pdf (2.5 MB) - METRO Group

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