| USD million |
31-Dec-10 |
% in total |
31-Dec-09 |
% in total |
% change y-o-y |
| Total Debt |
3,684.8 |
|
1,944.0 |
|
90% |
| Short-Term Debt |
508.0 |
14% |
1,656.6 |
85% |
(69%) |
| Long-Term Debt |
3,176.8 |
86% |
287.4 |
15% |
1,005% |
| Net Debt |
3,414.0 |
|
1,532.3 |
|
123% |
| Denominated in USD |
382.1 |
11% |
1,162.8 |
76% |
(67%) |
| Denominated in RUR |
3,031.9 |
89% |
369.5 |
24% |
720% |
| FX, EoP |
30.48 |
|
30.24 |
|
|
| Net Debt/EBITDA |
3.69x(1) |
|
2.08x |
|
|
(1) Based on 2010 pro-forma EBITDA of USD 926 million, i.e. including Kopeyka from 1 January 2010.
X5’s debt rose from USD 1,944 million at 31 December 2009 to USD 3,685 million at 31 December 2010. The year-on-year increase of USD 1,741 million is attributable to the acquisition of Kopeyka, which X5 financed with debt in addition to absorbing Kopeyka’s borrowings in the amount of USD 599 million (net debt of Kopeyka stood at USD 534 million). Debt is reported in USD on X5’s balance sheet but nearly 90% of debt at 31 December 2010 was denominated in RUR as a result of the Company’s efforts to reduce FX exposure. Dollar debt is currently limited to USD 391 million or about 11% of the total debt portfolio.
X5’s short-term debt decreased by 69%, from USD 1,657 million as at 31 December 2009 to USD 508 million as at 31 December 2010, mostly due to refinancing of the USD 1.1 billion syndicated loan. This was replaced in the third quarter 2010 mainly with a new USD 800 million three-year club facility denominated half in RUR and half in USD. The remainder was refinanced under the existing credit lines. In addition, X5 secured financing for the Kopeyka acquisition through a combination of long-term facilities from Sberbank. Thus, X5 successfully extended its debt maturities with mainly long-term ruble financing (the majority of X5’s borrowings mature in 2013-2015), and reduced FX exposure by nearly two-thirds. In addition, the Company managed to shift all of its financing to an unsecured basis.