Capital structure

Capital structure of METRO GROUP

€ million

Capital structure of METRO GROUP (graphic)

1 Adjustment of previous year (see chapter “Notes to the group accounting principles and methods”)

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 reduction 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 December 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).

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€ million

Note no.

31/12/2012

30/9/2012

30/9/2013

1

Adjustment of previous year (see chapter “Notes to the group accounting principles and methods”)

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

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).

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€ million

31/12/2012

30/9/2012

30/9/2013

1

Shown in the balance sheet under “other financial and non-financial assets (current)”

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

As of 30 September 2013, non-current liabilities were comprised 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 Christmas 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 maturities in the next financial year. This was netted against redemptions 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 primarily from tax payments made in the context of domestic and foreign tax statements assessed for taxation. “Liabilities related 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 percentage points. Current liabilities accounted for 66.1 per cent of total debt compared with 68.9 per cent 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”.

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€ million

Note no.

31/12/2012

30/9/2012

30/9/2013

1

Adjustment of previous year (see chapter “Notes to the group accounting principles and methods”)

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 nonfinancial 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 nonfinancial 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

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”.