Skip to content

The information below represents the Group’s financial position as of 31 December 2016

The Group continued deleveraging in 2016. Its financial indebtedness consisted of bank borrowings for an aggregate principal amount of RUB 16,292 million (including accrued interest of RUB 36 million*) as of the end of 2016, a decrease of 20% compared to the end of the previous year.

The Group’s Net Debt (a non-GAAP financial measure) is defined as the sum of total borrowings (including interest accrued) less “Cash and cash equivalents”.
Net Debt
was RUB 11,519 million* as of the end of 2016, a 29% decrease from the level of Net Debt at the end of 2015.

The Group’s leverage further improved with a ratio of Net Debt to Adjusted EBITDA (a non-GAAP financial measure) represents EBITDA excluding “Net foreign exchange transaction gains/(losses) on borrowings and other liabilities”, “Net foreign exchange transaction gains/(losses) on cash and cash equivalents and other monetary assets”, “Share of profit/(loss) of associate”, “Other gains - net”, “Net profit/(loss) on sale of property, plant and equipment”, “Impairment of property, plant and equipment”, “Impairment of intangible assets” and “Loss on derecognition arising on capital repairs”.
Adjusted EBITDA
of 0.7x* at the end of 2016, compared with 1.0x* at the end of 2015.

RUB-denominated borrowings accounted for almost 100% of the Group’s debt portfolio as of the end of 2016.

The weighted average effective interest rate further reduced to 11.0%* as of the end of 2016 compared to 12.0%* as of the end of the previous year on the back of improving conditions in the Russian financial market. The vast majority of the Group’s debt had fixed interest rates as of the end of 2016.

The Group has a balanced maturity profile, supported by the Group’s strong cash flow generation, available cash and cash equivalents, as well as undrawn credit facilities[1] in the amount of RUB 20,820 million as of the end of 2016.

For more information, please click here.


[1] Including the unissued registered RUB denominated exchange-traded bonds in the amount of RUB 15,000 million. 

 *Non-GAAP financial information is derived from management accounts. 

Last updated: 26.05.2017