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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS
→ NOTES : NOTES TO ThE GROuP ACCOuNTING PRINCIPlES ANd METhOdS
At this point, the first-time application of the aforementioned
accounting regulations is not expected to have a
material impact on the Group’s asset, financial and earnings
position.
Revised disclosure
Composition of net working capital
The composition of the item “changes in net working capital”
in the cash flow statement has been changed compared
to the previous year. Previously, net working capital only
comprised “inventories” and “trade liabilities”. under the
new definition, “trade receivables” and the items “receivables
from suppliers”, “credit card receivables” and “prepayments
made on inventories”, which are part of “other receivables
and assets” will also be included on the asset side. On
the liabilities side, the “other liabilities” items “liabilities to
customers” and “prepayments received on orders” will be
newly included. All these items were previously recognised
in the “other” item in the cash flow statement. As these
items have now been reclassified to the item “changes in net
working capital”, the amount of “cash flows from operating
activities of continuing operations” remains unchanged. for
better comparability, the previous year’s figures for 2009
were adjusted accordingly in the cash flow statement.
Reclassification of receivables from suppliers and
trade liabilities
In the balance sheet, reclassifications between “other
receivables and assets” (sub-item “receivables from suppliers”),
“trade receivables”, “trade liabilities” and “other
liabilities” (sub-item “other liabilities”) were carried out
outside of profit or loss to essentially account for the reconciliation.
for better comparability, the figures for the comparable
periods as of 31 december 2009 and 1 January 2009
were adjusted accordingly. As of 31 december 2009, the
reclassifications concerned “other receivables and assets”
(“receivables from suppliers”) in the amount of €–380 million,
“trade receivables” in the amount of €–5 million, “trade
liabilities” in the amount of €–383 million and “other liabilities”
(“other liabilities”) in the amount of €–2 million. As of
1 January 2009, the “other receivables and assets” (“receivables
from suppliers”) and “trade receivables” were
adjusted by €–298 million, respectively. These reclassifications
better reflect the economic import of these items,
allowing for the provision of more relevant information
about the asset and financial position of METRO GROuP.
→ p. 158
Reclassification of notes payable
Bills of exchange issued to suppliers are now shown under
“trade liabilities”. These bills of exchange were previously
assigned to the balance sheet item “financial liabilities”
(current). The changed disclosure better reflects the economic
import of the liability as it represents a financing
from transactions with suppliers and the issuance of bills
of exchange for supplier liabilities changes neither the
value of the liability nor its term. The previous year’s balance
sheet figures have been adjusted for better comparability.
As of 31 december 2009, notes payable totalling
€507 million, and as of 1 January 2009, notes payable totalling
€584 million were reclassified from the balance sheet
item “financial liabilities” (current) to “trade liabilities”.
Consequently, in the cash flow statement, the “changes in
net working capital” (“cash flow from operating activities
of continuing operations”) also include changes in these
notes payable, which were previously shown under “cash
flow from financing activities of continuing operations”. The
previous year’s figures in the cash flow statement have
been adjusted for better comparability. for the financial
year 2009, the adjustments in the cash flow statement
resulted in a decline in “cash flow from operating activities”
in the amount of €77 million. As a result of the transfer of
said notes payable to “trade liabilities”, the segment liabilities
of the Media Markt and Saturn sales division for the
financial year 2009 increased by €507 million. In addition,
the reclassification of the notes payable resulted in an
improvement of balance sheet net debt by €507 million as
of 31 december 2009.
Reclassifications within the statement of tangible assets
for transparency reasons, with retroactive effect from
1 January 2009, leasehold improvements are no longer
shown under “land and buildings”, but under “other plant,
business and office equipment” within tangible assets. As
of 1 January 2009, this changed disclosure resulted in a
reclassification of €656 million outside of profit or loss. The
effect as of 31 december 2009 amounted to €667 million.
In addition, “technical plant and machinery” items are also
included in “other plant, business and office equipment”
with retroactive effect from 1 January 2009. As a result, the
value of this item increased by €4 million as of 1 January 2009
and 31 december 2009, respectively.