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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS
→ NOTES : NOTES TO ThE BAl ANCE ShEET
Additions to tangible assets resulted mainly from the opening
of new Metro Cash & Carry and Media Markt and Saturn stores.
While the increase in tangible assets at Metro Cash & Carry
was largely due to expansion in Eastern Europe and Asia,
the increase at Media Markt and Saturn primarily resulted
from new openings in Eastern and Western Europe.
Effects of currency translation raised tangible assets by
€226 million (previous year: €105 million). These stemmed
largely from exchange rate developments in Russia,
ukraine, Poland, the Czech Republic, China, Japan and
India.
limitations to the disposal of assets in the form of liens and
encumbrances amounted to €346 million (previous year:
€384 million).
Purchasing obligations for tangible assets in the amount of
€250 million (previous year: €182 million) were made.
Assets used by the Group under the terms of finance lease
agreements were valued at €1,074 million (previous year:
€1,113 million). The assets involved are mainly leased
buildings.
finance leases generally have terms of 15 to 25 years with
options under expiration to extend them at least once for five
years. The interest rates in the leases vary by market and
date of signing between 3.1 percent and 25.1 percent.
In addition to finance leases, METRO GROuP also signed
other types of leases classified as operating leases based
on their economic value. Operating leases generally have an
initial term of up to 15 years. The interest rates in the leases
are based partly on variable and partly on fixed rents.
Payments due under finance and operating leases in the
indicated period are shown below:
€ million
Up to
1 year
1 to
5 years
→ p. 177
Over
5 years
Finance leases 31/12/2010
future lease payments due (nominal) 224 837 1,555
discount –18 –229 –780
Present value
Operating leases 31/12/2010
206 608 775
future lease payments due (nominal) 1,437 4,726 4,280
Up to 1 to Over
€ million
Finance leases 31/12/2009
1 year 5 years 5 years
future lease payments due (nominal) 224 824 1,501
discount –15 –247 –678
Present value
Operating leases 31/12/2009
209 577 823
future lease payments due (nominal) 1,393 4,494 4,071
future payments due on finance leases contain payments
amounting to €99 million (previous year: €99 million) for
options to purchase assets at favourable prices.
The nominal value of future lease payments to METRO GROuP
coming from the subleasing of assets held under finance
leases amounts to €182 million (previous year: €222 million).
The nominal value of future lease payments due to
METRO GROuP resulting from the subleasing of assets held
under operating leases amounts to €993 million (previous
year: €1,023 million).
Net profit for the period includes payments made under
leasing agreements amounting to €1,497 million (previous
year: €1,470 million) and payments received under subleasing
agreements amounting to €417 million (previous year:
€404 million).
Contingent lease payments from finance leases recognised
as expenses during the period amount to €8 million (previous
year: €8 million).
Contingent lease payments from operating leases recognised
as expenses during the period amount to €62 million
(previous year: €58 million).