|USD mln||31-Dec-11||% in total||31-Dec-10||% in total|
|Net Debt/(Net Cash)||3,225.0||3,414.0|
|Denominated in USD||(9.5)||n/a||385.8||11.3%|
|Denominated in RUR||3,234.5||100.0%||3,028.2||88.7%|
|Net Debt/EBITDA (RUR)(1)||3.13x(2)||3.70x(3)|
X5’s net debt to EBITDA ratio improved significantly to 3.13x compared to 3.70x at the end of 2010. Russian Rouble-denominated borrowings accounted for 100% of X5’s debt at 31 December 2011. The Company reported total debt of USD 3,610 mln (at a RUR exchange rate of 32.20), of which 25.3% was short-term (USD 913 mln) and 74.7% long-term debt (USD 2,697 mln).
As of 31 December 2011, the Company had access to RUR-denominated credit facilities of approximately RUR 134.4 bln (approximately USD 4.2 bln). Of this amount, approximately RUR 53.1 bln (USD 1.6 bln) represented available undrawn credit lines with major Russian and international banks.
(1)Debt covenants are set in RUR terms in accordance with loan facilities the Company maintains.
(2)Based on consolidated EBITDA of RUR 33,215 mln, i.e. including Kopeyka from 1 January 2011.
(3)Based on pro-forma EBITDA of RUR 28,131 mln, i.e. including Kopeyka from 1 January 2010.