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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS
→ GROUP MANAGEMENT REPORT : 3. EARNINGS POSITION
2010, sales of the “others” segment declined by 26.0 percent
to €286 million. This drop was due mostly to the sale of the
operating business of AXXE Reisegastronomie, the divestment
of Grillpfanne locations and a decline in third-party
procurement volumes.
EBIT amounted to €–323 million compared with €–336 million
in 2009. EBIT before special items was €52 million below
the previous year’s level at €–282 million. The decline in
EBIT was largely due to higher expenses for governance
functions as well as one-time expenses in connection with
the departure of members of the Management Board of
METRO AG.
Financial result and taxes
€ million 2010 2009
Earnings before interest and taxes EBIT 2,2111 1,6811 Result from associated companies 0 0
Other investment results 15 15
Interest income/expenses (net result) –606 –553
Other financial results 10 –93
Net financial income –581 –631
Earnings before taxes EBT 1,6301 1,0501 Income taxes –694 –531
Net profit for the period 9362 5192 1 Includes special items from Shape 2012 of €204 million (previous year: €343 million) in 2010
2 Includes special items from Shape 2012 after taxes of €203 million (previous year: €305 million)
in 2010
Financial result
The financial result comprises above all the net interest
result of €–606 million (previous year: €–553 million). Interest
expenses rose by €36 million, with interest expenses
related to company pensions accounting for €22 million of
this. In addition, net interest income includes €15 million
less interest income from loans and receivables including
cash and cash equivalents. The “other financial results”
increased by €103 million to €10 million. This was due
mostly to the €101 million increase in cumulative results
from currency effects and valuation results from hedging
transactions and hedging relationships.
Additional information on the financial results is contained
in the notes to the consolidated financial statements in nos.
6 to 8 “Other investment result”, “Interest income/interest
expenses” and “Other financial result”.
→ p. 085
Taxes
The increase in taxes paid or due resulted largely from the
positive earnings development during the reporting year.
This resulted in an increase in tax payments in Eastern
Europe, in particular.
€ million 2010 2009
Taxes paid or due 659 495
thereof Germany (215) (158)
thereof international (444) (337)
thereof tax expenses/income of the current
period (610) (507)
thereof tax expenses/income from previous
periods (49) (–12)
deferred taxes 35 36
thereof Germany (22) (42)
thereof international (13) (–6)
694 531
Additional information about income taxes is contained in
the consolidated financial statements in no. 10 “Income
taxes”.
Group net profit and earnings per share
In 2010, net profit for the period (Group net profit) totalled
€936 million, 80.2 percent higher than in the previous year.
Net of minority interests, the Group’s net profit attributable
to the shareholders of METRO AG amounted to €850 million
(previous year: €383 million).
Net profit for the period comprises one-time effects totalling
€203 million (previous year: €305 million) from Shape
2012. Adjusted for special items, net profit for the period
thus amounted to €1,139 million (previous year: €824 million).
In the financial year 2010, METRO GROUP generated earnings
per share of €2.60 (previous year: €1.17). As in the previous
year, the calculation was based on a weighted number
of 326,787,529 shares. Group net profit attributable to the
shareholders of €850 million was distributed according to
this number of shares. There was no dilution in the reporting
year or in the previous year.