| 12. | Borrowings |
The Company entered into a financing agreement with Rabobank Utrechtse Heuvelrug U.A. (“Rabobank”) on December 29, 2005, which provided for total borrowings of €1.5 million for the financing of its business activities. The duration of the agreement was 12 years. Under the agreement, the loans were to be repaid in monthly installments of €14 thousand. The loans bore interest at an annual rate equal to 4.45% and were fixed until April 1, 2016. At that date, the interest rate was fixed at 3.55% until March 31, 2017.
Movements in the Company’s borrowings with the Rabobank were as follows:
| (euros in thousands) |
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Balance December 31, 2016 |
486 | |||
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Short term portion December 31, 2016 |
167 | |||
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Long term portion December 31, 2016 |
319 | |||
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Balance January 1, 2017 |
486 | |||
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Repayments |
(486 | ) | ||
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Balance December 31, 2017 |
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On March 31, 2017, the Company repaid, in full, the loan from Rabobank. At the repayment date, the total outstanding balance of the loan amounted to approximately €0.5 million. As a result of the repayment, the pledge associated with the loan was removed and the related cash was released from restriction.