In the financial year 2012, total assets increased by €779 million to €34,766 million. Non-current assets declined from €1,535 million during 2012 to €17,287 million. Current assets increased from €15,165 million to €17,479 million.

Goodwill declined by €265 million to €3,780 million. This decline resulted primarily from the reclassification of goodwill of Real Poland and Real Russia to “assets held for sale” as well as goodwill impairments at METRO Cash & Carry totalling €70 million. The decline in tangible assets by €1,337 million can also be attributed largely to the reclassification of assets to “assets held for sale”. In addition, real estate assets totalling €257 million were disposed of. The increase in non-current financial assets by €171 million resulted primarily from the addition of interests in Booker Group PLC totalling €190 million in the context of the sale of MAKRO Cash & Carry in the United Kingdom. In addition, investments of €90 million accounted for using the equity method were added during the reporting year. These essentially relate to the remaining interests in a French real estate fund following deconsolidation as well as to investments in a Pakistani real estate company. The decline in deferred tax assets resulted primarily from on-going carry-forwards of temporary differences as well as the disposal of real estate assets. In addition, deferred tax assets were deleted from the accounts in connection with the planned disposal of the international Real subsidiaries and the deconsolidated activities of MAKRO Cash & Carry in the United Kingdom.

Additional information on the development of non-current assets can be found in the notes to the consolidated financial statements in the numbers listed in the table.

Inventories declined by €782 million to €6,826 million. This decline is largely due to the reclassification of inventories to “assets held for sale”. In addition, inventory optimisation at METRO Cash & Carry resulted in a decline in inventories. Current financial investments declined by €97 million to €22 million, due largely to the divestment of fund investments. The decline in income tax refund claims by €84 million to €347 million is mainly the result of realised withholding tax credits. The increase in cash and cash equivalents by €1,944 million compared to the previous year also results from the switch to a more long-term-orientated refinancing strategy and premature refinancing of financings due in 2013. The increase in “assets held for sale” from €219 million to €1,531 million was largely attributable to the divestment of Real’s Eastern European business.

Additional information on the development of current assets can be found in the notes to the consolidated financial statements in the numbers listed in the table.