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METRO GROUP : ANNUAL REPORT 2011 : BUSINESS → GROUP MANAGEMENT REPORT : 11. Risk REPORT To evaluate the present risk situation, risks were not only examined in isolation: the interdependencies between risks were analysed and rated according to their probability. The assessment has shown that the overall risks are manageable. There are no potentially ruinous risks for the Company and no risks can be identified that could endanger the → p. 165 Company’s future existence. This assessment is mirrored by the ratings of the two leading rating agencies: both Moody’s and standard & poor’s have awarded MeTRo GRoUp an investment-grade rating. The Management Board of MeTRo aG currently does not expect any fundamental change in the risk situation.
METRO GROUP : ANNUAL REPORT 2011 : BUSINESS → GROUP MANAGEMENT REPORT : 12. SUPPlEMENTARy ANd fOREcAST REPORT 615 12. Supplementary and forecast report Supplementary report Events after the balance sheet date Between the balance sheet date (31 December 2011) and the auditor’s report (27 February 2012), the following events of material importance to an assessment of the earnings, financial and asset position of MeTRo aG and MeTRo GRoUp occurred: on 19 January 2012, we announced that we had suspended negotiations regarding the sale of Galeria Kaufhof. The present capital market environment does not offer suitable conditions for such an important transaction. several transactions carried out in January and February enabled MeTRo GRoUp to fully secure its refinancing for 2012. This early refinancing has substantially improved the Group’s maturity profile. In January and February 2012, the Group issued a total of €285 million in fixed-interest bonds with terms of 4 to 8 years and annual coupons of 3.0 to 4.05 percent. In addition, the following transactions were carried out in February 2012: → Issuance of a €500 million bond with a term of 7 years and a coupon of 3.375 percent → Issuance of a CHF 225 million bond with a term of 4 years and 60 days and a coupon of 1.875 percent → start of the marketing phase for a promissory note loan with a target volume of €200 million and two tranches with respective terms of 4 and 6 years. The value is scheduled to be set in mid-March 2012. on 17 January 2012, the Group concluded a new syndicated line of credit over €1,000 million with a term of 5 years. The previous syndicated line of credit over €975 million, which is due in 2013, was terminated as of this date. no other events that are of material importance to an assessment of the earnings, financial and asset position of → p. 166 MeTRo aG and MeTRo GRoUp had occurred by 27 February 2012 (date of the release of the accounts to the auditor for approval). Forecast report This forecast report considers relevant facts and events that were known at the time of preparation of the financial statements and that can have an impact on business developments at MeTRo GRoUp. Economic parameters for 2012 and 2013 Future economic situation The slowdown that the global economy began to experience in the second half of 2011 has continued into the first half of 2012. Despite some positive signals, business outlooks remain fraught with uncertainty. one major source of this uncertainty is the sovereign debt crisis in the eurozone, a problem for which no long-term solution has been found yet. The impact of a potential worsening of the crisis on the financial and banking system is difficult to predict. other reasons for the uncertainty are the persistently fragile state of the Us economy and the slowing economic momentum in emerging markets. We do expect emerging countries in asia to generate solid economic growth in 2012 and 2013. overall, however, this expansion will no longer be capable of generating the same level of support for global growth that it has done in the past two years. During the first half of 2012, numerous countries in the eurozone will remain in recession or on the brink of a recession. We expect a gradual recovery during the second half of the year that is likely to continue into 2013. nonetheless, uncertainty about future economic growth remains high. Furthermore, the economic situation in Western and eastern europe will be marked by different growth rates among individual countries in 2012 and 2013. like most economic research institutes, we believe that global growth in 2012 will fall short of levels generated in the previous year. For 2013, we project slightly stronger growth, which will be in the vicinity of the rate produced in 2011.
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