Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Profit appropriation<br />
<strong>METRO</strong> <strong>AG</strong>’s Supervisory and Executive Boards<br />
will propose to the annual stockholders’ meeting<br />
on July 9, 1997, to appropriate the profit<br />
of DM 403.4 million, which remains after transfer<br />
to the reserves retained from earnings,<br />
as follows:<br />
Distribution of a cash dividend of DM 2<br />
plus a bonus of DM 2, totaling DM 4 for<br />
each DM 5 share of common stock at par<br />
Distribution of a cash dividend of DM 2.25<br />
plus a bonus of DM 2, totaling DM 4.25 for<br />
each DM 5 share of preferred stock I at par<br />
Distribution of a cash dividend of DM 2.25<br />
plus a bonus of DM 2, totaling DM 4.25 for<br />
each DM 5 share of preferred stock II at par<br />
Attaching to the dividend is a tax credit of 3 / 7<br />
of DM 0.152 per share of common stock, and<br />
one of 3 / 7 of DM 0.161 per share of preferred<br />
stock; German resident stockholders may offset<br />
this credit against their personal or corporate<br />
income taxes, together with the capital<br />
yields tax and the solidarity surtax.<br />
Cash flow and capital expenditure in the <strong>Group</strong><br />
The <strong>METRO</strong> <strong>AG</strong> <strong>Group</strong>’s cash flow reached<br />
DM 1,948 million and thus clearly exceeded the<br />
DM 1,514 million of funds used in investing<br />
activities.<br />
Cash flow, <strong>METRO</strong> <strong>AG</strong> <strong>Group</strong><br />
<strong>METRO</strong> <strong>AG</strong><br />
Management Report<br />
In DM million 1996<br />
Net income of the <strong>Group</strong> 717<br />
Amortization/depreciation/<br />
write-down of fixed assets 1,218<br />
Change in noncurrent accruals 7<br />
Transfer to untaxed/<br />
special reserves 17<br />
All other items (11)<br />
1,948<br />
The Real Estate division spent DM 424.6 million,<br />
particularly to secure land acquisitions in Germany<br />
and abroad and to erect buildings.<br />
Department Stores invested DM 290.5 million,<br />
primarily in the swift changeover to the successful<br />
Galeria Kaufhof merchandising concept.<br />
The integration of outlets into the Real merchandising<br />
concept accounted for a capital expenditure<br />
by Hypermarkets of DM 197.5 million.<br />
Metro Wholesale spent a total DM 134 million,<br />
largely directed toward expansion in the People’s<br />
Republic of China and in Romania.<br />
Consumer Electronics Centers used DM 112 million<br />
to invest in the network of German and foreign<br />
branches.<br />
Expansion abroad and additional outlets opened<br />
up in Germany required Home Improvement<br />
Centers to spend DM 86.4 million.<br />
15
Change language