14.7.1. Loans
- by currency (translated into PLN)/ by interest rate
| 31/12/2021 | 31/12/2020 | |
| PLN – WIBOR | 1 926 | 3 323 |
| EUR – EURIBOR | 828 | – |
| USD – LIBOR USD | 812 | – |
| CZK – PRIBOR | 370 | 499 |
| CAD – LIBOR CAD | – | 44 |
| 3 936 | 3 866 |
As at 31 December 2021 unused credit lines (note 16.5.4) increased by trade and other receivables (note 14.5.2) and cash (nota 14.6) exceeded trade and other liabilities (note 14.5.3) by PLN 13,086 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 2021 these ratios assessed by lending banks were at a safe level. A ratio of net debt / EBITDA before net impairment losses, adjusted by exclusions according to definitions of individual components from loan agreement is the covenant. The value of that covenant as at 31 December 2021 amounted to:
- 0.62 for PKN ORLEN and was calculated on the level of consolidated data of ORLEN Group
- 1.57 for ENERGA Group and was calculated on the level of consolidated data of ENERGA Group
Above covenants values meet the obligations contained in PKN ORLEN and ENERGA Group loan agreements.
Project Finance loans relate to Nowotna Farma Wiatrowa from the ORLEN Wind 3 Group and are secured with the company’s assets financed from the funds received. The securities relate mainly to registered pledges on tangible fixed assets, receivables and bank accounts.