CAPITULO 3. FUNDAMENTACIÓN TEÓRICA II: MIOCARDIOPATÍA DILATADA Y
3.2. Mecanismos del daño miocárdico por alcohol
3.2.3 Mecanismos del daño miocárdico por alcohol Mecanismo general y
The provisions for anniversaries relate to Group employees’ con- tractual entitlement to anniversary gratuities. The amount recog- nised is determined by an actuarial opinion. A discount rate of 5.0 % p. a. (previous year: 4.5 % p. a.) was used for the calculation. The following provisions schedule shows changes in other non- current and current provisions:
in € thousand 01.01.2011 Additions
Accrued
interest Used Reversed 31.12.2011
Demolition obligations 39,107 909 1,875 1,074 59 40,758
Expected increases in rents 6,634 6,981 0 362 0 13,253
Phased early retirement 11,669 5,965 695 8,002 644 9,683
Bonuses and single payments 6,709 7,937 0 6,141 369 8,136
Insurance excesses 2,594 3,042 0 1,490 168 3,978
Anniversaries 2,247 25 97 84 1 2,284
Legal fees and litigation expenses 1,070 52 0 170 0 952
Other 4,431 1,233 0 2,107 317 3,240
74,461 26,144 2,667 19,430 1,558 82,285
Notes to the Consolidated Financial Statements
Notes to the Balance Sheet
37. Non-current and Current
Financial Liabilities
The following table gives the details of non-current and current fi nancial liabilities:
in € thousand 31.12.2011
Total Up to 1 year 1 to 5 years Over 5 years Liabilities from bank loans 331,564 29,471 175,541 126,552
Finance lease liabilities 13,698 4,318 9,126 254
Liabilities towards employees 14,984 14,984 0 0
Negative fair values of exchange and interest rate hedges 2,926 1,958 968 0
Other loans 10,549 4,695 4,216 1,638
Other fi nancial liabilities 117,795 32,906 84,209 680
491,516 88,332 274,060 129,124
in € thousand 31.12.2010
Total Up to 1 year 1 to 5 years Over 5 years Liabilities from bank loans 298,903 30,641 173,885 94,377
Finance lease liabilities 15,280 3,859 10,981 440
Liabilities towards employees 11,893 11,893 0 0
Negative fair values of exchange and interest rate hedges 2,743 1,668 0 1,075
Other loans 1,915 811 1,104 0
Other fi nancial liabilities 148,014 42,264 104,943 807
478,748 91,136 290,913 96,699
Liabilities from bank loans include interest of € 3,391 thousand accrued up to the balance sheet date (previous year: € 3,343 thou- sand). In 2010, this fi gure also included bank overdraft facilities amounting to € 401 thousand and other fees of € 10 thousand. Buildings, surfacing and movable non-current assets carried at € 44,036 thousand (previous year: € 46,841 thousand) have been pledged as collateral for interest-bearing loans. The collateral agree ments provide that the assets are transferred to the banks until the loans and interest have been repaid in full and that they have a right to dispose of the assets if the borrower is in arrears with payments of interest and principal. The year-on-year change is the result of different loan conditions and impairment losses. The liabilities from fi nance leases amounting to € 13,698 thousand (previous year: € 15,280 thousand) represent the discounted value of future payments for movable non-current assets.
The liabilities towards employees consist primarily of wages, salar- ies and holiday entitlement.
Other fi nancial liabilities mainly comprise liabilities to sharehold- ers outside the Group and reimbursements for customers. In the 2010 fi nancial year, profi t and loss transfer agreements were signed between the subsidiaries CTA and CTA Besitz on the one hand and HHCT on the other. In the profi t and loss transfer agree- ments, HHCT pledges to pay a fi nancial settlement to the above- mentioned companies’ minority shareholder for the duration of the agreement. Amounting to € 96,006 thousand, this settlement for minority shareholders is reported under other fi nancial liabilities. Please also refer to the section on Non-controlling Interests in Note 34.
Notes to the Consolidated Financial Statements
Notes to the Balance Sheet
The following table shows the terms of the liabilities from bank loans:
Carrying amount as of 31.12.2011
in € thousand Nominal value Currency
Remaining fi xed
interest period Interest rate Interest condition
26,035 34,257 € 2021 2.83 % fi xed 18,191 24,542 € 2020 2.76 –2.88 % fi xed 20,000 20,000 € 2019 3.66 % fi xed 2,987 7,811 € 2018 3.79 – 3.84 % fi xed 1,074 3,579 € 2017 5.67 % fi xed 75,000 90,000 € 2016 2.37– 5.61 % fi xed 25,000 25,000 € 2015 4.23 % fi xed 42,013 78,000 € 2012 5.15 – 5.47 % fi xed
114,844 139,644 € 2012 fl oating + margin fl oating
3,029 113,900 CZK 2012 fl oating + margin fl oating
328,173
The fl oating interest rates are EURIBOR or PRIBOR rates with ma- turities of one to six months.
The fi nancial liabilities for which fair value is not equivalent to the carrying amount are as follows:
in € thousand 31.12.2011 31.12.2010
Carrying
amount Fair value
Carrying
amount Fair value Fixed interest-
bearing loans 210,300 206,244 162,619 163,738
Interest rates of 2.6 to 3.9 % p. a. (previous year: 2.4 to 4.0 % p. a.) were used to measure the fair value of fi xed interest-bearing loans. The interest rates are derived from the risk-free rate depending on maturity plus a premium according to the credit rating. They therefore constitute market rates. The average interest rate for the reported liabilities from bank loans was 3.0 % in the reporting year. The variable interest rates are partly hedged by interest rate hedges. Please refer to the comments on derivative fi nancial instruments. As a result of borrowing, individual affi liates have covenants linked to key balance sheet fi gures. Violating these covenants would au- thorise the lender to demand additional collateral, a change to the conditions or the repayment of the loan. In order to prevent such steps, HHLA constantly monitors compliance with the covenants and, where required, implements measures to ensure that all con- ditions of the loan are met. As of the balance sheet date, the cor-
responding borrowings totalled € 67,496 thousand (previous year: € 81,076 thousand). The covenants were met at all agreed audit points throughout the reporting year.
The bank loans become due throughout the next 5 years and beyond as follows: Maturity in € thousand Up to 1 year 26,080 1 year to 2 years 71,971 2 years to 3 years 27,971 3 years to 4 years 53,068 4 years to 5 years 22,531 Over 5 years 126,552 328,173
38. Trade Liabilities
Trade liabilities amount to:
in € thousand 31.12.2011 31.12.2010 Trade liabilities 72,003 77,026
Trade liabilities from the fi nancial year are only owed to third parties. As in the previous year the total amount is due within one year.
Notes to the Consolidated Financial Statements
Notes to the Balance Sheet
39. Non-current and Current Liabilities
to Related Parties
Liabilities to related parties are made up as follows:
in € thousand 31.12.2011
Total Up to 1 year 1 to 5 years Over 5 years
Liabilities to HGV 65,759 65,759 0 0
Liabilities to HPA (fi nance leases) 93,675 88 722 92,865 Other liabilities to related parties 6,272 6,272 0 0
165,706 72,119 722 92,865
in € thousand 31.12.2010
Total Up to 1 year 1 to 5 years Over 5 years
Liabilities to HGV 65,855 65,855 0 0
Liabilities to HPA (fi nance leases) 65,799 52 353 65,394 Other liabilities to related parties 2,079 2,079 0 0
133,733 67,986 353 65,394
Liabilities to HGV of € 65,759 thousand (previous year: € 65,855 thousand) relate to a loan pertaining to the Real Estate subgroup which attracts standard market interest along with the corresponding interest portion.
The liabilities to HPA involve leased mega-ship berths at both Container Terminal Burchardkai and Container Terminal Tollerort in Hamburg. The amount recognised in the balance sheet is equi- valent to the present value of the liabilities and is based on a lease term up to and including 2059 and 2061. See Note 44.
40. Other Liabilities
Other liabilities are made up as follows:
in € thousand 31.12.2011 31.12.2010 Tax liabilities 8,454 8,209 Employer’s accident liability insurance 4,748 3,689 Custom duties 3,680 3,553 Government grants 2,079 10,588
Port funds 1,354 1,857
Payments received on account 1,282 1,321 Social security liabilities 425 1,458
Other debts 3,541 3,902
25,563 34,577
All other liabilities have a remaining term of up to one year.
Notes to the Consolidated Financial Statements
Notes to the Balance Sheet
The public subsidies related to preliminary funding in connection with the promotion of intermodal transport. This will be deducted from the acquisition cost capitalised for the subsidised invest- ments following an audit to confi rm that all the requirements have been met.
There is suffi cient certainty that all the conditions have been or will be fulfi lled for the public subsidies to promote intermodal trans- port totalling € 35,691 thousand which were paid to HHLA in the period between 2001 and 2011. These subsidies have therefore already been deducted from the cost of purchasing the subsidised investments. The conditions for the subsidies include obligations to operate the subsidised equipment for a retention period of 5 to 20 years, observe certain operating criteria and provide the subsidising body with evidence for the use of the funds.
The HHLA Group did not receive any funds from public subsidies in the year under review. Funding of € 1,051 thousand was received in the previous year.
41. Income Tax Liabilities
Income tax liabilities, to the extent that they exist, result from expected additional payments for corporation tax, solidarity sur- charge and trade tax.
When preparing the fi nancial statements provisions are made for the corresponding amounts of corporation tax, solidarity sur- charge and trade tax on the basis of the tax and legal situation known at the time of preparation.
in € thousand 31.12.2011 31.12.2010 Income tax liabilities 2,511 5,559