pdf (2.5 MB) - METRO Group
pdf (2.5 MB) - METRO Group
pdf (2.5 MB) - METRO Group
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS<br />
→ GROUP MANAGEMENT REPORT : OvERvIEw OF ThE FINANCIAL yEAR 2010 ANd FORECAST<br />
<strong>Group</strong> manaGement report<br />
Overview of the financial year<br />
2010 and forecast<br />
Sales of <strong>METRO</strong> GROUP rose by 2.6 percent. EBIT before<br />
special items reached the highest level in the Company’s<br />
history, at €2,415 million.<br />
Earnings position<br />
→ Sales of <strong>METRO</strong> GROUP rose by 2.6 percent to €67.3 billion<br />
in 2010<br />
→ International <strong>Group</strong> sales increased by 5.4 percent, bolstered<br />
by positive currency effects<br />
→ Adjusted for location and other divestments, sales in<br />
Germany remained unchanged from the previous year’s<br />
level<br />
→ <strong>Group</strong> EBIT before special items reached €2.4 billion<br />
(previous year: €2.0 billion)<br />
→ Net profit for the period amounted to €936 million (previous<br />
year: €519 million) and included special items from<br />
Shape 2012 totalling €203 million (previous year: €305<br />
million)<br />
→ Earnings per share before special items rose to €3.12<br />
from €2.10 a year earlier<br />
Financial and asset position<br />
→ Investments increased by €0.2 billion to €1.7 billion<br />
→ Balance-sheet net debt fell by €0.2 billion to €3.5 billion<br />
→ p. 071<br />
→ Long-term rating remained unchanged at “BBB” (Standard<br />
& Poor’s) and “Baa2” (Moody’s)<br />
→ Cash flow from continuing operations was unchanged<br />
from a year earlier at €<strong>2.5</strong> billion<br />
→ Total assets increased by €1.8 billion to €35.1 billion<br />
compared with the previous year<br />
→ At €6.5 billion, equity was substantially higher than a<br />
year earlier; equity ratio rose by 0.4 percentage points to<br />
18.4 percent<br />
Forecast<br />
Sales<br />
<strong>METRO</strong> GROUP continues to expect to generate annual growth<br />
rates of more than 6 percent over the medium term. In 2011,<br />
the Company expects sales to increase by 4 to 6 percent.<br />
Earnings<br />
<strong>METRO</strong> GROUP’s strategy aims for long-term profitable<br />
growth, that is disproportionate earnings growth compared<br />
to sales growth. The Company aims for annual earnings<br />
growth, measured in terms of EBIT before special items, of<br />
more than 10 percent over the medium term. In the process,<br />
Shape 2012 will generate incremental positive earnings contributions<br />
and will be fully effective from 2012.<br />
Assuming that macroeconomic parameters continue to<br />
improve, we currently expect to reach our medium-term target<br />
for earnings growth before special items as early as 2011 based<br />
on EBIT before special items of €2,415 million for 2010.
Change language