pdf (22.8 MB) - METRO Group

More documents

Recommendations

Info

METRO GROUP : ANNUAL REPORT 2011 : BUSINESS → GROUP MANAGEMENT REPORT : 10. AccOUNTiNG-RElATEd iNTERNAl MONiTORiNG ANd Risk MANAGEMENT sysTEM Based on the described principles, the Group Internal audit department carries out independent audits of the controls governing the process of preparing the consolidated financial statements, the implementation of the IFRs accounting guideline and Group accounting processes within MeTRo GRoUp. In the process, focal topics are defined as part of risk-orientated planning for the annual audit. External audit The IFRs accounting guideline is reviewed by the auditor of the consolidated financial statements and made available to the auditors of the companies included in the consolidated financial statements. These, in turn, confirm the consistent → p. 155 application of the IFRs accounting guideline by the companies included in the consolidated financial statements. In addition, the individual IFRs financial statements prepared by the Group companies for consolidation purposes and the consolidated financial statements of MeTRo aG are reviewed and monitored for compliance with applicable accounting regulations by the respective auditors. The interim consolidated financial statements for the six-month period undergo an auditor’s review and the full-year consolidated financial statements are audited. The final auditor’s opinion on the consolidated financial statements is published in the annual report.
METRO GROUP : ANNUAL REPORT 2011 : BUSINESS → GROUP MANAGEMENT REPORT : 11. Risk REPORT 614 11. Risk report In its operating activities, MeTRo GRoUp is regularly exposed to risks that can impede the realisation of its shortterm objectives or the implementation of long-term strategies. In some cases, we must consciously take controllable risks to be able to exploit opportunities in a targeted manner. We define risks as internal or external events resulting from uncertainty over future developments that can negatively impact the realisation of our corporate objectives. We define opportunities as possible successes that extend beyond the defined objectives and can thus positively impact our business development. We consider risks and opportunities to be inextricably linked. For example, risks can emerge from missed or poorly exploited opportunities. Conversely, exploiting opportunities in dynamic growth markets always entails risks. With this in mind, we consider our Company’s risk management as a business management instrument that is geared towards realising our corporate goals. It is a systematic, Group-wide process that includes the identification of opportunities. It helps the Company’s management to identify, assess and control risks in order to exploit opportunities. as such, opportunity and risk management is a uniform process. Risk management renders unfavourable developments and events transparent at an early stage and analyses their implications. This allows us to put the necessary countermeasures in place. as such, risk management is an integral part of value-orientated business management and helps us to improve our decision-making basis. We continually finetune our risk management and increasingly integrate it into our monitoring and control systems. In this process we revised our risk management frame- work during the reporting year. Key elements included, in particular, → the definition of risk categories based on the target and control system, → the introduction of process organisation regulations to link the identification of risks to the pursuit of corporate objectives, → an expanded centralised coordination of risk management with the involvement of responsible functional managers, → p. 156 → an increased dovetailing of risk management with corporate strategy, planning and controlling as well as → the use of elements of the internal control system to moni tor the risk management system. Centralised management and efficient organisation MeTRo GRoUp’s risk management officer determines the Company’s risk management approaches, methods and standards. The risk management officer also coordinates the underlying process. In this context, he continuously and promptly informs the Management Board of MeTRo aG of important developments in risk management, ensures the Group-wide exchange of information and supports the continued development of risk management in all sales divisions and Group units. MeTRo aG’s central management functions regularly discuss risk management methods and the current risk situation through the Group committee for risks and internal controls headed by the CFo of MeTRo aG. We conduct an annual risk review to systematically record and assess all essential risks across the Group according to uniform standards. The risk management officer compiles the results in a risk portfolio that provides the basis for determining MeTRo GRoUp’s total risk and opportunities situation. Based on this information, the risk management officer prepares the risk report. Group-wide risk management tasks and responsibilities are clearly regulated and reflect MeTRo GRoUp’s corporate structure. We combine centralised business management by the management holding company MeTRo aG with the decentralised operating responsibility of the individual sales divisions. overall responsibility for the effectiveness of risk management lies with the Management Board of MeTRo aG. The sales divisions and Group companies are responsible for identifying, assessing and managing risks. Key elements of internal monitoring and control include effectiveness checks in the form of self-assessments by the management and review by the internal audits. The supervisory Board of MeTRo aG is responsible for overseeing the effectiveness of risk management. In compliance with the provisions of KonTraG (the German Corporate sector supervision and Transparency act), the external auditor submits the Company’s early-detection system to a periodic review. The results of this review are presented to the Management Board and supervisory Board.
Page 1 and 2:
24/7 online - SHoPPinG! - inTeGRATe
Page 3 and 4:
METRO gROUP in figures 1 € millio
Page 5 and 6:
Our Real sales division also consid
Page 7 and 8:
s e p a r a t e FOLD FOLD PUSH OUT
Page 9 and 10:
s e p a r a t e s e p a r a t e s e
Page 11 and 12:
hTTP://www.METRO-wEiN.DE s e p a r
Page 13 and 14:
hTTP://www.REAL-DRiVE.DE s e p a r
Page 15 and 16:
hTTP://www.MEDiAMARKT.DE s e p a r
Page 17 and 18:
hTTP://www.sATURN.DE s e p a r a t
Page 19 and 20:
hTTP://www.REDCOON.DE s e p a r a t
Page 21 and 22:
hTTP://www.gALERiA-KAUFhOF.DE s e p
Page 23 and 24:
METRO gROup : ANNuAL REpORT 2011
Page 25 and 26:
METRO gROUP : ANNUAL REPORT 2011
Page 27 and 28:
sTRATEgy 1 METRO gROUP : ANNUAL REP
Page 29 and 30:
METRO gROUP : ANNUAL REPORT 2011 :
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 38:
we recoGnISe And AdAPT To LocAL reQ
Page 42:
wHAT SecUrInG GrowTH MeAnS For US:
Page 46 and 47:
SUSTAInABLe TrAde. SUSTAInABLe Grow
Page 48 and 49:
METRO GROUP : ANNUAL REPORT 2011 :
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62:
Page 65 and 66:
iNVEsTMENT 2 METRO gROUP : ANNUAL R
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
BUsiNEss 3 METRO gROUP : ANNUAL REP
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108: METRO GROUP : ANNUAL REPORT 2011 :
Page 157: METRO GROUP : ANNUAL REPORT 2011 :
Page 177: METRO GROUP : ANNUAL REPORT 2011 :
Page 180 and 181: METRO gROup : AnnuAl REpORT 2011 :
Page 186 and 187: METRO gROUP : ANNUAL REPORT 2011 :
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
Page 238 and 239:
Page 240 and 241:
Page 242 and 243:
Page 244 and 245:
Page 246 and 247:
Page 248 and 249:
Page 250 and 251:
Page 252 and 253:
Page 254 and 255:
Page 256 and 257:
Page 258 and 259:
Page 260 and 261:
Page 262 and 263:
Page 264 and 265:
Page 266 and 267:
Page 268 and 269:
Page 270 and 271:
Page 272 and 273:
Page 274 and 275:
Page 276 and 277:
Page 278 and 279:
Page 280 and 281:
Page 282 and 283:
Page 284 and 285:
Page 286 and 287:
Page 288 and 289:
Page 290 and 291:
Page 292 and 293:
Page 294 and 295:
Page 296 and 297:
Page 299 and 300:
Page 301 and 302:
Page 303 and 304:
ASIA E F G H SALES EASTERN EUROPE (
Page 305 and 306:
show all

pdf (22.8 MB) - METRO Group

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?