38. Non-current and current financial liabilities

Amounts due to banks include interest of € 73 thousand accrued up to the balance sheet date (previous year: € 694 thousand); these are almost entirely in euros. The proportion of these liabilities with fixed interest lending conditions is € 307,702; the proportion with variable lending conditions is € 47,012.

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 repayment of the loan. To prevent such steps, HHLA continually monitors compliance with the covenants and, where required, implements measures to ensure all conditions of the loan are met. As of the balance sheet date, the corresponding borrowings totalled € 138,706 thousand (previous year: € 85,001 thousand).

The liabilities from leases represent the discounted value of future payments for non-current assets. For more information, please refer to Note 45.

The previous year’s figure for liabilities arising from financial settlements included liabilities to non-controlling shareholders in consolidated subsidiaries resulting from a profit and loss transfer agreement in place as of 31 December 2021. An entitlement to receive financial settlements was agreed with the non-controlling shareholder. The parameters used to calculate this amount were subject to significant uncertainties which caused figures to fluctuate accordingly. The resulting adjustment amount was recognised in the previous year through profit and loss in the financial result; see Note 16.

Other loans comprise loans of € 6,565 thousand (previous year: € 6,831 thousand) granted to non-controlling shareholders as well as promissory note loans of € 9,500 thousand (previous year: € 9,500 thousand) issued to other creditors.

Liabilities towards employees primarily consist of wages and salaries.

Other non-current and current financial liabilities include a potential obligation of € 20,970 thousand (previous year: € 20,870 thousand) arising from a put option associated with the first-time consolidation of HHLA PLT Italy S.r.l., Trieste, Italy, in the previous year.

Buildings, land, surfacing and movable non-current assets with a carrying amount of € 58,051 thousand (previous year: € 76,561 thousand) have been pledged as collateral for interest-bearing loans. The collateral agreements provide for assets to be transferred to the banks until the loans and interest have been repaid in full; they also give these banks a right to dispose of the assets if the borrower is in arrears with payments of interest and principal.

Interest rates adequate to the risk and terms were used to measure the fair value of fixed interest-bearing loans. These are based on the risk-free rate depending on maturity plus a premium according to the credit rating and maturity.

For more details of the liquidity risk, please refer to Note 47.