Analysis of credit portfolio
Company’s loans and borrowings as of 31.12.2016 totaled RUB 11,091.25 million:
|Short-term loans and borrowings||1,933,760||7,400,000||-||-7,400,000||-100%|
|Long-term loans and borrowings||10,297,973||6,297,973||10,882,973||4,585,000||+73%|
As of the year-end the debt portfolio consists of long-term loans and borrowings. The Company has no credit contracts with principal debt over 5% of book asset value. Liabilities under each contract are discharged by the Company on time. Key creditors are largest state-controlled banks. As of 31.12.2016 the weighted average interest rate of the Company’s debt portfolio totaled 9.92% p.a.
During the reported period the Company had RUB 3.0 billion BO-01 series, RUB 1.6 billion BO-02 series and RUB 5.0 billion BO-05 series exchange-traded bonds in floatation. BO-01 series bonds were placed at MICEX stock exchange on 31.01.2013. The bond issue matured on 28.01.2016. The bond coupon rate was set at 8.4% per annum for the entire maturity. A coupon yield for each coupon period was RUB 41.88 per 1 bond. BO-02 series bonds were placed at MICEX stock exchange, 24 November 2015 being effective date. The issue maturity is 10 years, designated offer due 7 years after the effective date and redemption offer due 4 years upon holders’ consent. 1-14 coupon rates were set at 11.58% per annum, equal to coupon yield for each coupon period at RUB 57.74 per one bond. BO-05 series bonds were placed at MICEX stock exchange, 26 August 2016 being effective date. The issue matures in 10 years, with two redemption offers due 3 and 5 years after effective date upon holders’ consent. 1-20 coupon rates were set at 9.32% per annum, equal to coupon yield for each coupon period at RUB 46.47 per one bond.
In 2016 IDGC of Urals (OAO) has discharged its bond-related liabilities in full.
The Company has issued the following securities:
- BO-02 series exchange-traded bonds (4B02-02-32501-D) with total par value of RUB 3,000,000,000 to be redeemed on 3640th date since BO-02 series bond effective date;
- BO-03 series exchange-traded bonds (4B02-03-32501-D) with total par value of RUB 3,000,000,000 to be redeemed on 3640th date since BO-03 series bond effective date;
- BO-04 series exchange-traded bonds (4B02-04-32501-D) with total par value of RUB 4,000,000,000 to be redeemed on 3640th date since BO-04 series bond effective date;
- BO-05 series exchange-traded bonds (4B02-05-32501-D) with total par value of RUB 5,000,000,000 to be redeemed on 3640th date since BO-02 series bond effective date.
Registered BO-03 and BO-04 series exchange-trade bonds have not been placed during 2016.
As of the year-end Moody's Investors Service affirmed global corporate family rating at Ba2 (Stable Outlook). On 18 March 2016 Moody’s revoked domestic ratings previously assigned to IDGC of Urals (OAO) on its own. The action followed Moody’s termination of Russia’s national scale ratings. The revocation of national-scale ratings has not affected assignment of global ratings.