Capital structure

Capital structure of METRO GROUP

€ million

Capital structure of METRO GROUP (graphic)

As of 30 September 2016, METRO GROUP’s balance sheet showed equity of €5.3 billion (30/9/2015: €5.2 billion). The increase is primarily due to the change in reserves retained from earnings which increased by €141 million compared with 30 September 2015. The increase in other reserves retained from earnings, which largely stemmed from profit for the period attributable to the shareholders of METRO AG, had a positive impact. In contrast, effects from the remeasurement of defined benefit plans and dividends paid reduced reserves retained from earnings.

The equity ratio stood at 21.4 per cent (30/9/2015: 18.7 per cent). The share of reserves retained from earnings in equity totalled 36.3 per cent compared with 34.7 per cent on 30 September 2015.

 Download XLS (22KB)

€ million

Note no.

30/9/2015

30/9/2016

Equity

32

5,172

5,332

Share capital

 

835

835

Capital reserve

 

2,551

2,551

Reserves retained from earnings

 

1,793

1,934

Non-controlling interests

 

−7

12

Net debt was reduced further by €0.2 billion and amounted to €2.3 billion as of 30 September 2016 (30/9/2015: €2.5 billion). This is calculated by netting financial liabilities, including finance leases of €4.8 billion (30/9/2015: €7.4 billion), with cash and cash equivalents according to the balance sheet of €2.4 billion (30/9/2015: €4.4 billion) as well as monetary investments of €90 million (30/9/2015: €424 million). In the reporting period, cash outflow from cash and cash equivalents as well as short-term financial investments essentially relates to the decline in financial liabilities (including finance leases), that is from bond redemptions, partial redemptions of promissory note loans and the reduction of liabilities to banks. As of 30 September 2015, cash and cash equivalents as well as short-term financial investments had included cash inflow from the sale of the Galeria Kaufhof group in Germany and Belgium including the associated real estate assets.

 Download XLS (22KB)

€ million

30/9/2015

30/9/2016

1

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

Cash and cash equivalents according to the balance sheet

4,415

2,368

Short-term financial investments1

424

90

Financial liabilities (incl. finance leases)

7,366

4,759

Net debt

2,527

2,301

As of 30 September 2016, non-current liabilities amounted to €6.0 billion (30/9/2015: €6.8 billion). The decline by €0.8 billion was essentially due to lower long-term financial liabilities totalling €3.8 billion (30/9/2015: €4.7 billion). The opposite effect was produced by the €144 million increase in provisions for post-employment benefits plans and similar obligations to €1.4 billion (30/9/2015: €1.3 billion). This is essentially due to the markedly lower actuarial interest rate.

As of 30 September 2016, METRO GROUP had current liabilities totalling €13.7 billion (30/9/2015: €15.6 billion). This reduction is primarily attributable to the decline in short-term financial liabilities by €1.7 billion (30/9/2016: €0.9 billion; 30/9/2015: €2.6 billion) stemming from bond redemptions, the partial repayment of promissory note loans and lower liabilities to banks.

Compared with 30 September 2015, the debt ratio declined by 2.7 percentage points to 78.6 per cent. At 69.7 per cent, the share of current liabilities in total liabilities was virtually unchanged after 69.6 per cent on 30 September 2015.

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

 Download XLS (23KB)

€ million

Note no.

30/9/2015

30/9/2016

Non-current liabilities

 

6,841

5,950

Provisions for post-employment benefits plans and similar obligations

33

1,270

1,414

Other provisions

34

492

383

Financial liabilities

35, 37

4,731

3,812

Other financial and non-financial liabilities

35, 38

206

191

Deferred tax liabilities

25

142

150

Current liabilities

 

15,643

13,670

Trade liabilities

35, 36

9,550

9,383

Provisions

34

628

705

Financial liabilities

35, 37

2,635

947

Other financial and non-financial liabilities

35, 38

2,488

2,465

Income tax liabilities

35

148

170

Liabilities related to assets held for sale

31

194

0

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.