||Dec 31 2021
||Dec 31 2020
|Provincial Fund for Environmental Protection and Water Management in Gdańsk (WFOŚiGW)
|Agencja Rozwoju Przemysłu S.A.
The borrowing from Agencja Rozwoju Przemysłu S.A. was incurred to finance purchase of a drilling rig; the other borrowings were taken out to partly finance upgrade of locomotives and the rail tank car cleaning facility.
The borrowings are secured with:
- registered pledge over assets,
- registered and financial pledges over shares,
- assignment by way of security of rights under insurance policies and sale agreements,
- assignment by way of security of claims related to bank accounts,
- blank promissory notes and representation on voluntary submission to enforcement,
- sureties issued by Group companies.
The borrowings are denominated in the Polish złoty, and bear interest based on 1M WIBOR or the rediscount rate.
As at December 31st 2021, the average effective interest rate of the borrowings was approximately 5.13% (December 31st 2020: 3.27%).
Proceeds from and repayment of non-bank borrowings
In 2021 and 2020, the Group did not contract any non-bank borrowings, while repayments of non-bank borrowings were PLN 8.3m (2020: PLN 7.9m). These amounts are presented in the consolidated statement of cash flows as cash flows from financing activities under Repayment of bank and non-bank borrowings.