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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss → noTes : noTes To THe InCoMe sTaTeMenT 8. Other financial result € million 2010 2011 other financial income 471 151 thereof currency effects (379) (100) thereof hedging transactions (87) (42) other financial expenses –461 –253 thereof currency effects (–380) (–127) thereof hedging transactions (–58) (–66) Other financial result thereof financial instruments of Ias 39 measurement categories: loans and receivables incl. cash and 10 –102 cash equivalents (4) (–19) held to maturity (0) (0) held for trading (30) (–28) available for sale (0) (1) other financial liabilities thereof fair value hedges: (–15) (–31) underlying transactions (0) (0) hedging transactions thereof cash flow hedges: (0) (0) ineffectiveness (–1) (4) 2010 € million investments interest → p. 203 The other financial income and expenses from financial instruments are assigned to measurement categories on the basis of the underlying transactions pursuant to Ias 39. Besides income and expenses from the measurement of financial instruments according to Ias 39, this also includes the measurement of foreign currency positions according to Ias 21. The overall result from currency effects and measurement results from hedging transactions and hedging relationships totalled €–51 million (previous year: €28 million). This figure results largely from foreign currency financings in poland, Romania, Russia and the Czech Republic. Developments in individual eastern european currencies, in particular, resulted in a distinctly negative result in currency effects as well as hedging transactions compared with the previous year. valuation yields of commodity contracts for energy and fuels resulted in expenses of €3 million (previous year: income of €12 million). For possible effects from currency risks, see no. 42 “Management of financial risks”. 9. Net results according to measurement categories The key effects of earnings from financial instruments are as follows: Fair value measurements Currency translation Disposals impairment Other Net result loans and receivables incl. cash and cash equivalents 0 46 0 1 0 –31 2 18 Held to maturity Held for trading incl. derivatives within 0 0 0 0 0 0 0 0 hedges in accordance with Ias 39 0 –5 29 0 0 0 0 24 available for sale 15 0 0 0 0 0 0 15 other financial liabilities 0 –388 0 –2 9 0 –12 –393 15 –347 29 –1 9 –31 –10 –336 2011 € million investments interest Fair value measurements Currency translation Disposals impairment Other Net result loans and receivables incl. cash and cash equivalents 0 60 0 –19 0 –30 1 12 Held to maturity Held for trading incl. derivatives within 0 0 0 0 0 0 0 0 hedges in accordance with Ias 39 0 –3 –24 0 0 0 0 –27 available for sale 41 0 1 0 0 0 0 42 other financial liabilities 0 –379 0 –8 15 0 –23 –395 41 –322 –23 –27 15 –30 –22 –368
METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss → noTes : noTes To THe InCoMe sTaTeMenT earnings and expenses from financial instruments are assigned to measurement categories on the basis of the underlying transactions pursuant to Ias 39. Investment income is included in other investment income. Interest income and expenses are part of the net interest result. Fair value measurements and effects from currency translations are included in other financial result. Income effects from the disposal of other financial liabilities are included in earnings before interest and taxes (eBIT). In the same manner, expenses from impairments are essentially included in earnings before interest and taxes. They are detailed in no. 27 “Impairments of capitalised financial instruments”. Remaining financial income and expenses, which are included in other financial result, primarily concern bank commissions and similar expenses that are incurred within the context of assets and liabilities. 10. income taxes Income taxes include taxes on income paid or due in the individual countries as well as deferred taxes. € million 2010 2011 Taxes paid or due 659 741 thereof Germany (215) (174) thereof international thereof tax expenses/income (444) (567) of current period thereof tax expenses/income (610) (639) of previous periods (49) (102) Deferred taxes 35 –9 thereof Germany (22) (50) thereof international (13) (–59) 694 732 The income tax rate of the German companies of MeTRo GRoUp consists of a corporate income tax of 15.00 percent plus a 5.50 percent solidarity surcharge on corporate income tax as well as the trade tax of 14.70 percent given an average assessment rate of 420.00 percent. all in all, this results in an aggregate tax rate of 30.53 percent. The tax rates are unchanged from the previous year. The income tax rates applied to foreign companies are based on the respect-ive laws and regulations applying in the individual countries and vary in a range from 0.00 percent (tax holidays) to 40.69 percent. These tax rates are also unchanged from the previous year. → p. 204 The increase in taxes paid or due essentially results from international tax audits. Deferred taxes are determined on the basis of the tax rates expected in each country upon realisation. In principle, these are based on the valid laws or legislation that has been passed at the time of the closing date. Deferred tax income for the reporting year includes an effect of €1 million from the change in the tax rate. € million 2010 2011 Deferred taxes in the income statement 35 –9 thereof from temporary differences (44) (–39) thereof from loss and interest carry- forwards (–9) (30) at €732 million (previous year: €694 million), income tax expenses, which are fully included in the result from ordinary operations, are €282 million higher (previous year: €196 million) than the expected tax expenses of €450 million (previous year: €498 million) that would have resulted if the German corporate income tax rate had been applied to the Group’s taxable income for the year. Reconciliation of estimated to actual income tax expenses: € million 2010 2011 Earnings before taxes 1,630 1,473 expected income tax expenses (30.53%) 498 450 effects of differing national tax rates Tax expenses and income –137 –101 relating to other periods 49 102 non-deductible business expenses effects of not recognised or 90 102 impaired deferred taxes 182 203 additions and reductions for local taxes 38 27 Tax holidays –33 –24 other deviations income tax expenses according to the 7 –27 income statement 694 732 Effective tax rate (in %) 42.56 49.71
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24/7 online - SHoPPinG! - inTeGRATe
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METRO gROUP in figures 1 € millio
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Our Real sales division also consid
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s e p a r a t e FOLD FOLD PUSH OUT
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hTTP://www.METRO-wEiN.DE s e p a r
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hTTP://www.REAL-DRiVE.DE s e p a r
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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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ASIA E F G H SALES EASTERN EUROPE (
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