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<strong>METRO</strong> gROUP : ANNUAL REPORT 2011 : BUsiNEss → noTes : noTes To THe GRoUp aCCoUnTInG pRInCIples anD MeTHoDs In the financial year 2011, no functional currency of a consolidated company was classified as hyperinflationary as defined by Ias 29 (Financial Reporting in Hyperinflationary economies). → p. 191 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: Average exchange rate in € Period-end exchange rate in € 2010 2011 31/12/2010 31/12/2011 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 8.99760 8.82200 8.15880 Croatian kuna HRK 7.28869 7.43840 7.38300 7.53700 Czech koruna CZK 25.29832 24.59169 25.06100 25.78700 Danish krone DKK 7.44723 7.45061 7.45350 7.43420 egyptian pound eGp 7.47542 8.27979 7.69730 7.76610 Hong Kong dollar HKD 10.30688 10.83782 10.38560 10.05100 Hungarian forint HUF 275.40584 279.32945 277.95000 314.58000 Indian rupee InR 60.61675 64.87245 59.75800 68.71300 Indonesian rupee IDR 12,055.58000 12,207.29000 12,002.14000 11,731.47000 Japanese yen JpY 116.46337 111.01395 108.65000 100.20000 Kazakhstani tenge KZT 195.36055 204.20515 196.88000 191.72000 Moldovan leu MDl 16.40377 16.33288 16.10450 15.07370 Moroccan dirham MaD 11.16107 11.25905 11.16765 11.10825 new Romanian leu Ron 4.21160 4.23824 4.26200 4.32330 new Turkish lira TRY 1.99805 2.33596 2.06940 2.44320 norwegian krone noK 8.00897 7.79424 7.80000 7.75400 pakistani rupee pKR 113.09190 120.25368 114.43630 116.19190 polish złoty pln 3.99543 4.12026 3.97500 4.45800 pound sterling GBp 0.85836 0.86803 0.86075 0.83530 Russian rouble RUB 40.27777 40.88034 40.82000 41.76500 serbian dinar RsD 102.89962 101.96651 105.49820 104.64090 singapore dollar sGD 1.80791 1.74904 1.71360 1.68190 swedish krona seK 9.54630 9.02905 8.96550 8.91200 swiss franc CHF 1.38198 1.23321 1.25040 1.21560 Ukrainian hryvnia UaH 10.53283 11.09211 10.57314 10.29805 Us dollar UsD 1.32671 1.39221 1.33620 1.29390 vietnamese dong vnD 24,682.19000 28,489.89000 25,187.13000 26,955.60000
<strong>METRO</strong> gROUP : ANNUAL REPORT 2011 : 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. In the latter case, the timing is determined by the transfer of risk to the customer. Where customers are granted the right to return goods and cancel services, sales are recognised only if the probability of return can be reliably estimated. To this end, return rates are calculated on the basis of historical data and projected to future take-back obligations. no sales are recognised for the portion allocated to the expected returns; instead, a provision is formed. 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. 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 Goodwill 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 business combination. In accordance with Ias 36 (Impairment of assets), a CGU is defined as the smallest identifiable group of assets that generates cash inflows largely independently from the cash inflows of other assets or groups of assets. as a rule, single locations represent CGUs at MeTRo GRoUp. Goodwill within MeTRo GRoUp is monitored at the level of the organisational unit sales division per country for internal management purposes. Goodwill impairment tests are therefore conducted at the level of this respective group of cash-generating units. Capitalised goodwill is tested for impairment regularly once a year – or more frequently if changes in circumstances indicate a possible impairment – and, if applicable, written down → p. 192 on an unscheduled basis. To determine a possible impairment, the recoverable amount of a CGU is compared to the respective carrying amount of the CGU. The recoverable amount is the higher of value in use and fair value less costs to sell. an impairment of the goodwill allocated to a CGU applies only if the recoverable amount is lower than the total of carrying amounts. no write-back is performed if the reasons for a non-scheduled write-down in previous years have ceased to exist. Other intangible assets Purchased other intangible assets are recognised at cost of purchase. Internally generated intangible assets are capitalised at cost of manufacture for their development if the capitalisation criteria of Ias 38 (Intangible assets) are met. Research costs, in turn, are not capitalised but recognised immediately as expenses. The cost of manufacture includes all expenditure directly attributable to the development process. This may include the following costs: Direct costs Direct material costs Direct production costs special direct production costs Overhead Material overhead (directly attributable) production overhead Depreciation of fixed assets Development-related administrative costs Debt capital costs are factored into the determination of the cost of production only in the case of so-called qualified assets pursuant to Ias 23 (Borrowing Costs). Qualified assets are defined as non-financial assets that take a substantial period of time to prepare for their intended use or sale. The subsequent valuation of other intangible assets is effected based on the historical cost principle. no use is made of the remeasurement option. all other intangible assets of MeTRo GRoUp have a limited useful life and are therefore subject to straight-line write-downs. Capitalised internally created and purchased software as well as comparable intangible assets are written down over a period of up to ten years, licences over their useful life. These intangible assets are examined for indications of impairment at each closing date. non-scheduled amortisation is effected if the recoverable amount is below the amortised cost. The assets are written back if the reasons for non-scheduled amortisation implemented in previous periods have ceased to exist.
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24/7 online - SHoPPinG! - inTeGRATe
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METRO gROUP in figures 1 € millio
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Our Real sales division also consid
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s e p a r a t e FOLD FOLD PUSH OUT
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hTTP://www.METRO-wEiN.DE s e p a r
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hTTP://www.REAL-DRiVE.DE s e p a r
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hTTP://www.MEDiAMARKT.DE s e p a r
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hTTP://www.sATURN.DE s e p a r a t
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METRO gROup : ANNuAL REpORT 2011
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METRO gROUP : ANNUAL REPORT 2011
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sTRATEgy 1 METRO gROUP : ANNUAL REP
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ASIA E F G H SALES EASTERN EUROPE (
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