[30] Financial liabilities
The financial liabilities reported by the KION Group as at 31 December 2015 essentially comprised interest-bearing liabilities to banks and capital market liabilities in connection with the corporate bond that was issued. The liabilities to banks stemmed largely from the revolving credit facility.
> TABLE 082 shows the contractual maturity structure of the financial liabilities.
Maturity structure of financial liabilities |
082 |
|
in € million |
2015 |
2014 |
Liabilities to banks |
225.9 |
459.9 |
due within one year |
113.8 |
257.7 |
due in one to five years |
112.1 |
202.2 |
due in more than five years |
– |
– |
|
|
|
Corporate bond |
444.5 |
443.1 |
due within one year |
– |
– |
due in one to five years |
444.5 |
– |
due in more than five years |
– |
443.1 |
|
|
|
Other financial liabilities to non-banks |
6.2 |
6.6 |
due within one year |
5.5 |
5.1 |
due in one to five years |
0.7 |
1.2 |
due in more than five years |
– |
0.2 |
|
|
|
Total current financial liabilities |
119.3 |
262.9 |
Total non-current financial liabilities |
557.2 |
646.8 |
Liabilities to banks
In connection with its acquisition of Linde AG’s material handling business, the KION Group signed a loan agreement (a senior facilities agreement and a subordinated facility agreement, referred to below as ‘SFA’) for a total original amount of €3,300.0 million with the lead banks Barclays Bank PLC, Bayerische Hypo- und Vereinsbank AG, Credit Suisse (London branch), Goldman Sachs International Bank, Lehman Commercial Paper Inc. (UK branch) and Mizuho Corporate Bank Ltd. on 23 December 2006. This loan agreement has been amended to reflect the KION Group’s changed financial circumstances on a number of occasions, particularly in connection with KION GROUP AG’s IPO in June 2013.
The liabilities to banks stem largely from the revolving credit facility agreed with a group of banks under the SFA. The revolving credit facility, originally for €1,045.0 million, has a variable interest rate and will mature in mid-2018. In connection with the repayment of two corporate bonds, the credit facility was increased by €198.0 million to a total of €1,243.0 million in 2014. This was achieved through bilateral lending agreements with a group of banks. These additional loans mature in April 2019 and have a variable interest rate. The transaction costs directly attributable to the increase in the revolving credit facility, which were incurred in 2014, came to €1.0 million. The transaction costs are recognised as prepaid expenses under current financial assets and expensed over the term of the credit facility.
As at 31 December 2015, an amount of €152.2 million had actually been drawn down from the revolving credit facility, which includes other loan liabilities and contingent liabilities (31 December 2014: €402.0 million). Of this total, €62.2 million had been drawn down on a short-term basis (31 December 2014: €204.0 million). In 2014, drawdowns from the credit facility amounting to €198.0 million had been used to repay the floating-rate tranche of the corporate bond issued in 2013, which was due to mature in 2020 and had a volume of €200.0 million, and were classified as long term. These drawdowns were reduced to €90.0 million in the reporting year.
There were also liabilities to banks of €83.2 million (31 December 2014: €63.9 million) that had been agreed with local banks for Group companies and are therefore not part of the SFA.