Loans, borrowings and bonds
At initial recognition, all loans, borrowings and bonds are recognised at fair value, less transaction costs and discounts or premiums. After initial recognition, loans, borrowings and bonds are measured at amortized cost using the effective interest rate method.








































As at 31 December 2020, the increase in debt of loans, borrowings and bonds resulted mainly from:

1. taking over the control of the ENERGA Group the debt of the ENERGA Group as at 31 December 2020 amounted to:

  • investment loans and loans taken for corporate purposes of the ENERGA Group in the total amount of PLN 3,307 million;
  • borrowings received at the ENERGA Group in the amount of PLN 126 million;
  • bonds issued by the ENERGA Group in the amount of PLN 2 534 million.

2. PKN ORLEN's new issue of bonds worth PLN 1 billion in December 2020.

In addition, within 12 months of 2020 PKN ORLEN completed:

  • withdrawing the revolving credit in the amount of PLN 3,494 million (EUR 496 million and PLN 1,243 million);
  • repayment entirely the revolving credit disbursed in previous periods and within 12 months of 2020 from a syndicate of banks. The total repayment amounted to PLN 5,706 million (corresponding to EUR 996 million and PLN 1,243 million).

Moreover, the change in line current bonds as at 31 December 2020 as compared to 2019 resulted from:

  • reclassification of the first issue of ORLEN Capital Eurobonds of ORLEN Capital in the amount of EUR 500 million (corresponding to PLN 2 307 million exchanged at the average exchange rate quoted by the National Bank of Poland as at 31 December 2020) maturing in June 2021;
  • reclassification of the A series of the second public bond issue programme of PKN ORLEN in the amount of PLN 200 million, maturing in September 2021;
  • redeemed series F of non-current bonds with a nominal value of PLN 100 million as part of the first public bond issue program.

ORLEN Group Integrated Report

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