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Feb 07, 2019
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Debt and Lender Information
Borrowing Policy and Debt Portfolio

Borrowing Policy and Debt Portfolio

Borrowing Policy
Russian Railways’ well-balanced financial policy allows it to maintain a balanced capital structure at the Company, preserve financial stability and manage effectively its liquidity.

The Company’s borrowing strategy is aimed at maintaining a long weighted average maturity of liabilities and a balanced repayment schedule, while at the same time optimising the loan portfolio’s value and structure.

The Company’s debt policy has established the following guidelines for the size and structure of borrowed capital:

  • holding the ratio of net debt to EBITDA at a level no higher than 2.5x;
  • holding the proportion of foreign currency borrowings to below 40% of the total loan portfolio;
  • holding the proportion of short-term debt to below 20% of the total loan portfolio.

Loan Portfolio Indicators 1

As of 31 December 2018, the total loan portfolio of Russian Railways, including bank loans, rouble bonds and Eurobonds, amounted to 1,245.1 billion roubles, an increase of 124 billion roubles, or 11%, from the level at the beginning of the year.

The structure of the loan portfolio as of 31 December 2018 was in compliance with the adopted target indicators:

  • 69% of the total loan portfolio, or 854.8 billion roubles, accounted for borrowing in roubles;
  • 11% of the total loan portfolio, or 137 billion roubles, accounted for short-term borrowings;
  • the average maturity of the loan portfolio of Russian Railways was about 7 years.

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

 

Structure of the loan portfolio of OJSC Russian Railways

 

Structure of the loan portfolio of OJSC Russian Railways

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