Note 18 Net interest-bearing debt and mortgages

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Note 18 Net interest-bearing debt and mortgages                      
                         
Amounts in NOK 1000                        
June 2015, the Company´s bank credit was expanded by MNOK 500 to provide financing upon redemption of bond loans of MNOK 400. Simultaneously, Danske Bank left the bank syndicate and DNB and Nordea currently provide 50% each. The financing agreement consists of a total frame of MNOK 1 910 including a long-term credit facility of MNOK 700. The Group fully redeemed the bond loan of MNOK 400 in December 2015, through utilising MNOK 400 of the bank credit. At year-end a total of MNOK 450 was drawn down of the total credit line of MNOK 700.
The corporate finance agreement includes covenants related to consolidated accounts of 35%, a revolving NIBD/EBITDA ratio of 5.0 if the book equity ratio is higher than 40% and 4.5 if the book equity ratio is between 35% and 40%. As at 31.12.2015 there has been granted an extention for the NIBD/EBITDA requirements. Hence, the Group as at 31.12.2015 was in compliance with all covenants. The extention applies for Q1 2016.
       
       
       
       
       
       
       
Non-current liabilities             2015 2014        
Mortgage loan             1 075 000 765 000        
Long-term credit facility *)             450 000 200 000        
Obligasjonslån               0        
Amortised cost             -6 739 -7 637        
Total interest-bearing non-current liabilities             1 518 261 957 363        
                         
Short-term debt                        
Kortsiktig trekkrettighet *)             0 0        
Bond loan             0 396 050        
Share of current part of mortgage loan             90 000 90 000        
Total interest-bearing current liabilities             90 000 486 050        
*) In accordance with a new financing agreement entered into in June 2015 the current revolving facility is replaced by a total long-term credit facility of MNOK 600.                       Endret på tekst
As at 31.12.2015 this is utilised with MNOK 450.                        
                         
                         
Gross interest-bearing liabilities           1 608 261 1 443 413        
Bank deposits             215 057 95 969        
Loans to group companies             864 945 1 527 854        
Net interest-bearing liabilities           528 259 -180 410        
                         
Maturity profile – non-current liabilities     2015 2016 2017 2018 Subsequently Total        
Mortgage loan     90 000 90 000 90 000 90 000 798 261 1 068 261        
Long-term credit facility *)             450 000 450 000        
Total     90 000 90 000 90 000 90 000 1 248 261 1 518 261        
                         
Liabilities secured by mortgage             2015 2014        
Liabilities to credit institutions             1 608 261 1 055        
Total liabilities             1 608 261 1 055        
                         
Book value of assets pledged as security                        
Shares in subsidiaries             1 226 980 1 220 980        
Shares in joint ventures             6 000        
Fixed assets             4 814 3 908        
Accounts receivable             4 827 2 344        
Loans to group companies             864 945 1 527 854        
Total assets pledged as security           2 101 566 2 761 086        
In addition, pledges to banks include fixed assets, licenses, inventories and accounts receivables from subsidiaries.                        
                         
          2015 2014        
Type of debt Currency interest rate   Maturity Current portion Non-current portion Current portion Non-current portion        
Syndicated long-term loan NOK Floating   06/2019 90 000 1 518 261 90 000 757 363        
Syndicated loan revolving credit NOK Floating   06/2019       200 000        
Bond loan NOK Floating   12/2015     396 050          
Total         90 000 1 518 261 486 050 957 363        
                         
Average interest rate on syndicated loans, 2015                    
        12/31/2015 NOK CAD GBP USD        
Syndicated long-term loan       1 158 261 1 158 261              
Syndicated loan revolving credit     450 000 450 000              
Obligasjonslån                        
Total loans       1 608 261 1 608 261 0 0 0        
        2015 2014              
Average rate of interest (adjusted with effect of interest swap)       4.70% 5.18%              

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