Repayment of loans/borrowings
Expenditure on repayment of borrowings and loans disclosed in the consolidated statement of cash flows in the amount of PLN 4,406,813 thousand is mainly attributable to repayment by the parent company in the year ended 31 December 2020 of:
- tranches of loans to the consortium of banks (Consortium of banks I) in the amount of PLN 4,239,600 thousand;
- loan instalments to the European Investment Bank in the amount of PLN 162,318 thousand.
Table 1Export to Excel
31 December 2020
31 December 2019
|Interest paid in relation to debt securities||(200,099)||(315,954)|
|Interest paid in relation to loans||(178,281)||(75,685)|
|Interest paid in relation to the lease and other||(7,095)||(5,129)|
In the consolidated statements of cash flows, the Group presents costs of external financing incurred activated in the current period on assets as expenditures for acquisition of property, plant and equipment and intangible assets in cash flows from investment activities. In the year ended 31 December 2020, interest representing external financing costs subject to capitalisation in the value of property, plant and equipment and intangible assets amounted to PLN 169,529 thousand.
Repayment of lease liabilities
The repayment of lease liabilities recognised by the Group under IFRS 16 Leases amounted to PLN 102,085 thousand.
The total cash outflow from leases (including short-term leases and leases of low-value assets, to which the Group applied a practical solution without recognizing them as at 1 January 2020 in accordance with IFRS 16 Leases) amounted to PLN 119,826 thousand.
Issue of debt securities
Proceeds from the issue of debt securities in the amount of PLN 1,000,000 thousand, as discussed further in Note 39.2 to these consolidated financial statements, related to the issue of bonds under the Scheme Agreement with Santander Bank Polska S.A. of 6 February 2020.
Proceeds from loans drawn in the amount of PLN 3,368,546 thousand, as discussed in more detail in Note 39.1 to these consolidated financial statements, were related primarily to the drawdown of:
- tranches of the loan under the agreement concluded with the consortium of banks (Consortium of banks I) in the amount of PLN 1,950,000 thousand;
- all available financing under the loan agreement concluded with Intesa Sanpaolo S.p.A. bank, acting through Intesa Sanpaolo S.p.A. S.A. Branch in Poland, in the amount of PLN 750,000 thousand;
- available financing under the loan agreement concluded with SMBC BANK EU AG in the amount of PLN 500,000 thousand;
- a tranche of a loan in the amount of PLN 160,000 thousand under the syndicated loan agreement of 25 March 2020 (Consortium of banks II), as described in more detail in Note 39.1 to these consolidated financial statements.