pdf (2.5 MB) - METRO Group

METRO GROUP : ANNUAL REPORT 2010 : BUSINESS
→ GROUP MANAGEMENT REPORT : 3. EARNINGS POSITION
€ million 2010 2009 1 Delta
EBIT before special items 2,415 2,024 391
EBIT after periodisation of
special items 2 2,219 1,879 340
Ø Business assets 15,895 15,798 97
wACC before taxes 9.8 % 9.8 % –
Cost of capital –1,551 –1,542 –9
EBITaC 668 337 331
1 Previous year adjusted for comparability reasons
2 The effect of the special items is spread over four years
Balance sheet profit of METRO AG and profit
appropriation in accordance with German
commercial law
METRO AG’s annual financial statements prepared under
German commercial law serve as the basis for dividend distribution.
The balance sheet and income statement of
METRO AG prepared in accordance with the German Commercial
Code (hGB) are as follows:
Income statement for the financial year from
1 January to 31 December 2010 prepared under the
German Commercial Code (HGB)
€ million 2010 2009
Investment income 919.9 772.2
Financial result –178.9 –111.2
Other operating income 304.8 139.1
Personnel expenses
depreciation/amortisation on intangible and
–153.4 –87.1
tangible assets –37.8 –2.1
Other operating expenses –291.7 –151.7
NOPAT 562.9 559.2
Extraordinary result –31.5 0.0
Income taxes –35.9 –25.5
Other taxes –3.5 6.4
Net income 492.0 540.1
Profit carried forward from the previous year 23.9 9.7
Additions to revenue reserves –60.0 –140.0
Balance sheet profit 455.9 409.8
Balance sheet profit of METRO AG and profit appropriation
For the financial year 2010, METRO AG posted investment
income of €919.9 million, compared with €772.2 million in
the previous year. In consideration of other income, expenses
and taxes as well as the transfer of €60.0 million to revenue
Balance sheet as at 31 December 2010
Assets
Liabilities
→ p. 088
reserves, the Company reported a balance sheet profit of
€455.9 million compared with €409.8 million in 2009.
The Management Board of METRO AG will propose to the
Annual General Meeting that, from the reported balance
sheet profit of €455.9 million, a dividend of €441.5 million be
paid and that the balance of €14.4 million be carried forward
to the new account. The balance sheet profit of €455.9 million
includes retained earnings of €23.9 million. The dividend
proposed by the Management Board amounts to
→ €1.350 per ordinary share and
→ €1.485 per preference share.
€ million
Fixed assets
31/12/2010 31/12/2009
Intangible assets 148.4 2.4
Tangible assets 4.3 4.1
Financial assets 7,921.4 8,319.3
Current assets
8,074.1 8,325.8
Receivables and other assets 2,829.3 1,638.5
Cash on hand, bank deposits and cheques 2,199.8 1,294.8
5,029.1 2,933.3
Prepaid expenses and deferred charges 19.0 11.8
13,122.2 11,270.9
€ million
Equity
31/12/2010 31/12/2009
Share capital 835.4 835.4
Ordinary shares 828.6 828.6
Preference shares 6.8 6.8
(Contingent capital) (127.8) (127.8)
Capital reserve 2,558.0 2,558.0
Reserves retained from earnings 1,726.3 1,664.0
Balance sheet profit 455.9 409.8
5,575.6 5,467.2
Provisions 371.3 295.9
Liabilities 7,172.9 5,507.7
Deferred income 2.4 0.1
13,122.2 11,270.9