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”.