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METRO GROUP : ANNUAL REPORT 2011 : BUSINESS → GROUP MANAGEMENT REPORT : 3. EARNiNGs POsiTiON special items from shape 2012 by sales division € million 2010 as reported 2011 as reported 2010 special items 2011 special items 2010 before special items → p. 107 2011 before special items EBiTDA 3,591 3,429 135 222 3,726 3,651 thereof Metro Cash & Carry 1,363 1,297 11 111 1,374 1,408 Real 310 292 11 29 321 321 Media-saturn 818 767 58 42 876 809 Galeria Kaufhof 234 193 –1 26 233 219 Real estate 1,101 1,008 –14 –14 1,087 994 others –207 –97 41 20 –166 –77 Consolidation –28 –31 29 8 1 –23 EBiT 2,211 2,113 204 259 2,415 2,372 thereof Metro Cash & Carry 1,094 1,037 10 111 1,104 1,148 Real 105 94 27 40 132 134 Media-saturn 492 493 133 49 625 542 Galeria Kaufhof 138 94 0 27 138 121 Real estate 718 639 –20 4 698 643 others –323 –217 41 20 –282 –197 Consolidation –13 –27 13 8 0 –19 Earnings before taxes EBT 1,630 1,473 204 259 1,834 1,732 Earnings per share (€) 2.60 1.93 0.52 0.70 3.12 2.63 special items from shape 2012 by region € million 2010 as reported 2011 as reported 2010 special items 2011 special items 2010 before special items 2011 before special items EBiTDA 3,591 3,429 135 222 3,726 3,651 thereof Germany 1,057 1,021 111 117 1,168 1,138 Western europe (excl. Germany) 1,242 1,162 67 51 1,309 1,213 eastern europe 1,242 1,214 9 51 1,251 1,265 asia/africa 51 22 –52 3 –1 25 International 2,535 2,398 24 105 2,559 2,503 Consolidation –1 10 0 0 –1 10 EBiT 2,211 2,113 204 259 2,415 2,372 thereof Germany 399 373 125 131 524 504 Western europe (excl. Germany) 888 903 138 53 1,026 956 eastern europe 920 855 –3 72 917 927 asia/africa 5 –28 –56 3 –51 –25 International 1,813 1,730 79 128 1,892 1,858 Consolidation –1 10 0 0 –1 10 Earnings before taxes EBT 1,630 1,473 204 259 1,834 1,732 Earnings per share (€) 2.60 1.93 0.52 0.70 3.12 2.63
METRO GROUP : ANNUAL REPORT 2011 : BUSINESS → GROUP MANAGEMENT REPORT : 4. FiNANciAl ANd AssET POsiTiON 607 4. Financial and asset position Financial management Principles and objectives of financial activities The financial management of MeTRo GRoUp ensures the permanent liquidity supply of the Company, reduces financial risks where economically feasible and grants loans to Group companies. These activities are monitored and performed centrally by MeTRo aG for the Group through guarantees and letters of comfort. The objective is to ensure that Group companies can cover their funding requirements in a cost-efficient manner and, where possible, via the international capital markets. This applies to the operating activities as well as to investments. as a matter of principle, MeTRo aG bases its selection of financial products on the maturities of the underlying transactions. Intra-Group cash pooling reduces the amount of debt and optimises the money market and capital market investments of MeTRo GRoUp, which has a positive effect on net interest income. Cash pooling allows the surplus liquidity of individual Group companies to be used to fund other Group companies internally. MeTRo GRoUp’s financial activities are based on a financial budget for the Group, which covers all relevant companies and is updated monthly. In addition, MeTRo aG provides 14-day liquidity plans. MeTRo aG’s current long-term investment grade rating of BBB/Baa2 and short-term rating of a-2/p-2 ensure access to capital markets. The following principles apply to all Group-wide financial activities: Financial unity By presenting one face to the financial markets, the Group can optimise financial market conditions. Financial leeway In our relationships with banks and other business partners in the financial arena, we consistently maintain our leeway with regard to financial decisions to stay independent. In the context of our bank policy, limits have been defined to ensure that the Group can replace one financing partner with another at any time. → p. 108 Centralised risk management MeTRo GRoUp’s financial transactions serve to cover our financing requirements and are concluded to hedge risks related to underlying business transactions. MeTRo GRoUp’s total financial portfolio is centrally controlled by MeTRo aG. Centralised risk monitoring Changes in financial parameters, such as interest rate or exchange rate fluctuations, can impact the financing activ ities of MeTRo GRoUp. associated risks are regularly quantified in the context of scenario analyses. open risk positions – for example financial transactions without an underlying business transaction – may be concluded only after the appropriate approval has been granted by the Management Board of MeTRo aG. Exclusively authorised contractual partners MeTRo GRoUp conducts financial transactions only with contractual partners who have been authorised by MeTRo aG. The creditworthiness of these contractual partners is tracked on a daily basis based on their ratings and the monitoring of their credit risk ratios. on this basis, the risk controlling unit of MeTRo aG’s finance department continuously monitors the arranged limits. Approval requirement as a matter of principle, all financial transactions of MeTRo GRoUp are conducted with MeTRo aG. In cases where this is not possible for legal reasons, these transactions are concluded directly between a Group company and a financial partner after MeTRo aG has given its approval. Audit security The two-signature principle applies within our Company. all processes and responsibilities are laid down in Group-wide guidelines. The conclusion of financial transactions is sep arated from settlement and controlling in organisational terms. Ratings Ratings evaluate the ability of a company to meet its financial obligations. They communicate the creditworthiness of a company to potential debt capital investors. In addition, ratings facilitate access to international capital markets. MeTRo GRoUp is continuously analysed by two leading international rating agencies – Moody’s and standard & poor’s.
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METRO gROUP in figures 1 € millio
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s e p a r a t e FOLD FOLD PUSH OUT
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METRO gROup : ANNuAL REpORT 2011
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METRO gROUP : ANNUAL REPORT 2011
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sTRATEgy 1 METRO gROUP : ANNUAL REP
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wHAT SecUrInG GrowTH MeAnS For US:
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SUSTAInABLe TrAde. SUSTAInABLe Grow
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