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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.