Nota 19 Loans
| As at 31.12.2015 |
As at 31.12.2014 |
|
|---|---|---|
| Bank credits | 1 017 375 | 655 911 |
| Loans | 148 955 | 330 280 |
| 1 166 330 | 986 191 | |
| Thereof: | ||
| Non-current | 1 047 450 | 476 932 |
| Current | 118 880 | 509 259 |
| 1 166 330 | 986 191 |
Loans maturities and currency’s structure
31 December 2015
| Currency | Reference rate | Carrying amount at the reporting date | Less than 1 year | 1-2 year(s) | 2-5 years | >5 years | |
|---|---|---|---|---|---|---|---|
| in original currency | in PLN | ||||||
| PLN | variable | 893 368 | 893 368 | 39 699 | 25 641 | 784 210 | 43 818 |
| EUR | variable / fixed | 64 130 | 272 962 | 55 181 | – | 80 804 | 136 977 |
| 1 166 330 | 94 880 | 25 641 | 865 014 | 180 795 | |||
31 December 2014
| Currency | Reference rate | Carrying amount at the reporting date | Less than 1 year | 1-2 year(s) | 2-5 years | >5 years | |
|---|---|---|---|---|---|---|---|
| w walucie | w PLN | ||||||
| PLN | variable | 931 374 | 931 374 | 502 283 | 177 484 | 217 603 | 34 004 |
| EUR | variable | 9 122 | 38 882 | 1 550 | 35 629 | 1 703 | – |
| USD | variable | 4 543 | 15 935 | 5 426 | 5 426 | 5 083 | – |
| 986 191 | 509 259 | 218 539 | 224 389 | 34 004 | |||
The financing of the Group is based on variable and fixed interest rates. Depending on the currency the variable rates are based on WIBOR or EURIBOR.
Implementing the centralised financing model, the Group entered in 2015 into a long-term bank loans package for a total amount of PLN 2 200 million intended to refinance existing credits and loans and to finance the investment program and other objectives set out in the long-term Strategy, including:
- a revolving credit facility in the amount of PLN 1 500 million granted by the syndicate of PKO BP, BGK, BZ WBK and ING BSK for a period of 5 years
- long-term loan in the amount of PLN 550 million granted by the EIB for a period of 10 years, and
- long-term loan in the amount of PLN 150 million granted by the EBRD for 10 years.
The Group also uses the umbrella loan agreements signed by the Parent Company and Group entities with PKO BP. The Parent Company acts as an agent authorized to allocate the loan sub-limits. The agreements comprise:
- overdraft in the amount of PLN 302 million, linked with the virtual cash pooling facility and
- credit in the form of multi-purpose credit limit in the amount of PLN 237 million.
Complimentarily, the Group uses credit or loan agreements entered into by the subsidiaries.
As at 31 December 2015, the Group has unused available credit limits resulting from the above-mentioned agreements in the total amount of approximately PLN 1 934 million.
Security granted on credits and loans
In 2015, having implemented the centralised financing model, the Group released the pledges established previously on non-current assets, including pledges on Grupa Azoty PUŁAWY and Grupa Azoty POLICE shares, as well as mortgages and pledges on the Group’s property, plant and equipment.
The corporate financing package was secured in the form of harmonised sureties and guarantees granted by the selected subsidiaries, i.e. Grupa Azoty Puławy S.A., Grupa Azoty Police S.A. and Grupa Azoty ZAK S.A. Each of the above-mentioned subsidiaries provided sureties/guarantees up to 1/3 of 120% of the value of the loan agreements, including:
- revolving loan agreement in the amount of PLN 1 500 million (total guarantees up to PLN 1,800 million),
- overdraft agreement with PKO BP in the amount of PLN 302 million (total guarantees up to PLN 362.4 million),
- multi-purpose credit limit with PKO BP in the amount of PLN 237 million (total guarantees up to PLN 284.4 million),
- loan with EIB of PLN 550 million (total guarantees up to PLN 660 million),
- loan with EBRD of PLN 150 million (total guarantees up to PLN 180 million).
