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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe GRoUp aCCoUnTInG pRInCIples anD MeTHoDs
Notes to the group accounting principles
and methods
Accounting principles
MeTRo aG, the parent company of MeTRo GRoUp, has its
head office in schlüterstrasse 1 in Düsseldorf, Germany.
These consolidated financial statements as of 31 December
2011 were prepared in accordance with the International
Financial Reporting standards (IFRs) of the International
accounting standards Board (IasB), london. They comply
with all mandatory applicable accounting standards and
interpretations adopted by the european Union as of this
date. Compliance with these standards and interpretations
ensures a true and fair view of the asset, liabilities, financial
position and profit or loss of MeTRo aG.
The consolidated financial statements in their present form
comply with the stipulations of § 315a of the German Commercial
Code (HGB). Together with Regulation (eC) no. 1606/2002
of the european parliament and Council of 19 July 2002 concerning
the application of international accounting standards,
they form the legal basis for group accounting according to
international standards in Germany.
These financial statements are based on the historical cost
principle except for financial instruments recognised at fair
value and assets and liabilities that are recognised at fair
value as hedged items within a fair value hedge. Furthermore,
non-current assets held for sale and disposal groups
are recognised at fair value minus disposal costs as long as
this value is lower than the carrying amount. liabilities from
cash-settled share-based payments are also recognised at
fair value. In addition, financial liabilities from stock tender
rights granted to non-controlling shareholders are recognised
at fair value.
The income statement has been prepared using the cost of
sales method.
Certain items in the income statement and the balance sheet
have been combined to increase transparency and informative
value. These items are listed separately and described
in detail in the notes.
The consolidated financial statements have been prepared
in euros. all amounts are stated in million euros (€ million)
unless otherwise indicated. amounts below €0.5 million are
rounded and reported as 0.
→ p. 186
The following accounting methods were used in the preparation
of the consolidated financial statements.
Application of new accounting methods
Revised and new accounting methods
The revised and supplemented accounting standards and
interpretations as well as those newly issued by the IasB,
the application of which was mandatory for MeTRo aG in the
financial year 2011, were applied for the first time to the present
consolidated financial statements:
IAS 24 (Related Party Disclosures)
The amendment to Ias 24, which became applicable on
1 January 2011, provides for relief from the disclosure
requirements for entities related to governments or public
sector institutions. In addition, it provides for a minor change
in the definition of related parties in that associates of related
parties now also qualify as related parties.
The amendment to Ias 24 only had a minor effect on
MeTRo aG’s Group accounts.
IAS 32 (Financial Instruments: Presentation)
The amendment to Ias 32 “Classification of Rights Issues”
modifies the balance sheet classification of rights issues,
options and warrants on a fixed number of equity instruments
in a currency other than the entity’s functional currency.
For financial years starting on or after 1 February 2010, the
amendment requires rights issues where the holder has
the right to acquire a fixed number of the entity’s own equity
instruments for a fixed amount of any currency to be classified
as an equity instrument if the entity offers the financial
instrument pro rata to all of its existing owners of the same
class of its equity instruments.
These amendments, which were applicable at MeTRo aG
from 1 January 2011, had no effect on these consolidated
financial statements.
IFRIC 14 (IAS 19 – The Limit on a Defined Benefit Asset,
Minimum Funding Requirements and Their Interaction)
The amendment to the interpretation IFRIC 14 “prepayments
of a Minimum Funding Requirement” clarifies the
balance sheet classification of early payments of contributions
to pension plans with minimum funding requirements
for financial years beginning on or after 1 January 2011. It
states that the economic benefit of such an early payment,
which results from reductions in future contributions to the
plan with minimum funding requirements, must be capitalised
as an asset.