13 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 2013 the discounted value of the minimum lease obligations included in these lease contracts was EUR 2,286.7 million (2012: EUR 2,028.3 million). Movements in the lease obligations are shown in the following table.

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

Loans

At the end of 2013 the total amount of the interest-bearing monetary loans recognised under the current and long-term liabilities was EUR 1,521.4 million (2012: EUR 1,595.5 million), from which the capitalised transaction costs of EUR 10.6 million (2012: EUR 10.2 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 2013, the total monetary loans decreased on balance by EUR -74.1 million. The changes are shown in the following table.

Movements in 2013 mainly concern the refinancing of part of the total loan portfolio, amounting to EUR 300 million for a period of five years. In October 2013, Q-Park reached agreement on the refinancing of EUR 280.0 million; the remaining part was repaid with available cash. Additionally, a substantial part of the bilateral loans were repaid in 2013 from the proceeds from the sale of various car parks.

The loans acquired, amounting to EUR 6.0 million, concern Q-Park Heerlen BV (formerly: Parkeer Heerlen BV) which is included in the 2013 consolidation.

At the end of 2013, the unutilised portion of the total financing amounted to EUR 50.0 million (2012: EUR 45.0 million). Of this unutilised portion, EUR 8.0 million is blocked for bank guarantees and ancillary facilities.

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

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 69.9 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 2013, including the financial instruments linked to these loans, amounted to 5.3% (2012: 5.4%). 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 1,535 million (2012: EUR 1,767 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 1,055 million (2012: EUR 1,220 million). Variable interest loans are partially hedged by means of interest rate swaps (IRS) in order to limit interest fluctuations to 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 25.

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 25.

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.