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 2023, the utilised bond issuance programme amounted to a total of €701 million (30/9/2022: €1,201 million).
Short-term financing requirements are covered through the Euro Commercial Paper Programme (CP) with a maximum volume of €2 billion. On average, the programme was used at €348 million during the reporting period. As of 30 September 2023, the utilisation amounted to €225 million (30/9/2022: €0 million).
In addition, METRO has access to syndicated credit facilities totalling €1,000 million (30/9/2022: €850 million) with terms ending in 2027. The syndicated credit facility was not utilised at any time during the reporting period.
As of 30 September 2023, METRO had access to additional bilateral bank credit facilities totalling €262 million (30/9/2022: €714 million). As of the closing date, €112 million (30/9/2022: €69 million) of the bilateral credit facilities had been utilised. Of this amount, €108 million (30/9/2022: €64 million) had a remaining term of up to 1 year. As of the closing date, there were €150 million of free bilateral credit facilities available.
Default by a lender can be covered at any time by the existing free 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.
The table below shows the maturity and interest rate structure of the financial liabilities. The carrying amounts and fair values indicated include the interest accrued when the maturity is less than 1 year.
Redeemable loans that are reported under liabilities to banks are listed with the remaining terms corresponding to their redemption date.
|
|
|
|
|
€ million |
|||
|---|---|---|---|---|---|---|---|---|
30/9 |
Instrument |
Local currency |
Nominal volume in € million |
Interest |
Carrying amount up to 1 year |
Carrying amount 1 to 5 years |
Carrying amount over 5 years |
Fair value |
2023 |
Bonds/CP |
EUR |
225 |
Variable |
224 |
0 |
0 |
902 |
2023 |
Bonds/CP |
EUR |
701 |
Fixed |
57 |
649 |
0 |
|
2023 |
Liabilities to banks |
EUR |
50 |
Fixed |
50 |
0 |
0 |
54 |
2023 |
Liabilities to banks |
EUR |
4 |
Variable |
1 |
2 |
2 |
|
2023 |
Liabilities to banks |
TRY |
11 |
Fixed |
11 |
0 |
0 |
11 |
2022 |
Bonds/CP |
EUR |
1,201 |
Fixed |
509 |
700 |
0 |
1,179 |
2022 |
Liabilities to banks |
EUR |
6 |
Variable |
1 |
1 |
4 |
6 |
2022 |
Liabilities to banks |
INR |
28 |
Fixed |
28 |
0 |
0 |
28 |
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 1 year.