pdf (2.5 MB) - METRO Group

More documents

Recommendations

Info

METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : OThER NOTES Other notes 40. Notes to the cash flow statement In accordance with IAS 7 (Statement of Cash flows), the consolidated statement of cash flows describes changes in the Group’s liquid funds through cash inflows and outflows during the reporting year. The item cash and cash equivalents includes cash and cash on hand as well as bank deposits with a remaining term of up to three months. The cash flow statement distinguishes between changes in cash levels from operating, investing and financing activities. Cash flows from discontinued operations are shown separately where they concern operations to be disposed of. following the divestment of the Adler fashion stores, the cash flows of these discontinued operations are listed separately for the previous year. during the financial year under review, the assets and liabilities of the french consumer electronics stores were shown under “assets held for sale” and “liabilities related to assets held for sale”. The reclassified assets include cash on hand totalling €29 million. during the reporting year, net cash provided by operating activities of continuing operations amounted to €2,514 million (previous year: €2,494 million). fixed assets include €1,232 million in write-downs (previous year: €1,177 million), €178 million (previous year: €212 million) in intangible assets and €17 million (previous year: €7 million) in investment properties. On the other hand, write-backs amount to €47 million (previous year: €9 million). The change in net working capital amounts to €–288 million (previous year: €62 million) and includes changes in inventories, trade receivables and receivables due from suppliers, credit card receivables and prepayments made on inventories in the item “other receivables and assets”. In addition, the item includes changes in trade payables and liabilities to customers and prepayments made on orders included in the item “other liabilities”. Aside from numerous individual items, “others” essentially include reclassifications of gains from asset disposals totalling €–215 million (previous year: €–51 million) as well as from company divestments amounting to €–68 million (previous year: €0 million) to cash flow → p. 200 from investing activities. In addition, this item includes changes in payroll liabilities totalling €69 million (previous year: €–14 million). In the financial year 2010, the Group recorded cash outflows of €961 million (previous year: cash outflows of €1,162 million) from investing activities of continuing operations. The amount of investments in fixed assets shown as cash outflows differs from the inflows shown in the asset statement in the amount of non-cash transactions. These essentially concern currency effects and additions from finance leases. Other investments include investments in intangible assets totalling €137 million as well as financial assets amounting to €196 million. The divestment of the Metro Cash & Carry stores in Morocco and the disposal of a real estate company resulted in cash inflows of €121 million in the reporting year (previous year: cash outflow of €34 million from the divestment of the Adler fashion stores). Other asset disposals essentially comprise cash inflows from real estate divestments. In the financial year 2010, financing activities of continuing operations generated cash outflows of €734 million (previous year: cash outflows of €1,225 million). 41. Segment reporting Segment reporting has been carried out in accordance with IfRS 8 (Operating Segments). The segmentation corresponds to the Group’s internal controlling and reporting structures and is generally based on the division of the business into individual branches. Self-service wholesale Metro Cash & Carry is now represented in 30 countries through its Metro and Makro brands. Its assortments, services and complete solutions are customised to the requirements of commercial customers, including hotel and restaurant owners, catering firms, independent retailers as well as service providers and public authorities. Food retail Real operates hypermarkets in Germany and Poland. In addition, the sales division has locations in Romania, Russia, ukraine and Turkey. All stores offer a wide range of food including a large share of fresh products, which is supplemented by a nonfood assortment.
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : OThER NOTES Consumer electronics retail Media Markt and Saturn offers a comprehensive assortment including the latest brand products. With its two strong brands, the sales division is now represented in 17 countries. Department stores Galeria Kaufhof operates department stores in Germany and Belgium. In Belgium, the sales division operates under the name Galeria Inno. Galeria’s department stores offer high-quality assortments with a focus on textiles. Real Estate METRO Group Asset Management manages METRO GROuP’s real estate assets in 30 countries. Its responsibilities include, among other things, actively increasing the portfolio value, developing new stores and branches as well as managing existing locations. Additional information on the segments is provided in the management report. Aside from the information on the operating segments listed above, equivalent information is provided on the Metro regions. here, a distinction is made between the regions Germany, Western Europe excluding Germany, Eastern Europe and Asia/Africa. → External sales represent sales of the operating segments to third parties outside the Group. → Internal sales represent sales between the Group’s operating segments. → Segment EBITdAR represents EBITdA before rental expenses less rental income. → Segment EBITdA comprises EBIT before write-downs and write-ups on tangible and intangible assets. → EBIT as the key ratio for segment reporting describes operating earnings for the period before net financial income and income taxes. Intra-Group rental contracts are shown as operating leases in the segments. The properties are leased at market rates. In principle, location risks and recoverability risks related to non-current assets are only shown in the segments when they represent Group risks. → Segment investments include additions to assets adjusted for additions due to the reclassification of → p. 201 “assets held for sale” as fixed assets. Additions to noncurrent financial assets represent another exception. → Segment assets include non-current and current assets. They do not include mostly financial assets according to the balance sheet, income tax items, cash and assets allocable to discontinued operations. → Segment liabilities include non-current and current liabilities. They do not include, in particular, financial liabilities according to the balance sheet, income tax items and liabilities allocable to discontinued operations. → In principle, transfers between segments are made based on the costs incurred from the Group’s perspective. → discontinued operations in 2009 include the figures relating to the Adler fashion stores. Reconciliation statement € million 31/12/2010 Segment assets 28,064 Non-current and current financial assets 251 Cash and cash equivalents 4,799 deferred taxes 1,000 Entitlements to income tax refunds 412 Other entitlements to tax refunds 1 356 Receivables from other financial transactions 2 108 Other 77 Group assets 35,067 Segment liabilities 19,031 Non-current and current financial liabilities 8,283 deferred taxes 212 Income tax liabilities 291 Income tax provisions 3 147 Other tax liabilities 4 535 liabilities from other financial transactions 4 41 liabilities to third parties 4 30 Other 37 Group liabilities 28,607 1 Included in balance sheet item “other receivables and assets” (current) 2 Included in balance sheet items “other receivables and assets” (non-current and current) 3 Included in balance sheet items “other provisions” (non-current) and “provisions” (current) 4 Included in balance sheet item “other liabilities” (non-current and current)
Page 1 and 2:
Metro GrouP 2010 strateGY investMen
Page 3 and 4:
Metro Group : annual report 2010 :
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
METRO GROUP : ANNUAL REPORT 2010 :
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103: METRO GROUP : ANNUAL REPORT 2010 :
Page 202 and 203:
Page 204 and 205:
show all

pdf (2.5 MB) - METRO Group

Create successful ePaper yourself

Delete template?

Save as template?