pdf (22.8 MB) - METRO Group

METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : oTHeR noTes
Rating classes Volume in %
Monetary investments
grade Moody’s standard & Poor’s germany
western
Europe
excl. germany Eastern Europe
The table shows that, as of the closing date, about 94.0 percent
of the capital investment volume, including the positive
market value of derivatives, had been placed with investment-grade
counterparties, in other words, those with good
or very good credit ratings. Most of the counterparties that do
not yet have an internationally accepted rating are respected
financial institutions whose creditworthiness can be considered
flawless based on our own analyses. MeTRo GRoUp
also operates in countries where local financial institutions
do not have investment-grade ratings due to the rating of
their country. For country-specific reasons as well as cost
and efficiency considerations, cooperation with these institutions
is unavoidable. These institutions account for about
2.2 percent of the total volume.
MeTRo GRoUp’s level of exposure to creditworthiness risks
is thus very low.
Cash flow risks
a future change in interest rates may cause cash flow from
variable interest rate asset and debt items to fluctuate. part of
the variable interest rate debt has been hedged with deriva tive
financial instruments. stress tests are used to determine the
potential impact interest rate changes may have on cash flow.
43. Contingent liabilities
→ p. 242
€ million 2010 2011
liabilities from suretyships and guarantees
liabilities from guarantee and
19 18
warranty contracts 122 51
141 69
The decline in contingent liabilities is a result of the realisation
of risks in connection with the tax audit of a foreign
subsidiary.
44. Other financial liabilities
Asia and
others
Derivatives
with positive
market values Total
Investment grade aaa aaa 0.0 0.0 0.0 0.0 0.0
aa1 to aa3 aa+ to aa- 0.0 9.0 1.8 0.4 0.1
a1 to a3 a+ to a- 32.1 14.5 8.5 3.9 1.2
Baa1 to Baa3 BBB+ to BBB- 9.1 10.6 2.6 0.2 0.0
94.0
non-investment
Ba1 to Ba3 BB+ to BB- 0.0 0.1 1.3 0.2 0.0
grade
B1 to B3 B+ to B- 0.0 0.0 0.0 0.3 0.0
C C 0.0 0.0 0.3 0.0 0.0
2.2
no rating 0.2 3.5 0.1 0.0 0.0 3.8
41.4 37.7 14.6 5.0 1.3 100.0
€ million 2010 2011
purchasing/sourcing commitments 396 462
Miscellaneous 19 15
415 477
The increase in purchasing/sourcing commitments mainly
concerns service agreements.
please see notes nos. 19 “other intangible assets”, 20 “Tangible
assets” and 21 “Investment properties” for information
on purchasing commitments for other intangible and tangible
assets, obligations from finance and operating leases as well
as investment properties.