Consolidation group

Besides METRO AG, all companies indirectly or directly controlled by METRO AG are included in the consolidated financial statements if these companies individually or as a group are not immaterial to 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

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

Besides METRO AG, 653 German (30/9/2015: 625) and 643 international (30/9/2015: 633) companies were included in the consolidated financial statements.

The group of consolidated companies changed as follows in financial year 2015/16:

Deconsolidated companies are included as group companies up to the date of their disposal.

Mergers with other consolidated subsidiaries concern four companies in the Media-Saturn segment as well as one company in the Others segment.

The other disposals comprise:

• liquidations (13 companies)
• accretion (6 companies)

Additions due to newly founded companies concern the Media-Saturn (13 companies), METRO Cash & Carry (6 companies) and Others (6 companies) segments.

Acquisitions essentially include the acquisition of the RTS group and the Rungis group by the Media-Saturn (21 companies) and METRO Cash & Carry (10 companies) segments respectively.

The other additions result from the change in the consolidation method and exclusively concern the METRO Cash & Carry segment.

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

For materiality reasons, 8 affiliated subsidiaries have not been fully consolidated, but have been recognised at cost of purchase in the item financial investments.

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 (30/9/2015: 11) 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

21 associates (30/9/2015: 25) and 7 joint ventures (30/9/2015: 4) are recognised in the consolidated financial statements according to the equity method.

Another 3 companies (30/9/2015: 3) 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 information provided refers to all operating units in which the respective subsidiary holds interests.

Overview of major subsidiaries with non-controlling interests

in € million