The information below represents the Group’s financial position as of 30 June 2019
As of 30 June 2019, the Group’s financial indebtedness consisted of bank borrowings, non-convertible unsecured bonds and finance lease liabilities for an aggregate principal amount of RUB 29,347 million (including accrued interest of RUB 377 million).
The Group’s leverage was maintained at a low level with 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 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 at 0.53x for the twelve months to 30 June 2019 (31 December 2018: 0.56x).
The Group’s Net Debt was RUB 19,610 million as of 30 June 2019, 5% higher than at the end of 2018.
Rouble-denominated borrowings accounted for nearly 100% of the Group’s debt portfolio as of 30 June 2019. The Russian rouble is the functional currency of the Company.
The weighted average effective interest rate rose to 8.2% as of 30 June 2019 compared to 7.9% as of the end of 2018. The vast majority of the Group’s debt had fixed interest rates as of the end of the reporting period.
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 9,577 million as of 30 June 2019.
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