26. Loans and borrowings

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This note provides information about the contractual terms of the Group’s loans and borrowings. For more information about the finance leases, see note 28(a). For more information about the Group’s exposure to foreign currency risk, see note 30(a).

RUB Million	Contractual interest rate	31 December 2012	31 December 2011
Current loans and borrowings
Secured bank loans:
RUB-denominated	1%-10%	277	1,105

Unsecured bank loans:
RUB-denominated	1%-9.5%	519	139
USD-denominated	LIBOR(1M)+2.35%-3.2%	12,502	13,683
USD-denominated	LIBOR(3M)+2.6%	7,593	—

Secured letters of credit:
EUR-denominated	LIBOR(3M)+1.7%-4.1%	—	148
EUR-denominated	EURIBOR(6M)+2.05%	250	—
EUR-denominated	EURIBOR(3M)+1.95%	33	—
RUB-denominated	EURIBOR(6M)+0.9%	200	—
RUB-denominated	1%	—	66

Finance lease liabilities:
USD-denominated	11.2%-13.9%	606	405

Interest payable:
RUB-denominated		37	15
		22,017	15,561

Non-current loans and borrowings
Secured bank loans:
RUB-denominated	1.5%-3.25%	23	114

Unsecured bank loans:
USD-denominated	LIBOR(1M)+2.7%-3.2%	9,971	13,039
USD-denominated	LIBOR(3M)+2.9%	1,519	—

Secured letters of credit:
USD-denominated	EURIBOR(6M)+2%	336	356
EUR-denominated	EURIBOR(3M)+1.95%	200	242
EUR-denominated	EURIBOR(6M)+2.1%-3.3%	481	954
EUR-denominated	LIBOR(6M)+2.05%	—	134

Finance lease liabilities:
USD-denominated	11.2%-13.9%	1,922	1,753
		14,452	16,592
		36,469	32,153

See note 16(b) on the assets pledged as a security for bank loans.

In addition to the pledges the loan agreements contain a number of restrictive covenants, such as maintaining a minimum turnover on the current account, limiting the maximum joint indebtness and minimum total assets of several Group subsidiaries, net debt to EBITDA ratio and EBITDA to interest expenseratio. The Group complied with these covenants during the year.

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