Balance sheet profit of METRO AG and profit appropriation in accordance with German commercial law

METRO AG’s annual financial statements prepared under German commercial law serve as the basis for dividend distribution. The income statement and balance sheet of METRO AG prepared in accordance with the German Commercial Code (HGB) are as follows:

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Income statement for the financial year from 1 January to 31 December 2012 prepared under the German Commercial Code (HGB)

€ million	2011	2012
Investment result	956	783
Financial result	–125	–124
Other operating income	553	559
Personnel expenses	–137	–147
Depreciation/amortisation on intangible and tangible assets	–66	–54
Other operating expenses	–458	–483
Result from ordinary operations	723	534
Income taxes	–26	–34
Other taxes	1	–2
Net income	698	498
Profit carried forward from the previous year	14	21
Additions to reserves retained from earnings	–250	–170
Balance sheet profit	462	349

Balance sheet profit of METRO AG and profit appropriation

For the financial year 2012, METRO AG posted investment income of €783 million, compared with €956 million in the previous year.

In consideration of other income, expenses and taxes as well as the transfer of €170 million to revenue reserves, the Company reported a balance sheet profit of €349 million compared with €462 million in 2011.

The Management Board of METRO AG will propose to the Annual General Meeting that, from the reported balance sheet profit of €349 million, a dividend of €327 million be paid and that the balance be carried forward to the new account. The dividend proposed by the Management Board amounts to

€1.00 per ordinary share and
€1.06 per preference share.

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Balance sheet as of 31 December 2012

Assets

€ million	31/12/2011	31/12/2012
Fixed assets
Intangible assets	84	41
Tangible assets	4	3
Financial assets	8,660	8,552
	8,748	8,596
Current assets
Receivables and other assets	2,352	2,488
Cash on hand, bank deposits and cheques	914	2,088
	3,266	4,576
Prepaid expenses and deferred charges	15	16
	12,029	13,188

Equity and liabilities

€ million	31/12/2011	31/12/2012
Equity
Share capital	835	835
Ordinary shares	828	828
Preference shares	7	7
(Contingent capital)	(128)	(128)
Capital reserves	2,558	2,558
Reserves retained from earnings	1,977	2,146
Balance sheet profit	462	349
	5,832	5,888
Provisions	374	375
Liabilities	5,815	6,918
Deferred income	8	7
	12,029	13,188

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Special items
by sales line

€ million	2011 as reported	2012 as reported	2011 special items	2012 special items	2011 before special items	2012 before special items
EBITDA	3,429	3,014	222	279	3,651	3,292
thereof METRO Cash & Carry	1,297	1,131	111	67	1,408	1,198
Real	292	223	29	52	321	276
Media-Saturn	767	570	42	55	809	625
Galeria Kaufhof	193	240	26	0	219	240
Real Estate	1,008	1,039	–14	–4	994	1,035
Others	–97	–166	20	109	–77	–57
Consolidation	–31	–24	8	–1	–23	–25
EBIT	2,113	1,391	259	585	2,372	1,976
thereof METRO Cash & Carry	1,037	684	111	263	1,148	947
Real	94	25	40	77	134	102
Media-Saturn	493	235	49	91	542	326
Galeria Kaufhof	94	136	27	0	121	136
Real Estate	639	607	4	45	643	652
Others	–217	–278	20	109	–197	–168
Consolidation	–27	–19	8	–1	–19	–20
Net financial result	-640	–581	0	22	–640	–559
EBT	1,473	810	259	607	1,732	1,417
Income taxes	-732	–709	–21	9	–753	–700
Profit or loss for the period	741	101	238	615	979	717
Profit or loss for the period attributable to non-controlling interests	110	98	10	0	120	98
Profit or loss attributable to shareholders of METRO AG	631	3	228	615	859	619
Earnings per share in € (basic = diluted)	1.93	0.01	0.70	1.88	2.63	1.89

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Special items
by region

€ million	2011 as reported	2012 as reported	2011 special items	2012 special items	2011 before special items	2012 before special items
EBITDA	3,429	3,014	222	279	3,651	3,292
thereof Germany	1,021	938	117	195	1,138	1,133
Western Europe (excl. Germany)	1,162	938	51	–10	1,213	928
Eastern Europe	1,214	1,175	51	27	1,265	1,202
Asia/Africa	22	–41	3	66	25	25
International	2,398	2,072	105	83	2,503	2,155
Consolidation	10	4	0	0	10	4
EBIT	2,113	1,391	259	585	2,372	1,976
thereof Germany	373	320	131	202	504	522
Western Europe (excl. Germany)	903	480	53	163	956	642
Eastern Europe	855	731	72	118	927	849
Asia/Africa	–28	–144	3	102	–25	–42
International	1,730	1,067	128	382	1,858	1,450
Consolidation	10	4	0	0	10	4
Net financial result	–640	–581	0	22	–640	–559
EBT	1,473	810	259	607	1,732	1,417
Income taxes	–732	–709	–21	9	–753	–700
Profit or loss for the period	741	101	238	615	979	717
Profit or loss for the period attributable to non-controlling interests	110	98	10	0	120	98
Profit or loss attributable to shareholders of METRO AG	631	3	228	615	859	619
Earnings per share in € (basic = diluted)	1.93	0.01	0.70	1.88	2.63	1.89