26. Loans and borrowings
08
This note provides information about the contractual terms of the Group’s loans and borrowings. For more information
about the finance leases, see note 28. For more information about the Group’s exposure to foreign currency risk, see note 30.
| RUB Million | Contractual interest rate | 2011 | 2010 |
|---|---|---|---|
| CURRENT LOANS AND BORROWINGS | |||
| Secured bank loans: | |||
| RUB-denominated | 1.0%-10.0% | 1,105 | 1,944 |
| USD-denominated | LIBOR(1M)+3.0%-3.3% | — | 2,438 |
| Unsecured loans: | |||
| RUB-denominated | 1.0 %-6.4 % | 130 | 229 |
| RUB-denominated | 12.00% | 9 | — |
| USD-denominated | 2.33% | — | 674 |
| USD-denominated | LIBOR(1M)+1.9% | 5,634 | — |
| USD-denominated | LIBOR(1M)+2.10% | 8,049 | — |
| Secured letters of credit: | |||
| EUR-denominated | 0.8%-1.2% | — | 31 |
| EUR-denominated | LIBOR (3M)+1.7% −4.10% | 148 | — |
| RUB-denominated | 1.0% | 66 | — |
| Finance lease liabilities: | |||
| USD-denominated | |
405 | 187 |
| Interest payable: | |||
| RUB-denominated | 15 | 6 | |
| 15,561 | 5,509 | ||
| NON-CURRENT LOANS AND BORROWINGS | |||
| Secured bank loans: | |||
| RUB-denominated | 1.50% | 114 | — |
| Unsecured bank loans: | |||
| USD-denominated | LIBOR(1M)+2.04% −2.90% | 13,039 | — |
| Secured letter of credit: | |||
| USD-denominated | EURIBOR (6M)+0.80% | 356 | — |
| EUR-denominated | EURIBOR (3M)+1.95% | 242 | — |
| EUR-denominated | EURIBOR (6M)+1.95%-3.3% | 954 | — |
| EUR-denominated | EURIBOR (3M)+4.35% | — | 1,855 |
| EUR-denominated | EURIBOR (6M)+0.8% | — | 337 |
| EUR-denominated | 0.9% | — | 57 |
| EUR-denominated | 1.25% | — | 596 |
| EUR-denominated | LIBOR (6M)+2.05% | 134 | — |
| Finance lease liabilities: | |||
| USD-denominated | 11.2%-13.9% | 1,753 | 578 |
| 16,592 | 3,423 | ||
| 32,153 | 8,932 | ||
See notes 16 (b), 20 and 21 on the assets pledged as a security for bank loans.
In addition to the pledges the loan agreements contain a number of restrictive covenants, such as maintaining a minimum turnover on the current account, limiting the maximum joint indebtness and minimum total assets of several Group subsidiaries, net debt to EBITDA ratio and EBITDA to interest expense ratio. The Group complied with these covenants during the year.
Notes to the Consolidated Financial Statements
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