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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE INCOME STATEMENT Equity and debt capital, net balance sheet debt in the consolidated financial statements Equity amounted to €6,460 million (previous year: €5,992 million), while debt capital reached €28,607 million (previous year: €27,290 million). Net balance sheet debt amounted to €3,478 million compared to €3,724 million in the previous year. € million 31/12/2010 31/12/20091 Equity 6,460 5,992 Debt capital 28,607 27,290 Net debt 3,478 3,724 financial liabilities (incl. finance leases) 8,283 7,727 Cash and cash equivalents 4,799 3,996 Term deposits > 3 months < 1 year2 6 7 1 Adjustment of previous year’s figures due to revised disclosure 2 Included in the balance sheet item “other receivables and assets (current)” Local capital requirements The capital market strategy of METRO GROuP consistently aims to ensure that the Group companies’ capital resources comply with local requirements. during the reporting year, all external capital requirements were fulfilled. This includes, for example, adherence to a maximum level of indebtedness or a fixed equity ratio. Notes to the income statement 1. Sales (Net) sales can be broken down as follows: € million 2010 2009 Metro Cash & Carry 31,095 30,613 Real 11,499 11,298 Media Markt and Saturn 20,794 19,693 Galeria Kaufhof 3,584 3,539 Others 286 386 67,258 65,529 The sales listed in the “others” segment were mainly generated by MGB METRO Group Buying at €238 million (previous year: €253 million) and Grillpfanne at €13 million (previous year: €73 million incl. AXXE). → p. 168 A total of €41.1 billion (previous year: €39.0 billion) in sales was generated by Group companies based outside of Germany. for a breakdown of sales by divisions and regions, see the segment reporting. 2. Other operating income € million Rents incl. reimbursements of subsidiary 2010 2009 rental costs 479 477 Services/cost refunds 306 294 Services rendered to suppliers Gains from the disposal of fixed assets and 298 225 from write-backs 279 95 Income from deconsolidation 52 0 Miscellaneous 213 216 1,627 1,307 Gains from the disposal of fixed assets primarily include revenues from sale-and-lease-back transactions totalling €198 million (previous year: €85 million). Income from deconsolidation essentially includes gains from the disposal of shareholdings in Metro Cash & Carry Morocco S.A. Other operating income comprises, among other things, income from damages, income from construction services, public aid, income from the derecognition of statute-barred liabilities, income from canteen revenues, other reimbursements as well as a multitude of additional items. 3. Selling expenses € million 2010 2009 Personnel expenses 5,940 5,825 Cost of materials 6,233 6,029 12,173 11,854 The increase in selling expenses is due to expansion and expenses related to the disposal of the consumer electronics stores in france, in particular.
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE INCOME STATEMENT The increase in personnel expenses is essentially due to expansion, particularly at Media Markt and Saturn. This increase, however, is weakened by the decline in newly initiated Shape measures, which resulted in a reduction of related personnel expenses. In addition, savings from already implemented Shape measures dampened the cost increase. In addition, in the cost of materials, impairments and provisions related to the decision to dispose of the french consumer electronics stores resulted in one-time expenses of €119 million. 4. General administrative expenses € million 2010 2009 Personnel expenses 889 831 Cost of materials 696 758 1,585 1,589 Special items related to Shape 2012 impacted general administrative expenses markedly less than a year earlier. In addition, cost savings from already effective Shape measures have generated additional cost reductions. however, these savings effects were largely offset by the mostly expansion-related cost increase. In the area of personnel expenses, this resulted in an increase of €58 million. The cost of materials, in turn, declined by €62 million overall. 5. Other operating expenses € million 2010 2009 losses from the disposal of fixed assets 21 23 Miscellaneous 30 25 51 48 Miscellaneous other operating expenses include expenses from the waiver of receivables and a multitude of other circumstances. 6. Other investment result Profit distribution accounts for the main portion of other investment result in the amount of €15 million (previous year: €15 million). 7. Interest income/interest expenses Net interest income can be broken down as follows: → p. 169 € million 2010 2009 Interest income 112 129 thereof finance leases (1) (1) thereof pension provisions (41) (42) thereof financial instruments of the IAS 39 measurement categories: loans and receivables incl. cash and cash equivalents (46) (61) held to maturity (0) (0) held for trading incl. derivatives within hedges in accordance with IAS 39 (5) (6) available for sale (0) (0) Interest expenses –718 –682 thereof finance leases (–117) (–112) thereof pension provisions (–127) (–105) thereof financial instruments of the IAS 39 measurement categories: held for trading incl. derivatives within hedges in accordance with IAS 39 (–10) (–25) other financial liabilities (–388) (–380) –606 –553 Interest income and interest expenses from financial instruments are assigned to IAS 39 measurement categories on the basis of the underlying transaction.
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