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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS
→ NOTES : NOTES TO ThE BAl ANCE ShEET
for short- and medium-term financing, METRO GROuP uses
ongoing capital market issuance programmes such as a
“Euro Commercial Paper Programme” with an authorised
volume of up to €2.0 billion. Another “Commercial Paper
Programme” is aimed, in particular, at investor groups on
the french capital market. The volume of this programme
was reduced to €2.0 billion from €3.0 billion in the first half
of the year. The average amount utilised by both programmes
in 2010 was €687 million (previous year: €1,629 million).
In addition, METRO GROuP has access to syndicated lines
of credit totalling €2,475 million (previous year: €2,975 million)
with terms ending between March 2013 and december
2015. If the credit lines are used, the interest rates range
between EuRIBOR +30.0 basis points (BP) and EuRIBOR
+65.0 BP. The average amount drawn on the credit lines in
2010 was €0 million (previous year: €125 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 a decrease of 5 to 10 BP in the spread if METRO GROuP‘s
credit rating is raised one step. If the rating is lowered by
one step, the spread would increase by 7.5 to 20 BP.
Unutilised lines of credit of METRO GROUP
→ p. 192
Additional bilateral bank lines of credit totalling €2,204 million
(previous year: €2,467 million) were available to
METRO GROuP as of 31 december 2010. Of this amount,
€1,006 million (previous year: €1,246 million) had a remaining
term of up to one year. On the closing date, €1,211 million
(previous year: €1,214 million) of the bilateral lines of credit
had been utilised. Of this amount, €375 million (previous
year: €534 million) has a remaining term of up to one year.
The defaulting of a lender can be covered at any time by the
existing unutilised credit facilities 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
financial liabilities. One exception concerns the first-time consolidation
of Asset Immobilienbeteiligungen Gmbh & Co. KG
and its subsidiaries in 2003. Collateral in the amount of
€417 million (previous year: €486 million) was provided for the
financial liabilities of these companies as of 31 december 2010.
The following table shows the maturity structure of the
financial liabilities. The book values and fair values (market
values) indicated include the interest accrued when the
maturity is less than one year.
31/12/2010 31/12/2009
€ million Total Up to 1 year Over 1 year Total Up to 1 year Over 1 year
Bilateral lines of credit 2,204 1,006 1,198 2,467 1,246 1,221
utilisation –1,211 –375 –836 –1,214 –534 –680
unutilised bilateral lines of credit 993 631 362 1,253 712 541
Syndicated lines of credit 2,475 0 2,475 2,975 0 2,975
utilisation 0 0 0 0 0 0
unutilised syndicated lines of credit 2,475 0 2,475 2,975 0 2,975
Total lines of credit 4,679 1,006 3,673 5,442 1,246 4,196
Total utilisation –1,211 –375 –836 –1,214 –534 –680
Total unutilised lines of credit 3,468 631 2,837 4,228 712 3,516