- by currency (translated into PLN)/ by interest rate

As at 31 December 2022 unused credit lines (note 16.5.4) increased by trade and other receivables (note 14.5.2) and cash (note 14.6) exceeded trade and other liabilities (note ‎14.5.3) by PLN 62,418 million.

The Group partially hedges the cash flows related to interest payments regarding external loan financing in EUR, by using Interest Rate Swaps (IRS).

In the period covered by this consolidated financial statements as well as after the reporting date there were no material defaults on repayment of principal or interest of loans nor defaults on other terms of the agreements.

A ratio of net debt / EBITDA before net impairment losses, adjusted by exclusions according to definitions of individual components from loan agreement is the main covenant. The value of that covenant as at 31 December 2022 amounted to:

• (0.08) for ORLEN and was calculated on the level of consolidated data of ORLEN Group,
• 8 for ENERGA Group and was calculated on the level of consolidated data of ENERGA Group.

Above covenants values meet the obligations contained in loan agreements. In addition, ORLEN is in the process of analysing the provisions of the loan agreements of Lotos Group and PGNiG Group in terms of the possibility of adapting their clauses to the standards of ORLEN agreements.

One subsidiary of the former PGNiG Group identifies the risk of not meeting the covenant under the loan agreement, although a formal examination of the level of the ratio will take place on the basis of the consolidated audited financial statements for 2022. The company is in contact with the lending bank in order to agree on the formalities to be used to sanction the possible identification of the above default. Accordingly, the Group has reclassified the debt arising from this loan from the long-term to the short-term part in the amount of PLN 88 million.

Some of Group’s loans are secured by the assets of individual companies assets and/or by corporate guarantees. The securities over assets relate mainly to registered pledges on tangible fixed assets, inventories, shares, mortgages, assignment of receivables and powers of attorney over bank accounts