The weighted average effective interest rates that affect the Income Statement are as follows:
| |
Group |
Company |
| |
2017 |
2016 |
2017 |
2016 |
| Borrowings (USD) |
4.44% |
4.49% |
- |
- |
| Borrowings (EGP) |
19.78% |
13.81% |
- |
- |
| Borrowings (BGN) |
2.51% |
2.73% |
- |
- |
| Borrowings (LEK) |
3.96% |
4.85% |
- |
- |
| Borrowings (TRY) |
14.47% |
12.13% |
- |
- |
| Borrowings (€) |
3.43% |
5.22% |
3.63% |
4.80% |
| Finance lease liabilities (USD) |
3.07% |
3.06% |
- |
- |
| Finance lease liabilities (CAD) |
4.00% |
4.00% |
- |
- |
| Finance lease liabilities (EUR) |
2.89% |
- |
- |
- |
Bank borrowings in foreign currencies (including finance leases):
| |
Group |
|
| |
2017 |
2016 |
| USD |
208,710 |
215,538 |
| TRY |
3,255 |
1,915 |
| EGP |
78,116 |
62,141 |
| BGN |
14,439 |
15,421 |
| LEK |
23,622 |
30,516 |
| CAD |
- |
2 |
| GBP |
30 |
73 |
The Group has the following undrawn borrowing facilities:
(all amounts in Euro thousands)
|
Group |
Company |
| |
2017 |
2016 |
2017 |
2016 |
| Floating rate: |
| - Expiring within one year |
188,057 |
192,154 |
96,814 |
98,105 |
| - Expiring beyond one year |
314,330 |
319,944 |
59,826 |
130,654 |
The present value of the finance lease liabilities may be analyzed as follows:
(all amounts in Euro thousands)
| |
Group |
|
2017 |
2016 |
| Finance lease liabilities - minimum lease payments |
| Not later than 1 year |
2,997 |
3,452 |
| Later than 1 year and not later than 5 years |
12,019 |
15,271 |
| Later years |
- |
1,789 |
| |
15,016 |
20,512 |
| Future finance charges on finance leases |
-1,312 |
-1,961 |
| Present value of finance lease liabilities |
13,704 |
18,551 |
During 2017, the Group subsidiaries did not enter into new finance lease agreements. During 2016, Group subsidiary in U.S.A., Titan America LLC (TALLC), entered into new finance leases in the principal amount of €7.5 million with terms of six years and an average interest rate of 3.19%.
Group
(all amounts in Euro thousands)
| Year ended 31 December 2017 |
Long-term borrowings |
Short-term borrowings |
Finance leases |
Derivative financial instruments |
Other financial liabilities |
Total |
| Opening balance |
695,165 |
126,272 |
18,551 |
-1,387 |
12,060 |
850,661 |
| Cash flows |
203,713 |
-149,427 |
-2,790 |
31,067 |
-61,744 |
20,819 |
| Changes in fair value |
- |
- |
- |
-33,581 |
- |
-33,581 |
| Transfer among financial liabilities |
-82,290 |
82,650 |
- |
- |
-360 |
- |
| Charged in the finance expenses |
3,319 |
- |
- |
- |
57,399 |
60,718 |
| Other changes |
-2,113 |
- |
- |
- |
- |
-2,113 |
| Currency translation differences on transactions designated as part of net investment in foreign operation |
8,753 |
- |
- |
- |
- |
8,753 |
| Exchange differences |
-17,337 |
-5,272 |
-2,057 |
454 |
-193 |
-24,405 |
| Ending balance |
809,210 |
54,223 |
13,704 |
-3,447 |
7,162 |
880,852 |
Company
| Year ended 31 December 2017 |
Long-term borrowings |
Short-term borrowings |
Finance leases |
Derivative financial instruments |
Other financial liabilities |
Total |
| Opening balance |
310,678 |
42,442 |
|
|
4,408 |
357,528 |
| Cash flows |
103,698 |
-78,449 |
- |
- |
-17,887 |
7,362 |
| Transfer between financial liabilities |
-36,000 |
36,000 |
- |
- |
- |
- |
| Charged in the finance expenses |
842 |
39 |
- |
- |
14,159 |
15,040 |
| Ending balance |
379,218 |
32 |
- |
- |
680 |
379,930 |