26. Loans and borrowings

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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(a). For more information about the Group’s exposure to foreign currency risk, see note 30(a).

RUB Million Contractual interest rate 31 December 2012 31 December 2011
Current loans and borrowings
Secured bank loans:
RUB-denominated 1%-10% 277 1,105
Unsecured bank loans:
RUB-denominated 1%-9.5% 519 139
USD-denominated LIBOR(1M)+2.35%-3.2% 12,502 13,683
USD-denominated LIBOR(3M)+2.6% 7,593
Secured letters of credit:
EUR-denominated LIBOR(3M)+1.7%-4.1% 148
EUR-denominated EURIBOR(6M)+2.05% 250
EUR-denominated EURIBOR(3M)+1.95% 33
RUB-denominated EURIBOR(6M)+0.9% 200
RUB-denominated 1% 66
Finance lease liabilities:
USD-denominated 11.2%-13.9% 606 405
Interest payable:
RUB-denominated 37 15
22,017 15,561
Non-current loans and borrowings
Secured bank loans:
RUB-denominated 1.5%-3.25% 23 114
Unsecured bank loans:
USD-denominated LIBOR(1M)+2.7%-3.2% 9,971 13,039
USD-denominated LIBOR(3M)+2.9% 1,519
Secured letters of credit:
USD-denominated EURIBOR(6M)+2% 336 356
EUR-denominated EURIBOR(3M)+1.95% 200 242
EUR-denominated EURIBOR(6M)+2.1%-3.3% 481 954
EUR-denominated LIBOR(6M)+2.05% 134
Finance lease liabilities:
USD-denominated 11.2%-13.9% 1,922 1,753
14,452 16,592
36,469 32,153

See note 16(b) 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 expenseratio. The Group complied with these covenants during the year.

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