22. Loans and Borrowings
This note provides information about the contractual terms of the Group’s loans and borrowings. For more information about the Group’s exposure to interest rate risk, refer to Note 28.
Long-term loans and borrowings
| Name of lender | Effective interest rate 31 December 2011 | Effective interest rate 31 December 2010 | Maturity | 31 December 2011 | 31 December 2010 | |
|---|---|---|---|---|---|---|
| Finance department of Belgorodskaya oblast | Secured | — | 9.45% | — | — | 345,738 |
| OJSC “Alfa-Bank” | Unsecured | |
|
|
2,472,748 | 2,472,103 |
| OJSC “Bank VTB” | Unsecured | 9.96% | 9.70% | 2018 | 3,921,070 | — |
| OJSC “Gazprombank” | Unsecured | |
8.00% | 2012 | 652,447 | 1,052,751 |
| OJSC “Ogresbank” (OJSC “Nordeabank”) | Unsecured | — | 8.00% | — | — | 410,000 |
| OJSC “Rosbank” | Unsecured | 8.00% | 8.00% | 2015 | 3,800,833 | 3,800,000 |
| OJSC “Sberbank” | Unsecured | |
|
|
10,389,015 | 6,855,411 |
| 21,236,113 | 14,936,003 | |||||
| Less: current portion | ||||||
| Finance department of Belgorodskaya oblast |
Secured | — | 9.45% | — | — | 345,738 |
| OJSC “Alfa-Bank” | Unsecured | |
|
2012 | 472,748 | 2,103 |
| OJSC “Bank VTB” | Unsecured | 9.96% | 9.70% | 2012 | 1,070 | — |
| OJSC “Gazprombank” | Unsecured | |
8.00% | 2012 | 652,447 | 402,751 |
| OJSC “Ogresbank” (OJSC “Nordeabank”) | Unsecured | — | 8.00% | — | — | 410,000 |
| OJSC “Rosbank” | Unsecured | 8.00% | 8.00% | 2012 | 833 | — |
| OJSC “Sberbank” | Unsecured | |
|
2012 | 39,015 | 5,411 |
| 1,166,113 | 1,166,003 | |||||
| Total long-term borrowings | 20,070,000 | 13,770,000 | ||||
All the Group’s borrowings are denominated in RUB and bear a fixed interest rate. The effective interest rate is the market interest rate applicable to the loan on the date of its receipt.
The carrying value of borrowings approximates their fair value.
Current borrowings and current portion of long-term borrowings
| Name of lender | Effective interest rate |
Effective interest rate |
31 December 2011 |
31 December 2010 |
|
|---|---|---|---|---|---|
| Finance department of Belgorodskaya oblast | Secured | — | 9.45% | — | 345,738 |
| OJSC “Alfa-Bank” | Unsecured | |
|
472,748 | 2,103 |
| OJSC “Bank VTB” | Unsecured | 9.96% | 9.70% | 1,070 | — |
| OJSC “Gazprombank” | Unsecured | |
8.00% | 652,447 | 402,751 |
| OJSC "Ogresbank“( OJSC “Nordeabank”) | Unsecured | — | 8.00% | — | 410,000 |
| OJSC “Rosbank” | Unsecured | 8.00% | 8.00% | 833 | — |
| OJSC “Sberbank” | Unsecured | |
|
39,015 | 5,411 |
| Joint-Stock Bank “Severgazbank” | Unsecured | |
— | 1,207 | — |
| 1,167,320 | 1,166,003 |
As at 31 December 2011 no bank loans are secured over bank guarantees received (31 December 2010: RUB 345,738 thousand).
Return to Notes to the Consolidated Financial Statements for the year ended 31 December 2011