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Debt and Lender Information
Borrowing Policy and Debt Portfolio

Borrowing Policy and Debt Portfolio

Borrowing Policy
The prudent financial policy pursued by Russian Railways allows the Company to maintain a balanced capital structure, financial stability and manage its liquidity effectively.

 

The Company's borrowing strategy is aimed at maintaining a long-term, weighted average maturity with regard to its liabilities and a balanced repayments schedule, while simultaneously optimising the value and structure of its loan portfolio.

The Company's debt policy sets the following guidelines for the size and structure of borrowed capital:

  • maintaining the ratio of net debt to EBITDA at a level no higher than 2.5x;
  • maintaining the proportion of borrowings in foreign currency in the range of about 40% of the total loan portfolio;
  • maintaining the share of short-term debt in the range of 15% of the total loan portfolio.

Loan Portfolio Indicators 1

As of 31 December 2016, the total volume of the loan portfolio, including bank loans, rouble bonds and eurobonds, amounted to 905.3 billion roubles, a decrease of 63.9 billion roubles or 7% compared to the beginning of the year. The reduction was due to a revaluation of the Company's currency borrowings against the background of the strengthening Russian rouble during 2016.

The total volume of the loan portfolio, including bank loans, rouble bonds and eurobonds, amounted to 1,024.9 billion roubles as of 30 June 2017.

Due to the work carried out during the first half of 2017 to optimise the loan portfolio, its structure as of 30 June 2017 was consistent with the adopted target indicators:

  • borrowings in foreign currency accounted for 34% of the total loan portfolio or4 billion roubles (at the exchange rate as of 30 June 2017);
  • short-term borrowings accounted for 8% of the total loan portfolio or 86.1 billion roubles;
  • the average maturity of the loan portfolio of OJSC Russian Railways was about 10 years.

1 Indicators of the Company's loan portfolio are calculated on the basis of management reporting and do not take into consideration accounts payable on accrued interest.

 

Structure of the loan portfolio of OJSC Russian Railways

 

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