pdf (22.8 MB) - METRO Group
pdf (22.8 MB) - METRO Group
pdf (22.8 MB) - METRO Group
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<strong>METRO</strong> gROUP : ANNUAL REPORT 2011 : BUsiNEss<br />
→ noTes : noTes To THe InCoMe sTaTeMenT<br />
The non-controlling shareholder was granted an offer to<br />
tender his capital interests in the purchase contract. This<br />
tender right was recognised as a financial liability at the present<br />
value of the repurchase amount. accordingly, the acquisition<br />
was presented as though 100 percent of the shares had<br />
been acquired.<br />
The acquisition of Redcoon GmbH including its seven subsidiaries<br />
results in goodwill of €83 million.<br />
The acquisition of the Redcoon group results in subsidiary<br />
acquisition costs of €2 million, which have been recognised<br />
as general administrative expenses in the income<br />
statement.<br />
since its consolidation, the Redcoon group has contributed<br />
€239 million to <strong>Group</strong> sales and €–2 million to net profit for<br />
the period.<br />
assuming the acquisition had been effected as of 1 January<br />
2011, the Redcoon group would have contributed €432 million<br />
to MeTRo GRoUp sales and €–1 million to net profit for the<br />
period.<br />
Notes to the income statement<br />
1. sales<br />
(net) sales can be broken down as follows:<br />
€ million 2010 2011<br />
Metro Cash & Carry 31,095 31,155<br />
Real 11,499 11,230<br />
Media-saturn 20,794 20,604<br />
Galeria Kaufhof 3,584 3,450<br />
others 286 263<br />
67,258 66,702<br />
The sales listed in the “others” segment were mainly generated<br />
by MGB MeTRo GRoUp Buying HK ltd. at €228 million<br />
(previous year: €238 million) and logistics companies at<br />
€32 million (previous year: €30 million).<br />
a total of €40.8 billion (previous year: €41.1 billion) in<br />
sales was generated by <strong>Group</strong> companies based outside of<br />
Germany.<br />
→ p. 201<br />
For a breakdown of sales by business and regional segments,<br />
see the segment reporting.<br />
2. Other operating income<br />
€ million<br />
Rents incl. reimbursements<br />
2010 2011<br />
of subsidiary rental costs 479 488<br />
services rendered to suppliers 298 349<br />
services/cost refunds<br />
Gains from the disposal of fixed<br />
306 318<br />
assets and from write-backs 279 251<br />
Income from deconsolidation 52 28<br />
Miscellaneous 213 256<br />
1,627 1,690<br />
Gains from the disposal of fixed assets primarily include<br />
revenues from sale-and-lease-back transactions totalling<br />
€198 million (previous year: €198 million).<br />
Income from deconsolidation essentially includes gains from<br />
the disposal of shareholdings in MeDIa saTURn FRanCe<br />
s.C.s. (previous year: Metro Cash & Carry Morocco s.a.).<br />
Miscellaneous other operating income comprises, in particular,<br />
income from damages totalling €43 million (previous<br />
year: €16 million). In addition, it includes income from the<br />
derecognition of statute-barred liabilities, income from construction<br />
services, public aid, income from canteen revenues<br />
and other reimbursements, among other things.<br />
3. selling expenses<br />
€ million 2010 2011<br />
personnel expenses 5,940 5,816<br />
Cost of material 6,233 6,112<br />
12,173 11,928<br />
The reduction in selling expenses is largely due to one-time<br />
expenses in the previous year relating to the disposal of consumer<br />
electronics stores in France. In addition, declining<br />
expenses related to shape 2012 offset the expansion-related<br />
increase in selling expenses.<br />
The decline in personnel expenses is essentially due to the<br />
reduction in restructuring expenses compared with the
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