The information below represents the Group’s financial position as of 30 June 2018
As of 30 June 2018, the Group’s financial indebtedness consisted of bank borrowings, non-convertible unsecured bonds and finance lease liabilities for an aggregate principal amount of RUB 19,614 million (including accrued interest of RUB 171 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 RUB 13,417 million as of 30 June 2018, an 18% increase from the level of Net Debt at the end of 2017 primarily reflecting increased expansion CAPEX and dividend payments. The Group’s leverage remained low with 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 2018 at 0.4x.
Rouble-denominated borrowings accounted for 100% of the Group’s debt portfolio as of the end of 30 June 2018. The Russian rouble is the functional currency of the Company.
The weighted average effective interest rate further reduced to 7.9% as of 30 June 2018 compared to 9.4% as of the end of 2017. The vast majority of the Group’s debt had fixed interest rates as of 30 June 2018.
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 borrowing facilities in the amount of RUB 4,230 million as of 30 June 2018.
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