METRO AG - METRO Group

Notes
to the METRO AG Group’s financial statements
(1) Legal basis, date of initial consolidation
and comparative data
METRO AG’s consolidated accounts have been
prepared in accordance with the provisions of
the German Commercial Code (“HGB”) and the
German Stock Corporation Act (“AktG”). The
METRO AG Group was formed by Metro Vermögensverwaltung
GmbH & Co KG contributing
in March 1996 to METRO AG the stock held
in Asko Deutsche Kaufhaus AG and Kaufhof
Holding AG, along with its interest in Metro
SB-Grossmärkte GmbH & Co KG and various
other companies. Such contributions in kind
took economic effect at January 1, 1996, which
is hence the date of the METRO AG Group’s
formal inception.
In mid-July 1996, the mergers of Asko Deutsche
Kaufhaus AG, Deutsche SB-Kauf AG and Kaufhof
Holding AG into METRO AG were entered
in the Commercial Registers concerned and
took retroactive effect as of January 1, 1996,
thus the date underlying the first-time consolidation
of all companies included in the Group
accounts.
With a view to enhancing conclusiveness of
the 1996 Group accounts, the comparative
figures in the consolidated balance sheet as of
December 31, 1996, are the post-merger values
at January 1, 1996. The same accounting and
valuation principles as for the accounts at
January 1, 1996, were consistently applied. No
comparative figures can be provided for the
1996 consolidated income statement since the
Group has existed for one year only.
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The annual financial statements of companies
included in the Group accounts are predicated
on Groupwide uniform accounting and valuation
principles. The fiscal year of most of these
companies is identical with METRO AG’s.
Wherever fiscal years of companies included
close at a date different from METRO AG’s and
thus also from the Group’s balance sheet date,
interim financial statements were prepared for
consolidation purposes.
(2) Group of consolidated companies,
associated affiliates
Besides METRO AG as the parent, the Group
accounts comprise 444 German and 110 foreign
companies in which METRO AG directly or
indirectly holds the majority of voting rights.
Pursuant to Art. 271 par. 2 HGB, the list of
Group companies encompasses not only
METRO AG’s subsidiaries but also those of
Düsseldorf-based Metro Vermögensverwaltung
GmbH & Co KG and Baar-based Metro Holding
AG which directly or indirectly hold a majority
stake in METRO AG. The relations to these
companies (which do not require inclusion
in METRO AG’s consolidated accounts) are
disclosed in separate caption lines under
“nonconsolidated Group companies.”
Under the terms of Art. 296 HGB, 28 subsidiaries
of minor significance are not consolidated;
of these, 13 companies are not or no longer
engaged in operational activities.