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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 4. FINANCIAL ANd ASSET POSITION Investments/divestments In the financial year 2010, METRO GROUP invested €1.7 billion. This was about €0.2 billion, or 11.0 percent, more than in the previous year. About half of the investments made during the reporting year flowed into the continued international expansion of the sales divisions Metro Cash & Carry, Real as well as Media Markt and Saturn. In addition, investments were made in the modernisation of the existing network of locations. 2010 Change € million 2010 2009 Absolute % Metro Cash & Carry 499 220 279 – Real 156 193 –37 –19.3 Media Markt and Saturn 362 353 9 2.7 Galeria Kaufhof 104 57 47 82.7 Real Estate 490 580 –90 –15.5 Others 72 114 –42 –36.6 METRO GROUP 1,683 1,517 166 11.0 Metro Cash & Carry invested €499 million in the reporting year – €279 million more than in the previous year. The sales division opened 38 new stores around the world, including 3 in Germany. The focus of the expansion was on the growth regions of Eastern Europe and Asia/Africa with 18 and 16 new stores, respectively. The cash & carry operation added 6 stores to its network in China and 5 new stores in Russia. The saIes division opened 4 stores each in Kazakhstan, Turkey and vietnam. It added 1 store each in India, Portugal, Slovakia, Serbia and Ukraine. In Romania and Egypt, the number of new store openings totalled 2 each. In Japan, the number was 3. By disposing of 8 stores in Morocco, the Metro Cash & Carry sales division systematically continued to optimise its strategic portfolio. It also closed 10 stores in Germany, including 3 stores of the C+C Schaper sales brand. At Real, investments in the reporting year totalled €156 million, €37 million less than in the previous year. Real expanded its store network by adding 1 hypermarket each in Romania and Russia. As part of the streamlining of its store network, 13 stores were divested in Germany, and 1 store in Turkey was turned over to Metro Cash & Carry. Real also pushed ahead with the conceptual repositioning of its existing stores and invested in modernisation, particularly in Germany. → p. 092 The investments made by Media Markt and Saturn totalled €362 million during the reporting year, a slight increase from the previous year. In 2010, the sales division continued to systematically expand its national and international network of stores. Media Markt and Saturn opened a total of 60 consumer electronics stores, including 7 in Germany. with 31 store openings, the focus of the expansion was on western Europe. 8 stores were added in Austria, 5 in Italy and 4 in the Netherlands. 3 each were opened in Sweden, Switzerland and Spain, 2 each in Belgium and France, and 1 in Luxembourg. In Eastern Europe, Media Markt and Saturn opened 21 stores, including 11 in Russia, 6 in Poland, 3 in Greece and 1 in Turkey. In November 2010, Media Markt and Saturn also entered the market in China, opening 1 consumer electronics store in Shanghai. 1 store was closed in hungary. during the reporting year, investments by Galeria Kaufhof totalled €104 million, well above the previous year’s level. The primary focus of these investments was on extensive modernisation based on the Galeria concept. during the financial year 2010, 3 department stores were disposed of. In the Real Estate segment, investments made during the reporting year totalled €490 million, €90.0 million below the previous year’s level. The investments primarily involved the acquisition of real estate in connection with the expansion of the Metro Cash & Carry and Real sales divisions. Investments made in the “others” segment totalled €72 million in the reporting year, about €42 million below the previous year’s level. The investments were largely attributable to intangible assets and business and office equipment. Investment obligations totalled €256 million. Information on this is included in the notes to the consolidated financial statements in no. 19 “Other intangible assets”, no. 20 “Tangible assets” and no. 21 “Investment properties”. From divestments, METRO GROUP received cash and cash equivalents of €784 million, which resulted primarily from the sale of real estate. Additional information about divestments is contained in the “cash flow statement” in the consolidated financial statements and in the notes to the consolidated financial statements in no. 40 “Notes to the cash flow statement”.
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 4. FINANCIAL ANd ASSET POSITION Consolidated cash flow statement 1 The cash flow statement serves to identify and display the cash flows that METRO GROUP generated or employed in the financial year from current operating, investing and financing activities. In addition, it shows the cash positions at the beginning and at the end of the financial year. during the reporting year, total cash flow of €2,514 million (previous year: €2,494 million) was generated from current operating activities of continuing operations. Investing Cash flow Capital structure At the end of 2010, METRO GROUP’s balance sheet showed equity of €6,460 million compared with €5,992 million in the previous year. Revenue reserves rose by €554 million. Taking the dividend payment for 2009 (€386 million) and the contribution of period income attributable to shareholders of METRO AG (€850 million) into consideration, this rise essentially derived from currency translation differences that strengthened revenue reserves. The equity ratio rose by 0.4 percentage points to 18.4 percent. The share of revenue reserves in equity totalled 45.3 percent compared with 39.6 percent in the previous year. → p. 093 activities of continuing operations led to cash outflows of €961 million (previous year: €1,162 million). This results in a year-on-year increase in cash flow from continuing operations before financing activities of €221 million to €1,553 million in 2010. Cash flow from financing activities of continuing operations showed outflows of €734 million (previous year: €1,225 million). Additional information is contained in the notes to the consolidated financial statements in no. 40 “Notes to the cash flow statement”. € million 2010 20092 Cash flow from operating activities of continuing operations 2,514 2,494 Cash flow from operating activities of discontinued operations 0 –18 Cash flow from operating activities (total) 2,514 2,476 Cash flow from investing activities of continuing operations –961 –1,162 Cash flow from investing activities of discontinued operations 0 0 Cash flow from investing activities (total) –961 –1,162 Cash flow from continuing operations before financing activities 1,553 1,332 Cash flow from financing activities of continuing operations –734 –1,225 Cash flow from financing activities of discontinued operations 0 36 Cash flow from financing activities (total) –734 –1,189 Total cash flows 819 125 Currency effects on cash and cash equivalents 13 –4 Change in cash and cash equivalents due to initial consolidations 0 1 Change in cash and cash equivalents (total) 832 122 1 Abridged version. The complete version is shown in the consolidated financial statements 2 Adjustment due to revised disclosure Net financial debt after netting of cash and cash equivalents according to the balance sheet as well as monetary investments with financial debts, including finance leases, totalled €3,478 million compared with €3,724 million in 2009. Noncurrent financial liabilities fell by €210 million to €6,533 million. Current financial liabilities increased by €766 million to €1,750 million. In contrast to the previous year, bonds with a nominal value of €750 million and €350 million that were due in the first half of 2011 were reported in current financial liabilities as a result of the approaching maturity date. This was netted against the issue of a long-term bond with a nominal volume of €750 million. during the financial year 2010, cash and cash equivalents rose by €803 million to €4,799 million.
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