|
|
|
USD millon
|
|
31-Dec-09 |
|
% in total |
|
31-Dec-08 |
|
% in total |
|
% change y-o-y |
| Total Debt |
|
1,944.0 |
|
|
|
2,059.4 |
|
|
|
(6) |
| Short-Term Debt |
|
1,656.6 |
|
85 |
|
578.4 |
|
28 |
|
186 |
| Long-Term Debt |
|
287.4 |
|
15 |
|
1,481.0 |
|
72 |
|
(81) |
| Net Debt |
|
1,532.3 |
|
|
|
1,782.6 |
|
|
|
(14) |
| Denominated in USD |
|
1,162.8 |
|
76 |
|
1,170.0 |
|
66 |
|
(1) |
| Denominated in RUR |
|
369.5 |
|
24 |
|
612.6 |
|
34 |
|
(40) |
| Net Debt/EBITDA |
|
2.08x |
|
|
|
2.22x |
|
|
|
|
Prudent financial management and deleveraging
efforts have significantly strengthened the
Company’s balance sheet and liquidity.
As at 31 December 2009, total debt amounted
to USD 1,944 million. Net debt totaled
USD 1,532 million – a year-on-year reduction of
USD 250 million or 14%. Net debt to EBITDA ratio
decreased from 2.22 times as at 31 December 2008
to 2.08 times at year-end 2009.
X5's short-term debt increased from USD 578 million
as at 31 December 2008 to USD 1,657 million
at the end of 2009, due to reclassification of
certain obligations from long-term to short-term
debt. These obligations potentially come due
within twelve months, and include RUR 9 billion
in corporate bonds with a put option exercisable
in July 2010, and the USD 1.1 billion syndicated
loan maturing in December 2010. Importantly, X5 |
has already secured a 5-year ruble-denominated
credit line equivalent of up to USD 1.1 billion from
Sberbank for the purpose of refinancing the loan.
This fully-committed long-term credit line is the first
large-size “forward-start” facility in the Russian
market. It can be utilised in several tranches with
varying maturities. This arrangement provides X5
with great flexibility for managing the Company’s
liquidity position, minimising currency exposure and
improving our debt maturity profile.
Net of the aforementioned arrangement with
Sberbank, as at 31 December 2009, the Company
had access to RUR-denominated credit facilities
of approximately RUR 25 billion (approximately
USD 812 million). Of this amount, RUR 17 billion
(approximately USD 555 million) represented
available undrawn credit lines with major Russian
and international banks. |
|