Consolidation group

Besides METRO AG, all companies indirectly or directly controlled by METRO AG are included in the consolidated financial statements if these companies individually or as a group are not immaterial to the consolidated financial statements. Control exists if there is a possibility to control a company’s financial and business policy through a majority of voting rights or according to the Articles of Association, company contract or contractual agreement in order to benefit from this company’s business activities.

Including METRO AG, 200 German (30/9/2018: 201) and 223 international (30/9/2018: 200) companies are included in the consolidated financial statements.

The group of consolidated companies changed as follows in financial year 2018/19:

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

Acquisitions in 2018/19 mainly include the acquisition of shelf companies for the spin-off of real estate.

The other disposal relate to the disposal of 2 real estate companies in China and the Czech Republic.

The remaining disposals relate exclusively to liquidations. Effects from changes in the consolidation group that are of special significance are explained separately in the notes relating to the respective items.

For materiality reasons, 3 affiliated subsidiaries are not fully consolidated.

Structured entities

Structured entities within the group concern leasing companies. The key purpose of the leasing companies is to acquire, lease out and manage assets. As of the closing date, 2 (30/9/2018: 3) structured entities were fully consolidated. As was already the case in the previous year, there were no obligations to grant financial assistance to structured entities in the meaning of IFRS 12.14. There are also no relationships with unconsolidated structured entities.

Investments accounted for using the equity method

24 associated companies (30/9/2018: 24) and 8 joint ventures (30/9/2018: 8) are accounted in the consolidated financial statements using the equity method.

Another 2 companies (30/9/2018: 2) in which METRO AG indirectly or directly holds between 20% and 50% of the voting rights were measured at cost because they did not qualify as associates or because materiality considerations made the use of the equity method unnecessary.