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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 4. FINANCIAL ANd ASSET POSITION Capital structure METRO GROUP 1 € million Assets A Inventories (current) B Other current assets C Tangible and intangible assets D Other non-current assets 7,458 21.3% 8,697 24.8% 17,468 49.8% 1,444 4.1% 35,067 D 2010 1 Adjustment of previous year’s figures due to revised disclosure € million Note no. 31/12/2010 31/12/2009 Equity 31 6,460 5,992 Subscribed capital 835 835 Capital reserves 2,544 2,544 Reserves retained from earnings 2,929 2,375 After non-controlling interests 152 238 € million 31/12/2010 31/12/2009 Cash and cash equivalents according to the balance sheet 4,799 3,996 Monetary investments1 6 7 Financial liabilities (incl. finance leases)² 8,283 7,727 Net financial debt2 3,478 3,724 1 Shown in the balance sheet under “other receivables and assets“ (current) 2 Adjustment of previous year’s figures due to revised disclosure The debt capital ratio decreased by 0.4 percentage points to 81.6 percent. Current liabilities accounted for 68.6 percent of total debt compared with 66.6 percent in the previous financial year. Trade liabilities increased by €219 million to €14,393 million as a result of currency effects and the expansion of the international business conducted by the sales divisions Metro Cash & Carry as well as Media Markt and Saturn. As at A B C 33,282 A B C D 2009 7,110 21.4% 7,708 23.2% 16,975 51.0% 1,489 4.4% Liabilities E Trade liabilities (current) F Other debt capital (current) G dept capital (non-current) H Equity → p. 094 31 december 2010, liabilities related to assets held for sale totalling €193 million were reported in connection with the agreed-upon divestiture of consumer electronics stores in France. Information on the maturity, currency and interest rate structure of financial liabilities as well as on lines of credit is included in the notes to the financial statements in no. 36 “Financial liabilities”. € million Note no. 31/12/2010 31/12/20091 Non-current liabilities Provisions for pensions and 8,990 9,106 other commitments 32 1,016 978 Other provisions 33 472 502 Financial liabilities 34, 36 6,533 6,743 Other liabilities 34, 37 757 667 deferred tax liabilities 24 212 216 Current liabilities 19,617 18,184 Trade payables 34, 35 14,393 14,174 Provisions 33 532 561 Financial liabilities 34, 36 1,750 984 Other liabilities 34, 37 2,458 2,200 Income tax liabilities Liabilities connected to assets 34 291 265 held for sale 30 193 0 1 Adjustment due to revised disclosure 14,393 41.1% 5,224 14.9% 8,990 25.6% 6,460 18.4% 35,067 E F G H 2010 33,282 E F G H 2009 14,174 42.6% 4,010 12.0% 9,106 27.4% 5,992 18.0%
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 4. FINANCIAL ANd ASSET POSITION Further information on the development of liabilities can be found in the notes to the consolidated financial statements in the numbers listed in the table. Asset position In the financial year 2010, total assets rose by €1,785 million to €35,067 million. Non-current assets increased by €448 million to €18,912 million during the financial year 2010. Current assets rose by €1,337 million to €16,155 million. Non-current assets € million Note no. 31/12/2010 31/12/2009 Non-current assets 18,912 18,464 Goodwill 17, 18 4,064 3,992 Other intangible assets 17, 19 436 497 Tangible assets 17, 20 12,482 12,244 Investment properties 17, 21 238 129 Financial assets 17, 22 248 113 Other receivables and assets 23 444 463 deferred tax assets 24 1,000 1,026 The rise in goodwill that totalled €72 million was largely due to the recognition of shareholders’ stock tender rights granted to non-controlling shareholders. The rise in tangible assets totalling €238 million primarily resulted from the opening of new stores by Metro Cash & Carry as well as Media Markt and Saturn along with positive currency effects in Eastern Europe and Asia. As a result of the abandonment of plans for self-use, real estate was reclassified from tangible assets to the balance sheet item “investment properties” (€109 million). Additional information on the development on non-current assets is shown in the notes to the consolidated financial statements in the numbers listed in the table. Current assets → p. 095 € million Note no. 31/12/2010 31/12/20091 Current assets 16,155 14,818 Inventories 25 7,458 7,110 Trade receivables 26 526 539 Financial assets 3 38 Other receivables and assets 23 2,724 2,613 Income tax refund entitlements 412 405 Cash and cash equivalents 29 4,799 3,996 Assets held for sale 30 233 117 1 Adjustment due to revised disclosure Inventories rose by €348 million to €7,458 million. The increase was primarily due to the international expansion of the sales divisions Metro Cash & Carry as well as Media Markt and Saturn. An additional increase in inventory levels due to currency effects was prevented by the reclassification of inventories to the balance sheet item “assets held for sale” in the context of the agreed-upon sale of consumer electronics stores in France. “Assets held for sale” totalling €196 million were reported in the financial year 2010 in connection with the consumer electronics stores to be sold in France. A total of €56 million in “assets held for sale” were sold. In addition, real estate totalling €69 million was reclassified as non-current assets as a result of its planned internal use in the Group. Additional information on the development of current assets is shown in the notes to the consolidated financial statements in the numbers listed in the table.
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