En+ Group Investment Presentation
Metals Segment Debt Overview
Ent
GROUP
•
In 1H 2021 the Group signed a sustainability linked pre-export
finance facility with Societe Generale for up to USD 200 mn, 3 years
maturity to refinance more expensive debt. The facility is priced at
3mLibor+1.8%, with the possibility to reduce the margin if the
sustainability KPIs are fulfilled
In July the Group performed the regular annual testing of the
sustainability KPIs under both PXFs and its verification by an
independent auditor. All target levels for the previous year were
achieved or exceeded and subsequently the margin was decreased
under PXF2021 to 1.7% and the new interest rate will be 3 m Libor +
1.7% starting from November 2021
Net debt change in 1H 2021
(USD mn)
5,563
277
4,099
31 Dec 2020
(666)
Operating CF
(1,220)
145
Investment CF incl Financing CF excl Net effect from FX
divs received debt settlements and other
30 June 2021
Debt structure as of 30 June 2021
By interest rate
37%
By currency
Floating
rate
63%
Fixed rate
80%
20%
RUB
0.4%
EUR
USD
Key debt metrics
Credit Ratings
30 June
31 Dec
(USD mn)
2021
2020
Current debt maturity
Cash and equivalents (as of 30.06)
(3.8)
Total debt, IFRS
Fitch Ratings
B+
7,865
7,792
(USD bn)
■PXF Sberbank
eurobond
RUB Bonds ■Others
Cash and cash equivalents
3,766
2,229
Net debt, IFRS
4,099
5,563
MOODY'S
Ba3
1.8
1.8
Adjusted Total Net Debt¹
818
2,010
1.6
1.0
0.7
0.7
Adjusted Total Net Debt /
中诚信证评
AAA
0.4x
2.2x
0.2
EBITDA (covenant)¹
CCXR
Leverage covenants¹
3.0x
5.5x
2021
2022
Company data as of 30.06.2021
2023
2024
2025
2026
2027
(1) For the Leverage ratio calculation the financial indebtedness secured by Nornickel shares is excluded from the total net debt and the Metals segment's EBITDA is net of the impact of Nornickel shareholding (i.e. excludes dividends paid
on any of the Nornickel shares). The leverage ratio is, thus, tested on the basis of the Metals sehment's core operations.
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