Global Leader in Hydro Power and Aluminium
Credit Ratings
Metals Segment Debt Overview
On 25 October 2019 the Group entered into a 5-year new sustainability-
linked pre-export finance facility (PXF2019) for the amount of USD 1,085
mn. The interest rate is subject to the Company's fulfilment of the
sustainability KPIs.
In Nov 2019 Rusal successfully placed its 4th tranche of local bonds for RUB
15 bn, thus bringing the total volume of issuance on local market
throughout 2019 to RUB 60bn (c. USD 930 mn).
The rate set for the new tranche was 7.45% p.a., with an investor put-
option after 3 years - a record low rate in the history of Company's presence
on the local debt capital market. The deal was subsequently hedged into
USD, resulting in the USD interest rate of 3.65%.
In November 2019 the Group made an early voluntary principal repayment
of Sberbank debt in the amount eq. to USD 500 mn and fully repaid USD 1.3
bn of PXF2017.
Key debt metrics
Net debt change in FY 2019
(USD mn)
7,442
6,466
612
310
(246)
(1,652)
31 Dec 2018
Operating CF
Investment CF incl
divs received
Financing CF excl
debt settlements
Net effect from FX
and other
31 Dec 2019
Debt structure as of 31 Dec 2019
By interest rate
44%
Floating
rate
56%
Fixed
rate
Ent
GROUP
By currency
1%
22%
RUB
USD
RMB
77%
31 Dec
31 Dec
(USD mn)
Fitch Ratings BB-
Debt maturity as of 31 Dec 2019
(USD bn)
2.8
2019
2018
Cash and equivalents
2.3
Total debt, IFRS
8,247
8,286
(as of 31.12)
2.0
MOODY'S
Cash and cash equivalents
Ba3
(1.8)
1,781
844
Net debt, IFRS
6,466
7,442
Adjusted Total Net Debt¹
2,404
3,156
Expert
ruAA
0.5
0.6
Adjusted Total Net Debt /
2.3x
1.4x
EBITDA (covenant)¹
中诚信证评
AAA
Leverage covenants¹
CCXR
3.5x
3.0x
2020
2021
2022
2023
2024
(1) For the Leverage ratio calculation the financial indebtedness secured by NN shares is excluded from the total net debt and the Group's EBITDA is net of the impact of
NN shareholding (i.e. excludes dividends paid on any of the NN Shares). The leverage ratio is, thus, tested on the basis of the Group's core operations.
■PXF
→ Sberbank
eurobond
RUB Bonds ■Others
63
En+ Group overview
Investment highlights
Sustainable business
Results snapshot
Power segment
Metals segment
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