26. Borrowings

in thousands of EUR

31 December 2015

31 December 2014

Non-current

Bank borrowings

774,550

959,707

Financial leases

1,194

756

775,744

960,463

Current

Bank overdrafts

180,554

79,690

Financial leases

726

719

Other

80,903

12,505

262,183

92,914

Total borrowings

1,037,927

1,053,377

Syndicated bank facilities

The Group has a syndicated bank facility of €1,200 million. Under the terms of the facility 1 one-year extension option can still be exercised by the borrower at the second anniversary of the facility. Early August 2015 the facility has been extended by one year, therefore the new maturity date is 18 September 2020. The facility includes also a €100 million uncommitted accordion feature, which can be exercised during the life of the facility after all lenders have consented. The interest rate on the drawings consists of the margin and the applicable rate (i.e. for a loan in euros, the EURIBOR), however the applicable rate can never be below zero percent. In addition to the syndicated bank facility the Group has uncommitted bilateral overdraft and money market facilities for a total of €268 million.

At the end of 2015 the Group also has multiple bank guarantee facilities for a total amount of €59 million (2014: €48 million).

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

in thousands of EUR

Within 1 year

1-2 years

2-5 years

Total

At 31 December 2015

Borrowings at variable rates

261,457

357

774,193

1,036,007

Financial leases

726

538

656

1,920

262,183

895

774,849

1,037,927

At 31 December 2014

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

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 2.47% and is classified within level 2 of the fair value hierarchy.

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

2015

2014

Bank borrowings

1.39%

1.21%

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 2015

31 December 2014

- Expiring within one year

28,471

63,866

- Expiring beyond one year

422,970

240,000

451,441

303,866

Financial lease commitments

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

The financial lease commitments fall due as follows:

31 December 2015

31 December 2014

in thousands of EUR

Payment

Interest

Principal

Payment

Interest

Principal

Within 1 year

778

52

726

787

68

719

1 - 2 years

561

23

538

458

34

424

2 - 5 years

663

7

656

350

18

332

Total

2,002

82

1,920

1,595

120

1,475