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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe BalanCe sHeeT
acting on behalf of the Company or of any company controlled
or majority-owned by the Company has exercised this
authorisation.
Capital reserve
The capital reserve amounts to €2,544 million (previous year:
€2,544 million).
Reserves retained from earnings
€ million
effective portion of gains/losses
31/12/2010 31/12/2011
from cash flow hedges 631 Currency translation differences from
the conversion of the accounts
91
of foreign subsidiaries –315 –438
Income tax on components of
“other comprehensive income” 171 –4
other reserves retained from earnings 3,164 3,336
2,929 2,985
1 In the previous year, these values were shown in the item “valuation reserve pursuant to
Ias 39 and for deferred taxes on ‘other comprehensive incomeʼ”
Changes in reserves for the effective portion of gains/losses
from cash flow hedges of €28 million (previous year: €–4 million)
and income tax on ‘other comprehensive income‘ in the
amount of €–21 million (previous year: €0 million) consist of
the following components:
€ million 31/12/2010 31/12/2011
Derecognition of cash flow hedges –1 –8
thereof in inventories (1) (–7)
thereof in net financial result (–2) (–1)
First-time or subsequent measurement of
derivative financial instruments
Changes in the fair value of hedging transac-
–8 36
tions for share-based payments 5 0
–4 28
net deferred tax effect thereon 0 –21
–4 7
→ p. 220
In addition, a reduction in equity due to currency translation differences
of €123 million (previous year: increase of €125 million)
is primarily attributable to poland, Hungary, Russia,
Turkey and India, while an increase in equity due to currency
translation differences stems mostly from China, the United
Kingdom and Ukraine.
Under consideration of the dividend payout for 2010 (€–442 million),
the remaining increase in revenue reserves to
€3,336 million resulted mainly from the transfer of the net
profit for the period attributable to shareholders of MeTRo aG
for 2011 (€631 million).
Non-controlling interests
non-controlling interests comprise the shares held by third
parties in the share capital of the consolidated subsidiaries.
at year-end, these amounted to €73 million (previous year:
€152 million). aside from changes in comprehensive income
attributable to non-controlling interests (€102 million) and
dividends (€–158 million), non-controlling interests totalling
€26 million were disposed of as a result of changes in
the consolidation group. significant non-controlling interests
exist only at Media-saturn-Holding GmbH.
Appropriation of the balance sheet profit, dividends
Dividend distribution of MeTRo aG is based on MeTRo aG’s
annual financial statements prepared under German commercial
law.
as resolved by the annual General Meeting on 6 May 2011, a
dividend of €1.350 per ordinary share and €1.485 per preference
share, for a total of €442 million, was paid in the financial
year 2011 from the reported net profit of €456 million.
The remaining amount of €14 million was carried forward to
the new account.
The Management Board of MeTRo aG will propose to the
annual General Meeting to pay from the reported net profit of
€462 million for 2011 a dividend of €1.350 per ordinary share
and €1.485 per preference share, for a total of €442 million,
and to carry the remaining amount of €20 million forward
to the new account. The net profit of €462 million for 2011
includes profit carried forward of €14 million.