The information below represents the Group’s financial position as of 30 June 2016
As of 30 June 2016, the Group’s financial indebtedness consisted of bank borrowings, finance lease liabilities and loans from third parties for an aggregate principal amount of RUB 20,326 million (including accrued interest of RUB 49 million*), compared to RUB 20,359 million at the end of 2015.
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 as of 30 June 2016 was RUB 17,106 million*, a 5% increase from the level of Net Debt at the end of 2015 as the Group used cash primarily for dividends and increased CAPEX.
The Group’s leverage was maintained at a comfortable level 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)/gains on cash and cash equivalents and other monetary assets”, “Share of profit/(loss) of associates”, “Other gains - net” and “(Gain)/loss on sale of property, plant and equipment”.
Adjusted EBITDA for the twelve months ended 30 June 2016 of 1.1x* (31 December 2015: 1.0x*).
The RUB-denominated borrowings accounted for almost 100% of the Group’s debt portfolio as of 30 June 2016.
The weighted average effective interest rate further reduced to 11.7%* as of 30 June 2016 compared to 12.0%* as of the end of 2015 and 12.5%* as of 30 June 2015 on the back of improving conditions in the Russian financial market. The majority of the Group’s debt had fixed interest rates as of 30 June 2016.
The Group has a balanced maturity profile, supported by the Group’s solid cash flow generation, available cash and cash equivalents, as well as undrawn credit facilities in the amount of RUB 21,811 million (Including the unissued registered RUB denominated exchange-traded bonds in the amount of RUB 15,000 million) as of 30 June 2016.
More information is available here.
*Non-GAAP financial information is derived from management accounts.