ANNUAL FINANCIAL STATEMENTS OF METRO AG
2018/19
WHOLESALE
360
CONTENTS
- COMBINED MANAGEMENT REPORT
- BALANCE SHEET
- INCOME STATEMENT
- NOTES
8 Notes to the balance sheet
- Notes to the income statement
- Other notes
39 Corporate Boards of METRO AG and the mandates of their members
45 Affiliated companies
-
RESPONSIBILITY STATEMENT
OF THE LEGAL REPRESENTATIVES - INDEPENDENT AUDITOR'S REPORT
59 INFORMATION,
FINANCIAL CALENDAR 2019/20
3
COMBINED MANAGEMENT
REPORT
The management report of METRO AG and the group management report were combined pursuant to §315 Section 5 of the German Commercial Code in conjunction with §298 Section 2 of the German Commercial Code and published as part of the Annual Report 2018/19 of METRO.
The annual financial statements and the management report of METRO AG included in the combined management report for financial year 2018/19 are submitted to the operator of the Federal Gazette and published in the Federal Gazette.
The METRO AG Annual Financial Statements and the annual report of the METRO group for financial year 2018/19 are also available online at www.metroag.de/en.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
4 | Balance sheet | 4 |
BALANCE SHEET AS OF 30 SEPTEMBER 2019
ASSETS
€ million | Note no. | 30/9/2018 | 30/9/2019 | |||
Non-current assets | 2 | |||||
Intangible assets | 3 | 1,001 | 939 | |||
Tangible assets | 4 | 2 | 3 | |||
Financial assets | 5 | 9,157 | 9,005 | |||
10,160 | 9,947 | |||||
Current assets | ||||||
Receivables and other assets | 6 | 6,882 | 8,218 | |||
Cash on hand, bank deposits and cheques | 7 | 335 | 44 | |||
7,217 | 8,262 | |||||
Prepaid expenses and deferred charges | 8 | 12 | 12 | |||
17,389 | 18,221 | |||||
EQUITY AND LIABILITIES
€ million | Note no. | 30/9/2018 | 30/9/2019 | |||
Equity | ||||||
Share capital | 9 | 363 | 363 | |||
Capital reserve | 10 | 6,118 | 6,118 | |||
Balance sheet profit | 28 | 283 | 266 | |||
6,764 | 6,747 | |||||
Provisions | 11 | 371 | 451 | |||
Liabilities | 12 | |||||
Bonds | 2,898 | 2,288 | ||||
Liabilities to banks | 259 | 262 | ||||
Liabilities to affiliated companies | 7,007 | 8,380 | ||||
Miscellaneous liabilities | 71 | 81 | ||||
10,235 | 11,011 | |||||
Deferred income | 13 | 19 | 12 | |||
17,389 | 18,221 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Income statement | 5 | |||||||
INCOME STATEMENT FOR THE FINANCIAL YEAR | ||||||||
FROM 1 OCTOBER 2018 TO 30 SEPTEMBER 2019 | ||||||||
€ million | Note no. | 2017/18 | 2018/19 | |||||
Sales revenues | 19 | 434 | 393 | |||||
Other operating income | 20 | 315 | 387 | |||||
Cost of services purchased | 21 | -53 | -51 | |||||
Personnel expenses | 22 | -126 | -139 | |||||
Depreciation/amortisation/impairment losses on intangible and tangible assets | 23 | -55 | -66 | |||||
Other operating expenses | 24 | -427 | -571 | |||||
Investment result | 25 | 202 | 293 | |||||
Net financial result | 26 | -51 | -5 | |||||
Income taxes | 27 | -6 | -2 | |||||
Earnings after taxes | 233 | 239 | ||||||
Other taxes | 3 | -2 | ||||||
Net profit or loss | 236 | 237 | ||||||
Retained earnings from the previous year | 28 | 47 | 29 | |||||
Balance sheet profit | 28, 29 | 283 | 266 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
6 | Notes | 6 |
NOTES
1. General disclosures and explanatory notes to the annual financial statements
METRO AG, the parent company of the METRO group (hereinafter referred to as METRO), is a German corporation with registered office at Metro-Straße 1 in 40235 Düsseldorf, Germany. The company is registered in the commercial register at the District Court in Düsseldorf under HRB 79055.
Notes to the annual financial statements
The annual financial statements of METRO AG are prepared in accordance with the regulations of the German Commercial Code (HGB) and the German Stock Corporation Act (AktG).
The annual financial statements are denominated in euros. All amounts are stated in million euros
(€ million) unless otherwise indicated. Amounts below €0.5 million have been rounded. For reasons of clarity, the representation of decimal places in the tables has been omitted. Rounding differences may occur.
Disclosure, accounting and measurement principles The licence agreements and rights of use to the METRO and MAKRO brands acquired in the context of the demerger carried out in financial year 2016/17 were recognised as intangible assets at their fair values for the first time, taking into account that the total acquisition costs of the assets and liabilities acquired in the context of the demerger must not exceed the total value of the shares granted in return at the time of their issuance. Consequently, the brand value was reduced.
Intangible assets have been accounted for at their acquisition costs, tangible assets at their acquisition or production costs, less accumulated amortisation, depreciation and impairment losses. The amortisation/depreciation amounts were calculated using the straight-line method. The expected useful life for this purpose amounts to 25 years for the capitalised brand and between 3 and 5 years for other assets. Write-downs to fair value were recognised where an impairment is expected to be sustained. Non-current assets with acquisition costs of less than €1,000 (low-value assets) have been divided into
2 groups. Assets with a cost of up to €250 are fully written off in the year they were acquired. Assets with a cost in excess of €250 and up to €1,000 are recognised in a collective item and depreciated using the straight-line method in the year of acquisition and over the following 4 years. The company made no use of the option to capitalise internally generated intangible non-current assets.
Investments and shares in affiliated companies are recognised at their acquisition cost or, if a sustained impairment is expected, at the lower of acquisition cost or fair value. Lower valuations are maintained, unless a higher value up to the original cost of purchase is indicated.
Loans are recognised at nominal value or written down to fair value. Non-interest-bearing or low-interest loans are discounted to the net present value.
Receivables and other assets are generally recognised at their nominal value. Non-interest- bearing receivables are discounted to their net present value. The risks inherent in the receivables are considered by means of specific bad debt allowances. In principle, earnings from indirect and direct investments are recognised in the same reporting period if the relevant conditions are met. In addition, insofar as the respective resolutions have been adopted by the time the annual financial statements are prepared, income from investments is recognised in the year in which the dividend is paid.
Prepaid expenses, deferred charges and deferred income are prorated over the terms of the underlying transactions.
Unhedged receivables and liabilities in foreign currency with a term of up to 1 year are recognised at the exchange rate at closing date. Unhedged foreign currency receivables and liabilities with a term of more than 1 year are recognised at the exchange rate as of the closing date in adherence to the imparity principle.
The actuarial measurement of direct obligations for pension plan benefits is effected in accordance with the projected unit credit method based on biometric probabilities using Prof. Dr Klaus Heubeck's 2018 G tables modified for individual groups of beneficiaries. This method takes anticipated future pay and pension increases into account in determining the liability amount. We assume annual salary increases of 2.0% and annual pension increases of 1.5%. The actuarial interest rate used in financial year 2018/19 was the average market interest rate calculated and published by Deutsche Bundesbank for the past 10 years
(2.82%) for an assumed residual term of 15 years. METRO AG has formed corresponding provisions
to provide for shortfalls in the case of an underfunded benevolent fund. The same methods and parameters were applied as in the calculation of direct pension obligations.
Other provisions account for all identifiable risks and uncertain obligations, which are measured at the respective settlement amounts necessary to cover future payment obligations based on prudent business judgement. Future price and cost increases are
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | 7 |
considered to the extent there are sufficient objectively verifiable indications for their occurrence. Provisions with a remaining term of more than 1 year are discounted at the average market interest rate of the past 7 years corresponding to the residual term of the provisions.
Deferred taxes are determined for temporary differences between the commercial and tax law valuation of assets, liabilities and prepaid expenses, deferred charges and deferred income. In addition to the temporary accounting differences, tax loss and interest carry- forwards as well as any tax credits are considered as well. Deferred tax liabilities are recognised only when they exceed the deferred tax liabilities. The company made no use of the option to recognise deferred tax assets pursuant to § 274 Section 1 Sentence 2
of the German Commercial Code (HGB). Liabilities are recognised at their respective
settlement amounts.
Currency, interest and price risks affecting the operating business are hedged using derivative financial instruments. These include forward currency contracts and options as well as interest and currency swaps. Derivative financial instruments that are part of economically necessary and accordingly documented hedging relationships with other primary
financial instruments are valued together pursuant to
-
254 of the German Commercial Code (net hedge presentation method). This particularly concerns intra- group and external finance arrangements as well as derivatives passed on to affiliated companies. Within the valuation units, unrealised losses are offset against the amount of unrealised gains. Excess losses are anticipated (accrued) and excess profits remain unrecognised. The gross hedge presentation method is used as another method to recognise valuation units. It concerns, in particular, current trade receiv- ables from affiliated companies. Under the gross hedge presentation method, fluctuations in the fair value of underlying and hedging transactions are recognised in the income statement. The formation of valuation units presupposes individual risk compensation, the congruence of interest term and currency, con- gruence of maturities and the intention to hold the instruments beyond the closing date.
Provisions are formed for anticipated losses from the separate measurement of derivative financial instruments that are not part of a hedging relation- ship. Unrealised profits are not recognised in the balance sheet.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
8 | Notes | Notes to the balance sheet | 8 |
NOTES TO THE BALANCE SHEET
2. Non-current assets
The following table outlines the development of non-current assets:
Intangible assets | Tangible assets | Financial assets | ||||||||||||||||||
Other plant, | ||||||||||||||||||||
Acquired | Leasehold | business | Shares in | Loans to | ||||||||||||||||
rights and | Advance | improve- | and office | affiliated | affiliated | Other | ||||||||||||||
€ million | licences | payments | ments | equipment | companies | companies | Investments | loans | Total | |||||||||||
Acquisition or | ||||||||||||||||||||
production costs | ||||||||||||||||||||
As of 1/10/2018 | 1,070 | 33 | - | 4 | 9,128 | 43 | - | 1 | 10,279 | |||||||||||
Additions | 4 | - | - | 2 | 394 | - | - | - | 400 | |||||||||||
Disposals | - | -1 | - | - | -59 | -3 | - | - | -63 | |||||||||||
Transfers | 32 | -32 | - | - | - | - | - | - | - | |||||||||||
As of 30/9/2019 | 1,106 | - | - | 6 | 9,463 | 40 | - | 1 | 10,616 | |||||||||||
Depreciation/amortis | ||||||||||||||||||||
ation/impairment | ||||||||||||||||||||
losses | ||||||||||||||||||||
As of 1/10/2018 | 102 | - | - | 2 | 15 | - | - | - | 119 | |||||||||||
Additions, | ||||||||||||||||||||
depreciation/amortisa | ||||||||||||||||||||
tion | 65 | - | - | 1 | - | - | - | - | 66 | |||||||||||
Additions, impairment | ||||||||||||||||||||
losses | - | - | - | - | 484 | - | - | - | 484 | |||||||||||
As of 30/9/2019 | 167 | - | - | 3 | 499 | - | - | - | 669 | |||||||||||
Carrying amount | ||||||||||||||||||||
30/9/2018 | 968 | 33 | - | 2 | 9,113 | 43 | - | 1 | 10,160 | |||||||||||
Carrying amount | ||||||||||||||||||||
30/9/2019 | 939 | - | - | 3 | 8,964 | 40 | - | 1 | 9,947 | |||||||||||
3. Intangible assets
The item intangible assets essentially contains the rights of use to the METRO and MAKRO brands recognised at a value of €882 million. Also included are licences for software. With the exception of a very small portion, write-downs in financial year 2018/19 almost entirely concerned amortisation.
4. Tangible assets
Additions mainly concern business and office equipment and PC systems. With the exception of a very small portion, write-downs in financial year 2018/19 almost entirely concerned depreciation.
5. Financial assets
As of 30 September 2019, shares in affiliated companies exist in the amount of €8,964 million. The decrease of €149 million compared to the previous year is mainly due to impairment losses of €484 million, offset by capital increases in the real estate sector (€394 million). Disposals in the amount of €59 million were due to intra-group restructuring measures.
Loans to group companies amounted to
€40 million as of 30 September 2019 compared to €43 million in the previous year.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Notes to the balance sheet | 9 |
6. Receivables and other assets | ||||||||||
No-par-value | ||||||||||
bearer shares, | ||||||||||
€ million | 30/9/2018 | 30/9/2019 | accounting par | |||||||
value of €1.00 | 30/9/2018 | 30/9/2019 | ||||||||
Receivables | ||||
from affiliated companies | 6,861 | 8,214 | ||
Other assets | 21 | 4 | ||
thereof with a remaining | ||||
term of over 1 year | (0) | (0) | ||
6,882 | 8,218 | |||
As of 30 September 2019, the item receivables from affiliated companies results primarily from the purchase price claim for intra-group shares in affiliated companies (€6,117 million). This item also includes current interest-bearing receivables from the financing function of METRO AG as the holding company as well as receivables from profit and loss transfers in the amount of €1,228 million.
The item receivables from affiliated companies includes trade receivables in the amount of €619 million.
Other assets mainly include tax receivables.
7. Cash on hand, bank deposits and cheques
This item essentially includes bank deposits stemming from cash pool income from the sales lines received towards the end of the reporting period.
8. Prepaid expenses and deferred charges
The item prepaid expenses and deferred charges includes €6 million of prepaid invoices for professional fees, as well as €5 million in discounts resulting from differences between the repayment and original loan amounts for bonds and promissory note loans.
9. Subscribed capital (equity)
The subscribed capital of METRO AG as of 30 September 2019 remained unchanged at €363,097,253 and is divided as follows:
Number | ||||||
Ordinary shares | ofshares | 360,121,736 | 360,121,736 | |||
€ | 360,121,736 | 360,121,736 | ||||
Preference | Number | |||||
shares | ofshares | 2,975,517 | 2,975,517 | |||
€ | 2,975,517 | 2,975,517 | ||||
Number | ||||||
Total shares | ofshares | 363,097,253 | 363,097,253 | |||
Total share | ||||||
capital | € | 363,097,253 | 363,097,253 | |||
Each ordinary share entitles to a single vote in the company's Annual General Meeting. The ordinary shares carry full dividend rights. In contrast to ordinary shares, preference shares do not carry voting rights but confer a preferential entitlement to profits as prescribed in § 21 of the Articles of Association of METRO AG, which states:
'(1) Holders of non-voting preference shares will receive a preliminary dividend from the annual balance sheet profit in the amount of €0.17 for each preference share.
- Should the balance sheet profit available for distribution not suffice in any one financial year to pay the preliminary dividend, the arrears (excluding any interest) shall be paid from the balance sheet profit of subsequent financial years in an order based on age, i.e. in such manner that any older arrears are paid off prior to any more recent ones and that the preference dividends payable from the profit of a financial year are not distributed until all accrued arrears have been paid.
- After the advance dividend has been distributed, the holders of ordinary shares will receive a dividend of 0.17 euros per ordinary share. Thereafter, an extra dividend which does not have to be paid in arrears will be paid to the holders ofnon-voting preference shares which per preference share shall amount to 10 percent of such dividend as, in accordance with section 4 herein below, will be paid to the holders of ordinary shares, inasmuch as such dividend equals or exceeds 1.02 euros per ordinary share.
- The holders ofnon-voting preference shares and of ordinary shares will equally share in any additional profit distribution in the proportion of their shares in the capital stock.'
Authorised capital
The Annual General Meeting on 16 February 2018 authorised the Management Board to increase the share capital, subject to the consent of the Supervisory Board, by issuing new ordinary shares against cash or non-cash contributions in one or several
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
10 | Notes | Notes to the balance sheet | 10 |
tranches for a total maximum of €181,000,000 by 28 February 2022 (authorised capital). The Management Board is, subject to the consent of the Supervisory Board, authorised to exclude shareholder subscription rights in certain cases. To date, the authorised capital has not been fully utilised.
Contingent capital
The Annual General Meeting held on 16 February 2018 resolved a contingent increase in the share capital by up to €50,000,000, divided into a maximum of 50,000,000 ordinary shares (contingent capital). This contingent capital increase is related to the establishment of an authority of the Management Board to issue, subject to the consent of the Supervisory Board, one or several tranches of warrant or convertible bearer bonds (collectively 'bonds') with a nominal value of up to €1,500,000,000 prior to 15 February 2023, and to grant the holders of warrant or convertible bearer bonds warrant or conversion rights or to impose warrant or conversion obligations on them for ordinary bearer shares in METRO AG representing up to €50,000,000 of the share capital in accordance with the terms of the warrant or convertible bearer bonds, or to provide for the company's right to deliver ordinary shares in the company as full or partial payment in lieu of a cash redemption of the bonds. The Management Board is, subject to the consent of the Supervisory Board, authorised to exclude shareholder subscription rights in certain cases. To date, no warrant and/or convertible bearer bonds have been issued under the aforementioned authority.
Repurchase of own shares
On the basis of § 71 Section 1 No. 8 of the German Stock Corporation Act, the Annual General Meeting on 11 April 2017 authorised the company to acquire own shares of any share class representing a maximum
of 10% of the share capital issued at the time the authority became effective, or - if this figure is lower - at the time the authority is exercised. The authority expires on 28 February 2022. To date, neither the company nor any company controlled or majority- owned by it or any other entity acting on behalf of the company or of any company controlled or majority- owned by the company has exercised this authority.
- For more information about the company's authorised capital, contingent capital, the authority to issue warrant and/or convertible bearer bonds as well as share repurchasing, see chapter 7takeover-related disclosures in the combined management report.
11. Provisions
€ million | 30/9/2018 | 30/9/2019 | ||
Provisions for post- | ||||
employment benefits | ||||
plans and similar | ||||
obligations | 2 | 3 | ||
Tax provisions | 22 | 5 | ||
Other provisions | 347 | 443 | ||
371 | 451 | |||
Provisions for post-employment benefits plans and similar obligations in the amount of €2 million exist for direct pension commitments, with €1 million set aside to cover shortfalls in underfunded benevolent funds. The provisions were assessed on the basis of an actuarial interest rate in the financial year corresponding to the average market interest rate for the past 10 years (2.82%) as calculated and published by Deutsche Bundesbank for an assumed residual term of 15 years. A measurement based on the average market interest rate for the previous
7 years would have resulted in a difference of €0.3 million.
Asset values in the amount of €32 million from pension reinsurance were recognised in provisions for post-employment benefits plans and similar obligations. The acquisition costs essentially correspond to the fair value of pension reinsurance policies and the settlement amount of the obligations. Significant expenses or income that were directly offset were not recorded in this context.
Changes in tax provisions are based on the results of advanced tax audits of the companies included in the scope of consolidation of METRO AG. Other provisions have been formed to provide for the following circumstances:
€ million | 30/9/2018 | 30/9/2019 | ||
Risks from the | ||||
transfer pricing model | 265 | 356 | ||
Employee benefit liabilities | 38 | 54 | ||
Risks from | ||||
investment activities | 12 | 15 | ||
Risks from | ||||
trade receivables | 18 | 14 | ||
Miscellaneous | 14 | 4 | ||
347 | 443 | |||
10. Capital reserve
As of 30 September 2019, the capital reserve was unchanged at €6,118 million.
The current provisions are mainly attributable to risks related to a potential partial rejection of the new transfer pricing model by foreign fiscal authorities and resulting obligations to repay revenues from foreign group companies that have already been recognised. Additional provisions have been formed to provide
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Notes to the balance sheet | 11 |
obligations to employees stemming from variable remuneration components.
12. Liabilities
Remaining term | Remaining term | |||||||||||||||||
30/9/2018 | 30/9/2019 | |||||||||||||||||
€ million | Total | up to 1 year | 1 to 5 years | over 5 years | Total | up to 1 year | 1 to 5 years | over 5 years | ||||||||||
Bonds | 2,898 | 997 | 1,200 | 701 | 2,288 | 512 | 1,126 | 650 | ||||||||||
Liabilities to banks | 259 | 205 | 54 | - | 262 | 208 | 54 | - | ||||||||||
Liabilities to | ||||||||||||||||||
affiliated companies | 7,007 | 7,007 | - | - | 8,380 | 8,380 | - | - | ||||||||||
thereof | ||||||||||||||||||
trade liabilities | (-) | (-) | (-) | (-) | (39) | (39) | (-) | (-) | ||||||||||
Trade liabilities | 17 | 17 | - | - | 37 | 37 | - | - | ||||||||||
Other liabilities | 54 | 54 | - | - | 44 | 44 | - | - | ||||||||||
thereof taxes | (22) | (22) | (-) | (-) | (22) | (22) | (-) | (-) | ||||||||||
thereof related | ||||||||||||||||||
to social security | (-) | (-) | (-) | (-) | (-) | (-) | (-) | (-) | ||||||||||
10,235 | 8,280 | 1,254 | 701 | 11,011 | 9,181 | 1,180 | 650 | |||||||||||
The bonds item recognises the nominal amounts of bond issues and commercial papers.
Liabilities to banks essentially concern nominal amounts from short-term time deposits and promissory note loans.
Liabilities to affiliated companies amounted to a total of €8,380 million and essentially consist of structuring measures under corporate law from previous years in the amount of €5,982 million and liabilities from short-term financial investments of METRO group companies.
The trade liabilities include professional fees and investment calculations.
The item other liabilities is comprised of tax liabilities in the amount of €22 million, mainly on bonds and promissory note loans, as well as of interest owed in the amount of €21 million.
The company did not have any liabilities collater- alised by liens or similar rights.
13. Deferred income
This item includes commissions on bank guarantees.
14. Contingent liabilities
€ million | 30/9/2018 | 30/9/2019 | ||
Liabilities from guarantee | ||||
and warranty contracts | 3,346 | 3,391 | ||
thereof liabilities of | ||||
affiliated companies | (3,043) | (3,135) | ||
Liabilities from suretyships | ||||
and guarantees | 773 | 762 | ||
thereof liabilities of | ||||
affiliated companies | (764) | (753) | ||
4,119 | 4,153 | |||
Liabilities from guarantee and warranty contracts essentially comprise guarantees granted by METRO AG for financial transactions conducted by group companies. In addition, this item includes guarantees from leases in the amount of €292 million (2017/18: €310 million). These contingent liabilities are recognised at the respective annual instalments of the individual leases. The liability extends across the full term of the respective leases with remaining terms of up to
20 years. Liabilities from suretyships and guarantees solely affect bank guarantees of METRO AG.
According to the information available to us, the respective companies are in a position to fulfil all obligations collateralised by the guarantees and warranty contracts.
METRO AG has also issued letters of comfort to individual group companies. Their utilisation is unlikely.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
12 | Notes | Notes to the balance sheet | 12 |
15. Other financial liabilities
Remaining term | ||||||||||
30/9/2018 | 30/9/2019 | up to | 1 to | over | ||||||
€ million | Total | Total | 1 year | 5 years | 5 years | |||||
Obligations | ||||||||||
from rental | ||||||||||
and lease | ||||||||||
agreements | 68 | 62 | 7 | 27 | 28 | |||||
thereof to | ||||||||||
affiliated | ||||||||||
companies | (63) | (58) | (7) | (27) | (24) | |||||
68 | 62 | 7 | 27 | 28 | ||||||
Indefinite financial obligations from rental contracts are recognised up to the earliest possible termination date.
16. Derivative financial instruments
As of the closing date, the following derivative financial instruments were used for risk mitigation purposes (in the table, the first currency in the currency pair is the sold currency):
Recognised fair value | ||||||
Nominal | ||||||
€ million | volume | Positive | Negative | |||
Currency | ||||||
transactions | 526 | 5 | 6 | |||
thereof currency | ||||||
futures | (526) | (5) | (6) | |||
CNY/EUR | 138 | 0 | 2 | |||
EUR/CNY | 138 | 2 | 0 | |||
RUB/EUR | 43 | 0 | 2 | |||
CZK/EUR | 22 | 0 | 0 | |||
EUR/RUB | 20 | 1 | 0 | |||
EUR/CZK | 18 | 0 | 0 | |||
EUR/HKD | 14 | 1 | 0 | |||
HKD/EUR | 14 | 0 | 1 | |||
CHF/EUR | 9 | 0 | 0 | |||
EUR/CHF | 9 | 0 | 0 | |||
Others | 101 | 1 | 1 | |||
The fair values of derivative financial instruments are calculated according to the net present value method and recognised option pricing models based on interest rates and currency exchange rates published by Reuters.
The nominal volume of derivative financial instruments is reported in absolute amounts.
For details on the balance sheet treatment and measurement of derivative financial instruments, please refer to subsection 1.
In principle, the net hedge presentation method is applied. The gross hedge presentation method is applied when recognising the underlying transactions in the balance sheet. Cash flow risks are hedged, with the effectiveness being reviewed prospectively and retrospectively using the critical term match method.
Derivative financial instruments used to hedge currency risks
To hedge currency risks related to subsidiaries' receivables and liabilities in foreign currency, forward currency contracts for corresponding amounts (micro-hedges) are concluded with banks. The nominal volume of these forward currency contracts amounted to €499 million.
The net balance of forex futures at fair value amounted to €0 million; they fall due within 1 year and have not been recognised in the balance sheet. Foreign currency investments with a carrying amount of €22 million are recognised at the hedged
forward exchange rate. Forward currency contracts with a nominal volume of €23 million fall due in 2019 and are not recognised in the balance sheet.
Further valuation units are formed for foreign currency receivables to affiliated companies with a nominal volume of €4 million.
17. Remaining legal issues
Successful completion of the demerger
In connection with the demerger of the group, several shareholders took legal action against CECONOMY AG by seeking various legal remedies at the Düsseldorf District Court, such as action for annulment, rescission and/or declaratory action, including against the resolution passed by the Annual General Meeting of CECONOMY AG on 6 February 2017 concerning the meeting's approval of the demerger and spin-off agreement (demerger agreement) as well as partially against the agreement itself. Pursuant to the provisions of the demerger agreement, METRO AG has to bear the costs of the litigation and proceedings relating to the demerger. On 24 January 2018, the Düsseldorf District Court rejected the complaints in their entirety. All plaintiffs have filed appeals against all these decisions with the Düsseldorf Higher Regional Court. On 4 April 2019, the Düsseldorf Higher Regional Court rejected all appeals. In the appeal judgment in the rescission proceedings concerning the resolutions of the Annual General Meeting, the appeal was admitted and lodged with the German Federal Court of Justice. The Higher Regional Court of Düsseldorf did not allow the appeal in the proceedings for a declaration of invalidity or pending ineffectiveness of the spin-off and demerger agreement. In one of these assessment proceedings, the plaintiffs filed an appeal against denial of leave to appeal with the
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Notes to the balance sheet | 13 |
Federal Court of Justice. The judgment in the other assessment proceedings is final. METRO AG maintains its position that all of these legal challenges are inadmissible and/or unfounded and has therefore not recognised corresponding risk provisions in its accounts.
Legal action against credit card companies
Companies of the METRO group had submitted complaints against credit card companies. The complaints claimed damages based on the EU Commission's ban on credit card companies setting multilateral interchange fees on an EU level. The European Court of Justice as the court of final appeal confirmed the decision of the EU Commission against one credit card company. Settlements reached during the first half of financial year 2018/19 with respect to the claimed damages contributed a sum in the low double-digit millions to earnings. As a result, METRO withdrew its complaints against the credit card companies.
Arbitration proceedings against
Hudson's Bay Company
METRO AG is a plaintiff in arbitration proceedings against the Canadian department store group Hudson's Bay Company (HBC). The background of the arbitration proceedings is an outstanding purchase price claim of METRO AG against HBC, resulting from the disposal of Galeria Kaufhof in 2015. METRO AG had initially retained non-controlling interests in individual real estates and granted HBC call options. In January 2016, HBC exercised its call options and paid a preliminary purchase price. However, METRO AG believes that the paid preliminary purchase price was insufficient and is in dispute with HBC regarding the applied valuation basis.
Further remaining legal issues
Companies of the METRO group are party to judicial or arbitration proceedings as well as antitrust law proceedings in various European countries. Insofar as the liability has been sufficiently specified, appro-
priate risk provisions have been formed for these proceedings. METRO AG and its group companies have also filed claims for damages against companies that have been convicted of illegal competition agreements (including truck and sugar cartel).
18. Risks and benefits from off-balance-sheet transactions
Profit and loss transfer agreements exist between METRO AG and major group companies. The key benefits of these agreements consist in the resulting fiscal unity. Risks arise from the fact that losses will also have to be assumed under these profit and loss transfer agreements. Additionally, declarations of assumption of obligations for financial year 2019/20 have been issued in favour of individual group com- panies. Risks may arise from these declarations as well as from the letters of comfort issued in favour of group companies.
Additional significant business relationships regarding outsourced functions between METRO AG and its subsidiaries mostly concern IT services which are invoiced by the subsidiaries. The key benefit of this outsourcing is the specialisation that provides for improvements in quality and optimised prices and costs.
METRO AG has a call option that would require CECONOMY AG to transfer the remaining shares (6.61%) in METRO PROPERTIES GmbH & Co. KG; the option becomes available 3 years after the demerger of METRO AG has been completed. There is also a put option that would require METRO AG to transfer the remaining shares (6.61%) in METRO PROPERTIES GmbH & Co. KG to CECONOMY AG. This option becomes available for the first time 7 years after the demerger of METRO AG has been completed. The shares will be transferred at their respective fair value, which amounts to €46 million as of 30 September 2019 on the basis of current calculations.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
14 | Notes | Notes to the income statement | 14 |
NOTES TO THE INCOME
STATEMENT
19. Sales revenues
The recognised sales amount to €299 million concerning settlement amounts received in the form of licence fees for the METRO and MAKRO brands, as well as €95 million relating to IT and business services rendered to the subsidiaries in the METRO Wholesale sales line. The sales revenues in the reporting year are broken down by regions as follows:
€ million | 2017/18 | 2018/19 | ||
Germany | 23 | 22 | ||
Western Europe | ||||
(excl. Germany) | 197 | 209 | ||
Russia | 107 | 66 | ||
Eastern Europe | ||||
(excl. Russia) | 99 | 88 | ||
Asia | 8 | 8 | ||
434 | 393 | |||
The reason for the decline in sales revenues of approximately €40 million is the earnings development in Russia as well as Eastern Europe, since the licensing fees for the use of the METRO and MAKRO brands are based on earnings. These effects were not fully offset by the positive earnings development in Western Europe.
20. Other operating income
€ million | 2017/18 | 2018/19 | ||
Settlement amounts | ||||
from subsidiaries | 257 | 274 | ||
Income from capital gains | 12 | 60 | ||
Income from the reversal | ||||
of provisions | 20 | 12 | ||
Rental income | 7 | 7 | ||
Miscellaneous income | 19 | 34 | ||
315 | 387 | |||
The item other operating income consists mainly of settlement amounts for services sold to subsidiaries that are not classified as sales revenues.
With regard to the income from capital gains, it should be noted that the offsetting expenses resulting from exchange rate losses as part of natural hedging at Group level were incurred by one subsidiary. They are thus included in the profit transfers at METRO AG.
Other operating income includes non-period income from claims for damages arising from lawsuits
against credit card companies in the amount of € 29 million.
21. Cost of services purchased
In its function as a central management holding com- pany, METRO AG has subcontracted service perfor- mances, which predominantly relate to costs of marketing and IT services, to group companies as well as third-party companies. To the extent such expenses are related to settlement payments recognised in the sales revenues item, the corresponding amounts have been recognised in the cost of services purchased item.
22. Personnel expenses
€ million | 2017/18 | 2018/19 | ||
Wages and salaries | 111 | 124 | ||
Social security expenses, | ||||
expenses for post-employ- | ||||
ment benefits plans and | ||||
related employee benefits | 15 | 15 | ||
thereof for post- | ||||
employment benefits | (4) | (4) | ||
126 | 139 | |||
With a slightly declining number of employees, the increase in personnel expenses is mainly due to increased performance-based remuneration components and special payments.
23. Depreciation/amortisation/impairment losses on intangible and tangible assets
The item mainly includes amortisation of the rights of use to the METRO and MAKRO brands in the amount of €40 million. Amortisation of software amounted to €25 million.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Notes to the income statement | 15 |
24. Other operating expenses
As of the closing date, other operating expenses are comprised as follows:
€ million | 2017/18 | 2018/19 | ||
Services rendered by | ||||
subsidiaries to METRO AG | 235 | 292 | ||
Risks from the transfer | ||||
pricing model | 40 | 88 | ||
Consulting expenses | 47 | 84 | ||
General administrative | ||||
expenses | 44 | 39 | ||
Expenses from | ||||
currency translation | 34 | 32 | ||
Rental expenses | 16 | 15 | ||
Miscellaneous expenses | 11 | 21 | ||
427 | 571 | |||
In its function as the central management holding company, METRO AG has commissioned services from group companies as well as third-party companies. These expenses are partially offset, among others, by income from charging licence fees for the use of the METRO and MAKRO brands as well as IT and business services under the sales revenues and other operating income items. An appropriate provision was made for risks related to the possible partial non-recognition of the new transfer pricing model
by foreign tax authorities and any resulting obligations to repay amounts already received from foreign group companies.
25. Investment result
Income from investments in the reporting year was predominantly attributable to the group's real estate companies and the foreign subsidiaries of the METRO Wholesale sales line.
Profit and loss transfer agreements with other group companies accounted for income in the amount of €1,160 million. It includes distributions from reserves of an indirectly held subsidiary.
Expenses from loss assumptions amount to €473 million and mainly result from the Real segment. In the reporting period impairment losses of €484 million were made on investments in affiliated companies. Of this amount, €420 million related to impairments of Real Holding and were required from a comparison of the carrying amount with the expected net proceeds in accordance with the current findings from the sale process still ongoing at the time of the preparation.
26. Financial result
€ million | 2017/18 | 2018/19 | ||
Income from | ||||
long-term loans | 1 | 1 | ||
thereof from | ||||
affiliated companies | (1) | (1) | ||
Other interest and | ||||
similar income | 10 | 46 | ||
thereof from | ||||
affiliated companies | (9) | (45) | ||
Other financial income | 16 | 0 | ||
thereof from | ||||
affiliated companies | (16) | (0) | ||
Income from the | ||||
discounting of provisions | 0 | 6 | ||
thereof | ||||
out-of-period income | (0) | (0) |
€ million
Income from investments
thereof from affiliated companies
Income from investments with profit and loss transfer agreements
Expenses from loss absorption
Depreciation/amortisation/ impairment losses
on shares in affiliated companies
2017/182018/19
- 89
- (89)
- 1,160
-383-472
- -484
202293
Interest and | ||||
similar expenses | -57 | -54 | ||
thereof | ||||
to affiliated companies | (-9) | (-7) | ||
Other financial expenses | -21 | -4 | ||
thereof | ||||
to affiliated companies | (0) | (0) | ||
-51 | -5 | |||
Interest and similar income resulted from financial transactions with METRO group companies in the amount of €38 million.
The interest and similar expenses item in financial year 2018/19 was characterised by interest expenses for bonds and promissory note loans in the amount of €43 million and other interest expenses from ongoing monetary transactions in the amount of €7 million.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
16 | Notes | Notes to the income statement | 16 |
27. Income taxes
For the determination of income taxes, METRO AG as the controlling company is notified of the taxable earnings of the respective incorporated companies. The recognised tax expenses represent the tax expenses for the entire consolidation group. Besides foreign taxes, the disclosure in the reporting period in the amount of €2 million also relates to the reversal of provisions for tax audits and current tax assessments.
In accordance with § 274 Section 1 of the German Commercial Code (HGB), deferred taxes are determined for differences between the commercial law and tax law valuations. These essentially refer to provisions and intangible assets. In addition, loss and interest carry-forwards as well as potential tax credits must be considered in the calculation of deferred taxes.
The calculation of deferred taxes is based on the overall tax rate of 30.53% expected at the time of realisation. It consists of the corporate income tax rate of 15% plus a solidarity surcharge of 5.5% on the corporate income tax, and the trade tax rate of 14.7% based on an average municipal multiplier of 420%.
Deferred tax liabilities are recognised only when they exceed deferred tax assets. The company made
use of the option pursuant to § 274 Section 1 Sentence 2 of the German Commercial Code to not recognise the excess of deferred tax assets existing as of 30 September 2019.
28. Balance sheet profit
Adding net profit of €237 million to retained earnings from the previous year in the amount of €29 million results in a balance sheet profit of €266 million as of the closing date.
29. Appropriation of the balance sheet profit, dividends
Regarding the appropriation of the balance sheet profit for 2018/19, the Management Board of METRO AG will propose to the Annual General Meeting to distribute a dividend in the amount of €0.70 per ordinary share and €0.70 per preference share - that is, a total of €254 million - from the reported balance sheet profit of €266 million and to carry forward the remaining amount to the new account.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes |
OTHER NOTES
30. Employees
METRO AG employed an average of 855 employees in financial year 2018/19, calculated from the 4 quarters (2017/18: 879). Part-time employees and temporary workers were converted into full-time equivalents.
31. Services of the auditor
The professional fees charged by the auditors of the annual financial statements are disclosed in the consolidated financial statements of METRO AG. Publication in this report is waived under the group exemption clause pursuant to § 285 No. 17 of the German Commercial Code.
Only services that are consistent with the task of the auditor of the annual financial statements and consolidated financial statements of METRO AG were provided.
The fees for audit services provided by the auditing company KPMG AG Wirtschaftsprüfungsgesellschaft relate to the audit of the consolidated financial statements and the annual financial statements of METRO AG, including statutory audit engagement extensions.
In addition, the fees for the audits of IFRS reporting packages of subsidiaries of METRO AG for inclusion in the METRO consolidated financial statements as well as for the audits of annual financial statements of subsidiaries under commercial law are included here. Moreover, audit-integrated reviews of interim financial statements, project-related audits within the framework of the introduction of new accounting standards and ISAE 3402 audit-related services were performed.
Other assurance services include agreed-upon audit procedures (for example Sales Lease Agreements, Compliance Certificates, Comfort Letters, Declaration of Completeness of the Packaging Ordinance), the voluntary audit of the internal audit system according to IDW PS 983, the voluntary audit of the corporate responsibility report according to ISAE 3000 and ISAE 3410 and the business audit of the non-financial statement.
Other services relate to fees for financial due diligence reviews, for audit-related support services as part of a sales tax compliance management system and audit-related support services based on IDW PS 980 in connection with the IT compliance system.
17
32. Group affiliation
The consolidated financial statements of METRO AG are prepared by METRO AG in its capacity as the holding company. The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU. They are submitted to the operator of the Federal Gazette, who then publishes them in the Federal Gazette.
33. Transactions with related parties
Related parties are legal entities or individuals who can exert influence on METRO AG or who are controlled or significantly influenced by METRO AG.
Transactions with related parties are conducted in particular with subsidiaries and associated companies. They primarily relate to services, rental and financing transactions as well as intra-group transactions, which are generally conducted on arm's-length terms and conditions.
34. Disclosures pursuant to § 160 Section 1 No. 8 of the German Stock Corporation Act (AktG)
Between the beginning of financial year 2018/19 and the time of preparing the annual financial statements, METRO AG was notified of the following investments in METRO AG that are subject to disclosure pursuant to § 160 Section 1 No. 8 of the German Stock Corporation Act (AktG). In the case of several notifications relating to the notifying party reaching, exceeding or falling below the relevant thresholds received within the same financial year, only the most recent notification is disclosed. The voting shares listed in the following may have been subject to changes after the stated dates which the respective entities are not obliged to report to METRO AG. The content of the notifications of voting rights received by METRO AG pursuant to § 40 Section 1 of the German Securities Trading Act (WpHG), including notifications pursuant to §§ 38 and 39 of the German Securities Trading Act (WpHG), are published on the company's website at www.metroag.de/en/media- centre/legal-announcement.
The content of the voting right notifications received by METRO AG pursuant to § 20 Section 6 of the German Securities Trading Act (WpHG) are published in the electronic Federal Gazette, accessible at www.bundesanzeiger.de.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
18 | Notes | Other notes | 18 |
The content of the notification of 16 January 2019 were published as follows:
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 19 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
20 | Notes | Other notes | 20 |
The content of the notification of 21 May 2019 was published as follows:
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 21 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
22 | Notes | Other notes | 22 |
The content of the notification of 27 June 2019 was published as follows:
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 23 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
24 | Notes | Other notes | 24 |
The content of the notifications of 31 July 2019 were published as follows:
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 25 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
26 | Notes | Other notes | 26 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 27 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
28 | Notes | Other notes | 28 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 29 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
30 | Notes | Other notes | 30 |
The content of the notification of 7 August 2019 was published as follows:
On 7 August 2019 Meridian Foundation notified us of the following:
'[...] by letter dated 31 July 2019, we notified you according to Secs. 33, 34 of the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG) that on 29 July 2019 our voting rights holdings in METRO AG exceeded the threshold of 20% and amounted to 20.63% on this date (this corresponds to 74,305,085 voting rights). In addition, we hereby inform you pursuant to Sec. 43 WpHG as follows:
The objectives pursued with the acquisition of voting rights:
- The acquisition of further voting rights is based on the establishment of a voting pool between Beisheim Capital GmbH, Beisheim Holding GmbH and Palatin Verwaltungsgesellschaft mbH. The establishment of the voting pool serves the purpose of implementing strategic objectives.
- The notifying person intends to acquire further voting rights in METRO AG by way of acquisition or in other ways within the next 12 months.
- Mr Peter Küpfer, chairman of the Advisory Board of Meridian Foundation, is currently member of the Supervisory Board of METRO AG. There is no delegation right to the Supervisory Board. The notifying person intends to be represented in the Supervisory Board of METRO AG also in the future. A further influence on the composition of the Supervisory Board and indirectly of the Management Board of METRO AG is not intended by the notifying person.
- A material change of the capital structure of METRO AG, in particular regarding the ratio of equity and debt and the dividend policy, is not intended.
Origin of the funds used for the acquisition:
The acquisition of further voting rights in METRO AG is based on the attribution of voting rights held by Palatin Verwaltungsgesellschaft mbH pursuant to Sec. 34 para. 1 sentence 1 WpHG, whereby the voting rights held by Beisheim Holding GmbH and Beisheim Capital Holding GmbH are attributable to Palatin Verwaltungsgesellschaft mbH due to the establishment of the voting pool agreement pursuant to Sec. 34 para. 2 WpHG. The notifying person therefore neither directly nor indirectly used neither equity nor debt capital for the acquisition of the voting rights.'
The content of the notification of 8 August 2019 was published as follows:
On 8 August 2019 Prof. Otto Beisheim Foundation (Munich) notified us of the following:
'[...] by letter dated 31 July 2019, we notified you according to Secs. 33, 34 of the German Securities Trading act (Wertpapierhandelsgesetz, WpHG) that on 29 July 2019 our voting rights holdings in METRO AG exceeded the thresholds of 10% and 20% and amounted to 20.63% on this date (this corresponds to 74,305,085 voting rights). In addition, we hereby inform you pursuant to Section 43 WpHG as follows:
The objectives pursued with the acquisition of voting rights:
- The acquisition of further voting rights in METRO AG is based on the establishment of a voting pool between Beisheim Capital GmbH, Beisheim Holding GmbH and Palatin Verwaltungsgesellschaft mbH. The establishment of the voting pool serves the purpose of implementing strategic objectives.
- Prof. Otto Beisheim Foundation intends to acquire further voting rights in METRO AG by way of acquisition or in other ways, within the next twelve months.
- Dr Fredy Raas, a member of the Management Board of Prof. Otto Beisheim Foundation, is currently a member of the Supervisory Board of METRO AG and in this capacity he exerts influence on the composition of the Supervisory Board and the Management Board of METRO AG. There is no delegation right to the Supervisory Board. Prof. Otto Beisheim Foundation intends to be represented in the Supervisory Board of METRO AG also in the future. Prof. Otto Beisheim Foundation does not intend to seek influence on the composition of the Supervisory Board, which goes beyond the exercise of voting rights in the General Meeting of METRO AG through Beisheim Capital GmbH.
- Prof. Otto Beisheim Foundation does not seek to materially change the capital structure of METRO AG, in particular regarding the ratio of equity and debt as well as the dividend policy.
Origin of the funds used to make the certain acquisitions:
The acquisition of further voting rights in METRO AG is based on the attribution of voting rights held by Beisheim Capital GmbH pursuant to Sec. 34 para. 1 sentence 1 WpHG, whereby the voting rights held by Palatin Verwaltungsgesellschaft mbH are attributable to Beisheim Holding GmbH due to the establishment of the voting pool agreement pursuant to Sec. 34 para. 2 WpHG. Prof. Otto Beisheim Foundation therefore neither directly nor indirectly used either of
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 31 |
equity or debt capital for the acquisition of the voting rights.'
On 8 August 2019, Prof. Otto Beisheim Stiftung (Baar, Switzerland) informed us of the following:
'[...] by letter dated 31 July 2019, we notified you according to Secs. 33, 34 of the German Securities Trading act (Wertpapierhandelsgesetz, WpHG) that on 29 July 2019 our voting rights holdings in METRO AG exceeded the thresholds of 10% and 20% and amounted to 20.63% on this date (this corresponds to 74,305,085 voting rights). In addition, we hereby inform you pursuant to Section 43 WpHG as follows:
The objectives pursued with the acquisition of voting rights:
- The acquisition of further voting rights is based on the establishment of a voting pool between Beisheim Capital GmbH, Beisheim Holding GmbH and Palatin Verwaltungsgesellschaft mbH. The establishment of the voting pool serves the purpose of implementing strategic objectives.
- Prof. Otto Beisheim Foundation intends to acquire further voting rights in METRO AG by way of acquisition or in other ways, within the next twelve months.
- Mr Dr. Fredy Raas, member of the Foundation Board of Prof. Otto Beisheim Foundation, is
currently member of the Supervisory Board of METRO AG and in this capacity he exerts influence on the composition of the Supervisory Board and the Management Board of METRO AG. There is no delegation right to the Supervisory Board. Prof. Otto Beisheim Foundation intends to be represented in the Supervisory Board of METRO AG also in the future. Prof. Otto Beisheim Foundation not intends to seek influence on the composition of the Supervisory Board, which goes beyond the exercise of voting rights in the General Meeting of METRO AG through Beisheim Holding GmbH.
4. Prof. Otto Beisheim Foundation does not seek to materially change the capital structure of METRO AG, in particular regarding the ratio of equity and debt as well as the dividend policy.
Origin of the funds used to make the certain acquisitions:
The acquisition of further voting rights in METRO AG is based on the attribution of voting rights held by Beisheim Holding GmbH pursuant to Sec. 34 para. 1 sentence 1 WpHG, whereby the voting rights held by Palatin Verwaltungsgesellschaft mbH are attributable to Beisheim Capital GmbH due to the establishment of the voting pool agreement pursuant to Sec. 34 para. 2 WpHG. Prof. Otto Beisheim Foundation therefore neither directly nor indirectly used either of equity or debt capital for the acquisition of the voting rights.'
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
32 | Notes | Other notes | 32 |
The content of the notifications of 6 November 2019 were published as follows:
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 33 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
34 | Notes | Other notes | 34 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 35 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
36 | Notes | Other notes | 36 |
The content of the notification of 7 November 2019 was published as follows:
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Other notes | 37 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
38 | Notes | Other notes | 38 |
35. Management Board and Supervisory Board
Remuneration of members of the Management Board in financial year 2018/19 The remuneration of the active members of the Management Board mainly consists of a fixed salary, ashort-termperformance-basedremuneration component(short-termincentive and special bonuses), as well as theperformance-basedremuneration component with along-termincentive effect (long- term incentive) granted in financial year 2018/19.
The short-term incentive for members of the Management Board is mainly determined by the development of financial performance targets related to that financial year and also takes into account the achievement of agreed-upon targets.
The remuneration of the active members of the Management Board in financial year 2018/19 amounted to €9.8 million (2017/18: €7.0 million). Of this amount, €3.5 million (2017/18: €3.7 million) was attributable
to fixed salaries, €2.0 million (2017/18: €0.4 million) to the short-termperformance-based remuneration, €3.9 million (2017/18: €2.7 million) to the share- and performance-based remuneration with long-term incentive effect and €0.3 million (2017/18: €0.2 million) to non-monetary and supplemental benefits.
The share- and performance-based remuneration component with long-term incentive effect granted in financial year 2018/19 (performance share plan) was recognised at fair value as of the date granted. The number of conditionally allocated performance shares for the members of the Management Board amounts to a total of 311,477.
In financial year 2018/19, value adjustments resulted from the current tranches of performance- based payment programmes with a long-term incentive effect. The company's expenses amounted to €0.78 million for Mr Koch, €0.5 million for
Mr Baier, €1.23 million for
Mr Hutmacher and €0.09 million for Mr Palazzi. As of 30 September 2019, the provisions for the members of the Management Board totalled
€3.46 million. Of this amount, €1.17 million was attributable to Mr Koch, €0.69 million to Mr Baier, €1.52 million to Mr Hutmacher and €0.09 million to Mr Palazzi.
Expenses and provisions were determined by external experts using a recognised actuarial method.
An agreement was reached with Mr Hutmacher in the reporting year for the premature termination of his service contract with effect from the end of 31 December 2019. A severance payment of €2,957,700 was agreed to settle the remaining term of his service contract (1 January 2020 to 30 September 2020) and the short-term incentive for the period from 1 October 2019 to 31 May 2019. This settlement covers Mr Hutmacher's claims, taking into account the contractually agreed severance payment cap in accordance with the German Corporate Governance Code. The severance payment, which is due in financial year 2019/20, was fully accrued in financial year 2018/19. The tranches of the long-term incentive already granted to Mr Hutmacher will be settled in accordance with the terms of the plan.
Total remuneration of former members of the Management Board
There are congruent, reinsured liabilities from pension provisions of €1.6 million towards former members of the Management Board.
- The disclosures pursuant to § 314 Section 1 No. 6a Sentences 5 to 8 of the German Commercial Code can be found in Section 6 remuneration report in the combined management report.
Remuneration of members of the Supervisory Board
The total remuneration paid to all members of the Supervisory Board in financial year 2018/19 amounts to €2.2 million (2017/18: €2.2 million).
- For more information on the remuneration of the members of the Supervisory Board, see Section 6 remuneration report in the combined management report.
36. Declaration of conformity with GCGC
In September 2019, the Management Board and the Supervisory Board issued the annual declaration of conformity pursuant to § 161 of the German Stock Corporation Act (AktG) concerning the recommendations of the Government Commission on the German Corporate Governance Code. The statement is permanently accessible on the website of METRO AG (www.metroag.de/en).
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Corporate Boards of METRO AG and the mandates of their members | 39 |
37. Corporate Boards of METRO AG and the mandates of their members
Members of the Supervisory Board
(As of 3 December 2019)
Jürgen Steinemann (Chairman)
CEO of JBS Holding GmbH
Shareholder representative
- Big Dutchman AG (Vice Chairman)
-
Bankiva B.V., Wezep, Netherlands - Supervisory Board (Chairman)
Barry Callebaut AG1,Zurich, Switzerland - Board of Directors until 11 December 2019 Lonza Group AG1, Basel, Switzerland - Board of Directors
Werner Klockhaus (Vice Chairman)
Chairman of the Group Works Council of METRO AG Chairman of the General Works Council of Real GmbH Employee representative
- Hamburger Pensionskasse von 1905 Versicherungsverein auf Gegenseitigkeit Real GmbH2(Vice Chairman)
- None
Stefanie Blaser
Chairwoman of the General Works Council
of METRO PROPERTIES GmbH & Co. KG Saarbrücken Employee representative
- None
- None
Herbert Bolliger
Self-employed business consultant
Shareholder representative
- None
-
Amann Wine Group Holding SA, Zug, Switzerland - Board of Directors
BNP Paribas (Suisse) AG1,Geneva, Switzerland - Board of Directors MTH Retail Group Holding GmbH, Vienna, Austria - Supervisory Board
Office World Holding AG, Bolligen, Switzerland - Board of Directors
(Vice President)
Gwyn Burr
Member of the Board of Directors of Hammerson plc, London, United Kingdom
Shareholder representative
- None
-
Hammerson plc1,, London, United Kingdom - Board of Directors
Ingleby Farms and Forests ApS, Køge, Denmark - Board of Directors
Just Eat plc1,,London, United Kingdom - Board of Directors
Sainsbury's Bank plc1, London, United Kingdom - Board of Directors
Taylor Wimpey plc1, London, United Kingdom - Board of Directors
Thomas Dommel
Chairman of the General Works Council of METRO LOGISTICS Germany GmbH Employee representative
- METRO LOGISTICS Germany GmbH2(Vice Chairman)
- None
- Memberships in other statutory supervisory boards within the meaning of § 125 Section 1 Sentence 5, 1stalt. of the German Stock Corporation Act (AktG).
- Memberships in comparable German and international supervisory bodies of commercial enterprises within the meaning of § 125 Section 1 Sentence 5, 2ndalt. of the German Stock Corporation Act (AktG). 1Listed company.
2Intra-group mandate.
METRO AG ANNUAL FINANCIAL STATEMENTS 2018/19
44 | Notes | Corporate Boards of METRO AG and the mandates of their members | 40 |
Prof. Dr Edgar Ernst
President of the German Financial Reporting Enforcement Panel (FREP)
Shareholder representative
-
TUI AG1
Vonovia SE1(Vice Chairman ) - None
Dr Florian Funck (until 7 December 2019) Member of the Management Board
of Franz Haniel & Cie. GmbH Shareholder representative
-
CECONOMY AG1
TAKKT AG*(Chairman, since 15 May 2019) Vonovia SE1 - None
Michael Heider
Vice Chairman of the General Works Council of METRO Deutschland GmbH
Chairman of the Works Council of the METRO wholesale store Schwelm, employee representative
- Metro Großhandelsgesellschaft mbH2
- None
Peter Küpfer
Self-employed business consultant
Shareholder representative
- CECONOMY AG1,until 30 April 2019
- AHRA AG, Zurich, Switzerland - Board of Directors (President) AHRB AG, Zurich, Switzerland - Board of Directors (President)
ARH Resort Holding AG, Zurich, Switzerland - Board of Directors (President)
Breda Consulting AG, Zurich, Switzerland - Board of Directors (President)
Cambiata Ltd, Road Town, Tortola, British Virgin Islands - Board of Directors Cambiata Schweiz AG, Zurich, Switzerland - Board of Directors
Gebr. Schmidt GmbH & Co. KG - Advisory Council Lake Zurich Fund Exempt Company, George Town, Grand Cayman, Cayman Islands -
Board of Directors
Supra Holding AG, Zug, Switzerland - Board of Directors
Susanne Meister
Member of the General Works Council of Real GmbH Employee representative
- None
- None
Dr Angela Pilkmann
Category Manager Food at Real GmbH
Employee representative
- None
- None
Dr Fredy Raas
Managing Director of Beisheim Holding GmbH, Baar, Switzerland and Beisheim Group GmbH & Co. KG Shareholder representative
- CECONOMY AG1
-
ARISCO Holding AG, Baar, Switzerland - Board of Directors
HUWA Finanz- und Beteiligungs AG, Au, Switzerland - Board of Directors (President), since 23 October 2018
Montana Capital Partners AG, Baar, Switzerland - Board of Directors, until 31 December 2018
Xaver Schiller
Chairman of the General Works Council of METRO Deutschland GmbH Chairman of the Works Council of the METRO wholesale store Munich-Brunnthal Employee representative
- Metro Großhandelsgesellschaft mbH2(Vice Chairman)
- None
Eva-Lotta Sjöstedt
Self-employed business consultant
Shareholder representative
- None
- None
Dr Liliana Solomon
Chief Financial Officer of Awaze Group Limited, London, United Kingdom
Shareholder representative
- Scout24 AG1(Vice Chairwoman), until 30 August 2019
- None
- Memberships in other statutory supervisory boards within the meaning of § 125 Section 1 Sentence 5, 1stalt. of the German Stock Corporation Act (AktG).
- Memberships in comparable German and international supervisory bodies of commercial enterprises within the meaning of § 125 Section 1 Sentence 5, 2ndalt. of the German Stock Corporation Act (AktG). 1Listed company.
2Intra-group mandate.
METRO AG ANNUAL FINANCIAL STATEMENTS 2018/19
Notes | Corporate Boards of METRO AG and the mandates of their members | 413 |
Alexandra Soto
Group Executive Director, Managing Director and Global Chief Operating Officer of Lazard Financial Advisory, Lazard & Co., Limited, London, United Kingdom
Shareholder representative
- None
- None
Angelika Will
Honorary Judge at the Federal Labour Court Secretary of the Regional Association Board North Rhine-Westphalia of DHV -
Die Berufsgewerkschaft e. V. (federal specialist group trade and logistics)
Employee representative
- None
- None
Manfred Wirsch
Secretary of the National Executive Board of Verdi Vereinte Dienstleistungsgewerkschaft e. V. Employee representative
- Metro Großhandelsgesellschaft mbH2
- None
Silke Zimmer
Secretary of the National Executive Board of Verdi Vereinte Dienstleistungsgewerkschaft e. V. Employee representative
- None
- None
- Memberships in other statutory supervisory boards within the meaning of § 125 Section 1 Sentence5, 1stalt. of the German Stock Corporation Act (AktG).
- Memberships in comparable German and international supervisory bodies of commercial enterprises within the meaning of § 125 Section 1 Sentence 5, 2ndalt. of the German Stock Corporation Act (AktG). 1Listed company.
2Intra-group mandate.
METRO AG ANNUAL FINANCIAL STATEMENTS 2018/19
44 | Notes | Corporate Boards of METRO AG and the mandates of their members | 42 |
Permanent Supervisory Board Committees and their composition
(As of 3 December 2019)
Presidential Committee
Jürgen Steinemann (Chairman)
Werner Klockhaus (Vice Chairman)
Xaver Schiller
Dr Liliana Solomon
Audit Committee
Prof. Dr Edgar Ernst (Chairman)
Werner Klockhaus (Vice Chairman)
Thomas Dommel
Dr Florian Funck
Dr Fredy Raas
Xaver Schiller
Nomination Committee
Jürgen Steinemann (Chairman)
Gwyn Burr
Prof. Dr Edgar Ernst
Mediation Committee pursuant to § 27 Section 3 of the German Co-determination Act
Jürgen Steinemann (Chairman)
Werner Klockhaus (Vice Chairman)
Prof. Dr Edgar Ernst
Xaver Schiller
METRO AG ANNUAL FINANCIAL STATEMENTS 2018/19
Notes | Corporate Boards of METRO AG and the mandates of their members | 43 |
Members of the Management Board
(As of 3 December 2019)
Olaf Koch (Chairman)
- Real GmbH2(Chairman) METRO-NOM GmbH2(Chairman), since 1 November 2019
- Hospitality Digital GmbH2- Advisory Board (Chairman)
Christian Baier(Chief Financial Officer)
-
Metro Großhandelsgesellschaft mbH2
METRO RE AG2- Supervisory Board (Chairman) - Hospitality Digital GmbH - Advisory Board METRO Cash & Carry International Holding GmbH2, Vösendorf, Austria -
Supervisory Board (Chairman)
METRO Holding France S.A.2, Vitry-sur-Seine, France - Board of Directors
Andrea Euenheim
(Chief Human Resources Officer and Labour Director, since 1 November 2019) Since 1 November 2019
- Metro Großhandelsgesellschaft mbH2, since 1 November 2019
Real GmbH2, since 1 January 2020
- None
Heiko Hutmacher
(Chief Human Resouces Officer and Labour Director, until 31 October 2019) Until 31 December 2019
-
Metro Großhandelsgesellschaft mbH2,
until 31 October 2019
Real GmbH2, until 31 December 2019 METRO-NOM GmbH2(Chairman), until 31 October 2019 - None
Philippe Palazzi (Chief Operating Officer)
- None
-
Hospitality Digital GmbH2- Advisory Board METRO Holding France S.A.2, Vitry-sur-Seine,
France - Board of Directors (Chairman) METRO FSD France S.A.S.2, Rungis,
France - Board of Directors (Chairman) METRO Wholesale Myanmar Ltd.2, Yangon,
Myanmar - Supervisory Board Classic Fine Foods Netherlands B.V.2, Amsterdam, Netherlands - Board of Directors
- Memberships in other statutory supervisory boards within the meaning of § 125 Section 1 Sentence 5, 1stalt. of the German Stock Corporation Act (AktG).
- Memberships in comparable German and international supervisory bodies of commercial enterprises within the meaning of § 125 Section 1 Sentence 5, 2ndalt. of the German Stock Corporation Act (AktG).
1Listed company.
2Intra-group mandate.
METRO AG ANNUAL FINANCIAL STATEMENTS 2018/19
44 | Notes | Corporate Boards of METRO AG and the mandates of their members | 44 |
38. Events after the closing date
METRO AG SELLS MAJORITY SHARE IN METRO CHINA TO WUMEI TECHNOLOGY GROUP
On 11 October 2019, METRO AG ('METRO') entered into an agreement with Wumei Technology Group, Inc. ('Wumei'), a leading Chinese retailer, to form a strategic partnership for METRO's Chinese operations ('METRO China'). This partnership includes the sale of METRO's entire indirect investment in METRO China (excluding a real estate company sold separately in September 2019) to a subsidiary of Wumei (the buyer) for a company value (enterprise value, 100%) of approximately €1.9 billion. The consideration includes an estimated net cash inflow of more than €1.0 billion as well as a 20% investment of METRO in METRO China.
The closing of this transaction is subject to the approval of the regulatory authorities.
EP GLOBAL COMMERCE GMBH INCREASES ITS SHARE OF VOTING RIGHTS IN METRO AG
EP Global Commerce GmbH increased its voting rights in METRO AG from 17.52% to 29.99% as of 6 November 2019 based on the notifications of voting rights submitted to the company. They, and possibly other affiliated companies and related parties, will thus become related parties of METRO AG as of this date.
Franz Haniel & Cie. GmbH and its subsidiaries are no longer related companies due to the reduction of their voting rights.
METRO AG ANNUAL FINANCIAL STATEMENTS 2018/19
Notes | Affiliated companies | 457 |
39. Affiliated companies of METRO AG as of 30/9/2018 pursuant to § 285 of the German Commercial Code
Consolidated subsidiaries | ||||||||||
Annual profit | ||||||||||
Registered | Share | Equity | or loss in | |||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | |||||
2. Schaper Objekt GmbH & Co. Kiel KG | Düsseldorf | Germany | 100.00 | 3,652 | 25710 | |||||
ADAGIO 2. Grundstücksverwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
ADAGIO 3. Grundstücksverwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 9,871 | 01, 10 | |||||
ADAGIO Grundstücksverwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 52 | 01, 10 | |||||
Adolf Schaper GmbH & Co. Grundbesitz-KG | Düsseldorf | Germany | 100.00 | 1,053 | -8110 | |||||
AIB Verwaltungs GmbH | Düsseldorf | Germany | 100.00 | 28 | 310 | |||||
ARKON Grundbesitzverwaltung GmbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
ASH Grundstücksverwaltung XXX GmbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
ASSET Immobilienbeteiligungen GmbH | Düsseldorf | Germany | 100.00 | 190,760 | 01, 10 | |||||
ASSET Köln-Kalk GmbH | Düsseldorf | Germany | 100.00 | 22,592 | 01, 10 | |||||
ASSET Zweite Immobilienbeteiligungen GmbH | Düsseldorf | Germany | 100.00 | 39,904 | 01, 10 | |||||
Aubepine SARL | Châlette-sur-Loing | France | 100.00 | 4,530 | 5577 | |||||
Avilo Marketing Gesellschaft m. b. H. | Vösendorf | Austria | 100.00 | 2,406 | 8716 | |||||
BAUGRU Immobilien-Beteiligungsgesellschaft | ||||||||||
mit beschränkter Haftung & Co. Grundstücksverwaltung KG | Düsseldorf | Germany | 100.00 | 3,346 | 2310 | |||||
Beijing Weifa Trading & Commerce Co. Ltd. | Beijing | China | 100.00 | -1,280 | -1,0727 | |||||
Blabert Grundstücksverwaltungsgesellschaft mbH | Düsseldorf | Germany | 94.00 | 26 | 01, 10 | |||||
cc delivery gmbh | Meckenheim | Germany | 100.00 | 418 | 01, 10 | |||||
CCG DE GmbH | Kelsterbach | Germany | 100.00 | 883 | 01, 10 | |||||
CJSC METRO Management Ukraine | Kiev | Ukraine | 100.00 | 15,663 | 07 | |||||
Classic Coffee & Beverage Sdn Bhd | Kuala Lumpur | Malaysia | 100.00 | 2,838 | 2087 | |||||
Classic Fine Foods (Hong Kong) Limited | Hong Kong | China | 100.00 | 21,618 | 4,1087 | |||||
Classic Fine Foods (Macau) Ltd | Macao | China | 99.80 | 1,596 | -1587 | |||||
Classic Fine Foods (Singapore) Private Limited | Singapore | Singapore | 100.00 | 3,446 | -2697 | |||||
Classic Fine Foods (Thailand) Company Limited | Bangkok | Thailand | 100.00 | -5,196 | -2,3877 | |||||
Classic Fine Foods (Thailand) Holding Company Limited | Bangkok | Thailand | 49.00 | -499 | -177 | |||||
Classic Fine Foods (Vietnam) Limited | Ho Chi Minh City | Vietnam | 100.00 | 8,735 | 1,7377 | |||||
Classic Fine Foods China Holdings Limited | Hong Kong | China | 100.00 | -3,887 | -117 | |||||
Classic Fine Foods China Trading Limited | Hong Kong | China | 100.00 | -291 | -647 | |||||
United | ||||||||||
Classic Fine Foods EM LLC | Abu Dhabi | Arab Emirates | 50.00 | 0 | 07 | |||||
Classic Fine Foods group Limited | London | United Kingdom | 100.00 | 28,429 | 17 | |||||
Classic Fine Foods Holdings Limited | London | United Kingdom | 100.00 | 17,278 | -27 | |||||
Classic Fine Foods Japan Holdings | Tokyo | Japan | 100.00 | 4,410 | -37 | |||||
Classic Fine Foods Macau Holding Limited | Hong Kong | China | 100.00 | 120 | -187 | |||||
Classic Fine Foods Netherlands BV | Rotterdam | Netherlands | 100.00 | 691 | -37 | |||||
Classic Fine Foods Philippines Inc. | Makati | Philippines | 100.00 | 7,619 | 1,4297 | |||||
Classic Fine Foods Rungis SAS | Rungis | France | 100.00 | 1,116 | 927 | |||||
Classic Fine Foods Sdn Bhd | Kuala Lumpur | Malaysia | 100.00 | 4,169 | 2517 | |||||
Classic Fine Foods UK Limited | London | United Kingdom | 100.00 | 5,430 | 6477 | |||||
United | ||||||||||
Classic Fine Foodstuff Trading LLC | Abu Dhabi | Arab Emirates | 49.00 | 19,091 | 1,9427 | |||||
Concarneau Trading Office SAS | Concarneau | France | 100.00 | 759 | 17810 | |||||
COOL CHAIN GROUP PL Sp. z o.o. | Cracow | Poland | 100.00 | 313 | 1910 | |||||
Culinary Agents Italia s.r.l. | San Donato Milanese | Italy | 100.00 | 44 | -16 | |||||
Dalian Metro Warehouse Management Co., Ltd. | Dalian | China | 100.00 | 7,847 | 7737 | |||||
DAYCONOMY GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
Deelnemingmaatschappij Arodema B.V. | Amsterdam | Netherlands | 100.00 | 3,136 | 06 | |||||
Deutsche SB-Kauf Beteiligungsverwaltung GmbH | Düsseldorf | Germany | 100.00 | 25 | 010 | |||||
Deutsche SB-Kauf GmbH & Co. KG | Düsseldorf | Germany | 100.00 | 7,276 | 41310 | |||||
DFI Verwaltungs GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
Dinghao Foods (Shanghai) Co. Ltd. | Shanghai | China | 100.00 | -3,594 | -2,1437 | |||||
DISH Plus GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
Etablissements Blin SAS | Saint Gilles | France | 100.00 | 15,568 | 2,7347 | |||||
Fideco AG | Courgevaux | Switzerland | 100.00 | 5,624 | 20810 | |||||
French F&B (Japan) Co., Ltd. | Tokyo | Japan | 93.83 | 8,875 | -167 | |||||
Freshly CR s.r.o. | Prague | Czech Republic | 100.00 | 6 | 010 | |||||
Fulltrade International GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
FZB Fachmarktzentrum Bous Verwaltungsgesellschaft mbH & Co. KG | Düsseldorf | Germany | 100.00 | 4,364 | 24510 | |||||
GBS Gesellschaft für Unternehmensbeteiligungen mbH | Düsseldorf | Germany | 100.00 | 175,529 | 01, 10 | |||||
GKF 6. Objekt Vermögensverwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
GKF Grundstücks-Vermietungsgesellschaft mbH & Co. | ||||||||||
Objekt Donaueschingen KG | Düsseldorf | Germany | 100.00 | 27 | 1210 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
46 | Notes | Affiliated companies | 46 |
Consolidated subsidiaries | ||||||||||
Annual profit | ||||||||||
Registered | Share | Equity | or loss in | |||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | |||||
GKF Grundstücks-Vermietungsgesellschaft mbH & Co. | ||||||||||
Objekt Köln-Porz KG | Düsseldorf | Germany | 100.00 | 111 | -910 | |||||
GKF Grundstücksverwaltung GmbH & Co. Objekt | ||||||||||
Bremen-Vahr KG | Düsseldorf | Germany | 100.00 | 569 | -1710 | |||||
GKF Grundstücksverwaltung GmbH & Co. Objekt Emden KG | Düsseldorf | Germany | 100.00 | 312 | -310 | |||||
GKF Grundstücksverwaltung GmbH & Co. Objekt | ||||||||||
Groß-Zimmern KG | Düsseldorf | Germany | 100.00 | 454 | -810 | |||||
GKF Grundstücksverwaltung GmbH & Co. Objekt Norden KG | Düsseldorf | Germany | 100.00 | 265 | 310 | |||||
GKF Grundstücksverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Schaper Bremen-Habenhausen KG | Düsseldorf | Germany | 100.00 | 3,982 | 1,19610 | |||||
GKF Grundstücksverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Wolfenbüttel KG | Düsseldorf | Germany | 94.00 | 794 | 42810 | |||||
GKF Vermögensverwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 543 | 3010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
10. Objekt-KG | Düsseldorf | Germany | 100.00 | 0 | -610 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
25. Objekt-KG | Düsseldorf | Germany | 100.00 | 0 | -22510 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
8. Objekt - KG | Düsseldorf | Germany | 100.00 | 1,214 | -17910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Arrondierungsgrundstücke KG | Düsseldorf | Germany | 100.00 | 394 | 5910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Entwicklungsgrundstücke KG | Düsseldorf | Germany | 100.00 | 1,124 | -41010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Gewerbegrundstücke KG | Düsseldorf | Germany | 100.00 | 2,931 | 1,69310 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Aachen SB-Warenhaus KG | Düsseldorf | Germany | 94.90 | 1 | 82910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Bannewitz KG | Düsseldorf | Germany | 100.00 | 0 | -13510 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Bitterfeld KG | Düsseldorf | Germany | 94.90 | -2,238 | 1,06010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Bochum Otto Straße KG | Düsseldorf | Germany | 100.00 | 694 | 1,52910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Braunschweig Hamburger Straße KG | Düsseldorf | Germany | 94.90 | 814 | 97910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Brühl KG | Düsseldorf | Germany | 100.00 | 486 | -4910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Duisburg KG | Düsseldorf | Germany | 100.00 | 2,134 | 50310 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Edingen-Neckarhausen KG | Düsseldorf | Germany | 100.00 | 14,975 | 51210 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Emden KG | Düsseldorf | Germany | 100.00 | 590 | 1110 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Espelkamp KG | Düsseldorf | Germany | 100.00 | 10,737 | 63910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Frankenthal KG | Düsseldorf | Germany | 100.00 | 235 | -1310 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Frankenthal-Studernheim KG | Düsseldorf | Germany | 100.00 | 437 | -3010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Gäufelden KG | Düsseldorf | Germany | 100.00 | 6,568 | 1,00610 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Göttingen KG | Düsseldorf | Germany | 100.00 | 15,040 | 38910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Hamm KG | Düsseldorf | Germany | 100.00 | 3,158 | 2,31610 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Hannover / Davenstedter Straße KG | Düsseldorf | Germany | 100.00 | 2,536 | 5810 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Hannover Fössestraße KG | Düsseldorf | Germany | 100.00 | 1,179 | -10210 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Hannover-Linden KG | Düsseldorf | Germany | 100.00 | 561 | 39710 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Heinsberg KG | Düsseldorf | Germany | 100.00 | 1,056 | 80810 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Herten KG | Düsseldorf | Germany | 100.00 | 493 | 97710 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Hildesheim-Senking KG | Düsseldorf | Germany | 100.00 | 4,599 | 77910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Hürth KG | Düsseldorf | Germany | 100.00 | 1,919 | 71010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Kassel KG | Düsseldorf | Germany | 100.00 | 0 | 11110 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Krefeld KG | Düsseldorf | Germany | 94.90 | 1 | 61310 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Kulmbach KG | Düsseldorf | Germany | 100.00 | 9,452 | 32810 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Mönchengladbach ZV I KG | Düsseldorf | Germany | 100.00 | 26 | -56010 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Affiliated companies | 47 |
Consolidated subsidiaries | ||||||||||
Annual profit | ||||||||||
Registered | Share | Equity | or loss in | |||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Mönchengladbach ZV II KG | Düsseldorf | Germany | 94.00 | 65 | 19210 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Mönchengladbach-Rheydt KG | Düsseldorf | Germany | 100.00 | 8,940 | -4,11410 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Nettetal KG | Düsseldorf | Germany | 94.90 | 1 | 8310 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Oldenburg KG | Düsseldorf | Germany | 100.00 | 2,466 | 76010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Paderborn 'Südring Center' KG | Düsseldorf | Germany | 100.00 | 2,843 | 99910 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Pfarrkirchen KG | Düsseldorf | Germany | 100.00 | 16,968 | 1,00810 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Rastatt KG | Düsseldorf | Germany | 100.00 | 5,161 | 1,09310 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Ratingen KG | Düsseldorf | Germany | 100.00 | 132 | -2010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Regensburg KG | Düsseldorf | Germany | 100.00 | 19,750 | 84610 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Saar-Grund KG | Düsseldorf | Germany | 100.00 | 263 | 30010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Stralsund KG | Düsseldorf | Germany | 94.90 | -851 | 73310 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Wülfrath KG | Düsseldorf | Germany | 100.00 | 1,353 | 48010 | |||||
GKF Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekte Amberg und Landshut KG | Düsseldorf | Germany | 100.00 | 10 | 99510 | |||||
Goldhand Lebensmittel- u. Verbrauchsgüter- | ||||||||||
Vertriebsgesellschaft mit beschränkter Haftung | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
GrandPari Limited Liability Company | Moscow | Russia | 100.00 | 5,882 | -4164 | |||||
Heim & Büro Versand GmbH | Nister | Germany | 100.00 | 104 | 01, 10 | |||||
HoReCa Innovation I Carry GmbH & Co. KG | Düsseldorf | Germany | 3.26 | 0 | -110 | |||||
HoReCa Innovation I GmbH & Co. KG | Düsseldorf | Germany | 100.00 | 3,508 | -28610 | |||||
HoReCa Innovation I Team GmbH & Co. KG | Düsseldorf | Germany | 0.67 | 12 | -110 | |||||
HoReCa Investment I Carry GmbH & Co. KG | Düsseldorf | Germany | 3.32 | 0 | -110 | |||||
HoReCa Investment I GmbH & Co. KG | Düsseldorf | Germany | 100.00 | 40,298 | -6,24010 | |||||
HoReCa Investment I Team GmbH & Co. KG | Düsseldorf | Germany | 0.07 | 142 | -110 | |||||
HoReCa Investment Management GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
HoReCa Komplementär GmbH | Düsseldorf | Germany | 100.00 | 30 | 01, 10 | |||||
HoReCa Strategic I Carry GmbH & Co. KG | Düsseldorf | Germany | 4.26 | 0 | -110 | |||||
HoReCa Strategic I GmbH & Co. KG | Düsseldorf | Germany | 100.00 | 5,160 | -3310 | |||||
Horten Nürnberg GmbH | Düsseldorf | Germany | 100.00 | 16,698 | 01, 10 | |||||
Hospitality Digital France SAS | Paris | France | 100.00 | 53 | 1410 | |||||
Hospitality Digital GmbH | Düsseldorf | Germany | 100.00 | 280 | 01, 10 | |||||
Hospitality Digital Services Austria GmbH | Vienna | Austria | 100.00 | 69 | 236 | |||||
Hospitality Digital Services Germany GmbH | Düsseldorf | Germany | 100.00 | -54 | 01, 10 | |||||
hospitality.data GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
HOSPITALITY.digital, Inc. | Wilmington | USA | 100.00 | 8 | 03 | |||||
Hospitality.systems GmbH | Düsseldorf | Germany | 100.00 | 24 | 01, 10 | |||||
ICS METRO Cash & Carry Moldova S.R.L. | Chişinău | Moldova | 100.00 | 12,251 | 2,4347 | |||||
Immobilien-Vermietungsgesellschaft von Quistorp GmbH & | ||||||||||
Co. Objekt Altlandsberg KG | Düsseldorf | Germany | 90.24 | 41,244 | 1010 | |||||
Inpakcentrale ICN B.V. | Duiven | Netherlands | 100.00 | 68 | 06 | |||||
Johannes Berg GmbH, Weinkellerei | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
Kaufhalle GmbH | Düsseldorf | Germany | 100.00 | 25,182 | 01, 10 | |||||
Kaufhalle GmbH & Co. Objekt Lager Apfelstädt KG | Düsseldorf | Germany | 100.00 | 4,211 | 47710 | |||||
Klassisk Group (S) Pte. Ltd. | Singapore | Singapore | 100.00 | -76,263 | -8,2277 | |||||
Klassisk Investment Limited | Hong Kong | China | 100.00 | 69,286 | -1,6367 | |||||
KUPINA Grundstücks-Verwaltungsgesellschaft mbH & Co. KG | Düsseldorf | Germany | 100.00 | -4,835 | 1,91410 | |||||
Liqueur & Wine Trade GmbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
LLC Ukrainian Wholesale Trade Company | Kiev | Ukraine | 100.00 | 261 | -167 | |||||
Makro Autoservicio Mayorista S. A. U. | Madrid | Spain | 100.00 | 347,558 | 124,08510 | |||||
MAKRO Cash & Carry Belgium NV | Wommelgem | Belgium | 100.00 | 43,078 | -63,2446 | |||||
MAKRO Cash & Carry CR s.r.o. | Prague | Czech Republic | 100.00 | 71,729 | 14,92010 | |||||
Makro Cash & Carry Egypt LLC | Cairo | Egypt | 100.00 | -30,337 | -2,6246 | |||||
Makro Cash & Carry Portugal S.A. | Lisbon | Portugal | 100.00 | 32,781 | 9,46210 | |||||
Makro Cash & Carry UK Holding Limited | Manchester | United Kingdom | 100.00 | -10,909 | 07 | |||||
Makro Cash and Carry Polska S.A. | Warsaw | Poland | 100.00 | 53,711 | 3,6756 | |||||
Makro Ltd. | Manchester | United Kingdom | 100.00 | 292 | -1,3047 | |||||
Makro Pension Trustees Ltd. | Manchester | United Kingdom | 100.00 | 2 | 07 | |||||
Markthalle GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
46 | Notes | Affiliated companies | 48 |
Consolidated subsidiaries | ||||||||||
Annual profit | ||||||||||
Registered | Share | Equity | or loss in | |||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | |||||
MCC Grundstücksverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Augsburg KG | Düsseldorf | Germany | 94.90 | -1,201 | -210 | |||||
MCC Grundstücksverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Berlin-Friedrichshain KG | Düsseldorf | Germany | 100.00 | 17,245 | 50610 | |||||
MCC Grundstücksverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Hamburg-Altona KG | Düsseldorf | Germany | 100.00 | 21,454 | 1,17310 | |||||
MCC Grundstücksverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt München-Pasing KG | Düsseldorf | Germany | 100.00 | 31,902 | 2,66710 | |||||
MCC Grundstücksverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Porta-Westfalica KG | Düsseldorf | Germany | 100.00 | 8,722 | 72610 | |||||
MCC Grundstücksverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Schwelm KG | Düsseldorf | Germany | 100.00 | 12,245 | 96110 | |||||
MCC Trading Deutschland GmbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
MCC Trading International GmbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
MCC Vermögensverwaltungsgesellschaft mbH & Co. | ||||||||||
Objekt Ludwigshafen KG | Düsseldorf | Germany | 94.90 | -1,246 | 37310 | |||||
MCCAP Holding GmbH | Vienna | Austria | 100.00 | 35,617 | -15,7766 | |||||
MCCI Asia Pte. Ltd. | Singapore | Singapore | 100.00 | 2,508 | 303 | |||||
MDH Secundus GmbH & Co. KG | Düsseldorf | Germany | 100.00 | 78,379 | 8,02910 | |||||
Meister feines Fleisch - feine Wurst GmbH | Gäufelden | Germany | 100.00 | 2,698 | 01, 10 | |||||
METRO (Changchun) Property Service Co. Ltd. | Changchun | China | 100.00 | 9,387 | 5517 | |||||
METRO Advertising GmbH | Düsseldorf | Germany | 100.00 | 105 | 01, 6 | |||||
METRO Advertising Spółka z ograniczoną | ||||||||||
odpowiedzialnością | Warsaw | Poland | 100.00 | 3,058 | 39010 | |||||
METRO Asset Management Services GmbH | Düsseldorf | Germany | 100.00 | 90,333 | 01, 10 | |||||
METRO Białystok sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Bielsko-Biała sp. z o.o. | Warsaw | Poland | 100.00 | 4,569 | -157 | |||||
METRO Bydgoszcz sp. z o.o. | Warsaw | Poland | 100.00 | 5,886 | -377 | |||||
METRO Campus Services GmbH | Düsseldorf | Germany | 100.00 | 5,197 | 01, 10 | |||||
METRO Cash & Carry Bulgaria EOOD | Sofia | Bulgaria | 100.00 | 47,528 | 9,1817 | |||||
METRO Cash & Carry Central Asia Holding GmbH | Vienna | Austria | 100.00 | 389 | -476 | |||||
METRO Cash & Carry d.o.o. | Belgrade | Serbia | 100.00 | 35,387 | 06 | |||||
METRO Cash & Carry d.o.o. | Zagreb | Croatia | 100.00 | -18,519 | -5,83710 | |||||
Metro Cash & Carry Danmark ApS | Glostrup | Denmark | 100.00 | 21,221 | 6210 | |||||
Metro Cash & Carry France et Cie | Monaco | Monaco | 100.00 | 390 | -9510 | |||||
Metro Cash & Carry Grundstücksverwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Cash & Carry Import Limited Liability Company | Noginsk | Russia | 100.00 | 113 | 2377 | |||||
METRO Cash & Carry India Private Limited | Bangalore | India | 100.00 | 73,821 | 26,9098 | |||||
METRO Cash & Carry International GmbH | Düsseldorf | Germany | 100.00 | 4,335,330 | 01, 10 | |||||
METRO Cash & Carry International Holding B. V. | Amsterdam | Netherlands | 100.00 | 2,851,380 | 254,1686 | |||||
METRO Cash & Carry International Holding GmbH | Vienna | Austria | 100.00 | 187,804 | 19,7096 | |||||
METRO Cash & Carry Japan KK | Tokyo | Japan | 100.00 | 16,584 | -11,03210 | |||||
METRO Cash & Carry Myanmar Holding GmbH | Vienna | Austria | 100.00 | 1,487 | -1236 | |||||
Metro Cash & Carry Nederland B.V. | Amsterdam | Netherlands | 100.00 | 17,673 | -55,5006 | |||||
METRO Cash & Carry OOO | Moscow | Russia | 100.00 | 826,193 | 71,0117 | |||||
METRO Cash & Carry Österreich GmbH | Vösendorf | Austria | 73.00 | 37,176 | 9,1716 | |||||
METRO CASH & CARRY ROMANIA SRL | Bucharest | Romania | 100.00 | 209,142 | 19,0447 | |||||
METRO Cash & Carry Russia N.V. | Amsterdam | Netherlands | 100.00 | 184,100 | -216 | |||||
METRO Cash & Carry SR s.r.o. | Ivanka pri Dunaji | Slovakia | 100.00 | 23,261 | 4,12610 | |||||
METRO Cash & Carry TOO | Almaty | Kazakhstan | 100.00 | -36,318 | -10,67410 | |||||
METRO Cash & Carry Ukraine Ltd. | Kiev | Ukraine | 100.00 | -163,179 | 14,5687 | |||||
Metro Cash & Carry Wines | Hyderabad | India | 99.99 | -33 | -55 | |||||
METRO Central East Europe GmbH | Vienna | Austria | 100.00 | 75,912 | 2936 | |||||
METRO Częstochowa sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Delivery service NV | Willebroek | Belgium | 100.00 | 358 | 1536 | |||||
METRO Deutschland GmbH | Düsseldorf | Germany | 100.00 | 41,998 | 01, 6 | |||||
METRO Dienstleistungs-Holding GmbH | Düsseldorf | Germany | 100.00 | 595,173 | 01, 10 | |||||
METRO Distributie Nederland B. V. | Amsterdam | Netherlands | 100.00 | 179,710 | -45,4036 | |||||
METRO DOLOMITI S.p.A. | San Donato Milanese | Italy | 100.00 | 10,193 | 2,0356 | |||||
METRO Dritte Verwaltungs GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Erste Erwerbsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 5,323,763 | 01, 10 | |||||
METRO FIM S.p.A. | Cinisello Balsamo | Italy | 100.00 | 76,711 | 1,7227 | |||||
Metro Finanzdienstleistungs Pensionen GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
Metro France Immobiliere S. a. r. l. | Nanterre | France | 100.00 | 117,295 | 4,33010 | |||||
METRO France S.A.S. | Nanterre | France | 100.00 | 154,887 | 77,60910 | |||||
METRO FSD France S.A.S. | Montauban | France | 100.00 | 157,275 | -5387 | |||||
METRO FSD Holding GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Fulfillment GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Affiliated companies | 497 |
Consolidated subsidiaries | ||||||||||
Annual profit | ||||||||||
Registered | Share | Equity | or loss in | |||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | |||||
METRO Fünfte Verwaltungs GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Gdańsk-Przejazdowo sp. z o.o. | Warsaw | Poland | 100.00 | 5,013 | 387 | |||||
METRO Gdynia sp. z o.o. | Warsaw | Poland | 100.00 | 4,736 | 447 | |||||
Metro Global Business Services Private Limited | Pune | India | 100.00 | 8,610 | 1,50510 | |||||
Metro Grosmarket Bakirköy Alisveris Hizmetleri Ticaret Ltd. Sirketi | Istanbul | Turkey | 100.00 | 47,697 | 5,6156 | |||||
METRO Groß-und Lebensmitteleinzelhandel Holding GmbH | Düsseldorf | Germany | 100.00 | 5,148,126 | 01, 10 | |||||
METRO Großhandelsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 37,037 | 01, 6 | |||||
METRO GROUP Accounting Center GmbH | Wörrstadt | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Group Asset Management Ukraine, Limited Liability Company | Kiev | Ukraine | 100.00 | 135 | -407 | |||||
METRO Group Commerce (Shanghai) Co., Ltd. | Shanghai | China | 100.00 | -115 | -927 | |||||
METRO GROUP COMMERCE LIMITED | Hong Kong | China | 100.00 | -5,198 | -6027 | |||||
METRO Group Properties SR s.r.o. | Ivanka pri Dunaji | Slovakia | 100.00 | 53,504 | 2,31810 | |||||
METRO Group Retail Real Estate Romania S.R.L. | Voluntari | Romania | 100.00 | 1,000 | -1,4777 | |||||
METRO Group Wholesale Real Estate Bulgaria EOOD | Sofia | Bulgaria | 100.00 | 5 | 07 | |||||
Metro Holding France S. A. | Vitry-sur-Seine | France | 100.00 | 305,944 | 75,13610 | |||||
METRO Hospitality Digital Holding GmbH | Düsseldorf | Germany | 100.00 | 306 | 01, 10 | |||||
METRO Innovations Holding GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Insurance Broker GmbH | Düsseldorf | Germany | 100.00 | 140 | 01, 10 | |||||
METRO International AG | Baar | Switzerland | 100.00 | 33,148 | 11,11610 | |||||
Metro International Beteiligungs GmbH | Düsseldorf | Germany | 100.00 | 10,000 | 01, 10 | |||||
METRO INTERNATIONAL SUPPLY GmbH | Düsseldorf | Germany | 100.00 | 1,000 | 01, 10 | |||||
METRO Italia Cash and Carry S. p. A. | SanDonatoMilanese | Italy | 100.00 | 29,404 | 12,6536 | |||||
METRO Jinjiang Cash & Carry Co., Ltd. | Shanghai | China | 90.00 | 135,632 | 48,0487 | |||||
METRO Kalisz sp. z o.o. | Warsaw | Poland | 100.00 | 3,781 | 437 | |||||
METRO Kereskedelmi Kft. | Budaörs | Hungary | 100.00 | 283,216 | 2,9466 | |||||
METRO Kielce sp. z o.o | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Kobierzyce sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Koszalin sp. z o.o. | Warsaw | Poland | 100.00 | 3,675 | 507 | |||||
METRO Kraków Jasnogórska sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Kraków Zakopiańska sp. z o.o. | Warsaw | Poland | 100.00 | 6,005 | 407 | |||||
METRO Leasing GmbH | Düsseldorf | Germany | 100.00 | 1,527 | 01, 10 | |||||
METRO Leasing Objekt Schwerin GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Legnica sp. z o.o. | Warsaw | Poland | 100.00 | 424 | -37 | |||||
METRO Łódź sp. z o.o. | Warsaw | Poland | 100.00 | 4,335 | 347 | |||||
METRO LOGISTICS Germany GmbH | Düsseldorf | Germany | 100.00 | 1,675 | 01, 10 | |||||
METRO Logistics Polska sp. z o.o. | Warsaw | Poland | 100.00 | 456 | 186 | |||||
METRO Logistics Polska spółka z ograniczoną | ||||||||||
odpowiedzialnością i Spółka spółka komandytowa | Warsaw | Poland | 99.83 | 7,084 | 4,7476 | |||||
METRO Lublin sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Management EOOD | Sofia | Bulgaria | 100.00 | 18 | -17 | |||||
METRO Markets GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO North Warehouse Management (Chongqing) Co. Ltd. | Chongqing | China | 100.00 | 13,270 | 8477 | |||||
METRO Olsztyn sp. z o.o. | Warsaw | Poland | 100.00 | 4,378 | 327 | |||||
METRO Opole Sp. z o.o. | Warsaw | Poland | 100.00 | 4,716 | 497 | |||||
METRO Pakistan (Pvt.) Limited | Lahore | Pakistan | 100.00 | -15,571 | -3,82410 | |||||
METRO Payment Services GmbH | Düsseldorf | Germany | 100.00 | 500 | 01, 10 | |||||
METRO Poznań II sp. z o.o. | Warsaw | Poland | 100.00 | 492 | -37 | |||||
METRO Poznań sp. z o.o. | Warsaw | Poland | 100.00 | 5,431 | 477 | |||||
Metro Properties B.V. | Amsterdam | Netherlands | 100.00 | 235,094 | 10,1716 | |||||
METRO Properties CR s.r.o. | Prague | Czech Republic | 100.00 | 38,087 | 3,65810 | |||||
METRO Properties Enterprise Management | ||||||||||
Consulting (Shanghai) Co., Ltd. | Shanghai | China | 100.00 | 555 | 57 | |||||
METRO PROPERTIES France SAS | Nanterre | France | 100.00 | 97 | -186 | |||||
Metro Properties Gayrimenkul Yatirim A.Ş. | Istanbul | Turkey | 100.00 | 181,212 | 109,0706 | |||||
METRO PROPERTIES GmbH & Co. KG | Düsseldorf | Germany | 92.90 | 154,976 | 67,63310 | |||||
METRO PROPERTIES Holding GmbH | Düsseldorf | Germany | 100.00 | 394,025 | 01, 10 | |||||
METRO PROPERTIES Management GmbH | Düsseldorf | Germany | 66.67 | 52 | 410 | |||||
METRO Properties Real Estate Management | ||||||||||
Spółka z ograniczoną odpowiedzialnością | Warsaw | Poland | 100.00 | 5,869 | 1,6016 | |||||
METRO PROPERTIES Sp. z o.o. | Warsaw | Poland | 100.00 | 2,422 | 5,8676 | |||||
Metro Property Management (Changsha) Co., Ltd. | Changsha | China | 100.00 | 8,040 | 5667 | |||||
METRO Property Management (Changshu) Co. Ltd. | Changshu | China | 100.00 | 8,034 | 3097 | |||||
Metro Property Management (Changzhou) Co. Ltd. | Changzhou | China | 100.00 | 7,307 | 4537 | |||||
Metro Property Management (Cixi) Co., Limited | Cixi | China | 100.00 | 6,743 | 2737 | |||||
Metro Property Management (Dongguan) Co. Ltd. | Dongguan | China | 100.00 | 6,933 | 8907 | |||||
Metro Property Management (Hangzhou) Company Limited | Hangzhou | China | 100.00 | 8,977 | 3537 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
46 | Notes | Affiliated companies | 50 |
Consolidated subsidiaries | ||||||||||
Annual profit | ||||||||||
Registered | Share | Equity | or loss in | |||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | |||||
METRO Property Management (Harbin) Co. Ltd. | Harbin | China | 100.00 | 7,492 | 7677 | |||||
METRO Property Management (Huai'an) Co., Ltd. | Huai'an | China | 100.00 | 7,021 | 2477 | |||||
Metro Property Management (Jiangyin) Company Limited | Jiangyin | China | 100.00 | 5,654 | 2697 | |||||
Metro Property Management (Jiaxing) Co. Ltd. | Jiaxing | China | 100.00 | 5,804 | 3017 | |||||
Metro Property Management (Kunshan) Co. Ltd. | Suzhou | China | 100.00 | 8,557 | 3587 | |||||
METRO Property Management (Nanchang Qingshanhu) Co. Ltd. | Nanchang | China | 100.00 | 6,461 | 6567 | |||||
Metro Property Management (Nantong) Co. Ltd. | Nantong | China | 100.00 | 6,517 | 7147 | |||||
Metro Property Management (Qingdao) Company Limited | Qingdao | China | 100.00 | 9,303 | 4007 | |||||
METRO Property Management (Shenyang) Co. Ltd. | Shenyang | China | 100.00 | 10,120 | 8907 | |||||
METRO Property Management (Shenzhen) Co. Ltd. | Shenzhen | China | 100.00 | 7,877 | 4447 | |||||
Metro Property Management (Suzhou) Co., Ltd. | Suzhou | China | 100.00 | 5,856 | 3757 | |||||
METRO Property Management (Tianjin Hongqiao) Co., Ltd. | Tianjin | China | 100.00 | 6,455 | 4997 | |||||
METRO Property Management (Weifang) Co. Ltd. | Weifang | China | 100.00 | 5,889 | 2117 | |||||
METRO Property Management (Wuhu) Co. Ltd. | Wuhu | China | 100.00 | 6,238 | 3307 | |||||
METRO Property Management (Xi'an) Co., Ltd. | Xi'an | China | 100.00 | 6,668 | 8267 | |||||
METRO Property Management (Xiamen) Co., Ltd. | Xiamen | China | 100.00 | 12,037 | 1,2447 | |||||
METRO Property Management (Xiangyang) Co. Ltd. | Xiangyang | China | 100.00 | 7,338 | 3337 | |||||
METRO Property Management (Zhangjiagang) Co. Ltd. | Zhangjiagang | China | 100.00 | 8,977 | 3537 | |||||
Metro Property Management (Zhengzhou) Co., Ltd. | Zhengzhou | China | 100.00 | 5,869 | 4057 | |||||
METRO Property Management (Zhongshan) Co. Limited | Zhongshan | China | 100.00 | 7,924 | 3897 | |||||
METRO Property Management Wuxi Co. Ltd. | Wuxi | China | 100.00 | 8,704 | 4927 | |||||
METRO Re AG | Düsseldorf | Germany | 100.00 | 22,314 | 01, 10 | |||||
METRO Real Estate Ltd. | Zagreb | Croatia | 100.00 | 79,702 | 3,61610 | |||||
METRO Retail Real Estate GmbH | Düsseldorf | Germany | 100.00 | 100 | 01, 10 | |||||
METRO Rybnik sp. z o.o. | Warsaw | Poland | 100.00 | 4,481 | 477 | |||||
METRO Rzeszów sp. z o.o. | Warsaw | Poland | 100.00 | 5,000 | 377 | |||||
METRO Rzgów sp. z o.o. | Warsaw | Poland | 100.00 | 2,417 | -127 | |||||
Metro SB-Großmärkte GmbH & Co. Kommanditgesellschaft | Esslingen amNeckar | Germany | 100.00 | 322 | 26 | |||||
Metro SB-Großmärkte GmbH & Co. Kommanditgesellschaft | Linden | Germany | 100.00 | 348 | -2,2916 | |||||
METRO Sechste Verwaltungs GmbH | Düsseldorf | Germany | 100.00 | 3 | 01, 10 | |||||
METRO Services PL spółka z ograniczoną odpowiedzialnością | Szczecin | Poland | 100.00 | 1,307 | 24710 | |||||
METRO Siebte Gesellschaft für Vermögensverwaltung mbH | Düsseldorf | Germany | 100.00 | 89 | 010 | |||||
METRO Siebte Verwaltungs GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Sosnowiec sp. z o.o. | Warsaw | Poland | 100.00 | 5,985 | 637 | |||||
METRO Sourcing (Shanghai) Co., Ltd. | Shanghai | China | 100.00 | 1,143 | 927 | |||||
METRO Sourcing International Limited | Hong Kong | China | 100.00 | 14,391 | -21,52810 | |||||
METRO South East Asia Holding GmbH | Vienna | Austria | 100.00 | 709 | -786 | |||||
Metro Systems Romania S.R.L. | Bucharest | Romania | 100.00 | 10,417 | 1,8637 | |||||
METRO Systems Ukraine LLC | Kiev | Ukraine | 100.00 | 99 | -47 | |||||
METRO Szczecin sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Toruń sp. z o.o. | Warsaw | Poland | 100.00 | 4,160 | 487 | |||||
METRO Travel Services GmbH | Düsseldorf | Germany | 100.00 | 49 | 01, 6 | |||||
METRO Vierte Verwaltungs GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
METRO Warehouse Management (Chongqing) Co. Ltd. | Chongqing | China | 100.00 | 7,424 | 4327 | |||||
Metro Warehouse Management (Hangzhou) Co. Ltd. | Hangzhou | China | 100.00 | 7,961 | 7557 | |||||
METRO Warehouse Management (Suzhou) Co. Ltd. | Suzhou | China | 100.00 | 10,960 | 4517 | |||||
Metro Warehouse Management (Taizhou) Co. Ltd | Taizhou | China | 100.00 | 9,891 | 3877 | |||||
Metro Warehouse Management (Wuhan) Co. Ltd. | Wuhan | China | 100.00 | 11,711 | 4,7417 | |||||
Metro Warehouse Management (Yantai) Co., Limited | Yantai | China | 100.00 | 3,754 | 1677 | |||||
METRO Warehouse Management (Zibo) Co., Ltd. | Zibo | China | 100.00 | 5,498 | 2317 | |||||
Metro Warehouse Noginsk Limited Liability Company | Noginsk | Russia | 100.00 | 18,965 | 2,3287 | |||||
METRO Warszawa Jerozolimskie sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Warszawa Kolumbijska sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Wholesale & Food Services | ||||||||||
Vermögensverwaltung GmbH & Co. KG | Düsseldorf | Germany | 100.00 | 1 | -610 | |||||
METRO Wholesale & Food Services | ||||||||||
Vermögensverwaltung Management GmbH | Düsseldorf | Germany | 100.00 | 36 | 410 | |||||
Metro Wholesale Myanmar Ltd. | Yangon | Myanmar | 85.00 | -8,219 | -10,99810 | |||||
METRO Wholesale Real Estate GmbH | Düsseldorf | Germany | 100.00 | 100 | 01, 10 | |||||
METRO Zabki sp. z o.o. | Warsaw | Poland | 100.00 | 11 | 010 | |||||
METRO Zabrze sp. z o.o. | Warsaw | Poland | 100.00 | 4,675 | 517 | |||||
METRO Zielona Góra sp. z o.o. | Warsaw | Poland | 100.00 | 3,831 | 447 | |||||
METRO-nom GmbH | Düsseldorf | Germany | 100.00 | 72,116 | 01, 10 | |||||
MGB METRO Group Buying RUS OOO | Moscow | Russia | 100.00 | 62 | 117 | |||||
MGC METRO Group Clearing GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
MGE Warenhandelsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 386 | 01, 10 |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Affiliated companies | 4751 |
Consolidated subsidiaries | ||||||||||
Annual profit | ||||||||||
Registered | Share | Equity | or loss in | |||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | |||||
MGL METRO Group Logistics Bulgaria LTD | Sofia | Bulgaria | 100.00 | 6 | 07 | |||||
MGL METRO Group Logistics GmbH | Düsseldorf | Germany | 100.00 | 235 | 01, 10 | |||||
MGL METRO Group Logistics Limited Liability Company | Noginsk | Russia | 100.00 | 6,114 | 6727 | |||||
MGL METRO GROUP LOGISTICS UKRAINE LLC | Kiev | Ukraine | 100.00 | 8 | 07 | |||||
MGL METRO Group Logistics Warehousing Beteiligungs GmbH | Düsseldorf | Germany | 100.00 | 78 | 010 | |||||
MIP METRO Group Intellectual Property GmbH & Co. KG | Düsseldorf | Germany | 100.00 | 28 | -110 | |||||
MIP METRO Group Intellectual Property Management GmbH | Düsseldorf | Germany | 100.00 | 80 | 010 | |||||
MIP METRO Holding Management GmbH | Düsseldorf | Germany | 100.00 | 26 | 110 | |||||
MP Gayrimenkul Yönetim Hizmetleri Anonim Şirketi | Istanbul | Turkey | 100.00 | 1,046 | 2797 | |||||
MTE Grundstücksverwaltung GmbH & Co. Objekt Duisburg oHG | Düsseldorf | Germany | 100.00 | 0 | -6710 | |||||
Multi-Center Warenvertriebs GmbH | Düsseldorf | Germany | 100.00 | 6,111 | 01, 6 | |||||
My Mart (China) Trading Co., Ltd. | Guangzhou | China | 100.00 | -479 | -597 | |||||
My Mart (Shanghai) Trading Co. Ltd. | Shanghai | China | 100.00 | -409 | -397 | |||||
N & NF Trading GmbH | Düsseldorf | Germany | 100.00 | 30 | -110 | |||||
NIGRA Verwaltung GmbH & Co. Objekt Detmold KG | Düsseldorf | Germany | 100.00 | 0 | 4010 | |||||
NIGRA Verwaltung GmbH & Co. Objekt Eschweiler KG | Düsseldorf | Germany | 100.00 | 0 | -2710 | |||||
NIGRA Verwaltung GmbH & Co. Objekt Germersheim KG | Düsseldorf | Germany | 100.00 | 0 | -2010 | |||||
NIGRA Verwaltung GmbH & Co. Objekt Langendreer KG | Düsseldorf | Germany | 100.00 | 0 | -3310 | |||||
NIGRA Verwaltung GmbH & Co. Objekt Moers KG | Düsseldorf | Germany | 100.00 | 1,371 | 48510 | |||||
NIGRA Verwaltung GmbH & Co. Objekt Neunkirchen KG | Düsseldorf | Germany | 100.00 | 0 | -1,49510 | |||||
NIGRA Verwaltung GmbH & Co. Objekt Rendsburg KG | Düsseldorf | Germany | 100.00 | 0 | -3110 | |||||
NordRhein Trading GmbH | Düsseldorf | Germany | 100.00 | 127 | 01, 10 | |||||
Petit RUNGIS express GmbH | Meckenheim | Germany | 100.00 | -318 | 01, 10 | |||||
PIL Grundstücksverwaltung GmbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
Pro à Pro Distribution Export SAS | Montauban | France | 100.00 | 28,126 | 1,1117 | |||||
Pro à Pro Distribution Nord SAS | Châlette -sur- Loing | France | 100.00 | 36,239 | 4,4277 | |||||
Pro à Pro Distribution Sud SAS | Montauban | France | 100.00 | 29,432 | 1,5027 | |||||
PT Classic Fine Foods Indonesia | North Jakarta | Indonesia | 100.00 | -1,311 | -4577 | |||||
Qingdao Metro Warehouse Management Co. Ltd. | Qingdao | China | 100.00 | 6,892 | 5907 | |||||
real Digital Agency GmbH | Düsseldorf | Germany | 100.00 | 25 | 01, 10 | |||||
real Digital Fulfillment CZ s.r.o. | Mariánské Lázně | Czech Republic | 100.00 | 8 | 010 | |||||
Real Estate Management Misr Limited Liability Company | Cairo | Egypt | 100.00 | -53 | -252 | |||||
real GmbH | Düsseldorf | Germany | 100.00 | 255,231 | 01, 10 | |||||
real,- Digital Fulfillment GmbH | Düsseldorf | Germany | 100.00 | 281 | 01, 10 | |||||
real,- Digital Services GmbH | Düsseldorf | Germany | 100.00 | 121 | 01, 10 | |||||
real,- Handels GmbH | Düsseldorf | Germany | 100.00 | 23 | 01, 10 | |||||
real,- Holding GmbH | Düsseldorf | Germany | 100.00 | 646,835 | 01, 10 | |||||
real,- SB-Warenhaus GmbH | Düsseldorf | Germany | 100.00 | 85,026 | 01, 10 | |||||
Remo Zaandam B.V. | Zaandam | Netherlands | 100.00 | 17,711 | 06 | |||||
Renate Grundstücksverwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
Restu s.r.o. | Prague | Czech Republic | 100.00 | -284 | -30210 | |||||
Retail Property 5 Limited Liability Company | Moscow | Russia | 100.00 | -747 | 3784 | |||||
Retail Property 6 Limited Liability Company | Moscow | Russia | 100.00 | 2,841 | 1,0674 | |||||
R'express Alimentos Unipersonal LDA | Lisbon | Portugal | 100.00 | -152 | 710 | |||||
ROSARIA Grundstücks-Vermietungsgesellschaft mbH & Co. | ||||||||||
Objekt Gerlingen KG | Düsseldorf | Germany | 94.00 | -269 | 484 | |||||
Rotterdam Trading Office B.V. | Amsterdam | Netherlands | 100.00 | 2,780 | 6646 | |||||
RUDU Verwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 465 | 01, 10 | |||||
RUNGIS express GmbH | Meckenheim | Germany | 100.00 | 2,322 | 01, 10 | |||||
RUNGIS express SPAIN SL | Palma de Mallorca | Spain | 100.00 | -256 | -8810 | |||||
RUNGIS express Suisse Holding AG | Courgevaux | Switzerland | 100.00 | 3,179 | -1310 | |||||
RUTIL Verwaltung GmbH & Co. SB-Warenhaus Bielefeld KG | Düsseldorf | Germany | 100.00 | 2,454 | 78410 | |||||
Schaper Beteiligungsverwaltung GmbH | Düsseldorf | Germany | 100.00 | 25 | 010 | |||||
Schaper Grundbesitz-Verwaltungsgesellschaft mbH | Düsseldorf | Germany | 100.00 | 1,243 | 01, 10 | |||||
Sentinel GCC Holdings Limited | Tortola | British Virgin Islands | 100.00 | 193 | 07 | |||||
Servicios de Distribución a Horeca Organizada, S.L. | Madrid | Spain | 100.00 | -50 | -5210 | |||||
Sezam XVI Fundusz Inwestycyjny Zamknięty Aktywów | ||||||||||
Niepublicznych | Warsaw | Poland | 100.00 | 34,670 | 28,5547 | |||||
Shanghai Xinqing Property Management Co., Ltd. | Shanghai | China | 90.00 | 67,970 | 3017 | |||||
Shenzhen Hemaijia Trading Co. Ltd. | Shenzhen | China | 100,00 | -15 | -27 | |||||
SIL Verwaltung GmbH & Co. Objekt Haidach KG | Düsseldorf | Germany | 100,00 | -233 | -14410 | |||||
Sinco Großhandelsgesellschaft m. b. H. | Vösendorf | Austria | 73,00 | 20.834 | 9.5376 | |||||
Sodeger SAS | Château-Gontier | France | 100,00 | 2.504 | -47 | |||||
Star Farm (Shanghai) Agriculture Information | ||||||||||
Consulting Company Limited | Shanghai | China | 100,00 | 421 | 5057 | |||||
Star Farm Pakistan Pvt. Ltd. | Lahore | Pakistan | 100,00 | -301 | -16910 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
46 | Notes | Affiliated companies | 52 |
Consolidated subsidiaries | ||||||||||
Annual profit | ||||||||||
Registered | Share | Equity | or loss in | |||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | |||||
STW Grundstücksverwaltung GmbH | Düsseldorf | Germany | 100,00 | 117 | 4510 | |||||
TIMUG GmbH & Co. Objekt Homburg KG | Düsseldorf | Germany | 94,00 | -4.196 | -4.20610 | |||||
TIMUG Verwaltung GmbH | Düsseldorf | Germany | 100,00 | 30 | 410 | |||||
Transpro France SARL | Montauban | France | 100,00 | 1.538 | -807 | |||||
Transpro SAS | La Possession | France | 100,00 | 3.078 | 5357 | |||||
VALENCIA TRADING OFFICE, S.L. | Madrid | Spain | 100,00 | 2.692 | 52410 | |||||
Weinkellerei Thomas Rath GmbH | Düsseldorf | Germany | 100,00 | 26 | 01, 10 | |||||
Western United Finance Company Limited | London | United Kingdom | 100,00 | 320 | 57 | |||||
Wholesale Real Estate Belgium N.V. | Wommelgem | Belgium | 100,00 | 97.155 | 8.4616 | |||||
Wholesale Real Estate Poland Sp. z o.o. | Warsaw | Poland | 100,00 | 124 | -3110 | |||||
Wirichs Immobilien GmbH | Düsseldorf | Germany | 100.00 | 26 | 01, 10 | |||||
Wolfgang Wirichs GmbH | Düsseldorf | Germany | 100.00 | 5,113 | 01, 10 | |||||
WRE Real Estate Limited Liability Partnership | Almaty | Kazakhstan | 100.00 | -39,322 | -3,6297 | |||||
Xi'an METRO Commercial and Trading Company Limited | Xi'an | China | 100.00 | 13,847 | 1,4597 | |||||
Xinyan Property Management (Shanghai) Co., Ltd. | Shanghai | China | 90.00 | 97,218 | -307 | |||||
ZARUS Verwaltung GmbH & Co. Objekt Mutterstadt KG | Düsseldorf | Germany | 100.00 | 0 | -7610 | |||||
ZARUS Verwaltung GmbH & Co. Objekte Niedersachsen KG | Düsseldorf | Germany | 100.00 | 0 | -3,45510 | |||||
Investments (at least 20% share ownership) | ||||||||||
CABI-SFPK JV | Lahore | Pakistan | 48.00 | 190 | -2410 | |||||
Diehl & Brüser Handelskonzepte GmbH | Düsseldorf | Germany | 100.00 | -3,298 | -2964 | |||||
European EPC Competence Center GmbH | Cologne | Germany | 30.00 | 689 | 947 | |||||
Fachmarktzentrum Essen GmbH & Co. KG | Pullach im Isartal | Germany | 94.00 | -1,316 | -4477 | |||||
Gourmet F&B Korea Ltd. | Seoul | South Korea | 28.00 | 10,588 | 1,9767 | |||||
Habib METRO Pakistan (Pvt) Ltd | Karachi | Pakistan | 40.00 | 52,187 | 5,7309 | |||||
Helm Wohnpark Lahnblick GmbH | Aßlar | Germany | 25.00 | 23 | 07 | |||||
Le Grand- | ||||||||||
Horizon International Services Sàrl | Saconnex | Switzerland | 25.00 | 1,106 | 010 | |||||
Iniziative Methab s.r.l. | Bolzano | Italy | 50.00 | 2,490 | 1,8257 | |||||
Intercompra LDA | Lisbon | Portugal | 50.00 | 5 | 07 | |||||
International Marketplace Network B.V. | Amsterdam | Netherlands | 25.00 | 400 | 010 | |||||
Mayfair GP S.à r.l. | Luxembourg | Luxembourg | 40.00 | 20 | 17 | |||||
Mayfair Holding Company S.C.S. | Luxembourg | Luxembourg | 39.99 | 183,998 | 7,7517 | |||||
MEC METRO-ECE Centermanagement GmbH & Co. KG | Düsseldorf | Germany | 50.00 | 685 | 1,7247 | |||||
MEC METRO-ECE Centermanagement Verwaltungs GmbH | Düsseldorf | Germany | 50.00 | 27 | 27 | |||||
Metro plus Grundstücks-Vermietungsgesellschaft mbH | Düsseldorf | Germany | 20.00 | 51 | 47 | |||||
METSPA Beszerzési és Kereskedelmi Kft. | Budaörs | Hungary | 33.33 | 10 | 07 | |||||
METSPA d.o.o. za trgovinu | Zagreb | Croatia | 50.00 | 12 | 97 | |||||
OPCI FRENCH WHOLESALE STORES - FWS | Paris | France | 25.00 | 183,744 | 16,1677 | |||||
Peter Glinicke Grundstücks-GmbH & Co. KG | Pullach im Isartal | Germany | 50.00 | -5,021 | 3,3687 | |||||
real,- Digital Payment & Technology Services GmbH | Düsseldorf | Germany | 100.00 | 4,763 | 01, 10 | |||||
Investments (5% to under 20% share ownership) | ||||||||||
BINARY SUBJECT, S.A. | Torres Vedras | Portugal | 16.03 | 9,309 | -5,0937 | |||||
Culinary Agents Inc. | Wilmington | USA | 18.33 | 294 | 1397 | |||||
EKS Handelsgesellschaft mbH | Salzburg | Austria | 15.00 | 65 | 27 | |||||
EKS Handelsgesellschaft mbH & Co. KG | Salzburg | Austria | 15.00 | 57,554 | 57,0187 | |||||
eVentures Growth, L.P. | Wilmington | USA | 5.00 | 74,974 | 4,0234 | |||||
GREEN GRIZZLY GMBH | Berlin | Germany | 15.21 | 279 | -5667 | |||||
Horizon Achats SARL | Paris | France | 8.00 | 1,000 | 06 | |||||
Horizon Appels d'Offres SARL | Paris | France | 8.00 | 200 | 06 | |||||
Kato Property GmbH | Berlin | Germany | 5.10 | 633 | 1347 | |||||
MATSMART IN SCANDINAVIA AB | Stockholm | Sweden | 13.98 | 2,235 | -6,2927 | |||||
MAXXAM B.V. | Ede | Netherlands | 16.67 | 36 | 04 | |||||
MAXXAM C.V. | Ede | Netherlands | 16.67 | 420 | 04 | |||||
Napier Property GmbH | Berlin | Germany | 5.10 | 1,160 | 3167 | |||||
OPCI FRENCH WHOLESALE PROPERTIES - FWP | Paris | France | 5.00 | 193,539 | 15,7677 | |||||
orderbird AG | Berlin | Germany | 14.18 | 999 | -27,1727 | |||||
Patagona GmbH | Darmstadt | Germany | 16.17 | 273 | -67 | |||||
Planday A/S | Copenhagen | Denmark | 11.74 | 28,911 | -67 | |||||
Quadrant Property GmbH | Berlin | Germany | 5.10 | 241 | 527 | |||||
QUANTIS Grundstücks-Vermietungsgesellschaft mbH & Co. | ||||||||||
Objekt Darmstadt KG | Schönefeld | Germany | 6.00 | -6 | 357 | |||||
RTG Retail Trade Group GmbH | Hamburg | Germany | 14.29 | -473 | -9107 | |||||
Sabra Property GmbH | Berlin | Germany | 5.10 | 678 | 737 | |||||
Shore GmbH | Munich | Germany | 12.41 | 6,009 | -7,9994 | |||||
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Notes | Affiliated companies | 5347 |
Consolidated subsidiaries | |||||||||||
Annual profit | |||||||||||
Registered | Share | Equity | or loss in | ||||||||
Name | office | Country | in capital in % | in 1,000 euros | 1,000 euros | ||||||
Tatra Property GmbH | Berlin | Germany | 5.10 | 1,333 | 3307 | ||||||
Upton Property GmbH | Berlin | Germany | 5.10 | 1,169 | 3217 | ||||||
Verwaltungsgesellschaft Lebensmittelgesellschaft | |||||||||||
"GLAWA" mbH & Co. KG | Hamburg | Germany | 18.75 | 716 | 2677 | ||||||
Wilcox Property GmbH | Berlin | Germany | 5.10 | 871 | 1317 | ||||||
Xiali Property GmbH | Berlin | Germany | 5.10 | 360 | 967 | ||||||
Yoyo Wallet Ltd. | London | United Kingdom | 12.44 | 3,724 | 4,8467 | ||||||
Zagato Property GmbH | Berlin | Germany | 5.10 | 114 | -57 | ||||||
Zender Property GmbH | Berlin | Germany | 5.10 | 1,055 | 2687 |
- Profit and loss transfer agreement
-
Equity and earnings as of 30/9/2015
3Equity and earnings as of 30/9/2017
4Equity and earnings as of 31/12/2017
5Equity and earnings as of 31/3/2018
6Equity and earnings as of 30/9/2018
7Equity and earnings as of 31/12/2018
8Equity and earnings as of 31/3/2019
9Equity and earnings as of 30/6/2019
10Equity and earnings as of 30/9/2019
3 December 2019
The Management Board
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
46 | Notes | Affiliated companies | 54 |
RESPONSIBILITY STATEMENT OF THE LEGAL REPRESENTATIVES
To the best of our knowledge, and in accordance with the applicable reporting principles, we hereby certify that the annual financial statements give a true and fair view of the asset, financial and earnings position of the company, and the combined management report includes a fair review of the development and performance of the business and the position of the company, together with a description of the significant opportunities and risks associated with the expected development of the company.
3 December 2019
The Management Board
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Independent auditor's report | 557 |
INDEPENDENT AUDITOR'S REPORT
TO METRO AG, DÜSSELDORF
Report on the Audit of the Annual Financial Statements and of the Combined Management Report
Opinions
We have audited the annual financial statements of METRO AG, Düsseldorf, which comprise the balance sheet as at 30 September 2019 and the income statement for the financial year from 1 October 2018 to 30 September 2019, and notes to the financial statements, including the recognition and measurement policies presented therein. In addition, we have audited the combined management report of METRO AG and the Group for the financial year from 1 October 2018 to 30 September 2019. In accordance with the German legal requirements we have not audited the content of the non-financial statement, which is included in the "Combined non-financial statement of METRO AG" section of the combined management report.
In our opinion, on the basis of the knowledge obtained in the audit,
- the accompanying annual financial statements comply, in all material respects, with the requirements of German commercial law applicable to corporations and give a true and fair view of the assets, liabilities and financial position of the Company as at 30 September 2019, and of its financial performance for the financial year from 1 October 2018 to 30 September 2019, in accordance with German Legally Required Accounting Principles, and
- the accompanying combined management report as a whole provides an appropriate view of the Company's position. In all material respects, this combined management report is consistent with the annual financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our opinion on the combined management report does not cover the content of the non- financial statement mentioned above.
Pursuant to Section 322 (3) sentence 1 HGB [Handelsgesetzbuch: German Commercial Code], we declare that our audit has not led to any reservations relating to the legal compliance of the annual financial statements and of the combined management report.
Basis for the Opinions
We conducted our audit of the annual financial statements and of the combined management report in accordance with Section 317 HGB and EU Audit Regulation No. 537/2014 (referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Annual Financial Statements and of the Combined Management Report" section of our auditor's report. We are independent of the Company in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) lit. f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the financial statements and on the combined management report.
Key Audit Matters in the Audit of the Annual Financial Statements
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the annual financial statements for the financial year from 1 October 2018 to 30 September 2019. These matters were addressed in the context of our audit of the annual financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.
-
Impairment testing of shares in affiliated companies
Please refer to Note 1 for disclosures on the accounting policies applied. Movements in shares in affiliated companies are presented under Notes 2 and 5. Disclosures on movements in investment income are presented under Note 25.
METRO AG ANNUAL FINANCIAL STATEMENTS 2018/19
58 | Independent auditor's report | 56 |
THE FINANCIAL STATEMENT RISK
The annual financial statements of METRO AG as at 30 September 2019 present shares in affiliated companies of EUR 8,964 million (49% of total assets).
In financial year 2018/2019, the investment result totalling EUR 293 million includes impairment losses recognised on shares in affiliated companies in the amount of EUR 484 million.
Shares in affiliated companies are measured at cost or, if they are expected to be permanently impaired, recognised at the lower fair value.
In this case, the lower fair value is determined for operating subsidiaries using the discounted cash flow method based on the multi-year plan prepared by METRO AG.
The calculation of fair value is complex, and the underlying assumptions are sometimes subject to considerable estimation uncertainties and judgements. Along with the capitalisation rate, the most significant assumptions are the planned sustainable revenue targets and net cash flows and the assumed sustainable growth rate. Failure to meet the targets in the detailed planning period generally results in adjustments to the expected future net cash flows and thus to lower fair values.
The shares in (intermediate) holding companies are tested for impairment largely through their operating subsidiaries. If there is the intention to sell, where necessary, lower expected sale proceeds are to be taken into account in the impairment testing.
Impairment testing of the shares in real estate holding companies is largely based on the fair values of the associated real estate companies.
Determining the fair values of the real estate companies demands a range of assumptions that require judgement. As well as the capitalisation rate, the estimated realisable rental income of real estate companies is significant. This income estimate rests largely on the assumed type of use and the location of the property.
There is the risk for the annual financial statements that impairment of shares in affiliated companies existing as at the closing date has not been appropriately recognised.
OUR AUDIT APPROACH
We tested the shares in affiliated companies presented in the annual financial statements of METRO AG for impairment based on selective sampling with a view to risk and size criteria.
For the selective sampling of shares in affiliated companies, we assessed the valuation models utilised as well as the business planning of individual subsidiaries with the involvement of our own valuation experts. We confirmed the suitability of the valuation models by auditing the formal and computational accuracy as well as by considering the principles for performing company valuations pursuant to IDW Standard S1 as well as the IDW's Auditing and Accounting Board Statement on Accounting 10 (IDW RS HFA 10).
For the operating subsidiaries, we assessed the corporate budget figures underlying the valuation for consistency with the multi-year plan prepared by METRO AG. In this regard, we also confirmed the appropriateness of METRO AG's budget process by assessing the approach used to prepare budgets. In addition, we critically analysed previous adherence to the budget on the basis of target/actual deviations prepared by the Company. We also discussed the multi-year plan with those responsible for the budget, paying particular regard to improvements in operating profitability in the detailed planning period. We assessed, on the basis of market data and publicly available information, whether the capitalisation rates used by METRO AG are within a reasonable range, and carefully analysed the assumptions and parameters behind the capitalisation rates, especially the risk- free rate, the respective risk premiums and the company-specific beta factors. Furthermore, we assessed the appropriateness of the long-term growth rates assumed.
As part of the impairment testing of the (intermediate) holding companies intended for sale, we analysed the purchase price offer and determined a potential and probable range of agreement. In the event that this relates to a total purchase price allocated across various companies, we evaluated the systematic and mathematical allocation. In addition, we discussed the selling price expected by METRO AG with the Management Board and the responsible employees in the specialist departments.
For the real estate holding companies, in specified samples determined through consultation with our real estate valuation specialists, we compared the estimated rental income with the stipulations in the rental agreements and market rents. We also assessed the real estate-specific capitalisation rates for appropriateness.
OUR OBSERVATIONS
The valuation models used by METRO AG to determine the fair values are appropriate and in line with the applicable accounting policies. The respective underlying assumptions and parameters are appropriate.
Other Information
Management is responsible for the other information. The other information comprises the non-financial statement.
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
Independent auditor's report | 57 |
Our opinions on the annual financial statements and on the combined management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information
- is materially inconsistent with the annual financial statements, with the combined management report or our knowledge obtained in the audit, or
- otherwise appears to be materially misstated.
Responsibilities of the Management Board and Supervisory Board for the Annual Financial Statements and the Combined Management Report
The Management Board is responsible for the preparation of annual financial statements that comply, in all material respects, with the requirements of German commercial law applicable to corporations, and that the annual financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in compliance with German Legally Required Accounting Principles. In addition, the Management Board is responsible for such internal control as they, in accordance with German Legally Required Accounting Principles, have determined necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the annual financial statements, the Management Board is responsible for assessing the Company's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting, provided no actual or legal circumstances conflict therewith.
Furthermore, the Management Board is responsible for the preparation of a combined management report that as a whole provides an appropriate view of the Company's position and is, in all material respects, consistent with the annual financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the Management Board is responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report.
The Supervisory Board is responsible for overseeing the Company's financial reporting process for the preparation of the annual financial statements and of the combined management report.
Auditor's Responsibilities for the Audit of the Annual Financial Statements and of the Combined Management Report
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole
are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the Company's position and, in all material respects, is consistent with the annual financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the annual financial statements and on the combined management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual financial statements and this combined management report.
We exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the annual financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
- Obtain an understanding of internal control relevant to the audit of the annual financial statements and of arrangements and measures (systems) relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of these systems.
- Evaluate the appropriateness of accounting policies used by the Management Board and the reasonableness of estimates made by the Management Board and related disclosures.
- Conclude on the appropriateness of the Management Board's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
METRO AG ANNUAL FINANCIAL STATEMENTS 2018/19
58 | Independent auditor's report | 58 |
that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the annual financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to be able to continue as a going concern.
- Evaluate the overall presentation, structure and content of the annual financial statements, including the disclosures, and whether the annual financial statements present the underlying transactions and events in a manner that the annual financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in compliance with German Legally Required Accounting Principles.
- Evaluate the consistency of the combined management report with the annual financial statements, its conformity with [German] law, and the view of the Company's position it provides.
- Perform audit procedures on the prospective information presented by the Management Board in the combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the Management Board as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the annual financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as auditor at the Annual General Meeting on 15 February 2019 and engaged by the Supervisory Board on the same date. We have been the auditor of METRO AG without interruption since the 2016/2017 financial year.
We declare that the opinions expressed in this auditor's report are consistent with the additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).
German Public Auditor Responsible for the Engagement
The German Public Auditor responsible for the engagement is Dr Thorsten Hain.
Düsseldorf, 3 December 2019 | |
KPMG AG | |
Wirtschaftsprüfungsgesellschaft | |
[Original German version signed by:] | |
Dr. Hain | Klaaßen |
Wirtschaftsprüfer | Wirtschaftsprüfer |
[German Public Auditor] | [German Public Auditor] |
ANNUAL FINANCIAL STATEMENTS OF METRO AG 2018/19
59
INFORMATION FINANCIAL CALENDAR 2019/20
Publisher
METRO AG
Metro-Straße 1
40235 Düsseldorf, Germany
PO Box 230361
40089 Düsseldorf, Germany
METRO on the internet
www.metroag.de
Investor Relations
T +49 211 6886-1280
- +49 2116886-73-3759 investorrelations@metro.de
Corporate Communications
T +49 211 6886-4252
F +49 211 6886-2001 presse@metro.de
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Disclaimer
These annual financial statements contain forward-looking statements that are based on certain assumptions and expectations at the time of its publication. These statements are therefore subject to risks and uncertainties, which means that actual results may dier substantially from the future-oriented statements made here. Many of these risks and uncertainties relate to factors that are beyond METRO's ability to control or estimate precisely. This includes future market conditions and economic developments, the behaviour of other market participants, the achievement
of expected synergy eects as well as legal and political decisions. METRO does not undertake any obligation to publicly correct or update these forward-looking statements to reflect events or circumstances that have occurred after the publication date of this material. The trade names and trademarks used in the annual financial statements, which may be protected by third parties, are subject without restriction to the regulations associated with the applicable trademark laws and ownership rights of their respective registered owners. The copyright for any published objects created by METRO AG remains the property of METRO AG. Any duplication or use of such graphics, video sequences and texts in other electronic or printed publications is prohibited without the explicit permission of METRO AG.
15/1/2020
Trading statement Christmas quarter 2019
13/2/2020
Quarterly Statement
Q1 2019/20
14/2/2020
Annual General Meeting 2020
7/5/2020
Half-year financial report H1/Q2 2019/20
7/8/2020
Quarterly Statement 9M/Q3 2019/20
Published on 11 December 2019
You can also fi nd the Annual Financial Statements of METRO AG 2018/19 and the Annual Report 2018/19 online at
WWW.METROAG.DE/ANNUAL-REPORT-2018-19/DOWNLOAD
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Metro AG published this content on 11 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 December 2019 21:15:10 UTC