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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.
METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss → noTes : noTes To THe BalanCe sHeeT additional bilateral bank lines of credit totalling €2,244 million (previous year: €2,204 million) were available to MeTRo GRoUp as of 31 December 2011. of this amount, €309 million (previous year: €1,006 million) had a remaining Unutilised lines of credit of METRO gROUP → p. 226 term of up to one year. on the closing date, €1,296 million (previous year: €1,211 million) of the bilateral lines of credit had been utilised. of this amount, €279 million (previous year: €375 million) has a remaining term of up to one year. 31/12/2010 31/12/2011 € 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 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 financial liabilities. 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 €373 million (previous year: €417 million) was provided for the financial liabilities of these companies as of 31 December 2011. 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 matur ity is less than one year.
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METRO gROup : ANNuAL REpORT 2011
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METRO gROUP : ANNUAL REPORT 2011
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