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Annual Report 2015
RU

In the environment when the tariff increment is lower than the inflation rate for two consecutive years, Federal Grid Company is demonstrating the growth of earnings. Such results could not be achieved without efficiency improvements.

Maria Pichugina

Deputy Chairperson of the Management Board, member of the Management Board of Federal Grid Company

Debt portfolio

At year-end 2015, Federal Grid Company’s debt portfolio amounted to RUB274.56 billion, increasing by RUB16.89 billion, or 6.5% compared to the previous year. The Company meets its obligations on servicing its debt portfolio and debt repayment in full and on time, including in 2015:

  • In April, the Company exercised a put offer under BO-01 series (the outstanding amount is RUB10 billion), and bought 98% of the placed bonds from investors
  • In May, the Company placed bonds series 37 and 38, to the total amount of RUB40 billion with a coupon rate set at the level of “Consumer Price Index + 1%” and an offer after 30 years
  • In September, the Company exercised a put offer under 10 series (the outstanding amount is RUB10 billion), and bought 99.7% of the placed bonds from investors
  • In October, the Company repaid exchangetraded bonds of BO-01 series because they were due, and exercised a put offer under 07 series (the outstanding amount is RUB5 billion); it bought 65% of the placed bonds from investors

Changes in Federal Grid Company’s debt portfolio, RUB billion

In order to finance its investment programme in 2016–2010 and refinance its outstanding debt, the Company intends to continue using all available debt instruments, such as bonds, Eurobonds and bank loans. The amounts of debt and any particular instruments will depend on the corporate business plan for 2016–2020 and the market environment. In 2016, the Company will have to exercise put offers for the total amount of RUB 25 billion under bonds of 12 and 25 series.

Outstanding bonds in Russia and foreign stock exchanges Revolving and non-revolving credit facilities with major Russian banks, with maturities of 3–11 years
MICEX (bonds)
Irish Stock Exchange (Eurobonds)
Sberbank of Russia,
Gazprombank,
ALFA-BANK,
Bank FC Otkrytie
Promsvyazbank,
AB Rossiya,
Bank St. Petersburg

For further details on outstanding bond issues of Federal Grid Company, please see Appendix 1 to the Annual Report

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