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 longterm and balanced maturity profile of liabilities, while at the same time optimising the loan portfolio’s value and structure. The company pays special attention to maintaining a debt level at a comfortable level to maintain financial stability.
The Company’s debt policy has established the following guidelines for the size and structure of borrowed capital:
- 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 30 June 2021, the total loan portfolio of Russian Railways, including bank loans, rouble bonds and Eurobonds, amounted to 1,642.2 billion roubles, an increase of 128.4 billion roubles from the level at the beginning of the year.
The structure of the loan portfolio as of 30 June 2021 was in compliance with the adopted target indicators:
- 73% of the total loan portfolio, or 1201 billion roubles, accounted for borrowing in roubles;
- 17% of the total loan portfolio, or 278 billion roubles, accounted for short-term liquidity management tools;
- the average maturity of the loan portfolio of Russian Railways (excluding short-term liquidity management tools) 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.
Debt as at 31th December of respective year (2021 – at 30th June). Not including accrued interest.
*including long-term tools, which will be matured in 1 year and then will be refinanced for long-term again.