5.1. DEBT RECONCILIATION
share:
Accounting policies
| The Group defines net debt as the total of existing bank borrowings (both current and non-current), debt securities, lease liabilities and liabilities under non-bank borrowings, less cash and cash equivalents and cash classified as non-current assets. The Group presents net debt to |
|
Net debt
|
2019
|
2018
|
|
|
Bank borrowings
|
1,712
|
1,166
|
|
|
Lease liabilities
|
1,775
|
12
|
|
|
Other
|
20
|
-
|
|
|
Total liabilities under non-current debt
|
3,507
|
1,178
|
|
|
Bank borrowings
|
3,181
|
219
|
|
|
Debt securities
|
-
|
2,298
|
|
|
Lease liabilities
|
64
|
7
|
|
|
Total liabilities under current debt
|
3,245
|
2,524
|
|
|
|
|
|
|
|
Total debt
|
6,752
|
3,702
|
|
|
Cash and cash equivalents
|
3,037
|
3,925
|
|
|
Net debt
|
3,715
|
(223)
|
|
|
|
|
|
|
|
|
5,504
|
7,115
|
|
|
Net debt /
|
0.67
|
(0.03)
|
|
The chart below presents the change in net debt at the PGNiG Group [PLNm]
|
Change in debt
|
Bank borrowings
|
Debt securities
|
Lease liabilities
|
Other
|
Total
|
|
As at Jan 1st 2018
|
1,085
|
1,898
|
23
|
-
|
3,006
|
|
Increase in debt
|
874
|
2,295
|
-
|
-
|
3,169
|
|
financing received
|
865
|
2,295
|
-
|
-
|
3,160
|
|
transaction costs
|
9
|
-
|
-
|
-
|
9
|
|
Interest accrued
|
27
|
1
|
1
|
-
|
29
|
|
Debt-related payments
|
(597)
|
(1,896)
|
(17)
|
-
|
(2,510)
|
|
principal repayments
|
(562)
|
(1,896)
|
(16)
|
-
|
(2,474)
|
|
interest paid
|
(25)
|
-
|
(1)
|
-
|
(26)
|
|
commission fees paid
|
(10)
|
-
|
-
|
-
|
(10)
|
|
Exchange differences on debt in foreign currencies
|
(4)
|
-
|
(1)
|
-
|
(5)
|
|
Finance lease
|
-
|
-
|
13
|
-
|
13
|
|
As at Dec 31st 2018
|
1,385
|
2,298
|
19
|
-
|
3,702
|
|
Impact of IFRS 16
|
-
|
-
|
1,817
|
-
|
1,817
|
|
Increase in debt
|
3,871
|
-
|
-
|
20
|
3,891
|
|
financing received
|
3,831
|
-
|
-
|
20
|
3,851
|
|
transaction costs
|
40
|
-
|
-
|
-
|
40
|
|
Interest accrued
|
59
|
7
|
77
|
2
|
145
|
|
Increase (new agreements)
|
-
|
-
|
95
|
-
|
95
|
|
Decrease (expired agreements)
|
-
|
-
|
(8)
|
-
|
(8)
|
|
Debt-related payments
|
(398)
|
(2,305)
|
(163)
|
(2)
|
(2,868)
|
|
principal repayments
|
(281)
|
(2,290)
|
(153)
|
-
|
(2,724)
|
|
interest paid
|
(58)
|
(15)
|
(10)
|
(2)
|
(85)
|
|
commission fees paid
|
(59)
|
-
|
-
|
-
|
(59)
|
|
Exchange differences on debt in foreign currencies
|
(24)
|
-
|
2
|
-
|
(22)
|
|
As at Dec 31st 2019
|
4,893
|
-
|
1,839
|
20
|
6,752
|