Note 24- Loans and borrowings

This note provides information about the contractual terms of the Group's interest-bearing loans and borrowings, which are measured at amortized cost. For more information about the Group's exposure to interest rate, foreign currency and liquidity risk and payment schedule for interest bearing loans, see Note 29.

  2010 2009
Non-current liabilities    
     Unsecured bank loans 1,366,207 793,210
     Secured bank loans 21,850 25,253
     Finance lease liabilities 19,259 2,716
  1,407,316 821,179
Current liabilities    
     Current portion of unsecured bank loans 357,637 226,463
     Current portion of secured bank loans 4,378 -
     Unsecured bank facility 57,355 461,788
     Secured bank facility 6,399 -
     Current portion of finance lease liabilities 4,436 2,529
  430,205 690,780

Finance lease liabilities are payable as follows:

  31 December 2010 31 December 2009
  Future minimum
lease payments		 Interest Present value of
minimum lease
payments		 Future minimum
lease payments		 Interest Present value of
minimum lease
payments
Less than one year 5,199 763 4,436 2,768 239 2,529
More than one year 24,107 4,848 19,259 2,815 99 2,716
  29,306 5,611 23,695 5,583 338 5,245

Superonline, a wholly owned subsidiary of the Group, acquired indefeasible right of use with BOTAS and will pay EUR 20,900 to BOTAS for the right. The Group recognized indefeasible right of use amounting to $22,531 which is calculated as the present value of payments to be made to BOTAS till the year 2024. As of 31 December 2010, the carrying amount of lease liability related to BOTAS agreement is $20,962.

Some of the Group's borrowings are subject to covenant clauses, whereby the Group is required to meet certain key performance indicators. As of 31 December 2010, the Group is in compliance with all borrowing covenants.

Terms and conditions of outstanding loans are as follows:

        2010 2009
  Currency Year of maturity Interest rate type Nominal interest rate Face value Carrying amount Nominal interest rate Face value Carrying amount
Unsecured bank loans USD 2012 Floating Libor+2.25%-3.75% 491,000 488,965 Libor+2.3%-3.75% 491,000 487,563
Unsecured bank loans USD 2011-2012 Floating Libor+2.1% 263,250 264,674 - - -
Unsecured bank loans USD 2015 Floating Libor+2.9%-3.0% 188,500 188,730 - - -
Unsecured bank loans USD 2011-2015 Fixed 2.37% 184,044 178,603 - - -
Unsecured bank loans USD 2013 Floating Libor+2.24%-2.45% 159,200 159,406 - - -
Unsecured bank loans USD 2009-2014 Fixed 2.24% 148,726 144,078 2.24% 191,219 183,710
Unsecured bank loans USD 2013 Fixed 4.10%-8% 86,442 86,464 - - -
Unsecured bank loans USD 2011 Fixed %2.25-2.80% 95,193 96,998 2.80% 63,500 63,505
Unsecured bank loans USD 2010-2016 Fixed 2.81% 59,654 57,581 2.81% 69,856 66,051
Unsecured bank loans USD 2011 Floating Libor+1.75% 24,500 24,602 - - -
Unsecured bank loans USD 2009-2014 Floating Libor+%1.35 50,236 48,672 Libor+%1.35 64,589 62,162
Secured bank loans** BYR 2020 Floating RR*+2% 21,389 26,228 RR*+2% 22,487 25,253
Unsecured bank loans USD 2010-2012 Fixed 2.97% 17,505 17,754 2.97% 25,958 26,236
Unsecured bank loans EUR 2013 Floating Libor+3.465% 13,280 13,627 - - -
Unsecured bank loans USD 2011-2013 Fixed 2.97% 9,811 9,985 - - -
Secured bank loans USD 2011 Fixed 5.00% 6,150 6,210 - - -
Unsecured bank loans USD 2011 - - 744 744 - - -
Unsecured bank loans AZN 2011 Fixed 18.00% 250 316 - - -
Secured bank loans AZN 2011 Fixed 18.00% 150 189 - - -
Unsecured bank loans USD 2010 Floating Libor+2.0%-3.5% - - Libor+2.0%-3.5% 476,000 476,754
Unsecured bank loans USD 2010 Fixed - - - 2.80% 113,387 113,395
Unsecured bank loans BYR 2010 Floating - - - 1/2 RR* 1,971 2,085
Finance lease liabilities EUR 2011-2024 Fixed 3.35% 26,487 20,962 - - -
Finance lease liabilities USD 2010-2011 Fixed 4.64% 2,819 2,733 5.7% 5,583 5,245
          1,849,330 1,837,521   1,525,550 1,511,959

* Refinancing rate of the National Bank of the Republic of Belarus.
** Secured by Rebuplic of Belarus Government.