APF "Future" invested pension savings and pension reserves in assets that have a high risk of impairment. According to the actuarial conclusion, a significant share of assets is illiquid, a significant amount is the problem receivable. These circumstances may adversely affect the fair value of securities in the event of the transition of FG "Future" (the owner of APF) to the new owner, who may demand reimbursement of funds.
Assets in which pension accumulations of NPF Future are enclosed (included in the same financial group, while majority shareholder remains Boris Mintz) have a high risk of impairment, the actuary conclusion of the fund for 2017, published this week, states. The risk factors listed by the actuary include the absence of a market for "sufficient capacity to sell bonds" of companies that "hold a significant share in the fund's portfolio," a high proportion of assets with low liquidity, and a significant level of problem receivables. The actuarial deficit for pension reserves and savings has not been established. At the same time, in conclusion, it was noted that the assets were valued not at fair value. "The market value of assets was taken at the cost claimed by the specialized depository, and the actuarial value was taken equal to the value of assets according to the accounting data," the actuary noted.
If there are no clauses on the high risk of impairment of assets in the actuarial conclusions of other APFs studied by Kommersant, the non-use of fair value by actuaries is practiced, for example, in the evaluation of the Sotsium and Magnit funds. However, as explained by the representative of the NPF "Future" Ksenia Makarova, in conclusion, the actuary is obliged to express an opinion on the assets and possible potential risks. "Since a certain number of assets are involved in litigation and / or have a trend towards impairment (Promsvyazbank deposit receivable (PSB), CSG shares, Otkryt Group securities, rights claim to Trust, PSB paper and PSB lawsuit ), the actuary wrote that in general there is a risk of impairment of assets in general, and they gave their recommendations on standard measures to eliminate such risks, which the fund is already conducting, "she said.
NPF "Future" is the third largest asset in the Russian fund. His obligations on pension savings as of March 31, 2018 amounted to 292.6 billion rubles., Obligations on private pension provision (NGOs) - 3.4 billion rubles. According to the results of the last year, the loss from the placement of savings amounted to 2% (negative returns of 4% were posted on the accounts). The yield from the placement of pension reserves was 0.02% (1.5% was credited to accounts).
Previously, the future auditor warned in the IFRS statements that at the end of 2017 the value of financial assets, the fair value of which was determined based on valuation models using observable market data and a significant amount of unobservable data, amounted to 69.5 billion rubles. For the first quarter, the share of such assets increased to 114 billion rubles, or 37% of the total assets of the fund. These are papers for which there is no active market, that is, according to the rules for calculating the value of NPF net assets, no transactions were made for these securities for at least a month. In particular, these securities include Veil Finance, Finstone, Finstandart, which managed to restructure their obligations (see April 12), as well as O1 group finance, which defaulted one by one from issues. Also included in these securities are shares of Bank Otkritie FC, for which NPF is suing Bank Trust. "All bonds that do not have a credit rating or have a very low credit rating can be attributed to problem assets," notes the managing director of Expert RA Pavel Mitrofanov. As of March 31, the undistributed and not depreciated bonds for 15.5 billion rubles. already there was no rating, according to NPF reports on industry accounting standards (IAS).
In his opinion, the actuary also pointed out that there is an inconsistency in the NPF's financial flows in NPFs, as well as low profitability of assets purchased for reserves, so the fund will be able to fulfill its obligations to NGOs only in the absence of new deposits from investors, realizing the assets. If some of them are depreciated, the actuary has recognized the risk of default. The actuary estimated the cash flow when the part of the NGO assets was not restructured and its result was not clear, Ms. Makarova explained. "At the moment, there has been no restructuring of NGO assets," she points out.