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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe InCoMe sTaTeMenT
previous year as well as lower performance-based one-time
payments. In addition, savings were generated from store
closures in the Real segment.
The decline in the cost of material is mostly due to lower
impairments as prior-year figures were dampened by
the decision to dispose of the French consumer electronics
stores. as a result, lower impairments as well as lower
expenses on provisions were recorded during the reporting
year compared to the previous year. In addition, lower advertising
volumes and increased special conditions, particularly
at Media-saturn in Germany, in the area of advertising costs,
offset the expansion-related increase in the cost of material.
4. general administrative expenses
€ million 2010 2011
personnel expenses 889 826
Cost of material 696 761
1,585 1,587
substantially reduced performance-based one-time payments
as well as lower severance payments in personnel
expenses neutralised the cost increase resulting from the
expansion-related establishment of additional administrative
structures. as a result, general administrative expenses
remained nearly unchanged from a year earlier.
aside from expansion-related expenses, the development of
new sales concepts added to the cost of material, particularly
through consulting, eDp and travel costs.
5. Other operating expenses
€ million 2010 2011
losses from the disposal of fixed assets 21 23
Miscellaneous 30 41
51 64
Miscellaneous other operating expenses include, in particular,
expenses from construction services totalling €12 million
(previous year: €6 million).
→ p. 202
6. Other investment result
aside from profit distributions, the other investment result
of €41 million (previous year: €15 million) also includes
€27 million in income from the sale of the shareholding in
loyalty partner Holdings s.a.
7. interest income/interest expenses
net interest income can be broken down as follows:
€ million 2010 2011
Interest income 112 133
thereof finance leases (1) (1)
thereof pension provisions
thereof financial instruments of the Ias 39
measurement categories:
loans and receivables incl. cash
(41) (43)
and cash equivalents (46) (60)
held to maturity
held for trading incl. derivatives within
(0) (0)
hedges in accordance with Ias 39 (5) (8)
available for sale (0) (0)
Interest expenses –718 –713
thereof finance leases (–117) (–134)
thereof pension provisions
thereof financial instruments of the Ias 39
measurement categories:
held for trading incl. derivatives within
(–127) (–109)
hedges in accordance with Ias 39 (–10) (–11)
other financial liabilities (–388) (–379)
–606 –580
Interest income and interest expenses from financial instruments
are assigned to Ias 39 measurement categories on the
basis of the underlying transaction.