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 710 German (30/9/2012: 705; 31/12/2012: 701) and 614 international (30/9/2012: 630; 31/12/2012: 630) 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 in the short financial year 2013:

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As of 1 January 2013


Changes in the financial year 2013


Companies merged with other consolidated subsidiaries


Disposal of shareholdings


Other disposals


Newly founded companies




As of 30 September 2013


Additions from newly founded companies (30 companies) pertain primarily to the Media-Saturn sales line (19 companies). Disposals essentially include 3 Russian and 2 Ukrainian companies as well as 1 Romanian company in connection with the divestment of Real's Eastern European business as well as the previously fully consolidated company OPCI FRENCH WHOLESALE STORES – FWS (OPCI), which is shown as an investment accounted for using the equity method as of 30 September 2013. Other disposals include store closings by Media-Saturn, in particular.

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

6 associates (30/9/2012: 4; 31/12/2012: 5) and 7 joint ventures (30/9/2012: 7; 31/12/2012: 7) are recognised in the consolidated financial statements according to the equity method. A total of 7 companies (30/9/2012: 6; 31/12/2012: 7) in which METRO AG 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.

A complete list of group companies and associates is shown in no. 54 “Overview of major fully consolidated group companies”. In addition, a complete list of all group companies and associates is shown in no. 56 “Affiliated companies of METRO AG as of 30 September 2013 pursuant to § 313 of the German Commercial Code”.