Capital structure

Capital structure of METRO GROUP
€ million

Capital structure of METRO GROUP (graphic)

As of 30 September 2014, METRO GROUP’s balance sheet showed equity of €5.0 billion (30/9/2013: €5.2 billion). This reduction was largely due to the change in the reserves retained from earnings. They have declined by €191 million since 30 September 2013. The decrease was mainly the result of the remeasurement of defined benefit pension plans. The increase in other reserves retained from earnings, which largely stemmed from profit for the period, had a positive impact. The equity ratio stood at 17.9 per cent (30/9/2013: 18.1 per cent). The share of reserves retained from earnings in equity totalled 32.0 per cent compared with 34.4 per cent on 30 September 2013.

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€ million

Note no.

30/9/2013

30/9/2014

Equity

31

5,206

4,999

Share capital

 

835

835

Capital reserve

 

2,551

2,551

Reserves retained from earnings

 

1,793

1,602

Non-controlling interests

 

27

11

Net debt improved significantly by €736 million to €4.7 billion as of 30 September 2014 (30/9/2013: €5.4 billion). This is calculated by netting borrowings, including finance leases of €7.1 billion (30/9/2013: €8.0 billion) with cash and cash equivalents according to the balance sheet of €2.4 billion (30/9/2013: €2.6 billion) as well as monetary investments of €7 million (30/9/2013: €8 million).

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€ million

30/9/2013

30/9/2014

1

Shown in the balance sheet under Other financial and non-financial assets (current)

Cash and cash equivalents according to the balance sheet

2,564

2,406

Monetary investments > 3 months < 1 year1

8

7

Borrowings (incl. finance leases)

7,963

7,068

Net debt

5,391

4,655

As of 30 September 2014, non-current liabilities amounted to €6.9 billion (30/9/2013: €8.0 billion) and were thus reduced by €1.1 billion. This was primarily achieved by reducing non-current borrowings by €1.3 billion (30/9/2014: €4.5 billion; 30/9/2013: €5.8 billion). The decline largely stems from the reclassification of a bond with a nominal volume of €1 billion that matures in March 2015 to short-term financial investments as well as the reclassification of liabilities to banks at METRO Cash & Carry Vietnam totalling approximately €97 million to liabilities related to assets held for sale. The opposite effect was produced by the €176 million increase in provisions for pensions and similar obligations to €1.7 billion (30/9/2013: €1.5 billion). This was in some cases caused by significantly lower actuarial interest rates, which led to an increase in pension obligations.

As of 30 September 2014, METRO GROUP had current liabilities totalling €16.1 billion (30/9/2013: €15.6 billion). The increase can primarily be attributed to the €415 million rise in current borrowings (30/9/2014: €2.6 billion; 30/9/2013: €2.2 billion). The increase compared with 30 September 2013 is largely attributable to the reclassification of a bond with a nominal volume of €1 billion that matures in March 2015 from non-current to current borrowings as well as a €555 million increase in the commercial paper programme. The redemption of two bonds with a total nominal volume of €1.1 billion had a very positive effect.

Compared with 30 September 2013, the debt ratio increased by 0.2 percentage points to 82.1 per cent. Current liabilities accounted for 69.9 per cent of total debt compared with 66.1 per cent as of 30 September 2013.

For more information about the maturity, currency and interest rate structure of financial liabilities as well as the lines of credit, see the notes to the consolidated financial statements in no. 36 Financial liabilities.

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€ million

Note no.

30/9/2013

30/9/2014

Non-current liabilities

 

8,003

6,921

Provisions for pensions and similar obligations

32

1,508

1,684

Other provisions

33

429

478

Borrowings

34, 36

5,763

4,453

Other financial and non-financial liabilities

34, 37

176

176

Deferred tax liabilities

24

127

130

Current liabilities

 

15,602

16,084

Trade liabilities

34, 35

9,805

9,930

Provisions

33

621

615

Borrowings

34, 36

2,200

2,615

Other financial and non-financial liabilities

34, 37

2,531

2,528

Income tax liabilities

34

181

198

Liabilities related to assets held for sale

30

264

198

For more information about the development of liabilities, see the notes to the consolidated financial statements in the numbers listed in the table. Information about contingent liabilities and other financial liabilities can be found in the notes to the consolidated financial statements in no. 44 Contingent liabilities and no. 45 Other financial liabilities.