36. Financial liabilities

An ongoing capital market programme serves as a source of medium- and long-term financing. In the short financial year 2013, no transactions were conducted in the context of this programme.

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 the short financial year 2013 was €922 million (30/9/2012: €1,641 million; 31/12/2012: €1,629 million). As of 30 September 2013, the used volume totalled approximately €383 million (30/9/2012: €2,007 million; 31/12/2012: €587 million).

In addition, METRO GROUP has access to syndicated lines of credit totalling €2,500 million (30/9/2012: €2,500 million; 31/12/2012: €2,500 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 the short financial year 2013 was €0 million (30/9/2012: €0 million; 31/12/2012: €0 million), the average amount drawn as of the closing date was €0 million (30/9/2012: €0 million; 31/12/2012: €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 one step.

As of 30 September 2013, METRO GROUP had access to additional bilateral bank lines of credit totalling €1,826 million (30/9/2012: €2,097 million; 31/12/2012: €2,075 million), of which €405 million (30/9/2012: €473 million; 31/12/2012: €433 million) is due in over one year. On the closing date, €1,096 million (30/9/2012: €1,331 million; 31/12/2012: €1,305 million) of the bilateral lines of credit had been utilised. Of this amount, €310 million (30/9/2012: €352 million; 31/12/2012: €308 million) had a remaining term of up to one year.

Unutilised lines of credit of METRO GROUP

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31/12/2012

30/9/2012

30/9/2013

 

 

 

 

 

 

Remaining term

 

Remaining term

 

Remaining term

€ million

Total

up to 1 year

over 1 year

Total

up to 1 year

over 1 year

Total

up to 1 year

over 1 year

Bilateral lines of credit

2,075

433

1,642

2,097

473

1,624

1,826

405

1,421

Utilisation

–1,305

–308

–997

–1,331

–352

–979

–1,096

–310

–787

Unutilised bilateral lines of credit

770

125

645

766

121

645

730

95

634

 

 

 

 

 

 

 

 

 

 

Syndicated lines of credit

2,500

0

2,500

2,500

0

2,500

2,500

0

2,500

Utilisation

0

0

0

0

0

0

0

0

0

Unutilised syndicated lines of credit

2,500

0

2,500

2,500

0

2,500

2,500

0

2,500

 

 

 

 

 

 

 

 

 

 

Total lines of credit

4,575

433

4,142

4,597

473

4,124

4,326

405

3,921

Total utilisation

–1,305

–308

–997

–1,331

–352

–979

–1,096

–310

–787

Total unutilised lines of credit

3,270

125

3,145

3,266

121

3,145

3,230

95

3,134

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 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 2013, collateral in the amount of €328 million (30/9/2012: €358 million; 31/12/2012: €351 million) was provided.

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

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Bonds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31/12/2012

30/9/2012

30/9/2013

 

 

 

 

 

Currency

Remai­ning term

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts € million

Fair values
€ million

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts € million

Fair values
€ million

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts€ million

Fair values
€ million

EUR

up to 1 year

1,030

1,030

1,167

1,207

2,007

2,007

2,134

2,134

1,483

1,483

1,615

1,647

 

1 to 5 years

2,510

2,510

2,505

2,749

3,010

3,010

3,003

3,305

2,460

2,460

2,453

2,618

 

over 5 years

1,351

1,351

1,342

1,356

851

851

846

860

801

801

797

812

CHF

up to 1 year

0

0

3

3

0

0

2

2

0

0

1

1

 

1 to 5 years

225

186

186

189

225

186

185

188

225

184

184

189

 

over 5 years

0

0

0

0

0

0

0

0

0

0

0

0

USD

up to 1 year

75

57

57

57

0

0

0

0

0

0

0

0

 

1 to 5 years

0

0

0

0

0

0

0

0

0

0

0

0

 

over 5 years

0

0

0

0

0

0

0

0

0

0

0

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities to banks
(excl. open account)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31/12/2012

30/9/2012

30/9/2013

 

 

 

 

 

Currency

Remai­ning term

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts
€ million

Fair values
€ million

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts
€ million

Fair values
€ million

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts
€ million

Fair values
€ million

EUR

up to 1 year

141

141

148

170

142

142

142

192

105

105

116

124

 

1 to 5 years

413

413

413

422

479

479

479

500

252

252

252

257

 

over 5 years

364

364

364

367

256

256

256

268

322

322

322

327

CNY

up to 1 year

0

0

0

0

0

0

0

0

0

0

0

0

 

1 to 5 years

0

0

0

0

40

5

5

5

0

0

0

0

 

over 5 years

0

0

0

0

0

0

0

0

0

0

0

0

INR

up to 1 year

1,350

19

19

19

1,350

20

20

20

1,114

13

14

14

 

1 to 5 years

3,251

45

45

48

3,214

47

47

67

3,339

39

39

39

 

over 5 years

0

0

0

0

0

0

0

0

0

0

0

0

JPY

up to 1 year

3,070

27

27

27

3,270

33

33

33

1,770

13

13

13

 

1 to 5 years

8,703

77

77

78

8,945

89

89

89

8,575

65

65

66

 

over 5 years

0

0

0

0

0

0

0

0

0

0

0

0

RUB

up to 1 year

1

0

0

0

409

10

10

10

0

0

0

0

 

1 to 5 years

0

0

0

0

0

0

0

0

0

0

0

0

 

over 5 years

0

0

0

0

0

0

0

0

0

0

0

0

TVND

up to 1 year

484

18

18

18

612

23

23

23

0

0

0

0

 

1 to 5 years

0

0

0

0

0

0

0

0

0

0

0

0

 

over 5 years

0

0

0

0

0

0

0

0

0

0

0

0

UAH

up to 1 year

259

25

25

25

341

33

33

33

209

19

19

19

 

1 to 5 years

0

0

0

0

0

0

0

0

0

0

0

0

 

over 5 years

0

0

0

0

0

0

0

0

0

0

0

0

USD

up to 1 year

29

22

22

22

32

25

25

40

17

13

13

16

 

1 to 5 years

90

69

69

72

75

58

70

70

119

88

88

88

 

over 5 years

39

29

29

30

35

27

33

33

26

20

20

20

Others

up to 1 year

n/a

1

1

1

n/a

0

0

0

n/a

1

1

1

 

1 to 5 years

n/a

0

0

0

n/a

0

0

0

n/a

0

0

0

 

over 5 years

n/a

0

0

0

n/a

0

0

0

n/a

0

0

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory note loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31/12/2012

30/9/2012

30/9/2013

 

 

 

 

 

Currency

Remai­ning term

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts
€ million

Fair values
€ million

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts
€ million

Fair values
€ million

Nom­inal values
in million cur­rency

Nomi­nal values
€ million

Car­rying amo­unts
€ million

Fair values
€ million

EUR

up to 1 year

150

150

162

162

150

150

157

159

157

157

161

163

 

1 to 5 years

290

290

289

297

290

290

289

298

200

200

199

206

 

over 5 years

121

121

120

124

121

121

120

123

54

54

54

56

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 under one year.

The following tables depict the interest rate structure of the borrowings:

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Bonds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31/12/2012

30/9/2012

30/9/2013

 

 

 

 

 

 

 

 

 

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

Weighted effective interest rate in % when issued

Nominal value in € million

Fixed interest

EUR

up to 1 year

4.85

1,030

0.59

2,007

5.67

1,483

 

 

1 to 5 years

5.93

2,460

6.52

2,960

5.17

2,410

 

 

over 5 years

3.11

1,351

3.61

851

3.62

801

 

CHF

up to 1 year

0

0

0

 

 

1 to 5 years

1.88

186

1.88

186

1.88

184

 

 

over 5 years

0

0

0

 

USD

up to 1 year

0.77

57

0

0

 

 

1 to 5 years

0

0

0

 

 

over 5 years

0

0

0

Variable interest

EUR

up to 1 year

0

0

0

 

 

1 to 5 years

1.96

50

1.96

50

1.59

50

 

 

over 5 years

0

0

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities to banks
(excl. open account)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31/12/2012

30/9/2012

30/9/2013

 

 

 

 

 

 

 

 

 

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

Weighted effective interest rate in % when issued

Nominal value in € million

Fixed interest

EUR

up to 1 year

4.41

91

3.53

124

3.20

105

 

 

1 to 5 years

4.19

413

4.49

439

4.56

252

 

 

over 5 years

4.05

364

4.28

256

4.14

322

 

CNY

up to 1 year

0

0

0

 

 

1 to 5 years

0

6.21

5

0

 

 

over 5 years

0

0

0

 

INR

up to 1 year

10.61

19

10.66

20

11.40

13

 

 

1 to 5 years

10.83

45

10.84

47

10.49

39

 

 

over 5 years

0

0

0

 

JPY

up to 1 year

1.78

27

0

0

 

 

1 to 5 years

1.78

77

0

0

 

 

over 5 years

0

0

0

 

RUB

up to 1 year

8.39

0

7.64

10

0

 

 

1 to 5 years

0

0

0

 

 

over 5 years

0

0

0

 

TVND

up to 1 year

4.89

18

5.33

23

0

 

 

1 to 5 years

0

0

0

 

 

over 5 years

0

0

0

 

UAH

up to 1 year

27.83

25

25.00

33

8.78

19

 

 

1 to 5 years

0

0

0

 

 

over 5 years

0

0

0

 

USD

up to 1 year

2.52

18

3.72

18

3.83

10

 

 

1 to 5 years

3.59

59

3.66

49

3.22

80

 

 

over 5 years

3.60

29

3.62

26

3.74

20

 

Others

up to 1 year

0.00

1

0.00

0

0.00

1

 

 

1 to 5 years

0

0

0

 

 

over 5 years

0

0

0

Variable interest

EUR

up to 1 year

2.98

50

0.77

18

0

 

 

1 to 5 years

0

3.52

40

0

 

 

over 5 years

0

0

0

 

JPY

up to 1 year

0

1.78

33

1.78

13

 

 

1 to 5 years

0

1.78

89

1.78

65

 

 

over 5 years

0

0

0

 

USD

up to 1 year

1.12

4

1.32

7

0.83

3

 

 

1 to 5 years

1.03

9

1.13

9

0.83

8

 

 

over 5 years

0.96

1

1.15

1

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory note loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31/12/2012

30/9/2012

30/9/2013

 

 

 

 

 

 

 

 

 

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

Weighted effective interest rate in % when issued

Nominal value in € million

Fixed interest

EUR

up to 1 year

3.85

100

3.85

100

5.74

31

 

 

1 to 5 years

3.72

95

3.72

95

3.03

105

 

 

over 5 years

3.91

95

3.48

95

4.27

54

Variable interest

EUR

up to 1 year

0.72

50

1.15

50

3.29

126

 

 

1 to 5 years

2.97

196

2.97

196

1.82

95

 

 

over 5 years

2.20

26

2.20

26

0

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 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”.