Maturity structure of long-term interest bearing liabilities
The Group's solvency was excellent throughout the financial year 2017. As at 31 December 2017, liquid assets totalled €398 million (€391 million). Interest-bearing liabilities were €534 million (€515 million) and interest-bearing net debt €136 million (€123 million) as at 31 December 2017.
| 31 Dec. 2017 | 31 Dec. 2016 | |||||||
| € million | < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total |
| Maturities of financial liabilities and related finance costs | ||||||||
| Borrowings from financial institutions | 6.4 | 8.9 | 0.1 | 15.5 | 5.0 | 2.3 | 7.3 | |
| finance costs | 0.8 | 1.1 | 0.0 | 1.9 | 0.0 | 0.1 | 0.1 | |
| Private Placement notes (USD) | 20.0 | 20.0 | 22.0 | 22.0 | ||||
| finance costs | 1.3 | 0.6 | 1.9 | 1.4 | 2.1 | 3.6 | ||
| Bonds | 224.8 | 224.8 | 225.0 | 225.0 | ||||
| finance costs | 6.2 | 6.2 | 6.2 | 6.2 | 12.4 | |||
| Pension loans | 10.5 | 66.2 | 26.9 | 103.5 | 2.4 | 60.4 | 43.1 | 105.9 |
| finance costs | 1.0 | 2.5 | 0.6 | 4.1 | 1.1 | 3.1 | 1.0 | 5.3 |
| Finance lease liabilities | 3.5 | 7.5 | 0.1 | 11.0 | 2.9 | 5.7 | 0.0 | 8.6 |
| finance costs | 0.1 | 0.2 | 0.0 | 0.3 | 0.3 | 0.4 | 0.0 | 0.7 |
| Payables to K-retailers | 113.3 | 113.3 | 116.0 | 116.0 | ||||
| finance costs | 0.0 | |||||||
| Other interest-bearing liabilities | 37.8 | 1.7 | 6.5 | 46.0 | 29.6 | 29.6 | ||
| finance costs | 0.3 | 1.1 | 0.1 | 1.6 | 0.0 | |||
| Non-current non-interest-bearing liabilities | 0.8 | 4.0 | 26.5 | 31.2 | 0.7 | 12.3 | 27.2 | 40.2 |
| Current non-interest-bearing liabilities | ||||||||
| Trade payables | 1,023.7 | 1,023.7 | 1,069.2 | 1,069.2 | ||||
| Accrued expenses | 308.5 | 308.5 | 316.2 | 316.2 | ||||
| Other non-interest-bearing liabilities | 188.6 | 188.6 | 191.6 | 191.6 | ||||
| Financial liabilities in the balance sheet include €3.4 million (€6.5m) in items related to derivatives. |
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| 31 Dec. 2017 | 31 Dec. 2016 | |||||||
| € million | < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total |
| Cash flows of derivatives | ||||||||
| Payables | ||||||||
| Foreign exchange forward contracts outside hedge accounting | 78.1 | 78.1 | 175.4 | 175.4 | ||||
| Net settlement of payables | ||||||||
| Interest rate derivatives | 0.2 | 1.3 | 1.5 | |||||
| Electricity derivatives | 0.6 | 0.6 | 1.2 | 0.8 | 2.0 | |||
| Foreign currency derivatives | 0.1 | 0.1 | 1.5 | 2.1 | 3.6 | |||
| Receivables | ||||||||
| Foreign exchange forward contracts outside hedge accounting | 76.2 | 76.2 | 172.4 | 172.4 | ||||
| Net settlement of receivables | ||||||||
| Electricity derivatives | 0.2 | 0.2 | 0.4 | 0.2 | 0.1 | 0.3 | ||
| Derivatives relating to Private Placement notes | ||||||||
| Foreign currency derivatives | 0.0 | |||||||
| Interest rate derivatives | 0.2 | 0.1 | 0.3 | 1.5 | 1.5 | |||
The cash flows of Private Placement notes and related currency and interest rate derivatives are settled on a net basis. The interest rate derivative liability related to the arrangement is presented within other interest-bearing liabilities in the statement of financial position. The amount of interest-bearing liability in the balance sheet arising from this credit facility totals €20.1 million (€20.1 million).
