(all amounts in Euro thousands)
| |
Group |
Company |
|
2017 |
2016 |
2017 |
2016 |
| Current |
| Bank borrowings |
11,035 |
6,915 |
32 |
13 |
| Bank borrowings in non euro currency |
43,186 |
31,746 |
- |
- |
| Debentures |
- |
87,938 |
- |
- |
| Loans from related parties |
- |
- |
- |
42,429 |
| Finance lease liabilities |
2,604 |
2,900 |
- |
- |
| |
56,825 |
129,499 |
32 |
42,442 |
| Non-current |
| Bank borrowings |
24,901 |
30,766 |
- |
- |
| Bank borrowings in non euro currency |
61,812 |
62,655 |
- |
- |
| Debentures |
722,569 |
601,893 |
- |
- |
| Loans from related parties |
- |
- |
379,218 |
310,678 |
| Finance lease liabilities |
11,100 |
15,651 |
- |
- |
|
820,382 |
710,965 |
379,218 |
310,678 |
| Total borrowings |
877,207 |
840,464 |
379,250 |
353,120 |
The Company has the following loan facility agreements with the Group subsidiary Titan Global Finance PLC :
-Revolving Facility Agreement €184.0 million (maturity: 2022, floating interest rate)
-Loan Agreement €150.0 million (maturity: 2021, fixed interest rate)
-Loan Agreement €110.2 million (maturity: 2024, fixed interest rate)
Maturity of non-current borrowings:
| |
Group |
Company |
| |
2017 |
2016 |
2017 |
2016 |
| Between 1 and 2 years |
177,968 |
39,588 |
- |
51,736 |
| Between 2 and 3 years |
17,734 |
300,672 |
- |
109,535 |
| Between 3 and 4 years |
317,478 |
17,492 |
146,189 |
- |
| Between 4 and 5 years |
28,716 |
316,899 |
123,725 |
149,407 |
| Over 5 years |
267,386 |
20,663 |
109,304 |
- |
| |
809,282 |
695,314 |
379,218 |
310,678 |
Maturity of non-current finance lease liabilities:
| |
Group |
| |
2017 |
2016 |
| Between 1 and 2 years |
14 |
83 |
| Between 2 and 3 years |
68 |
39 |
| Between 3 and 4 years |
6,057 |
96 |
| Between 4 and 5 years |
4,961 |
8,498 |
| Over 5 years |
- |
6,935 |
| |
11,100 |
15,651 |
On 19 January 2017, TGF repaid at the maturity €88 million of the outstanding 8.75% guaranteed notes.
The Group subsidiary Titan Global Finance PLC (TGF) entered into a €300 million multi-currency revolving credit facility with a syndicate of four Greek and four international banks. The contract was signed on 10 April 2017, in London. The facility, which is guaranteed by Titan Cement S.A., matures in January 2022 and it will be used for refinancing credit facilities and financing general corporate purposes.
The Group subsidiary Titan Global Finance PLC (TGF) issued notes of €250 million nominal amount at par, due in 2024, with a coupon of 2.375% per annum, guaranteed by Titan Cement S.A. The offering was completed on 16 November 2017. The notes are traded on the Global Exchange Market (GEM), the exchange regulated market of the Irish Stock Exchange.
The proceeds were used by the Issuer to purchase prior to maturity €126.6 million of its outstanding 4.25% guaranteed notes due in July 2019 pursuant to a tender offer. The remaining proceeds were used for general corporate purposes including the repayment of bank and other commercial debt.