Consolidated Financial Statements
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REWE-ZENTRALFINANZ EG, COLOGNE CONSOLIDATED FINANCIAL STATEMENTS FOR FINANCIAL YEAR 2020 CONTENTS INCOME STATEMENT 50 STATEMENT OF COMPREHENSIVE INCOME 51 BALANCE SHEET 52 CASH FLOW STATEMENT 54 STATEMENT OF CHANGES IN EQUITY 56 REWE-ZENTRALFINANZ eG, Cologne Consolidated Income Statement for the Financial Year from 1 January to 31 December 2020 in million € Note no. 2020 2019* Revenue 8 68,229.3 55,284.7 Change in inventories and own work capitalised 9 -61.7 44.9 Other operating income 10 3,707.9 3,920.4 Cost of materials 11 -52,788.9 -41,521.9 Personnel expenses 12 -8,022.0 -7,398.0 Depreciation, amortisation and impairments 13 -3,265.5 -3,289.3 Other operating expenses 14 -6,579.2 -6,130.8 Impairment losses on financial assets -69.4 -13.2 Miscellaneous -6,509.8 -6,117.6 Operating result 1,219.9 910.0 Results from investments in associates and joint ventures 15 102.0 41.3 Results from the measurement of derivative financial instruments 16 7.5 -8.2 Interest and similar income 27.5 52.5 Interest and similar expenses -606.5 -593.4 Interest result 17 -579.0 -540.9 Other financial income 18 -23.6 -30.8 Financial result -493.1 -538.6 Earnings before taxes 726.8 371.4 Taxes on income 19 -281.3 135.2 Consolidated profit from continuing operations 445.5 506.6 Results from discontinued operations 5 -30.2 0.3 Consolidated profit 415.3 506.9 Consolidated profit attributable to shareholders of the parent company 391.1 528.4 Consolidated profit/loss attributable to non-controlling interests 20 24.2 -21.5 * The prior-year figures were adjusted due to a discontinued operation and a reclassification (see note 2 “Adjustment according to IAS 8.41 ff.). Page 50 REWE-ZENTRALFINANZ eG, Cologne Consolidated Statement of Comprehensive Income for the Financial Year from 1 January to 31 December 2020 1 Jan. – 31 Dec. 1 Jan. - 31 Dec. in million € 2020 2019 Consolidated profit 415,3 506,9 Gains and losses from the translation of the financial statements of foreign subsidiaries -40,2 23,8 of which recognised directly to equity -72,5 23,4 of which recognised in profit or loss 32,3 0,4 Gains and losses from designated risk components of hedging instruments -5,6 -10,2 of which recognised directly to equity -18,3 15,4 of which recognised in profit or loss 12,7 -25,6 Gains and losses attributable to costs of hedging -5,7 -0,5 of which recognised directly to equity 5,0 13,7 of which recognised in profit or loss -10,7 -14,2 Other comprehensive income from investments in associates and joint ventures -0,1 0,2 of which recognised directly to equity -0,1 0,2 Deferred taxes on aforementioned gains or losses reported under other comprehensive income 4,2 2,8 of which recognised directly to equity 4,2 2,8 Other comprehensive income attributable to items to be recycled to the income statement at a later date if certain conditions are met -47,4 16,1 Gains and losses from the remeasurement of defined-benefit pension commitments -90,9 -135,3 Gains and losses from the remeasurement of equity instruments 2,9 10,5 Other comprehensive income from investments in associates and joint ventures -0,2 0,0 Deferred taxes on aforementioned gains or losses reported under other comprehensive income 16,3 37,5 Other comprehensive income attributable to items which will never be recycled to the income statement -71,9 -87,3 Other comprehensive income -119,3 -71,2 Total comprehensive income 296,0 435,7 Comprehensive income attributable to shareholders of the parent company 277,1 467,4 Comprehensive income attributable to non-controlling interests 18,9 -31,7 (For disclosures, see note 32 "Equity") Page 51 REWE-ZENTRALFINANZ eG, Cologne Consolidated Balance Sheet as at 31 December 2020 A S S E T S 0 0 in million € Note no. 31 Dec. 2020 31 Dec. 2019 Intangible assets 21 3,558.7 2,652.7 Property, plant and equipment and right-of-use assets 22, 24 19,501.6 18,656.9 Investment property 23 21.8 21.9 Investments in associates and joint ventures 25 308.7 240.5 Other financial assets 26 277.2 308.9 Other assets 28 205.6 201.7 Deferred tax assets 30 682.7 618.3 Non-current assets 24,556.3 22,700.9 Inventories 29 4,566.4 4,152.2 Other financial assets 26 1,350.3 1,097.8 Trade receivables 27 1,728.4 1,238.7 Other assets 28 421.0 1,185.5 Current income tax assets 30 94.9 212.6 Cash and cash equivalents 31 709.5 567.0 Sub-total of current assets 8,870.5 8,453.8 Non-current assets held for sale and disposal groups 3 9.7 10.1 Current assets 8,880.2 8,463.9 Total assets 33,436.5 31,164.8 Page 52 REWE-ZENTRALFINANZ eG, Cologne Consolidated Balance Sheet as at 31 December 2020 E Q U I T Y A N D L I A B I L I T I E S 0 0 in million € Note no. 31 Dec. 2020 31 Dec. 2019 Capital reserves 32 1,219.8 1,219.8 Retained earnings 32 6,305.0 5,983.2 Other reserves 32 -131.4 -84.2 Equity attributable to shareholders of the parent company 7,393.4 7,118.8 Non-controlling interests 32 161.6 159.4 Equity 7,555.0 7,278.2 Liabilities from employee benefits 33 1,235.3 1,118.0 Other provisions 34 100.6 84.4 Other financial liabilities 35 11,025.0 10,393.0 Lease liabilities 9,055.9 8,583.0 Miscellaneous other financial liabilities 1,969.1 1,810.0 Trade payables 36 10.5 13.1 Other liabilities 37 69.7 53.0 Deferred tax liabilities 30 137.0 114.2 Non-current liabilities 12,578.1 11,775.7 Liabilities from employee benefits 33 668.1 611.9 Other provisions 34 679.1 437.6 Other financial liabilities 35 2,223.5 2,280.9 Lease liabilities 1,630.3 1,522.2 Miscellaneous other financial liabilities 593.2 758.7 Trade payables 36 7,888.9 6,979.8 Other liabilities 37 1,383.0 1,685.5 Current income tax liabilities 30 459.0 115.2 Sub-total current liabilities 13,301.6 12,110.9 Liabilities from non-current assets held for sale and disposal groups 3 1.8 0.0 Current liabilities 13,303.4 12,110.9 Total equity and liabilities 33,436.5 31,164.8 Page 53 REWE-ZENTRALFINANZ eG, Cologne Consolidated Cash Flow Statement for the Financial Year from 1 January to 31 December 2020 in million € 2020 2019* Results from continuing operations 445.5 506.6 Financial result 493.1 538.6 Income tax expense/income 281.3 -135.2 Depreciation/amortisation and retroactive capitalisations on intangible assets, property, plant and equipment and financial assets 3,133.7 3,153.5 Increase in provisions 281.1 26.6 Losses/gains on the disposal of intangible assets, property, plant and equipment and financial assets 16.4 -186.8 Other non-cash expenses 67.4 -369.6 Increase in inventories, trade receivables and other assets not attributable to investing or financing activities -60.3 -48.2 Decrease/increase in trade payables and other liabilities not attributable to investing or financing activities -508.5 397.2 Income taxes received/paid 16.1 -108.1 Dividends received 48.5 43.3 Sub-total 4,214.3 3,817.9 Interest received 66.9 15.9 Interest paid -600.1 -581.5 Cash flows from operating activities, continuing operations 3,681.1 3,252.3 Cash flows from operating activities, discontinued operations 8.4 20.1 Cash flows from operating activities 3.689,5 3.272,4 Proceeds from disposals of intangible assets, property, plant and equipment and investment properties 93.9 114.5 Proceeds from disposals of financial assets and investments in associates and joint ventures 277.0 249.5 Proceeds from the disposal of shares in consolidated companies 0.4 117.0 Purchase of intangible assets, property, plant and equipment and investment properties -1,894.4 -1,741.2 Purchase of financial assets and investments in associates and joint ventures -271.3 -365.2 Excess proceeds from business combinations and the acquisition of shares in consolidated companies 59.8 13.5 Payments for business combinations and the acquisition of shares in consolidated companies -98.9 -769.7 Cash flows from investing activities, continuing operations -1,833.5 -2,381.6 Cash flows from investing activities, discontinued operations 12.1 -10.8 Cash flows from investing activities -1.821,4 -2.392,4 Page 54 2020 2019* in million € Paid dividends, compensation obligations and other interests -19.6 -5.4 Proceeds from equity contributions 0.0 -15.0 Payments from changes in non-controlling interests -0.2 -13.3 Cash proceeds from borrowings 467.4 996.1 Cash repayments of borrowings -661.6 -442.4 Payments to reduce lease liabilities -1,494.3 -1,465.7 Cash flows from financing activities, continuing operations -1,708.3 -945.7 Cash flows from financing activities, discontinued operations -2.0 -5.6 Cash flows from financing aktivities -1.710,3 -951,3 Net change in cash funds 157.8 -71.3 Change in cash funds related to changes in the scope of consolidation 0.2 0.0 Currency translation differences -6.1 2.2 Total change in cash funds 151.9 -69.1 Cash funds at beginning of the period 557.6 626.7 Cash funds at end of the period 709.5 557.6 Cash funds at the end of the period, discontinued operations 0.0 1.8 * The prior-year figures were adjusted due to a discontinued operation.