15. Investments and Financial Assets

Thousands of Russian Roubles, unless otherwise stated

31 December 2011 31 December 2010
Financial assets related to the employee benefit fund 368,054 384,734
Investments designated at fair value through profit and loss 163,988 227,712
Available-for-sale financial assets 1,934 1,934
533,976 614,380

Investments designated at fair value through profit and loss represent investments in shares of JSC OGC-4 and other securities, which are listed on MICEX and RTS, recorded at fair market value (belong to Level 1 in the fair value hierarchy).

Financial assets related to employee benefit fund

Financial assets related to the employee benefit fund relate to the Group’s contributions accumulated in the solidary and employees’ individual pension accounts with the Non-State Pension Fund of Electric Power Industry (employee benefit fund). Subject to certain restrictions 80% of contributions to the employee benefit fund can be withdrawn at the discretion of the Group.

The Group’s exposure related to credit risks and impairment losses related to other investments and financial assets is disclosed in Note 28.

Return to Notes to the Consolidated Financial Statements for the year ended 31 December 2011