MRM - 2018 Registration document
3
General information on the issuer and its capital
Consolidated financial statements for the financial year ended 31 December 2018
4.12 Loans and borrowings
Accounting principles
Borrowings Financial liabilities comprise borrowings and other interest-bearing liabilities.
On initial recognition, they are measured at fair value, taking account of transaction costs directly attributable to the issuance of the financial liability. They are subsequently recognised at amortised cost using the effective interest rate method. The effective interest rate includes the nominal interest rate and actuarial amortisation of issue expenses and issue and redemption premiums.
Borrowings of less than one year are classified as “Current borrowings”.
Borrowing costs Revised IAS 23 – Borrowing costs removes the option of expensing borrowing costs and requires companies to capitalise borrowing costs directly attributable to the purchase, construction or production of a qualifying asset as a component of the cost of the asset. The Group borrows money specifically for the acquisition, construction or production of a specific qualifying asset. Financial expenses directly associated with this asset are accordingly easily determined and capitalised in the cost of the qualifying asset.
As of 31 December 2018, the Group no longer had any qualifying assets allowing the capitalisation of interest costs. The breakdown of current and non-current loans and borrowings is as follows:
31/12/2018
31/12/2017
(in thousands of euros)
Bank debts
72,056
71,141
906
1,083
Guarantee deposits received
NON CURRENT
72,962
72,223
Bank debts
2,044
2,244
Loan granted by SCOR SE Guarantee deposits received
-
21,889
809
921 189
Accrued interest
91
CURRENT
2,944
25,244
75,906
97,467
TOTAL LOANS AND BORROWINGS
The breakdown of loans and borrowings by maturity is as follows:
31/12/2018
1 year
1 to 5 years Over 5 years
(in thousands of euros)
Bank debts
74,100
2,044
72,056
-
Guarantee deposits received
1,715
809
783
122
91
91
-
-
Accrued interest
TOTAL LOANS AND BORROWINGS
75,906
2,944
72,839
122
The debt maturing within a year comprises the contractual repayments to be made over the next twelve months.
90
M.R.M. 2018 REGISTRATION DOCUMENT
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