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 BalanCe sHeeT<br />
The reporting year includes disposals of real estate assets<br />
in the amount of €297 million (previous year: €193 million).<br />
These essentially concern the reclassification of assets to<br />
“assets held for sale”.<br />
effects of currency translations reduced tangible assets by<br />
€122 million (previous year: increase of €226 million). This<br />
decline stemmed largely from exchange rate developments<br />
in poland, Russia, Turkey, India and Hungary.<br />
limitations to the disposal of assets in the form of liens and<br />
encumbrances amounted to €314 million (previous year:<br />
€346 million).<br />
purchasing obligations for tangible assets in the amount of<br />
€251 million (previous year: €250 million) were made.<br />
assets used by the <strong>Group</strong> under the terms of finance lease<br />
agreements were valued at €1,310 million (previous year:<br />
€1,074 million). The assets involved are mainly leased<br />
buildings.<br />
Finance leases generally have terms of 15 to 25 years with<br />
options under expiration to extend them at least once for five<br />
years. The interest rates in the leases vary by market and<br />
date of signing between 5.1 and 10.9 percent.<br />
In addition to finance leases, MeTRo GRoUp also signed<br />
other types of leases classified as operating leases based on<br />
their economic value. operating leases generally have an initial<br />
term of up to 15 years. The interest rates in the leases are<br />
based partly on variable and partly on fixed rents.<br />
payments due under finance and operating leases in subsequent<br />
periods are shown as follows:<br />
→ p. 211<br />
Up to 1 to Over<br />
€ million<br />
Finance leases 31/12/2010<br />
1 year 5 years 5 years<br />
Future lease payments due (nominal) 224 837 1,555<br />
Discount –18 –229 –780<br />
present value<br />
Operating leases 31/12/2010<br />
206 608 775<br />
Future lease payments due (nominal) 1,437 4,726 4,280<br />
Up to 1 to Over<br />
€ million<br />
Finance leases 31/12/2011<br />
1 year 5 years 5 years<br />
Future lease payments due (nominal) 252 910 1,905<br />
Discount –18 –249 –1,014<br />
present value<br />
Operating leases 31/12/2011<br />
234 661 891<br />
Future lease payments due (nominal) 1,453 4,696 4,369<br />
Future payments due on finance leases contain payments<br />
amounting to €42 million (previous year: €99 million) for<br />
options to purchase assets at favourable prices.<br />
The nominal value of future lease payments to MeTRo GRoUp<br />
coming from the subleasing of assets held under finance<br />
leases amounts to €183 million (previous year: €182 million).<br />
The nominal value of future lease payments due to<br />
MeTRo GRoUp resulting from the subleasing of assets held<br />
under operating leases amounts to €935 million (previous<br />
year: €993 million).<br />
net profit for the period includes payments made under<br />
leasing agreements amounting to €1,522 million (previous<br />
year: €1,497 million) and payments received under subleasing<br />
agreements amounting to €421 million (previous year:<br />
€417 million).<br />
Contingent lease payments from finance leases recognised<br />
as expenses during the period amount to €7 million (previous<br />
year: €8 million).<br />
Contingent lease payments from operating leases recognised<br />
as expenses during the period amount to €68 million (previous<br />
year: €62 million).