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The information below represents the Group’s financial position as of 30 June 2017

As of 30 June 2017, the Group’s financial indebtedness consisted of bank borrowings for an aggregate principal amount of RUB 20,485 million (including accrued interest of RUB 45 million*).

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 held relatively steady at RUB 11,712 million* as of 30 June 2017, a 2% increase from the level of Net Debt at the end of 2016.

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
for the twelve months ended 30 June 2017 of 0.5x*, compared with 0.7x* at the end of 2016.

Rouble-denominated borrowings accounted for 100% of the Group’s debt portfolio as of the end of 30 June 2017. The Russian rouble is the functional currency of the Company.

The weighted average effective interest rate further reduced to 9.96%* as of 30 June 2017 compared to 11.01%* as of the end of 2016 on the back of continued improvement in conditions in the Russian financial market. The vast majority of the Group’s debt had fixed interest rates as of 30 June 2017.

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 16,700 million as of 30 June 2017.


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

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

Last updated: 01.11.2017