Menu  
Return
Error

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:

Enlarge table
  31 Dec. 2015 31 Dec. 2014
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 81 152 77 310 194 289 49 532
Bonds, commercial paper and other securitised debt 477 614 1,091 102 531 633
Liabilities to shareholders 53 95 148 63 100 163
Lease liabilities 2 14 18 34 2 15 20 37
Other financial liabilities 30 39 28 97 31 35 37 103
643 914 123 1,680 392 970 106 1,468
of which subordinated 81 126 27 234 92 127 35 254

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

The increase in securitised debt as compared to the previous year resulted in particular from the issue of an exchangeable bond linked to ordinary shares of METRO AG with a nominal volume of EUR 500 million and a term of five years. The right of the bondholders to exchange the bond for shares is reported separately from the actual bond under other current liabilities in the statement of financial position as a derivative financial instrument carried at fair value. The bond itself is reported under current financial liabilities in accordance with IAS 1.69(d).

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 465 million (previous year: EUR 479 million), the exchangeable bond linked to ordinary shares of METRO AG in the amount of EUR 469 million (previous year: EUR 0 million), and promissory loan notes issued by the divisions in the amount of EUR 157 million (previous year: EUR 154 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:

Enlarge table
31 Dec. 2015 31 Dec. 2014
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 19 26 49 4 20 28 52
Less interest portion 2 5 8 15 2 5 8 15
Present value 2 14 18 34 2 15 20 37

Financial liabilities include subordinated liabilities in the amount of EUR 234 million (previous year: EUR 254 million). The subordinated financial liabilities are subordinate to all other liabilities. The individual subordinated financial liabilities are shown in the table below:

EUR million 31.12.2015 31.12.2014
Shareholder loans Haniel family 148 163
Loans of the Haniel Foundation 36 36
Haniel Zerobonds and Zinsbonds 11 19
Haniel Performance Bonds 28 26
Other financial liabilities 11 10
Total 234 254