| 13 |
Loans and other liabilities
|
This Note provides information regarding the contractual terms of the Group’s interest-bearing loans and borrowings. For more information about the Group’s exposure to interest rate, foreign currency and liquidity risks, see Note 29.
| |
|
2025
|
|
|
2024
|
|
| |
|
US$ in millions
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
Loans from financial institutions
|
|
|
|
|
|
|
5.0
|
|
|
Other loans and liabilities
|
|
|
35.6
|
|
|
|
40.6
|
|
|
Derivative instruments
|
|
|
11.6
|
|
|
|
14.3
|
|
| |
|
|
47.2
|
|
|
|
59.9
|
|
| |
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Current portion of loans from financial institution
|
|
|
5.0
|
|
|
|
10.0
|
|
|
Current portion of other loans and liabilities
|
|
|
5.9
|
|
|
|
5.8
|
|
| |
|
|
10.9
|
|
|
|
15.8
|
|
| |
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
32.0
|
|
|
|
32.0
|
|
| |
|
|
42.9
|
|
|
|
47.8
|
|
See Note 29 with respect to the contractual maturities of financial liabilities and the Group’s exposure to interest rate risk. See also Note 8(b) with respect to lease liabilities.
Securing assets
As security for certain long-term bank loans and other long-term loans and liabilities, liens have been registered on certain assets, including the insurance rights in respect of such assets.
| |
(b) |
Terms and repayment schedule
|
Terms and conditions of outstanding loans are as follows:
| |
December 31, 2025
|
|
| |
Currency
|
|
Effective interest (1)
|
|
|
Year of
Maturity
|
|
|
Face value
|
|
|
Carrying
Amount
|
|
| |
|
|
|
|
|
|
|
|
US $ in millions
|
|
|
Long-term loans
|
US$
|
|
6.7%(2)
|
|
|
|
2026-2030
|
|
|
|
46.5
|
|
|
|
46.5
|
|
|
Derivative instruments
|
US$
|
|
|
|
|
|
2026-2034
|
|
|
|
11.6
|
|
|
|
11.6
|
|
|
Short-term credit from banks
|
US$
|
|
4.8%
|
|
|
|
2026
|
|
|
|
32.0
|
|
|
|
32.0
|
|
| |
|
|
|
|
|
|
|
|
|
|
90.1
|
|
|
|
90.1
|
|
| |
December 31, 2024
|
|
| |
Currency
|
|
Effective interest (1)
|
|
|
Year of
maturity
|
|
|
Face value
|
|
|
Carrying
amount
|
|
| |
|
|
|
|
|
|
|
|
US $ in millions
|
|
|
Long-term loans
|
US$
|
|
6.5%(2)
|
|
|
|
2025-2030
|
|
|
|
61.4
|
|
|
|
61.4
|
|
|
Long-term liabilities
|
US$
|
|
|
|
|
|
2025-2034
|
|
|
|
14.3
|
|
|
|
14.3
|
|
|
Short-term credit from banks
|
US$
|
|
5.3%
|
|
|
|
2025
|
|
|
|
32.0
|
|
|
|
32.0
|
|
| |
|
|
|
|
|
|
|
|
|
|
107.7
|
|
|
|
107.7
|
|
See also Note 8(b) with respect to lease liabilities.
| |
(1) |
The effective interest rate is the rate that discounts estimated future cash payments or receipts through the contractual life of the financial instrument to its net carrying amount, and it does not necessarily reflect the contractual interest rate.
|
As of December 31, 2025, the Group complies with all of its covenants. According to these Consolidated Financial Statements, the Group’s liquidity, as defined in the related agreements, amounts to US$ 2,802 million (Minimum Liquidity required is US$ 250 million).
| |
(d) |
Movement in liabilities deriving from financing activities
|
| |
|
Loans and other liabilities
|
|
|
Lease liabilities
|
|
|
Balance as at January 1, 2025
|
|
|
107.7
|
|
|
|
5,922.3
|
|
| |
|
|
|
|
|
|
|
|
|
Changes related to financing cash flows:
|
|
|
|
|
|
|
|
|
|
Repayment of borrowings and
|
|
|
|
|
|
|
|
|
|
lease liabilities
|
|
|
(15.8
|
)
|
|
|
(1,423.8
|
)
|
| |
|
|
|
|
|
|
|
|
|
Lease additions
|
|
|
|
|
|
|
311.1
|
|
|
Lease modifications
|
|
|
|
|
|
|
835.1
|
|
|
Other changes
|
|
|
(1.8
|
)
|
|
|
3.4
|
|
| |
|
|
|
|
|
|
|
|
|
Balance as at December 31, 2025
|
|
|
90.1
|
|
|
|
5,648.1
|
|
| |
|
Loans and other liabilities
|
|
|
Lease liabilities
|
|
|
Balance as at January 1, 2024
|
|
|
121.8
|
|
|
|
4,888.8
|
|
| |
|
|
|
|
|
|
|
|
|
Changes related to financing cash flows:
|
|
|
|
|
|
|
|
|
|
Repayment of borrowings and
|
|
|
|
|
|
|
|
|
|
lease liabilities
|
|
|
(16.2
|
)
|
|
|
(2,066.4
|
)
|
| |
|
|
|
|
|
|
|
|
|
Lease additions
|
|
|
|
|
|
|
3,020.0
|
|
|
Lease modifications
|
|
|
|
|
|
|
85.8
|
|
|
Other changes
|
|
|
2.1
|
|
|
|
(5.9
|
)
|
| |
|
|
|
|
|
|
|
|
|
Balance as at December 31, 2024
|
|
|
107.7
|
|
|
|
5,922.3
|
|
|