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(17) Trade and Other Payables, Financial Liabilities, and Other Non-Financial Liabilities

(17a) Trade and Other Payables

 

Trade and Other Payables

€ millions   2016   2015
Current   Non-Current   Total   Current   Non-Current   Total
Trade payables   1,015   0   1,016   893   0   893
Advance payments received   145   0   145   110   0   110
Miscellaneous other liabilities   120   127   247   85   81   166
Trade and other payables   1,281   127   1,408   1,088   81   1,169

 

Miscellaneous other liabilities mainly include deferral amounts for free rent periods and liabilities related to government grants.

(17b) Financial Liabilities

 

Financial Liabilities

€ millions   2016   2015
Nominal Volume   Carrying Amount   Nominal Volume   Carrying Amount
Current   Non-Current   Current   Non-Current   Total   Current   Non-Current   Current   Non-Current   Total
Bonds   1,000   5,150   996   5,151   6,147   0   5,750   0   5,733   5,733
Private placement transactions   420   1,240   418   1,298   1,717   551   1,607   551   1,651   2,202
Bank loans   16   0   16   0   16   16   1,250   16   1,245   1,261
Financial debt   1,435   6,390   1,430   6,450   7,880   567   8,607   567   8,628   9,195
Derivatives   NA   NA   152   43   194   NA   NA   70   58   128
Other financial liabilities   NA   NA   231   −12   219   NA   NA   204   −5   199
Financial liabilities       1,813   6,481   8,294       841   8,681   9,522

 

Financial liabilities are unsecured, except for the retention of title and similar rights customary in our industry. Effective interest rates on our financial debt (including the effects from interest rate swaps) were 1.25% in 2016, 1.30% in 2015, and 1.77% in 2014.

For an analysis of the contractual cash flows of our financial liabilities based on maturity, see Note (24). For information about the risk associated with our financial liabilities, see Note (25). For information about fair values, see Note (26).

 

Bonds

    2016   2015
Maturity   Issue Price   Coupon
Rate
  Effective
Interest
Rate
  Nominal Volume
(in respective
currency in millions)
  Carrying Amount
(in € millions)
  Carrying Amount
(in € millions)
Eurobond 2 – 2010   2017   99.780%   3.50% (fix)   3.59%   €500   496   488
Eurobond 6 – 2012   2019   99.307%   2.125% (fix)   2.29%   €750   776   774
Eurobond 7 – 2014   2018   100.000%   0.000% (var.)   0.08%   €750   749   749
Eurobond 8 – 2014   2023   99.478%   1.125% (fix)   1.24%   €1,000   994   993
Eurobond 9 – 2014   2027   99.284%   1.75% (fix)   1.86%   €1,000   990   989
Eurobond 10 – 2015   2017   100.000%   0.000% (var.)   0.11%   €500   500   499
Eurobond 11 – 2015   2020   100.000%   0.000% (var.)   0.07%   €650   648   648
Eurobond 12 – 2015   2025   99.264%   1.00% (fix)   1.13%   €600   594   593
Eurobond 13 – 2016   2018   100.000%   0.000% (var.)   0.03%   €400   400   0
Eurobonds                       6,147   5,733

 

All of our Eurobonds are listed for trading on the Luxembourg Stock Exchange.

 

Private Placement Transactions

    2016   2015
Maturity   Coupon
Rate
  Effective
Interest
Rate
  Nominal Volume
(in respective
currency in millions)
  Carrying Amount
(in € millions)
  Carrying Amount
(in € millions)
U.S. private placements                        
Tranche 2 – 2010   2017   2.95% (fix)   3.03%   US$200   189   180
Tranche 3 – 2011   2016   2.77% (fix)   2.82%   US$600   0   551
Tranche 4 – 2011   2018   3.43% (fix)   3.50%   US$150   141   135
Tranche 5 – 2012   2017   2.13% (fix)   2.16%   US$242.5   229   221
Tranche 6 – 2012   2020   2.82% (fix)   2.86%   US$290   278   271
Tranche 7 – 2012   2022   3.18% (fix)   3.22%   US$444.5   439   426
Tranche 8 – 2012   2024   3.33% (fix)   3.37%   US$323   334   318
Tranche 9 – 2012   2027   3.53% (fix)   3.57%   US$100   107   100
Private placements           1,717   2,202

 

The U.S. private placement notes were issued by one of our subsidiaries that has the U.S. dollar as its functional currency.

 

Bank Loans

    2016   2015
Maturity   Coupon
Rate
  Effective
Interest
Rate
  Nominal Volume
(in respective
currency in millions)
  Carrying Amount
(in € millions)
  Carrying Amount
(in € millions)
Concur term loan – Facility B   2017   NA   NA   €0   0   1,245
Other loans               INR 1,051   16   16
Bank loans                   16   1,261

 

(17c) Other Non-Financial Liabilities

 

Other Non-Financial Liabilities

€ millions   2016   2015
Current   Non-Current   Total   Current   Non-Current   Total
Share-based payment liabilities   602   309   911   555   205   760
Other employee-related liabilities   2,545   152   2,697   2,255   126   2,381
Other taxes   552   0   552   597   0   597
Other non-financial liabilities   3,699   461   4,160   3,407   331   3,739

 

For more information about our share-based payments, see Note (27).

Other employee-related liabilities mainly relate to vacation obligations, bonus and sales commission obligations, as well as employee-related social security obligations.

Other taxes mainly comprise payroll tax liabilities and value-added tax liabilities.

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