Company Valuation Under IFRS : Interpreting and Forecasting ...

Company valuation under IFRS
2. Metro fixed costs (€ million)
Year 2002 2003 2004 2005 2006 2007 2008
Selling expenses (10,377) (10,636) (10,901) (11,174) (11,452) (11,738) (12,031)
Annual growth 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%
General (1,013) (1,031) (1,049) (1,068) (1,087) (1,106) (1,126)
administrative
expenses
Annual growth 1.8% 1.8% 1.8% 1.8% 1.8% 1.8%
Other operating (115) (112) (109) (106) (103) (101) (98)
expenses
Annual growth (2.6%) (2.6%) (2.6%) (2.6%) (2.6%) (2.6%)
172