Consolidation group

Besides METRO AG, the consolidated financial statements comprise all subsidiaries in which METRO AG controls the financial and business policy through a majority of voting rights or according to the Articles of Association, company contract or contractual agreement. These include 701 German (previous year: 684) and 630 international (previous year: 610) subsidiaries controlled by METRO AG in accordance with IAS 27 (Consolidated and Separate Financial Statements) in conjunction with SIC‑12 (Consolidation – Special Purpose Entities).

The group of consolidated companies changed as follows compared to the previous year:

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As of 1/1/2012


Changes in the financial year 2012


Companies merged with other consolidated subsidiaries


Disposal of shareholdings


Other disposals


Newly founded companies




As of 31/12/2012


Additions from newly founded companies (58 companies) are due, in particular, to the international expansion of Media-Saturn (38 companies). Acquisitions include the purchase of the xplace group by Media-Saturn with 5 companies. Disposals of shareholdings include 3 companies that were sold as part of the divestment of METRO GROUP’s cash & carry business in the United Kingdom. Disposals also include the previously fully consolidated subsidiary OPCI FRENCH WHOLESALE PROPERTIES – FWP (OPCI), which was shown under investments accounted for using the equity method as of 31 December 2012. Other disposals include mergers and liquidations as well as the divestment of Fach­markt­zentrum Essen GmbH & Co. KG, which was shown under investments recognised at historical cost as of 31 December 2012.

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

5 associated companies (previous year: 4) and 7 joint ventures (previous year: 8) were accounted for using the equity method. A total of 7 companies (previous year: 11) in which METRO AG holds between 20 and 50 percent of the voting rights were valued at cost because they did not qualify as associated companies or because materiality considerations made the use of the equity method unnecessary.

A complete list of Group companies and associated companies is shown in no. 53 “Overview of major fully consolidated Group companies”. In addition, a complete list of all Group companies and associated companies is shown in no. 55 “Affiliated companies of METRO AG as of 31 December 2012 pursuant to § 313 of the German Commercial Code“.