WindarPhotonics AnnualReport 2018 All - Flipbook - Page 71
24. Borrowings
The carrying value and fair value of the Group’s borrowings are as follows:
Group - Carring and fair value
As atAs at
31 Dec. 201831 Dec. 2017
Loans€€
Growth Fund1,124,9141,007,410
Nordea Ejendomme
16,070
20,978
Current portion of Nordea Loan
(5,240)
(4,579)
Total non-current financial liabilities
measured at amortised costs
1,135,744
1,023,809
The Growth Fund borrowing from the Danish public institution, Vækstfonden, bears interest at a fixed annual
rate of 12 per cent. The borrowing is a bullet loan with maturity in June 2020. The Group may at any point in
time either repay the loan in part or in full or initiate an annuity repayment scheme over four years. If an
annuity repayment scheme is initiated, the interest rate will be reduced to a fixed annual rate of 8 per cent
in the repayment period.
The loan from Nordea Ejendomme is in respect of amounts included in the fitting out of the offices in Denmark.
The loan is repayable over the 6 years and matures in November 2021 and carries a fixed interest rate of
6 per cent.
Both Loans are denominated in Danish Kroner.
The Company had no borrowings.
Windar Photonics - Annual Report and Accounts 2018
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