35. Trade liabilities

The decline in trade liabilities by €3,708 million in the short financial year is mainly attributable to the sales lines Media-Saturn (€2,661 million) and METRO Cash & Carry (€718 million). The main reason for this is the high volume of liabilities resulting from the Christmas business at the end of the year, which is reduced to a normal level in the subsequent quarter.

Compared with 30 September 2012, trade liabilities declined by €625 million. Of these, €168 million and €146 million, respectively, are attributable to Media-Saturn and METRO Cash & Carry. In both sales lines, these are largely due to suppliers' shorter payment targets and currency effects. The decline of €263 million in the Real sales line is largely due to the divestment of the Eastern European business.