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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe BalanCe sHeeT
34. Liabilities
35. Trade liabilities
The slight decrease in trade liabilities is essentially due
to currency effects. adjusted for currency effects, trade
li abilities are slightly higher than a year earlier. although the
expansion in eastern europe, seasonal effects in asia and
the first-time consolidation of the Redcoon group, in particular,
resulted in a distinct increase in trade liabilities, this is
largely offset by lower trade liabilities resulting from subdued
demand, particularly in Western europe.
36. Financial liabilities
an ongoing capital market 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 issue date Term Maturity
Nominal
volume Coupon
Redemption May 2004 7 years May 2011 €750 million 4.625% fixed
Redemption June 2009 2 years June 2011 €350 million 3.625% fixed
Remaining term
→ p. 225
31/12/2010 31/12/2011
Up to
1 to
Over
€ million
Total Total
1 year 5 years 5 years
Trade payables 14,393 14,267 14,267 0 0
thereof bills of exchange (non-interest-bearing) (617) (536) (536) (0) (0)
Bonds 4,615 3,491 649 2,094 748
Due to banks 1,211 1,296 279 645 372
promissory note loans 868 868 562 306 0
liabilities from finance leases 1,589 1,786 116 470 1,200
Financial liabilities 8,283 7,441 1,606 3,515 2,320
other tax liabilities 535 633 633 0 0
prepayments received on orders 40 41 41 0 0
payroll 927 802 800 2 0
liabilities from other financial transactions 41 32 28 4 0
Deferred liabilities 438 423 149 238 36
Miscellaneous liabilities 1,234 1,323 847 447 29
Other liabilities 3,215 3,254 2,498 691 65
income tax liabilities 291 394 394 0 0
26,182 25,356 18,765 4,206 2,385
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 (previous year: €687 million). no utilisation
occurred as of the end of the year.
In addition, MeTRo GRoUp has access to syndicated lines of
credit totalling €2,475 million (previous year: €2,475 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 2011 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 7.5 to 20 Bp in the spread if MeTRo GRoUp’s
credit rating is lowered by one step.