[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:

Maturity structure of financial liabilities

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:

Promissory note

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.