JSC Techsnabexport

Русская версия

 TENEX » Dear Readers » Performance Management » Finance management

Finance management

In 2013, the Company’s activities were financed mainly by loans. As of the end of 2013, the credit portfolio of the Company grew by 5% from 2012, to total RUR 34.7 billion, including US $300 million as a part of the long-term cooperative financing facility from a group of international banks led by Deutsche Bank AG.

Under the facility terms, the Company maintains the level of financial covenants requested by the lenders, whose factual values are evidence of the Company’s financial stability.

Financial covenants * under the cooperative financing facility

IndicatorPermissible value31.12.201131.12.201231.12.2013

Earnings before Taxes, Depreciation, and Amortisation.
not more than 3 1,5 2,06 2,22

Earnings before Taxes, Depreciation, and Amortisation.
/Interest costs ratio
not less than 3 17,9 15,04 19,4
Owners’ equity RUR billion not less than 15 19,1 25,5 20,6
* The covenants are calculated as per the loan agreement methodology.

In 2013, the situation in the corporate loans market prevented the Company from keeping a high diversification of lenders and a low cost of loans. As the annual average loan portfolio dropped by 1.5% in 2013 as compared to 2012, its average weighted value decreased by 15%, while an average effective interest on the Company’s loans was twice as low as the interest rates on loans provided by the Russian banks to non-financial organisations for the same period of time24.

Commencing in 2013, the Company is party to the agreement on the setting up of a consolidated group of taxpayers (CGT

consolidated group of taxpayers
) in order to pay the profit tax in accordance with the Federal Law No. 321-FZ of 16.11.2011 “Regarding the amendments of Parts I and II of the Taxation Code of the Russian Federation due to the establishment of the consolidated group of taxpayers”.

consolidated group of taxpayers
organisation participants unite for the calculation and payment of the profit tax, considering the aggregated financial result of their economic activity. The profit tax is paid to the CGT

consolidated group of taxpayers
responsible participant, JSC Atomenergoprom. As of 31.12.2013, the CGT

consolidated group of taxpayers
participants included 38 companies within the ROSATOM management system.
Participation in the CGT

consolidated group of taxpayers
reduced payments of the profit tax by RUR 333 million due to the aggregated financial results of the CGT

consolidated group of taxpayers
participants’ economic activities.

24 Based on the Bank of Russia statistics.

Previous page
Next page