Note 18 Net interest-bearing debt and mortgages

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A B C D E F G H I
Note 18 Net interest-bearing debt and mortgages              
                 
Amounts in NOK 1000                
The Company has a syndicated loan provided 50/50 by DNB and Nordea. The financing agreement consists of a total frame of MNOK 1 910 including a long-term credit facility of MNOK 700. At year-end the credit line was not utilised.
The corporate finance agreement includes covenants related to consolidated accounts of 35% (in the group, not including Ocean Quality), a revolving NIBD/EBITDA ratio of 5.0 if the book equity ratio is higher than 40% and 4.5 if the book equity ratio is between 35% and 40%. As at 31.12.2016 the NIBD/EBITDA ratio for the group is 0.7, not including Ocean Quality. Hence, at year-end the group was in fully in compliance with all covenants.
Non-current liabilities             2016 2015
Mortgage loan             985 000 1 075 000
Long-term credit facility *)             0 450 000
Obligasjonslån               0
Bond loan               0
Amortised cost             -5 126 -6 739
Total interest-bearing non-current liabilities             979 874 1 518 261
*)The company has in 2016 a total long-term credit facility of MNOK 700. As at 31.12.2016 there was no draw-down.                
                 
Short-term debt                
Kortsiktig trekkrettighet *)             0 0
Short-term credit facility             0 0
Share of current part of mortgage loan             90 000 90 000
Total interest-bearing current liabilities             90 000 90 000
                 
Gross interest-bearing liabilities           1 069 874 1 608 261
Bank deposits             383 281 215 057
Loans to subsidiaries             494 733 864 945
Net interest-bearing liabilities           191 859 528 259
                 
Maturity profile – non-current liabilities     2016 2017 2018 2019 Subsequently Total
Mortgage loan     90 000 90 000 889 874 0 0 1 069 874
Long-term credit facility             0 0
Total     90 000 90 000 889 874 0 0 1 069 874
                 
Liabilities secured by mortgage             2016 2015
Liabilities to credit institutions             1 069 874 1 608 261
Total liabilities             1 069 874 1 608 261
                 
Book value of assets pledged as security                
Shares in subsidiaries             1 226 980 1 226 980
Fixed assets             5 972 4 814
Accounts receivable             19
Loans to subsidiaries             494 733 864 945
Total assets pledged as security           1 727 705 2 096 739
                 
                 
          2016 2015
Type of debt Currency Interest rate   Maturity Current portion Non-current portion Current portion Non-current portion
Syndicated long-term loan NOK Floating   06/2019 90 000 979 874 90 000 1 518 261
Syndicated loan revolving credit NOK Floating   06/2019 0 0    
Total         90 000 979 874 90 000 1 518 261
                 
             
        12/31/2016 NOK CAD GBP USD
Syndicated long-term loan       1 069 874 1 069 874      
Syndicated loan revolving credit (non-current)     0 0      
Obligasjonslån                
Total loans       1 069 874 1 069 874 0 0 0
                 
        2016 2015      
Average interest rate       3.53% 4.70%      

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