Consolidation group

Besides METRO AG, the consolidated financial statements include all subsidiaries in which METRO AG has indirect or direct control insofar as these companies individually and as a group are not insignificant for the consolidated financial statements. Control exists if there is a possibility to control a company’s financial and business policy through a majority of voting rights or according to the articles of association, company contract or contractual agreement in order to benefit from this company’s business activities.

METRO GROUP’s operational business is handled by the following three sales lines:

• METRO Cash & Carry
• Media-Saturn
• Real

Significant non-controlling interests exist only in the sales line Media-Saturn. For an overview of significant non-controlling interests, see no. 32.

Besides METRO AG, 625 German (30/9/2014: 723) and 633 international (30/9/2014: 613) companies are recognised in the consolidated financial statements.

The group of consolidated companies changed as follows in financial year 2014/15:

The deconsolidated companies are treated as group companies until the disposal date.

The disposals of shares primarily relate to companies of the Galeria Kaufhof group (77 companies). Mergers with other group companies mainly comprise 10 companies of the sales line Media-Saturn.

The other disposals comprise:

• liquidations (12 companies)
• accretion (7 companies)
• changes in the method of consolidation (14 companies)

Additions from newly founded companies pertain primarily to the sales line Media-Saturn (9 companies). Acquisitions primarily relate to the acquisition of the Classic Fine Foods group by the sales line METRO Cash & Carry (29 companies).

Effects from changes in the consolidation group that are of special significance are explained separately in the respective items.

Structured entities

Structured entities within METRO GROUP concern leasing companies. The key purpose of the leasing companies is to acquire, lease out and manage assets. As of the closing date, 11 (30/9/2014: 13) structured entities were fully consolidated. METRO GROUP did not have any relationships with unconsolidated structured entities during financial year 2014/15.

Investments accounted for using the equity method

25 associates (30/9/2014: 7) and 4 joint ventures (30/9/2014: 7) are recognised in the consolidated financial statements according to the equity method.

Another 4 companies (30/9/2014: 7), in which METRO AG indirectly or directly holds between 20 and 50 per cent of the voting rights, were valued at cost because they did not qualify as associates or because materiality considerations made the use of the equity method unnecessary.

The figures represent all operating units owned by the respective subsidiary.

Overview of major subsidiaries with non-controlling interests