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 2016, the discounted value of the minimum lease obligations included in these lease contracts was EUR 2,803.2 million (2015: EUR 2,868.9 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 are based on the most recent estimates of the lease obligations. The minimum lease obligations as recognised on the balance sheet are further specified in the following table.

Loans

At the end of 2016, the total amount of the interest-bearing monetary loans recognised under the current and long-term liabilities was EUR 1,126.5 million (2015: EUR 1,208.8 million), from which the capitalised transaction costs of EUR 6.1 million (2015: EUR 7.5 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 referred to as 'total monetary loans'.

In 2016, the total monetary loans decreased by EUR -82.3 million. The changes are shown in the following table.

The main part of the loan balance consists of the Revolving Credit Facility which has a limit of EUR 925.0 million and matures in 2021. Q-Park may borrow and repay amounts at will within the limit. The financing ratios as agreed for this loan are the ‘interest coverage ratio’ (ICR) and the ‘Net bank debt / EBITDA’ ratio. At the end of 2016, the unutilised portion of the total financing amounted to EUR 126.0 million (2015: EUR 90.0 million). Of this unutilised portion, EUR 20.0 million is blocked for bank guarantees and ancillary facilities.

Movements in 2015 mainly concern the early refinancing of the syndicated loan and the further reduction of loans drawn under this facility (standing credit facility).

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

Taking the planned repayments and maturing interest rate swaps (IRS) into account, the interest costs to be paid in the coming five years are expected to average EUR 32.0 million per year.

The average effective interest rate percentage on the loans outstanding in 2016, including the financial instruments linked to these monetary loans, amounted to 3.7% (2015: 4.4%). Investment property with a balance sheet value of EUR 2,777.2 million (2015: EUR 2,599.7 million) has been pledged, either via mortgage or share pledge. 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 the note on 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 the note on risk management with regard to financial instruments.

The other long-term liabilities have a remaining contract period between one and five years.