[30] Financial liabilities
As at December 31, 2021, non-current and current financial liabilities essentially comprised promissory notes, the issued corporate bond, and liabilities to banks. Financial liabilities as at the reporting date break down as follows:
in € million |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Promissory notes |
418.5 |
590.0 |
due within one year |
92.5 |
– |
due in one to five years |
298.6 |
514.6 |
due in more than five years |
27.5 |
75.4 |
|
|
|
Bonds |
495.6 |
494.5 |
due within one year |
– |
– |
due in one to five years |
495.6 |
494.5 |
due in more than five years |
– |
– |
|
|
|
Liabilities to banks |
104.0 |
77.1 |
due within one year |
57.4 |
74.4 |
due in one to five years |
46.6 |
2.7 |
due in more than five years |
– |
– |
|
|
|
Other financial liabilities |
32.4 |
32.9 |
due within one year |
1.9 |
2.7 |
due in one to five years |
30.3 |
30.2 |
due in more than five years |
0.1 |
– |
|
|
|
Total current financial liabilities |
151.9 |
77.1 |
|
|
|
Total non-current financial liabilities |
898.7 |
1,117.4 |
Promissory notes
As at December 31, 2021, the total nominal amount of the issued promissory notes was €417.0 million (December 31, 2020: €584.0 million). The promissory notes maturing in 2022, 2024, 2025, 2026, and 2027 have fixed and variable interest rates (Euribor + margin). A variable-rate tranche of the promissory note that was due to mature in 2024 and had a nominal amount of €167.0 million was repaid ahead of schedule in April 2021. The following table shows the nominal amounts of the promissory notes issued by KION GROUP AG:
in € million |
Maturity date |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Promissory note (5-year term) |
May 2022 |
92.5 |
92.5 |
Promissory note (7-year term) |
April 2024 |
69.5 |
236.5 |
Promissory note (7-year term) |
June 2025 |
179.5 |
179.5 |
Promissory note (7-year term) |
April 2026 |
48.0 |
48.0 |
Promissory note (10-year term) |
April 2027 |
27.5 |
27.5 |
KION GROUP AG has entered into an interest-rate swap in order to hedge the fair value risk resulting from a fixed-rate tranche. The interest-rate swap is recognized as a fair value hedge in accordance with IFRS 9 (see note [42]).
The promissory notes are not collateralized.