38. Non-current and current financial liabilities

Non-current and current financial liabilities as of 31 December 2018

in € thousand

 

Maturity
up to 1 year

 

Maturity
1 to 5 years

 

Maturity
over 5 years

 

Total

Liabilities from bank loans

 

26,386

 

125,504

 

217,766

 

369,656

Finance lease liabilities

 

5,124

 

10,839

 

22,946

 

38,909

Other loans

 

0

 

374

 

17,250

 

17,624

Liabilities towards employees

 

10,858

 

0

 

0

 

10,858

Other financial liabilities

 

40,316

 

34,958

 

249

 

75,523

 

 

82,684

 

171,675

 

258,211

 

512,570

Non-current and current financial liabilities as of 31 December 2017

in € thousand

 

Maturity
up to 1 year

 

Maturity
1 to 5 years

 

Maturity
over 5 years

 

Total

Liabilities from bank loans

 

25,910

 

96,806

 

134,163

 

256,879

Finance lease liabilities

 

3,800

 

9,141

 

24,481

 

37,422

Other loans

 

0

 

471

 

14,250

 

14,721

Liabilities towards employees

 

10,172

 

0

 

0

 

10,172

Other financial liabilities

 

40,954

 

25,350

 

59

 

66,363

 

 

80,836

 

131,768

 

172,953

 

385,557

Amounts due to banks include interest of € 1,077 thousand accrued up to the balance sheet date (previous year: € 808 thousand). Transaction costs of € 71 thousand (previous year: € 72 thousand), incurred by taking out loans, only increase the amounts due to banks for the duration of the loan.

The liabilities from finance leases represent the discounted value of future payments for movable non-current assets.

Other loans comprise a € 7.8 million loan granted by a minority shareholder (previous year: € 9.3 million) as well as promissory note loans of € 9.5 million (previous year: € 5.0 million) issued to other creditors.

Buildings, surfacing and movable non-current assets with a carrying amount of € 7,333 thousand (previous year: € 1,997 thousand) have been pledged as collateral for interest-bearing loans. The collateral agreements provide that the assets are transferred to the banks until the loans and interest have been repaid in full and that they have a right to dispose of the assets if the borrower is in arrears with payments of interest and principal.

The liabilities towards employees consist primarily of wages and salaries.

The other financial liabilities include a settlement obligation to other shareholders. This entitlement to a financial settlement amounts to € 61,300 thousand for the financial years 2018 and 2019 (previous year: € 53,519 thousand for the financial years 2017 and 2018), see also Note 6 and Note 35.

Terms of liabilities from bank loans

Interest condition

 

Interest rate

 

Currency

 

Remaining fixed
interest period

 

Nominal value
in TCU1

 

Carrying amount
as of 31.12.2018
in € thousand

1

TCU = Thousand Currency Units

fixed

 

0.78 – 2.36%

 

EUR

 

2023 and later

 

192,093

 

186,260

fixed

 

1.28 – 4.22%

 

EUR

 

2022

 

102,926

 

54,604

fixed

 

2.83 %

 

EUR

 

2021

 

34,257

 

16,443

fixed

 

2.76%

 

EUR

 

2020

 

16,873

 

8,099

fixed

 

3.55 – 3.80%

 

EUR

 

2019

 

20,890

 

13,802

floating

 

floating + margin

 

EUR

 

2019

 

144,122

 

87,632

floating

 

floating + margin

 

USD

 

2019

 

36,000

 

1,810

 

 

 

 

 

 

 

 

 

 

368,650

The floating interest rates are EURIBOR or LIBOR rates with maturities of one to six months.

Financial liabilities for which fair value is not equivalent to the carrying amount

 

 

Carrying amount

 

Fair value

in € thousand

 

31.12.2018

 

31.12.2017

 

31.12.2018

 

31.12.2017

Fixed interest bearing loans

 

279,209

 

158,779

 

280,893

 

162,769

Interest rates of 1.0 to 2.3 % p.a. (previous year: 1.2 to 2.4 % p.a.) were used to measure the fair value of fixed interest-bearing loans. The interest rates are derived from the risk-free rate depending on maturity plus a premium according to the credit rating. They therefore constitute market rates. The average interest rate for the reported liabilities from bank loans was 1.7 % in the reporting year (previous year: 1.9 %).

The variable interest rates were partly hedged by interest rate hedges until October 2016, see also Note 47. As a result of borrowing, certain affiliates have covenants linked to key balance sheet figures and collateral. Violating these covenants would authorise the lender to demand additional collateral, a change to the conditions or the repayment of the loan. In order to prevent such steps, HHLA constantly monitors compliance with the covenants and, where required, implements measures to ensure that all conditions of the loan are met. As of the balance sheet date, the corresponding borrowings totalled € 84,861 thousand (previous year: € 52,477 thousand).

Maturity of bank loans

in € thousand

 

 

Up to 1 year

 

25,380

1 year to 2 years

 

23,004

2 years to 3 years

 

26,375

3 years to 4 years

 

43,458

4 years to 5 years

 

32,667

Over 5 years

 

217,766

 

 

368,650