In order to refinance borrowed resources taken out previously and payments from FSK EES for purchased power in the regulated and free sectors of the wholesale electricity market Kubanenergo concluded contracts for long term loans with Savings Bank of Russia and Gazprombank. The attraction of credit resources was carried out in accordance with the Company’s borrowing policy confirmed by the Board of Directors at Kubanenergo» (Protocol of 23.04.2007 №34/2007).
During 2011 theCompanypaidoffshorttermloansandborrowingstoavalueof 2 312.6 millionrubles. No short term loans or borrowings were taken out in the accounting year.