18 | borrowings

This note contains information on the contractual terms of the non-current interest-bearing borrowings and liabilities. For more information on the interest risk exposure, reference is made to note 3.

2015

2014

Carrying amount of non-current interest-bearing borrowings

215,409

218,093

Current portion of the borrowings

-191

-3,578

BALANCE AS AT 31 DECEMBER

215,218

214,515

Repayment terms at end-2015 based on carrying value are as disclosed below:

TOTAL

< 1 YEAR

1-2 YEARS

2-5 YEARS

> 5 YEARS

Syndicated credit facility

208,458

-

-

208,458

-

Acquisition related contingent considerations

6,182

188

-

5,994

-

Other non-current credit facilities

769

3

-

-

766

215,409

191

-

214,452

766

Repayment terms at end-2014 based on carrying value are as disclosed below:

TOTAL

< 1 YEAR

1-2 YEARS

2-5 YEARS

> 5 YEARS

Syndicated credit facility

149,416

-

149,416

-

-

Subordinated credit facility

58,749

-

58,749

-

-

Acquisition related contingent considerations

7,685

3,572

-

4,113

-

Other non-current credit facilities

2,243

6

1,500

-

737

218,093

3,578

209,665

4,113

737

On 14 October 2015 the group amended the syndicated credit facility (revolving and standby facility) and extended it for a period of five years. The facility expires on 14 October 2020 and can be extended no more than two times for up to one year. The ratio covenants agreed with the banks for the syndicated facility are disclosed in note 3. The subordinated credit facility that was entered into in 2013 and expired on 31 December 2016 was repaid early on 23 September 2015.

The syndicated credit facility came into effect in 2015 and consists of the following two tranches:

  • Tranche A (€ 360 million): revolving credit facility (€ 160 million) of which € 150 million was utilised at the end of 2015 and ancillary credit facilities (€ 200 million), available in the form of short-term loans and bank guarantees from the syndicate of banks; and
  • Tranche B (€ 90 million): revolving credit facility (€ 90 million) of which € 60 million was utilised at the end of 2015 and/or backstop facility reserved for a commercial paper programme. This commercial paper programme was not utilised at the end of 2015.

The interest expenses on the portion of the syndicated credit facility that is utilised are calculated based on the one-month to six-month EURIBOR rate with a floor of 0%, increased by an interest margin of between 55 and 165 basis points (an interest margin of between 95 and 165 basis points applied until 14 October when the facility was amended and extended). The interest expenses on the subordinated credit facility are calculated based on the three-month or six-month EURIBOR rate increased by an interest margin of between 625 and 700 basis points.

Movement in the syndicated credit facility is as disclosed below:

2015

2014

Carrying amount of liability as at 1 January

149,416

149,042

Withdrawn

60,000

-

Refinancing transaction expenses

-1,347

-

Interest expenses

1,963

2,395

Interest paid

-1,574

-2,021

Carrying amount of liability as at 31 December

208,458

149,416

Movement in the subordinated credit facility is as disclosed below:

2015

2014

Carrying amount of liability as at 1 January

58,749

58,118

Interest expenses

4,047

4,618

Interest paid

-2,796

-3,987

Repaid

-60,000

-

Carrying amount of liability as at 31 December

-

58,749

Interest expenses and commitment and utilisation fee
The average interest rate on the syndicated credit facility was 0.9% (2014: 1.3%). The commitment and utilisation fee amounted to € 1,099 (2014: € 1,309) and is recognised as net finance costs in the income statement. The average interest rate paid on the subordinated credit facility was 6.4% (2014: 6.6%). In 2015 an accelerated amortisation of € 738 took place as a result of the early repayment of the subordinated credit facility.