36. Trade liabilities

Trade liabilities declined from €9,550 million to €9,383 million compared with the previous year.

This decline is primarily due to store closures at Real (€182 million) and to the use of a new regulatory services provider. In addition, the Media-Saturn segment accounted for €50 million of the decline due mostly to a more cautious ordering approach in procurement. An opposite effect was produced by a distinct increase in trade liabilities of €103 million at METRO Cash & Carry which primarily stemmed from the segment’s expansion as well as changed payment dates.