35. Financial liabilities
The company’s medium-term and long-term financing needs are covered by a bond issuance programme with a maximum volume of €5 billion. As of 30 September 2021, the utilised bond issuance programme amounted to a total of €1,776 million (30/9/2020: €1,776 million).
Short-term financing requirements are covered through the Euro Commercial Paper Programme with a maximum volume of €2 billion. On average, the programme was used at €376 million during the reporting period. As of 30 September 2021, the utilisation amounted to €26 million (30/9/2020: €295 million).
In addition, METRO has access to syndicated credit facilities totalling €850 million (30/9/2020: €1,750 million) with terms ending in 2024. If the credit facilities are used, the interest rate is Euribor +50.0 basis points (BP). The contract terms for the syndicated credit facilities provide for a decrease of 10 BP in the spread if METRO’s credit rating is raised by one grade. In the event of a downgrade in METRO’s rating, the margins increase by 25 BP. The syndicated credit facility was not utilised at any time during the reporting period.
As of 30 September 2021, METRO had access to additional bilateral bank credit facilities totalling €797 million (30/9/2020: €400 million), of which €78 million (30/9/2020: €86 million) had a remaining term of up to one year. As of the closing date, €102 million (30/9/2020: €150 million) of the bilateral credit facilities had been utilised. Of this amount, €78 million (30/9/2020: €86 million) had a remaining term of up to one year. As of the closing date, there were €695 million of free multi-year bilateral credit facilities available.
|
30/9/2020 |
30/9/2021 |
||||
|---|---|---|---|---|---|---|
|
|
Remaining term |
|
Remaining term |
||
€ million |
Total |
up to 1 year |
over 1 year |
Total |
up to 1 year |
over 1 year |
Bilateral credit facilities |
400 |
86 |
314 |
797 |
78 |
718 |
Utilisation |
−150 |
−86 |
−64 |
−102 |
−78 |
−23 |
Undrawn bilateral credit facilities |
250 |
0 |
250 |
695 |
0 |
695 |
Syndicated credit facilities |
1,750 |
900 |
850 |
850 |
0 |
850 |
Utilisation |
0 |
0 |
0 |
0 |
0 |
0 |
Undrawn syndicated credit facilities |
1,750 |
900 |
850 |
850 |
0 |
850 |
Total credit facilities |
2,150 |
986 |
1,164 |
1,647 |
78 |
1,568 |
Total utilisation |
−150 |
−86 |
−64 |
−102 |
−78 |
−23 |
Total undrawn credit facilities |
2,000 |
900 |
1,100 |
1,545 |
0 |
1,545 |
Default by a lender can be covered at any time by the existing undrawn credit facilities or the available money and capital market programmes. METRO therefore does not bear any creditor default risk.
METRO principally does not provide collateral for financial liabilities. One exception concerns the initial consolidation of METRO PROPERTIES GmbH & Co. KG as well as its subsidiaries in 2003. As of 30 September 2021, collateral securities in the amount of €9 million (30/9/2020: €10 million) were provided for financial liabilities.
The following tables show the maturity structure of the financial liabilities. The carrying amounts and fair values indicated include the interest accrued when the maturity is less than one year.
|
|
30/9/2020 |
30/9/2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|
|
|
Nominal values |
Nominal values |
Carrying amounts |
Fair values |
Nominal values |
Nominal values |
Carrying amounts |
Fair values |
Currency |
Remaining term |
in million currency |
€ million |
€ million |
€ million |
in million currency |
€ million |
€ million |
€ million |
EUR |
up to 1 year |
295 |
295 |
310 |
– |
601 |
601 |
619 |
– |
1 to 5 years |
1,726 |
1,726 |
1,722 |
– |
1,151 |
1,151 |
1,147 |
– |
|
over 5 years |
50 |
50 |
50 |
– |
50 |
50 |
50 |
– |
|
|
2,071 |
2,071 |
2,082 |
2,117 |
1,802 |
1,802 |
1,816 |
1,846 |
|
|
|
30/9/2020 |
30/9/2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|
|
|
Nominal values |
Nominal values |
Carrying amounts |
Fair values |
Nominal values |
Nominal values |
Carrying amounts |
Fair values |
Currency |
Remaining term |
in million currency |
€ million |
€ million |
€ million |
in million currency |
€ million |
€ million |
€ million |
EUR |
up to 1 year |
2 |
2 |
2 |
– |
10 |
10 |
10 |
– |
1 to 5 years |
9 |
9 |
9 |
– |
6 |
6 |
6 |
– |
|
over 5 years |
0 |
0 |
0 |
– |
0 |
0 |
0 |
– |
|
|
11 |
11 |
11 |
11 |
15 |
15 |
15 |
15 |
|
PKR |
up to 1 year |
2,337 |
12 |
12 |
– |
273 |
1 |
1 |
– |
1 to 5 years |
547 |
3 |
3 |
– |
68 |
0 |
0 |
– |
|
over 5 years |
0 |
0 |
0 |
– |
0 |
0 |
0 |
– |
|
|
2,884 |
15 |
15 |
15 |
342 |
2 |
2 |
2 |
|
INR |
up to 1 year |
0 |
0 |
0 |
– |
1,000 |
12 |
12 |
– |
1 to 5 years |
2,700 |
31 |
31 |
– |
0 |
0 |
0 |
– |
|
over 5 years |
0 |
0 |
0 |
– |
0 |
0 |
0 |
– |
|
|
2,700 |
31 |
31 |
31 |
1,000 |
12 |
12 |
12 |
|
JPY |
up to 1 year |
1,600 |
13 |
13 |
– |
0 |
0 |
0 |
– |
1 to 5 years |
0 |
0 |
0 |
– |
0 |
0 |
0 |
– |
|
over 5 years |
0 |
0 |
0 |
– |
0 |
0 |
0 |
– |
|
|
1,600 |
13 |
13 |
13 |
0 |
0 |
0 |
– |
|
MMK |
up to 1 year |
31,690 |
21 |
22 |
– |
31,090 |
14 |
15 |
– |
1 to 5 years |
30,580 |
20 |
20 |
– |
36,975 |
17 |
17 |
– |
|
over 5 years |
0 |
0 |
0 |
– |
0 |
0 |
0 |
– |
|
|
62,270 |
41 |
42 |
47 |
68,065 |
30 |
32 |
32 |
|
|
|
30/9/2020 |
30/9/2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|
|
|
Nominal values |
Nominal values |
Carrying amounts |
Fair values |
Nominal values |
Nominal values |
Carrying amounts |
Fair values |
Currency |
Remaining term |
in million currency |
€ million |
€ million |
€ million |
in million currency |
€ million |
€ million |
€ million |
EUR |
up to 1 year |
0 |
0 |
1 |
– |
54 |
54 |
55 |
– |
1 to 5 years |
54 |
54 |
54 |
– |
0 |
0 |
0 |
– |
|
over 5 years |
0 |
0 |
0 |
– |
0 |
0 |
0 |
– |
|
|
54 |
54 |
55 |
58 |
54 |
54 |
55 |
56 |
|
Redeemable loans that are reported under liabilities to banks are listed with the remaining terms corresponding to their redemption date.
The following tables show the interest rate structure of the financial liabilities:
|
|
|
30/9/2020 |
30/9/2021 |
|---|---|---|---|---|
Interest terms |
Currency |
Remaining term |
Nominal values in € million |
Nominal values in € million |
Fixed interest |
EUR |
up to 1 year |
0 |
575 |
1 to 5 years |
1,726 |
1,151 |
||
over 5 years |
50 |
50 |
||
Variable interest |
EUR |
up to 1 year |
295 |
26 |
1 to 5 years |
0 |
0 |
||
over 5 years |
0 |
0 |
|
|
|
30/9/2020 |
30/9/2021 |
|---|---|---|---|---|
Interest terms |
Currency |
Remaining term |
Nominal values in € million |
Nominal values in € million |
Fixed interest |
EUR |
up to 1 year |
2 |
9 |
1 to 5 years |
9 |
0 |
||
over 5 years |
0 |
0 |
||
PKR |
up to 1 year |
12 |
1 |
|
1 to 5 years |
3 |
0 |
||
over 5 years |
0 |
0 |
||
INR |
up to 1 year |
0 |
12 |
|
1 to 5 years |
31 |
0 |
||
over 5 years |
0 |
0 |
||
MMK |
up to 1 year |
21 |
14 |
|
1 to 5 years |
20 |
17 |
||
over 5 years |
0 |
0 |
||
Variable interest |
EUR |
up to 1 year |
0 |
0 |
1 to 5 years |
0 |
6 |
||
over 5 years |
0 |
0 |
||
JPY |
up to 1 year |
13 |
0 |
|
1 to 5 years |
0 |
0 |
||
over 5 years |
0 |
0 |
|
|
|
30/9/2020 |
30/9/2021 |
|---|---|---|---|---|
Interest terms |
Currency |
Remaining term |
Nominal values in € million |
Nominal values in € million |
Fixed interest |
EUR |
up to 1 year |
0 |
54 |
1 to 5 years |
54 |
0 |
||
over 5 years |
0 |
0 |
||
Variable interest |
EUR |
up to 1 year |
0 |
0 |
1 to 5 years |
0 |
0 |
||
over 5 years |
0 |
0 |
The fixed interest rate on short- and medium-term financial liabilities and the interest rate adjustment dates of all fixed-interest financial liabilities are essentially the same as those shown. The repricing dates for variable interest rates are less than one year.
- The effects of interest rate changes in the variable share of financial liabilities on profit or loss for the period and the equity of METRO are described in detail in no. 43 – Management of financial risks.