Credit portfolio

  31.12.08 31.12.09 31.12.10 31.12.11 Change 2011/2010
          RUR thous %
Short-term credits and loans 1 200 000 - - 219 +219  
Including bonds - - - 219 +219  
Long-term credits and loans 5 161 534 5 583 562 5 537 633 6 030 928 +493 295 +8,9%
Including bonds 1 000 000 1 638 219 - -219 -87%
Interest payable 42 770 26 503 2 123 33 373 + 31250 +1571,97%
Total 6 404 304 5 610 065 5 539 756 6 064 520 +524 764 +9,47%

As of the reported period long-term credits and loans increased by 9.47% (or by RUR 493.5 mln) and totaled RUR 6 030.9 mln as of 31.12.2011. At the same time interest payable, as of the reported date, totaled RUR 33.3 mln. Debt growth was due to the increase of credits used to finance the Company’s investments. Bond liabilities in 2011 became short-term liabilities and total RUR 0.219 mln. Overall debt, as of 31.12.2011, totaled RUR 6 064.5 mln. The key creditor banks are the Urals Bank of Russian Savings Bank and Ekaterinburg branch of Gazprombank, OAO.


  Terms of credit contract (bond maturity date) Limits on the contracts, RUR thous.
Bond issue (series 4-01-32501-D) May 2012 1 000 000
Sberbank 2-5 years 4 400 000
Gazprombank 2-5 years 4 280 000
Total   9 680 000

In 2011 there were 3 credit auctions. After the auctions we concluded 7 contracts (overall value of RUR 4 400 mln, including RUR 2 800 mln to finance the Company’s investment program. On the whole, in 2011 the credit market was characterized as favorable. Interest rates on raised capital did not change, newly concluded contracts had interest rates below refinancing rate – 7.7% per annum. By the end of 2011 debt capital market conditions decayed, this lead to debt appreciation and increase of rates on outstanding credits by Gazprombank. In this regard, as of 31.12.2011, average interest rate on credit portfolio totaled 7.84% per annum. At the same time average interest rate in 2011 totaled 7.65% per annum. The Company raised debts during 2011 at the level below the debt parameter limits. As of 2011 financial operations the Company ensured the compliance of our debt to the approved limits and retained business solvency rating at Level A.

IDGC of Urals, OAO has issued 2 bond issues with overall value RUR 1.6 bln. The bonds were issued during the restructuring process on 30.04.2008 by converting Permenergo and Chelyabenergo bonds. As of 31.12.2011 219 series-01 bonds were in circulation.

Issue IDGC of Urals 01 IDGC of Urals 02
Series 4-01-32501-D 4-02-32501-D
Nominal value, RUR 1 000 1 000
Overall volume, Rur thous. 1 000 000 600 000
In circulation, RUR thous. 219 -
Coupon rate 8,6% 8,4%
Date of state registration 27.03.08 27.03.08
placement date 30.04.08 30.04.08
Redemption date 22.05.12 13.05.10
Offer 27.05.09, 26.05.10 16.05.08

Series 01 bonds were initially placed on May 29, 2007 by Permenergo, OAO for 1820 days. On April 30, 2008 Permenergo bonds were converted into bonds of IDGC of Urals, OAO. In 2009 following the offer the Company acquired 998 362 series-01 bonds (RUR 998 362 thous.) as well as paid out accumulated coupon income totaling RUR 220 thous. In 2009 IDGC of Urals paid out 4th and 5th coupons (RUR 40 640 thous. and RUR 67 thous. correspondingly). In 2010 following the offer the Company acquired 1 419 series-01 bonds (RUR 1 419 thous) and paid out accumulated coupon income on 6th coupon (RUR 66.5 thous.) and 7th coupon (RUR 9.4 thous.). In 2011 we paid out 8th and 9th coupons (RUR 9.4 thous. per each). As of 31.12.2011 219 series-01 bonds (debt became short-term) were in circulation. Series-02 bonds were redeemed on May 13, 2010. As of the redemption date the bonds were not in circulation, liabilities equaling RUR 0.