Capital management

The aim of the capital management strategy of METRO GROUP is to secure the company’s continued business operations, to enhance its enterprise value, to create solid capital resources to finance its profitable growth and to provide for attractive dividend payments and capital service.

The capital management strategy of METRO GROUP has remained unchanged compared to the previous year.

EBIT after Cost of Capital (EBITaC)

Such metrics as EBIT after cost of capital (EBITaC) and return on capital employed (RoCE) are used in the context of a value-orientated corporate management approach. The focus is on the successful deployment of business assets and the achievement of a value contribution for METRO GROUP exceeding the cost of capital.

Additional information on EBITaC and RoCE is included in the combined management report – chapter 4 Earnings position – in the “Value-oriented management” section.

Rating

METRO GROUP’s ratings by the two international agencies Moody’s and Standard & Poor’s communicate the company’s creditworthiness to existing and potential debt capital investors. Based on its current ratings, METRO GROUP has comprehensive access to all debt capital markets.

Detailed information on the METRO GROUP rating can be found in the combined management report – chapter 5 Financial and asset position – in the “Financial management” section.

Equity, liabilities and net debt in the consolidated financial statements

Equity amounts to €5,206 million (30/9/2012: €5,649 million; 31/12/2012: €5,666 million), while debt amounts to €23,605 million (30/9/2012: €25,959 million; 31/12/2012: €29,136 million). Net debt amounts to €5,391 million compared with €7,734 million as of 30/9/2012 (31/12/2012: €3,245 million).

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€ million

31/12/2012

30/9/2012

30/9/2013

1

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

2

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

Equity1

5,666

5,649

5,206

Liabilities1

29,136

25,959

23,605

Net debt

3,245

7,734

5,391

Borrowings (incl. finance leases)

8,550

9,814

7,963

Cash and cash equivalents according to the balance sheet

5,299

2,075

2,564

Monetary investments > 3 months ≤ 1 year2

6

5

8

Local capital requirements

The capital market strategy of METRO GROUP consistently aims to ensure that the group companies’ capital resources comply with local requirements. During the short financial year, all external capital requirements were fulfilled. This includes, for example, adherence to a maximum level of indebtedness or a fixed equity ratio.