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Outside financing of option properties<br />
The book values of option properties at December<br />
31, 1996, amount to DM 4,681 million, the<br />
pertinent residual liabilities to DM 4,896 million.<br />
DM 117 million was repaid in fiscal 1996.<br />
Capital expenditure<br />
The Real Estate division spent a total DM 590.3<br />
million to acquire additional properties, DM<br />
424.6 million thereof allocable to tangible and<br />
intangible assets, the remaining DM 165.7<br />
million to investments in (almost exclusively<br />
non-German) real-estate enterprises holding<br />
properties for the expansion planned abroad.<br />
Real Estate’s result from ordinary operations<br />
came to DM 179.4 million.<br />
Some 80 percent of Real Estate’s rental income<br />
was earned from <strong>METRO</strong> <strong>AG</strong> <strong>Group</strong> companies.<br />
54<br />
Others<br />
The “Others” division comprises essentially the<br />
affiliates Free Com Die Telekommunikationsgesellschaft<br />
(marketing, importation and exportation<br />
of mobile telecommunications equipment),<br />
Rungis Express (wholesale, supplying<br />
the restaurant and catering trade, with special<br />
emphasis on fresh produce and high quality),<br />
Jacques’ Wein-Depot (wine retailing), CWD<br />
(importing of and trading in wine, champagne<br />
and sparkling wine), Michel Farah (mainly<br />
clothes importing, exporting, wholesaling<br />
and retailing), as well as Massa-Ausbauhaus.<br />
The sales generated by the division rose by<br />
15.1 percent to DM 894 million, the result from<br />
ordinary operations reaching DM 69.1 million.<br />
The division’s capital expenditure totaled DM<br />
128.4 million.<br />
The number of employees, translated into fulltimers,<br />
averaged 5,472.
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