pdf (22.8 MB) - METRO Group

METRO GROUP : ANNUAL REPORT 2011 : BUSINESS
→ GROUP MANAGEMENT REPORT : 4. FiNANciAl ANd AssET POsiTiON
The following chart illustrates the development of long- and
short-term ratings over the past five years:
Rating development and outlook
Baa1 BBB+
Baa2 BBB
stable
short-term P-2 A-2
Moody’s
standard & poor’s
stable
stable stable stable
stable negative negative negative negative
2007 2008 2009 2010 2011
Moody’s and standard & poor’s currently rate MeTRo GRoUp
as follows:
2011
Category Moody’s standard & Poor’s
long-term Baa2 BBB
short-term p-2 a-2
outlook negative stable
Based on these ratings, MeTRo GRoUp has access to all
financial markets.
Unutilised credit lines of METRO gROUP
→ p. 109
Financing measures
an ongoing capital market issuance programme serves as
a source of medium- and long-term financing. In 2011, we
conducted the following transactions in the context of this
programme:
Type of
transaction
Redemption
Redemption
issue
date Term Maturity
May
2004 7 years
June
2009 2 years
31/12/2010 31/12/2011
May
2011
June
2011
Nominal
volume Coupon
€750
million 4.625% fixed
€350
million 3.625% fixed
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 2011 was
€1,393 million. no utilisation occurred as of the end of the
year. Conversely, MeTRo GRoUp used credit lines totalling
€1,296 million as per the balance sheet date.
For further information on financing programmes and credit
lines, see the notes to the consolidated financial statements
in no. 36 “Financial liabilities”.
aside from the established issuance programmes, the Company
had access to sufficient liquidity via comprehensive, generally
multi-year credit lines at all times. These are listed in the
table below.
€ 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 2,244 309 1,935
Utilisation –1,211 –375 –836 –1,296 –279 –1,017
Unutilised bilateral lines of credit 993 631 362 948 30 918
syndicated lines of credit 2,475 0 2,475 2,475 0 2,475
Utilisation 0 0 0 0 0 0
Unutilised syndicated lines of credit 2,475 0 2,475 2,475 0 2,475
Total lines of credit 4,679 1,006 3,673 4,719 309 4,410
Total utilisation –1,211 –375 –836 –1,296 –279 –1,017
Total unutilised lines of credit 3,468 631 2,837 3,423 30 3,393