Company Valuation Under IFRS : Interpreting and Forecasting ...

Company valuation under IFRS
6. Metro fixed assets (€ million)
Year 2003 2004 2005 2006 2007 2008
Tangible fixed assets
Opening gross value 12,597 16,408 16,803 17,272 17,809 18,410
Additions 1,421 1,500 1,600 1,700 1,800 1,900
Disposals and transfers (499) (1,105) (1,131) (1,163) (1,199) (1,239)
Other items 2,889 0 0 0 0 0
Closing gross value 16,408 16,803 17,272 17,809 18,410 19,071
Historical long term growth 2.0%
Opening net value 7,201 10,490 10,741 11,062 11,447 11,891
Additions 1,421 1,500 1,600 1,700 1,800 1,900
Depreciation (959) (1,249) (1,279) (1,315) (1,356) (1,402)
Other items 2,827 0 0 0 0 0
Closing net value 10,490 10,741 11,062 11,447 11,891 12,389
Opening gross assets/depreciation 13.1
Closing cumulative depreciation 5,918 6,063 6,211 6,363 6,520 6,682
Opening fixed asset turn 7.4 5.2 5.2 5.2 5.2 5.2
7. Metro working capital (€ million)
Year 2003 2004 2005 2006 2007 2008
Inventory days 52 52 52 52 52 52
Trade receivables days 2 2 2 2 2 2
Other receivables (% sales) 3.8% 3.8% 3.8% 3.8% 3.8% 3.8%
Trade payables days 87 87 87 87 87 87
Other liabilities (% sales) 3.9% 3.9% 3.9% 3.9% 3.9% 3.9%
Total non-cash working capital (3,663) (3,726) (3,825) (3,940) (4,076) (4,235)
Opening working capital turn (23) (15) (15) (15) (15) (15)
8. Metro equity (€ million)
Year 2003 2004 2005 2006 2007 2008
Share price (Euro) 36.76
Par value (Euro) 2.56
Equity issued 0 0 0 0 0
Equity bought back 0 0 0 0 0
Shares issued 0 0 0 0 0
Shares bought back 0 0 0 0 0
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