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 />
Tax effects on components of other comprehensive income<br />
€ million<br />
25. inventories<br />
€ million 31/12/2010 31/12/2011<br />
Food merchandise 2,147 2,292<br />
nonfood merchandise 5,311 5,316<br />
7,458 7,608<br />
Inventories can be broken down by sales division as follows:<br />
€ million 31/12/2010 31/12/2011<br />
Metro Cash & Carry 2,514 2,713<br />
Real 1,030 993<br />
Media-saturn 3,112 3,088<br />
Galeria Kaufhof 474 469<br />
others 328 345<br />
7,458 7,608<br />
The increase in inventories at MeTRo GRoUp is primarily<br />
attributable to the Metro Cash & Carry sales division whose<br />
business expansion, particularly in eastern europe, and<br />
higher inventory levels in response to seasonal effects in<br />
asia resulted in a substantial increase in stocks. opposite<br />
currency effects partly offset this increase.<br />
2010 2011<br />
Before<br />
taxes Taxes<br />
After<br />
taxes<br />
Before<br />
taxes Taxes<br />
→ p. 215<br />
Currency translation differences from the conversion<br />
of the accounts of foreign operations<br />
effective portion of gains/losses from cash flow hedges and<br />
134 –13 121 –131 1 –130<br />
stock bonus programmes<br />
Gains/losses from the revaluation of financial instruments<br />
–4 0 –4 28 –12 16<br />
in the category “available for sale” 0 0 0 0 –1 –1<br />
other changes 5 0 5 0 0 0<br />
Remaining income tax on other comprehensive income 0 13 13 0 –9 –9<br />
135 0 135 –103 –21 –124<br />
After<br />
taxes<br />
In the Media-saturn sales division, the national and international<br />
expansion as well as the first-time consolidation of the<br />
Redcoon group contributed to an increase in inventories. This<br />
increase was offset by inventory-optimising measures which,<br />
together with currency effects, resulted in a slight overall<br />
decline in inventories.<br />
Inventories include write-downs of €318 million (previous<br />
year: €317 million).<br />
26. Trade receivables<br />
of total trade receivables of €551 million (previous year:<br />
€526 million), €0 million (previous year: €1 million) is due in<br />
over one year.<br />
The increase in trade receivables is due to expansion-related<br />
new store openings and the first-time consolidation of the<br />
Redcoon group. In addition, the expansion of the delivery<br />
business at Metro Cash & Carry resulted in higher trade<br />
receivables.<br />
Improved receivables management partly offset this increase.
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