38. Non-current and current financial liabilities

Amounts due to banks include interest of € 7,043 thousand accrued up to the balance sheet date (previous year: € 3,762 thousand); these are almost entirely in euros. The proportion of these liabilities with fixed interest lending conditions is € 517,457 thousand (previous year: € 564,285 thousand); the proportion with variable lending conditions is € 311,617 thousand (previous year: € 230,020 thousand). Of this amount, loans in the amount of € 233,000 thousand were hedged by interest rate hedges.

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 € 83,174 thousand (previous year: € 117,492 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 € 54,513 thousand (previous year: € 30,607 thousand), as well as loans from other creditors in the amount of € 3,500 thousand (previous year: € 0 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 € 50,130 thousand (previous year: € 63,315 thousand) arising in connection with the first-time consolidation of HHLA PLT Italy S.r.l., Trieste, Italy, in 2021, and Roland Spedition GmbH, Schwechat, Austria, in the previous year.

Buildings, land, surfacing and movable non-current assets with a carrying amount of € 9,882 thousand (previous year: € 51,792 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.