Capital structure

Capital structure of METRO GROUP
€ million

Capital structure of METRO GROUP (graphic)

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

As of 30 September 2015, METRO GROUP’s balance sheet disclosed €5.2 billion in equity (30/9/2014: €5.0 billion). The increase is primarily due to the change in reserves retained from earnings which increased by €191 million compared with 30 September 2014. The increase in other reserves retained from earnings, which largely stemmed from net profit for the period attributable to shareholders of METRO AG, had a positive impact. In contrast, currency translation differences and dividends paid reduced reserves retained from earnings.

The equity ratio amounts to 18.7 per cent (30/9/2014: 17.8 per cent). The share of reserves retained from earnings in equity totalled 34.7 per cent compared with 32.0 per cent as of 30 September 2014.

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€ million

Note no.

30/9/2014

30/9/2015

Equity

32

4,999

5,172

Share capital

 

835

835

Capital reserve

 

2,551

2,551

Reserves retained from earnings

 

1,602

1,793

Non-controlling interests

 

11

−7

Net debt declined markedly by €2.2 billion. As of 30 September 2015, net debt only amounted to €2.5 billion (30/9/2014: €4.7 billion). This is calculated by netting borrowings, including finance leases of €7.4 billion (30/9/2014: €7.1 billion) with cash and cash equivalents according to the balance sheet of €4.4 billion (30/9/2014: €2.4 billion) and financial investments amounting to €424 million (30/9/2014: €7 million). The increase in cash and cash equivalents was essentially due to the sale of the Galeria Kaufhof group in Germany and Belgium, including the associated real estate assets. The additions to financial investments relate to an investment of €415 million in an exchange-listed, highly liquid money market fund.

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€ million

30/9/2014

30/9/2015

1

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

Cash and cash equivalents according to the balance sheet

2,406

4,415

Short-term financial investments1

7

424

Borrowings (incl. finance leases)

7,068

7,366

Net debt

4,655

2,527

As of 30 September 2015, non-current liabilities amounted to €6.8 billion (30/9/2014: €6.9 billion) and thus did not increase due to opposing effects. These relate to an increase in long-term borrowings by €278 million (30/9/2015: €4.7 billion; 30/9/2014: €4.5 billion) from the issuance of two bonds and were reduced by disposals due to the sale of the Galeria Kaufhof group. An opposing effect was produced by the reduction of provisions for pensions and similar obligations by €414 million to €1.3 billion (30/9/2014: €1.7 billion). This was also primarily due to the sale of the Galeria Kaufhof group.

As of 30 September 2015, METRO GROUP had current liabilities of €15.6 billion (30/9/2014: €16.2 billion). The reduction is essentially due to the decline in trade liabilities by €525 million (30/9/2015: €9.6 billion; 30/9/2014: €10.1 billion). This decline is also primarily due to the sale of the Galeria Kaufhof group as well as currency translation effects in Russia.

Compared with 30 September 2014, the debt ratio declined by 0.9 percentage points to 81.3 per cent. Current liabilities accounted for 69.6 per cent of total debt compared with 70.1 per cent as of 30 September 2014.

For more information about the maturity, currency and interest rate structure of financial liabilities as well as credit facilities, see the notes to the consolidated financial statements in no. 37 – financial liabilities.

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€ million

Note no.

30/9/2014

30/9/2015

1

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

Non-current liabilities

 

6,921

6,841

Provisions for pensions and similar obligations

33

1,684

1,270

Other provisions

34

478

492

Borrowings

35, 37

4,453

4,731

Other financial and non-financial liabilities

35, 38

176

206

Deferred tax liabilities

25

130

142

Current liabilities

 

16,236

15,643

Trade liabilities

35, 36

10,0751

9,550

Provisions

34

615

628

Borrowings

35, 37

2,615

2,635

Other financial and non-financial liabilities

35, 38

2,528

2,488

Income tax liabilities

35

198

148

Liabilities related to assets held for sale1

31

2051

194

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. 45 – contingent liabilities and no. 46 – other financial liabilities.