X5 Group (Пятерочка). Годовой отчет за 2021 год - часть 28

FINANCIAL STATEMENTS

218

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

17

trade, other accounts 

receivable and 

prepayments

eXPeCted CRedit  

loSS Rate at  

31 deCemBeR 2021

eStimated total  

GRoSS CaRRyiNG 

amoUNt at deFaUlt  

31 deCemBeR 2021

eXPeCted  

CRedit loSS 

31 deCemBeR 2021

eXPeCted CRedit  

loSS Rate at  

31 deCemBeR 2020

eStimated total  

GRoSS CaRRyiNG 

amoUNt at deFaUlt  

31 deCemBeR 2020

eXPeCted  

CRedit loSS 

31 deCemBeR 2020

Not overdue — 1 month

0.28%

 11,018 

 31 

0.18%

 13,116 

 24 

1-6 months

3.91%

 256 

 10 

7.37%

 190 

 14 

6-12 months

45.16%

 62 

 28 

29.41%

 34 

 10 

Over 1 year

71.17%

 163 

 116 

86.89%

 488 

 424 

TOTAL

 11,499 

 185 

 13,828 

472 

Movements on the allowance for expected credit losses of trade receivables were as follows:

2021

2020

At 1 January

(472)

(451)

Addition of allowance for expected credit losses

(110)

(77)

Release of allowance for expected credit losses

 104

 29

Trade receivables written off as uncollectable

 293

 27

At 31 December

(185)

(472)

The creation and release of the allowance for expected credit losses have been included in net  
impairment losses on financial assets in the consolidated statement of profit or loss.

tRade ReCeiVaBleS

Trade receivables are mainly bonuses from suppliers 
of goods for resale with a low historic default rate. The 
maximum exposure to credit risk at the reporting date 
was the carrying amount of each class of receivable. The 
Group did not hold any collateral as security. 

Set out below is the information about the credit risk 
exposure on the Group’s trade receivables using a 
provision matrix:

FINANCIAL STATEMENTS

219

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

17

trade, other accounts 

receivable and 

prepayments

eXPeCted CRedit  

loSS Rate at  

31 deCemBeR 2021

eStimated total  

GRoSS CaRRyiNG 

amoUNt at deFaUlt  

31 deCemBeR 2021

eXPeCted  

CRedit loSS 

31 deCemBeR 2021

eXPeCted CRedit  

loSS Rate at  

31 deCemBeR 2020

eStimated total  

GRoSS CaRRyiNG 

amoUNt at deFaUlt  

31 deCemBeR 2020

eXPeCted  

CRedit loSS 

31 deCemBeR 2020

Not overdue — 1 month

1.50%

 1,538 

 23 

1.15%

 2,606 

 30 

1-6 months

3.53%

 1,896 

 67 

15.51%

 690 

 107 

6-12 months

44.12%

 204 

 90 

68.42%

 190 

 130 

Over 1 year

44.51%

 1,020 

 454 

87.02%

 393 

 342 

TOTAL

 4,658 

 634 

 3,879 

 609 

Movements on the allowance for expected credit losses of other receivables were as follows:

2021

2020

At 1 January

(609)

(608)

Addition of allowance for expected credit losses

(356)

(440)

Release of allowance for expected credit losses

 208

 237

Other receivables written off as uncollectable

 123

 202

At 31 December

(634)

(609)

The creation and release of the allowance for expected credit losses have been included in net  
impairment losses on financial assets in the consolidated statement of profit or loss.

otheR ReCeiVaBleS 

The maximum exposure to credit risk at the reporting 
date was the carrying amount of each class of 
receivable. The Group did not hold any collateral 
as security. 

Set out below is the information about the credit risk 
exposure on the Group’s other receivables using a 
provision matrix: 

FINANCIAL STATEMENTS

220

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

17

trade, other accounts 

receivable and 

prepayments

PRePaymeNtS aNd adVaNCeS  
made to tRade SUPPlieRS

Movements on the allowance for impairment of prepayments and advances made to trade suppliers were as follows:

2021

2020

At 1 January

(500)

(492)

Addition of allowance for prepayments and advances to trade suppliers impairment

(372)

(312)

Release of allowance for prepayments and advances to trade suppliers impairment 

 151

 75

Prepayments and advances to trade suppliers written off as uncollectable

 160

 229

At 31 December

(561)

(500)

The creation and release of the allowance for impaired 
prepayments have been included in general and 
administrative costs in the consolidated statement of 
profit or loss.

The individually impaired prepayments mainly related to 
debtors that expected financial difficulties or there was 
likelihood of the debtor’s insolvency. It was assessed 
that a portion of the prepayments was expected to be 
recovered.

FINANCIAL STATEMENTS

221

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

18

Vat and other  

taxes receivable

31 deCemBeR 2021

31 deCemBeR 2020

VAT receivable

8,462 

8,216 

Other taxes receivable

340 

2,100 

TOTAL

8,802 

10,316 

FINANCIAL STATEMENTS

222

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

19

Provisions  

and other  

liabilities

31 deCemBeR 2021

31 deCemBeR 2020

Other accounts payable and accruals

 31,896

 26,604

Accrued salaries and bonuses

 26,153

 23,318

Accounts payable for property, plant and equipment

 16,191

 13,264

Taxes other than income tax

 21,261

 15,689

Advances received

 1,680

 1,844

Payables to landlords

 1,443

 1,055

Provisions and liabilities for tax uncertainties (Note 35)

 6,049

 4,202

TOTAL

 104,673 

 85,976 

There were no significant amounts of other payables to foreign counterparties  
as at 31 December 2021 and 31 December 2020.

FINANCIAL STATEMENTS

223

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

20

Contract  

liabilities

31 deCemBeR 2021

31 deCemBeR 2020

Short-term contract liabilities

Short-term contract liabilities related to loyalty programmes

 2,146

 1,955

Advances received from wholesales customers

 40

 32

Advances received from other customers

 206

 211

TOTAL

 2,392 

 2,198 

Movements in short-term contract liabilities related to loyalty programmes comprise the following: 

2021

2020

At 1 January

 1,955 

 1,836 

Deferred during the year

 2,146 

 1,955 

Recognised as revenue during the year

 (1,955)

 (1,836)

At 31 December

 2,146 

 1,955 

FINANCIAL STATEMENTS

224

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

21

Borrowings

The Group had the following borrowings at 31 December 2021 and 31 December 2020:

CURReNt

FiNal  
matURity  
yeaR

 *

FaiR ValUe

CaRRyiNG ValUe

2021

2020

2021

2020

RUB Bonds X5 FINANSE LLC series BО-05

−

 386 

−

390

RUB Bonds X5 FINANSE LLC series BО-04

2022

 2,091 

−

 2,150 

−

RUB Bonds X5 FINANSE LLC series BО-06

2022

 1,201 

−

 1,201 

−

RUB Bonds X5 FINANSE LLC series BО-07

2022

 5,023 

−

 5,000 

−

RUB Bonds X5 FINANSE LLC series 001P-04

−

 5,115 

−

4,998

RUB Bonds X5 FINANSE LLC series 001P-05

2022

 5,017 

−

 4,999 

−

RUB Bonds X5 FINANSE LLC series 001P-06

2022

 9,920 

−

 9,999 

−

RUB Bonds X5 FINANSE LLC series 001Р-07

2022

 4,967 

−

 4,999 

−

RUB Bonds X5 FINANSE LLC series 001Р-08

2022

 4,915 

−

 4,998 

−

RUB Bonds X5 FINANSE LLC series 001Р-09

2022

 4,915 

−

 4,998 

−

RUB Bonds X5 FINANSE LLC series 001Р-10

2022

 9,875 

−

 9,998 

−

RUB Bonds X5 FINANSE LLC series 001Р-11

2022

 9,726 

−

 9,994 

−

RUB Bilateral Loans

2022

 29,431 

 71,638 

 29,431 

 71,638 

TOTAL CURRENT BORROWINGS

 87,081 

 77,139

 87,767 

 77,026

*  In case of the Group’s Bonds — the next put-option date.

In September 2021 the Group passed the put-option on 
the exchange-registered corporate bonds series BO-05 
in the amount of RUB 390 and bought back RUB 381 
from the issue. For the remaining RUB 9 the new annual 
rate for the next 3 semi-annual coupon periods was 
fixed at 0.01%.

In September 2021 the Group issued RUB 10,000 
exchange-registered corporate bonds series 002P-01 
with 7.60% coupon rate with put-option in 3 years.

The weighted average effective interest rate on X5’s 
total borrowings for the year ended 31 December 2021 
comprised 6.56% per annum (year ended 31 December 
2020: 6.78%).

All borrowings at 31 December 2021 are shown net of 
related transaction costs of RUB 119 which are amortised 
over the term of the loans using the effective interest 
method (31 December 2020: RUB 98). Borrowing 
costs capitalised for the year ended 31 December 2021 
amounted to RUB 24 (for year ended 31 December 
2020: RUB 25). The capitalisation rate used to determine 
the amount of borrowing costs eligible for capitalisation 
was approximate to weighted average effective interest 
rate for the period.

FINANCIAL STATEMENTS

225

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

21

Borrowings

NoN-CURReNt

FiNal matURity  
yeaR

 *

FaiR ValUe

CaRRyiNG ValUe

2021

2020

2021

2020

RUB Bonds X5 FINANSE LLC series BО-04

−

 2,134 

−

2,149

RUB Bonds X5 FINANSE LLC series BО-05

2023

 8 

−

 9 

−

RUB Bonds X5 FINANSE LLC series BО-06

−

 1,330 

−

1,201

RUB Bonds X5 FINANSE LLC series BО-07

−

 5,188 

−

4,998

RUB Bonds X5 FINANSE LLC series 001P-01

2023

 98 

 99

 96 

96

RUB Bonds X5 FINANSE LLC series 001P-02

2023

 7 

 8

 8 

8

RUB Bonds X5 FINANSE LLC series 001P-03

2023

 43 

 42

 48 

48

RUB Bonds X5 FINANSE LLC series 001P-05

−

 5,163

−

4,997

RUB Bonds X5 FINANSE LLC series 001P-06

−

 10,245

−

9,993

RUB Bonds X5 FINANSE LLC series 001P-07

−

 5,080

−

4,996

RUB Bonds X5 FINANSE LLC series 001P-08

−

 5,100

−

4,996

RUB Bonds X5 FINANSE LLC series 001P-09

−

 5,100

−

4,996

RUB Bonds X5 FINANSE LLC series 001P-10

−

 10,215

−

9,990

RUB Bonds X5 FINANSE LLC series 001P-11

−

 10,025

−

9,998

RUB Bonds X5 FINANSE LLC series 001P-12

2023

 9,609 

 9,991

 9,989 

9,999

RUB Bonds X5 FINANSE LLC series 002P-01

2024

 9,951 

−

 9,998 

−

RUB Bilateral Loans

2024

 179,255 

 116,536

 186,423 

 116,456

TOTAL NON-CURRENT BORROWINGS

 198,971 

 186,256 

 206,571 

 184,921

TOTAL BORROWINGS

 286,052 

 263,395 

 294,338 

 261,947

*  In case of the Group’s Bonds — the next put-option date.

Change in total borrowings in amount of RUB 32,391 
in 2021 equals to the proceeds from borrowings in 
amount of RUB 132,345, repayment of borrowings in 
amount of RUB 99,585 (the Consolidated Statement of 
Cash Flows) and other non-cash movements in amount 
of RUB 447 plus amortisation of transaction costs in 
amount of RUB 78. Changes in lease liabilities which 
also form liabilities arising from financing activities are 
disclosed in the Note 11. 

Change in total borrowings in amount of RUB 34,014 in 
2020 equals to the proceeds from borrowings in amount 
of RUB 203,046, repayment of borrowings in amount 
of RUB 169,175 (the Consolidated Statement of Cash 
Flows) plus amortisation of transaction costs in amount 
of RUB 143. Changes in lease liabilities which also form 
liabilities arising from financing activities are disclosed in 
the Note 11.

In accordance with a few loan agreements, the 
Group maintains an optimal leverage ratio by tracking 
covenant: the maximum level of Net Debt / EBITDA pre-
IFRS 16 (4.00 / 4.25 during 2 quarters after acquisition). 
At 31 December 2021 the Group complied with this 
covenant and Net Debt / EBITDA pre-IFRS 16 was 
equal to 1.67 (31 December 2020: 1.67). Metric EBITDA 
specified in all loan agreements is equal to EBITDA pre-
IFRS 16 (for calculation please refer to Note 5). 

The Group had the following borrowings at 31 December 
2021 and 31 December 2020: