Board of directors’ progress report
2.3.4

Analysis of credit portfolio

Company’s loans and borrowings as of 31.12.2016 totaled RUB 11,091.25 million:

RUB thousand 31.12.2014 31.12.2015 31.12.2016 (2016/2015) (2016/2015),%
Short-term loans and borrowings 1,933,760 7,400,000 - -7,400,000 -100%
bonds - 3,000,000 - -3,000,000 -100%
Interest arrears 167,748 188,511 208,281 19,770 +10%
Long-term loans and borrowings 10,297,973 6,297,973 10,882,973 4,585,000 +73%
bonds 3,000,000 1,600,000 6,600,000 5,000,000 +313%

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.

Credit ratings

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.

ЦЕНТР ЗАГРУЗКИ
Здесь вы можете скачать полный отчет 2016, отдельные главы в формате PDF и наиболее важные таблицы в формате Excel.
1About company
1.1Mission and strategic goals
1.2Market share
1.3Key 2016 events
2Board of directors’ progress report
2.1Letter to stockholders
2.2Production capital formation
2.2.1Network exploitation
2.2.2Electricity transmission
2.2.3Technological connection
2.2.4Development of telecommunications and IT systems
2.2.5Investments
2.2.6Innovations
2.2.7Efficacy enhancement
2.3Financial capital formation
2.3.1Analysis of revenues and expenses
2.3.2Analysis of financial standing
2.3.3Analysis of receivables and payables
2.3.4Analysis of credit portfolio
2.3.5Description of tariff policy
3Corporate governance
3.1Corporate governance practices
3.2Corporate governance system
3.2.1General meeting of stockholders
3.2.2Board of Directors
3.2.3Board of directors’ committees
3.2.4General director and executive board
3.2.5Remuneration and compensation policy
3.3Oversight system
3.3.1Board of internal auditors
3.3.2Independent auditor
3.3.3Internal control
3.3.4Risk management
3.3.5Security and anti-corruption
3.4Investor and stockholder relations
3.4.1Shareholder capital structure
3.4.2 Shareholder rights
3.4.3The company and stock market
3.4.4Communications with market participants
3.4.5FAQ
3.4.6Allocation of profit
4Stakeholder
4.1Human resources management
4.2Customer support
4.3Supplier relationship management
4.4Public and goverment relations
4.5Environment protection
5Appendices
5.1Prepared under Russian accounting standards
5.2Prepared under international financial reporting standards
5.3Related-party transaction report
5.4Corporate governance code compliance report
5.5References
5.6Abbreviations and acronyms