|in million €||31/12/2018||31/12/2017|
|Contingent liabilities from guarantees||412.3||147.2|
|Contingent liabilities from warranties||15.8||8.1|
|Other contingent liabilities||69.1||69.9|
Contingent liabilities from guarantees essentially concern payment guarantees to financial institutions. These relate primarily to guarantees assumed by RZF for various Kuoni companies in the Travel and Tourism business segment. In some countries in which the Kuoni companies operate, local laws require that travel guarantees and payment guarantees be given by the tour operator in order to hedge against the default risks of the organiser vis-à-vis the customer. These guarantees have virtually all been assumed by way of guarantee contract by RZF for the Kuoni companies vis-à-vis the banks.
In addition, for the first time this includes rent guarantees from the Retail Germany business segment as well as a guarantee from RIF for outstanding merchandise liabilities of EURELEC Trading SCRL, Brussels, Belgium.
Contingent liabilities from guarantee agreements include primarily letters of comfort to financial institutions for possible use by REWE partner investment companies as general partners of the associated REWE partner companies taking out the loans.
The other contingent liabilities relate primarily to contingent liabilities from del credere-assumptions. They arose from the joint assumption of liabilities from goods purchased from member operations and invoiced only in the subsequent year.
In addition, there are obligations in the Travel and Tourism business segment amounting to 394.0 million euros (previous year: 686.1 million euros) from guaranteed quota contracts with hotels and various airlines as well as prepayment obligations agreed with hotels. The obligations are subject to major annual fluctuations depending on expected capacity utilisations.