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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE BAl ANCE ShEET 27. Impairments of capitalised financial instruments Impairments of capitalised financial instruments that are measured at amortised cost are as follows: € million Category “loans and receivables” Category “held to maturity” At 1/1/2009 210 0 Currency translation –1 0 Change in consolidation group 0 0 Additions 105 0 disposals –63 0 utilisation –55 0 Transfers 0 0 At 31/12/2009 / 1/1/2010 196 0 Currency translation 1 0 Change in consolidation group –4 0 Additions 123 0 disposals –90 0 utilisation –60 0 Transfers 0 0 At 31/12/2010 166 0 € million → p. 182 Negative earnings effects from impairment in the amount of €31 million (previous year: €40 million) existed in the “loans and receivables” category. This also includes earnings from the receipt of cash and cash equivalents from receivables of €2 million (previous year: €2 million) released due to expected irrecoverability. As in the previous year, no earnings effects existed in the category “held to maturity”. 28. Book values of overdue capitalised financial instruments not adjusted for bad debt The following capitalised financial instruments were overdue as of the closing date and were not adjusted for bad debt: Total book value 31/12/2010 thereof not adjusted for bad debt and overdue as of the closing date Within the last 90 days For 91 to 180 days For 181 to 270 days For 271 to 360 days For more than 360 days Assets in the category “loans and receivables” 2,731 154 4 1 1 3 in the category “held to maturity” 0 0 0 0 0 0 in the category “held for trading” 30 0 0 0 0 0 in the category “available for sale” 13 0 0 0 0 0 2,774 154 4 1 1 3 thereof not adjusted for bad debt and overdue as of the closing date Total Within For For For For book value the last 91 to 181 to 271 to more than € million Assets 31/12/2009 90 days 180 days 270 days 360 days 360 days in the category “loans and receivables” 1 2,722 141 6 0 2 8 in the category “held to maturity” 9 0 0 0 0 0 in the category “held for trading” 35 0 0 0 0 0 in the category “available for sale” 23 0 0 0 0 0 2,789 141 6 0 2 8 1 Adjustment of previous year’s figures due to revised disclosure
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE BAl ANCE ShEET loans and receivables due within the last 90 days largely result from standard business payment transactions without or with short-term payment targets. for non-adjusted loans and receivables over 90 days overdue, there is no indication as of the closing date that debtors will not fulfil their payment obligations. This is also the case for all capitalised financial instruments that are not overdue and not adjusted for bad debt. 29. Cash and cash equivalents € million 31/12/2010 31/12/2009 Cheques and cash on hand 128 149 Bank deposits 4,671 3,847 4,799 3,996 for further details, see no. 40 “Notes to the cash flow statement”. 30. Assets held for sale/liabilities related to assets held for sale In december 2010, METRO GROuP decided to sell all of its consumer electronics stores in france to the french investor high Tech Multicanal Group SA (hTM Group). This resulted in expenses totalling €121 million in accordance with the measurement principles of IAS 16, 36 and 37. Of this total, non-scheduled write-downs account for €71 million and the creation of provisions for onerous contracts for €50 million. from the time of the approval of the sales transaction by the relevant boards of METRO GROuP, all assets (€197 million) and liabilities (€386 million) of the french consumer electronics stores were treated as disposal groups in accordance with IfRS 5. following the consolidation of all intra-Group assets and liabilities, they are therefore recognised in the balance sheet item “assets held for sale” (€196 million) and “liabilities related to assets held for sale” (€193 million), respectively. No non-scheduled write-downs became necessary in the context of the adjustment of the carrying amounts of these assets and liabilities held for sale to the fair value less selling expenses. The sales agreement with the hTM Group was signed on 18 december 2010 and remains subject to the approval of the french anti-trust authority. until this approval has been issued, the french consumer electronics stores will remain part of METRO GROuP and will contribute to Group results. → p. 183 following the consolidation of all intra-Group circumstances, the assets and liabilities that were reclassified in the context of this divestment consist of the following items: € million 2010 Assets financial assets (non-current) 1 Other receivables and assets (non-current) 1 Inventories 91 Trade receivables 7 Other receivables and assets (current) 67 Cash and cash equivalents Liabilities 29 196 Provisions for pensions and similar obligations 1 Trade liabilities 111 Other provisions (current) 53 Other liabilities (current) 28 193 The assets and liabilities held for sale of the french consumer electronics stores contribute €164 million to segment assets and €185 million to segment liabilities in the Media Markt and Saturn segment. In addition, by contractual agreement of 16 december 2010, METRO GROuP sold its 9 percent shareholding in loyalty Partner holdings S.A., luxembourg (loyalty) to Amex Global holdings CV, Jersey. This sales agreement is still subject to the approval of the German anti-trust authority. for this reason, the carrying amount of the shares in loyalty in the amount of €13 million was reclassified from noncurrent financial assets to the item “assets held for sale”. A non-scheduled write-down of the carrying amount to the lower of cost or market less selling expenses was not required. The divestment is expected to be recognised in the first half of the financial year 2011 once the German antitrust authority has issued its approval. The value of the balance sheet item “assets held for sale” increased by €32 million as a result of the reclassification of several real estate assets from non-current assets and renovation-related retroactive capitalisations of real estate assets already included in assets held for sale. Real estate
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