Balance Sheet Disclosures


35. Other Financial Liabilities

Breakdown of Other Financial Liabilities
in million €Remaining term31 Dec. 2017
Remaining term31 Dec. 2016
Up to 1 yearMore than 1 yearUp to 1 yearMore than 1 year
Liabilities to banks945.7175.11,120.8251.9234.1486.0
Liabilities from finance leases63.0836.7899.734.0483.8517.8
Liabilities from other loans73.7175.9249.640.3175.8216.1
Liabilities to associates from intercompany transactions11.80.011.811.00.011.0
Loans from affiliated companies5.
Interest rate swaps0.
Loans from associates0.30.00.320.10.020.1
Other liabilities from financial transactions16.50.316.
Financial liabilities1,117.51,188.02,305.5372.0896.61,268.6
Liabilities from derivative financial instruments35.70.035.714.80.014.8
Accounts receivable with a credit balance35.40.035.436.50.036.5
Non-controlling interest in the net assets of companies0.

Of the reported liabilities to banks, 281.6 million euros (previous year: 297.3 million euros) are secured by land charges.

Interest Rate Structure of Fixed-interest Liabilities to Banks
FinancingInterest termsCurrencyInterest rate lock-inWeighted
interest rate
as a % of original
as at balance
sheet date
Liabilities to banks
(excluding current account)
Fixed-interestmillion €Up to 1 year2.6399.4
1 to 5 years2.01118.9
More than 5 years1.7163.1
Total    281.4

The interest rate lock-in of short and medium-term financial liabilities to banks and the interest rate adjustment dates of all fixed-interest financial liabilities to banks correspond to the interest lock-in periods shown. Interest rate adjustment dates for variable interest rates occur within one year.

Through RIF, the group companies have access to a syndicated loan of 1.5 billion euros (previous year: 1.5 billion euros) with a term ending on 18 September 2020. The interest rate is based on EURIBOR. 650.0 million euros of a line of credit which had not been utilised in the previous year was drawn down as at 31 December 2017. 

As in the previous year, there are also four bilateral lines of credit totalling 350.0 million euros with different terms, for which the interest rates are based on EURIBOR and EONIA. 62.6 million euros of the lines of credit were drawn down by the balance sheet date.

Liabilities to banks essentially comprise non-current loans to finance real estate and short-term lines of credit. The increase was due to the utilisation of the syndicated loan and the borrowing of short-term demand and time deposits.

Please see note 24 "Leases" for notes on the development of liabilities from finance leases.

In addition, one additional promissory note loan totalling 175.0 million euros (previous year: 175.0 million euros) is available to the group companies through RIF for capital expenditures. This was reported in the full amount under non-current liabilities from other loans. Other short-term loans related primarily to the demand and term deposits set aside for the short term by related parties. This increase occurred in relation to the balance sheet date. 

Loans from affiliated companies include short-term loan liabilities to affiliated companies, which are not fully consolidated due to materiality. 

The loans from associates related in the previous year primarily to current loan liabilities to REWE partner companies. They were repaid during the financial year.

Other liabilities from financial transactions primarily consisted of liabilities from current settlement accounts with related parties and affiliates. The increase resulted from the first-time consolidation of REWE Dortmund SE & Co. KG, Dortmund. This was offset in part by the settlement of a short-term liability with a former minority shareholder.

The liabilities from derivative financial instruments essentially concern currency derivatives. Further explanations of changes in derivative financial instruments can be found in note 41 "Disclosures of Financial Instruments".

Non-controlling interests in the net assets of companies relate to shares in consolidated companies that guarantee the holder the right to return them to the issuer for cash or cash equivalents or other financial assets. They include shares in partnerships and the co-operative shares in RZF. As at the balance sheet date, the total of 482 co-operative shares were held by 14 members (previous year: 16) and by two departing members with a total of two co-operative shares. The par value of each co-operative share is 800.00 euros. As in the previous year, the total uncalled liability of all members totalled 0.4 million euros as at 31 December 2017. 

All financial liabilities, with the exception of liabilities from derivative financial instruments and liabilities from finance leases (see note 24 "Leases") are recognised at the amount repayable.