pdf (18.3 MB) - METRO Group
pdf (18.3 MB) - METRO Group
pdf (18.3 MB) - METRO Group
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<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS<br />
→ NOTES : NOTES TO ThE BAl ANCE ShEET<br />
Additions to tangible assets resulted mainly from the opening<br />
of new Metro Cash & Carry and Media Markt and Saturn stores.<br />
While the increase in tangible assets at Metro Cash & Carry<br />
was largely due to expansion in Eastern Europe and Asia,<br />
the increase at Media Markt and Saturn primarily resulted<br />
from new openings in Eastern and Western Europe.<br />
Effects of currency translation raised tangible assets by<br />
€226 million (previous year: €105 million). These stemmed<br />
largely from exchange rate developments in Russia,<br />
ukraine, Poland, the Czech Republic, China, Japan and<br />
India.<br />
limitations to the disposal of assets in the form of liens and<br />
encumbrances amounted to €346 million (previous year:<br />
€384 million).<br />
Purchasing obligations for tangible assets in the amount of<br />
€250 million (previous year: €182 million) were made.<br />
Assets used by the <strong>Group</strong> under the terms of finance lease<br />
agreements were valued at €1,074 million (previous year:<br />
€1,113 million). The assets involved are mainly leased<br />
buildings.<br />
finance leases generally have terms of 15 to 25 years with<br />
options under expiration to extend them at least once for five<br />
years. The interest rates in the leases vary by market and<br />
date of signing between 3.1 percent and 25.1 percent.<br />
In addition to finance leases, <strong>METRO</strong> GROuP also signed<br />
other types of leases classified as operating leases based<br />
on their economic value. Operating leases generally have an<br />
initial term of up to 15 years. The interest rates in the leases<br />
are based partly on variable and partly on fixed rents.<br />
Payments due under finance and operating leases in the<br />
indicated period are shown below:<br />
€ million<br />
Up to<br />
1 year<br />
1 to<br />
5 years<br />
→ p. 177<br />
Over<br />
5 years<br />
Finance leases 31/12/2010<br />
future lease payments due (nominal) 224 837 1,555<br />
discount –18 –229 –780<br />
Present value<br />
Operating leases 31/12/2010<br />
206 608 775<br />
future lease payments due (nominal) 1,437 4,726 4,280<br />
Up to 1 to Over<br />
€ million<br />
Finance leases 31/12/2009<br />
1 year 5 years 5 years<br />
future lease payments due (nominal) 224 824 1,501<br />
discount –15 –247 –678<br />
Present value<br />
Operating leases 31/12/2009<br />
209 577 823<br />
future lease payments due (nominal) 1,393 4,494 4,071<br />
future payments due on finance leases contain payments<br />
amounting to €99 million (previous year: €99 million) for<br />
options to purchase assets at favourable prices.<br />
The nominal value of future lease payments to <strong>METRO</strong> GROuP<br />
coming from the subleasing of assets held under finance<br />
leases amounts to €182 million (previous year: €222 million).<br />
The nominal value of future lease payments due to<br />
<strong>METRO</strong> GROuP resulting from the subleasing of assets held<br />
under operating leases amounts to €993 million (previous<br />
year: €1,023 million).<br />
Net profit for the period includes payments made under<br />
leasing agreements amounting to €1,497 million (previous<br />
year: €1,470 million) and payments received under subleasing<br />
agreements amounting to €417 million (previous year:<br />
€404 million).<br />
Contingent lease payments from finance leases recognised<br />
as expenses during the period amount to €8 million (previous<br />
year: €8 million).<br />
Contingent lease payments from operating leases recognised<br />
as expenses during the period amount to €62 million<br />
(previous year: €58 million).