Note
| As at 31.12.2016 | As at 31.12.2015 | |
|---|---|---|
| Bank credits | 1 269 300 | 1 017 375 |
| Loans | 154 781 | 148 955 |
| 1 424 081 | 1 166 330 | |
| Thereof: | ||
| Non-current | 1 372 047 | 1 047 450 |
| Current | 52 034 | 118 880 |
| 1 424 081 | 1 166 330 |
Loans maturities and currency structure
| Currency | Reference rate | Value at the reporting date | Less than 1 year | 1-2 year(s) | 2-5 years | >5 years | |||
|---|---|---|---|---|---|---|---|---|---|
| in original currency | in PLN | ||||||||
| PLN | variable/fixed | 899 911 | 899 911 | 52 016 | 22 875 | 787 351 | 37 669 | ||
| EUR | variable/fixed | 118 478 | 524 170 | 18 | 31 600 | 271 352 | 221 200 | ||
| 1 424 081 | 52 034 | 54 475 | 1 058 703 | 258 869 | |||||
As at 31 December 2015
| Currency | Reference rate | Value 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 | 63 699 | 1 641 | 784 210 | 43 818 | ||
| EUR | variable/fixed | 64 130 | 272 962 | 55 181 | - | 80 804 | 136 977 | ||
| 1 166 330 | 118 880 | 1 641 | 865 014 | 180 795 | |||||
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.
Grupa Azoty has unused available limits resulting from the overdraft agreement linked to the real cash pooling facility and from the multi-purpose credit facility which are used by the Parent Company to manage the changing financing requirements of the respective Group entities. Complementarily, the Group has unused available limits resulting from bilateral and multi-purpose overdrafts held by the Group’s entities.
As at 31 December 2016, the total amount of unused available limits resulting from the Group’s overdrafts and multi-purpose agreements amounted to PLN 476 million. Additionally, as at 31 December 2016, the Group has unused available credit limits amounting to approximately PLN 1 030 million and unused available investment loans of PLN 4.5 million.
In total, the Group has unused available credit limits of approximately PLN 1 511 million (as at 31 December 2015: PLN 1 934 million).
Security granted on credits and loans
The corporate financing package is 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 310 million (total guarantees up to PLN 372 million),
- multi-purpose credit limit with PKO BP in the amount of PLN 240 million (total guarantees up to PLN 288 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).
Additionally, as presented in note 10, certain Group’s subsidiaries have mortgages and registered pledges securing their bank credits and loans contracts. Such mortgages and pledges do not violate the covenants included in the above mentioned corporate financing package.