38. Non-current and current financial liabilities

Amounts due to banks include interest of € 3,762 thousand accrued up to the balance sheet date (previous year: € 1,656 thousand); these are almost entirely in euros. The proportion of these liabilities with fixed interest lending conditions is € 564,285 thousand; the proportion with variable lending conditions is € 230,020 thousand. HHLA took out a promissory note loan in September 2024 for € 250 million in tranches with maturities of five, seven and ten years. The value date for the proceeds from the issue was established on 1 October 2024.

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. These covenants were met at all agreed audit points throughout the reporting year. As of the balance sheet date, the corresponding borrowings totalled € 117,492 thousand (previous year: € 128,351 thousand).

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

Loans received by companies with non-controlling interests are recognised as other loans in the amount of € 30,607 thousand (previous year: € 28,024 thousand). Furthermore, this item includes promissory note loans of € 9,500 thousand granted to other creditors (previous year: € 9,500 thousand).

Liabilities towards employees primarily consist of wages and salaries.

More information on liabilities resulting from settlement obligations can be found in Note 6.

Other non-current and current financial liabilities include potential obligations from put options in the amount of € 63,315 thousand (previous year: € 49,991 thousand) arising in connection with the first-time consolidation of HHLA PLT Italy S.r.l., Trieste, Italy, in 2021, and the acquisition of additional shares in the operational company Roland Spedition GmbH, Schwechat, Austria. More detailed information in this regard can be found in Note 3.

Buildings, land, surfacing and movable non-current assets with a carrying amount of € 51,792 thousand (previous year: € 53,557 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.