 | [1] | ₽ 303,795 | [1] |
Cost of sales | (170,605) | (183,086) | [1] | (174,058) | [1] |
Total other income and (expense), net | (57,550) | (15,212) | [1] | (27,596) | [1] |
(Loss) profit before tax | (37,625) | 18,988 | [1] | 23,550 | [1] |
Income tax (expense) benefit | (2,528) | (7,913) | [1] | (2,653) | [1] |
(Loss) profit for the period | 1,456 | 4,285 | [1] | 13,536 | [1] |
Total comprehensive (loss) income | 3,751 | 1,647 | [1] | 14,014 | [1] |
Attributable to non-controlling interests | 648 | 1,876 | [1] | 908 | [1] |
Southern Kuzbass Coal Company (SKCC) and subsidiaries [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | 26,664 | 35,059 | 32,251 | ||
Cost of sales | (21,521) | (21,667) | (18,123) | ||
Total selling, distribution and operating expenses, net | (16,303) | (7,264) | (9,064) | ||
Total other income and (expense), net | (16,021) | (233) | (4,514) | ||
(Loss) profit before tax | (27,181) | 5,895 | 550 | ||
Income tax (expense) benefit | 938 | (372) | (1,707) | ||
(Loss) profit for the period | (26,243) | 5,523 | (1,157) | ||
Total comprehensive (loss) income | (26,243) | 5,523 | (1,157) | ||
Attributable to non-controlling interests | (212) | 79 | 12 | ||
Kuzbass Power Sales Company (KPSC) [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | 24,002 | 24,624 | 24,084 | ||
Cost of sales | (11,546) | (12,479) | (12,077) | ||
Total selling, distribution and operating expenses, net | (11,255) | (11,531) | (11,894) | ||
Total other income and (expense), net | 251 | 209 | 343 | ||
(Loss) profit before tax | 1,452 | 823 | 456 | ||
Income tax (expense) benefit | (302) | (174) | (94) | ||
(Loss) profit for the period | 1,150 | 649 | 362 | ||
Total comprehensive (loss) income | 1,150 | 649 | 362 | ||
Attributable to non-controlling interests | 320 | 182 | 101 | ||
Chelyabinsk Metallurgical Plant (CMP) [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | 114,092 | 113,020 | 124,372 | ||
Cost of sales | (95,461) | (101,258) | (101,829) | ||
Total selling, distribution and operating expenses, net | (12,485) | (11,406) | (11,988) | ||
Total other income and (expense), net | (5,021) | 4,173 | (5,114) | ||
(Loss) profit before tax | 1,125 | 4,529 | 5,441 | ||
Income tax (expense) benefit | (373) | (551) | 1,443 | ||
(Loss) profit for the period | 752 | 3,978 | 6,884 | ||
Total comprehensive (loss) income | 752 | 3,978 | 6,884 | ||
Attributable to non-controlling interests | 76 | 231 | 345 | ||
Southern Urals Nickel Plant (SUNP) [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | 90 | 198 | 88 | ||
Cost of sales | (50) | (54) | (47) | ||
Total selling, distribution and operating expenses, net | (187) | (218) | (170) | ||
Total other income and (expense), net | 443 | 235 | 722 | ||
(Loss) profit before tax | 296 | 161 | 593 | ||
Income tax (expense) benefit | (67) | (37) | (115) | ||
(Loss) profit for the period | 229 | 124 | 478 | ||
Total comprehensive (loss) income | 229 | 124 | 478 | ||
Attributable to non-controlling interests | 36 | 20 | 76 | ||
Beloretsk Metallurgical Plant (BMP) [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | 21,673 | 22,061 | 25,899 | ||
Cost of sales | (18,860) | (19,263) | (24,095) | ||
Total selling, distribution and operating expenses, net | (2,123) | (1,749) | (1,867) | ||
Total other income and (expense), net | 278 | 41 | 1,034 | ||
(Loss) profit before tax | 968 | 1,090 | 971 | ||
Income tax (expense) benefit | (111) | (28) | (34) | ||
(Loss) profit for the period | 857 | 1,062 | 937 | ||
Total comprehensive (loss) income | 857 | 1,062 | 937 | ||
Attributable to non-controlling interests | 73 | 91 | 83 | ||
Korshunov Mining Plant (KMP) [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | 12,937 | 15,776 | 9,989 | ||
Cost of sales | (6,494) | (6,739) | (6,222) | ||
Total selling, distribution and operating expenses, net | (4,360) | (4,439) | (4,250) | ||
Total other income and (expense), net | 1,417 | 1,831 | 2,103 | ||
(Loss) profit before tax | 3,500 | 6,429 | 1,620 | ||
Income tax (expense) benefit | (182) | (271) | 46 | ||
(Loss) profit for the period | 3,318 | 6,158 | 1,666 | ||
Total comprehensive (loss) income | 3,318 | 6,158 | 1,666 | ||
Attributable to non-controlling interests | 330 | 613 | 166 | ||
Urals Stampings Plant (USP) [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | 10,219 | 17,231 | 16,549 | ||
Cost of sales | (8,196) | (12,330) | (13,131) | ||
Total selling, distribution and operating expenses, net | (1,240) | (1,157) | (1,099) | ||
Total other income and (expense), net | 1,837 | 1,633 | 2,090 | ||
(Loss) profit before tax | 2,620 | 5,377 | 4,409 | ||
Income tax (expense) benefit | 81 | (323) | (109) | ||
(Loss) profit for the period | 2,701 | 5,054 | 4,300 | ||
Total comprehensive (loss) income | 2,701 | 5,054 | 4,300 | ||
Attributable to non-controlling interests | 215 | 315 | 269 | ||
Izhstal [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Revenue from contracts with customers | 16,755 | 20,208 | 21,173 | ||
Cost of sales | (15,429) | (17,631) | (19,392) | ||
Total selling, distribution and operating expenses, net | (1,803) | 919 | (2,498) | ||
Total other income and (expense), net | (978) | (99) | (1,097) | ||
(Loss) profit before tax | (1,455) | 3,397 | (1,814) | ||
Income tax (expense) benefit | (255) | 97 | 228 | ||
(Loss) profit for the period | (1,710) | 3,494 | (1,586) | ||
Total comprehensive (loss) income | (1,710) | 3,494 | (1,586) | ||
Attributable to non-controlling interests | ₽ (173) | ₽ 348 | ₽ (154) | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Material Partly-Owned Subsidi_5
Material Partly-Owned Subsidiaries - Summary of Statements of Financial Position (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of subsidiaries [line items] | ||||
Current assets | ₽ 68,856 | ₽ 66,032 | ||
Non-current assets | 124,984 | 246,473 | ||
Current liabilities | (399,343) | (459,439) | ||
Non-current liabilities | (25,168) | (86,663) | ||
Total equity | (230,671) | (233,597) | ₽ (233,195) | ₽ (245,822) |
Attributable to: | ||||
Equity shareholders of Mechel PAO | (244,289) | (245,228) | ||
Non-controlling interests | 13,618 | 11,631 | ||
Southern Kuzbass Coal Company (SKCC) and subsidiaries [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 75,693 | 74,924 | ||
Non-current assets | 50,065 | 61,772 | ||
Current liabilities | (88,813) | (135,625) | ||
Non-current liabilities | (68,469) | (6,626) | ||
Total equity | 31,524 | 5,555 | ||
Attributable to: | ||||
Equity shareholders of Mechel PAO | 31,585 | 5,828 | ||
Non-controlling interests | (61) | (273) | ||
Kuzbass Power Sales Company (KPSC) [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 4,582 | 4,373 | ||
Non-current assets | 4,960 | 4,316 | ||
Current liabilities | (2,452) | (2,727) | ||
Non-current liabilities | (153) | (176) | ||
Total equity | (6,937) | (5,786) | ||
Attributable to: | ||||
Equity shareholders of Mechel PAO | (5,006) | (4,176) | ||
Non-controlling interests | (1,931) | (1,610) | ||
Chelyabinsk Metallurgical Plant (CMP) [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 66,066 | 46,448 | ||
Non-current assets | 220,598 | 170,004 | ||
Current liabilities | (222,009) | (177,585) | ||
Non-current liabilities | (27,780) | (2,757) | ||
Total equity | (36,875) | (36,110) | ||
Attributable to: | ||||
Equity shareholders of Mechel PAO | (34,534) | (34,021) | ||
Non-controlling interests | (2,341) | (2,089) | ||
Southern Urals Nickel Plant (SUNP) [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 2,259 | 3,301 | ||
Non-current assets | 5,879 | 4,556 | ||
Current liabilities | (97) | (93) | ||
Non-current liabilities | (659) | (610) | ||
Total equity | (7,382) | (7,154) | ||
Attributable to: | ||||
Equity shareholders of Mechel PAO | (6,210) | (6,019) | ||
Non-controlling interests | (1,172) | (1,135) | ||
Beloretsk Metallurgical Plant (BMP) [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 14,659 | 14,127 | ||
Non-current assets | 5,022 | 3,651 | ||
Current liabilities | (6,201) | (5,308) | ||
Non-current liabilities | (416) | (261) | ||
Total equity | (13,064) | (12,209) | ||
Attributable to: | ||||
Equity shareholders of Mechel PAO | (11,938) | (11,156) | ||
Non-controlling interests | (1,126) | (1,053) | ||
Korshunov Mining Plant (KMP) [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 14,658 | 20,413 | ||
Non-current assets | 32,797 | 23,484 | ||
Current liabilities | (3,346) | (3,001) | ||
Non-current liabilities | (995) | (1,098) | ||
Total equity | (43,114) | (39,798) | ||
Attributable to: | ||||
Equity shareholders of Mechel PAO | (38,822) | (35,836) | ||
Non-controlling interests | (4,292) | (3,962) | ||
Urals Stampings Plant (USP) [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 12,549 | 15,374 | ||
Non-current assets | 23,754 | 19,942 | ||
Current liabilities | (4,028) | (5,504) | ||
Non-current liabilities | (185) | (422) | ||
Total equity | (32,090) | (29,390) | ||
Attributable to: | ||||
Equity shareholders of Mechel PAO | (28,889) | (27,565) | ||
Non-controlling interests | (3,201) | (1,825) | ||
Izhstal [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Current assets | 4,674 | 4,049 | ||
Non-current assets | 3,811 | 4,405 | ||
Current liabilities | (12,873) | (10,153) | ||
Non-current liabilities | (1,663) | (2,634) | ||
Total equity | 6,051 | 4,333 | ||
Attributable to: | ||||
Equity shareholders of Mechel PAO | 5,452 | 3,908 | ||
Non-controlling interests | ₽ 599 | ₽ 425 |
Material Partly-Owned Subsidi_6
Material Partly-Owned Subsidiaries - Summary of Cash Flow Information (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | |||
Operating | ₽ 37,949 | ₽ 57,658 | ₽ 68,118 |
Investing | 84,383 | (5,921) | (5,647) |
Financing | (126,104) | (48,357) | (63,286) |
Increase (decrease) in cash and cash equivalents, net | (3,805) | 2,487 | (843) |
Southern Kuzbass Coal Company (SKCC) and subsidiaries [member] | |||
Disclosure of subsidiaries [line items] | |||
Operating | 8,718 | 12,043 | 13,152 |
Investing | 8,118 | (950) | 547 |
Financing | (16,903) | (10,945) | (13,651) |
Increase (decrease) in cash and cash equivalents, net | (67) | 148 | 48 |
Kuzbass Power Sales Company (KPSC) [member] | |||
Disclosure of subsidiaries [line items] | |||
Operating | 1,465 | 243 | 193 |
Investing | (749) | (58) | (97) |
Financing | (696) | (245) | (99) |
Increase (decrease) in cash and cash equivalents, net | 20 | (60) | (3) |
Chelyabinsk Metallurgical Plant (CMP) [member] | |||
Disclosure of subsidiaries [line items] | |||
Operating | (1,446) | 10,898 | 13,015 |
Investing | (30,413) | (3,522) | (76,283) |
Financing | 31,413 | (7,108) | 63,200 |
Increase (decrease) in cash and cash equivalents, net | (446) | 268 | (68) |
Southern Urals Nickel Plant (SUNP) [member] | |||
Disclosure of subsidiaries [line items] | |||
Operating | (183) | (146) | (264) |
Investing | 217 | 163 | 264 |
Financing | (34) | (17) | |
Beloretsk Metallurgical Plant (BMP) [member] | |||
Disclosure of subsidiaries [line items] | |||
Operating | 1,441 | (2,482) | (1,891) |
Investing | (1,407) | 2,685 | 1,870 |
Financing | (344) | 505 | (169) |
Increase (decrease) in cash and cash equivalents, net | (310) | 708 | (190) |
Korshunov Mining Plant (KMP) [member] | |||
Disclosure of subsidiaries [line items] | |||
Operating | 6,647 | 2,867 | 1,325 |
Investing | (6,409) | (2,627) | (1,003) |
Financing | (238) | (240) | (322) |
Urals Stampings Plant (USP) [member] | |||
Disclosure of subsidiaries [line items] | |||
Operating | 3,538 | 1,375 | 3,950 |
Investing | (3,497) | (912) | (1,163) |
Financing | (235) | (199) | (2,829) |
Increase (decrease) in cash and cash equivalents, net | (194) | 264 | (42) |
Izhstal [member] | |||
Disclosure of subsidiaries [line items] | |||
Operating | 1,531 | 2,839 | 1,647 |
Investing | (72) | (72) | (89) |
Financing | (1,487) | (2,741) | (1,604) |
Increase (decrease) in cash and cash equivalents, net | ₽ (28) | ₽ 26 | ₽ (46) |
Investments in Associates - Sum
Investments in Associates - Summary of Investments in Associates (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | ||||
Investment carrying value | ₽ 341 | ₽ 321 | ₽ 293 | ₽ 283 |
TPTU (Mining segment) [member] | ||||
Disclosure of associates [line items] | ||||
Percent of shares held | 40.00% | 40.00% | ||
Investment carrying value | ₽ 219 | ₽ 208 | 189 | 184 |
TRMZ (Mining segment) [member] | ||||
Disclosure of associates [line items] | ||||
Percent of shares held | 25.00% | 25.00% | ||
Investment carrying value | ₽ 122 | ₽ 113 | ₽ 104 | ₽ 99 |
Investments in Associates - S_2
Investments in Associates - Summary of Movements of Financial Instruments (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of associates [line items] | |||
Beginning of period | ₽ 321 | ₽ 293 | ₽ 283 |
Share of (loss) profit | 20 | 28 | 10 |
End of period | 341 | 321 | 293 |
TPTU (Mining segment) [member] | |||
Disclosure of associates [line items] | |||
Beginning of period | 208 | 189 | 184 |
Share of (loss) profit | 11 | 19 | 5 |
End of period | 219 | 208 | 189 |
TRMZ (Mining segment) [member] | |||
Disclosure of associates [line items] | |||
Beginning of period | 113 | 104 | 99 |
Share of (loss) profit | 9 | 9 | 5 |
End of period | ₽ 122 | ₽ 113 | ₽ 104 |
Related Party Disclosures - Sum
Related Party Disclosures - Summary of Transactions with Related Parties (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Purchases | ₽ 1,555 | ₽ 1,014 | ₽ 401 |
Sales | 398 | 282 | 155 |
Other loss (income) | 142 | 138 | (42) |
Financial assets from and advances given to | 147 | 107 | |
Financial liabilities to | (1,585) | (969) | |
Total outstanding, net | (1,438) | (862) | |
Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 104 | 110 | 121 |
Sales | 62 | 98 | 103 |
Other loss (income) | 0 | (33) | |
Financial assets from and advances given to | 7 | 7 | |
Financial liabilities to | (20) | (6) | |
Total outstanding, net | (13) | 1 | |
Controlling shareholders and entities under control of the Group's controlling shareholders [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 1,451 | 904 | 280 |
Sales | 336 | 184 | 52 |
Other loss (income) | 142 | 138 | ₽ (9) |
Financial assets from and advances given to | 140 | 100 | |
Financial liabilities to | (1,565) | (963) | |
Total outstanding, net | ₽ (1,425) | ₽ (863) |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) - RUB (₽) ₽ in Millions | Sep. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of transactions between related parties [line items] | ||||
Purchases of energy and electricity | ₽ 1,265 | ₽ 692 | ||
Short term employee benefits | 602 | 592 | ₽ 561 | |
Share based payments | 0 | |||
Number of shares purchased | 6,419,753 | |||
Purchase of own ordinary shares | ₽ 517 | |||
Current lease liabilities | 7,535 | 10,353 | ||
Non-current lease liabilities | 3,958 | 7,002 | ||
Controlling shareholders and entities under control of the Group's controlling shareholders [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amounts receivables | 24,391 | 24,391 | ||
Cash balance at bank | 382 | 1,509 | ||
Trade and other payables | 1,088 | 456 | ||
Current lease liabilities | 76 | 94 | ||
Non-current lease liabilities | ₽ 421 | ₽ 419 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Comparison By Class of Carrying Amount and Fair Value of Group Financial Instruments (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of fair value measurement of liabilities [line items] | ||
Fair value | ₽ 294,576 | ₽ 421,179 |
Carrying amount | 318,938 | 436,825 |
Level 2 of fair value hierarchy [member] | Floating rate loans and borrowings [member] | Financial liabilities measured at amortised cost [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Fair value | 284,427 | 357,276 |
Carrying amount | 308,657 | 370,312 |
Level 2 of fair value hierarchy [member] | Fixed rate loans and borrowings [member] | Financial liabilities measured at amortised cost [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Fair value | 5,734 | 11,169 |
Carrying amount | 5,907 | 11,727 |
Level 2 of fair value hierarchy [member] | Other non-current financial liabilities [member] | Financial liabilities measured at amortised cost [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Fair value | 1,919 | 46,200 |
Carrying amount | 1,901 | 48,303 |
Level 1 of fair value hierarchy [member] | Bond [member] | Financial liabilities measured at amortised cost [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Fair value | 2,496 | 6,534 |
Carrying amount | ₽ 2,473 | ₽ 6,483 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of fair value measurement of assets [abstract] | |||
Trade receivables at fair value | ₽ 1,115 | ₽ 459 | |
Gain for fair value adjustments | ₽ 29 | ||
Loss for fair value adjustments | ₽ 420 | ₽ 815 |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities - Schedule of Principal and Interest Amounts Outstanding for Loans and Bonds (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||
Long term debt | ₽ 2,201 | ₽ 7,205 |
Short term borrowings and current portion of long Term Debt | 314,836 | 381,317 |
Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current part of long-term loans and borrowings | (298,794) | (368,335) |
Long term debt | 2,201 | 7,205 |
Short-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current portion of long-term debt | 298,794 | 368,335 |
Interest payable | 9,750 | 9,014 |
Fines and penalties on overdue amounts | 3,477 | 2,097 |
Short term borrowings and current portion of long Term Debt | ₽ 314,836 | ₽ 381,317 |
Russian rubles [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Weighted average interest rate for the period | 5.80% | 7.90% |
Russian rubles [member] | Short-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Weighted average interest rate for the period | 5.80% | 7.80% |
Russian rubles [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long term debt | ₽ 158,969 | ₽ 239,659 |
Russian rubles [member] | Banks and financial institutions [member] | Short-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.80% | 7.80% |
Short term borrowings and current portion of long Term Debt | ₽ 2,644 | ₽ 1,347 |
Russian rubles [member] | Bonds Issue [Member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long term debt | ₽ 2,432 | ₽ 6,370 |
Russian rubles [member] | Corporate lenders [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 9.30% | 9.30% |
Long term debt | ₽ 47 | ₽ 43 |
Russian rubles [member] | Bottom of range [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.00% | 1.00% |
Russian rubles [member] | Bottom of range [member] | Bonds Issue [Member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 7.90% | 8.00% |
Russian rubles [member] | Top of range [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 6.90% | 9.80% |
Russian rubles [member] | Top of range [member] | Bonds Issue [Member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 8.80% | 11.90% |
U.S. dollars [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Weighted average interest rate for the period | 7.20% | 8.40% |
U.S. dollars [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long term debt | ₽ 29,576 | ₽ 44,725 |
U.S. dollars [member] | Bottom of range [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 7.10% | 3.20% |
U.S. dollars [member] | Top of range [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 7.20% | 9.00% |
Euro [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Weighted average interest rate for the period | 4.70% | 4.80% |
Euro [member] | Short-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Weighted average interest rate for the period | 1.80% | 1.90% |
Euro [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long term debt | ₽ 109,971 | ₽ 84,743 |
Euro [member] | Banks and financial institutions [member] | Short-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Short term borrowings and current portion of long Term Debt | ₽ 171 | ₽ 524 |
Euro [member] | Bottom of range [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 0.30% | 0.80% |
Euro [member] | Bottom of range [member] | Banks and financial institutions [member] | Short-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.70% | 1.70% |
Euro [member] | Top of range [member] | Banks and financial institutions [member] | Local long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 5.70% | 7.00% |
Euro [member] | Top of range [member] | Banks and financial institutions [member] | Short-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings interest rate | 1.80% | 1.90% |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities - Scheduled Maturities of the Debt Outstanding (Detail) ₽ in Millions | Dec. 31, 2020RUB (₽) |
Disclosure of detailed information about borrowings [abstract] | |
On demand | ₽ 310,522 |
2021 (current portion) | 4,314 |
2022 | 2,101 |
2023 | 17 |
2024 | 17 |
2025 | 63 |
Thereafter | 3 |
Total | ₽ 317,037 |
Financial Assets and Financia_5
Financial Assets and Financial Liabilities - Additional Information (Detail) $ in Thousands, ₽ in Millions | Oct. 31, 2020RUB (₽) | Mar. 31, 2020RUB (₽) | Dec. 31, 2020RUB (₽)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) | Dec. 31, 2018RUB (₽) | Dec. 31, 2020USD ($)shares | Apr. 30, 2020RUB (₽) | Jun. 30, 2019RUB (₽) | Nov. 10, 2011RUB (₽) | Nov. 10, 2011USD ($) | ||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Carrying value of property, plant and equipment pledged | ₽ 21,522 | ₽ 116,717 | ||||||||||||
Carrying value of inventories pledged | 2,253 | 2,931 | ||||||||||||
Accounts receivable pledged | ₽ 145 | 179 | ||||||||||||
Information about restrictions or covenants | The covenants include, among other things, limitations on: (1) raising of additional borrowings; (2) payment of dividends on common and preferred shares; and (3) amounts that can be spent for capital expenditures, new investments and acquisitions. | The covenants include, among other things, limitations on: (1) raising of additional borrowings; (2) payment of dividends on common and preferred shares; and (3) amounts that can be spent for capital expenditures, new investments and acquisitions. | ||||||||||||
Accounts receivable | ₽ 21,863 | 21,262 | ||||||||||||
Contractual credit period for sales of goods | 30 days | 30 days | ||||||||||||
Loan amount | ₽ 7,992 | 7,992 | ₽ 28,433 | $ 944,530 | ||||||||||
Fair value of pledged assets | 0 | 0 | ||||||||||||
Loan partially written off | 2,250 | $ 34,929 | ||||||||||||
Other non-current financial liabilitiesderecognised upon the Elga coal complex disposal | ₽ 49,418 | |||||||||||||
Finance cost | 25,145 | 33,863 | [1] | ₽ 37,514 | [1] | |||||||||
Amount reclassified to short term lease liability | 4,345 | 5,480 | ||||||||||||
Expense relating to short-term leases | 322 | 1,536 | ||||||||||||
The total cash outflow for leases | 3,841 | 5,404 | ||||||||||||
Commitments for short-term leases | 104 | 62 | ||||||||||||
Gains (losses) arising from sale and leaseback transactions | 2,584 | ₽ 344 | ||||||||||||
Railway Carriage Leases [Member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Increase of Right-of-use assets | ₽ 4,862 | |||||||||||||
Increase of Lease Liabilities | ₽ 4,862 | |||||||||||||
Non-cash offset settlement of lease liabilities | ₽ 1,490 | |||||||||||||
Interest rate risk [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of interest rate risk | 98.00% | 97.00% | 98.00% | |||||||||||
Central Bank of Russia rate [member] | Interest rate risk [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of interest rate risk | 51.00% | 65.00% | 51.00% | |||||||||||
Others [member] | Interest rate risk [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of interest rate risk | 47.00% | 32.00% | 47.00% | |||||||||||
Gazprombank [member] | Key rate of Central Bank of Russia [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Discount rate adjustment on key rate of central bank of Russia to estimate present value of consideration to be transferred up on exercise of put option | 2.00% | 2.00% | ||||||||||||
Russian Railways JSC [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Accounts receivable | ₽ 0 | |||||||||||||
Increase of Lease Liabilities | ₽ 2,519 | |||||||||||||
Yakutugol [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 99.00% | 99.00% | ||||||||||||
Shares pledged by subsidiaries | shares | (2) | (2) | ||||||||||||
Southern Kuzbass Coal Company (SKCC) [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 95.00% | 95.00% | ||||||||||||
Shares pledged by subsidiaries | shares | 3 | 3 | ||||||||||||
Chelyabinsk Metallurgical Plant (CMP) [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 91.66% | 91.66% | ||||||||||||
Pledged rights to receive future revenues or payments related to the contract with Russian Railways JSC | ₽ 7,388 | $ 100,000 | ||||||||||||
Beloretsk Metallurgical Plant (BMP) [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 50.00% | 50.00% | ||||||||||||
Shares pledged by subsidiaries | shares | 2 | 2 | ||||||||||||
Korshunov Mining Plant (KMP) [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 50.00% | 50.00% | ||||||||||||
Shares pledged by subsidiaries | shares | 2 | 2 | ||||||||||||
Mechel Mining [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 87.50% | 87.50% | ||||||||||||
Shares pledged by subsidiaries | shares | 3 | 3 | ||||||||||||
Urals Stampings Plant (USP) [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 74.00% | 74.00% | ||||||||||||
Shares pledged by subsidiaries | shares | 1 | 1 | ||||||||||||
Izhstal [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 25.00% | 25.00% | ||||||||||||
Shares pledged by subsidiaries | shares | 1 | 1 | ||||||||||||
Port Posiet [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 25.00% | 25.00% | ||||||||||||
Shares pledged by subsidiaries | shares | 1 | 1 | ||||||||||||
Bratsk Ferroalloy Plant (BFP) [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 25.00% | 25.00% | ||||||||||||
Port Temryuk [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 25.00% | 25.00% | ||||||||||||
Mechel PAO [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of shares pledged by subsidiaries | 1.95% | 1.95% | ||||||||||||
Put option [member] | Gazprombank [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Other non-current financial liabilitiesderecognised upon the Elga coal complex disposal | ₽ 48,201 | ₽ 49,418 | ||||||||||||
Finance cost | ₽ 1,217 | 4,145 | ₽ 3,796 | |||||||||||
Bottom of range [member] | Russian Railways JSC [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Lease term | 7 years | |||||||||||||
Top of range [member] | Russian Railways JSC [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Lease term | 10 years | |||||||||||||
Minimum [Member] | Railway Carriage Leases [Member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Decrease of Right-of-use assets | ₽ 999 | |||||||||||||
Decrease Of Lease Liabilities | ₽ 999 | |||||||||||||
U.S. dollars [member] | US Dollar Denominated Loans [Member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Loans with financial and non-financial covenants holiday period until February 28, 2021 | ₽ 18,135 | $ 245,000 | ||||||||||||
U.S. dollars [member] | Currency risk [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of foreign currency risk on sales | 23.00% | 23.00% | ||||||||||||
Percentage of foreign currency risk on borrowings | 12.00% | 12.00% | ||||||||||||
Euro [member] | Currency risk [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Percentage of foreign currency risk on sales | 13.00% | 13.00% | ||||||||||||
Percentage of foreign currency risk on borrowings | 36.00% | 36.00% | ||||||||||||
Russian rubles [member] | New Ruble Denominated Loans [Member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
New ruble-denominated loans for repayment of VTB credit facilities | ₽ 58,507 | |||||||||||||
Not later than one year [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Future Lease Payments | ₽ 9 | |||||||||||||
Later than one year and not later than five years [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Future Lease Payments | 25 | |||||||||||||
Later than five years [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Future Lease Payments | 5 | |||||||||||||
Credit facility [member] | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
The unused portion under all credit facilities eхсеpt revolving credit lines and overdrafts | ₽ 653 | ₽ 514 | ||||||||||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Financial Assets and Financia_6
Financial Assets and Financial Liabilities - Summary of Outstanding Balances of Principal Amount of Short-Term and Long-Term Debt by Denominated Currencies and Major Banks (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | ₽ 303,810 | ₽ 377,411 |
Russian rubles [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 164,092 | 247,419 |
U.S. dollars [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 29,576 | 44,725 |
Euro [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 110,142 | 85,267 |
Gazprombank [member] | Russian rubles [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 97,505 | 139,971 |
VTB [member] | Russian rubles [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 63,313 | 99,411 |
VTB [member] | U.S. dollars [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 18,135 | 27,256 |
VTB [member] | Euro [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 85,898 | 66,145 |
Bonds [member] | Russian rubles [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 2,432 | 6,370 |
Other banks [member] | Russian rubles [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 842 | 1,667 |
Other banks [member] | U.S. dollars [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 882 | |
Other banks [member] | Euro [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 2,618 | 5,233 |
BNP [member] | U.S. dollars [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 11,441 | 9,587 |
BNP [member] | Euro [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 18,036 | 13,793 |
VEB [member] | U.S. dollars [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | 7,000 | |
Wiltan Enterprises Ltd [member] | Euro [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total short-term and long-term debt | ₽ 3,590 | ₽ 96 |
Financial Assets and Financia_7
Financial Assets and Financial Liabilities - VTB Facilities - Additional Information (Detail) ₽ in Millions, € in Millions, $ in Millions | Apr. 30, 2020RUB (₽) | Apr. 30, 2020 | Dec. 31, 2020RUB (₽) | Dec. 31, 2019RUB (₽) | Dec. 31, 2018RUB (₽) | [1] | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Oct. 31, 2020RUB (₽) | Sep. 30, 2020RUB (₽) | Jul. 31, 2020RUB (₽) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | ₽ 303,810 | ₽ 377,411 | ||||||||||
Finance income | 3,504 | 590 | [1] | ₽ 33,943 | ||||||||
Borrowings, maturity | March 2027 with the option of further extension by three years more if the extension conditions are met | |||||||||||
VTB US dollar denominated credit facilities [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Credit Facility Available Amount | 1,349 | $ 18 | ||||||||||
VTB New ruble denominated credit facilities [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | ₽ 870 | |||||||||||
VTB [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Consideration received | ₽ 51,113 | |||||||||||
VTB [member] | VTB New ruble denominated credit facilities [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | ₽ 2,500 | ₽ 5,000 | ||||||||||
Russian rubles [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | 164,092 | 247,419 | ||||||||||
Russian rubles [member] | VTB New ruble denominated credit facilities [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | ₽ 58,507 | |||||||||||
Russian rubles [member] | VTB [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | ₽ 63,313 | 99,411 | ||||||||||
Russian rubles [member] | VTB [member] | Bottom of range [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings interest rate | 3.70% | 3.70% | 3.70% | |||||||||
Russian rubles [member] | VTB [member] | Top of range [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings interest rate | 5.80% | 5.80% | 5.80% | |||||||||
U.S. dollars [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | ₽ 29,576 | 44,725 | ||||||||||
U.S. dollars [member] | VTB [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | 18,135 | 27,256 | ||||||||||
Euro [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | 110,142 | 85,267 | ||||||||||
Euro [member] | VTB [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | ₽ 85,898 | 66,145 | ||||||||||
Euro [member] | VTB [member] | Bottom of range [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings interest rate | 5.30% | 5.30% | 5.30% | |||||||||
Euro [member] | VTB [member] | Top of range [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings interest rate | 5.70% | 5.70% | 5.70% | |||||||||
VTB facilities [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Finance income | ₽ 2,796 | |||||||||||
VTB facilities [member] | Maturity 2027 with a further extension until 2030 [member] | Pre-export facility [member] | Euro Denominated Contracts [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | 81,318 | € 897 | ||||||||||
VTB facilities [member] | Russian rubles [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | 63,313 | 99,411 | ||||||||||
VTB facilities [member] | U.S. dollars [member] | VTB [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Outstanding balance of borrowings | ₽ 18,135 | ₽ 27,256 | ||||||||||
Borrowings interest rate | 7.20% | 7.20% | 7.20% | |||||||||
US dollar denominated facilities of SKCC [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Maximum amount of borrowings | ₽ 24,157 | $ 327 | ||||||||||
Borrowings, maturity | Until 2027 with a further extension until 2030 | |||||||||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Financial Assets and Financia_8
Financial Assets and Financial Liabilities - Gazprombank Facilities - Additional Information (Detail) - RUB (₽) ₽ in Millions | May 31, 2020 | Apr. 30, 2020 | Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||||
Outstanding balance of borrowings | ₽ 303,810 | ₽ 377,411 | |||
Borrowings, maturity | March 2027 with the option of further extension by three years more if the extension conditions are met | ||||
Russian rubles [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Outstanding balance of borrowings | 164,092 | 247,419 | |||
Gazprombank [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loans and borrowings restructured, including interest payable | ₽ 101,459 | ₽ 101,459 | |||
Gazprombank [member] | Russian rubles [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Outstanding balance of borrowings | ₽ 97,505 | ₽ 139,971 | |||
Borrowings interest rate | 5.80% | ||||
Ruble Denominated [Member] | Gazprombank [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, maturity | until 2027 with a further extension of the final repayment period until 2030 | until 2027 | |||
Consideration received | ₽ 37,887 |
Financial Assets and Financia_9
Financial Assets and Financial Liabilities - VEB Facility - Additional Information (Detail) $ in Thousands, ₽ in Millions | Dec. 31, 2020RUB (₽) | Dec. 31, 2019RUB (₽) | Dec. 31, 2019USD ($) |
Disclosure of detailed information about borrowings [line items] | |||
Balance under credit facility | ₽ 303,810 | ₽ 377,411 | |
VEB [member] | Elgaugol [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance under credit facility | ₽ 7,000 | $ 113,069 |
Financial Assets and Financi_10
Financial Assets and Financial Liabilities - Bonds - Additional Information (Detail) - Parent [member] - Russian rubles [member] | 12 Months Ended | 36 Months Ended |
Dec. 31, 2020 | Dec. 31, 2011RUB (₽)Bonds | |
Disclosure of detailed information about borrowings [line items] | ||
Number of bonds in one issue | Bonds | 5,000,000 | |
Principal amount of bonds | ₽ | ₽ 40,000,000,000 | |
Maturity date of bonds | between February 2020 and July 2021. | |
Bottom of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate of bonds | 7.90% | |
Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate of bonds | 8.80% |
Financial Assets and Financi_11
Financial Assets and Financial Liabilities - Other Loans - Additional Information (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of detailed information about borrowings [line items] | |||||
Finance costs including fines and penalties on overdue loans and borrowings and finance leases payments | ₽ 25,145 | ₽ 33,863 | [1] | ₽ 37,514 | [1] |
Long-term debt classified as short-term debt | 248,667 | ||||
Other loans [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
The unused portion under the revolving credit lines and overdrafts | 3,981 | ||||
Overdue principal amount | 30,835 | 25,354 | |||
Overdue interest payable | 2,000 | 1,563 | |||
Fines and penalty on overdue amount | 3,477 | 2,097 | |||
Finance costs including fines and penalties on overdue loans and borrowings and finance leases payments | 1,080 | ₽ 733 | ₽ 847 | ||
Revolving credit agreements and overdrafts for working capital financing | ₽ 7,832 | ||||
Bottom of range [member] | Other loans [member] | Revolving credit agreements and overdrafts [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate on borrowings | 1.30% | ||||
Top of range [member] | Other loans [member] | Revolving credit agreements and overdrafts [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate on borrowings | 6.90% | ||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Financial Assets and Financi_12
Financial Assets and Financial Liabilities - Schedule of Information About Ratios Under Most Significant Loan Agreements with the Russian State-Owned Banks (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Group's Adjusted EBITDA to Net Interest Expense [member] | Bottom of range [member] | |
Disclosure of covenant ratios [line items] | |
Requirement ratio | 200.00% |
Actual ratio | 167.00% |
Group's Adjusted EBITDA to Consolidated Financial Expense [member] | Bottom of range [member] | |
Disclosure of covenant ratios [line items] | |
Requirement ratio | 200.00% |
Actual ratio | 164.00% |
Group's Net Debt to Adjusted EBITDA [member] | Top of range [member] | |
Disclosure of covenant ratios [line items] | |
Requirement ratio | 600.00% |
Actual ratio | 805.00% |
Group's Total Debt to Adjusted EBITDA [member] | Top of range [member] | |
Disclosure of covenant ratios [line items] | |
Requirement ratio | 600.00% |
Actual ratio | 808.00% |
Group's Cash flow from operating activities to Adjusted EBITDA [member] | Bottom of range [member] | |
Disclosure of covenant ratios [line items] | |
Requirement ratio | 80.00% |
Actual ratio | 90.00% |
Group's Adjusted EBITDA to Revenue [member] | Bottom of range [member] | |
Disclosure of covenant ratios [line items] | |
Requirement ratio | 15.00% |
Actual ratio | 15.00% |
Financial Assets and Financi_13
Financial Assets and Financial Liabilities - Schedule of carrying amounts of right-of-use assets recognised movements (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | ₽ 17,728 | ₽ 10,112 |
Adjustment on initial application of IFRS 16 | 2,698 | |
Additions as a result of new leases and capitalized leasehold improvements | 2,078 | 7,936 |
Depreciation, right-of-use assets | (3,831) | (3,001) |
Effect of modification and changes of estimates in lease contracts | (1,137) | 594 |
Discontinued operations (Note 25) | (1,647) | |
Impairment loss recognised in profit or loss right-of-use assets | (400) | (454) |
Transfer to own property, plant and equipment | (33) | (115) |
Exchange differences on translation of foreign operations | 82 | (42) |
Ending balance | 12,840 | 17,728 |
Land [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 1,978 | |
Adjustment on initial application of IFRS 16 | 1,932 | |
Additions as a result of new leases and capitalized leasehold improvements | 41 | 54 |
Depreciation, right-of-use assets | (67) | (72) |
Effect of modification and changes of estimates in lease contracts | (265) | 137 |
Discontinued operations (Note 25) | (511) | |
Impairment loss recognised in profit or loss right-of-use assets | (16) | (72) |
Exchange differences on translation of foreign operations | 5 | (1) |
Ending balance | 1,165 | 1,978 |
Buildings and constructions [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 1,061 | |
Adjustment on initial application of IFRS 16 | 681 | |
Additions as a result of new leases and capitalized leasehold improvements | 70 | 537 |
Depreciation, right-of-use assets | (266) | (138) |
Effect of modification and changes of estimates in lease contracts | 153 | 4 |
Discontinued operations (Note 25) | (13) | |
Exchange differences on translation of foreign operations | 46 | (23) |
Ending balance | 1,051 | 1,061 |
Operating machinery and equipment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 763 | 643 |
Adjustment on initial application of IFRS 16 | 73 | |
Additions as a result of new leases and capitalized leasehold improvements | 163 | 257 |
Depreciation, right-of-use assets | (191) | (204) |
Effect of modification and changes of estimates in lease contracts | 5 | 142 |
Impairment loss recognised in profit or loss right-of-use assets | (81) | (19) |
Transfer to own property, plant and equipment | (29) | (114) |
Exchange differences on translation of foreign operations | 25 | (15) |
Ending balance | 655 | 763 |
Transportation vehicles [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 13,926 | 9,469 |
Adjustment on initial application of IFRS 16 | 12 | |
Additions as a result of new leases and capitalized leasehold improvements | 1,804 | 7,088 |
Depreciation, right-of-use assets | (3,307) | (2,587) |
Effect of modification and changes of estimates in lease contracts | (1,030) | 311 |
Discontinued operations (Note 25) | (1,123) | |
Impairment loss recognised in profit or loss right-of-use assets | (303) | (363) |
Transfer to own property, plant and equipment | (4) | (1) |
Exchange differences on translation of foreign operations | 6 | (3) |
Ending balance | ₽ 9,969 | ₽ 13,926 |
Financial Assets and Financi_14
Financial Assets and Financial Liabilities - Summary of the Carrying Amounts of Lease Liabilities and the Movements (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about lease Abstract [Abstract] | ||
Lease liabilities as of January 1 | ₽ 17,355 | ₽ 8,293 |
Adjustment on initial application of IFRS 16 | 3,259 | |
Additions as a result of new leases | 573 | 7,372 |
Effect of modification and changes of estimates in lease contracts | (1,155) | 608 |
Interest expense | 1,088 | 1,409 |
Lease payments | (5,031) | (3,488) |
Discontinued operations (Note 25) | (1,448) | |
Exchange differences on translation of foreign operations | 99 | (34) |
Other | 12 | (64) |
Lease liabilities as of December 31 | ₽ 11,493 | ₽ 17,355 |
Financial Assets and Financi_15
Financial Assets and Financial Liabilities - Schedule of Information About Remaining Contractual Maturities of Non-derivative Financial Liabilities (Detail) - Non-derivative financial liabilities category [member] - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detail information about remaining contractual maturities of non derivative financial liabilities [line items] | ||
Loans and borrowings, including interest payable | ₽ 318,217 | ₽ 389,230 |
Lease liabilities | 19,483 | 30,304 |
Trade and other payables | 40,351 | 34,852 |
Other financial liabilities | 3,173 | 54,545 |
On demand [member] | ||
Disclosure of detail information about remaining contractual maturities of non derivative financial liabilities [line items] | ||
Loans and borrowings, including interest payable | 311,673 | 373,799 |
Lease liabilities | 6,329 | 8,802 |
Trade and other payables | 27,226 | 20,210 |
Payable in 1 year [member] | ||
Disclosure of detail information about remaining contractual maturities of non derivative financial liabilities [line items] | ||
Loans and borrowings, including interest payable | 4,333 | 7,998 |
Lease liabilities | 2,521 | 3,992 |
Trade and other payables | 13,125 | 14,642 |
Other financial liabilities | 488 | |
Payable in 2 years [member] | ||
Disclosure of detail information about remaining contractual maturities of non derivative financial liabilities [line items] | ||
Loans and borrowings, including interest payable | 2,109 | 5,024 |
Lease liabilities | 1,299 | 3,122 |
Other financial liabilities | 487 | 54,450 |
Payable in 3 years [member] | ||
Disclosure of detail information about remaining contractual maturities of non derivative financial liabilities [line items] | ||
Loans and borrowings, including interest payable | 18 | 2,325 |
Lease liabilities | 672 | 1,230 |
Other financial liabilities | 481 | 38 |
Payable in 4 years [member] | ||
Disclosure of detail information about remaining contractual maturities of non derivative financial liabilities [line items] | ||
Loans and borrowings, including interest payable | 18 | 14 |
Lease liabilities | 475 | 643 |
Other financial liabilities | 445 | 38 |
Payable later than 4 years [member] | ||
Disclosure of detail information about remaining contractual maturities of non derivative financial liabilities [line items] | ||
Loans and borrowings, including interest payable | 66 | 70 |
Lease liabilities | 8,187 | 12,515 |
Other financial liabilities | ₽ 1,272 | ₽ 19 |
Financial Assets and Financi_16
Financial Assets and Financial Liabilities - Schedule of Information About Maximum Exposure to Credit Risk Arising From Financial Assets (Detail) - Credit risk [member] - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about maximum exposure to credit risk arising from financial assets [line items] | ||
Restricted cash (excluding cash on hand) | ₽ 284 | ₽ 147 |
Cash deposits | 320 | 1,074 |
Trade and other receivables | 16,442 | 15,442 |
Other financial assets | 370 | 382 |
Total | 17,416 | 17,045 |
Promissory notes [member] | ||
Disclosure of detailed information about maximum exposure to credit risk arising from financial assets [line items] | ||
Other financial assets | 0 | |
Loans issued [member] | ||
Disclosure of detailed information about maximum exposure to credit risk arising from financial assets [line items] | ||
Other financial assets | 354 | 368 |
Bonds [member] | ||
Disclosure of detailed information about maximum exposure to credit risk arising from financial assets [line items] | ||
Other financial assets | ₽ 16 | ₽ 14 |
Financial Assets and Financi_17
Financial Assets and Financial Liabilities - USD Denominated Assets and Liabilities Represented in RUB (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about maximum exposure to credit risk arising from financial assets [line items] | ||||
Current assets | ₽ 68,856 | ₽ 66,032 | ||
Trade and other receivables | 16,403 | 15,340 | ||
Cash and cash equivalents | 1,706 | 3,509 | ₽ 1,803 | ₽ 2,452 |
Non-current liabilities | (25,168) | (86,663) | ||
Loans and borrowings | (2,201) | (7,205) | ||
Current liabilities | (399,343) | (459,439) | ||
Short-term loans and borrowings | (314,836) | (381,317) | ||
Trade and other payables | (43,783) | (38,244) | ||
Currency risk [member] | U.S. dollars [member] | ||||
Disclosure of detailed information about maximum exposure to credit risk arising from financial assets [line items] | ||||
Current assets | 215 | 639 | ||
Trade and other receivables | 74 | 172 | ||
Cash and cash equivalents | 141 | 467 | ||
Non-current liabilities | (4,667) | |||
Loans and borrowings | 0 | (4,667) | ||
Current liabilities | (40,342) | (41,047) | ||
Short-term loans and borrowings | (38,041) | (38,861) | ||
Trade and other payables | ₽ (2,301) | ₽ (2,186) |
Financial Assets and Financi_18
Financial Assets and Financial Liabilities - EUR Denominated Assets and Liabilities Represented in RUB (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about maximum exposure to credit risk arising from financial assets [line items] | ||||
Current assets | ₽ 68,856 | ₽ 66,032 | ||
Trade and other receivables | 16,403 | 15,340 | ||
Cash and cash equivalents | 1,706 | 3,509 | ₽ 1,803 | ₽ 2,452 |
Non-current liabilities | (25,168) | (86,663) | ||
Loans and borrowings | (2,201) | (7,205) | ||
Lease liabilities | (3,958) | (7,002) | ||
Current liabilities | (399,343) | (459,439) | ||
Short-term loans and borrowings | (314,836) | (381,317) | ||
Trade and other payables | (43,783) | (38,244) | ||
Lease liabilities | (7,535) | (10,353) | ||
Currency risk [member] | Euro [member] | ||||
Disclosure of detailed information about maximum exposure to credit risk arising from financial assets [line items] | ||||
Current assets | 555 | 171 | ||
Trade and other receivables | 470 | 63 | ||
Cash and cash equivalents | 85 | 108 | ||
Non-current liabilities | (2,173) | (148) | ||
Loans and borrowings | (2,084) | |||
Lease liabilities | (89) | (148) | ||
Current liabilities | (113,510) | (88,794) | ||
Short-term loans and borrowings | (110,359) | (86,213) | ||
Trade and other payables | (3,025) | (2,499) | ||
Lease liabilities | ₽ (126) | ₽ (82) |
Financial Assets and Financi_19
Financial Assets and Financial Liabilities - Schedule of Information About Sensitivity to Devaluation (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. dollars [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase in exchange rate | 16.00% | 13.00% | 14.00% |
Decrease in exchange rate | 16.00% | 11.00% | 14.00% |
Effect on profit before tax, decrease | ₽ (6,420) | ₽ (5,860) | ₽ (7,672) |
Effect on profit before tax, increase | ₽ 6,420 | ₽ 4,958 | ₽ 7,672 |
Euro [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase in exchange rate | 16.00% | 13.00% | 14.00% |
Decrease in exchange rate | 16.00% | 11.00% | 14.00% |
Effect on profit before tax, decrease | ₽ (18,420) | ₽ (11,540) | ₽ (14,098) |
Effect on profit before tax, increase | ₽ 18,420 | ₽ 9,765 | ₽ 14,098 |
Financial Assets and Financi_20
Financial Assets and Financial Liabilities - Schedule of Information About Sensitivity to Change of Floating Rates (Detail) - Interest rate risk [member] - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Key rate of the Central Bank of Russia [member] | |||
Disclosure of detailed information about sensitivity to change of floating rates [line items] | |||
Decrease in profit before tax based on floating rates | ₽ (2,387) | ₽ (3,116) | ₽ (1,922) |
Increase in profit before tax based on floating rates | ₽ 1,592 | ₽ 3,116 | ₽ 2,563 |
Percentage of increase in floating rate | 1.50% | 1.25% | 0.75% |
Percentage of decrease in floating rate | 1.00% | 1.25% | 1.00% |
LIBOR [member] | |||
Disclosure of detailed information about sensitivity to change of floating rates [line items] | |||
Decrease in profit before tax based on floating rates | ₽ (361) | ₽ (145) | ₽ (226) |
Increase in profit before tax based on floating rates | ₽ 90 | ₽ 145 | ₽ 68 |
Percentage of increase in floating rate | 1.00% | 0.35% | 0.50% |
Percentage of decrease in floating rate | 0.25% | 0.35% | 0.15% |
EURIBOR [member] | |||
Disclosure of detailed information about sensitivity to change of floating rates [line items] | |||
Decrease in profit before tax based on floating rates | ₽ (225) | ₽ (126) | ₽ (190) |
Increase in profit before tax based on floating rates | ₽ 225 | ₽ 126 | ₽ 9 |
Percentage of increase in floating rate | 0.20% | 0.15% | 0.20% |
Percentage of decrease in floating rate | 0.20% | 0.15% | 0.01% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [abstract] | ||
Raw materials | ₽ 13,178 | ₽ 13,643 |
Work in progress | 9,655 | 8,565 |
Finished goods and goods for resale | 19,305 | 17,565 |
Total inventories at the lower of cost and net realisable value | ₽ 42,138 | ₽ 39,773 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories [Line Items] | |||
Amount of write-down of inventories to net realisable value | ₽ 796 | ₽ 1,628 | ₽ 756 |
Inventories recognized as expense | 147,513 | 158,528 | ₽ 149,719 |
Raw Coal Inventory [Member] | |||
Inventories [Line Items] | |||
Sale proceeds from raw coal inventory included in finished goods | ₽ 2,825 | ₽ 2,312 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables Net (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables [line items] | ||
Trade receivables | ₽ 21,863 | ₽ 21,262 |
Less allowance for expected credit losses on trade receivables | (5,984) | (6,200) |
Total trade receivables, net | 15,879 | 15,062 |
Other receivables | 4,035 | 2,933 |
Less allowance for expected credit losses on other receivables | (3,511) | (2,655) |
Total other receivables, net | 524 | 278 |
Total accounts receivable, net | 16,403 | 15,340 |
Domestic customers [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | 18,104 | 18,251 |
Foreign customers [member] | ||
Trade and other receivables [line items] | ||
Trade receivables | ₽ 3,759 | ₽ 3,011 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and Other Receivables [line items] | ||
Contract Assets Current | ₽ 188 | ₽ 0 |
Current trade receivables provisional pricing | ₽ 1,115 | ₽ 459 |
Trade and Other Receivables -_2
Trade and Other Receivables - Summary of Credit Risk Exposure on Trade Receivables (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables [line items] | ||
Trade receivable | ₽ 20,748 | ₽ 20,803 |
Expected credit losses | (5,984) | (6,200) |
Current [member] | ||
Trade and other receivables [line items] | ||
Trade receivable | 11,088 | 11,585 |
Expected credit losses | (253) | (169) |
30 days [member] | ||
Trade and other receivables [line items] | ||
Trade receivable | 2,442 | 2,023 |
Expected credit losses | (103) | (59) |
31-60 days [member] | ||
Trade and other receivables [line items] | ||
Trade receivable | 590 | 502 |
Expected credit losses | (129) | (99) |
61-90 days [member] | ||
Trade and other receivables [line items] | ||
Trade receivable | 430 | 352 |
Expected credit losses | (121) | (126) |
91-180 days [member] | ||
Trade and other receivables [line items] | ||
Trade receivable | 385 | 444 |
Expected credit losses | (88) | (134) |
181-365 days [member] | ||
Trade and other receivables [line items] | ||
Trade receivable | 547 | 659 |
Expected credit losses | (175) | (565) |
1 year [member] | ||
Trade and other receivables [line items] | ||
Trade receivable | 5,266 | 5,238 |
Expected credit losses | ₽ (5,115) | ₽ (5,048) |
Trade and Other Receivables -_3
Trade and Other Receivables - Summary of Movements in Allowance for Expected Credit Losses on Trade and Other Receivables (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Beginning balance | ₽ 8,855 | ₽ 9,837 | ₽ 9,083 |
Charge | 177 | 226 | 791 |
Utilised amounts | (653) | (800) | (575) |
Discontinued operations | (2) | ||
Exchange rate difference | 1,118 | (408) | 538 |
Ending balance | ₽ 9,495 | ₽ 8,855 | ₽ 9,837 |
Other Current and Non-Current_3
Other Current and Non-Current Assets - Schedule of Other Current and Non Current Assets (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other current assets | ||
Prepayments and advances | ₽ 4,428 | ₽ 2,930 |
Input, recoverable and deferred VAT and other taxes recoverable | 3,875 | 3,970 |
Other current assets | 120 | 82 |
Total prepayments and other current assets | 8,423 | 6,982 |
Other non-current assets | ||
Deferred assets from sale and lease back | 176 | 208 |
Other non-current assets | 435 | 345 |
Total other non-current assets | ₽ 611 | ₽ 553 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of cash and cash equivalents [line items] | ||||
Cash on hand | ₽ 5 | ₽ 6 | ||
Total cash and cash equivalents | 1,771 | 3,602 | ||
Less allowance for expected credit loss | (65) | (93) | ||
Total cash and cash equivalents, net | 1,706 | 3,509 | ₽ 1,803 | ₽ 2,452 |
Russian rubles [member] | ||||
Disclosure of cash and cash equivalents [line items] | ||||
Cash at banks | 849 | 1,715 | ||
U.S. dollars [member] | ||||
Disclosure of cash and cash equivalents [line items] | ||||
Cash at banks | 358 | 1,081 | ||
Euro [member] | ||||
Disclosure of cash and cash equivalents [line items] | ||||
Cash at banks | 415 | 640 | ||
Other currencies [member] | ||||
Disclosure of cash and cash equivalents [line items] | ||||
Cash at banks | ₽ 144 | ₽ 160 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [line items] | |||
Bank overdrafts deducted from cash and cash equivalents | ₽ 2,644 | ₽ 642 | |
Dividends paid | 295 | 1,531 | ₽ 1,394 |
Sale and purchase of non-controlling interest in subsidiaries | 169 | 0 | 0 |
Fines and penalties on overdue leases | 0 | 39 | 10 |
Interest accrued | 23,369 | 33,159 | 36,660 |
Effect of restructuring of loans | 3,204 | 25 | 33,514 |
New lease agreements | 573 | 11,234 | 1,675 |
Repurchase of common shares | 844 | 0 | ₽ 0 |
Credit risk [member] | |||
Statement [line items] | |||
Short-term deposits | ₽ 320 | 1,074 | |
Adoption of IFRS 16 [Member] | |||
Statement [line items] | |||
New lease agreements | ₽ 3,259 |
Cash and Cash Equivalents - Rec
Cash and Cash Equivalents - Reconciliation Between the Changes in Liabilities Arising from Financing Activities (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial liabilities [line items] | |||
Beginning of period | ₽ 436,825 | ||
Foreign exchange movement | 37,765 | ₽ (19,241) | ₽ 25,775 |
End of period | 318,938 | 436,825 | |
Loans and Borrowings [member] | |||
Disclosure of financial liabilities [line items] | |||
Beginning of period | 388,522 | 418,832 | 439,893 |
Cash flows | (121,363) | (42,831) | (52,951) |
Foreign exchange movement | 34,053 | (17,636) | 24,167 |
Gain on sale of the discontinued operations | (8,031) | ||
Other changes, including interest | 23,856 | 30,157 | 7,723 |
End of period | 317,037 | 388,522 | 418,832 |
Lease liabilities [member] | |||
Disclosure of financial liabilities [line items] | |||
Beginning of period | 17,355 | 8,293 | 9,354 |
Cash flows | (3,541) | (3,488) | (3,892) |
Foreign exchange movement | 60 | (38) | 83 |
Non-cash offset | (1,490) | ||
Gain on sale of the discontinued operations | (1,448) | ||
Other changes, including interest | 557 | 12,588 | 2,748 |
End of period | 11,493 | 17,355 | 8,293 |
Deferred payments for acquisition of assets [member] | |||
Disclosure of financial liabilities [line items] | |||
Beginning of period | 1,151 | 1,430 | 1,680 |
Cash flows | (508) | (341) | (629) |
Gain on sale of the discontinued operations | (443) | ||
Other changes, including interest | (88) | 62 | 379 |
End of period | 112 | 1,151 | 1,430 |
Effects of sale and lease back transaction [member] | |||
Disclosure of financial liabilities [line items] | |||
Beginning of period | 248 | 0 | |
Cash flows | 278 | 234 | |
Non-cash offset | 1,490 | ||
Other changes, including interest | 183 | 14 | |
End of period | 2,199 | 248 | 0 |
Put option of Gazprombank [member] | |||
Disclosure of financial liabilities [line items] | |||
Beginning of period | 48,201 | 44,056 | 40,260 |
Gain on sale of the discontinued operations | (49,418) | ||
Other changes, including interest | 1,217 | 4,145 | 3,796 |
End of period | 0 | 48,201 | 44,056 |
Other current financial liabilities [member] | |||
Disclosure of financial liabilities [line items] | |||
Beginning of period | 0 | 734 | |
Cash flows | (442) | ||
Changes in fair value | (292) | ||
End of period | 0 | ||
Deferred consideration paid for the acquisition of subsidiaries in prior periods [member] | |||
Disclosure of financial liabilities [line items] | |||
Beginning of period | ₽ 0 | 381 | 4,010 |
Cash flows | (361) | (3,968) | |
Foreign exchange movement | (20) | 339 | |
End of period | ₽ 0 | ₽ 381 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | ₽ 179,264 | ₽ 189,879 | ₽ 197,875 |
Property, plant and equipment, ending balance | 81,345 | 179,264 | 189,879 |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 2,770 | 2,826 | 2,803 |
Property, plant and equipment, ending balance | 2,893 | 2,770 | 2,826 |
Buildings and constructions [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 37,511 | 36,784 | 40,538 |
Property, plant and equipment, ending balance | 34,902 | 37,511 | 36,784 |
Operating machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 31,894 | 33,520 | 36,766 |
Property, plant and equipment, ending balance | 29,767 | 31,894 | 33,520 |
Transportation vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 2,447 | 12,349 | 13,093 |
Property, plant and equipment, ending balance | 2,213 | 2,447 | 12,349 |
Other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 279 | 287 | 199 |
Property, plant and equipment, ending balance | 185 | 279 | 287 |
Construction in-progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 18,974 | 19,666 | 17,912 |
Property, plant and equipment, ending balance | 6,233 | 18,974 | 19,666 |
Mining plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 10,848 | 10,333 | 12,565 |
Property, plant and equipment, ending balance | 5,152 | 10,848 | 10,333 |
Railway Ulak-Elga [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 74,541 | 74,114 | 73,999 |
Property, plant and equipment, ending balance | 74,541 | 74,114 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 340,187 | 351,950 | 344,803 |
Transfer to right-of-use assets on initial application of IFRS 16 | (16,302) | ||
Additions | 7,263 | 8,892 | 11,474 |
Change in rehabilitation provision | 200 | 1,163 | (289) |
Transfer to own property, plant and equipment | 62 | 847 | |
Discontinued operations (Note 25) | (109,974) | ||
Disposals | (4,817) | (5,732) | (4,725) |
Exchange differences | 1,331 | (631) | 687 |
Property, plant and equipment, ending balance | 234,252 | 340,187 | 351,950 |
Gross carrying amount [member] | Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 2,824 | 2,941 | 3,095 |
Additions | 9 | ||
Transfers | 1 | (9) | 1 |
Disposals | (47) | (24) | (255) |
Exchange differences | 169 | (84) | 91 |
Property, plant and equipment, ending balance | 2,947 | 2,824 | 2,941 |
Gross carrying amount [member] | Buildings and constructions [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 83,337 | 80,751 | 80,813 |
Additions | 26 | 27 | 10 |
Change in rehabilitation provision | 30 | 456 | (187) |
Transfers | 4,106 | 2,606 | 487 |
Discontinued operations (Note 25) | (11,804) | ||
Disposals | (377) | (240) | (649) |
Exchange differences | 553 | (263) | 277 |
Property, plant and equipment, ending balance | 75,871 | 83,337 | 80,751 |
Gross carrying amount [member] | Operating machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 122,068 | 121,328 | 117,638 |
Transfer to right-of-use assets on initial application of IFRS 16 | (1,745) | ||
Additions | 1,332 | 1,180 | 2,423 |
Transfers | 5,521 | 3,176 | 2,750 |
Transfer to own property, plant and equipment | 57 | 752 | |
Discontinued operations (Note 25) | (4,887) | ||
Disposals | (1,981) | (2,400) | (1,734) |
Exchange differences | 487 | (223) | 251 |
Property, plant and equipment, ending balance | 122,597 | 122,068 | 121,328 |
Gross carrying amount [member] | Transportation vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 15,768 | 31,760 | 30,831 |
Transfer to right-of-use assets on initial application of IFRS 16 | (14,557) | ||
Additions | 413 | 282 | 2,048 |
Transfers | 117 | 262 | 251 |
Transfer to own property, plant and equipment | 5 | 95 | |
Discontinued operations (Note 25) | (2,379) | ||
Disposals | (954) | (2,045) | (1,410) |
Exchange differences | 73 | (29) | 40 |
Property, plant and equipment, ending balance | 13,043 | 15,768 | 31,760 |
Gross carrying amount [member] | Other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 1,163 | 1,172 | 996 |
Additions | 41 | 33 | 83 |
Transfers | 20 | 21 | 97 |
Discontinued operations (Note 25) | (153) | ||
Disposals | (35) | (33) | (32) |
Exchange differences | 48 | (30) | 28 |
Property, plant and equipment, ending balance | 1,084 | 1,163 | 1,172 |
Gross carrying amount [member] | Construction in-progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 21,476 | 21,888 | 19,645 |
Additions | 5,442 | 7,332 | 6,851 |
Transfers | (9,772) | (6,752) | (4,099) |
Discontinued operations (Note 25) | (9,044) | ||
Disposals | (449) | (990) | (509) |
Exchange differences | 1 | (2) | |
Property, plant and equipment, ending balance | 7,654 | 21,476 | 21,888 |
Gross carrying amount [member] | Mining plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 17,627 | 16,908 | 16,977 |
Additions | 9 | 38 | 50 |
Change in rehabilitation provision | 170 | 707 | (102) |
Transfers | 7 | (26) | 119 |
Discontinued operations (Note 25) | (5,783) | ||
Disposals | (974) | (136) | |
Property, plant and equipment, ending balance | 11,056 | 17,627 | 16,908 |
Gross carrying amount [member] | Railway Ulak-Elga [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | 75,924 | 75,202 | 74,808 |
Transfers | 722 | 394 | |
Discontinued operations (Note 25) | (75,924) | ||
Property, plant and equipment, ending balance | 75,924 | 75,202 | |
Depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (160,923) | (162,071) | (146,928) |
Transfer to right-of-use assets on initial application of IFRS 16 | 6,190 | ||
Depreciation charge | (9,758) | (10,961) | (13,634) |
Transfer to own property, plant and equipment | (29) | (732) | 0 |
Discontinued operations (Note 25) | 14,563 | ||
Disposals | 4,227 | 4,490 | 3,687 |
Reversal of impairment/ (impairment) | (173) | 1,795 | (4,840) |
Exchange differences | (814) | 366 | (356) |
Property, plant and equipment, ending balance | (152,907) | (160,923) | (162,071) |
Depreciation, amortisation and impairment [member] | Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (54) | (115) | (292) |
Disposals | 22 | 223 | |
Reversal of impairment/ (impairment) | 36 | (43) | |
Exchange differences | 3 | (3) | |
Property, plant and equipment, ending balance | (54) | (54) | (115) |
Depreciation, amortisation and impairment [member] | Buildings and constructions [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (45,826) | (43,967) | (40,275) |
Depreciation charge | (2,695) | (2,781) | (3,550) |
Transfers | (399) | (19) | (150) |
Discontinued operations (Note 25) | 7,934 | ||
Disposals | 302 | 193 | 437 |
Reversal of impairment/ (impairment) | (25) | 634 | (319) |
Exchange differences | (260) | 114 | (110) |
Property, plant and equipment, ending balance | (40,969) | (45,826) | (43,967) |
Depreciation, amortisation and impairment [member] | Operating machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (90,174) | (87,808) | (80,872) |
Transfer to right-of-use assets on initial application of IFRS 16 | 1,102 | ||
Depreciation charge | (6,212) | (6,764) | (7,273) |
Transfers | (537) | (103) | (35) |
Transfer to own property, plant and equipment | (28) | (638) | |
Discontinued operations (Note 25) | 2,744 | ||
Disposals | 1,842 | 2,228 | 1,628 |
Reversal of impairment/ (impairment) | (37) | 1,617 | (1,065) |
Exchange differences | (428) | 192 | (191) |
Property, plant and equipment, ending balance | (92,830) | (90,174) | (87,808) |
Depreciation, amortisation and impairment [member] | Transportation vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (13,321) | (19,411) | (17,738) |
Transfer to right-of-use assets on initial application of IFRS 16 | 5,088 | ||
Depreciation charge | (583) | (882) | (2,253) |
Transfers | (30) | (43) | 5 |
Transfer to own property, plant and equipment | (1) | (94) | |
Discontinued operations (Note 25) | 2,240 | ||
Disposals | 948 | 1,996 | 1,312 |
Reversal of impairment/ (impairment) | (9) | (709) | |
Exchange differences | (83) | 34 | (28) |
Property, plant and equipment, ending balance | (10,830) | (13,321) | (19,411) |
Depreciation, amortisation and impairment [member] | Other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (884) | (885) | (797) |
Depreciation charge | (51) | (53) | (99) |
Transfers | (2) | 1 | 23 |
Discontinued operations (Note 25) | 78 | ||
Disposals | 2 | 21 | 27 |
Reversal of impairment/ (impairment) | 9 | (15) | |
Exchange differences | (42) | 23 | (24) |
Property, plant and equipment, ending balance | (899) | (884) | (885) |
Depreciation, amortisation and impairment [member] | Construction in-progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (2,502) | (2,222) | (1,733) |
Transfers | 986 | 163 | 24 |
Disposals | 200 | 30 | 23 |
Reversal of impairment/ (impairment) | (105) | (473) | (536) |
Property, plant and equipment, ending balance | (1,421) | (2,502) | (2,222) |
Depreciation, amortisation and impairment [member] | Mining plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (6,779) | (6,575) | (4,412) |
Depreciation charge | (144) | (186) | (180) |
Transfers | (18) | 1 | 133 |
Discontinued operations (Note 25) | 111 | ||
Disposals | 933 | 37 | |
Reversal of impairment/ (impairment) | (6) | (19) | (2,153) |
Exchange differences | (1) | ||
Property, plant and equipment, ending balance | (5,904) | (6,779) | (6,575) |
Depreciation, amortisation and impairment [member] | Railway Ulak-Elga [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, beginning balance | (1,383) | (1,088) | (809) |
Depreciation charge | (73) | (295) | (279) |
Discontinued operations (Note 25) | ₽ 1,456 | ||
Property, plant and equipment, ending balance | ₽ (1,383) | ₽ (1,088) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Construction in progress | ₽ 299 | ₽ 277 | |
Borrowings costs capitalised | ₽ 66 | ₽ 309 | ₽ 492 |
Capitalisation rate of borrowing costs eligible for capitalisation | 7.13% | 8.57% | 8.55% |
Contractual commitments to acquire property plant and equipment | ₽ 9,300 | ₽ 10,506 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | ₽ 12,843 | ₽ 16,039 | ₽ 18,331 |
Ending balance | 9,609 | 12,843 | 16,039 |
Goodwill [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 32,911 | 32,968 | 32,878 |
Exchange differences on translation of foreign operations | 90 | (57) | 90 |
Ending balance | 33,001 | 32,911 | 32,968 |
Goodwill [member] | Depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (20,068) | (16,929) | (14,547) |
Impairment | (3,324) | (3,139) | (2,382) |
Ending balance | (23,392) | (20,068) | (16,929) |
Mineral licenses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 31,075 | 32,068 | 33,240 |
Ending balance | 18,458 | 31,075 | 32,068 |
Mineral licenses [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 55,618 | 55,618 | 55,618 |
Disposal | (1,023) | ||
Discontinued operations (Note 25) | (11,823) | ||
Ending balance | 42,772 | 55,618 | 55,618 |
Mineral licenses [member] | Depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (24,543) | (23,550) | (22,378) |
Impairment | (6) | ||
Amortisation | (921) | (987) | (1,172) |
Disposal | 1,023 | ||
Discontinued operations (Note 25) | 127 | ||
Ending balance | (24,314) | (24,543) | (23,550) |
Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 809 | 844 | 880 |
Ending balance | 774 | 809 | 844 |
Other intangible assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 880 | 880 | 880 |
Ending balance | 880 | 880 | 880 |
Other intangible assets [member] | Depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (71) | (36) | |
Amortisation | (35) | (35) | (36) |
Ending balance | ₽ (106) | ₽ (71) | ₽ (36) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about intangible assets [line items] | ||
Contractual commitments to acquire intangible assets | ₽ 0 | ₽ 0 |
Impairment of Goodwill and Ot_3
Impairment of Goodwill and Other Non-Current Assets - Summary of Goodwill Acquired Through Business Combinations Allocated to CGUs for Impairment Testing (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Yakutugol [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Goodwill | ₽ 6,935 | ₽ 10,259 |
Gross carrying amount [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Goodwill | 12,932 | 15,982 |
Gross carrying amount [member] | Yakutugol [member] | Mining segment [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Goodwill | 10,259 | 13,399 |
Gross carrying amount [member] | Kuzbass Power Sales Company (KPSC) [member] | Power segment [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Goodwill | 1,026 | 1,026 |
Gross carrying amount [member] | Port Posiet [member] | Mining segment [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Goodwill | 756 | 756 |
Gross carrying amount [member] | Chelyabinsk Metallurgical Plant (CMP) [member] | Steel segment [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Goodwill | 679 | 589 |
Gross carrying amount [member] | Southern Kuzbass Coal Company (SKCC) [member] | Mining segment [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Goodwill | 143 | 143 |
Gross carrying amount [member] | Port Temryuk [member] | Mining segment [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Goodwill | ₽ 69 | ₽ 69 |
Impairment of Goodwill and Ot_4
Impairment of Goodwill and Other Non-Current Assets - Additional Information (Detail) ₽ in Millions | 12 Months Ended | |||||
Dec. 31, 2020RUB (₽)Segment | Dec. 31, 2019RUB (₽) | Dec. 31, 2018RUB (₽) | Dec. 31, 2017RUB (₽) | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Impairment loss recognised in profit or loss | ₽ 3,897 | ₽ 1,804 | [1] | ₽ 7,222 | [1] | |
Carrying value of the property, plant and equipment and right-of-use assets | ₽ 81,345 | 179,264 | 189,879 | ₽ 197,875 | ||
Percentage decrease in future planned revenue | 3.00% | |||||
Reversal of impairment | 2,611 | |||||
Right-of-use assets | ₽ 12,840 | 17,728 | 10,112 | |||
Steel segment [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Number of cash generating units | Segment | 3 | |||||
Mining segment [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Number of cash generating units | Segment | 5 | |||||
Power segment [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Number of cash generating units | Segment | 2 | |||||
Korshunov mining plant KMP [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Impairment loss recognised in profit or loss | ₽ 505 | 549 | 1,151 | |||
Carrying value of the property, plant and equipment and right-of-use assets | 0 | |||||
Right-of-use assets | ₽ 0 | |||||
Bratsk Ferroalloy Plant (BFP) [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Impairment loss recognised in profit or loss | 727 | |||||
Carrying value of the property, plant and equipment and right-of-use assets | 702 | |||||
Percentage decrease in sales prices | 1.60% | |||||
Excess of recoverable amount over carrying amount | ₽ 901 | |||||
Izhstal [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Percentage decrease in sales prices | 1.30% | |||||
Excess of recoverable amount over carrying amount | ₽ 2,889 | |||||
Reversal of impairment | 2,611 | |||||
Izhstal [member] | Steel segment [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Impairment of PP&E and right-of-use assets | 781 | |||||
Carrying value of the property, plant and equipment and right-of-use assets | 4,199 | 1,799 | ||||
Reversal of impairment | 2,611 | |||||
Southern Kuzbass Power Plant (SKPP) [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Goodwill written down | 2,382 | |||||
Impairment loss on goodwill | 2,382 | |||||
Impairment loss recognised in profit or loss | 337 | |||||
Carrying value of the property, plant and equipment and right-of-use assets | ₽ 1,889 | |||||
Percentage decrease in sales prices | 0.20% | |||||
Excess of recoverable amount over carrying amount | ₽ 117 | |||||
Percentage increase in discount rate | 0.50% | |||||
Percentage decrease in growth rate | 0.60% | |||||
Southern Kuzbass Coal Company (SKCC) [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Percentage decrease in sales prices | 3.30% | |||||
Excess of recoverable amount over carrying amount | ₽ 12,101 | |||||
Percentage increase in discount rate | 2.10% | |||||
Yakutugol [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Impairment loss on goodwill | ₽ 3,324 | 3,139 | ||||
Additional Impairment of goodwill | 3,606 | |||||
Goodwill | ₽ 6,935 | ₽ 10,259 | ||||
Percentage increase in discount rate | 1.00% | |||||
Additional impairment of goodwill | ₽ 1,481 | |||||
Additional impairment of goodwill | ₽ 1,329 | |||||
Percentage decrease in annual production volumes | 20.00% | |||||
Bottom of range [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Terminal growth rate | 2.70% | |||||
Top of range [member] | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Terminal growth rate | 3.90% | |||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Impairment of Goodwill and Ot_5
Impairment of Goodwill and Other Non-Current Assets - Summary of Inflation and Discount Rates, Range of Discount Rates, Estimated for Each Year for Forecasted Period (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Payable in 1 year [member] | Bottom of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 10.40% | 10.00% |
Payable in 1 year [member] | Top of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 17.10% | 14.90% |
Payable in 1 year [member] | Russia [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 4.40% | 3.70% |
Payable in 1 year [member] | Europeans countries [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 3.00% | 3.10% |
Payable in 2 years [member] | Bottom of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 10.40% | 10.00% |
Payable in 2 years [member] | Top of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 17.10% | 14.90% |
Payable in 2 years [member] | Russia [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 3.70% | 3.40% |
Payable in 2 years [member] | Europeans countries [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 2.90% | 2.70% |
Payable in 3 years [member] | Bottom of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 10.40% | 10.00% |
Payable in 3 years [member] | Top of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 17.10% | 14.90% |
Payable in 3 years [member] | Russia [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 3.80% | 3.80% |
Payable in 3 years [member] | Europeans countries [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 2.80% | 2.80% |
Payable in 4 years [member] | Bottom of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 10.40% | 10.00% |
Payable in 4 years [member] | Top of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 17.10% | 14.90% |
Payable in 4 years [member] | Russia [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 3.80% | 3.80% |
Payable in 4 years [member] | Europeans countries [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 2.80% | 2.80% |
Payable in 5 years [member] | Bottom of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 10.40% | 10.00% |
Payable in 5 years [member] | Top of range [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Pre-tax discount rate, % | 17.10% | 14.90% |
Payable in 5 years [member] | Russia [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 3.80% | 3.80% |
Payable in 5 years [member] | Europeans countries [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Inflation rate | 2.80% | 2.90% |
Impairment of goodwill and ot_6
Impairment of goodwill and other non-current assets - Summary of Assumptions On Prices In Respect Of Products Sold In Cash Generating Unit (Detail) | 12 Months Ended |
Dec. 31, 2020RUB (₽) | |
Chelyabinsk Metallurgical Plant (CMP) [member] | Steel [member] | Rails [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | ₽ 43,000 |
Chelyabinsk Metallurgical Plant (CMP) [member] | Steel [member] | Rails [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 48,000 |
Chelyabinsk Metallurgical Plant (CMP) [member] | Steel [member] | Rebar [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 30,000 |
Chelyabinsk Metallurgical Plant (CMP) [member] | Steel [member] | Rebar [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 32,000 |
Chelyabinsk Metallurgical Plant (CMP) [member] | Steel [member] | Billets [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 26,000 |
Chelyabinsk Metallurgical Plant (CMP) [member] | Steel [member] | Billets [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 28,000 |
Izhstal [member] | Steel [member] | Billets [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 62,000 |
Izhstal [member] | Steel [member] | Billets [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 64,000 |
Izhstal [member] | Steel [member] | Long Products [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 57,000 |
Izhstal [member] | Steel [member] | Long Products [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 61,000 |
Yakutugol [member] | Mining [member] | Coking Coal [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 3,500 |
Yakutugol [member] | Mining [member] | Coking Coal [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 3,500 |
Yakutugol [member] | Mining [member] | Steam Coal [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 1,300 |
Yakutugol [member] | Mining [member] | Steam Coal [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 2,400 |
Southern Kuzbass Coal Company (SKCC) [member] | Mining [member] | Coking Coal [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 4,000 |
Southern Kuzbass Coal Company (SKCC) [member] | Mining [member] | Coking Coal [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 4,400 |
Southern Kuzbass Coal Company (SKCC) [member] | Mining [member] | Steam Coal [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 800 |
Southern Kuzbass Coal Company (SKCC) [member] | Mining [member] | Steam Coal [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 1,000 |
Southern Kuzbass Coal Company (SKCC) [member] | Mining [member] | Anthracite [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 3,100 |
Southern Kuzbass Coal Company (SKCC) [member] | Mining [member] | Anthracite [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 3,200 |
Bratsk Ferroalloy Plant (BFP) [member] | Steel [member] | Ferrosilicon [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 62,000 |
Bratsk Ferroalloy Plant (BFP) [member] | Steel [member] | Ferrosilicon [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 72,000 |
Kuzbass Power Sales Company [member] | Power [member] | Electricity [member] | Bottom of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | 3,100 |
Kuzbass Power Sales Company [member] | Power [member] | Electricity [member] | Top of range [member] | |
Disclosure of assumptions on prices in respect of products sold in cash generating unit [line items] | |
Range of sales prices | ₽ 3,600 |
Impairment of Goodwill and Ot_7
Impairment of Goodwill and Other Non-Current Assets - Summary of Impairment Analysis and Impairment Loss (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | ₽ 3,897 | ₽ 1,804 | [1] | ₽ 7,222 | [1] |
Bratsk Ferroalloy Plant (BFP) [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | 727 | ||||
Korshunov mining plant KMP [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | 505 | 549 | 1,151 | ||
Southern Kuzbass Power Plant (SKPP) [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | 337 | ||||
Others [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | 68 | ||||
Cash generating units [member] | Impairment of non current assets [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | ₽ 573 | ₽ 1,276 | 2,269 | ||
Cash generating units [member] | Korshunov mining plant KMP [member] | Impairment of non current assets [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | 1,151 | ||||
Cash generating units [member] | Izhstal [member] | Impairment of non current assets [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | 781 | ||||
Cash generating units [member] | Southern Kuzbass Power Plant (SKPP) [member] | Impairment of non current assets [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified as a result of impairment tests | ₽ 337 | ||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Impairment of Goodwill and Ot_8
Impairment of Goodwill and Other Non-Current Assets - Summary of Carrying Value of Individual Items of Assets (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified for individual items of assets | ₽ 3,897 | ₽ 1,804 | ₽ 7,222 | [1] | |
Individual assets [member] | Impairment of non current assets [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified for individual items of assets | 2,571 | ||||
Individual assets [member] | Southern Kuzbass Coal Company (SKCC) [member] | Impairment of non current assets [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified for individual items of assets | 2,533 | ||||
Individual assets [member] | Other Subsidiaries [member] | Impairment of non current assets [member] | |||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||||
Impairment loss on non-current assets identified for individual items of assets | ₽ 38 | ||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Impairment of Goodwill and Ot_9
Impairment of Goodwill and Other Non-Current Assets - Summary of impairment analysis of goodwill (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash-generating units [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss on goodwill | ₽ 3,324 | ₽ 3,139 | ₽ 2,382 |
Yakutugol [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss on goodwill | ₽ 3,324 | ₽ 3,139 | |
Southern Kuzbass Power Plant (SKPP) [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss on goodwill | ₽ 2,382 |
Impairment of Goodwill and O_10
Impairment of Goodwill and Other Non-Current Assets - Summary of impairment analysis of previously recognized impairment loss of non-current assets (Detail) ₽ in Millions | 12 Months Ended |
Dec. 31, 2019RUB (₽) | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Gain from reversal of impairment | ₽ 2,611 |
Izhstal [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Gain from reversal of impairment | ₽ 2,611 |
Trade and Other Payables - Sche
Trade and Other Payables - Schedule of Trade and Other Payables (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other payables [abstract] | ||
Trade payables | ₽ 32,290 | ₽ 27,806 |
Other payables | 11,493 | 10,438 |
Total trade and other payables | ₽ 43,783 | ₽ 38,244 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Other Payables (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other payables [abstract] | ||
Accounts payable for property, plant and equipment | ₽ 3,650 | ₽ 3,164 |
Wages and salaries payable and other related obligations | 3,378 | 3,538 |
Dividends payable, common shares | 7 | 136 |
Dividends payable, preferred shares | 3 | 80 |
Other | 4,455 | 3,520 |
Total | ₽ 11,493 | ₽ 10,438 |
Income Tax - Schedule of Major
Income Tax - Schedule of Major Components of Income Tax Expense (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Major components of tax expense (income) [abstract] | |||||
Current income tax charge | ₽ (2,118) | ₽ (2,921) | ₽ (2,433) | ||
Adjustments in respect of income tax, including income tax penalties and changes in uncertain income tax position from continuing operations | 2,167 | (2,718) | (3,046) | ||
Deferred tax Relating to origination and reversal of temporary differences from continuing operations | (2,577) | (2,274) | 2,826 | ||
Income tax expense reported in the consolidated statement of profit (loss) and other comprehensive income from continuing operations | ₽ (2,528) | ₽ (7,913) | ₽ (2,653) | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) ₽ in Millions | Jan. 01, 2020 | Dec. 31, 2020RUB (₽)Subsidiaries | Dec. 31, 2019RUB (₽)Subsidiaries | Dec. 31, 2018RUB (₽)Subsidiaries |
Disclosure of income tax expense and deferred taxes [line items] | ||||
Number of subsidiaries in consolidated group of taxpayers | Subsidiaries | 20 | 20 | 20 | |
Termination agreement date | Jan. 1, 2023 | |||
Applicable tax rate | 20.00% | 20.00% | 20.00% | |
Deferred tax assets unrecognized on losses | ₽ 38,153 | ₽ 29,600 | ||
Tax losses amounts unrecognized | 191,411 | 150,460 | ||
Deferred tax liabilities unrecognized for temporary differences related to investment in foreign subsidiaries | 566 | 305 | ||
Probable income tax risks | 6,575 | 8,984 | ||
Possible income tax risks | 862 | ₽ 1,663 | ||
Indemnity of possible tax risk stated by sales agreement of Elga coal complex | ₽ 1,900 | |||
Russia [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Applicable tax rate | 20.00% | 20.00% | 20.00% | |
Switzerland [member] | Changes in tax rates or tax laws enacted or announced [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Applicable tax rate | 12.53% | |||
Kazakhstan [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Applicable tax rate | 20.00% | 20.00% | 20.00% | |
Austria [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Applicable tax rate | 25.00% | 25.00% | 25.00% | |
Germany [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Applicable tax rate | 32.10% | 32.10% | 32.10% | |
Bottom of range [member] | Switzerland [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Applicable tax rate | 10.50% | |||
Top of range [member] | Switzerland [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Applicable tax rate | 11.00% | |||
Elgaugol [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Applicable tax rate | 0.00% | 0.00% | 0.00% | |
Increase(decrease) of unrecognized deferred tax assets | ₽ 9,527 | ₽ 2,319 | ₽ (2,480) | |
Tax effect from different tax rates , tax losses (income) | 642 | 49 | ₽ (259) | |
Unremitted earnings [member] | ||||
Disclosure of income tax expense and deferred taxes [line items] | ||||
Deferred tax liabilities unrecognized for temporary difference related to unremitted earnings of consolidated domestic subsidiaries | ₽ 72 | ₽ 105 |
Income Tax - Schedule of Reconc
Income Tax - Schedule of Reconciliation Related to Income Tax Expense (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Major components of tax expense (income) [abstract] | |||||
(Loss)/profit before tax from continuing operations | ₽ (37,625) | ₽ 18,988 | ₽ 23,550 | ||
Loss before tax from discontinued operations | (3,953) | (6,716) | (7,333) | ||
Accounting (loss)/profit before tax | (41,578) | 12,272 | 16,217 | ||
Income tax benefit (expense) at statutory income tax rate of 20% | 8,316 | (2,454) | (3,243) | ||
Adjustments in respect of income tax , including income tax penalties and changes in uncertain income tax position. | 2,167 | (2,718) | (2,962) | ||
Unrecognised current year tax losses and write-off of previously recognised asset on tax losses | (9,728) | (1,277) | 4,008 | ||
Non-deductible expenses for tax purposes | (1,443) | (948) | (3,512) | ||
Impairment of goodwill | (665) | (628) | (476) | ||
Effect of restructuring and expense related to fines and penalties on breach of covenants in credit agreements | (16) | 3,460 | |||
Effect of different tax rates | (1,172) | 155 | (12) | ||
Change in tax rate | (5) | (117) | 56 | ||
Income tax expense at the effective income tax rate | (2,546) | (7,987) | (2,681) | ||
Income tax expense reported in the consolidated statement of profit (loss) and other comprehensive income from continuing operations | (2,528) | (7,913) | (2,653) | ||
Income tax attributable to a discontinued operation | (18) | (74) | (28) | ||
Total income tax expense | ₽ (2,546) | ₽ (7,987) | ₽ (2,681) | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Income Tax - Schedule of Reco_2
Income Tax - Schedule of Reconciliation Related to Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Statutory income tax rate | 20.00% | 20.00% | 20.00% |
Effective income tax rate | (6.10%) | 65.10% | 16.50% |
Income Tax - Schedule of Deferr
Income Tax - Schedule of Deferred Tax Assets and Liabilities (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | ₽ 3,648 | ||
Deferred tax liabilities, beginning balance | (13,877) | ||
Deferred tax assets (liabilities), net, beginning balance | (10,229) | ₽ (8,018) | ₽ (11,398) |
Adjustment on initial application of IFRS 9 | 872 | ||
Adjustment on initial application of IFRS 16 | 28 | ||
Deferred tax assets (liabilities), net adjusted | (7,990) | (10,526) | |
Tax benefit (expense) during the period recognised in profit or loss | (2,574) | (2,288) | 2,596 |
Disposals of subsidiaries | 6,567 | ||
Other | 24 | 49 | (88) |
Deferred tax assets, ending balance | 561 | 3,648 | |
Deferred tax liabilities, ending balance | (6,773) | (13,877) | |
Deferred tax assets (liabilities), net, ending balance | (6,212) | (10,229) | (8,018) |
Deferred tax assets property, plant, equipment and right-of-use assets [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 686 | 386 | 759 |
Adjustment on initial application of IFRS 16 | (86) | ||
Deferred tax assets adjusted | 300 | 759 | |
Tax benefit (expense) during the period recognised in profit or loss | (291) | 386 | (373) |
Other | 3 | ||
Deferred tax assets, ending balance | 398 | 686 | 386 |
Deferred tax assets rehabilitation provision [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 1,068 | 773 | 802 |
Deferred tax assets adjusted | 773 | 802 | |
Tax benefit (expense) during the period recognised in profit or loss | 71 | 295 | (29) |
Disposals of subsidiaries | (188) | ||
Deferred tax assets, ending balance | 951 | 1,068 | 773 |
Deferred tax assets inventories [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 1,679 | 1,716 | 179 |
Deferred tax assets adjusted | 1,716 | 179 | |
Tax benefit (expense) during the period recognised in profit or loss | (41) | (36) | 1,537 |
Disposals of subsidiaries | (13) | ||
Other | 5 | (1) | |
Deferred tax assets, ending balance | 1,630 | 1,679 | 1,716 |
Deferred tax assets trade and other receivables [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 519 | 790 | 735 |
Deferred tax assets adjusted | 790 | 735 | |
Tax benefit (expense) during the period recognised in profit or loss | (268) | (269) | 52 |
Other | (2) | 3 | |
Deferred tax assets, ending balance | 251 | 519 | 790 |
Deferred tax assets loans and borrowings [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 360 | 320 | 313 |
Adjustment on initial application of IFRS 9 | 822 | ||
Deferred tax assets adjusted | 320 | 1,135 | |
Tax benefit (expense) during the period recognised in profit or loss | (342) | 40 | (815) |
Deferred tax assets, ending balance | 18 | 360 | 320 |
Deferred tax assets lease liabilities [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 2,577 | 843 | 983 |
Adjustment on initial application of IFRS 16 | 651 | ||
Deferred tax assets adjusted | 1,494 | 983 | |
Tax benefit (expense) during the period recognised in profit or loss | (881) | 1,087 | (141) |
Disposals of subsidiaries | (181) | ||
Other | 18 | (4) | 1 |
Deferred tax assets, ending balance | 1,533 | 2,577 | 843 |
Deferred Tax Assets Other financial liabilities [Member] | |||
Disclosure of Income Taxes [line Items] | |||
Tax benefit (expense) during the period recognised in profit or loss | 412 | ||
Deferred tax assets, ending balance | 412 | ||
Deferred tax assets trade and other payables and other liabilities [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 529 | 869 | 656 |
Deferred tax assets adjusted | 869 | 656 | |
Tax benefit (expense) during the period recognised in profit or loss | 426 | (340) | 213 |
Disposals of subsidiaries | (12) | ||
Other | 1 | ||
Deferred tax assets, ending balance | 944 | 529 | 869 |
Deferred tax assets net operating loss carry-forwards [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 10,403 | 13,623 | 7,972 |
Deferred tax assets adjusted | 13,623 | 7,972 | |
Tax benefit (expense) during the period recognised in profit or loss | (2,345) | (3,210) | 5,646 |
Disposals of subsidiaries | (2,723) | ||
Other | 20 | (10) | 5 |
Deferred tax assets, ending balance | 5,355 | 10,403 | 13,623 |
Deferred tax assets other [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax assets, beginning balance | 111 | 74 | 86 |
Deferred tax assets adjusted | 74 | 86 | |
Tax benefit (expense) during the period recognised in profit or loss | 133 | 40 | (15) |
Disposals of subsidiaries | (11) | ||
Other | 132 | (3) | 3 |
Deferred tax assets, ending balance | 365 | 111 | 74 |
Deferred tax liabilities property plant, equipment and right-of-use assets [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax liabilities, beginning balance | (17,805) | (15,468) | (15,869) |
Adjustment on initial application of IFRS 16 | (537) | ||
Deferred tax liabilities adjusted | (16,005) | (15,869) | |
Tax benefit (expense) during the period recognised in profit or loss | 625 | (1,830) | 429 |
Disposals of subsidiaries | 7,371 | ||
Other | (100) | 30 | (28) |
Deferred tax liabilities, ending balance | (9,909) | (17,805) | (15,468) |
Deferred tax liabilities mineral licenses [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax liabilities, beginning balance | (6,141) | (6,376) | (6,652) |
Deferred tax liabilities adjusted | (6,376) | (6,652) | |
Tax benefit (expense) during the period recognised in profit or loss | 181 | 235 | 276 |
Disposals of subsidiaries | 2,318 | ||
Deferred tax liabilities, ending balance | (3,642) | (6,141) | (6,376) |
Deferred tax liabilities inventories [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax liabilities, beginning balance | (989) | (834) | (801) |
Deferred tax liabilities adjusted | (834) | (801) | |
Tax benefit (expense) during the period recognised in profit or loss | 42 | (160) | (28) |
Other | (5) | 5 | (5) |
Deferred tax liabilities, ending balance | (952) | (989) | (834) |
Deferred tax liabilities trade and other receivables [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax liabilities, beginning balance | (774) | (499) | (330) |
Deferred tax liabilities adjusted | (499) | (330) | |
Tax benefit (expense) during the period recognised in profit or loss | 189 | (280) | (160) |
Other | (6) | 5 | (9) |
Deferred tax liabilities, ending balance | (591) | (774) | (499) |
Deferred tax liabilities loans and borrowings [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax liabilities, beginning balance | (2,073) | (3,898) | (112) |
Adjustment on initial application of IFRS 9 | 50 | ||
Deferred tax liabilities adjusted | (3,898) | (62) | |
Tax benefit (expense) during the period recognised in profit or loss | (572) | 1,825 | (3,835) |
Other | (1) | ||
Deferred tax liabilities, ending balance | (2,645) | (2,073) | (3,898) |
Deferred tax liabilities trade and other payables and other liabilities [member] | |||
Disclosure of Income Taxes [line Items] | |||
Deferred tax liabilities, beginning balance | (379) | (337) | (119) |
Deferred tax liabilities adjusted | (337) | (119) | |
Tax benefit (expense) during the period recognised in profit or loss | 87 | (71) | (161) |
Disposals of subsidiaries | 6 | ||
Other | (44) | 29 | (57) |
Deferred tax liabilities, ending balance | ₽ (330) | ₽ (379) | ₽ (337) |
Income Tax - Schedule of Defe_2
Income Tax - Schedule of Deferred Tax Assets and Liabilities Recognized (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Major components of tax expense (income) [abstract] | ||||
Deferred tax assets | ₽ 561 | ₽ 3,648 | ||
Deferred tax liabilities | (6,773) | (13,877) | ||
Deferred tax liabilities, net | ₽ (6,212) | ₽ (10,229) | ₽ (8,018) | ₽ (11,398) |
Income Tax - Schedule of Defe_3
Income Tax - Schedule of Deferred Tax Expense Income Recognition (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Major components of tax expense (income) [abstract] | |||||
Tax (expense) benefit attributable to continuing operation | ₽ (2,577) | ₽ (2,274) | [1] | ₽ 2,826 | [1] |
Tax (expense) benefit attributable to discontinued operation | 3 | (14) | (230) | ||
Tax (expense) benefit during the period recognised in profit or loss | ₽ (2,574) | ₽ (2,288) | ₽ 2,596 | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Taxes and Similar Charges Pay_3
Taxes and Similar Charges Payable Other Than Income Tax - Schedule of Taxes and Similar Charges Payable Other Than Income Tax (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current payables on social security and taxes other than income tax [abstract] | ||
VAT payable | ₽ 4,705 | ₽ 4,120 |
Payroll taxes | 4,180 | 3,353 |
Property tax | 614 | 566 |
Land lease | 591 | 454 |
Land tax | 323 | 240 |
Mineral extraction tax | 280 | 332 |
Other | 276 | 163 |
Total | ₽ 10,969 | ₽ 9,228 |
Pensions and Other Post-Emplo_3
Pensions and Other Post-Employment Benefit Plans - Additional Information (Detail) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020RUB (₽)Participant | Dec. 31, 2019RUB (₽)Participant | Dec. 31, 2018Participant | |
Disclosure of defined benefit plans [abstract] | |||
Number of active participants | Participant | 43,801 | 47,288 | 48,531 |
Number of pensioners | Participant | 37,640 | 37,814 | 38,751 |
Defined benefit obligations | ₽ 4,996 | ₽ 4,745 | |
Other long-term benefit obligations | 867 | 803 | |
Remeasurement Of Defined Benefit Plans [Member] | |||
Disclosure of defined benefit plans [abstract] | |||
Deferred tax relating to net loss from remeasurement of defined benefit plans | ₽ 119 | ₽ 0 | |
Top of range [member] | |||
Disclosure of defined benefit plans [abstract] | |||
Weighted average duration of the defined benefit obligation and other long-term benefits obligation | 11 years | 12 years |
Pensions and Other Post-Emplo_4
Pensions and Other Post-Employment Benefit Plans - Schedule of Changes in Present Value of Defined Benefit Obligations and Other Long-term Benefits and Fair Value of Plan Assets (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | |||
Beginning balance | ₽ (5,548) | ₽ (4,591) | ₽ (4,361) |
Current service cost | (220) | (210) | (130) |
Net interest expense | (288) | (293) | (279) |
Curtailment / settlement gain | 4 | ||
Remeasurement of other long-term benefit obligations | 54 | (25) | (492) |
Past service cost | 70 | ||
Discontinued operations | 186 | ||
Sub-total included in profit or loss | (268) | (528) | (827) |
Benefit paid | 290 | 337 | 282 |
Exchange difference | (366) | 101 | (172) |
Actuarial changes arising from changes in demographic assumptions | (88) | (38) | |
Actuarial changes arising from changes in financial assumptions | (22) | (772) | 354 |
Experience adjustments | 103 | (7) | 171 |
Discontinued operations(Sub total included in other comprehensive income) | (52) | ||
Sub-total included in OCI | (337) | (766) | 315 |
Ending balance | (5,863) | (5,548) | (4,591) |
Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [abstract] | |||
Beginning balance | (5,811) | (4,873) | (4,632) |
Current service cost | (220) | (210) | (130) |
Net interest expense | (290) | (297) | (266) |
Curtailment / settlement gain | 4 | ||
Remeasurement of other long-term benefit obligations | 54 | (25) | (492) |
Past service cost | 70 | ||
Discontinued operations | 186 | ||
Sub-total included in profit or loss | (270) | (532) | (814) |
Benefit paid | 304 | 344 | 299 |
Exchange difference | (457) | 117 | (213) |
Actuarial changes arising from changes in demographic assumptions | (88) | (38) | |
Actuarial changes arising from changes in financial assumptions | (22) | (772) | 354 |
Experience adjustments | 103 | (7) | 171 |
Discontinued operations(Sub total included in other comprehensive income) | (52) | ||
Sub-total included in OCI | (428) | (750) | 274 |
Ending balance | (6,205) | (5,811) | (4,873) |
Plan assets [member] | |||
Disclosure of defined benefit plans [abstract] | |||
Beginning balance | 263 | 282 | 271 |
Net interest expense | 2 | 4 | (13) |
Sub-total included in profit or loss | 2 | 4 | (13) |
Benefit paid | (14) | (7) | (17) |
Exchange difference | 91 | (16) | 41 |
Sub-total included in OCI | 91 | (16) | 41 |
Ending balance | ₽ 342 | ₽ 263 | ₽ 282 |
Pensions and Other Post-Emplo_5
Pensions and Other Post-Employment Benefit Plans - Schedule of Pension Obligations Recognized in Consolidated Statement of Financial Position (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [abstract] | ||||
Current liabilities | ₽ 631 | ₽ 615 | ||
Non-current liabilities | 5,232 | 4,933 | ||
Total net pension obligations | ₽ 5,863 | ₽ 5,548 | ₽ 4,591 | ₽ 4,361 |
Pensions and Other Post-Emplo_6
Pensions and Other Post-Employment Benefit Plans - Schedule of Plan Asset Allocation of Investment Portfolio (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of fair value of plan assets [abstract] | ||
Debt instruments | ₽ 184 | ₽ 142 |
Equity instruments | 97 | 82 |
Cash and cash equivalents | 32 | 18 |
Property | 17 | 12 |
Other assets | 12 | 9 |
Total plan assets | ₽ 342 | ₽ 263 |
Pensions and Other Post-Emplo_7
Pensions and Other Post-Employment Benefit Plans - Schedule of Key Actuarial Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Russia [member] | ||
Disclosure of fair value of liability asset of pension obligation [line items] | ||
Discount rate | 6.40% | 6.60% |
Inflation rates | 3.90% | 4.00% |
Rate of compensation increase | 4.90% | 5.10% |
Germany [member] | ||
Disclosure of fair value of liability asset of pension obligation [line items] | ||
Discount rate | 0.84% | 1.10% |
Rate of compensation increase | 4.00% | 4.00% |
Austria [member] | ||
Disclosure of fair value of liability asset of pension obligation [line items] | ||
Discount rate | 0.50% | 0.75% |
Rate of compensation increase | 2.25% | 2.25% |
Pensions and Other Post-Emplo_8
Pensions and Other Post-Employment Benefit Plans - Schedule of Sensitivity Analysis of Defined Benefit Obligations (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Austria [member] | Actuarial assumption of discount rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of increase | (10.00%) | (10.20%) |
Percentage of decrease | 12.00% | 12.20% |
Germany [member] | Actuarial assumption of discount rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of increase | (12.00%) | (12.00%) |
Percentage of decrease | 18.00% | 18.00% |
Russia [member] | Actuarial assumption of discount rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of increase | (8.90%) | (9.20%) |
Percentage of decrease | 10.60% | 11.00% |
Russia [member] | Actuarial assumption of expected rates of inflation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of increase | 5.60% | 5.90% |
Percentage of decrease | (5.20%) | (5.00%) |
Russia [member] | Actuarial assumption of expected rates of compensation increases [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of increase | 3.90% | 4.00% |
Percentage of decrease | (3.70%) | (3.60%) |
Russia [member] | Actuarial assumption of turnover rates [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of increase | (5.80%) | (7.40%) |
Percentage of decrease | 6.10% | 7.90% |
Pensions and Other Post-Emplo_9
Pensions and Other Post-Employment Benefit Plans - Schedule of Sensitivity Analysis of Defined Benefit Obligations (Parenthetical) (Detail) | Dec. 31, 2020 |
Actuarial assumption of discount rates [member] | Austria [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Actuarial assumption of discount rates [member] | Germany [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Actuarial assumption of discount rates [member] | Russia [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Actuarial assumption of expected rates of inflation [member] | Russia [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Actuarial assumption of expected rates of compensation increases [member] | Russia [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Actuarial assumption of turnover rates [member] | Russia [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 3.00% |
Percentage of reasonably possible decrease in actuarial assumption | 3.00% |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | |||
Beginning balance | ₽ 9,796 | ₽ 8,541 | ₽ 7,173 |
Arising | 3,954 | 2,326 | 2,620 |
Utilised | (632) | (1,016) | (606) |
Revision in estimated cash flow and discount rate change | 233 | 1,180 | (309) |
Unused amounts reversed | (1,821) | (1,406) | (854) |
Unwinding of discount | 311 | 345 | 302 |
Discontinued operations | (1,001) | ||
Exchange differences | 279 | (174) | 215 |
Ending balance | 11,119 | 9,796 | 8,541 |
Current | 6,317 | 4,558 | 4,822 |
Non-current | 4,802 | 5,238 | 3,719 |
Rehabilitation provision [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 5,403 | 3,908 | 3,992 |
Utilised | (18) | (30) | (77) |
Revision in estimated cash flow and discount rate change | 233 | 1,180 | (309) |
Unwinding of discount | 311 | 345 | 302 |
Discontinued operations | (940) | ||
Ending balance | 4,989 | 5,403 | 3,908 |
Current | 187 | 165 | 189 |
Non-current | 4,802 | 5,238 | 3,719 |
Provisions for legal claims [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 2,834 | 3,102 | 2,290 |
Arising | 3,037 | 1,346 | 1,516 |
Utilised | (567) | (264) | (273) |
Unused amounts reversed | (572) | (1,200) | (646) |
Discontinued operations | (61) | ||
Exchange differences | 246 | (150) | 215 |
Ending balance | 4,917 | 2,834 | 3,102 |
Current | 4,917 | 2,834 | 3,102 |
Provisions on taxes other than income tax, fines and penalties [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 1,535 | 583 | 576 |
Arising | 665 | 980 | 199 |
Utilised | (27) | ||
Unused amounts reversed | (1,249) | (9) | (188) |
Exchange differences | 32 | (19) | (4) |
Ending balance | 956 | 1,535 | 583 |
Current | 956 | 1,535 | 583 |
Other provisions [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 24 | 948 | 315 |
Arising | 252 | 905 | |
Utilised | (20) | (722) | (256) |
Unused amounts reversed | (197) | (20) | |
Exchange differences | 1 | (5) | 4 |
Ending balance | 257 | 24 | 948 |
Current | ₽ 257 | ₽ 24 | ₽ 948 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | |||
Legal claim contingency | ₽ 1,146 | ||
Other tax claims | 956 | ₽ 1,535 | |
Unwinding of discount | ₽ 311 | ₽ 345 | ₽ 302 |
Bottom of range [member] | Production sites [Member] | |||
Disclosure of other provisions [line items] | |||
Remaining production lives for sites | 1 year | ||
Weighted average [member] | Production sites [Member] | |||
Disclosure of other provisions [line items] | |||
Remaining production lives for sites | 14 years | ||
Top of range [member] | Production sites [Member] | |||
Disclosure of other provisions [line items] | |||
Remaining production lives for sites | 118 years | ||
Provision for decommissioning, restoration and rehabilitation costs [member] | |||
Disclosure of other provisions [line items] | |||
Discount rate of rehabilitation provisions | 6.57% | 6.52% | |
Percentage decrease in discount rati | 0.50% | ||
Unwinding of discount | ₽ 311 | ₽ 345 | ₽ 302 |
Provision for decommissioning, restoration and rehabilitation costs [member] | property, plant and equipment [member] | |||
Disclosure of other provisions [line items] | |||
Unwinding of discount | 371 | ||
Third party [member] | Legal proceedings provision [member] | |||
Disclosure of other provisions [line items] | |||
Unused provisions related to disputes over purchases reversed | 741 | ||
Provision related to disputes over purchases recognised | 1,741 | ||
Tax contingent liability [member] | |||
Disclosure of other provisions [line items] | |||
Possible tax liabilities on taxes other than income tax | ₽ 468 | ₽ 1,904 |
Issued Capital and Reserves - A
Issued Capital and Reserves - Additional Information (Detail) - RUB (₽) ₽ / shares in Units, ₽ in Thousands | Jun. 30, 2020 | Jun. 28, 2019 | Jun. 14, 2019 | Jun. 29, 2018 | Jan. 01, 2008 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 29, 2020 | Dec. 30, 2019 | Dec. 26, 2019 | Dec. 25, 2019 | Dec. 24, 2019 | Dec. 23, 2019 | Dec. 20, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares outstanding | 404,776,126 | 415,251,749 | 415,251,749 | 415,556,251 | 415,756,171 | 415,881,411 | 416,005,348 | 416,119,371 | 416,270,745 | 416,270,745 | ||||||
Percentage of withholding tax dividends for residents | 13.00% | |||||||||||||||
Percentage of withholding tax dividends for non residents | 15.00% | |||||||||||||||
Percentage of withholding tax rate for intercompany dividends | 0.00% | |||||||||||||||
Description of withholding tax rate on intercompany dividend | Effective January 1, 2008, intercompany dividends may be subject to a withholding tax of 0% (if at the date of dividends declaration, the dividend-recipient Russian company held a controlling (over 50%) interest in the share capital of the company (Russian or foreign) of the dividend payer for a period over one year and the residence of the dividend distribution foreign company is not included into the Ministry of Finance offshore list. | |||||||||||||||
Dividends declared to shareholders of Mechel PAO, per preferred share | ₽ 3.48 | ₽ 18.21 | ₽ 16.66 | |||||||||||||
Reacquisition of own shares value | ₽ 844,000 | ₽ 63,000 | ||||||||||||||
Sale of preferred shares kept as stock value | 63,000 | |||||||||||||||
Bottom of range [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Percentage of controlling interest in the share capital of the company (Russian or foreign) of the dividend payer | 50.00% | |||||||||||||||
Subsidiary one [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Carrying value of acquired non-controlling interests | 1,161,000 | |||||||||||||||
Consideration transferred, acquisition-date fair value | ₽ 267,000 | |||||||||||||||
Percentage of ownership interest sold | 3.76% | |||||||||||||||
Subsidiary two [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Carrying value of acquired non-controlling interests | ₽ 174,000 | |||||||||||||||
Consideration transferred, acquisition-date fair value | ₽ 65,000 | |||||||||||||||
Percentage of ownership interest sold | 0.79% | |||||||||||||||
Subsidiary three [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Percentage of Group's subsidiaries shares acquired from NCI | 0.23% | |||||||||||||||
Consideration paid to third parties for acquired ownership shares in Group's subsidiaries | ₽ 20,900 | |||||||||||||||
Equity attributable to shareholders of Mechel PAO [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Effect of change in ownership of subsidiaries within the Group | (1,024,000) | |||||||||||||||
Reacquisition of own shares value | ₽ 844,000 | 63,000 | ||||||||||||||
Sale of preferred shares kept as stock value | ₽ 63,000 | |||||||||||||||
Dividends declared to shareholders of Mechel PAO, third parties | ₽ 292,200 | ₽ 1,516,000 | ₽ 1,387,000 | |||||||||||||
Dividends declared to shareholders of Mechel PAO including dividends to Group subsidiaries owners of shares | ₽ 482,900 | ₽ 2,527,000 | 2,312,000 | |||||||||||||
Non-controlling interest [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Dividends declared to non-controlling interest | ₽ 30 | ₽ 56 | ||||||||||||||
Treasury shares [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares issued | (11,494,619) | (1,018,996) | ||||||||||||||
Number of common shares reaquired | 10,804,058 | 10,475,623 | 1,018,996 | |||||||||||||
Number of shares outstanding | 11,494,619 | 1,018,996 | ||||||||||||||
Reacquisition of own shares value | ₽ 870,000 | ₽ 844,000 | ₽ 63,000 | |||||||||||||
Common shares [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares | 416,270,745 | |||||||||||||||
Nominal value of shares | ₽ 10 | |||||||||||||||
Number of additional common shares authorized to issue | 81,698,341 | |||||||||||||||
Reacquisition price for own shares | ₽ 80.57 | |||||||||||||||
Preferred shares [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares | 138,756,915 | 138,756,915 | ||||||||||||||
Nominal value of shares | ₽ 10 | ₽ 10 | ||||||||||||||
Percentage of preferred shares in share capital | 25.00% | |||||||||||||||
Percentage of dividend yield paid per one preferred share | 20.00% | |||||||||||||||
Number of shares issued | 138,756,915 | |||||||||||||||
Outstanding and fully paid preferred shares | 83,963,279 | 83,963,279 | ||||||||||||||
Preferred shares [member] | Subsidiary one [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares | 54,793,636 | 54,793,636 | ||||||||||||||
Preferred shares [member] | Equity attributable to shareholders of Mechel PAO [member] | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Sale of preferred shares kept as stock shares | 709,130 | |||||||||||||||
Sale of preferred shares kept as stock value | ₽ 63,000 |
Issued Capital and Reserves - S
Issued Capital and Reserves - Summary of Earnings Per Share (Detail) - RUB (₽) ₽ / shares in Units, ₽ in Millions | Dec. 31, 2020 | Sep. 29, 2020 | Dec. 30, 2019 | Dec. 26, 2019 | Dec. 25, 2019 | Dec. 24, 2019 | Dec. 23, 2019 | Dec. 20, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] |
Disclosure of classes of share capital [abstract] | |||||||||||||
Weighted average number of common shares | 102,852,950 | 309,736,960 | 5,692,551 | 1,139,058 | 1,139,401 | 1,139,741 | 3,420,159 | 403,725,599 | 412,589,910 | 416,256,510 | 416,270,745 | ||
Profit for the period Attributable to Equity shareholders of Mechel PAO | ₽ 808 | ₽ 2,409 | ₽ 12,628 | ||||||||||
Earnings per share (Russian rubles per share) attributable to common equity shareholders — basic and diluted | ₽ 1.96 | ₽ 5.79 | ₽ 30.34 | ||||||||||
(Loss) profit for the period from continuing operations | ₽ (40,153) | ₽ 11,075 | ₽ 20,897 | ||||||||||
Less attributable to non-controlling interests, RUB million | 648 | 1,876 | 908 | ||||||||||
Profit for the period Attributable to Equity shareholders of Mechel PAO from continuing operations | ₽ (40,801) | ₽ 9,199 | ₽ 19,989 | ||||||||||
Earnings (loss) per share from continuing operations (Russian rubles per share) — basic and diluted | ₽ (98.89) | ₽ 22.10 | ₽ 48.02 | ||||||||||
Profit (loss) after tax for the period from discontinued operations | ₽ 41,609 | ₽ (6,790) | ₽ (7,361) | ||||||||||
Earnings (loss) per share from discontinued operations (Russian rubles per share) — basic and diluted | ₽ 100.85 | ₽ (16.31) | ₽ (17.68) | ||||||||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Issued Capital and Reserves -_2
Issued Capital and Reserves - Summary of Weighted-Average Number of Common Shares Outstanding (Detail) - shares | Dec. 31, 2020 | Sep. 29, 2020 | Dec. 30, 2019 | Dec. 26, 2019 | Dec. 25, 2019 | Dec. 24, 2019 | Dec. 23, 2019 | Dec. 20, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Number Of Weighted Average Shares Outstanding [Abstract] | |||||||||||||
Shares outstanding | 404,776,126 | 415,251,749 | 415,556,251 | 415,756,171 | 415,881,411 | 416,005,348 | 416,119,371 | 416,270,745 | 404,776,126 | 415,251,749 | 416,270,745 | ||
Fraction of period | 93 days | 273 days | 5 days | 1 day | 1 day | 1 day | 3 days | 354 days | 366 days | 365 days | 365 days | ||
Weighted-average number of shares | 102,852,950 | 309,736,960 | 5,692,551 | 1,139,058 | 1,139,401 | 1,139,741 | 3,420,159 | 403,725,599 | 412,589,910 | 416,256,510 | [1] | 416,270,745 | [1] |
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Other Income_Expenses - Summary
Other Income/Expenses - Summary of General, Administrative and Other Operating Expenses (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
General, administrative and other operating expenses [abstract] | |||||
Wages, salaries and social security costs | ₽ 9,856 | ₽ 8,771 | ₽ 10,158 | ||
Provision for legal claims, net | 2,463 | 96 | 828 | ||
Office and maintenance expenses | 1,264 | 1,226 | 1,206 | ||
Depreciation | 708 | 721 | 749 | ||
Audit and consulting services | 527 | 546 | 927 | ||
Fines and penalties related to business contracts | 501 | 539 | 370 | ||
Loss on write-off of non-current assets | 454 | 979 | 931 | ||
Banking charges and services | 335 | 328 | 243 | ||
Consumables | 269 | 294 | 291 | ||
Social expenses | 188 | 288 | 373 | ||
Expense relating to short-term leases | 68 | 83 | 153 | ||
Business trips | 30 | 109 | 133 | ||
Write off of trade and other receivables | 22 | 5 | 2 | ||
Other | 1,752 | 1,583 | 1,968 | ||
Total | ₽ 18,437 | ₽ 15,568 | ₽ 18,332 | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Other Income_Expenses - Summa_2
Other Income/Expenses - Summary of Employee Benefits Expenses (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Employee benefits expense [line items] | |||||
Total | ₽ 43,224 | ₽ 41,384 | ₽ 40,568 | ||
Cost of sales [member] | |||||
Employee benefits expense [line items] | |||||
Wages and salaries | 21,235 | 21,020 | 19,580 | ||
Social security costs | 7,005 | 6,877 | 6,332 | ||
Post-employment benefits | 209 | 182 | 117 | ||
Selling and distribution expenses [member] | |||||
Employee benefits expense [line items] | |||||
Wages and salaries | 3,864 | 3,566 | 3,470 | ||
Social security costs | 1,055 | 968 | 911 | ||
Administrative and other operating expenses [member] | |||||
Employee benefits expense [line items] | |||||
Wages and salaries | 7,853 | 6,939 | 8,193 | ||
Social security costs | ₽ 2,003 | ₽ 1,832 | ₽ 1,965 | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Other Income_Expenses - Summa_3
Other Income/Expenses - Summary of Other Operating Income (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Operating Income [abstract] | |||
Rental income | ₽ 238 | ₽ 241 | ₽ 192 |
Subsidies received from the governmental authorities as a compensation for operating activities (energy tariffs) | 121 | 359 | |
Income from fines and penalties related to business contracts | 119 | 157 | 247 |
Subsidies received from the governmental authorities to compensate losses of European group companies | 82 | ||
Curtailment and result of remeasurement of other long-term benefit obligations | 62 | 25 | 93 |
Net result from disposal of non-current assets | 42 | 31 | 128 |
Gain from sales of scrap materials | 373 | ||
Other | 335 | 234 | 290 |
Total | ₽ 999 | ₽ 688 | ₽ 1,682 |
Other Income_Expenses - Summa_4
Other Income/Expenses - Summary of Finance Income (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Finance income [abstract] | |||||
Effect of restructuring of loans and leases | ₽ 3,341 | ₽ 353 | ₽ 33,403 | ||
Interest income on other financial assets | 119 | 179 | 206 | ||
Income from the discounting of financial instruments | 44 | 58 | 16 | ||
Remeasurement of fair value of financial instruments | 318 | ||||
Total | ₽ 3,504 | ₽ 590 | [1] | ₽ 33,943 | [1] |
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Other Income_Expenses - Summa_5
Other Income/Expenses - Summary of Finance Costs (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Finance Costs [abstract] | |||||
Interest on loans and borrowings | ₽ 22,090 | ₽ 31,231 | ₽ 35,049 | ||
Fines and penalties on overdue loans and borrowing payments and overdue interest payments | 1,080 | 733 | 847 | ||
Interest expense on lease liabilities | 1,047 | 1,217 | 917 | ||
Fines and penalties on overdue leases | 157 | 49 | 10 | ||
Total finance costs related to loans, borrowings and leases | 24,374 | 33,230 | 36,823 | ||
Unwinding of discount on rehabilitation provision | 291 | 304 | 272 | ||
Interest expenses under pension liabilities | 286 | 284 | 272 | ||
Expenses related to discounting of financial instruments | 194 | 45 | 147 | ||
Total | ₽ 25,145 | ₽ 33,863 | [1] | ₽ 37,514 | [1] |
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Other Income_Expenses - Summa_6
Other Income/Expenses - Summary of Other Income (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of other non-operating income [abstract] | |||||
Reversal Of Unclaimed Declared Dividends To Non Controlling Interest Upon Expiration Of Limitation Period | ₽ 203 | ||||
Write-off of trade and other payables and lease liabilities including payables with expired legal term | 177 | ₽ 155 | ₽ 412 | ||
Gain on sales and purchases of foreign currencies | 50 | ||||
Other income | 288 | 73 | 86 | ||
Total | ₽ 718 | ₽ 228 | [1] | ₽ 498 | [1] |
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Other Income_Expenses - Summa_7
Other Income/Expenses - Summary of Other Expenses (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of other non-operating expense [abstract] | |||||
Loss on sales and purchases of foreign currencies | ₽ 148 | ₽ 108 | |||
Other non-operating expenses | ₽ 259 | 335 | 238 | ||
Total | ₽ 259 | ₽ 483 | [1] | ₽ 346 | [1] |
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Discontinued operations - Summa
Discontinued operations - Summary of Discontinued Operations as Follows (Detail) - RUB (₽) ₽ in Millions | Apr. 21, 2020 | Apr. 30, 2020 |
Disclosure Of Discontinued Operations [Abstract] | ||
Consideration paid by the buyer | ₽ 89,000 | ₽ 89,000 |
Derecognition of put option from Gazprombank | 49,418 | |
Net assets disposed of | (92,838) | |
Gain on sale of discontinued operations | ₽ 45,580 |
Discontinued operations - Sum_2
Discontinued operations - Summary of Profit (Loss) and Other Comprehensive Income from Discontinued Operations as Follows (Detail) - RUB (₽) ₽ in Millions | Apr. 21, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Disclosure of Comprehensive income of discontinued operation [Line Items] | ||||||||
Finance costs | ₽ (25,145) | ₽ (33,863) | [1] | ₽ (37,514) | [1] | |||
Foreign exchange (loss) gain, net | (36,388) | 18,288 | [1] | (24,187) | [1] | |||
Income tax expense | (2,528) | (7,913) | [1] | (2,653) | [1] | |||
Gain on sale of discontinued operations | ₽ 45,580 | |||||||
Profit (loss) after tax for the period from discontinued operations | 41,609 | (6,790) | [1] | (7,361) | [1] | |||
Discontinued operations [member] | ||||||||
Disclosure of Comprehensive income of discontinued operation [Line Items] | ||||||||
Revenue | 2,142 | [2] | 9,414 | 8,778 | ||||
Expenses | (3,010) | [2] | (12,115) | (9,985) | ||||
Finance costs | (1,708) | [2] | (4,967) | (4,538) | ||||
Foreign exchange (loss) gain, net | (1,377) | [2] | 952 | (1,588) | ||||
Loss before tax from discontinued operations | (3,953) | [2] | (6,716) | (7,333) | ||||
Income tax expense | (18) | [2] | (74) | (28) | ||||
Loss after tax from discontinued operations | (3,971) | [2] | (6,790) | (7,361) | ||||
Gain on sale of discontinued operations | [2] | 45,580 | ||||||
Net gain on sale of discontinued operations | [2] | 45,580 | ||||||
Profit (loss) after tax for the period from discontinued operations | ₽ 41,609 | [2] | ₽ (6,790) | ₽ (7,361) | ||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). | |||||||
[2] | Represents operations for the period of January 1 – April 21, 2020. |
Discontinued operations - Sum_3
Discontinued operations - Summary of Classes of Assets and Liabilities from Discontinued Operations as Follows (Detail) - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Apr. 21, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current assets | |||||
Property, plant and equipment | ₽ 81,345 | ₽ 179,264 | ₽ 189,879 | ₽ 197,875 | |
Right-of-use assets | 12,840 | 17,728 | 10,112 | ||
Other non-current assets | 611 | 553 | |||
Total non-current assets | 124,984 | 246,473 | |||
Current assets | |||||
Inventories | 42,138 | 39,773 | |||
Income tax receivables | 45 | 65 | |||
Trade and other receivables | 16,403 | 15,340 | |||
Cash and cash equivalents | 1,706 | 3,509 | 1,803 | ₽ 2,452 | |
Total current assets | 68,856 | 66,032 | |||
Total assets | 193,840 | 312,505 | 317,625 | ||
Non-current liabilities | |||||
Lease liabilities | 3,958 | 7,002 | |||
Provisions | 4,802 | 5,238 | 3,719 | ||
Deferred tax liabilities | 6,773 | 13,877 | |||
Total non-current liabilities | 25,168 | 86,663 | |||
Current liabilities | |||||
Trade and other payables | 43,783 | 38,244 | |||
Lease liabilities | 7,535 | 10,353 | |||
Taxes and similar charges payable other than income tax | 7,843 | 9,161 | |||
Provisions | 6,317 | 4,558 | 4,822 | ||
Total current liabilities | 399,343 | 459,439 | |||
Total liabilities | ₽ 424,511 | ₽ 546,102 | ₽ 550,820 | ||
Discontinued operations [member] | Elga Coal Complex [member] | |||||
Non-current assets | |||||
Property, plant and equipment | ₽ 95,411 | ||||
Right-of-use assets | 1,647 | ||||
Mineral licenses | 11,696 | ||||
Other non-current assets | 7 | ||||
Total non-current assets | 108,761 | ||||
Current assets | |||||
Inventories | 928 | ||||
Income tax receivables | 8 | ||||
Trade and other receivables | 3,060 | ||||
Other current assets | 248 | ||||
Cash and cash equivalents | 21 | ||||
Total current assets | 4,265 | ||||
Total assets | 113,026 | ||||
Non-current liabilities | |||||
Lease liabilities | 565 | ||||
Pension obligations | 110 | ||||
Provisions | 940 | ||||
Deferred tax liabilities | 6,567 | ||||
Total non-current liabilities | 8,182 | ||||
Current liabilities | |||||
Loans and borrowings, including interest payable | 8,031 | ||||
Trade and other payables | 1,930 | ||||
Lease liabilities | 883 | ||||
Taxes and similar charges payable other than income tax | 1,075 | ||||
Advances received and other current liabilities | 2 | ||||
Pension obligations | 24 | ||||
Provisions | 61 | ||||
Total current liabilities | 12,006 | ||||
Total liabilities | 20,188 | ||||
Net assets | ₽ 92,838 |
Discontinued operations - Sum_4
Discontinued operations - Summary of Net Cash Flows from Discontinued Operations as Follows (Detail) - Elga Coal Complex [member] - RUB (₽) ₽ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Operating | ₽ 1,102 | ₽ 2,668 | ₽ 4,541 | |
Investing | (182) | (867) | (1,438) | |
Financing | (906) | (1,800) | (3,305) | |
Net cash inflow (outflow) | ₽ 14 | ₽ 1 | ₽ (202) | |
[1] | Represents operations for the period of January 1 – April 21, 2020. |
Discontinued operations - Addit
Discontinued operations - Additional Information (Detail) - RUB (₽) ₽ in Millions | Apr. 21, 2020 | Jun. 30, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2020 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Proportion of voting rights held in subsidiary | 100.00% | |||||
Consideration transferred, acquisition-date fair value | ₽ 89,000 | |||||
Other non-current financial liabilities | ₽ 49,418 | |||||
Gain on sale of discontinued operations | 45,580 | |||||
Gazprombank [member] | ||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Finance costs from discontinued operations | ₽ 1,217 | ₽ 4,145 | ₽ 3,796 | |||
Gazprombank [member] | Elga Coal Complex [member] | ||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Proportion of voting rights held in subsidiary | 49.00% | |||||
Other non-current financial liabilities | ₽ 49,418 | |||||
A Third Party [Member] | ||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Proportion of ownership interest in subsidiary | 51.00% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of operating segments [line items] | |||||
Number of business segments | 3 | ||||
Contract liabilities | ₽ 4,861 | ₽ 4,306 | ₽ 3,670 | ||
Depreciation and amortization | 14,286 | 13,409 | [1] | 12,216 | [1] |
Cost of sales [member] | |||||
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | 9,880 | 9,975 | 10,343 | ||
Selling and distribution expenses [member] | |||||
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | 3,698 | 2,714 | 1,123 | ||
Administrative and other operating expenses [member] | |||||
Disclosure of operating segments [line items] | |||||
Depreciation and amortization | ₽ 708 | ₽ 720 | ₽ 750 | ||
Bottom of range [member] | |||||
Disclosure of operating segments [line items] | |||||
Concentration of risk percentage | 10.00% | ||||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Segment Information - Summary o
Segment Information - Summary of Segment Information and Consolidated Assets, Liabilities and Operating Results (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of operating segments [line items] | |||||
Revenue from contracts with external customers | ₽ 265,454 | ₽ 287,153 | [1] | ₽ 303,795 | [1] |
Gross profit | ₽ 94,849 | ₽ 104,067 | [1] | ₽ 129,737 | [1] |
Gross margin, % | 35.70% | 36.20% | [1] | 42.70% | [1] |
Depreciation and amortisation | ₽ (14,286) | ₽ (13,409) | [1] | ₽ (12,216) | [1] |
Impairment of goodwill and other non-current assets, net | (3,897) | (1,804) | [1] | (7,222) | [1] |
Operating profit (loss) | 19,925 | 34,200 | [1] | 51,146 | [1] |
Share of profit of associates, net | 20 | 28 | 10 | ||
Finance income | 3,504 | 590 | [1] | 33,943 | [1] |
Finance costs | (25,145) | (33,863) | [1] | (37,514) | [1] |
Income tax (expense) benefit | (2,528) | (7,913) | [1] | (2,653) | [1] |
(Loss) profit after tax for the period from discontinued operations | 41,609 | (6,790) | [1] | (7,361) | [1] |
Profit (loss) for the period | 1,456 | 4,285 | [1] | 13,536 | [1] |
Segment assets | 193,840 | 312,505 | 317,625 | ||
Segment liabilities | 424,511 | 546,102 | 550,820 | ||
Investments in associates | 341 | 321 | 293 | ||
Mining segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from contracts with external customers | 70,881 | 83,517 | [1] | 88,104 | [1] |
Steel segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from contracts with external customers | 166,885 | 174,850 | [1] | 187,918 | [1] |
Power segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from contracts with external customers | 27,688 | 28,786 | [1] | 27,773 | [1] |
Operating segments [member] | Mining segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from contracts with external customers | 70,881 | 83,517 | [1] | 88,104 | [1] |
Inter-segment revenue | 34,402 | 37,710 | [1] | 37,549 | [1] |
Gross profit | ₽ 51,441 | ₽ 63,680 | [1] | ₽ 72,269 | [1] |
Gross margin, % | 48.90% | 52.50% | [1] | 57.50% | [1] |
Depreciation and amortisation | ₽ (7,463) | ₽ (6,774) | [1] | ₽ (5,978) | [1] |
Impairment of goodwill and other non-current assets, net | (3,829) | (3,688) | (3,684) | ||
Operating profit (loss) | 14,108 | 26,775 | [1] | 34,091 | [1] |
Share of profit of associates, net | 20 | 28 | 10 | ||
Finance income | 502 | 514 | [1] | 23,274 | [1] |
Intersegment finance income | 1,786 | 386 | 1,071 | ||
Finance costs | (12,209) | (18,967) | [1] | (24,394) | [1] |
Intersegment finance cost | (199) | (195) | (220) | ||
Income tax (expense) benefit | 149 | (20) | [1] | (5,912) | [1] |
(Loss) profit after tax for the period from discontinued operations | 41,651 | (6,962) | (7,512) | ||
Profit (loss) for the period | 38,854 | 4,955 | 11,489 | ||
Segment assets | 83,178 | 202,423 | 208,123 | ||
Segment liabilities | 160,866 | 300,058 | 296,125 | ||
Investments in associates | 341 | 321 | 293 | ||
Operating segments [member] | Steel segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from contracts with external customers | 166,885 | 174,850 | [1] | 187,918 | [1] |
Inter-segment revenue | 6,626 | 6,068 | [1] | 5,847 | [1] |
Gross profit | ₽ 30,030 | ₽ 27,486 | [1] | ₽ 44,415 | [1] |
Gross margin, % | 17.30% | 15.20% | [1] | 22.90% | [1] |
Depreciation and amortisation | ₽ (6,335) | ₽ (6,153) | [1] | ₽ (5,738) | [1] |
Impairment of goodwill and other non-current assets, net | (67) | 1,884 | (819) | ||
Operating profit (loss) | 6,520 | 7,087 | [1] | 19,814 | [1] |
Finance income | 3,000 | 75 | [1] | 9,478 | [1] |
Intersegment finance income | 306 | 375 | 395 | ||
Finance costs | (12,678) | (14,514) | [1] | (12,810) | [1] |
Intersegment finance cost | (1,725) | (325) | (1,015) | ||
Income tax (expense) benefit | (676) | (503) | [1] | 531 | [1] |
(Loss) profit after tax for the period from discontinued operations | 39 | 18 | |||
Profit (loss) for the period | (34,166) | 6,934 | 1,331 | ||
Segment assets | 102,759 | 100,493 | 97,373 | ||
Segment liabilities | 250,356 | 233,279 | 247,241 | ||
Operating segments [member] | Power segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue from contracts with external customers | 27,688 | 28,786 | [1] | 27,773 | [1] |
Inter-segment revenue | 15,769 | 15,541 | [1] | 15,471 | [1] |
Gross profit | ₽ 14,089 | ₽ 13,058 | [1] | ₽ 12,438 | [1] |
Gross margin, % | 32.40% | 29.50% | [1] | 28.80% | [1] |
Depreciation and amortisation | ₽ (488) | ₽ (482) | [1] | ₽ (500) | [1] |
Impairment of goodwill and other non-current assets, net | (1) | (2,719) | |||
Operating profit (loss) | (308) | 1,416 | [1] | (3,374) | [1] |
Finance income | 2 | 1 | [1] | 1,191 | [1] |
Intersegment finance income | 21 | 30 | 41 | ||
Finance costs | (258) | (382) | [1] | (310) | [1] |
Intersegment finance cost | (189) | (271) | (272) | ||
Income tax (expense) benefit | 34 | (333) | [1] | 83 | [1] |
(Loss) profit after tax for the period from discontinued operations | 133 | 133 | |||
Profit (loss) for the period | (760) | 531 | (2,544) | ||
Segment assets | 8,875 | 7,610 | 7,519 | ||
Segment liabilities | 11,188 | 9,432 | 9,469 | ||
Adjustments and eliminations [member] | |||||
Disclosure of operating segments [line items] | |||||
Inter-segment revenue | (56,797) | (59,319) | [1] | (58,867) | [1] |
Gross profit | (711) | (157) | [1] | 615 | [1] |
Operating profit (loss) | (395) | (1,078) | [1] | 615 | [1] |
Intersegment finance income | (2,113) | (791) | (1,507) | ||
Intersegment finance cost | 2,113 | 791 | 1,507 | ||
Income tax (expense) benefit | (2,035) | (7,057) | [1] | 2,645 | [1] |
(Loss) profit after tax for the period from discontinued operations | (42) | ||||
Profit (loss) for the period | (2,472) | (8,135) | 3,260 | ||
Segment assets | (972) | 1,979 | 4,610 | ||
Segment liabilities | ₽ 2,101 | ₽ 3,333 | ₽ (2,015) | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Segment Information - Summary_2
Segment Information - Summary of Group's Revenues Segregated Between Domestic and Export Sales (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Disclosure of Group's Revenues Segregated Between Domestic and Export Sales [Line Items] | |||||
Revenue | ₽ 265,454 | ₽ 287,153 | ₽ 303,795 | ||
Domestic - Russia [member] | |||||
Disclosure of Group's Revenues Segregated Between Domestic and Export Sales [Line Items] | |||||
Revenue | 156,584 | 170,851 | 178,762 | ||
Domestic - other [member] | |||||
Disclosure of Group's Revenues Segregated Between Domestic and Export Sales [Line Items] | |||||
Revenue | 28,491 | 28,469 | 29,665 | ||
Country of domestic countries [member] | |||||
Disclosure of Group's Revenues Segregated Between Domestic and Export Sales [Line Items] | |||||
Revenue | 185,075 | 199,320 | 208,427 | ||
Export [member] | |||||
Disclosure of Group's Revenues Segregated Between Domestic and Export Sales [Line Items] | |||||
Revenue | ₽ 80,379 | ₽ 87,833 | ₽ 95,368 | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Segment Information - Summary_3
Segment Information - Summary of Group's Total Revenues from External Customers by Geographic Area (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | ₽ 265,454 | ₽ 287,153 | ₽ 303,795 | ||
External customers by geographic area [member] | |||||
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | 265,454 | 287,153 | 303,795 | ||
External customers by geographic area [member] | Russia [member] | |||||
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | 156,712 | 170,980 | 178,879 | ||
External customers by geographic area [member] | Asia [member] | |||||
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | 45,284 | 54,137 | 53,179 | ||
External customers by geographic area [member] | Europe [member] | |||||
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | 35,536 | 38,334 | 44,263 | ||
External customers by geographic area [member] | CIS [member] | |||||
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | 23,749 | 21,465 | 23,877 | ||
External customers by geographic area [member] | Middle East [member] | |||||
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | 3,794 | 1,983 | 3,130 | ||
External customers by geographic area [member] | USA [member] | |||||
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | 102 | 155 | 258 | ||
External customers by geographic area [member] | Other regions [member] | |||||
Disclosure of External Customers by Geographic Area [Line Items] | |||||
Revenue based on location of the customer | ₽ 277 | ₽ 99 | ₽ 209 | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Segment Information - Summary_4
Segment Information - Summary of Carrying Amounts of Mineral Licenses and Property, Plant and Equipment Pertaining to Group's Major Operations (Detail) - Operating segments [member] - RUB (₽) ₽ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | ||
Carrying amounts of mineral licenses, property, plant and equipment and right-of-use assets pertaining to major operations | ₽ 112,643 | ₽ 228,067 |
Russia [member] | ||
Disclosure of geographical areas [line items] | ||
Carrying amounts of mineral licenses, property, plant and equipment and right-of-use assets pertaining to major operations | 109,954 | 225,755 |
Germany [member] | ||
Disclosure of geographical areas [line items] | ||
Carrying amounts of mineral licenses, property, plant and equipment and right-of-use assets pertaining to major operations | 1,446 | 1,225 |
Austria [member] | ||
Disclosure of geographical areas [line items] | ||
Carrying amounts of mineral licenses, property, plant and equipment and right-of-use assets pertaining to major operations | 820 | 677 |
Czech Republic [member] | ||
Disclosure of geographical areas [line items] | ||
Carrying amounts of mineral licenses, property, plant and equipment and right-of-use assets pertaining to major operations | 247 | 237 |
Other countries [member] | ||
Disclosure of geographical areas [line items] | ||
Carrying amounts of mineral licenses, property, plant and equipment and right-of-use assets pertaining to major operations | ₽ 176 | ₽ 173 |
Segment Information - Summary_5
Segment Information - Summary of Group's Revenues from External Customers by Major Products (Detail) - RUB (₽) ₽ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Disclosure of products and services [line items] | |||||
Revenue | ₽ 265,454 | ₽ 287,153 | ₽ 303,795 | ||
Mining segments [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 70,881 | 83,517 | 88,104 | ||
Mining segments [member] | Coal and middlings [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 54,324 | 62,518 | 71,305 | ||
Mining segments [member] | Coke and chemical products [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 14,783 | 17,970 | 14,205 | ||
Mining segments [member] | Iron ore concentrate [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 413 | 1,179 | 839 | ||
Mining segments [member] | Other [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 1,361 | 1,850 | 1,755 | ||
Steel segments [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 166,885 | 174,850 | 187,918 | ||
Steel segments [member] | Other [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 3,779 | 5,236 | 6,311 | ||
Steel segments [member] | Long steel products [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 98,908 | 97,692 | 105,722 | ||
Steel segments [member] | Hardware [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 25,971 | 27,086 | 30,040 | ||
Steel segments [member] | Flat steel products [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 23,056 | 23,371 | 22,786 | ||
Steel segments [member] | Forgings and stampings [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 8,451 | 14,818 | 15,848 | ||
Steel segments [member] | Semi-finished steel products [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 181 | 137 | 54 | ||
Steel segments [member] | Ferrosilicon [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 3,159 | 3,229 | 3,927 | ||
Steel segments [member] | Steel pipes [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 3,380 | 3,281 | 3,230 | ||
Power segments [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 27,688 | 28,786 | 27,773 | ||
Power segments [member] | Other [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | 1,382 | 1,756 | 1,764 | ||
Power segments [member] | Electricity [member] | |||||
Disclosure of products and services [line items] | |||||
Revenue | ₽ 26,306 | ₽ 27,030 | ₽ 26,009 | ||
[1] | These amounts reflect adjustments made in connection with the presentation of the discontinued operation (Note 25). |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Detail) ₽ in Millions, $ in Millions | Feb. 03, 2021USD ($) | Jan. 31, 2021RUB (₽) |
Major borrowings [member] | VTB US dollar denominated credit facilities [member] | US dollar denominated facilities of SKCC [Member] | ||
Events After The Reporting Period [Line Items] | ||
Loan received and used for the full repayment | $ | $ 250 | |
Commitement To Reduce Air Pollution [Member] | Till Two Thousand And Twenty Six [Member] | ||
Events After The Reporting Period [Line Items] | ||
Additional commitment to reduce environmental pollution | ₽ | ₽ 2,856 |