36. Trade liabilities

The decline in trade liabilities by €525 million compared with 30 September 2014 is primarily due to the sale of the Galeria Kaufhof group, at €323 million, and the sale of METRO Cash & Carry Greece, at €66 million. In addition, currency effects accounted for a decline in trade liabilities of €249 million and stemmed mostly from the development of the Russian and Ukrainian currencies versus the euro.