20. BORROWINGS

The segregation of borrowings between current and non-current and by nature, at 31 December 2014 and 2013 was as follows:

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Current

Non-current

Total

Current Non-current Total
Bonds

113,500

1,240,762

1,354,262

150,000

1,444,440

1,594.,440

Bank Borrowings

111,654

747,388

859,042

71,194

784,042

855,236

Commercial Paper

150,000

227,000

377,000

30,000

200,000

230,000

Bank overdrafts (note 17)

1,659

-

1,659

861 - 861
Finance Lease

1,049

2,231

3,280

719

1,676

2,395

377,862

2,217,381

2,595,243

252,774

2,430,159

2,682,933

Finance Lease

25,787

-

25,787

24,778

-

24,778

Deferred borrowing costs

(6,697)

(9,867)

(16,564)

(27,227)

-

(27,227)

Borrowings

396,952

2,207,514

2,604,466

250,325

2,430,159

2,680,483

At 31 December 2014 borrowings settlement plan was as follows:

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'16

'17

'18

'19

Following
years

Total

Debt - Non current -

481,536

176,650

421,716

253,833

883,646

2,217,381

Debt - Current

377,862

- - - - -

377,862

Total

377,862

481,536

176,650

421,716

253,833

883,646

2,595,243

Detailed information regarding bond issues as of 31 December 2014 is as follows:

31 December 2014

Emission date

Maturity

Inicial amount

Outstanding amount

Interest rate

Shedule of interest
payments

''Euro Medium Term Notes' programme emissions

26/06/2009

26/06/2024

tJPY 10,000,000 (i) tJPY 10,000,000 Fixed rate (ii) Bianual
08/03/2012 09/03/2015 tEUR 63,500 (i) tEUR 63,500 Fixed rate Bianual

21/09/2012

21/09/2016 tEUR 300,000 tEUR 300,000 Fixed rate EUR 6.25% Bianual
28/09/2012

28/09/2015

tEUR 50,000 (i) tEUR 50,000 Fixed rate Annual
16/01/2013 16/01/2020 tEUR 150,000 (i) tEUR 150,000 Floating rate Quarterly
31/01/2013 31/01/2018 tEUR 300,000 tEUR 300,000 Fixed rate EUR 4.125% Annual
17/10/2013 16/10/2020 tEUR 400,000 (ii) tEUR 400,000 Fixed rate EUR 4.75% Annual

    (i) These emissions correspond to private placements.

    (ii) These emissions have interest and currency rate swaps associated

In 2014 two bond issues in the amount of 150,000 thousand Euros reached their maturity, and the Company also proceeded to early repayment of bonds in the amount of 120,000 thousand Euros.

As of 31 December 2014, the Company has five commercial paper programs in the amount of 900,000 thousand Euros, of which 523,000 thousand Euros are available for utilization.

The bank loans are mainly (539,395 thousand Euros) represented by EIB - European Investment Bank loans.

In 2014 the Group agreed a credit line with the Bank of China in the amount of 200,000 thousand Euros.

As a result of the fair value hedge related to the debt emission in the amount of 400,000 thousand Euros, fair value changes concerning interest rate risk were recognised directly in statement of profit and loss, in a negative amount of 30,065 thousand Euros (8,159 thousand Euros (positive) as of 31 December 2013) (Note 16).

The Company has also credit lines negotiated and not used in the amount of 80,000 thousand Euros, maturing up to one year, which are automatically renewable periodically (if they are not resigned in the contractually specified period for that purpose).

The Company holds a bank loan to which gave as collateral the participations held by the Group in Red Elétrica Corporación and Enagás. The Group has all the rights attached to such participations, including voting rights and the right of dividends.

The Company’s financial liabilities have the following main types of covenants: Cross default, Pari Passu, Negative Pledge, Gearing (ratio of total consolidated equity to the amount of the Group’s total concession assets). The Gearing ratio comfortably meets the limits defined being 97% above the minimum (86% above the limit as of 31 December 2013). The borrowings from EIB – European Investment Bank include ratings covenants. In the event of ratings below the levels specified, REN can be called to provide a guarantee acceptable to EIB (Note 33.3).

Following the legal standards and usual market practices, contractual terms and free market competition, establish that neither REN nor its counterparts in borrowing agreements are authorized to disclose further information regarding the content of these financing agreements.

REN and its subsidiaries are a part of certain financing agreements and debt issues, which include change in control clauses typical in this type of transactions (including, though not so expressed, changes in control as a result of takeover bids) and essential to the realization of such transactions on the appropriate market context. In any case, the practical application of these clauses is limited to considering the legal ownership of shares of REN restrictions.

The exposure of the Group’s borrowings to changes in interest rates on the contractual re-pricing dates is as follows:

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6 month or less

1,041,151

1,081,350

6 - 12 month

100,000

150,000

1 - 5 years

875,000

1,288,500

Over 5 years

583,135

166,882

2,599,286

2,686,732

The effect of the foreign exchange rate exposure was not considered as this exposure is totally covered by the hedge derivate in place.

The average interest rates for borrowings including commissions and other expenses were 4.67% in 2014 and 5.54% in 2013.

Leases

Minimal payments regarding lease contacts and the carrying amount of the finance lease liabilities as of 31 December 2014 and 2013 are made up as follows:

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Finance lease liabilities - minimum lease
payments

  

No later than 1 year

1,133

795

Later than 1 year and no later than 5 years

2,309

1,768

3,442

2,563

Future finance charges on finance leases

(162)

(168)
Present value of finance lease liabilities

3,280

2,395

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'13

The present value of finance lease
liabilities is as follows

  

No later than 1 year

1,049

719
Later than 1 year and no later than 5 years

2,231

1,676

3,280

2,395