10.4 Loans

Loan to Grupa Azoty Polyolefins S.A.

The Group did not grant loans to other entities in 2021. In 2020, the Group advanced a PLN 200.0m loan to Grupa Azoty Polyole fins S.A. as part of the Company’s interest in the financing of the Polimery Police project. Amounts disbursed under the loan are presented in the statement of cash flows as cash flows from investing activities under Loans. The loan repayment date is December 15th 2037. The loan is secured by assignment of receivables, and it bears interest at a variable annual rate based on WIBOR.

As at December 31st 2021, the total amount of loans outstanding was PLN 210.3m (December 31st 2020: PLN 195.9m).