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METRO GROUP : ANNUAL REPORT 2011 : BUSINESS
→ GROUP MANAGEMENT REPORT : 4. FiNANciAl ANd AssET POsiTiON
€ million Note no. 31/12/2010 31/12/2011
Non-current liabilities
provisions for pensions and
8,990 8,254
other commitments 32 1,016 1,028
other provisions 33 472 478
Financial liabilities 34,36 6,533 5,835
other liabilities 34,37 757 756
Deferred tax liabilities 24 212 157
Current liabilities 19,617 19,296
Trade payables 34,35 14,393 14,267
provisions 33 532 531
Financial liabilities 34,36 1,750 1,606
other liabilities 34,37 2,458 2,498
Income tax liabilities
liabilities connected to assets
34 291 394
held for sale 30 193 0
Further information on the development of liabilities is shown
in the notes to the consolidated financial statements in the
numbers listed in the table.
Asset position
In the financial year 2011, total assets declined by €1,080 million
to €33,987 million. non-current assets decreased by
€90 million during 2011 to €18,822 million. Current assets
also declined by €990 million to €15,165 million.
Non-current assets
€ million Note no. 31/12/2010 31/12/2011
Non-current assets 18,912 18,822
Goodwill 17, 18 4,064 4,045
other intangible assets 17, 19 436 454
Tangible assets 17, 20 12,482 12,661
Investment properties 17, 21 238 209
Financial assets 17, 22 248 79
other receivables and assets 23 444 470
Deferred tax assets 24 1,000 904
→ p. 113
The increase in tangible assets by €179 million is largely
attributable to the opening of new stores at Metro Cash & Carry
and the addition of finance leases. The decline in non-current
financial assets by €169 million is essentially due to
the partial realisation of a receivable and the reclassification
of the residual value to current financial assets given
the now short remaining term. The decrease in deferred tax
assets by €96 million largely resulted from the higher netting
of deferred tax assets and liabilities compared with the
previous year. This is due to disposals and additions of
finance leases.
Further information on the development of non-current
assets is contained in the notes to the consolidated financial
statements in the numbers listed in the table.
Current assets
€ million Note no. 31/12/2010 31/12/2011
Current assets 16,155 15,165
Inventories 25 7,458 7,608
Trade receivables 26 526 551
Financial assets 3 119
other receivables and assets 23 2,724 2,882
Income tax refund entitlements 412 431
Cash and cash equivalents 29 4,799 3,355
assets held for sale 30 233 219
Inventories rose by €150 million to €7,608 million. This
increase is largely due to the international expansion of the
Metro Cash & Carry sales division. The decline in cash and
cash equivalents resulted from the year-end reduction of
short-term commercial papers with which bonds totalling
€1,100 million that matured in 2011 had been funded. The sale
of consumer electronics stores in France resulted in a reduction
of “assets held for sale” by €196 million. In addition, real
estate assets and an investment were sold (€49 million).
added to this was the reclassification of several real estate
assets from non-current assets. Renovation-related retroactive
capitalisations of real estate assets already classified
as “assets held for sale” were increased in value (€231 million).
all in all, “assets held for sale” declined by €14 million.
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.