24. Borrowings

in thousands of EUR

31 December 2014

31 December 2013

Non-current

Bank borrowings

959,707

518,977

Financial leases

756

846

Shareholder loans

-

325,000

960,463

844,823

Current

Bank overdrafts

79,690

80,401

Current portion long-term debt

-

757

Financial leases

719

1,071

Other

12,505

6,955

92,914

89,184

Total borrowings

1,053,377

934,007

Syndicated bank facilities

GrandVision refinanced its former €800 million Senior Facility Agreement and settled the €325 million outstanding Subordinated Shareholder Loan from HAL. A new €1,200 million Senior Facility Agreement was entered into on 18 September 2014, maturing on 18 September 2019 with 2 one-year extension options which can be exercised by the borrower at the first and second anniversary of the facility, with GrandVision Finance BV as the borrower and GrandVision BV (GrandVision N.V. as of 5 February 2015) as the guarantor.

At the end of 2014 the Group also has multiple bank guarantee facilities for a total amount of €48 million (2013: €22 million).

Shareholder loans

The shareholder loans as well as the payable interest have been fully settled and paid in September 2014. The shareholder loans were subordinated to other debts. The interest rates on the shareholder loans were 5.545%.

The maturity of the borrowings of the Group is as follows:

in thousands of EUR

< 1 year

1-2 years

2-5 years

5+ years

Total

At 31 December 2014

Borrowings at fixed rates

-

-

-

-

-

Borrowings at variable rates

92,195

2,276

957,431

-

1,051,902

Financial leases

719

424

332

-

1,475

92,914

2,700

957,763

-

1,053,377

At 31 December 2013

Borrowings at fixed rates

-

2,046

-

325,000

327,046

Borrowings at variable rates

88,113

-

516,931

-

605,044

Financial leases

1,071

547

299

-

1,917

89,184

2,593

517,230

325,000

934,007

The fair value of the borrowings is approximately equal to the carrying amounts since these loans have a floating interest rate. The fair value of the fixed-rate borrowings is estimated by discounting against 2.20% and is classified within level 2 of the fair value hierarchy.

The weighted average effective interest rates at balance sheet date were as follows:

2014

2013

Bank borrowings

1.21%

2.20%

Interest rates on variable-rate loans are Euribor-based, increased by a certain margin. This margin is determined based on the interest cover and the leverage ratio (note 3.1.3).

The Group has the following undrawn borrowing facilities:

in thousands of EUR

31 December 2014

31 December 2013

- Expiring within one year

63,866

52,495

- Expiring beyond one year

240,000

280,500

303,866

332,995

Financial lease commitments

The largest part of the financial lease commitments relate to the optical lab equipment in the United Kingdom and leased cars in Poland and Portugal. 

The financial lease commitments fall due as follows:

in thousands of EUR

31 December 2014

31 December 2013

Payment

Interest

Principal

Payment

Interest

Principal

Within 1 year

787

68

719

1,114

43

1,071

1 − 2 years

458

34

424

565

18

547

2 − 5 years

350

18

332

301

2

299

Total

1,595

120

1,475

1,980

63

1,917