(27) Financial liabilities
The contractually agreed (undiscounted) cash flows and underlying carrying amounts for financial liabilities are shown in the following table:
Financial liabilities that can be repaid any time are disclosed as being due within one year.
The following table provides details on liabilities due to banks:
The promissory note bond covers a nominal €55,000 thousand and has a maturity ending in 2011. The nominal interest rate is 4.25 per cent p.a. and the effective interest rate is 4.41 per cent p.a.
Liabilities from the financing of trucks for short-term hire amount to €59,373 thousand (prior year: €20,965 thousand) and result from the sale of receivables from intragroup hire-purchase agreements.
Furthermore, €2,239 thousand (prior year: €8,580 thousand) in liabilities relate to the refinancing of trucks for short-term hire based on sale and leaseback agreements. €2,487 thousand (prior year: €10,865 thousand) in future minimum lease payments for these leases classified as ‘finance lease’ agreements under IFRS are included in cash flows for liabilities from the financing of trucks for short-term hire. Thus, Jungheinrich must capitalize these assets in its capacity as lessee. Leases are repaid over the leases’ basic lease periods.
The aforementioned accounting method also applies to leasing liabilities from tangible assets, which are almost all based on real estate lease agreements. Some of the real estate lease agreements include purchase options at agreed residual values.