An ongoing capital market programme serves as a source of medium- and long-term financing. In 2012, the following 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 2012 was €1,629 million (previous year: €1,393 million). Utilisation of both programmes amounted to about €587 million (previous year: €0 million) as of the end of the year.

In addition, METRO GROUP has access to syndicated lines of credit totalling €2,500 million (previous year: €2,475 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 2012 was €0 million (previous year: €0 million), the average amount drawn as of the closing date was €0 million (previous year: €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 1 step.

Additional bilateral bank lines of credit totalling €2,075 million (previous year: €2,244 million) were available to METRO GROUP as of 31 December 2012. Of this amount, €433 million (previous year: €309 million) had a remaining term of up to 1 year. On the closing date, €1,305 million (previous year: €1,296 million) of the bilateral lines of credit had been utilised. Of this amount, €308 million (previous year: €279 million) had a remaining term of up to 1 year.

¹ Changed terminology (see chapter “Notes to the Group accounting principles and methods”)

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 a significant 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 (formerly METRO Group Asset Management GmbH & Co. KG) and its subsidiaries in 2003. Collateral in the amount of €351 million (previous year: €373 million) was provided for the borrowings of these companies as of 31 December 2012.

The following table shows the maturity structure of the borrowings. The carrying amounts and fair values indicated include the interest accrued when the maturity is less than 1 year.

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 1 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 1 year.

The following table depicts the interest rate structure of the borrowings:

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 1 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. 42 “Management of financial risks”.