Etalon Group - Expanding Portfolio for Robust Growth
B 1Grou
Robust Balance Sheet
Debt cash flows maturity profile (as of 30/06/2011; USD mln)
61
27
84
65
94
331
2011
2012
2013
2014
2015
Total
148
Leverage and credit rating
80
138
Debt composition (as of 30/06/2011)
By type of facility
0.0%
22.1%
■CLN
32.5%
45.4%
Bank loans
8.7%
By currency
41.1%
Local bonds
50.2%
Loans from other
parties
RUR (2)
(@13.9%)
USD (3)
(@9.6%)
EUR (@EURIBOR
+7.00%) (4)
Net cash (at 30/06/2011), USD mln
Financing strategy
S&P rating (5)
SSMO
LenSpetsSMU
Международная рейтинговая компания:
Стандард Пур
B/Stable/B
BiruA
1.2x
0.6x
0.3x
ЗАО СМО «Тинск
31-Dec-08
31-Dec-09
31-Dec-10
Net debt, USDmln
Net debt / EBITDA
271
331
602
06.11.2010
Net Cash
Debt
Cash
Source: audited consolidated IFRS accounts for 2008, 2009, 2010 and reviewed IFRS accounts for 1H 2011
Longer debt maturities
(3-5 years)
Decrease the cost of
funding
Conservative approach
to leveraging
End of period USD/RUB rate at 30 June 2010
30.48
End of period USD/RUB rate at 30 June 2011
28.08
(1) Without expected interest payments; (2) Weighted-average cost of debt on local bonds, bank loans and loans from other parties (all RUR-denominated); (3) Weighted-
average cost of debt on CLN and bank loans (US$-denominated); (4) Interest rate on bank loans (EUR-denominated); (5) Net debt is calculated as Long-term debt (carrying
amount) + Loans and borrowings (short-term at carrying amount) - Cash & Cash Equivalents - Cash deposits included in ST Investments (5) Reconfirmed 8 times since
2006 (including 4 times in 2009);
Etalon Group
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