41.2. Credits and loans
Loans and borrowings as at 31 December 2022
| Currency | Interest rate | Value of loans and borrowings as at the balance sheet date |
of which maturing within (after the balance sheet date): |
||||||
|---|---|---|---|---|---|---|---|---|---|
| currency | PLN | less than 3 months | 3-12 months | 1-2 years | 2-3 years | 3-5 years | over 5 years | ||
| PLN |
floating |
6 738 |
6 738 |
38 |
2 |
854 |
177 |
4 102 |
1 565 |
|
fixed |
1 180 |
1 180 |
35 |
78 |
94 |
556 |
95 |
322 |
|
| Total PLN |
|
7 918 | 7 918 | 73 | 80 | 948 | 733 | 4 197 | 1 887 |
| Total | 7 918 | 73 | 80 | 948 | 733 | 4 197 | 1 887 | ||
| Interest increasing carrying amount | 92 | ||||||||
| Total |
8 010 |
||||||||
Loans and borrowings as at 31 December 2021
| Currency | Interest rate | Value of loans and borrowings as at the balance sheet date |
of which maturing within (after the balance sheet date): |
||||||
|---|---|---|---|---|---|---|---|---|---|
| currency | PLN | less than 3 months | 3-12 months | 1-2 years | 2-3 years | 3-5 years | over 5 years | ||
| PLN |
floating |
3 646 |
3 646 |
1 726 |
5 |
3 |
850 |
363 |
699 |
|
fixed |
880 |
880 |
35 |
75 |
109 |
89 |
557 |
15 |
|
| Total PLN |
|
4 526 | 4 526 | 1 761 | 80 | 112 | 939 | 920 | 714 |
| Total | 4 526 | 1 761 | 80 | 112 | 939 | 920 | 714 | ||
| Interest increasing carrying amount | 9 | ||||||||
| Total |
4 535 |
||||||||
Specification of credits and loans drawn as at 31 December 2022 and 31 December 2021
| Borrowing institution | Interest rate | Currency | Maturity date | As at 31 December 2022 | As at 31 December 2021 |
| Consortiums of banks | floating | PLN | 2022 | − | 1 700 |
| 2023* | 3 271 | 161 | |||
| Bank Gospodarstwa Krajowego | floating | PLN | 2033 | 1 001 | 999 |
| European Investment Bank | fixed | PLN | 2024 | 141 | 222 |
| 2027 | 133 | 162 | |||
| 2040 | 405 | − | |||
| floating | 2040 | 1 222 | − | ||
| Intesa Sanpaolo S.p.A. | floating | PLN | 2024 | 775 | 752 |
| SMBC BANK EU AG | fixed | PLN | 2025 | 499 | 499 |
| Erste Group Bank AG | floating | PLN | 2026 | 507 | − |
| Regional Fund for Environmental Protection and Water Management | floating | PLN | 2022 | − | 4 |
| 2025 | 8 | 12 | |||
| fixed | 2017 | 6 | − | ||
| Other loans and borrowings | 42 | 24 | |||
| Total | 8 010 | 4 535 |
The company has loan agreements concluded in 2020 and 2022 with bank consortiums. The period of drawing individual loan tranches may be below or above 12 months, the financing is renewable and the availability period exceeds 12 months from the balance sheet date. Due to the intention and ability to maintain financing under the aforementioned agreements for a period exceeding 12 months from the balance sheet date, as at 31 December 2022, drawdowns in the total amount of PLN 3 271 million are classified as long-term liabilities.
In the year ended 31 December 2022, the Group carried out the following transactions relating to credits and loans (at a nominal value), excluding overdraft facilities:
| Lender | Description | Year ended 31 December 2022 | |
|---|---|---|---|
| Drawdown | Repayment | ||
| Erste Group Bank AG | Drawdown under the loan agreement | 500 | – |
| European Investment Bank | Drawdowns under the loan agreement | 1 600 | – |
| Repayment of capital instalments according to schedule | – | (111) | |
| Consortiums of banks | Drawdown of new tranches and repayment of tranches according to agreement deadline | 17 300 | (15 910) |
| Other borrowings | − | (6) | |
| Total, including: | 19 400 | (16 027) | |
| Cash flows | 9 440 | (6 067) | |
| Net settlement (without cash flow) | 9 960 | (9 960) | |
After the balance sheet date the Company performed drawdowns under available loans in the total amount of PLN 3 410 million and repaid tranches in the total amount of PLN 1 850 million, including disbursement of a PLN 750 million loan under a loan agreement concluded after the balance sheet date with Bank Gospodarstwa Krajowego, which is discussed in more detail in Note 64 to consolidated financial statements.
Signing the syndicated loan agreement
On 15 July 2022, a syndicated loan agreement was signed between the Company as the borrower and Powszechna Kasa Oszczędności Bank Polski S.A., Bank Polska Kasa Opieki S.A., CaixaBank S.A. (Spółka Akcyjna) Oddział w Polsce, Bank Handlowy w Warszawie S.A., Erste Group Bank AG, Industrial and Commercial Bank of China (Europe) S.A. Oddział w Polsce, Santander Bank Polska S.A. and China Construction Bank (Europe) S.A. Oddział w Polsce as lenders for the amount of PLN 4 000 million to refinance the existing exposure, including the syndicated loan of 19 June 2019, to finance the TAURON Group’s capital expenditure (excluding the financing of any projects related to coal assets) and to finance the TAURON Group’s corporate-wide expenditure (excluding expenditure related to coal assets). Under the agreement, the Company may perform multiple drawdowns of tranches of the loan in the 5-year availability period of the financing, which can be extended to a maximum of 7 years. The interest rate is calculated on the basis of a floating interest rate, adequate to the interest period in question, increased by a margin which depends on the fulfilment of substantial development indicators, i.e. reduction of emissions and increasing the share of renewable energy sources in the generation structure of TAURON Group.
As at 31 December 2022, the liability incurred under the above agreement amounted to PLN 2 766 million.
The syndicated loan agreement of 19 June 2019 has been terminated. Full repayment took place in the fourth quarter of 2022.