In the financial year 2012, METRO GROUP invested €1.4 billion. This was about €0.7 billion less than in the previous year. The decline is due largely to higher non-cash liabilities from finance leases that were concluded for existing German locations in 2011. In addition, the previous year’s total includes about €0.1 billion from the Redcoon acquisition. Aside from these effects, other non-expansion investments, which essentially comprise investments in the modernisation and maintenance of the existing network of locations, were reduced by more than €0.1 billion compared to the previous year. This is due, in particular, to the continued focus on the Company’s expense efficiency. This focus also contributed to the fact that, at about €0.6 billion, expansion investments remained at the year-earlier level despite a higher number of 93 new openings compared to 89 new openings in 2011 (both figures excluding satellite stores).

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€ million





METRO Cash & Carry















Galeria Kaufhof





Real Estate















METRO Cash & Carry invested €407 million during the reporting year. The sales line opened 42 new stores around the world, including 4 so-called satellite locations. In addition, METRO Cash & Carry’s store network was expanded by 4 stores from a joint venture in Pakistan. The focus of the expansion remained on Eastern Europe and Asia/Africa with 36 new stores. Expansion in the focus countries of China and Russia was continued with 12 and 6 new METRO Cash & Carry stores, respectively. 5 new METRO Cash & Carry stores were opened in India. The sales line added 3 new stores each in Turkey, Vietnam and Spain. The store network in Kazakhstan, Ukraine and Poland was extended by 2 stores each. One new store each was added in Belgium, France, Italy and Serbia. The locations in Pakistan, which were brought into the sales line as part of a joint venture concluded in the 1st quarter of 2012 are not counted as new openings, but are included in the total number of locations. The sales line’s 30 Cash & Carry stores in the United Kingdom were sold to Booker Group PLC. In addition, 1 store was closed in Portugal.

Real invested €115 million in the reporting year, €51 million less than in the previous year. One hypermarket each was added to the store network in Russia and Ukraine. 4 Real stores were sold or closed in Germany. In addition, 1 store each was closed in Russia, Romania and Poland.

The investments made by Media-Saturn totalled €291 million in the financial year 2012, about one-third below the year-earlier level. The decline in investments was essentially due to investments in the acquisition of the Redcoon group in the previous year and lower investments in the modernisation and expansion of the existing store network. 52 new stores were opened during the reporting year. With 38 store openings, the focus of the expansion remained on Western Europe (including 15 stores in Germany). 14 stores were opened in Eastern Europe, including 9 in Russia, 3 in Turkey and 2 in Poland. 7 and 5 new stores, respectively, were added in Spain and Italy. The Swedish store network was expanded by 4 new stores, while 3 consumer electronics stores each were added in Austria and the Netherlands. 1 new store was opened in Belgium. 3 stores were closed during the reporting year, including 2 in Spain and 1 in Portugal.

Investments at Galeria Kaufhof totalled €89 million in the reporting year, a decline of €35 million compared to the previous year. The investments primarily involved concept and modernisation measures. During the financial year 2012, 1 “Wanderzeit” store was opened and 4 department stores were closed.

At €425 million, investments in the Real Estate segment were slightly lower than in the previous year. The investments primarily involved the acquisition of real estate in connection with the expansion of the METRO Cash & Carry and Real sales lines.

Investments made in the “Others” segment totalled €111 million in the reporting year. The investments were largely attributable to intangible assets and business and office equipment.

Investment obligations incurred for the acquisition of tangible and intangible assets amount to €192 million.

Information on this is included in the notes to the consolidated financial statements in no. 19 “Other intangible assets”, no. 20 “Tangible assets” and no. 21 “Investment properties”.

From divestments, METRO GROUP received cash and cash equivalents of €817 million, which resulted primarily from the sale of real estate.

Additional information about divestments is included in the “Cash flow statement” in the consolidated financial statements as well as in the notes to the consolidated financial statements in no. 40 “Notes to the cash flow statement”.