Interest-bearing liabilities
Non-current
| EUR million | 2016 | 2015 |
|---|---|---|
| Loans from financial institutions | 49.9 | 54.5 |
| Finance lease liabilities | 3.5 | 4.5 |
| Other long-term loans | 0.7 | 0.1 |
| Total | 54.2 | 59.2 |
Current
| EUR million | 2016 | 2015 |
|---|---|---|
| Loans from financial institutions | 26.0 | 139.5 |
| Pension loans | 0.0 | 3.8 |
| Finance lease liabilities | 2.2 | 1.7 |
| Commercial papers | 214.9 | 45.0 |
| Other short-term loans | 0.4 | 0.3 |
| Overdraft | 26.1 | 34.5 |
| Total | 269.5 | 224.8 |
On May 16, 2016, Konecranes signed an agreement to acquire from Terex Corporation its Material Handling & Port Solutions ("MHPS") segment (the "MHPS acquisition") against consideration consisting of cash and class B shares. On January 4, 2017, Konecranes completed the MHPS acquisition and paid EUR 786.1 million in cash and 19.6 million in newly issued Konecranes class B shares. Konecranes has significant financial indebtedness following the MHPS acquisition, including the unsecured EUR 1.5 billion loan arrangement entered into on August 1, 2016.
This financing was originally in the form of fixed-term loans for three and five years in the amounts of EUR 300 and 600 million, a bridging loan arrangement of EUR 200 million, and a committed revolving credit facility of EUR 400 million. The bridging loan arrangement of EUR 200 million was repaid on January 31, 2017. On June 30, 2017, the EUR 300 million three-year loan has been fully repaid and the EUR 600 million five-year loan has been repaid with EUR 246 million into EUR 354 million. The committed revolving credit facility of EUR 400 million remains available and, on June 30, 2017, it is undrawn.
On June 9, 2017, Konecranes issued senior unsecured guaranteed notes of EUR 250 million (the “Notes”). The issue proceeds of the Notes were utilized for EUR 200 million repayment of the three-year loan and EUR 50 million repayment of the five-year loan.
Maturity tables of financial liabilities and liquidity risk
The following table reflects the maturity of interest bearing liabilities.
| 2016 | Maturity | |||||
|---|---|---|---|---|---|---|
| Currency | Avg. duration | Avg. rate % | Less than 1 year | 1-5 years | Over 5 years | Amount MEUR |
| EUR | 0.9 years | 0.67 | 220.4 | 54.0 | 0.0 | 274.4 |
| INR | 0.1 years | 9.43 | 23.1 | 0.0 | 0.0 | 23.1 |
| CNY | 0.2 years | 3.92 | 17.7 | 0.0 | 0.0 | 17.7 |
| Others | 0.1 - 1.3 years | 0.0 - 8.38 | 8.3 | 0.2 | 0.0 | 8.5 |
| Total | 1.51 | 269.5 | 54.2 | 0.0 | 323.6 | |
Liquidity risk, containing undiscounted cash flows of non-derivative financial liabilities by currency
The following table reflects all contractually fixed pay-offs for settlement, repayments, and interest resulting from recognized financial liabilities, excluding derivatives. The amounts disclosed are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest date on which Konecranes could be required to pay. Cash outflows for financial liabilities (including interest) without fixed amount or timing are based on the conditions existing at December 31.
| 2016 | Maturity | |||||
|---|---|---|---|---|---|---|
| Currency | Avg. duration | Avg. rate % | Less than 1 year | 1-5 years | Over 5 years | Amount MEUR |
| EUR | 1.0 years | 0.67 | 221.3 | 55.4 | 0.0 | 276.7 |
| INR | 0.2 years | 9.43 | 23.4 | 0.0 | 0.0 | 23.4 |
| CNY | 0.1 years | 2.72 | 12.4 | 0.0 | 0.0 | 12.4 |
| Others | 0.1 - 1.5 years | 0.0 - 12.7 | 8.4 | 0.3 | 0.0 | 8.7 |
| Total debt | 1.51 | 265.5 | 55.7 | 0.0 | 321.2 | |
| Other financial liabilities | 130.5 | 6.9 | 0.0 | 137.5 | ||
| Total financial liabilities | 396.0 | 62.7 | 0.0 | 458.7 | ||
Maturity profile of the Group's financial liabilities
The following table reflects the maturity of all financial liabilities.
| 2016, EUR million | Maturity of financial liabilities | |||
|---|---|---|---|---|
| Liability type | Amount drawn | Less than 1 year | 1-5 years | Over 5 years |
| Loans from financial institutions | 76.0 | 26.0 | 49.9 | 0.0 |
| Finance lease liabilities | 5.6 | 2.2 | 3.5 | 0.0 |
| Commercial paper program | 214.9 | 214.9 | 0.0 | 0.0 |
| Other long-term debt and short-term loans | 1.1 | 0.4 | 0.7 | 0.0 |
| Overdraft | 26.1 | 26.1 | 0.0 | 0.0 |
| Derrivative financial instruments | 18.2 | 18.2 | 0.0 | 0.0 |
| Account and other payables | 137.5 | 130.5 | 6.9 | 0.0 |
| Total | 479.3 | 428.2 | 61.1 | 0.0 |