14 Non-current liabilities

Lease obligations

The group has agreed financial and operational lease contracts which qualify as property investments in the context of IAS 40. At the end of 2014 the discounted value of the minimum lease obligations included in these lease contracts was EUR 2,598.8 million (2013: EUR 2,286.7 million).

The composition of the lease obligations is shown in the following table.

Movements in the lease obligations are shown in the following table.

The minimum lease obligations as recognised in the balance sheet are further specified in the following table.

The minimum lease obligations are based on the most recent estimates of the lease obligations. Due to the lack of the necessary detailed information, some elements of the minimum lease obligations determined in this manner do not conform to the theoretical definitions in IAS 17. The uncertainty in the minimum lease obligations has no further impact on the result after taxes or on the shareholders' equity in the financial year or in previous financial years.

Loans

At the end of 2014 the total amount of the interest-bearing monetary loans recognised under the current and long-term liabilities was EUR 1,334.0 million (2013: EUR 1,521.4 million), from which the capitalised transaction costs of EUR 8.0 million (2013: EUR 10.6 million) have been deducted.

The composition of the group's monetary loans is shown in the following table.

1. Basis for further notes and tables in this note. Further refered to as 'total monetary loans'.

In 2014, the total monetary loans decreased on balance by EUR -187.4 million. The changes are shown in the following table.

Movements in 2014 mainly concern repayments related to the sale-and-leaseback transactions.

At the end of 2014, the unutilised portion of the total financing amounted to EUR 50.0 million (2013 : EUR 50.0 million). Of this unutilised portion, EUR 8.0 million is blocked for bank guarantees and ancillary facilities.

In the coming years, the monetary loans will be repaid according to the schedule shown in the following table.

Of the repayments in the period between 1 and 5 years, more than 70% are due before 30 October 2016. Taking the planned repayments and maturing interest rate swaps into account, the interest costs to be paid in the coming four years are expected to average EUR 55.3 million per year.

The following table shows the interest rates on the monetary loans.

1. Including the effects of the related interest rate swaps

The average effective interest rate percentage on the loans outstanding in 2014, including the financial instruments linked to these monetary loans, amounted to 4.9% (2013: 5.3%). In order to augment the assurances of compliance with the liabilities arising from the above loans, investment property with a balance sheet value of EUR 1,413.0 million (2013: EUR 1,535.0 million) has been furnished as collateral. Company shares have also been pledged as further security in which investment property is recognised with a balance value of EUR 1,099.0 million (2013: EUR 1,055.0 million). Variable interest loans are partially hedged by means of interest rate swaps (IRS) in order to limit interest fluctuations to remain within the policy framework set by Q-Park. For a further explanation of the existing hedging and the Q-Park policy for managing its interest exposure and other financial risks, please refer to note risk management with regard to financial instruments.

Other long-term liabilities

The composition of the other long-term liabilities is shown in the following table.

For further notes on the financial derivatives, please refer to note risk management with regard to financial instruments.

The other long-term liabilities and amounts received in advance fully concern the liabilities arising from financial leases agreed in the countries and other long-term liabilities and have a remaining contract period of between one and five years.