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METRO GROUP : ANNUAL REPORT 2011 : BUSINESS
→ GROUP MANAGEMENT REPORT : 3. EARNiNGs POsiTiON
EQUiTy CAPiTAL COsTs
Risk-free rate of return
+
4.3%
Market risk premium 5.0%
x Beta factor (specific risk premium for MeTRo GRoUp) 1.0
= 9.3%
Weighting at market rates 50%
addition to the value added of investment projects, free
cash flow and the cash recovery period are used as additional
liquidity-based key performance metrics. above all
in times of capital squeeze, a ranking of alternative investment
projects represents an important success factor in
corporate management.
€ million 20101 2011 Delta
eBIT before special items 2,415 2,372 –43
eBIT after periodisation of
special items2 2,219 2,111 –108
Ø Business assets 15,895 16,698 803
WaCC before taxes 9.1% 9.1% –
Cost of capital –1,454 –1,527 –73
eBITaC 765 584 –181
1 previous year adjusted for comparability reasons
2 The effect of the special items is spread over four years
DEBT CAPiTAL COsTs
6.8% group wACC after taxes
Tax effect (1–25.4%)
9.1% group wACC before taxes
Risk-free rate of return 4.3%
+
average long-term risk premium 1.5%
= 5.8%
– Tax effect –1.5%
= 4.3%
Weighting at market rates 50%
→ p. 105
In 2011, MeTRo GRoUp successfully deployed its business
assets and achieved a positive eBITaC of €584 million. after
periodisation of special items from shape 2012 in the amount
of €259 million, and consideration of periodised one-time
expenses from shape 2012 from the years 2008 (€237 million),
2009 (€343 million) and 2010 (€204 million), eBIT for
2011 totalled €2,111 million. Given average business assets of
€16,698 million, the cost of capital amounted to €1,527 million.
The growth in business assets, the decline in eBIT and
the one-time expenses related to shape that arose in 2011
capped value added below the previous year’s level.