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<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE BAl ANCE ShEET deferred taxes recognised concern the following balance sheet items: In accordance with IAS 12, deferred taxes relating to differences between the carrying amount of a subsidiary’s pro rata assets and liabilities in the balance sheet and the investment book value for this subsidiary in the parent company’s tax statement must be created (so-called outside basis differences) if the tax benefit is likely to be realised in future. No deferred taxes were recognised for retained earnings of subsidiaries as these earnings will be reinvested over an indefinite period of time or are not subject to relevant taxation. As in the previous year, €6 million in deferred tax liabilities from outside basis differences were recognised for planned dividend payments. 31/12/2010 31/12/2009 1/1/2009 → p. 180 € million Asset Liability Asset Liability Asset Liability Goodwill 257 144 291 171 328 158 Other intangible assets 131 25 164 45 179 39 Tangible assets and investment properties 1 156 671 143 653 133 677 financial assets 7 8 6 9 10 4 Inventories 85 25 92 35 91 29 Other receivables and assets 2 124 85 139 74 120 73 Provisions for pensions and similar obligations 126 16 115 11 107 10 Other provisions 101 11 104 27 104 36 financial liabilities 1 417 5 415 4 510 3 Other liabilities 1 158 65 132 46 128 40 Outside basis differences 0 6 0 6 0 6 Non-scheduled write-downs 1 –40 0 –28 0 –22 0 loss carry-forwards 327 0 318 0 216 0 Total 1,849 1,061 1,891 1,081 1,904 1,075 Offset –849 –849 –865 –865 –854 –854 Book value of deferred taxes 1,000 212 1,026 216 1,050 221 1 Adjustment of previous year’s figures due to separate disclosure of non-scheduled write-downs 2 Adjustment of figures as of 1 January 2009 due to first-time adoption of revised IfRS in the financial year 2009 No deferred taxes were created for the following loss carryforwards and interest carried forward as well as temporary differences because a short-term realisation is not expected: € million 2010 2009 Corporate tax losses 6,488 5,686 Business tax losses 6,839 6,523 Interest carried forward 6 6 Temporary differences 121 92 The losses primarily concern Germany. They can be carried forward without limitations.
<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE BAl ANCE ShEET Tax effects on components of other comprehensive income € million 25. Inventories € million 31/12/2010 31/12/2009 food merchandise 2,147 2,011 Nonfood merchandise 5,311 5,099 7,458 7,110 Inventories can be broken down by sales division as follows: The increase in inventories is primarily attributable to the expansion – particularly in the international business – of the Media Markt and Saturn as well as Metro Cash & Carry sales divisions. An additional increase in inventory levels 2010 2009 Before taxes Taxes After taxes Before taxes Taxes → p. 181 Change in revaluation reserve 0 0 0 0 0 0 Currency translation differences from the conversion of the accounts of foreign operations Effective share of gains/losses from cash flow hedges and stock bonus 134 –13 121 –78 5 –73 programmes Gains/losses from the revaluation of financial instruments in the –4 0 –4 10 –2 8 category “available for sale” 0 0 0 0 0 0 Other changes 5 0 5 0 0 0 Remaining income tax on other comprehensive income 0 13 13 0 13 13 € million 31/12/2010 31/12/2009 Metro Cash & Carry 2,514 2,263 Real 1,030 1,027 Media Markt and Saturn 3,112 3,014 Galeria Kaufhof 474 508 Others 328 298 7,458 7,110 After taxes 135 0 135 –68 16 –52 due to currency effects was offset by the reclassification of inventories to the balance sheet item “assets held for sale” in the context of the agreed-upon sale of consumer electronics stores in france. Inventories include write-downs of €317 million (previous year: €348 million). 26. Trade receivables Of total trade receivables of €526 million (previous year: €539 million), €1 million (previous year: €2 million) is due in over one year. The decline in trade receivables is essentially attributable to the decline in the commission business compared to the previous year. In addition, a reclassification to the item “assets held for sale” was carried out in the context of the disposal of the french consumer electronics stores. This was partly offset by the opening of new locations in the context of the expansion and special sales promotions at the end of the year.
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