[36] Other financial liabilities
Non-current and current other financial liabilities comprised the following items:
in € million |
Dec. 31, 2023 |
Dec. 31, 2022 |
||
|---|---|---|---|---|
Liabilities from procurement leases |
515.9 |
467.0 |
||
Derivative financial instruments |
33.6 |
5.4 |
||
Sundry financial liabilities |
6.5 |
5.8 |
||
Other non-current financial liabilities |
556.0 |
478.3 |
||
|
|
|
||
Liabilities from procurement leases |
123.2 |
117.9 |
||
Derivative financial instruments |
21.2 |
11.5 |
||
Liabilities from accrued interest |
11.7 |
6.8 |
||
Sundry financial liabilities1 |
172.5 |
150.2 |
||
Other current financial liabilities |
328.5 |
286.4 |
||
|
|
|
||
Total other financial liabilities |
884.5 |
764.6 |
||
|
||||
Liabilities from procurement leases had the following underlying maturities:
in € million |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
Total future payments (gross) |
780.9 |
696.5 |
due within one year |
144.7 |
135.6 |
due in one to two years |
115.9 |
106.5 |
due in two to three years |
91.1 |
81.3 |
due in three to four years |
69.0 |
61.6 |
due in four to five years |
53.4 |
46.8 |
due in more than five years |
306.9 |
264.8 |
When entering into procurement leases for land and buildings, the KION Group strives to ensure that extension and termination options are included in the lease in order to maximize its operational flexibility. If, in the KION Group’s assessment, it is reasonably certain that extension options will be exercised, or that termination options will not be exercised, the lease payments for these periods are included in the measurement of the liabilities from procurement leases. Extension and termination options for which the assessment is not reasonably certain could potentially result in future undiscounted lease payments of €155.9 million as at December 31, 2023 (December 31, 2022: €130.7 million) in the event that, contrary to current expectations, the KION Group does exercise its contractual options.
As at December 31, 2023, there were also obligations of €10.6 million resulting from procurement leases that already existed but had not yet started (December 31, 2022: €14.9 million).
Derivative financial instruments comprise currency forwards and interest-rate swaps with a negative fair value that are used to reduce currency risk and interest-rate risk. Some of these derivative financial instruments are part of a formally documented hedge with a hedged item and are recognized in accordance with the hedge accounting rules (see note [42]).