Capital structure

As of 30 September 2015, METRO GROUP’s balance sheet disclosed €5.2 billion in equity (30/9/2014: €5.0 billion). The increase is primarily due to the change in reserves retained from earnings which increased by €191 million compared with 30 September 2014. The increase in other reserves retained from earnings, which largely stemmed from net profit for the period attributable to shareholders of METRO AG, had a positive impact. In contrast, currency translation differences and dividends paid reduced reserves retained from earnings.

The equity ratio amounts to 18.7 per cent (30/9/2014: 17.8 per cent). The share of reserves retained from earnings in equity totalled 34.7 per cent compared with 32.0 per cent as of 30 September 2014.

Net debt declined markedly by €2.2 billion. As of 30 September 2015, net debt only amounted to €2.5 billion (30/9/2014: €4.7 billion). This is calculated by netting borrowings, including finance leases of €7.4 billion (30/9/2014: €7.1 billion) with cash and cash equivalents according to the balance sheet of €4.4 billion (30/9/2014: €2.4 billion) and financial investments amounting to €424 million (30/9/2014: €7 million). The increase in cash and cash equivalents was essentially due to the sale of the Galeria Kaufhof group in Germany and Belgium, including the associated real estate assets. The additions to financial investments relate to an investment of €415 million in an exchange-listed, highly liquid money market fund.

As of 30 September 2015, non-current liabilities amounted to €6.8 billion (30/9/2014: €6.9 billion) and thus did not increase due to opposing effects. These relate to an increase in long-term borrowings by €278 million (30/9/2015: €4.7 billion; 30/9/2014: €4.5 billion) from the issuance of two bonds and were reduced by disposals due to the sale of the Galeria Kaufhof group. An opposing effect was produced by the reduction of provisions for pensions and similar obligations by €414 million to €1.3 billion (30/9/2014: €1.7 billion). This was also primarily due to the sale of the Galeria Kaufhof group.

As of 30 September 2015, METRO GROUP had current liabilities of €15.6 billion (30/9/2014: €16.2 billion). The reduction is essentially due to the decline in trade liabilities by €525 million (30/9/2015: €9.6 billion; 30/9/2014: €10.1 billion). This decline is also primarily due to the sale of the Galeria Kaufhof group as well as currency translation effects in Russia.

Compared with 30 September 2014, the debt ratio declined by 0.9 percentage points to 81.3 per cent. Current liabilities accounted for 69.6 per cent of total debt compared with 70.1 per cent as of 30 September 2014.