15 Financial liabilities

	Dec. 31, 2003				Dec. 31, 2002
	Total	of which remaining term			Total	of which remaining term
		up to 1 year	1 – 5 years	over 5 years		over 1 year

	€ million	€ million	€ million	€ million	€ million	€ million

Liabilities
banks	2,054.5	341.9	618.1	1,094.5	2,053.0	1,956.7

other creditors	425.4	26.0	42.9	356.5	498.5	482.4

affiliated companies	690.0	411.5	102.3	176.2	790.2	569.4

Nominal volume	3,169.9	779.4	763.3	1,627.2	3,341.7	3,008.5

Discounting of interest-free and low-interest loans	–363.2				–400.9
Financial liabilities	2,806.7				2,940.8

Loans bearing no interest or interest below market rates in return for occupancy rights at below the prevailing market rates appear at the present value in the balance sheet. The difference nominal values amounting to € 363.2 million (2002: € 400.9 million) is reported as Deferred income.

The interest rates on the financial liabilities towards banks and other creditors are between 0 and 10% (on average approx. 3.8 %). Viterra has credit lines with banks totalling € 471.3 million, of which € 321.9 million is still available.

In addition to the long-term loans from banks and other creditors, Viterra has received extensive funding from its stockholder, E.ON AG. To finance current business, Viterra was granted a credit line of € 550.0 million running until January 31, 2004, which was prolonged in January 2004 with an amount of € 150.0 million to November 30, 2004. As at the balance-sheet date, the € 550.0 million credit line had not been utilised. The average interest rate in 2003 was 2.31 % for overnight money and 2.66 % for six-month time deposits.

In addition, E.ON has granted Viterra a long-term loan of € 102.3 million (2002: five loans totalling € 407.9 million) with the interest rate fixed until October 1, 2007. The interest rate on this loan is 5.98 %. Four long-term loans for a total of € 305.6 million were repaid in 2003.

Of the financial liabilities, € 273.8 million are reported as short-term because, under the terms of these loans, the company expects that the financial liabilities must be repaid within one year.

Furthermore, there are financial liabilities towards E.ON Group companies totalling € 587.1 million of a variable interest entity to be included in the Viterra consolidated financial statements. Some of these liabilities (€ 411.1 million) have a variable interest rate (currently 2.906%) and are to be repaid by August 29, 2004. The other € 176.0 million can be repaid after 2008.

Viterra is part of the cash pooling system of E.ON. In addition, Viterra is obliged to utilise the available services of E.ON with regard to interest and foreign exchange transactions.

Of the financial liabilities, a nominal amount of € 1,661.9 million (2002: € 1,801.3 million) is secured by mortgages on real estate. Furthermore, other collateral has been provided for financial liabilities with a nominal value of € 464.0 million. Moreover, for financial liabilities of € 154.0 million, Viterra undertook to provide collateral in the form of a pledging of shares until June 30, 2004.

Maturity of the nominal value of the financial liabilities is as follows:

	2004	2005	2006	2007	2008	from 2009

	€ million	€ million	€ million	€ million	€ million	€ million

Financial liabilities	779.4	94.8	235.6	344.3	88.6	1,627.2