Capital structure
As of 30 September 2019, the METRO group balance sheet reports equity attributable to continuing and discontinued operations in the amount of €2.7 billion (30/9/2018: €3.1 billion). The profit or loss for the period from continuing operations leads to an increase in reserves retained from earnings. The profit or loss for the period from discontinued operations as well as dividend payments for financial year 2017/18 have an opposite effect. The equity ratio stands at 18.9% (30/9/2018: 20.2%).
Negative reserves retained from earnings are not due to a history of loss but to a reclassification of the equity item ‘net assets attributable to the former METRO GROUP’, recognised in the combined financial statements of the MWFS GROUP as of 1 October 2016, to the legally defined equity items.
€ million |
Note no. |
30/9/2018 |
30/9/2019 |
||
|---|---|---|---|---|---|
|
|||||
Equity |
3,074 |
2,735 |
|||
Share capital |
|
363 |
363 |
||
Capital reserve |
|
6,118 |
6,118 |
||
Reserves retained from earnings1 |
|
−3,449 |
−3,778 |
||
Non-controlling interests |
|
41 |
32 |
||
- For more information about our equity, see the notes to the consolidated financial statements in the number listed in the table.
Net debt related to continuing operations decreased by €0.2 billion in the adjusted year-on-year comparison, amounting to €2.9 billion as of 30 September 2019 (30/9/2018: €3.1 billion after adjustment). Cash and cash equivalents decreased by €0.4 billion as of 30 September 2019 to €0.5 billion (30/9/2018: €0.9 billion after adjustment). By contrast, financial liabilities decreased by €0.6 billion to €3.4 billion (30/9/2018: €4.0 billion after adjustment).
€ million |
30/9/2018 |
30/9/2018 adjusted1 |
30/9/2019 |
||||
|---|---|---|---|---|---|---|---|
|
|||||||
Cash and cash equivalents |
1,298 |
906 |
500 |
||||
Short-term financial investments2 |
2 |
2 |
11 |
||||
Financial liabilities (incl. finance leases) |
4,010 |
4,010 |
3,369 |
||||
Net debt |
2,710 |
3,102 |
2,858 |
||||
As of 30 September 2019, non-current liabilities of the continuing operations amounted to €3.4 billion (30/9/2018: € 3.4 billion). While pension provisions increased by €76 million in year-on-year comparison, mainly due to the decrease in the applicable interest rate, financial liabilities decreased by €92 million.
As of 30 September 2019, METRO’s current liabilities amounted to €8.2 billion (30/9/2018: €8.3 billion). The decrease of €0.4 billion compared to the adjusted previous year’s figure is mainly due to the repayment of a bond in the amount of €0.5 billion. The other balance sheet items showed a stable development; only trade payables increased by €69 million, mainly due to currency effects.
Compared to 30 September 2018, the debt ratio increased from 79.8% by 11.3 percentage points to 81.1%. It should be noted here that current liabilities of €2.6 billion (30/9/2018: €2.4 billion) include liabilities related to assets held for sale.
- 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. 36 – financial liabilities.
€ million |
Note no. |
30/9/20181 |
30/9/2018 adjusted2 |
30/9/2019 |
||||
|---|---|---|---|---|---|---|---|---|
|
||||||||
Non-current liabilities |
|
3,427 |
3,426 |
3,419 |
||||
Provisions for post-employment benefits plans and similar obligations |
468 |
468 |
543 |
|||||
Other provisions |
126 |
126 |
132 |
|||||
Financial liabilities |
2,590 |
2,590 |
2,498 |
|||||
Other financial and other non-financial liabilities |
123 |
123 |
127 |
|||||
Deferred tax liabilities |
120 |
119 |
119 |
|||||
Current liabilities |
|
8,705 |
8,706 |
8,343 |
||||
Trade liabilities |
3,993 |
3,503 |
3,572 |
|||||
Provisions |
274 |
203 |
168 |
|||||
Financial liabilities |
1,420 |
1,420 |
871 |
|||||
Other financial and other non-financial liabilities |
1,136 |
954 |
962 |
|||||
Income tax liabilities |
191 |
188 |
169 |
|||||
Liabilities related to assets held for sale |
1,691 |
2,438 |
2,601 |
|||||
- 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 commitments.