|
Group |
Company |
| (all amounts in Euro thousands) |
2013 |
2012 |
2013 |
2012 |
| Current |
|
|
|
|
| Bank borrowings |
62.415 |
77.395 |
173 |
24.468 |
| Debentures |
50.000 |
97.070 |
50.000 |
- |
| Finance lease liabilities |
208 |
171 |
- |
- |
|
112.623 |
174.636 |
50.173 |
24.468 |
| Non-current |
|
|
|
|
| Bank borrowings |
393.605 |
438.963 |
- |
- |
| Debentures |
216.618 |
266.105 |
- |
50.000 |
| Loans from related parties |
- |
- |
745.835 |
691.950 |
| Finance lease liabilities |
210 |
159 |
- |
- |
|
610.433 |
705.227 |
745.835 |
741.950 |
| Total borrowings |
723.056 |
879.863 |
796.008 |
766.418 |
Maturity of non-current bank borrowings (excluding finance lease liabilities):
|
Group |
Company |
| (all amounts in Euro thousands) |
2013 |
2012 |
2013 |
2012 |
| Between 1 and 2 years |
298.945 |
80.042 |
646.704 |
643.939 |
| Between 2 and 3 years |
21.374 |
274.118 |
- |
- |
| Between 3 and 4 years |
222.780 |
22.890 |
99.131 |
- |
| Between 4 and 5 years |
11.218 |
197.760 |
- |
98.011 |
| Over 5 years |
55.906 |
130.258 |
- |
- |
|
610.223 |
705.068 |
745.835 |
741.950 |
Group subsidiary Titan Global Finance PLC (TGF) raised on January 30th, 2014 a new €455 mil. syndicated revolving credit facility, guaranteed by Titan Cement Company S.A. (note 38).
In November 2013, the Group’s subsidiary in Bulgaria, Zlatna Panega Cement, raised a new working capital committed credit line of BGN 5.865 mil. (€3 mil.), with a 1.5 year maturity, guaranteed by Titan Cement Company S.A..
The effective interest rates that affect the Income Statement are as follows:
|
Group |
Company |
|
2013 |
2012 |
2013 |
2012 |
| Bank borrowings (USD) |
2,90% |
2,91% |
- |
- |
| Bank borrowings (JPY) |
2,70% |
2,70% |
- |
- |
| Bank borrowings (EGP) |
11,70% |
10,46% |
- |
- |
| Bank borrowings (BGN) |
4,01% |
3,92% |
- |
- |
| Bank borrowings (TRY) |
10,55% |
15,10% |
- |
- |
| Bank borrowings (LEK) |
7,69% |
8,04% |
- |
- |
| Bank borrowings (CAD) |
3,13% |
- |
- |
- |
| Bank borrowings (€) |
5,65% |
4,94% |
4,30% |
4,21% |
| Finance lease liabilities (USD) |
4,95% |
6,98% |
- |
- |
| Finance lease liabilities (€) |
4,2-5,2% |
5,3%-6,9% |
- |
- |
Bank borrowings in foreign currencies (including finance leases):
(all amounts per currency thousands)
|
Group |
|
Amounts in F.C. |
Amounts in Euro |
|
2013 |
2012 |
2013 |
2012 |
| USD |
218.233 |
199.464 |
158.243 |
151.178 |
| JPY |
1.000.376 |
1.500.564 |
6.912 |
13.208 |
| EGP |
195.665 |
528.000 |
20.419 |
62.879 |
| BGN |
40.996 |
54.334 |
20.961 |
27.781 |
| TRY |
22.911 |
23.867 |
7.739 |
10.134 |
| LEK |
4.494.217 |
4.520.160 |
32.056 |
32.382 |
| CAD |
1.520 |
1.880 |
1.036 |
1.431 |
| GBP |
190 |
- |
228 |
- |
The Group has the following undrawn borrowing facilities:
|
Group |
Company |
| (all amounts in Euro thousands) |
2013 |
2012 |
2013 |
2012 |
| Floating rate: |
|
|
|
|
| - Expiring within one year |
157.007 |
133.330 |
103.828 |
75.170 |
| - Expiring beyond one year |
482.639 |
570.226 |
85.000 |
202.300 |
The Group has adequate undrawn committed and uncommitted borrowing facilities to meet future business requirements.
The present value of the finance lease liabilities may be analyzed as follows:
|
Group |
| (all amounts in Euro thousands) |
2013 |
2012 |
| Finance lease liabilities - minimum lease payments |
|
|
| Not later than 1 year |
216 |
175 |
| Later than 1 year and not later than 5 years |
210 |
165 |
|
426 |
340 |
| Future finance charges on finance leases |
-8 |
-10 |
| Present value of finance lease liabilities |
418 |
330 |
Lease liabilities are effectively secured as the rights to the leased assets revert to the lessors in the event of default.