- by currency (translated into PLN)

- by interest rate

The difference between the nominal value and carrying amount of bonds results from measurement of bonds at amortized cost using the effective interest method.

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

C Series and D series of ORLEN corporate bonds with a total nominal value of PLN 2,000 million was issued as a part of the sustainable and balanced grow bonds, with an ESG rating as an element. The ESG rating is assigned by independent agencies and assesses a company's or industry's ability to sustainable and balanced grow by taking into account three main, non-financial factors, such as: environmental issues, social issues and corporate governance. In terms of environmental issues, product emissions and carbon footprint, environmental pollution, as well as the use of natural resources and usage of green technologies are crucial.

The margin level and fixed interest rate of these bonds depends on assessment (rating) of ESG agency, which measures the ORLEN’s vulnerability to defined ESG risk on a periodic basis as well as how the ORLEN manages those risks, or alternative ESG rating:

• C series - the margin for the first interest period amounted to 90 bp per annum and in the next interest periods it is possible to add to the margin 0.05% or 0.1% per annum respectively, depending on the level of ESG rating admitted according to the bond issue terms and conditions, the amont of the margin as at 31 December 2022 is presented in the table above,
• D series - the interest rate for the first interest period amounted to 2.875% per annum and in the next interest periods will stay at the same level or it is possible to change it by 0.1% or 0.2% per annum respectively, depending on the level of ESG rating admitted according to the bond issue terms and conditions, the amont of the interest rate as at 31 December 2022 is presented in the table above.

A Series of ORLEN Eurobonds with a nominal value of EUR 500 million was issued with a green bonds certificate, which provide financing for projects supporting environmental and climate protection. ORLEN has established and published on its website the principles of green and sustainable financing, the "Green Finance Framework" which define the planned investment processes for energy transformation covered by this financing and key performance indicators were defined for these projects in terms of their advance of implementation and their impact on the environment.

Moody’s Investors Service Agency upgraded the rating for ORLEN’s  medium term Eurobonds programme twice during 2022 (in August and October) from the level of Baa2 to A3. At the same time the Agency upgraded the rating from the level of Baa2 to A3 of following Eurobonds:

• series A with a nominal value of EUR 500 million issued by ORLEN,
• with a nominal value of EUR 750 million issued by ORLEN Capital and guaranteed by ORLEN.

On 9 November 2022, the rating agency Fitch Ratings upgraded the rating from BBB- to BBB+:

• for ORLEN’s  medium term Eurobonds programme and series A with a nominal value of EUR 500 million,
• for Eurobonds with a nominal value of EUR 750 million issued by ORLEN Capital and guaranteed by ORLEN.

On 17 November 2022, the rating agency Fitch Ratings upgraded the long-term rating for the medium-term Eurobond programme (EMTN) issued by ENERGA Group from BBB- to BBB+. The agency subsequently affirmed this rating on 21 December 2022.

Senior bonds of the B8 Spółka z ograniczoną odpowiedzialnością Baltic S.K.A. special purpose company’s relate to the financing of the development of the oil field in the Baltic Sea and are covered by securities such as: registered pledges on shares and ownerships, tangible fixed assets, assignment of receivables, bank accounts, an offshore mortgage on the Petrobaltic platform, and a power of attorney over bank accounts.

The settlement of senior bonds which matured on 31 December 2022 took place - in accordance with the provisions of the Bond Programme Agreement - on 2 January 2023 (first working day after 31 December 2022).