pdf (22.8 MB) - METRO Group

METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : oTHeR noTes
Other notes
40. Notes to the cash flow statement
In accordance with Ias 7 (statement of Cash Flows), the
consolidated statement of cash flows describes changes in
the Group’s liquid funds through cash inflows and outflows
during the reporting year.
The item cash and cash equivalents includes cash and cash
on hand as well as cash in transit and bank deposits with a
remaining term of up to three months.
The cash flow statement distinguishes between changes in
cash levels from operating, investing and financing activities.
Cash flows from discontinued operations are shown separately
where they concern operations to be disposed of.
In 2010, the assets and liabilities of the French consumer
electronics stores were shown under “assets held for sale”
and “liabilities related to assets held for sale”. The reclassified
assets include cash on hand totalling €29 million.
During the reporting year, net cash provided by operating
activities of continuing operations amounted to €2,146 million
(previous year: €2,514 million). Write-downs concern fixed
assets at €1,159 million (previous year: €1,232 million), intangible
assets at €174 million (previous year: €178 million) and
investment properties at €17 million (previous year: €17 million).
on the other hand, write-backs amount to €34 million
(previous year: €47 million). The change in net working capital
amounts to €–180 million (previous year: €–288 million)
and includes changes in inventories, trade receivables and
receivables due from suppliers, credit card receivables and
prepayments made on inventories in the item “other receivables
and assets”. In addition, the item includes changes in
trade payables and liabilities to customers and prepayments
made on orders included in the item “other liabilities”. The
“others” item includes various individual items. a key component
is the change in payroll liabilities at €–117 million (previous
year: €69 million). This resulted in a decline in cash flow
from continuing operations of €186 million, which is essentially
due to higher performance-based one-time payments in
2011. In addition, two assets were acquired for resale in Germany
and Russia for €41 million (previous year: €0 million).
During the reporting year, the Group recorded cash outflows
of €1,133 million (previous year: €961 million) from investing
activities of continuing operations. This includes an outflow
→ p. 234
of €113 million for the acquisition of the Redcoon group. The
amount of investments in fixed assets shown as cash outflows
differs from the inflows shown in the asset statement
in the amount of non-cash transactions. These essentially
concern additions from finance leases and currency effects.
other investments include investments in intangible assets
totalling €155 million (previous year: €137 million) as well as
investments in financial assets totalling €17 million (previous
year: €196 million). The divestment of the Metro Cash & Carry
stores in Morocco and the disposal of a real estate company
had resulted in cash inflows of €121 million in the previous
year, of which €115 million was invested in a fund. In the
reporting year, the French consumer electronics stores were
sold for €2 million. other asset disposals essentially comprise
cash inflows from real estate divestments.
In the financial year 2011, financing activities of continuing
operations generated cash outflows of €2,441 million (previous
year: €734 million).
41. segment reporting
segment reporting has been carried out in accordance with IFRs
8 (operating segments). The segmentation corresponds to the
Group’s internal controlling and reporting structures and is generally
based on the division of the business into individual sectors.
Metro Cash & Carry
Metro Cash & Carry operates in the cash and carry sector in
30 countries of europe, asia and africa through its Metro and
Makro brands. Its broad product and service range is geared
to commercial customers, in particular: hotel and restaurant
owners, catering firms, independent retailers as well as service
providers and public authorities.
Real
Real is a hypermarket operator in Germany where it operates
both stationary stores and an online store. In addition,
the sales division has locations in poland, Romania, Russia,
Turkey and Ukraine. all stores offer a broad food assortment
with a large proportion of fresh produce that is complemented
by a nonfood assortment.
Media-Saturn
Media-saturn offers a comprehensive assortment of the
latest brand products in consumer electronics retailing. The
sales division is represented in 16 countries with two strong
sales brands. In addition, the pure play online retailer
Redcoon has been part of Media-saturn since 2011.