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Apr 30, 2017 21:44
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Apr 28, 2017
Russian Railways announces FY2016 results according to IFRS
Apr 25, 2017
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Apr 21, 2017
Oleg Belozerov took part in Session of OSJD Managing Directors' Conference
Apr 20, 2017
President of Russian Railways Oleg Belozerov: "By offering passengers a comfortable atmosphere and new services, we are creating a favorable environment for the development of railway tourism"
Apr 19, 2017
RZD Holding completes construction work on X Trans-European Corridor in Serbia
Apr 18, 2017
Russian Railways' President Oleg Belozerov sums up Company's performance in January-March 2017
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Investor Relations
Debt and Lender Information
Borrowing Policy and Debt Portfolio

Borrowing Policy and Debt Portfolio

Borrowing Policy

RZD's prudent financial policy helps to maintain a balanced capital structure, financial stability and manage liquidity effectively.

The Company’s borrowing strategy is aimed at maintaining a long average maturity of the debt portfolio and a balanced repayment schedule, while optimising the cost and structure of debt.

The Company's debt policy sets the following caps on the size and the structure of the debt portfolio:

  • maintaining a net debt/EBITDA ratio no higher than 2.5x;
  • maintaining the share of foreign currency debt at about 40% of the total debt portfolio;
  • maintaining the share of short-term debt at about 15% of the total debt portfolio size.

Debt portfolio structure 1

OJSC RZD's debt portfolio at the end of 2016, including bank loans, local RUB bonds and Eurobonds, totalled RUB 905.3 billion, 7% less than the figure of RUB 63.9 billion at the beginning of the year. The decrease was attributable to the revaluation of foreign currency liabilities as a result of the rouble appreciation during 2016.

Following work undertaken throughout the year to optimise the debt portfolio, its structure on 31 December 2016 was in line with the approved targets:

  • 38.1% of the total debt portfolio, equivalent to RUB 344.8 billion (at the exchange rate for 31 December 2016), consisted of borrowings denominated in foreign currency;
  • 8% of the total debt portfolio, or RUB 76.2 billion, were short-term borrowings;
  • the average maturity of OJSC RZD's debt portfolio was ca. 10 years.

1 The debt portfolio parameters and indices are calculated on the basis of management accounts and do not include the amount of accrued interest payable.

Russian Railways debt portfolio structure at 31.12.2016

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