Note 22 2015 - Havfisk ASA

This note refers to the Group's interest-bearing liabilities:
NOK million		Accounts 2015	Accounts 2014

Interest-bearing loans and credits
Mortgaged loans in NOK		1 134	1 210
Unsecured bond issue			-
Total non-current liabilities		1134	1210

Current liabilities
Current portion of mortgaged loan		78	78
Overdraft facility			-
Total current liabilities		78	78

For further information on interest rate and foreign exchange risk, see Note 244.

Change in interest-bearing liabilities in the Group in 2015:
NOK million	Current	Long-term	Total
Interest-bearing liabilities as of 01/01/2015	78	1 210	1 288
New overdraft facility			-
New mortgaged loans	-		-
Borrowing costs		2	2
Total proceeds on issue of long-term and current loans	78	1 212	1 290
Refinancing of mortgaged loans			-
Ordinary instalments paid		(78)	(78)
First year's repayments and other repayments			-
Total repayment of long-term and current loans	-	(78)	(78)
Interest-bearing liabilities as of 31/12/2015	78	1 134	1 212

The Group's interest-bearing liabilities allocated by type of loan are due for repayment as follows:
Maturity/year
NOK million	Mortgaged loans	Other long loans
2016	78		78
2017	78		78
2018	1053		1053
2019	3		3
After 2019	0		0
Total	1 212	0	1 212

The mortgage loan is secured on the trawler fleet, plants and equipment, inventories, receivables and the shares in the subsidiaries. The loan matures in 2018. The conditions of the group's mortgage loan were renegotiated in December 2013. The new instalment structure is taken into account in the note above.

HAVFISK has covenants in its mortgage loan agreements relating to minimum equity ratio, EBITDA in relation to net interest-bearing liabilities and EBITDA in relation to interest and instalments paid.

The Group has an operating and guarantee facility of altogether NOK 100 million, made up of NOK 87 million in operating credit and NOK 13 million as a guarantee facility. No withdrawals against operating credit had been made as of year end. The unused credit facility is NOK 87 million.

Mortgages
The HAVFISK Group operates a group account scheme. Members of/companies in the scheme are jointly and severally liable as guarantors for each outstanding amount under the group account scheme.

Liabilities secured by mortgage:
NOK million	Accounts 2015	Accounts 2014
Long-term mortgaged loan	1 134	1 210
Current portion of long-term mortgaged loan	78	78
Overdraft and other current loans	-	-
	1 212	1 288

Book value of assets pledged as security:
NOK million	Accounts 2015	Accounts 2014
Trade receivables	72	51
Inventories	100	41
Tangible fixed assets inc. discontinued operations held for sale	1203	1247
Other assets	212	216
	1 587	1 555

NET INTEREST-BEARING LIABILITIES
Net interest-bearing liabilities include the following items:
NOK million	2015	2014
Cash and cash equivalents	233	146
Financial interest bearing non-current assets	212	186
Interest bearing receivables	-	30
Total interest-bearing assets	445	362
Long-term interest-bearing liabilities	(1 134)	(1 210)
Current interest-bearing liabilities	(78)	(78)
Total interest-bearing liabilities	(1 212)	(1 288)
Net interest-bearing liabilities (-) / assets (+)	(766)	(925)

Finance lease liabilities
The company has no finance lease liabilities in the balance sheet as of 31/12/2015.

Non-cancellable operating leases where the Group is the lessee
NOK million	Accounts 2015	Accounts 2014
Amounts expensed in 2015/2014	1	1
Total	1	1

Non-cancellable operating leases where the Group is the lessee:
2016	1,4
2017	1,4
2018	1,4
2019	1,4
2020	0,4
Totalt	5,8

Lease liabilities relate to the lease of office premises at Løvenvolgate 11 in Ålesund. The lease runs for 10 years from 2010.

Operating leases where the group is the lessor:
NOK million	Accounts 2015	Accounts 2014
Recognised as income in 2015/2014	6	10
Sum	6	10

Future rental income:
2016	8
2017	8
2018	8
2019	8
2020	8
After 2020	37
Totalt	79

Rental income refers to lease of production facilities to Norway Seafoods, ref. note 12.

Note 22