|Loans||5 506||4 788||985||850||6 491||5 638|
|Bonds||4 161||1 718||-||-||4 161||1 718|
|9 670||6 507||987||850||10 657||7 357|
The ORLEN Group bases its financing mainly on floating interest rates, wherein hedges that change the variable to a fixed rate are used. Depending on the currency of financing these are WIBOR, LIBOR, EURIBOR, PRIBOR and VILIBOR increased by margin. The margin reflects risk connected to financing of the Group and in case of long-term contracts depends on net debt to EBITDA ratio.
24.1. Bank loans
'- by currency (translated into PLN)/ by interest rate
|PLN / WIBOR||471||114|
|EUR / EURIBOR||4 183||2 279|
|USD / LIBOR USD||547||2 542|
|CZK / PRIBOR||846||534|
|CAD / LIBOR CAD||443||168|
|LTL / VILIBOR||1||1|
|6 491||5 638|
As at 31 December 2014 unused credit lines increased by trade and other receivables (note 20) and cash and cash equivalents (note 22) exceeded trade and other liabilities (note 27) by PLN 6,929 million.
The Group hedges cash flows related to interest payments regarding external financing in EUR and USD, by using interest rate swaps (IRS).
Information regarding loans that were hedged with the Group’s assets is presented note 30.
In the period covered by the foregoing consolidated financial statements as well as after the reporting date there were no cases of violations of loans or interests repayment.
'- by currency (translated into PLN)
|PLN||2 020||1 718|
|4 161||1 718|
'- by currency by interest rate
|Fixed rate bonds||Floating rate bonds||Total|
|Nominal value||2 231||-||1 900||1 700||4 131||1 700|
|Carrying amount||2 242||-||1 919||1 718||4 161||1 718|
PKN ORLEN’s Supervisory Board at its meeting on 28 March 2013 approved the issuance of bonds by PKN ORLEN through a public bond issue program (Program).
Acting on the basis of an agreement concluded with UniCredit CAIB Poland S.A., and Powszechna Kasa Oszczędnosci Bank Polski S.A. and Bank Pekao S.A, PKN ORLEN issued four series of medium-term bonds (4 year) in 2013 with a total nominal value of PLN 700 million, aimed at retail investors. On 2 April 2014, PKN ORLEN issued the fifth series of the 4-year bonds (Series E) with a nominal value of PLN 200 million, and on 9 April 2014 the sixth series of bonds (Series F) with a nominal value of PLN 100 million.
Bonds issued under the Program are unsecured, bearer ordinary bonds, registered in the National Depository for Securities listed on the regulated market within the Catalyst platform operated by the Warsaw Stock Exchange.
As a part of non-public bond issue Program, operating on the basis of the agreement concluded with the syndicate of Polish banks in November 2006, with the maximum indebtedness of PLN 2,000 million, the Group issued 7-years coupon bonds with the nominal value of PLN 1,000 million in February 2012 and within granted limit short-term bonds to the Group’s entities are issued in order to optimize liquidity within the ORLEN Group.
|A Series||200||28.05.2013||28.05.2017||6M WIBOR||1,50%||A - (pol)|
|B Series||200||03.06.2013||03.06.2017||6M WIBOR||1,50%||A - (pol)|
|C Series||200||06.11.2013||06.11.2017||6M WIBOR||1,40%||A - (pol)|
|D Series||100||14.11.2013||14.11.2017||6M WIBOR||1,30%||A - (pol)|
|E Series||200||02.04.2014||02.04.2018||6M WIBOR||1,30%||A - (pol)|
|F Series||100||09.04.2014||09.04.2020||Fixed interest rate 5%||A - (pol)|
|Corporate bonds||1 000||27.02.2012||27.02.2019||6M WIBOR||1,60%||-|
On 30 June 2014 the special purpose vehicle ORLEN Capital AB issued debt securities with 7-year redemption period. The value of the issue was PLN 2,080 million translated using exchange rate as at 30 June 2014 (representing EUR 500 million).
|31/12/2014|| Nominal |
|Subscription date||Expiration date|| Base |
|Eurobonds||2 131||30.06.2014||30.06.2021||Fixed interest rate 2.5%||BBB-, Baa3|