16 Financial debt

Financial debt

 
  30.9.2009 30.9.2008  
Euro 000s Non-
current		 Current

 Total

 Non-
current		 Current

 Total

 
Liabilities             
to banks 1 010 393  288 569  1 298 962  838 808  186 234  1 025 042  
in connection with finance leases 5 160  777  5 937  4 015  946  4 961  
to other shareholdings — 460  460  — 3 425  3 425  
to other majority shareholdings — 1 309  1 309  —  — —  
Kiel put option —  120 578  120 578  —  120 578  120 578  
Partnership compensation liabilities — — — 14 257  895  15 152  
Other financial debt 57 521  27 988  85 509  55 492  11 942  67 434  
  1 073 074  439 681 1 512 755  912 572  324 020  1 236 592  
  
Maturities in years  
  30.9.2009 30.9.2008  
Euro 000s < 1 year 1 – 5 years > 5 years < 1 year 1 – 5 years > 5 years  
Liabilities             
to banks 288 569  691 967  318 426  186 234  520 625  318 183  
in connection with finance leases 777  3 543  1 617  946  2 137  1 878  
to other shareholdings and majority shareholdings 1 769  — —  3 425 —  —  
Other financial debt 148 566  14 347  43 174  133 415  13 723  56 026  
  439 681  709 857  363 217  324 020  536 485  376 087  

The fixed-rate liabilities to banks amounting to Euro 946 million (previous year:
Euro 627 million) have an average interest rate of 4.7 % (previous year: 4.9 %). The floating-rate liabilities to banks amounting to Euro 353 million (previous year:
Euro 398 million) have an average interest rate of 3.9 % (previous year: 4.6 %). As in the previous year, the average remaining period of the fixed rate in the case of fixed-rate liabilities amounts to seven years.

As of 30 September 2009, the MVV Energie Group had unutilised committed credit lines of Euro 354 million at its disposal (previous year: Euro 268 million).

Liabilities in connection with finance leases are recognised at the present value of future leasing payments. The fair values of the other financial debt are basically equivalent to the carrying amounts reported.

The liabilities in connection with finance leases involve various items of technical equipment and plant and office equipment. The agreements provide for extension options in some cases, but do not include any purchase options or price adjustment clauses.

The transition from the present value of future minimum leasing payments to the liabilities reported is as follows:

Present value of minimum leasing payments

 
Euro 000s 30.9.2009 30.9.2008  
Present value of minimum leasing payments by maturity     
up to 1 year 825 946  
1 to 5 years 3 453  2 137  
longer than 5 years 1 617  1 878  
Total 5 895  4 961  
Financing costs not yet recognised 2 131  1 779  
Gross liabilities in connection with finance leases 8 026  6 740  

The Kiel put option includes the present value of the payment obligations resulting from the writer obligation on the part of MVV Energie AG towards the City of Kiel for its shareholding in Stadtwerke Kiel AG. The put option held by the City of Kiel may be exercised at any time up to 6 November 2010.

In the previous year, partnership compensation liabilities related to the limited capital and annual earnings allocable to minority shareholders in MVV Energiedienstleistungen Wohnen GmbH & Co. KG, Berlin. The remaining shares in MVV Energiedienstleistungen Wohnen GmbH & Co KG, Berlin, were acquired in the 2008/09 financial year.

Other financial debt includes a liability of Euro 37 764 thousand due to MVV GmbH, Mannheim (previous year: Euro 38 991 thousand), which charged interest at an average of 6.2 % in the year under report (previous year: 5.6 %).

Of the financial debt, an amount of Euro 81 million is secured by the pledging of property, plant and equipment (previous year: Euro 82 million).