36. Financial liabilities (excluding liabilities from leases)

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 2022, the utilised bond issuance programme amounted to a total of €1,201 million (30/9/2021: €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 €136 million during the reporting period. As of 30 September 2022, the utilisation amounted to €0 million (30/9/2021: €26 million).

In addition, METRO has access to syndicated credit facilities totalling €850 million (30/9/2021: €850 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 2022, METRO had access to additional bilateral bank credit facilities totalling €714 million (30/9/2021: €797 million), of which €64 million (30/9/2021: €78 million) had a remaining term of up to 1 year. As of the closing date, €69 million (30/9/2021: €102 million) of the bilateral credit facilities had been utilised. Of this amount, €64 million (30/9/2021: €78 million) had a remaining term of up to 1 year. As of the closing date, there were €645 million of free multi-year 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 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.

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:

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. 44 – management of financial risks.