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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE GROuP ACCOuNTING PRINCIPlES ANd METhOdS Purchases of additional shareholdings in companies where a controlling interest has already been acquired are recognised as equity transactions. As a result, the assets and liabilities are not remeasured at fair value nor are any gains or losses recognised. Any differences between the cost of the additional shareholding and the carrying amount of the net assets on the date of acquisition are directly offset against the capital attributable to the buyer. Investments accounted for under the equity method are treated in accordance with the principles applying to full consolidation, with existing goodwill being included in the recognition of the investment, and non-scheduled amortisation of this goodwill being included in income from associated companies in the financial result. Any deviating accounting and measurement methods used in the financial statements’ underlying equity valuation are retained as long as they do not substantially contradict METRO GROuP’s uniform accounting and measurement methods. Any write-backs or write-downs to shares in consolidated subsidiaries carried in the individual financial statements have been reversed. Intra-Group profits and losses are eliminated, sales revenues, expenses and income as well as receivables and liabilities and/or provisions existing among consolidated subsidiaries are consolidated. Interim results in fixed assets or inventories resulting from intra-Group transactions are eliminated unless they are of minor significance. Thirdparty debt is consolidated to the extent that the prerequisites for such consolidation are met. In accordance with IAS 12 (Income Taxes), deferred taxes are recognised for consolidated transactions. Currency translation In the subsidiaries’ separate financial statements, transactions in foreign currency are valued at the rate prevailing on the transaction date. Exchange rate fluctuations up to the closing date are taken into account in the valuation of receivables and payables in foreign currency. The resulting gains and losses are recognised in income. Currency translation differences from receivables and payables in foreign currency, which must be regarded as a net investment in a foreign business operation, are reported as reserves retained from earnings with no effect on net profit. → p. 160 The annual financial statements of foreign subsidiaries are translated into euros according to the functional currency concept of IAS 21 (The Effects of Changes in foreign Exchange Rates). The functional currency is defined as the currency of the primary economic environment of the subsidiary. Since all consolidated companies operate as financially, economically and organisationally autonomous entities, their respective local currency is the functional currency. Assets and liabilities are therefore converted at the average exchange rate prevailing on the closing date, whereas income statement items are translated at the annual average exchange rate. differences from the translation of the financial statements of non-German subsidiaries do not affect income and are shown as a separate item under reserves retained from earnings. Such currency differences are recorded as income in the year in which foreign subsidiaries are deconsolidated. In the financial year 2010, no functional currency of a consolidated company was classified as hyperinflationary as defined by IAS 29 (financial Reporting in hyperinflationary Economies). The following exchange rates were applied in the translation of key currencies outside the European Monetary union that are of major significance for METRO GROuP:
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE GROuP ACCOuNTING PRINCIPlES ANd METhOdS Income statement Recognition of income and expenses In accordance with IAS 18 (Revenue), net sales and other operating income are reported immediately upon rendering of the service or delivery of the goods or merchandise and hence upon transfer of the risk to the customer. Net sales are shown after deduction of rebates and discounts. Operating expenses are recognised as expenses upon availment or causation. As a rule, dividends are recognised when the legal claim to payment arises. Average exchange rate in € Period-end exchange rate in € → p. 161 2010 2009 31/12/2010 31/12/2009 Bosnian mark BAM 1.95583 1.95583 1.95583 1.95583 Bulgarian lev BGN 1.95583 1.95583 1.95583 1.95583 Chinese renminbi CNy 8.97949 9.52269 8.82200 9.83500 Croatian kuna hRK 7.28869 7.34100 7.38300 7.30000 Czech koruna CZK 25.29832 26.43568 25.06100 26.47300 danish krone dKK 7.44723 7.44634 7.45350 7.44180 Egyptian pound EGP 7.47542 7.74040 7.69730 7.85800 hong Kong dollar hKd 10.30688 10.80623 10.38560 11.17090 hungarian forint huf 275.40584 280.39477 277.95000 270.42000 Indian rupee INR 60.61675 67.27274 59.75800 66.49150 Japanese yen JPy 116.46337 130.33060 108.65000 133.16000 Kazakhstani tenge KZT 195.36055 206.08600 196.88000 213.95000 Moldovan leu Mdl 16.40377 15.51803 16.10450 17.64260 Moroccan dirham MAd 11.16107 11.25572 11.16765 11.31905 New Romanian leu RON 4.21160 4.23794 4.26200 4.23630 New Turkish lira TRy 1.99805 2.16211 2.06940 2.15470 Pakistani rupee PKR 113.09190 114.09848 114.43630 121.37110 Polish złoty PlN 3.99543 4.32764 3.97500 4.10450 Pound Sterling GBP 0.85836 0.89129 0.86075 0.88810 Russian rouble RuB 40.27777 44.11781 40.82000 43.15400 Serbian dinar RSd 102.89962 93.90046 105.49820 95.88880 Singapore dollar SGd 1.80791 2.02369 1.71360 2.01940 Swedish krona SEK 9.54630 10.62298 8.96550 10.25200 Swiss franc Chf 1.38198 1.51010 1.25040 1.48360 ukrainian hryvnia uAh 10.53283 10.87168 10.57314 11.50094 uS dollar uSd 1.32671 1.39415 1.33620 1.44060 Vietnamese dong VNd 24,682.19000 23,796.97000 25,187.13000 25,723.81000 Interest is recognised as income or expenses on an accrual basis using the effective interest method where applicable. Income taxes Income taxes concern direct taxes on income and deferred taxes. Balance sheet Intangible assets In accordance with IfRS 3 (Business Combinations), goodwill is capitalised. Goodwill resulting from business combinations is attributed to the group of so-called cash-generating units (CGu) that benefits from the synergies of this
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