36. Borrowings1

An ongoing capital market programme serves as a source of medium- and long-term financing. In 2012, the following transactions were conducted in the context of this programme:

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Type of transaction

Issue date

Term

Maturity

Nominal
volume

Coupon

Redemption

May 2007

5 years

May 2012

EUR 500 million

4.75% fixed

Redemption

July 2009

3 years

July 2012

RON 100 million

11.50% fixed

New issue

January 2012

8 years

January 2020

EUR 125 million

4.05% fixed

New issue

January 2012

4 years

January 2016

EUR 50 million

3.10% fixed

New issue

February 2012

4 years

February 2016

EUR 60 million

3.00% fixed

New issue

February 2012

6 years

February 2018

EUR 50 million

3.50% fixed

New issue

March 2012

7 years

March 2019

EUR 500 million

3.375% fixed

New issue

March 2012

4 years, 2 months

May 2016

CHF 225 million

1.875% fixed

New issue

July 2012

12 years

July 2024

EUR 51 million

4.00% fixed

New issue

July 2012

10 years

July 2022

EUR 75 million

4.00% fixed

New issue

July 2012

5 years

July 2017

EUR 50 million

variable spread 1.25%

New issue

August 2012

15 years

August 2027

EUR 50 million

4.00% fixed

New issue

December 2012

5 years, 5 months

May 2018

EUR 500 million

2.25% fixed

Short-term financing requirements are covered through the Euro Commercial Paper Programme and a commercial paper programme geared especially to French investors. Both programmes have a maximum volume of €2 billion each. The average amount utilised from both programmes in 2012 was €1,629 million (previous year: €1,393 million). Utilisation of both programmes amounted to about €587 million (previous year: €0 million) as of the end of the year.

In addition, METRO GROUP has access to syndicated lines of credit totalling €2,500 million (previous year: €2,475 million) with terms ending between December 2015 and January 2017. If the credit lines are used, the interest rates range between EURIBOR +85.0 basis points (BP) and EURIBOR +95.0 BP. The average amount drawn on the credit lines in 2012 was €0 million (previous year: €0 million), the average amount drawn as of the closing date was €0 million (previous year: €0 million).

The contract terms for the syndicated lines of credit provide for an increase of 5 to 20 BP in the spread if METRO GROUP’s credit rating is lowered by 1 step.

Additional bilateral bank lines of credit totalling €2,075 million (previous year: €2,244 million) were available to METRO GROUP as of 31 December 2012. Of this amount, €433 million (previous year: €309 million) had a remaining term of up to 1 year. On the closing date, €1,305 million (previous year: €1,296 million) of the bilateral lines of credit had been utilised. Of this amount, €308 million (previous year: €279 million) had a remaining term of up to 1 year.

1 Changed terminology (see chapter “Notes to the Group accounting principles and methods”)

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Unutilised credit lines of METRO GROUP

 

 

 

 

 

 

 

 

31/12/2011

31/12/2012

 

 

 

 

 

Remaining term

 

Remaining term

€ million

Total

Up to 1 year

Over 1 year

Total

Up to 1 year

Over 1 year

Bilateral lines of credit

2,244

309

1,935

2,075

433

1,642

Utilisation

–1,296

–279

–1,017

–1,305

–308

–997

Unutilised bilateral lines of credit

948

30

918

770

125

645

 

 

 

 

 

 

 

Syndicated lines of credit

2,475

0

2,475

2,500

0

2,500

Utilisation

0

0

0

0

0

0

Unutilised syndicated lines of credit

2,475

0

2,475

2,500

0

2,500

 

 

 

 

 

 

 

Total lines of credit

4,719

309

4,410

4,575

433

4,142

Total utilisation

–1,296

–279

–1,017

–1,305

–308

–997

Total unutilised lines of credit

3,423

30

3,393

3,270

125

3,145

The defaulting of a lender can be covered at any time by the existing unutilised credit lines or the available money and capital market programmes. METRO GROUP therefore does not bear a significant credit default risk.

METRO GROUP principally does not provide collateral for borrowings.One exception concerns the first-time consolidation of METRO PROPERTIES GmbH & Co. KG (formerly METRO Group Asset Management GmbH & Co. KG) and its subsidiaries in 2003. Collateral in the amount of €351 million (previous year: €373 million) was provided for the borrowings of these companies as of 31 December 2012.

The following table shows the maturity structure of the borrowings. The carrying amounts and fair values indicated include the interest accrued when the maturity is less than 1 year.

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31/12/2011

31/12/2012

 

 

 

 

 

Type of financing

Currency

Remain-
ing term

Issue/
nominal
volume
in million
currency

Nominal
values
€ million

Carrying
amounts
€ million

Fair values
€ million

Issue/
nominal
volume
in million
currency

Nominal
values
€ million

Carrying
amounts
€ million

Fair values
€ million

1

Adjustment of prior-year fair value amounts due to consideration of credit spreads

Bonds

EUR

up to 1 year

500

500

625

629

1,030

1,030

1,167

1,207

1 to 5 years

2,100

2,100

2,094

2,336

2,510

2,510

2,505

2,749

over 5 years

750

750

748

773

1,351

1,351

1,342

1,356

CHF

up to 1 year

0

0

0

0

0

0

3

3

1 to 5 years

0

0

0

0

225

186

186

189

over 5 years

0

0

0

0

0

0

0

0

RON

up to 1 year

100

23

24

25

0

0

0

0

1 to 5 years

0

0

0

0

0

0

0

0

over 5 years

0

0

0

0

0

0

0

0

USD

up to 1 year

0

0

0

0

75

57

57

57

1 to 5 years

0

0

0

0

0

0

0

0

over 5 years

0

0

0

0

0

0

0

0

Liabilities to banks (excl. open account)1

EUR

up to 1 year

54

54

54

110

141

141

148

170

1 to 5 years

502

502

502

502

413

413

413

422

over 5 years

336

336

336

341

364

364

364

367

CNY

up to 1 year

0

0

0

0

0

0

0

0

1 to 5 years

211

26

26

29

0

0

0

0

over 5 years

0

0

0

0

0

0

0

0

INR

up to 1 year

900

13

13

13

1,350

19

19

19

1 to 5 years

3,177

46

46

81

3,251

45

45

48

over 5 years

0

0

0

0

0

0

0

0

JPY

up to 1 year

4,907

49

49

49

3,070

27

27

27

1 to 5 years

1,700

17

17

17

8,703

77

77

78

over 5 years

0

0

0

0

0

0

0

0

RUB

up to 1 year

5

0

0

0

1

0

0

0

1 to 5 years

0

0

0

0

0

0

0

0

over 5 years

0

0

0

0

0

0

0

0

TVND

up to 1 year

557

21

21

21

484

18

18

18

1 to 5 years

0

0

0

0

0

0

0

0

over 5 years

0

0

0

0

0

0

0

0

UAH

up to 1 year

66

6

6

6

259

25

25

25

1 to 5 years

0

0

0

0

0

0

0

0

over 5 years

0

0

0

0

0

0

0

0

USD

up to 1 year

28

22

22

32

29

22

22

22

1 to 5 years

69

54

54

54

90

69

69

72

over 5 years

46

36

36

36

39

29

29

30

Others

up to 1 year

k. A.

11

11

11

k. A.

1

1

1

1 to 5 years

k. A.

0

0

0

k. A.

0

0

0

over 5 years

k. A.

0

0

0

k. A.

0

0

0

Promissory note loans

EUR

up to 1 year

550

550

562

564

150

150

162

162

1 to 5 years

307

307

306

313

290

290

289

297

over 5 years

0

0

0

0

121

121

120

124

Redeemable loans that are shown under liabilities to banks are listed with the remaining terms corresponding to their redemption date. For remaining terms of over 1 year, the indicated fair value of these loans generally includes the carrying amount. The difference between the carrying amount and the fair value of the entire loan is shown in maturities under 1 year.

The following table depicts the interest rate structure of the borrowings:

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31/12/2011

31/12/2012

 

 

 

 

 

 

 

 

Type of financing

Interest terms

Currency

Remain-
ing terms

Weighted effective
interest rate in % when issued

Issue/
nominal
volume
€ million

Weighted effective
interest rate in % when issued

Issue/
nominal
volume
€ million

Bonds

Fixed interest

EUR

up to 1 year

4.75

500

4.85

1,030

1 to 5 years

7.50

2,100

5.93

2,460

over 5 years

4.25

750

3.11

1,351

CHF

up to 1 year

0

0

1 to 5 years

0

1.88

186

over 5 years

0

0

RON

up to 1 year

11.55

23

0

1 to 5 years

0

0

over 5 years

0

0

USD

up to 1 year

0

0.77

57

1 to 5 years

0

0

over 5 years

0

0

Variable interest

EUR

up to 1 year

0

0

1 to 5 years

0

1.96

50

over 5 years

0

0

Liabilities to banks (excl. open account)

Fixed interest

EUR

up to 1 year

5.04

54

4.41

91

1 to 5 years

4.41

502

4.19

413

over 5 years

4.37

336

4.05

364

CNY

up to 1 year

0

0

1 to 5 years

6.07

26

0

over 5 years

0

0

INR

up to 1 year

10.12

13

10.61

19

1 to 5 years

10.82

46

10.83

45

over 5 years

0

0

JPY

up to 1 year

0

1.78

27

1 to 5 years

0

1.78

77

over 5 years

0

0

RUB

up to 1 year

10.57

0

8.39

0

1 to 5 years

0

0

over 5 years

0

0

TVND

up to 1 year

13.51

21

4.89

18

1 to 5 years

0

0

over 5 years

0

0

UAH

up to 1 year

21.10

6

27.83

25

1 to 5 years

0

0

over 5 years

0

0

USD

up to 1 year

3.71

17

2.52

18

1 to 5 years

3.70

43

3.59

59

over 5 years

3.60

34

3.60

29

Other

up to 1 year

12.17

3

0.00

1

1 to 5 years

0

0

over 5 years

0

0

Variable interest

EUR

up to 1 year

0

2.98

50

1 to 5 years

0

0

over 5 years

0

0

JPY

up to 1 year

5.00

49

0

1 to 5 years

1.78

17

0

over 5 years

0

0

USD

up to 1 year

1.23

5

1.12

4

1 to 5 years

0.98

11

1.03

9

over 5 years

1.04

2

0.96

1

Other

up to 1 year

6.95

8

0

1 to 5 years

0

0

over 5 years

0

0

Promissory note loans

Fixed interest

EUR

up to 1 year

4.74

113

3.85

100

1 to 5 years

4.29

131

3.72

95

over 5 years

0

3.91

95

Variable interest

EUR

up to 1 year

2.20

437

0.72

50

1 to 5 years

3.94

176

2.97

196

over 5 years

0

2.20

26

The fixed interest rate for short- and medium-term borrowings and the repricing dates of all fixed-interest liabilities essentially correspond to the displayed remaining terms. The repricing dates for variable interest rates are less than 1 year.

The effects that changes in interest rates concerning the variable portion of borrowings have on the profit or loss for the period and equity of METRO GROUP are described in detail in no. 42 “Management of financial risks”.