Annual report 2014

13 Current and non-current financial liabilities

Financial liabilities comprise the interest-bearing obligations of the Haniel Group that existed as at the respective reporting dates. The different types and maturities of the current and non-current financial liabilities are shown in the table below:

  31 Dec. 2014    31 Dec. 2013   
EUR million Up to 1 year 1 to  5 years More than 5 years Total Up to 1 year 1 to 5 years More than 5 years Total
Liabilities due to banks 194 289 49 532 170 362 64 596
Bonds, commercial paper and other securitised debt 102 531 633 466 1,129 1,595
Liabilities to shareholders 63 100 163 55 100 155
Lease liabilities 2 15 20 37 4 9 27 40
Other financial liabilities 31 35 37 103 31 38 44 113
392 970 106 1,468 726 1,638 135 2,499
of which subordinated 92 127 35 254 84 130 43 257

The maturities of the liabilities due to banks correspond to the respective financing commitments.

The decline in securitised debt compared to the previous year resulted in particular from the buyback and scheduled repayment of euro bonds by Franz Haniel & Cie. GmbH, as well as the repayment of promissory loan notes in the CWS-boco and TAKKT divisions.

As at the reporting date, the bonds, commercial paper and other securitised debt item comprises euro bonds issued by Franz Haniel & Cie. GmbH in the amount of EUR 479 million (previous year: EUR 1,323 million) and promissory loan notes issued by the divisions of EUR 154 million (previous year: EUR 269 million).

Liabilities to shareholders relate to shareholders of Franz Haniel & Cie. GmbH.

Future finance lease payments and their present values are shown in the table below:

  31 Dec. 2014    31 Dec. 2013   
EUR million Up to 1 year 1 to 5 years More than 5 years Total Up to 1 year 1 to 5 years More than 5 years Total
Minimum lease payments 4 20 28 52 6 16 37 59
Less interest portion 2 5 8 15 2 7 10 19
Present value 2 15 20 37 4 9 27 40

Financial liabilities include subordinated liabilities in the amount of EUR 254 million (previous year: EUR 257 million). The subordinated financial liabilities are subordinate to all other liabilities. The individual subordinated financial liabilities are shown in the table below:

EUR million 31 Dec. 2014 31 Dec. 2013
Shareholder loans Haniel family 163 155
Loans of the Haniel Foundation 36 36
Haniel Zerobonds and Zinsbonds 19 21
Haniel Performance Bonds 26 34
Other financial liabilities 10 11
Total 254 257