[29] Financial liabilities
As at 31 December 2019, financial liabilities essentially comprised promissory notes and interest-bearing liabilities to banks. The changes in financial liabilities as at 31 December 2019 are shown in > TABLE 088.
in € million |
2019 |
2018 |
|---|---|---|
Promissory notes |
1,317.3 |
1,214.3 |
due within one year |
− |
− |
due in one to five years |
981.0 |
744.5 |
due in more than five years |
336.3 |
469.8 |
|
|
|
Liabilities to banks |
498.3 |
826.4 |
due within one year |
98.8 |
221.9 |
due in one to five years |
399.5 |
604.5 |
due in more than five years |
– |
– |
|
|
|
Other financial liabilities |
4.9 |
4.6 |
due within one year |
4.9 |
4.6 |
due in one to five years |
− |
− |
due in more than five years |
− |
− |
|
|
|
Total current financial liabilities |
103.7 |
226.5 |
Total non-current financial liabilities |
1,716.8 |
1,818.7 |
Promissory notes
In April 2019, KION Group AG issued a further promissory note in a nominal amount of €120.5 million. In return, €20.5 million of the fixed-rate tranche of the promissory note from 2018 was repaid ahead of schedule. As at 31 December 2019, the total nominal amount of the issued promissory notes was €1,310.0 million (2018: €1,210.0 million). The promissory notes maturing in 2022, 2024, 2025 and 2027 have fixed and variable interest rates (EURIBOR + margin), while the promissory note maturing in 2026 has a variable interest rate (EURIBOR + margin). An overview of the nominal amounts of the promissory notes issued by KION Group AG can be found in > TABLE 089.
in € million |
Maturity date |
2019 |
2018 |
|---|---|---|---|
Promissory note (10-year term) |
April 2027 |
27.5 |
27.5 |
Promissory note (7-year term) |
April 2026 |
120.5 |
– |
Promissory note (7-year term) |
June 2025 |
179.5 |
200.0 |
Promissory note (7-year term) |
April 2024 |
236.5 |
236.5 |
Promissory note (5-year term) |
May 2022 |
746.0 |
746.0 |
KION Group AG has entered into interest-rate derivatives in order to hedge the interest-rate risk resulting from the variable-rate and fixed-rate tranches (see note [41]).
The promissory notes are not collateralised. KION Group AG is the borrower in respect of all the payment obligations resulting from the promissory notes.