As of 30 September 2013, METRO GROUP’s balance sheet showed equity of €5,206 million (30/9/2012: €5,649 million; 31/12/2012: €5,666 million). Since 31 December 2012, reserves retained from earnings have fallen by €421 million. This reduc- tion was largely due to the dividend payment of €327 million for the financial year 2012. The equity ratio stood at 18.1 per cent (30/9/2012: 17.9 per cent; 31/12/2012: 16.3 per cent). The share of reserves retained from earnings in equity totalled 34.4 per cent compared with 39.1 per cent on 31 Decem- ber 2012. The shares of non-controlling interests declined by €46 million to €27 million compared with 31 December 2012. The decrease is due mostly to the share of comprehensive income attributable to non-controlling interests (€0 million) less dividends (€–51 million).
€ million Note no. 31/12/2012 30/9/2012 30/9/2013
Equity 31 5,666 5,649 5,206
Share capital 835 835 835
Capital reserve 2,544 2,544 2,551 Reserves retained from
earnings1 2,214 2,239 1,793
Non-controlling interests1 73 31 27
1 Adjustment of previous year (see chapter “Notes to the group accounting
principles and methods”)
Net debt stood at €5,391 million (30/9/2012: €7,734 million; 31/12/2012: €3,245 million). It is calculated by netting financial liabilities including finance leases of €7,963 million (30/9/2012: €9,814 million; 31/12/2012: €8,550 million) with cash and cash equivalents according to the balance sheet of €2,564 million (30/9/2012: €2,075 million; 31/12/2012: €5,299 million) as well as monetary investments of €8 million (30/9/2012: €5 million; 31/12/2012: €6 million).
ASSETS
A Inventories (current) B Other current assets
C Tangible and intangible assets D Other non-current assets1
Capital structure of METRO GROUP € million
LIABILITIES
E Trade payables (current) F Other debt capital (current)
G Debt capital (non-current)1
H Equity1 34,802 10,653 30.6% 6,826 19.6% 16,049 46.1% 1,274 3.7% D C B A 6,447 20.4% 6,599 20.9% 17,158 54.3% 1,404 4.4% 31,608 A B C D 28,811 5,797 20.1% 9,805 34.0% 8,003 27.8% 5,206 18.1% E F G H 28,811 6,309 21.9% 5,856 20.3% 15,472 53.7% 1,174 4.1% A B C D 34,802 6,559 18.9% 13,513 38.8% 9,064 26.0% 5,666 16.3% E F G H 31,608 5,801 18.3% 10,430 33.0% 9,728 30.8% 5,649 17.9% E F G H
1 Adjustment of previous year (see chapter “Notes to the group accounting principles and methods”)
METRO GROUP – ANNUAL REPORT 2013 – BUSINESS
––––––––––––––––– COMBINED MANAGEMENT REPORT – 5. FINANCIAL AND ASSET POSITION ––––––––––––––––– P.114
€ million 31/12/2012 30/9/2012 30/9/2013
Cash and cash equivalents according to
the balance sheet 5,299 2,075 2,564 Monetary investments > 3 months < 1
year1 6 5 8
Borrowings (incl. finance leases) 8,550 9,814 7,963
Net debt 3,245 7,734 5,391
1 Shown in the balance sheet under “other financial and non-financial assets (current)”
As of 30 September 2013, non-current liabilities were com- prised largely of non-current financial liabilities totalling €5,763 million (30/9/2012: €7,052 million; 31/12/2012: €6,736 million). Their decline was largely due to maturity- induced reclassifications to current borrowings.
In the short financial year 2013, trade payables declined to €9,805 million (30/9/2012: €10,430 million; 31/12/2012: €13,513 million). The distinctly lower figure compared with 31 December 2012 is largely attributed to the sales lines Media-Saturn and METRO Cash & Carry. The main reason for this is the high volume of liabilities resulting from the Christ- mas business at the end of the year, which was reduced to a normal level in the subsequent quarter. Compared with 30 September 2012, trade payables declined by €625 million. The largest share of this decline was generated by Real as a result of the divestment of its Eastern European business. In addition, suppliers’ shortened payment targets and currency effects at METRO Cash & Carry and Media-Saturn contributed to the decline. As of 30 September 2013, current borrowings totalled €2,200 million (30/9/2012: €2,762 million; 31/12/2012: €1,814 million). The increase compared with 31 December 2012 is largely attributable to reclassifications of non-current financial liabilities totalling €756 million for ma- turities in the next financial year. This was netted against re- demptions of commercial papers in the amount of €205 million as well as redemptions of note loans totalling €150 million. As of 30 September 2013, at €2,531 million, current other financial and non-financial liabilities were distinctly lower than on 31 December 2012 (30/9/2012: €2,364 million; 31/12/2012: €2,910 million). This was essentially due to the high value added tax liabilities from the Christmas business at the end of the calendar year. The decline in income tax liabilities by €110 million compared with 31 December 2012 resulted pri- marily from tax payments made in the context of domestic and foreign tax statements assessed for taxation. “Liabilities re- lated to assets held for sale” totalled €264 million and resulted largely from the divestment of Real’s business in Poland, which has not yet been disposed of due to conditions precedent.
Compared with 31 December 2012, the debt ratio dropped by 1.8 percentage points to 81.9 per cent. Current liabilities accounted for 66.1 per cent of total debt compared with 68.9 percentage points as of 31 December 2012.
––––––––––––––––Information on the maturity, currency and interest rate structure of financial liabilities as well as on lines of credit can be found in the notes to the consolidated financial statements in no. 36 “Borrowings”.
€ million Note no. 31/12/2012 30/9/2012 30/9/2013
Non-current liabilities 9,064 9,728 8,003
Provisions for pensions and
other commitments1 32 1,518 1,483 1,508 Other provisions 33 424 422 429 Borrowings 34, 36 6,736 7,052 5,763 Other financial and non-
financial liabilities 34, 37 227 615 176 Deferred tax liabilities 24 159 156 127 Current liabilities 20,072 16,231 15,602 Trade liabilities 34, 35 13,513 10,430 9,805
Provisions 33 644 539 621
Borrowings 34, 36 1,814 2,762 2,200 Other financial and non-
financial liabilities 34, 37 2,910 2,364 2,531 Income tax liabilities 34 291 136 181 Liabilities connected to
assets held for sale 30 900 0 264
1 Adjustment of previous year (see chapter “Notes to the group accounting
principles and methods”)
––––––––––––––––Additional information on the development of liabilities is shown in the notes to the consolidated financial statements in the numbers listed in the table. Information on contingent liabilities and other financial obligations can be found in the notes to the consolidated financial statements in no. 44 “Contingent liabilities” and no. 45 “Other financial obligations”.