14.7.1. LOANS


- by currency (translated into PLN)/ by interest rate



















As at 31 December 2020 unused credit lines (note 16.5.4) increased by trade and other receivables (note 14.5.2) and cash and cash equivalents exceeded trade and other liabilities (note ‎14.5.3) by PLN 9,174 million.

The Group partially hedges the cash flows related to interest payments regarding external financing in EUR, by using Currency and Interest Rate Swaps (CIRS) and Interest Rate Swaps (IRS).

In the period covered by this consolidated financial statements as well as after the reporting date there were no cases of violations of loans or interests repayment.

In case of operating loans agreements, the ORLEN Group entities are required to maintain selected financial ratios within specified ranges. In 2020 these ratios assessed by lending banks were at a safe level. The value of covenant as at 31 December 2020 included in the loan agreement of PKN ORLEN calculated on the level of consolidated data of ORLEN Group (a ratio of net debt / EBITDA before net impairment losses, adjusted by exclusions according to definitions of individual components from loan agreement) amounted to 1.27 and met the obligations contained in loan agreement.

ORLEN Group Integrated Report

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