36. Financial liabilities

An ongoing capital market programme serves as a source of medium-term and long-term financing. In financial year 2013/14, no new transactions were conducted in the context of this programme. The €500 million bond that matured in November 2013 and the €600 million bond that matured in July 2014 were repaid according to schedule.

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 financial year 2013/14 was €782 million (2012/13: €1,143 million). As of 30 September 2014, the used volume totalled approximately €938 million (30/9/2013: €383 million).

In addition, METRO GROUP has access to syndicated lines of credit totalling €2,525 million (30/9/2013: €2,500 million) with terms ending between January 2017 and April 2019. If the lines of credit are used, the interest rates range between EURIBOR +50.0 basis points (BP) and EURIBOR +55.0 BP. The average amount drawn on the lines of credit in financial year 2013/14 was €0 million (2012/13: €0 million), the average amount drawn as of the closing date was €0 million (30/9/2013: €0 million).

The contract terms for the syndicated lines of credit provide for an increase of 5 to 10 BP in the spread if METRO GROUP’s credit rating is lowered by one step. In the event of a downgrade in METRO GROUP’s rating, the margins increase by 20 to 25 BP.

As of 30 September 2014, METRO GROUP had access to additional bilateral bank lines of credit totalling €1,430 million (30/9/2013: €1,826 million), of which €300 million (30/9/2013: €405 million) is due in up to one year. On the closing date, €865 million (30/9/2013: €1,096 million) of the bilateral lines of credit had been utilised. Of this amount, €260 million (30/9/2013: €310 million) had a remaining term of up to one year.

Unutilised lines of credit of METRO GROUP

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30/9/2013

30/9/2014

 

 

 

 

 

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

1,826

405

1,421

1,430

300

1,130

Utilisation

−1,096

−310

−787

−865

−260

−604

Unutilised bilateral lines of credit

730

95

634

565

40

526

Syndicated lines of credit

2,500

0

2,500

2,525

0

2,525

Utilisation

0

0

0

0

0

0

Unutilised syndicated lines of credit

2,500

0

2,500

2,525

0

2,525

Total lines of credit

4,326

405

3,921

3,955

300

3,655

Total utilisation

−1,096

−310

−787

−865

−260

−604

Total unutilised lines of credit

3,230

95

3,134

3,090

40

3,051

The defaulting of a lender can be covered at any time by the existing unutilised credit facilities or the available money and capital market programmes. METRO GROUP therefore does not bear any 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 as well as its subsidiaries in 2003. As of 30 September 2014, collateral in the amount of €221 million (30/9/2013: €328 million) was provided for financial liabilities.

The following tables show the maturity structure of the financial liabilities. The carrying amounts and fair values indicated include the interest accrued when the maturity is less than one year.

Bonds

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30/9/2013

30/9/2014

 

 

 

 

 

 

Nominal values

Nominal values

Carrying amounts

Fair values

Nominal values

Nominal values

Carrying amounts

Fair values

Currency

Remaining term

in million currency

€ million

€ million

€ million

in million currency

€ million

€ million

€ million

EUR

up to 1 year

1,483

1,483

1,615

1,647

1,926

1,926

2,010

2,042

 

1 to 5 years

2,460

2,460

2,453

2,618

1,960

1,960

1,954

2,096

 

over 5 years

801

801

797

812

301

301

299

334

CHF

up to 1 year

0

0

1

1

0

0

1

1

 

1 to 5 years

225

184

184

189

225

187

186

191

 

over 5 years

0

0

0

0

0

0

0

0

USD

up to 1 year

0

0

0

0

15

12

12

12

 

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. current account)

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30/9/2013

30/9/2014

 

 

 

 

 

 

Nominal values

Nominal values

Carrying amounts

Fair values

Nominal values

Nominal values

Carrying amounts

Fair values

Currency

Remaining term

in million currency

€ million

€ million

€ million

in million currency

€ million

€ million

€ million

EUR

up to 1 year

105

105

116

124

58

58

63

76

 

1 to 5 years

252

252

252

257

380

380

380

395

 

over 5 years

322

322

322

327

174

174

174

174

INR

up to 1 year

1,114

13

14

14

1,990

26

26

26

 

1 to 5 years

3,339

39

39

39

3,580

46

46

47

 

over 5 years

0

0

0

0

0

0

0

0

JPY

up to 1 year

1,770

13

13

13

8,000

58

58

58

 

1 to 5 years

8,575

65

65

66

600

4

4

4

 

over 5 years

0

0

0

0

0

0

0

0

TRY

up to 1 year

0

0

0

0

15

5

5

5

 

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

209

19

19

19

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

17

13

13

16

0

0

0

0

 

1 to 5 years

119

88

88

88

0

0

0

0

 

over 5 years

26

20

20

20

0

0

0

0

Others

up to 1 year

n/a

1

1

1

n/a

0

0

0

 

1 to 5 years

n/a

0

0

0

n/a

0

0

0

 

over 5 years

n/a

0

0

0

n/a

0

0

0

Promissory note loans

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30/9/2013

30/9/2014

 

 

 

 

 

 

Nominal values

Nominal values

Carrying amounts

Fair values

Nominal values

Nominal values

Carrying amounts

Fair values

Currency

Remaining term

in million currency

€ million

€ million

€ million

in million currency

€ million

€ million

€ million

EUR

up to 1 year

157

157

161

163

205

205

209

209

 

1 to 5 years

200

200

199

206

200

200

200

207

 

over 5 years

54

54

54

56

54

54

54

61

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 one 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 up to one year.

The following tables depict the interest rate structure of the financial liabilities:

Bonds

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30/9/2013

30/9/2014

 

 

 

 

 

 

 

Interest terms

Currency

Remaining terms

Weighted effective interest rate in % when issued

Nominal value in € million

Weighted effective interest rate in % when issued

Nominal value in € million

Fixed interest

EUR

up to 1 year

5.67

1,483

7.63

1,000

 

1 to 5 years

5.17

2,410

3.41

1,910

 

over 5 years

3.62

801

4.02

301

CHF

up to 1 year

0

0

 

1 to 5 years

1.88

184

1.88

187

 

over 5 years

0

0

Variable interest

EUR

up to 1 year

0

0.54

926

 

1 to 5 years

1.59

50

1.56

50

 

over 5 years

0

0

USD

up to 1 year

0

0.62

12

 

1 to 5 years

0

0

 

over 5 years

0

0

Liabilities to banks
(excl. current account)

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30/9/2013

30/9/2014

 

 

 

 

 

 

 

Interest terms

Currency

Remaining terms

Weighted effective interest rate in % when issued

Nominal value in € million

Weighted effective interest rate in % when issued

Nominal value in € million

Fixed interest

EUR

up to 1 year

3.20

105

4.55

58

 

1 to 5 years

4.56

252

3.52

380

 

over 5 years

4.14

322

3.64

174

INR

up to 1 year

11.40

13

9.92

26

 

1 to 5 years

10.49

39

10.22

46

 

over 5 years

0

0

TRY

up to 1 year

0

12.00

5

 

1 to 5 years

0

0

 

over 5 years

0

0

UAH

up to 1 year

8.78

19

0

 

1 to 5 years

0

0

 

over 5 years

0

0

USD

up to 1 year

3.83

10

0

 

1 to 5 years

3.22

80

0

 

over 5 years

3.74

20

0

Others

up to 1 year

n/a

1

n/a

0

 

1 to 5 years

0

0

 

over 5 years

0

0

Variable interest

JPY

up to 1 year

1.78

13

1.78

58

 

1 to 5 years

1.78

65

1.78

4

 

over 5 years

0

0

USD

up to 1 year

0.83

3

0

 

1 to 5 years

0.83

8

0

 

over 5 years

0

0

Promissory note loans

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30/9/2013

30/9/2014

 

 

 

 

 

 

 

Interest terms

Currency

Remaining terms

Weighted effective interest rate in % when issued

Nominal value in € million

Weighted effective interest rate in % when issued

Nominal value in € million

Fixed interest

EUR

up to 1 year

5.74

31

0.75

205

 

1 to 5 years

3.03

105

3.03

105

 

over 5 years

4.27

54

4.27

54

Variable interest

EUR

up to 1 year

3.29

126

0

 

1 to 5 years

1.82

95

1.67

95

 

over 5 years

0

0

The fixed interest rate for short-term 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 one 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. 43 Management of financial risks.