28. Liabilities

The following table gives a breakdown of current liabilities

Other financial liabilities primarily comprise short-term bank loans amounting to €163 million (previous year: €95 million), lease liabilities of €78 million (previous year: €76 million), and liabilities to TROMA Alters- und Hinterbliebenenstiftung of €204 million (previous year: €246 million) from investment activities involving TROMA plan assets. At €111 million (previous year: €109 million), other current liabilities are largely unchanged in amount and composition. As the current liabilities have remaining contractual maturities of less than 12 months as of the reporting date, their carrying amounts at the balance sheet date correspond approximately to their fair value. As part of its strategic supplier management, Beiersdorf offers selected suppliers around the world the opportunity to participate in a supply chain financing program. Once participating suppliers invoice Beiersdorf, Beiersdorf posts the invoices on a bank platform so that the participating suppliers have the opportunity to sell these invoices to the organizing bank and thus generate a faster cash inflow. Beiersdorf does not know to what extent this option to sell the receivables is be used, and Beiersdorf does not incur any costs as a result. Beiersdorf considers this liability as part of its working capital management and, since Beiersdorf has no knowledge of whether the respective supplier has sold this receivable to the organizing bank, Beiersdorf continues to classify this liability as a trade payable. Liabilities to participating suppliers totaled €149 million (previous year: €98 million) at the reporting date-The average payment term for these liabilities was 101 days.

Non-current liabilities are comprised as follows:

Non-current financial liabilities primarily comprise non-current lease liabilities.