38. Non-current and current financial liabilities

Non-current and current financial liabilities as of 31 December 2020

in € thousand

 

Maturity
up to 1 year

 

Maturity
1 to 5 years

 

Maturity
over 5 years

 

Total

Liabilities from bank loans

 

22,569

 

125,497

 

147,034

 

295,100

Lease liabilities

 

22,811

 

80,416

 

161,286

 

264,513

Liabilities arising from settlement obligations

 

24,584

 

23,377

 

0

 

47,961

Other loans

 

0

 

656

 

15,000

 

15,656

Liabilities towards employees

 

10,069

 

0

 

0

 

10,069

Other non-current and current financial liabilities

 

8,042

 

5,126

 

301

 

13,469

 

 

88,075

 

235,072

 

323,621

 

646,768

Non-current and current financial liabilities as of 31 December 2019

in € thousand

 

Maturity
up to 1 year

 

Maturity
1 to 5 years

 

Maturity
over 5 years

 

Total

Liabilities from bank loans

 

22,771

 

115,071

 

193,945

 

331,787

Lease liabilities

 

26,017

 

98,924

 

157,842

 

282,783

Liabilities arising from settlement obligations

 

35,170

 

30,492

 

0

 

65,662

Other loans

 

0

 

282

 

15,500

 

15,782

Liabilities towards employees

 

10,223

 

0

 

0

 

10,223

Other non-current and current financial liabilities

 

8,170

 

14,118

 

161

 

22,449

 

 

102,351

 

258,887

 

367,448

 

728,686

Amounts due to banks include interest of € 938 thousand accrued up to the balance sheet date (previous year: € 1,017 thousand).

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

More information on the settlement obligation can be found in Note 6 and Note 35.

Other loans chiefly comprise a € 5,500 thousand loan granted to a minority shareholder (previous year: € 6,000 thousand) as well as promissory note loans of € 9,500 thousand (previous year: € 9,500 thousand) issued to other creditors.

Buildings, surfacing and movable non-current assets with a carrying amount of € 4,755 thousand (previous year: € 5,251 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.

Terms of liabilities from bank loans

Interest condition

 

Interest rate

 

Currency

 

Remaining fixed
interest period

 

Nominal value
in TCU1

 

Carrying amount
as of 31.12.2020
in € thousand

fixed

 

0,00 – 2,36 %

 

EUR

 

2025 and later

 

193,966

 

170,011

fixed

 

n/a

 

EUR

 

2024

 

0

 

0

fixed

 

1.46 %

 

EUR

 

2023

 

15,000

 

15,000

fixed

 

1,28 – 4,22 %

 

EUR

 

2022

 

102,926

 

43,735

fixed

 

2.83 %

 

EUR

 

2021

 

34,257

 

13,703

floating

 

floating + margin

 

EUR

 

2021

 

123,791

 

51,713

 

 

 

 

 

 

 

 

 

 

294,162

1

TCU = Thousand Currency Units

The floating interest rates are EURIBOR 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

 

31.12.2020

 

31.12.2019

 

31.12.2020

 

31.12.2019

Fixed-interest bearing loans

 

242,449

 

253,927

 

243,277

 

267,627

Interest rates of 1.5 to 2.4 % p.a. (previous year: 0.5 to 1.4 % 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 and maturity. They therefore constitute market rates. The average interest rate for the reported liabilities from bank loans was 1.6 % in the reporting year (previous year: 1.6 %).

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 € 45,601 thousand (previous year: € 72,401 thousand).

Maturity of bank loans

in € thousand

 

 

Up to 1 year

 

21,630

1 year to 2 years

 

38,713

2 years to 3 years

 

27,922

3 years to 4 years

 

12,826

4 years to 5 years

 

46,037

Over 5 years

 

147,034

 

 

294,162

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