Net financial result and taxes

 Download XLS (23KB)

€ million

2013/141

2014/15

1

Adjustment of previous year’s figures due to discontinued operations (see notes to the consolidated financial statements – notes to the group accounting principles and methods)

Earnings before interest and taxes EBIT

1,077

711

Result from associates and joint ventures

9

2

Other investment result

78

0

Interest income/expenses (interest result)

−386

−282

Other financial result

−242

−172

Net financial result

−541

−452

Earnings before taxes EBT

536

259

Income taxes

−539

−480

Profit or loss for the period from continuing operations

−3

−221

Profit or loss for the period from discontinued operations after taxes

185

935

Profit or loss for the period

182

714

Net financial result

The financial result primarily comprises the interest result of €–282 million (2013/14: €–386 million) and the other financial result of €–172 million (2013/14: €–242 million). The interest result improved thanks largely to the lower level of interest rates as well as reduced debt. The change in the other financial result of €70 million was caused primarily by negative currency effects, particularly in Russia and Kazakhstan, and the absence of currency effects in the amount of around €–122 million resulting from the disposal of subsidiaries (Real Poland and Turkey) that were shown in the income statement in the previous year. In the previous year, income of €62 million from the disposal of a 9 per cent stake in Booker Group PLC had impacted the other investment result.

For more information about the financial result, see the notes to the consolidated financial statements in nos. 6 to 9 – result from associates and joint ventures, other investment result, net interest income/interest expenses and other financial result.

Taxes

Reported income tax expenses of €480 million (2013/14: €539 million) are €59 million beneath the previous year’s level. This is due to a large number of individual effects at various individual companies as well as exchange rate fluctuations.

 Download XLS (23KB)

€ million

2013/141

2014/15

1

Adjustment of previous year’s figures due to discontinued operations (see notes to the consolidated financial statements – notes to the group accounting principles and methods)

Actual taxes

489

444

thereof Germany

(129)

(118)

thereof international

(360)

(326)

thereof tax expenses/income of current period

(466)

(454)

thereof tax expenses/income of previous periods

(23)

(−10)

Deferred taxes

50

36

thereof Germany

(62)

(34)

thereof international

(−12)

(2)

 

539

480

In the reporting period, the group tax rate from continuing operations stood at 185.5 per cent (2013/14: 100.6 per cent). Adjusted for special items, the rate amounted to 48.6 per cent (2013/14: 54.0 per cent). The group tax rate represents the relationship between recognised income tax expenses and earnings before taxes. The large difference between the reported tax rate and the tax rate adjusted for special items largely results from the fact that the expenses related to the special items generally have no corresponding tax effect (in particular, expenses related to impairment losses on goodwill at Real Germany). Under consideration of discontinued operations, the group tax rate amounts to 42.0 per cent (2013/14: 74.3 per cent). Adjusted for special items, the group tax rate under consideration of discontinued activities amounts to 43.7 per cent (2013/14: 45.4 per cent). This is primarily due to gains from the deconsolidation of the department store business of the Galeria Kaufhof group as well as expenses from impairment losses on goodwill at Real Germany.

For more information about income taxes, see the notes to the consolidated financial statements in no. 11 – income taxes.

Profit or loss for the period and earnings per share

Profit for the period in financial year 2014/15 totalled €714 million, an increase of €532 million over the previous year’s result (2013/14: €182 million). Profit for the period included special items totalling €–26 million (2013/14: €491 million). As a result, profit for the period adjusted for these special items stood at €688 million (2013/14: €673 million).

Net of non-controlling interests, profit for the period attributable to the shareholders of METRO AG totalled €672 million (2013/14: €127 million). This represents a significant improvement of €545 million.

In financial year 2014/15, METRO GROUP improved its earnings per share to €2.06 (2013/14: €0.39). The calculation for the reporting period continued to be based on a weighted number of 326,787,529 shares. Profit for the period attributable to the shareholders of METRO AG of €672 million was distributed according to this number of shares. There was no dilution from so-called potential shares in financial year 2014/15 or in the previous year.

Earnings per share before special items totalled €1.91 (2013/14: €1.84). This result forms the basis for the dividend recommendation.

 Download XLS (25KB)

 

 

 

 

Change

 

 

 

 

 

 

 

 

2013/141

2014/15

absolute

%

1

Adjustment of previous year’s figures due to discontinued operations (see notes to the consolidated financial statements – notes to the group accounting principles and methods)

2

After non-controlling interests

Profit or loss for the period from continuing operations

€ million

−3

−221

218

Profit or loss for the period from discontinued operations after taxes

€ million

185

935

−750

Profit or loss for the period

€ million

182

714

532

Profit or loss for the period attributable to non-controlling interests

€ million

55

42

−13

−23.8

from continuing operations

€ million

54

42

−12

−23.0

from discontinued operations

€ million

1

0

−1

Profit or loss for the period attributable to shareholders of METRO AG

€ million

127

672

545

from continuing operations

€ million

−57

−263

−206

from discontinued operations

€ million

184

935

751

Earnings per share (basic = diluted)2

0.39

2.06

1.67

from continuing operations

−0.18

−0.80

−0.62

from discontinued operations

0.57

2.86

2.29

Earnings per share before special items2

1.84

1.91

0.07

4.1

from continuing operations

1.27

1.48

0.21

16.9

from discontinued operations

0.57

0.43

−0.14

−24.6