Note 31 - Borrowing
Group | Parent Company | ||||
SEK m | 2013 | 2012 | 2013 | 2012 | |
Long-term | |||||
Bank loans | 490 | 558 | 490 | 557 | |
Liabilities to Group companies | - | - | 213 | 217 | |
Overdraft facility | 0 | 17 | 0 | 1 | |
Total long-term borrowing | 490 | 575 | 703 | 775 | |
Total borrowing | 490 | 575 | 703 | 775 |
The outstanding loan facility matures in May 2015; however, periodic maturity (so-called rolling of drawn loans) takes place regularly. The average rate of interest on bank loans was 1.285% per year (2012: 1.06% 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 was as follows:
SEK m | 2013 | 2012 | ||
6 months or less | 0 | 0 | ||
Total | 0 | 0 |
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, 2013 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.
Fair values
Current financing
Duni's long-term bank loans and overdraft facility, amounting to SEK 490 m (2012: SEK 575 m) carry variable interest which is determined in conjunction with each loan period and an essentially unchanged credit margin. The discount effect for such a relatively short period of time and an unchanged credit margin is insignificant and thus the fair value corresponds to the nominal value plus accrued interest.
2013 | 2012 | ||||
SEK m | Reported value | Nominal value | Reported value | Nominal value | |
Bank loans | 490 | 492 | 558 | 560 | |
Overdraft facility | 0 | 0 | 17 | 17 | |
Leasing | 2 | 2 | 0 | 0 | |
Total | 493 | 494 | 575 | 577 |
Reported amounts, per currency, for the Group's borrowing are as follows:
SEK m | 2013 | 2012 |
EUR | 490 | 558 |
Other currencies | 3 | 17 |
Total | 493 | 575 |
Bank loans
Duni has a revolving credit facility in a nominal amount of EUR 130 m which extends until May 2015. The interest rate is variable and set as EURIBOR, until the next rolling plus a margin.
Overdraft facility
On behalf of the Group, the Parent Company has taken out an overdraft facility in a nominal amount of SEK 81 m. As per December 31, 2013, the sum utilized was SEK 0 m.
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