120 / 147
125
13. TRADE PAYABLES, net
The average maturity of the trade payables is 73 days and average interest rate applied for TL payables is 10% and for USD payables is 3.47% (2013: interest rate applied
for TL is 8% and for USD is 3.08%, maturity 88 days).
(*) BMGS has obtained USD 12,871,984 (EUR 10,582,070) in short term and USD 54,011,246 (EUR 44,402,694 ) in long term of vendor financing from CAT Financial Services Limited in
2014. The maturities of the finance agreements are in 2017. The interest is fixed at 5,33%. Additionally, BMGS has obtained short-term vendor financing from Societe Generale and ING
Belgium NV/SA amounting USD 111,147,538 (2013: USD 111,048,118) with an average interest rate of Euribor+ 0.85% (2013: Euribor+0.85%). The maturity of the financing agreement
is in 2015 (2013: in 2014).
Currency breakdown of current and non - current trade payables is as follows:
31 December 2014
31 December 2013
Current trade payables
Trade payables (*)
698,740,643
636,976,936
Due to related parties (Note 34)
291,099
167,234
699,031,742
637,144,170
31 December 2014
31 December 2013
Non current trade payables
Non-current trade payables (*)
53,943,534
68,210,651
53,943,534
68,210,651
14. SHORT-TERM BORROWINGS
The interest rates for TL borrowings are 10.17% (2013: 8.75%). Variable interest rates for EUR borrowings vary between Libor+1.60% - Libor+2.00% (2013: Cof+0.85% - Libor+2.70%).
Fixed interest rates for EUR borrowings vary between 0.92% - 7.15%. (2013: 0.98% - 6.75%). For USD denominated borrowings, variable interest rates vary between Libor+1.20% -
Libor+4.75% (2013:Libor+0.75% - Libor+5.50%). For USD denominated borrowings, fixed interest rates vary between 0.71% - 6.05% (2013: 0.71% - 7.15%)
There are no secured short term borrowings as of 31 December 2014 and 2013.
31 December 2014
31 Dcember 2013
Unsecured borrowings
589,637,501
543,358,451
Finance lease obligations
4,450,567
-
Other financial liabilities
704,860
407,928
594,792,928
543,766,379
Currency
USD
Currency
USD
Currency
Amount
Equivalent
Amount
Equivalent
USD
280,906,351
280,906,351
385,248,987
385,248,987
EUR
247,635,314
301,222,861
196,093,748
269,804,276
GBP
179,419
278,731
127,767
210,559
TENGE
248,979,331
1,362,404
103,402,139
670,137
TL
391,878,028
168,993,069
104,902,132
49,150,603
DZD
18,584,995
211,860
21,093,039
270,259
752,975,276
705,354,821
31 December 2014
31 December 2013
BORUSAN HOLDING A.Ş. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(Currency - US Dollars (“USD”) unless otherwise indicated)