The following table provides a breakdown for

non-current

and current borrowings:


	2022												2021
(Euro thousands)	Guaranteed			Secured			Unsecured			Total borrowings			Guaranteed			Secured			Unsecured			Total borrowings


At January 1,		12,457			7,840			46,474			66,771			1,500			1,452			15,885			18,837
Repayments		(1,440	)		(112,559	)		(111,018	)		(225,017	)		(2,103	)		(93,709	)		(20,775	)		(116,587	)
Conversion of debt to equity		—			—			—			—			—			—			(25,035	)		(25,035	)
Debt restructuring (1)		—			—			—			—			—			—			(7,380	)		(7,380	)
Business combination		—			—			—			—			12,700			—			459			13,159
Proceeds		20			112,511			78,198			190,729			360			99,702			76,112			176,174
Net foreign exchange difference		—			491			511			1,002			—			395			7,208			7,603

At December 31 ,		11,037			8,283			14,165			33,485			12,457			7,840			46,474			66,771

Repayable:
- Within one year		3,284			8,283			3,803			15,370			1,422			7,840			46,297			55,559
- In the second year		3,337			—			—			3,337			3,282			—			—			3,282
- In the third year		3,166			—			—			3,166			3,337			—			—			3,337
- Over three years		1,250			—			10,362			11,612			4,416			—			177			4,593

		11,037			8,283			14,165			33,485			12,457			7,840			46,474			66,771
Portion classified as current liabilities		(3,284	)		(8,283	)		(3,803	)		(15,370	)		(1,422	)		(7,840	)		(46,297	)		(55,559	)

Non-current portion		7,753			—			10,362			18,115			11,035			—			177			11,212

As at December 31, 202

, borrowings amounted to Euro11,037 thousand (December 31, 2021: Euro12,457 thousand) were guaranteed by a third party, SACE S.p.A.,the Italian export credit agency.

As at Dece

ber 31, 202

, borrowings amounted to Euro8,283 thousand (December 31, 2021: Euro7,840 thousand) were secured by the pledge of assets with carrying values at the end of each reporting period as follows:


	At December 31,
(Euro thousands)	2022		2021
Pledge of assets:
- Property, plant and equipment		10,535		9,345
- Inventories		20,333		19,187
- Other current assets		2,786		—
- Trade receivables		2,566		2,493

At December 31,		36,220		31,025

Apart from the above, certain borrowings are guaranteed by two subsidiaries, namely St. John Knits, Inc. and St. John Canada Corporation as at December 31, 2022.

The unsecured borrowings are principally used for operation of the Group.

The borrowings at rates ranging from 3.06% to 12.31% (2021: 0.00% to 10.00%) per annum.

The main terms of the borrowings are detailed as follows:


				At December 31, 2022
Borrower	Interest rate	Terms	Expiry date	Of which current portion		Of which non-current portion

				(Euro thousands)


Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	January 2023		633		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	February 2023		75		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	March 2023		283		—
St. John Knits, Inc.	Variable	LIBOR+7.50%	April 2023		8,283		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	April 2023		296		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	May 2023		294		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	June 2023		317		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	July 2023		606		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	August 2023		269		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	September 2023		269		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	October 2023		263		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	November 2023		229		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	December 2023		269		—
Sergio Rossi S.p.A	Variable	ECB+6.00%	September 2025		784		1,502
Sergio Rossi S.p.A	Variable	Euribor 3m+1.90%	June 2026		2,500		6,250
Fosun Fashion (Shanghai) Consulting Management Co., Ltd.	Fixed	10.00%	December 2027		—		10,363

Total					15,370		18,115


				At December 31, 2021
Borrower	Interest rate	Terms	Expiry date	Of which current portion		Of which non-current portion

				(Euro thousands)
Sergio Rossi S.p.A	Fixed	0.90%	March 2022		1		—
Sergio Rossi S.p.A	Fixed	1.45%	April 2022		458		—
Fosun Fashion Group (Cayman) Limited	Fixed	10.00%	April 2022		16,337		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	June 2022		166		—
Fosun Fashion Group (Cayman) Limited	Fixed	10.00%	June 2022		23,550		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	August 2022		111		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	September 2022		376		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	October 2022		103		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	November 2022		348		—
Fosun Fashion Brand Management Co.,Limited	Fixed	7.50%	December 2022		337		—
Fosun Fashion (Shanghai) Consulting Management Co., Ltd.	Fixed	10.00%	December 2022		4,510		—
St. John Knits, Inc.	Variable	LIBOR+7.50%	April 2023		7,840		—
Fosun Fashion Brand Management Co.,Limited	Interest free	0.00%	December 2023		—		177
Sergio Rossi S.p.A	Variable	ECB+6.00%	September 2025		172		2,285
Sergio Rossi S.p.A	Variable	Euribor 3m+1.90%	June 2026		1,250		8,750

Total					55,559		11,212

Notes:

(1)

On July 21, 2021, the Group and each of certain bankers (the “Banks”) entered into a debt restructuring deed (the “Debt Restructuring Deed”), pursuant to which the Banks agree to assign and transfer to the Group all of its rights, titles, benefits and interests in the certain bank borrowings (“Defaulted Bank Borrowings”), for a consideration of approximately Euro8,013 thousand upon fulfilment of certain conditions while the outstanding balance of the Defaulted Bank Borrowings as at the date of the Debt Restructuring Deed was Euro

15,609

thousand.

During the year ended December 31, 2021, the Group has repaid total consideration to the Banks and the Defaulted Bank Borrowings have been fully settled. The Group recognized a gain on the debt restructuring in profit or loss. As at December 31, 2021, the Group is not in breach of any loan covenants of any bank borrowings.