|in million €||Remaining term||31 Dec. 2018 |
|Remaining term||31 Dec. 2017 |
|Up to 1 year||More than 1 year||Up to 1 year||More than 1 year|
|Liabilities to banks||438.6||1,004.3||1,442.9||945.7||175.1||1,120.8|
|Liabilities from finance leases||65.0||789.4||854.4||63.0||836.7||899.7|
|Liabilities from other loans||69.8||293.9||363.7||73.7||175.9||249.6|
|Liabilities to associates from intercompany transactions||11.4||0.0||11.4||11.8||0.0||11.8|
|Loans from associates||8.5||0.0||8.5||0.3||0.0||0.3|
|Loans from affiliated companies||5.2||0.0||5.2||5.7||0.0||5.7|
|Interest rate swaps||5.0||0.0||5.0||0.8||0.0||0.8|
|Accrued interest on derivatives||0.5||0.0||0.5||0.0||0.0||0.0|
|Other liabilities from financial transactions||25.7||2.2||27.9||16.5||0.3||16.8|
|Accounts receivable with a credit balance||51.8||0.0||51.8||35.4||0.0||35.4|
|Non-controlling interest in the net assets of companies||0.0||14.7||14.7||0.0||21.0||21.0|
|Liabilities from derivative financial instruments||13.8||0.0||13.8||35.7||0.0||35.7|
Of the reported liabilities to banks, 170.0 million euros (previous year: 281.6 million euros) are secured by land charges.
|Financing||Interest terms||Currency||Interest rate |
as a % of original borrowing
as at balance sheet date
|Liabilities to banks (excluding current account)||Fixed-interest||million €||Up to 1 year||4.37||1.3|
|1 to 5 years||2.59||111.9|
|More than 5 years||0.86||56.6|
The interest rate lock-in of short and medium-term financial liabilities to banks and the interest rate adjustment dates of all fixed-interest financial liabilities to banks correspond to the interest lock-in periods shown. Interest rate adjustment dates for variable interest rates occur within one year.
Under an agreement dated 3 December 2018, RIF agreed a syndicated loan with a volume 2,000.0 million euros, which matures in December 2023 and can be renewed twice in each case by one year. This loan agreement replaces the existing syndicated loan of 1,500.0 million euros. As at 31 December 2018, the syndicated loan had not been drawn down (previous year: drawdown of 650.0 million euros).
As at the balance sheet date there were three bilateral credit lines totalling 275.0 million euros (previous year: four bilateral credit lines totalling 350.0 million euros) with different maturities. 204.0 million euros of the lines of credit were drawn down by the balance sheet date (previous year: 62.6 million euros).
Liabilities to banks essentially comprise non-current loans to finance real estate and short-term lines of credit. The increase is attributable primarily to the raising of a promissory note loan amounting to 1,000.0 million euros, of which 881.5 million euros was reported under non-current liabilities to banks. The individual tranches mature between 28 February 2021 and 28 February 2028. The repayment of the syndicated loan (650.0 million euros) utilised on 31 December 2017 had an offsetting effect. The promissory note loan is used for general corporate financing purposes.
Please see note 24 "Leases" for notes on the development of liabilities from finance leases.
Non-current liabilities from other loans include a promissory note loan totalling 175.0 million euros (previous year: 175.0 million euros), which the groups can use for investments via RIF, and a portion of the promissory note loan raised in 2018 (118.5 million euros). Other short-term loans related primarily to the demand and term deposits set aside for the short term by related parties. This decrease occurred in relation to the balance sheet date.
Other liabilities from financial transactions primarily consisted of liabilities from current settlement accounts with related parties and affiliates. The liabilities from derivative financial instruments essentially concern currency derivatives. Further explanations of changes in derivative financial instruments can be found in note 41 "Further Disclosures on Financial Instruments".
Non-controlling interests in the net assets of companies relate to shares in consolidated companies that guarantee the holder the right to return them to the issuer for cash or cash equivalents or other financial assets. They include shares in partnerships and the co-operative shares in RZF. As at the balance sheet date, the total of 432,000 co-operative shares were held by 16 members (previous year: 14). The par value of each co-operative share was decreased from 800.00 euros to 1.00 euro. As in the previous year, the total uncalled liability of all members totalled 0.4 million euros as at 31 December 2018.
All financial liabilities, with the exception of liabilities from derivative financial instruments and liabilities from finance leases (see note 24 "Leases") are recognised at the amount repayable.