Note 31 – Borrowing
|Total long-term borrowing||673||549||659||537|
The outstanding loan facility matures in April 2018; however, periodic maturity (so-called rolling of drawn loans) takes place regularly. The average rate of interest on bank loans was 0.46% per year (2015: 0.84% per year).
With respect to borrowing, Duni’s exposure on the balance sheet date to changes in interest rates and contractual dates for interest renegotiation is as follows:
|6 months or less||0||0|
|More than one year||659||537|
Duni’s borrowing is valued at the accrued acquisition value applying the effective annual interest rate method. The difference between the values reported in the balance sheets for December 31, 2016 and the nominal values consists of transaction costs.
Duni’s accrued interest is reported as accrued expenses. Shown below are the nominal values excluding accrued interest, and reported values for Duni’s borrowing.
Duni’s bank loans and overdrafts facility, amounting to SEK 673 m (2015: SEK 549 m) , carry variable interest which is determined in conjunction with each new loan period. The discount effect for such a relatively short period of time is insignificant, and thus the fair value corresponds to the nominal value plus accrued interest.
|Reported value||Nominal value||Reported value||Nominal value|
Reported amounts, per currency, for the Group’s borrowing are as follows:
Duni has a revolving credit facility in a nominal amount of EUR 130 m which extends until April 2018. Duni also has an EUR 20 m credit facility which extends until May 2018. The interest rate is variable and set at EURIBOR plus a margin, until the next rolling.
On behalf of the Group, the Parent Company has arranged an overdraft facility in a nominal amount of SEK 89 m.
As per December 31, 2016, the amount drawn was SEK 14 m.