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Jun 13, 2018
Free train travel starts for fans attending 2018 FIFA World Cup Russia™
Jun 09, 2018
Loading of export freight to ports increased by 5% during January-May 2018
Jun 09, 2018
Anatoly Krasnoshchek: “Railway staff will ensure effective passenger transportation during the 2018 FIFA World Cup Russia™”
Jun 09, 2018
Russian Railways and Chinese Railways agree to joint development of market for high-speed China-Russia-Europe freight rail services
Jun 08, 2018
New menu on Sapsan trains designed specifically for 2018 FIFA World Cup Russia™
Jun 08, 2018
Russian Railways takes part in International Level Crossing Awareness Day (ILCAD)
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Investor Relations
Debt and Lender Information
Borrowing Policy and Debt Portfolio

Borrowing Policy and Debt Portfolio

Borrowing Policy
Prudent financial policy of RZD helps to maintain balanced capital structure, financial stability and effectively manage its liquidity.

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

The debt policy of the company sets the following caps on the size and the structure of debt portfolio:

  • maintaining the Net debt/EBITDA ratio on the level not higher than 2.5x;
  • maintaining the share of foreign currency debt within 40% of the total debt portfolio size;
  • maintaining the share of short-term debt within 15% of the total debt portfolio size.

Debt portfolio structure 1

The total size of JSC RZD debt portfolio as at the end of 2017, including bank loans, local RUB bonds and Eurobonds, made RUB 1,060.2 billion which was higher than at the beginning of the year by RUB 154.9 billion, or by 17%.

Following the optimization of debt portfolio, done throughout the year, its structure as at the 31st of December, 2017 was in line with the approved targets:

  • 35% of the total size of the debt portfolio, or RUB 371.7 billion (at the exchange rate for 31st of December, 2017) were borrowings, denominated in the foreign currency;
  • 12% of the total size of the debt portfolio, or RUB 125.3 billion were short-term borrowings;
  • the average maturity of the JSCo RZD debt portfolio was ca. 8 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.

 

Structure of the loan portfolio of OJSC Russian Railways

 

Structure of the loan portfolio of OJSC Russian Railways

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