29 Short term borrowings and medium term loans
Short term borrowings and medium term loans
Short term borrowings
Short-term borrowings
| 2022 | 2021 | ||
| AED’000 | AED’000 | ||
| At 1 January | 441,910 | 298,160 | |
| Proceeds received | 31,000 | 143,750 | |
| Repayments | (132,910) | – | |
| ————————- | ————————- | ||
| At 31 December | 340,000 | 441,910 | |
| ============= | ============= | ||
| Year of | 2,022 | 2,021 | |
| Loan | maturity | Carrying amount | Carrying amount |
| AED’000 | AED’000 | ||
| Term loan 1 | 2023 | 150,000 | 150,000 |
| Term loan 2 | 2023 | 65,000 | 50,000 |
| Term loan 3 | 2023 | 60,000 | 60,000 |
| Term loan 4 | 2022 | – | 100,000 |
These short-term borrowings carry variable interest rates ranging from 5.99 % p.a to 8.00% p.a (2021: 2.88 % p.a to 6.00% p.a).
Medium term loans
| 2022 | 2021 | |
| AED’000 | AED’000 | |
| At 1 January | 100,000 | 25,000 |
| Proceeds received | – | 100,000 |
| Repayments | (33,333) | (25,000) |
| ————————- | ————————- | |
| At 31 December | 66,667 | 100,000 |
| ============= | ============= |
| Obtained | Matures in | Approved facility line | Repayment schedule | Interest rate |
| In | In | AED ‘000 | ||
| 30 November 2021 | 2024 | 100,000 | 5 equal instalments of AED 16,667 thousand plus interest and one final instalment (6th) covering the residual utilisation amount plus interest. | 3 months EIBOR + 2.50% p.a. |
Short term borrowing and/or medium term loans are subject to financial covenants that are customary to credit facilities of such nature.
