The decline in tangible assets results mainly from the reclassification of assets to “assets held for sale” in the amount of €1,170 million (previous year: €289 million). These concern land and buildings at €860 million (previous year: €284 million), other plant, business and office equipment at €263 million (previous year: €5 million) and assets under construction at €47 million (previous year: €0 million). They result mostly from Real’s Eastern European business held for sale (€707 million), the divestment of the Cash & Carry business in the United Kingdom (€291 million) and the reclassification of the assets of OPCI FRENCH WHOLESALE STORES – FWS (€114 million).

Aside from the reclassification of assets to “assets held for sale”, the financial year includes disposals of real estate assets in the amount of €257 million (previous year: €13 million).

The effects of currency translations led to an increase of tangible assets in the amount of €70 million (previous year: reduction by €122 million). This increase is mainly due to exchange rate developments in Russia and Poland.

Limitations to the disposal of assets in the form of liens and encumbrances amounted to €288 million (previous year: €314 million).

Contractual commitments for the acquisition of property, plant and equipment in the amount of €190 million (previous year: €251 million) were entered. €1 million of this amount is related to the planned disposal of Real’s Eastern European business.

Assets used by the Group under the terms of finance lease agreements were valued at €1,026 million (previous year: €1,310 million). The assets involved are mainly leased buildings.

Finance leases generally have terms of 15 to 25 years with options under expiration to extend them at least once for 5 years. The interest rates in the leases vary by market and date of signing between 5.2 and 11.4 percent.

In addition to finance leases, METRO GROUP also signed other types of leases classified as operating leases based on their economic value. Operating leases generally have an initial term of up to 15 years. The interest rates in the leases are based partly on variable and partly on fixed rents.

Payments due under finance and operating leases in subsequent periods are shown as follows:

The present values of liabilities from finance leases in 2012 include future payments with maturities of up to 1 year totalling €32 million, of 1 to 5 years totalling €56 million and of more than 5 years totalling €184 million related to Real’s Eastern European business, which is scheduled to be disposed of.

The amounts shown for future payments due on operating leases (nominal) in 2012 concern future payments with terms of up to 1 year in the amount of €97 million, of 1 to 5 years in the amount of €337 million and of over 5 years in the amount of €353 million from Real’s Eastern European business held for sale.

Future payments due on finance leases contain payments amounting to €42 million (previous year: €42 million) for options to purchase assets at favourable prices.

The nominal value of future lease payments due to METRO GROUP coming from the subleasing of assets held under finance leases amounts to €176 million (previous year: €183 million).

The nominal value of future lease payments due to METRO GROUP resulting from the subleasing of assets held under operating leases amounts to €958 million (previous year: €935 million). Of these lease payments of €958 million in 2012, €43 million stem from Real’s Eastern European business held for sale.

Profit or loss for the period includes payments made under leasing agreements amounting to €1,584 million (previous year: €1,522 million) and payments received under subleasing agreements amounting to €407 million (previous year: €421 million).

Contingent lease payments from finance and operating leases recognised as expenses during the period amount to €9 million (previous year: €7 million) and €78 million (previous year: €68 million), respectively.

Lease payments due in subsequent periods from entities outside METRO GROUP for the rental of properties that are legally owned by METRO GROUP (METRO GROUP as lessor) are shown below:

From the perspective of the lessor, the unguaranteed residual value must be added to the nominal minimum lease payments of €14 million (previous year: €18 million) in existing finance leases. This amounted to €3 million during the financial year (previous year: €3 million). The resulting gross investment amount is €17 million (previous year: €21 million). In addition, there is an unrealised financial income of €6 million (previous year: €6 million).