Debt and Liquidity

Debt and liquidity indicators

31 Dec. 2013

31 Dec. 2014.

Change, %

Short-term credits and loans, mn RUB

52,413

61,121

16.6

Long-term credits and loans, mn RUB

261,455

502,306

92.1

Cash and cash equivalents, mn RUB

–91,077

–53,167

41.6

Short-term deposits, mn RUB

–36,869

–76,658

–107.9

NET DEBT, MN RUB

185,922

433,602

133.2

Short-term loans and credits / total debt, %

16.7

10.8

–5.9

Ratio of net debt to EBITDA in annual terms

0.59

1.44

0.85

The Company’s loan portfolio is diversified and includes syndicated and bilateral loans, bonds and other instruments. The growth of Company’s net debt is due to the decrease in rouble/dollar exchange rate in the second half of 2014.