Ar 15

a nnUa L rePorT 2014/15 ConSoLIdaTed FIn a nCI a L STaTemenTS oF me Tro ag
W W W. METRO
GROUP .DE
OPEN
MINDED
meTro groUP
In FIgUreS
1
Change
million 2012/132, 3 2013/144 2014/15 in %
Key financial figures

Like-for-like sales development % 1.3 0.1 1.5
Sales development adjusted for portfolio and currency effects % 1.4 1.3 2.0
Sales (net) 65,679 59,937 59,219 1.2
thereof METRO Cash & Carry 31,165 30,513 29,690 2.7
thereof Media-Saturn 21,053 20,981 21,737 3.6
thereof Real 10,366 8,432 7,735 8.3
thereof Galeria Kaufhof 3,082 0 0
EBITDA 3,133 2,228 2,177 2.3
EBITDA before special items5 3,230 2,509 2,458 2.0
EBIT 1,688 1,077 711 34.0
EBIT before special items5 2,000 1,531 1,511 1.3
thereof METRO Cash & Carry5 1,3796 1,125 1,050 6.6
thereof Media-Saturn5 299 335 442 32.2
thereof Real5 1456 81 88 8.3
thereof Galeria Kaufhof5 2296 0 0
EBT (earnings before taxes) 1,048 536 259 51.7
Earnings before taxes and special items 1,429 1,060 1,067 0.7
Profit or loss for the period7 58 182 714
from continuing operations 58 3 221
from discontinued operations 0 185 935
Profit or loss for the period before special items5, 7, 8 481 600 625 4.1
Earnings per share (basic = diluted)7, 8 0.11 0.39 2.06
Earnings per share before special items5, 7, 8 1.47 1.84 1.91 4.1
Dividend per ordinary share 0.90 1.009 11.1
Dividend per preference share 1.13 10
1.069 6.2
Cash flow from operating activities7 2,667 2,008 1,846 8.1
Investments 1,175 1,001 1,411 41.0
Equity ratio7 % 18.1 17.811 18.7
Net debt7 5,391 4,655 2,527 45.7
Employees (annual average by headcount) 272,867 233,584 226,895 2.9
Locations 2,221 2,063 2,068 0.2
Selling space (1,000 m2) 12,773 10,790 10,563 2.1
1
Rounding differences may occur
2
The period 12M 2012/13 consists of the sum of the former quarters Q4 2012, Q1 2013, Q2 2013 and Q3 2013 and was calculated for comparison purposes
3
Unaudited
4
Adjustment of previous years figures due to discontinued operations (see notes to the consolidated financial statements notes to the group accounting principles and methods)
5
Special items for 2013/14 and 2014/15 are found on pages 114 and 115
6
Adjustment due to revised presentation in financial year 2013/14
7
Including discontinued operations
8
After non-controlling interests
9
Subject to the resolution of the Annual General Meeting
10
The dividend contains a preference dividend of 0.17 per preference share to cover the dividend that was not paid in the short financial year 2013 and that must be subsequently paid in accordance
with the Articles of Association of METRO AG
11
Adjustment of previous years figures (see notes to the consolidated financial statements notes to the group accounting principles and methods)
53
SHAREHOLDERS
TO OUR
ConTenTS comBineD
manaGement rePort
55 Overview of financial year 2014/15
and outlook
56 Principles of the group
GOVERNANCE
CORPORATE
91 Economic report
116 Report on events after the closing
date and outlook
121 Risk and opportunity report
5
139 Remuneration report
153 Notes pursuant to 315 Section 4
and 289 Section 4 of the German
Commercial Code and explanatory
report of the Management Board
160 Supplementary notes for METROAG
to our (pursuant to the German
STRATEGY
GOALS AND
Commercial Code)
sHareHolDers
7 Letter to the shareholders
10 The Management Board
165
16 The year in review
21 METRO share
MANAGEMENT REPORT
COMBINED
27
consoliDateD
financial statements
168 Income statement
169 Reconciliation from profit or loss for
corPorate the period to total comprehensive
income
GoVernance 170 Balance sheet
172 Statement of changes in equity
29 Report of the Supervisory Board
FINANCIAL STATEMENTS
CONSOLIDATED
174 Cash flow statement
39 Corporate governance report
175 notes
309 Responsibility statement of the
legal representatives
45
310 Auditors report
Goals anD
strateGY
311
SERVICE
serVice
TO OUR CORPORATE GOALS AND COMBINED CONSOLIDATED SERVICE
SHAREHOLDERS GOVERNANCE STRATEGY MANAGEMENT REPORT FINANCIAL STATEMENTS
letter to tHe sHareHolDers
10 tHe manaGement BoarD
16 tHe Year in reVieW
21 metro sHare
7
sHareHolDers
to our
METRO gROup CONdENsEd
ANNuAL REpORT
REpORT 2014/15TO OuR shAREhOLdERs
2014/15
LETTER
LETTERTO
TOTHE
THESHAREHOLDERS
SHAREHOLDERS P.P.39
7
L e T T e r To T h e
SharehoLderS
GOVERNANCE
CORPORATE
STRATEGY
GOALS AND
Financial year 2014/15 was a very important year for customers. This is being accompanied by a new and more flex-
METRO GROUP. In an environment that remained challenging ible form of strategic corporate planning. Each country is
MANAGEMENT REPORT
COMBINED
in certain countries, we not only continued to move the trans- tasked with producing an individual Value Creation Plan, in
formation process forward, but did so at an accelerated pace. which it lays down its strategic and financial planning for the
Both at METRO Cash&Carry and Media-Saturn, we achieved a forthcoming three to five years. A team of ten Operating Part-
positive development in like-for-like sales that is still ongoing ners supports the local management in this process.
and is also reflected in earnings in local currency. At Real, we A further milestone at METRO Cash&Carry was the take-
made important progress in the design of the future concept. over of the Classic Fine Foods group (CFF), one of the leading
One major event was the sale of Galeria Kaufhof to the Asian companies in the fast-growing wholesale food delivery
Canadian Hudsons Bay Company (HBC). The possibility of a business. The Classic Fine Foods group, which is headquar-
sale had been a repeated topic of discussion in recent years. tered in Singapore, directly supplies businesses operating in
However, we sought purposefully but without haste for the best the hotel, restaurant and catering (Horeca) sector with food
CONSOLIDATED
solution for everyone involved. We have now found it, and with products. The customers include premium hotels and restaur-
2,825million also achieved an attractive transaction price. ants in major cities of Asia and in the Middle East.
METRO Cash & Carry is not only responsible for giving We also succeeded in making important progress in the field
METRO GROUP its name, it is also our biggest and most of digitalisation. Our goal in this case is to make our customers
international business. During the reporting year, we turned even more attractive, efficient and successful with new digi-
our attention even more strongly to the needs of our profes- tal solutions. In this way, we aim to further enhance our value
sional customers and, among other things, successfully further and relevance to our customers and continue to strengthen our
expanded our delivery service. With the New Operating Model, problem-solving reputation. The investment in Culinary Agents
METRO Cash&Carry is placing the focus in the future on value and the launch of the Techstars METRO Accelerator were mile-
creation in the national subsidiaries. The aim of the new man- stones in the implementation of this strategy.
agement model is to foster an entrepreneurial spirit within our In operational terms, the success of the new course is now
organisation by transferring creative freedom and a greater clearly making itself felt: for nine quarters in succession, like-
responsibility to the national subsidiaries while providing for an for-like sales of METRO Cash & Carry increased. This shows
SERVICE
international coordination of measures for specific groups of that we are on the right track. However, we still have big plans
METRO GROUP ANNUAL
CONDENSED
REPORT
REPORT
2014/15
2014/15TO OUR SHAREHOLDERS
LETTER TO
LETTER TO THE
THE SHAREHOLDERS
SHAREHOLDERS P.P.40
8
orientation and product differentiation. All in all, this gener-

ates a more emotional and enjoyable shopping experience and
therefore also leads to higher customer traffic and better sales
growth compared to the other hypermarkets. Consequently,
we converted a further 57 Real stores to the successful new
concept in financial year 2014/15. We now have 107 of these
modern, future-ready stores in operation. Additional store con-
versions are in planning.
This means that one of the important factors for future
growth has been put in place. However, competitive costs are
also needed for this. In this regard, we made progress in many
areas during the past financial year for example, in logistics
or the settlement of goods, which is now being handled by the
Swiss company Markant AG. Our efforts to achieve fair con-
ditions in relation to staff costs left us with no choice but to
leave the system of collective industrial pay settlements in June
2015 as we find ourselves faced with considerable cost disad-
vantages compared to our competitors. We have offered the
trade union negotiations on a company pay agreement aimed
at securing the future of the jobs and this part of the business.
for METRO Cash&Carry, always with the goal in mind of cre- Galeria Kaufhof is included in this report as a discontinued
ating value for our customers independent entrepreneurs operation. Therefore, the sale which was completed at the
and being the best partner for them. end of September 2015 has already been taken into account in
Media-Saturn has successfully transformed itself from a the figures contained in this annual report. The profit generated
purely bricks-and-mortar seller of consumer electronics into a in the year under review, however, is still included in full in the
successful multichannel retailer, and is on the way to becoming consolidated result.
a digital commerce company. With a share of internet-generated The decisive factor for us was that we found a buyer in
sales of more than 8 per cent in financial year 2014/15, we have Hudsons Bay Company who was willing to pay a very good
achieved a new peak and are only a short step away from reaching price, who presented a clear financing concept and who gave
our first milestone. In the medium term, this share is expected binding commitments to take over the roughly 21,000 employees
to grow to 20 per cent. Five quarters in a row with rising like-for- in Germany and Belgium. The preconditions for the success
like sales demonstrate the success of our multichannel strategy story of the business to continue are therefore in place. We wish
and confirm that we are on the right course. With now more than the employees of Galeria Kaufhof all the very best for the future.
1,000 Media Markt and Saturn locations, we are very well placed Altogether, the consolidation of METROGROUP made fur-
in the bricks-and-mortar business, and have also responded to ther progress in financial year 2014/15. We have now com-
trends in traditional retail with new, smaller formats. pletely divested ourselves of Reals Eastern European business.
We intend to further expand on service at Media-Saturn. We sold the wholesale business in Greece and submitted all the
To this end, we signed a contract in August 2015 to acquire a documents for approval of the sale in Vietnam. We expect to see
majority interest in RTS, a provider of customer and repair ser- completion of the sale in financial year 2015/16.
vices. The companys range of activities includes the planning, We will then have completed all the major measures under
installation, inspection, maintenance and repair of a wide var- our portfolio optimisation programme, though we will still con-
iety of electronic products all the way to the configuration of tinue to subject our portfolio of stores and countries to con-
fully networked homes. stant review. With the acquisitions of CFF and RTS, we have
Media-Saturn also managed to increase its margin com- now turned the switch back to growth and are looking out for
pared to the previous year, thanks in part to a better sales mix attractive expansion opportunities.
and a greater share accounted for by services, but also to con- While the economy in Southern Europe has improved, the situ-
tinually efficient cost management. ation in Greece, Russia and Ukraine remains tense. The sanc-
Real operates almost 300 hypermarkets in Germany. We tions and exchange rate developments arising from the Russia/
are concentrating on making these more competitive and fit for Ukraine conflict are also having an impact on our business. How-
the future. One key driver are the stores that have been reno- ever, we took the necessary steps at an early stage to enable us to
vated along the lines of the successful Essen store model and continue operating successfully even in this difficult environment,
now radiate much more modernity as well as a stronger service and are cautiously optimistic about the future development there.
METRO gROup CONdENsEd
ANNuAL REpORT
REpORT
2014/15
2014/15TO OuR shAREhOLdERs
LETTER TO THE SHAREHOLDERS P.P.41
9
i w ish to innovations and with great enthusiasm for our customers laid
the foundations for METROGROUP to continue on its course of
thank our
growth. The phase of consolidation is largely completed. Our
aim now will be to focus even more strongly on the needs of
our customers. To achieve this, we will take advantage of prom-
emplo yee s
ising acquisition opportunities and expand into new countries.
With the Techstars METRO Accelerator in Berlin, we foster and
develop new ideas. Through programmes like this, we spe-
w or ld w ide _
GOVERNANCE
CORPORATE
cifically search for innovations which tie in with our strengths
and which we can therefore develop better than others. As a
result, we are very well equipped for the future.
What does that mean in concrete terms for financial year
2015/16? As far as like-for-like sales and EBIT before special
items adjusted for currency effects are concerned, we expect
So how were the figures in financial year 2014/15? Al- to see a slight increase in comparison to the previous year. The
together, the development was positive, and we achieved our lower level of net debt also provides us with a solid foundation for
forecasts for METROGROUP. Sales amounted to 59.2 billion and future development, giving us more scope for investments which
therefore fell by 1.2 per cent. Like-for-like sales, however, rose by in future years will have a positive impact on sales and earnings.
1.5 per cent. EBIT before special items amounted to 1,511 mil- I wish to thank our employees worldwide who devote
STRATEGY
GOALS AND
lion and rose following adjustment for negative currency effects. their energy and passion every day to serving the needs
We succeeded in sharply reducing the net debt from the previous of our customers. It is ultimately also thanks to them that
years closing date by 2.2 billion to 2.5 billion. METRO GROUP has been able to develop so positively. The
The altogether good development at METRO GROUP in commitment of our employees, their ideas and their diverse
financial year 2014/15 was initially also positively reflected in the personalities are what give us a crucial advantage in a com-
share price. However, the turbulence on the stock markets not petitive environment. With this, they make a key contribution
least as a result of the situation in China and Greece also to the overall success of METRO GROUP. Together, we can
left its mark on your company. The price of METROs ordinary look forward to a successful future.
shares closed at the end of September at 24.69, a fall of
MANAGEMENT REPORT
COMBINED
5.3 per cent in the course of financial year 2014/15. Finally, I would like to thank you most sincerely for the
On the basis of earnings per share before special items of confidence you place in us.
1.91, the Management Board and the Supervisory Board are
recommending that you, our shareholders, receive a dividend Best regards,
of 1.00 per ordinary share. This recommendation is based
on the improved economic situation of METRO GROUP and is
in line with our new dividend policy, which calls for a dividend
amounting to about 45 to 55 per cent of earnings per share
before special items (previously about 40 to 50 per cent). With ol af kocH
the proposed payment, the actual payout rate will amount to cHairman of tHe manaGement BoarD of metro aG
CONSOLIDATED
52.4 per cent. You will have an opportunity to vote on this at our
forthcoming Annual General Meeting in Dsseldorf, to which I
hereby most cordially invite you. I hope that as many of you as
possible will attend.
So what does the current financial year hold in store? We
will once again press ahead on our new course in financial year
2015/16 to also create added value for you, our shareholders.
Many projects which have already been partially implemented
or for which we have laid the foundations may impact positively
on sales and earnings. We still have a great deal of work before
us. But it lies in the nature of a retail company to continually
adjust to market circumstances and to strive with passion to
meet the demands of its customers. Leaving aside the political
SERVICE
risks and turbulences, we have with many new ideas and

METRO GROUP ANNUAL REPORT 2014/15 TO OUR SHAREHOLDERS
THE MANAGEMENT BOARD P. 10
THE MANAGEMENT
BO A R D
At METRO GROUP, were always open

to inspiration. Were curious about new
trends, give creative ideas the decisive
spin and put tomorrows technologies
to work today all in the interest of
continually developing our company.
This is also true of the Manage-
ment Board of METRO AG. At the photo
shoot for this years annual report, the
members boldly shifted into the third
dimension. With great enthusiasm for
the pioneering 3D printing technology,
Olaf Koch, Pieter C. Boone, Mark Frese,
Pieter Haas and Heiko Hutmacher had
themselves cast as three-dimensional
models. A scan was first made of each
member of the Management Board.
From the digital data sets, the 3D
printer then produced figures roughly
25 centimetres in height out of hard
plastic, layer by layer. The resulting
portrait of the Management Board
embodies whats important to us:
adaptability, an innovative spirit and
HEIKO HUTMACHER MARK FRESE
trust in new technologies. CHIEF HUMAN RESOURCES OFFICER CHIEF FINANCIAL OFFICER
GOVERNANCE
CORPORATE
STRATEGY
GOALS AND
MANAGEMENT REPORT
COMBINED
CONSOLIDATED
OL AF KOCH PIETER C. BOONE PIETER HA AS

CHAIRMAN OF THE MANAGEMENT BOARD MEMBER OF THE MANAGEMENT BOARD MEMBER OF THE MANAGEMENT BOARD
SERVICE
Perspectives We can only

achie ve true
on a cus tomer focus
if we establish great proximity and con-
financial stantly look for ways to strive for the best

solutions. To be able to do this even better,
w e l o c a l i s e d a n d fo c u s e d o u r b u s i n e s s
year_
even more during the reporting year and
c ons iderabl y ex panded our activ itie s in
the area of innovation._
OL AF KOCH
CHAIRMAN OF THE MANAGEMENT BOARD
Olaf Koch
Chairman of the Management Board
Responsibilities: Corporate Communications, Group Strategy,

Corporate M&A, Corporate Legal Affairs & Compliance,
Corporate Office, Corporate Public Policy, Digital Horeca,
Business Innov ation/New Ventures, ME TRO Cash & Carr y
(until 30September 2015), Real
Profile: Olaf Koch took over as Chairman of the Management

Board of ME TRO AG on 1 Januar y 2012 and is appointed
until 13 September 2018. In addition, he was CEO of ME TRO
Cash & Carr y until 30 September 2015, a position he held
jointly with Pieter C. Boone from 1 July 2015. The 45-year-
old joined the Management Board of ME TROAG as CFO in
September 2009. He previously worked for the financial
investor Permira. Koch, who holds a degree in business ad-
ministration, launched his career in 1994 at Daimler-Benz
AG. From 2002 to 2007, he was a member of the Executive
Board of Mercedes Car Group.
We at METRO PIETER C. BOONE

MEMBER OF THE MANAGEMENT BOARD
Cash & Carry aim

to be
a true champion for independent busi-
GOVERNANCE
CORPORATE
ness that demands feeling and acting
like an entrepreneur. Consequently, in
financial year 2014/15, we introduced a
new operating model to give more em-
powerment to our national subsidiaries.
Value creation is local, and proximity to
our customers and business partners is
the key. This results in more freedom of
discretion, more flexibility and a higher
STRATEGY
GOALS AND
speed of implementation on site._
MANAGEMENT REPORT
COMBINED
Pieter C. Boone
Member of the Management Board
Responsibilities: METRO Cash & Carry (as part of the manage-

ment succession process, Mr Koch and Mr Boone were jointly
CONSOLIDATED
responsible for the METRO Cash & Carry Board department
from 1 July to 30 September 2015)
Profile: Pieter C. Boone has been a member of the Manage-

ment Board of METRO AG since 1 July 2015 and is appointed
until 30 June 2018. The 4 8-year-old has been with
METRO GROUP since 2011. In March 2012, he was appointed
Managing Director of ME TRO Cash & Carr y Russia. He
previously held various management positions at the Dutch
trading company SHV Holdings in Peru, the Philippines,
Malaysia, Thailand and Indonesia.
SERVICE
We had set out Mark Frese
to further bolster
Chief Financial Of ficer
Responsibilities: Group Finance (Corporate Planning &
the balance sheet Controlling, Corporate Treasury, Corporate Group Financial

Services), Corporate Accounting, Global Business Services, Cor-
of METRO GROUP porate Group Tax, Corporate Investor Relations, Corporate Risk
Management & Internal Control Finance, Galeria Kaufhof (until
and reduce deb t . 30 September 2015), METRO PROPERTIES, MIB METRO GROUP
Insurance Broker, METRO LOGISTICS
Profile: Mark Frese was named Chief Financial Officer of

Once again, weve achieved both of these METROAG on 1 January 2012. The 51-year-old is appointed until
goals during this financial year. As a 31 December 2017. In addition, he served as CFO of METRO
result, we had greater leeway for doing Cash&Carry from April 2012 to July 2015. Frese has worked for
METRO GROUP since 1994. After serving in various manage-
business and were able, for instance, to
ment positions at former group subsidiary Galeria Kaufhof, he
make some attractive acquisitions. What was appointed to the position of Head of Planning & Controlling
is almost even more important is that we at METRO AG in 2009. In September 2010, he took over as CFO of
can now once again spend our financial METRO Cash & Carry Europe/MENA.
as well as human resources on precisely

those activities with which we expect to
generate maximum value added. _
MARK FRESE
CHIEF FINANCIAL OFFICER
I measure our
progress largely
by the fact
that we have advanced far along the road towards
becoming a digital commerce company. The point
is to see the full range of digitalisation instead
of just regarding it in the context of a web shop
or a mobile shop. What this means is that we use
digital technologies in our stores, where we sell
more and more digital products and communicate
even more strongly with our customers using
digital media. Plus, we are specifically looking
for new digital business models. _
PIETER HA AS
MEMBER OF THE MANAGEMENT BOARD
The fur ther develop-

ment of METRO GROUP
would not be possible without a comprehensive
transformation of our corporate culture. From the
beginning, there was no doubt that such a process
GOVERNANCE
CORPORATE
requires the active commitment of executives and
employees alike. Im all the more pleased that
weve already advanced considerably along our
path and that the cultural change is being carried
by the staff. Weve become a more open and
courageous company. And were able to respond
to changes faster._
HEIKO HUTMACHER
STRATEGY
GOALS AND
CHIEF HUMAN RESOURCES OFFICER
Heiko Hutmacher
Chief Human Resources Of ficer
MANAGEMENT REPORT
COMBINED
Responsibilities: Human Resources (HR Campus, Corporate House of Learning,
Corporate Performance & Rewards, Executive Resources, Group Labour Rela-
tions & Labour Law, HR Operations, HR Processes, Analytics & Projects, Talent
Management, Leadership & Change), Corporate IT Management, Group Internal
Audit, Sustainability & Regulatory Affairs, METRO SYSTEMS, MGT METROGROUP
Travel Services
Profile: Heiko Hutmacher has been a member of the Management Board of

METRO AG since October 2011 with responsibility for Human Resources. From
April 2012 to June 2015, the 58-year-old also oversaw human resources at METRO
Cash & Carry. The businessman has more than 30 years of experience in human
CONSOLIDATED
resources management, including at IBM and Akzo Nobel. Heiko Hutmacher is
appointed until 30 September 2017.
Pieter Haas
Responsibilities: Media-Saturn
Profile: Pieter Haas has been a member of the Management Board since 1 April 2013
and is appointed until 31 March 2019. He has been Vice Chairman of the Management
Board of Media-Saturn-Holding GmbH since 6 May 2014. He had already worked for
the sales line. In 2001, he took on the role of managing director at the sales lines
Dutch subsidiary. Haas was appointed to the management board of Media-Saturn-
SERVICE
Holding GmbH as COO in 2008. In the ten years leading up to his career at Media-
Saturn, the 52-year-old businessman held leading positions at various companies.
THE YEAR IN REVIEW P. 16
THE YEAR IN REVIEW
Selected events International purchasing partnership

during financial year 2014/15 agreed upon
23/10/2014 METRO GROUP and the French retail company
Auchan will join forces at a global level in the future in negoti-
Q1 2014/15 ating terms and prices with the most important suppliers of
brand products. The international purchasing partnership will
also manage the joint worldwide procurement of non-food
Real launches new own brand products sold by both companies as own-brand products. The
agreement, which both parties expect will generate further
5/10/2014 More than 150 articles from the new Si own- growth and benefits for the customers, will come into force in
brand range of cosmetics will be on sale in the future in all November 2014.
hypermarkets. The assortment includes shampoo, face cream,
aftershave and shower gel. For more exclusive care products,
Real also offers its new line Si Suprme. Sale of the wholesale business
in Greece
Deutsche Tafeln: METRO GROUP 25/11/2014 The retail trader Sklavenitis purchases the oper-
remains principal sponsor ating business of MAKRO Cash & Carry in Greece, comprising
nine wholesale stores as well as the related property portfolio.
16/10/2014 METRO GROUP extends its sponsoring agree- The total value of the transaction, to be concluded in January
ment with the German food bank association, Bundesverband 2015, amounts to 65 million.
der Deutschen Tafeln e. V., until the end of 2017. The company
has been supporting the German food bank movement, which
helps socially and financially disadvantaged people with food
donations, since 2006.
Express delivery service expanded Q2 2014/15

25/11/2014 Just in time for the Christmas business,
Media-Saturn expands its offer for same-day delivery. From Online shops on Ebay
GOVERNANCE
CORPORATE
this date on, customers in 22 German cities have the possibil-
ity to have their online orders delivered the same day. The 9/1/2015 With immediate effect, members of Ebay, the online
offer is available in around 80 Media Markt and Saturn stores. marketplace, will find a comprehensive range of over 50,000
electronic items in the Ebay web shops of Media Markt and
Saturn. Through its cooperation with Ebay, Media-Saturn is
Share in Emmas Enkel tapping into a new sales channel through which millions of
potential customers can be reached.
12/12/2014 New shareholder in Emmas Enkel: METRO GROUP
acquires a 15 per cent share in the Dsseldorf-based start-up
that combines local supply with online food retail. Emmas Change on the Supervisory Board I
Enkel is starting at two locations, in Dsseldorf and Essen.
STRATEGY
GOALS
STRATEGIE
ZIELE UND
20/2/2015 Gwyn Burr joins the Supervisory Board of
METRO AG. The former manager at the Sainsburys super-
Permaculture products
AND
market chain takes the place of Baroness Lucy Neville-Rolfe,
who moved to the British Department for Business, Innovation
15/12/2014 Real is the first German retail company to offer and Skills in summer 2014.
Spanish avocados grown using permaculture methods. Perma-
culture is a development in organic farming. It creates cultiva-
tion areas without wasting resources or endangering habitats Outstanding traceability
in the process. It also uses no additives, artificial fertilisers or
LAGEBERICHT
ZUSAMMENGEFASSTER
MANAGEMENT REPORT
COMBINED
other means of optimising industrial production. 25/2/2015 Since summer 2014, METRO Cash & Carry has
offered its commercial customers the possibility to obtain
information on the species, origin and catching method of fish
Withdrawal from Denmark and meat products using a smartphone application. The basis
is a technology developed by METRO SYSTEMS in cooperation
31/12/2014 As announced, METRO Cash & Carry closes its with the standardisation organisation GS1 Germany. The solu-
five wholesale stores in Denmark at the end of 2014 and thus tion has received the Retail Technology Award Europe (reta)
withdraws from the Danish market. from the EHI Retail Institute in recognition of its outstandingly
innovative use of information technology in retailing.
CONSOLIDATED
KONZERNABSCHLUSS
50 years of Real
23/3/2015 The Real sales line is celebrating its 50th anniver-
sary. Following kick-off events in stores and at the headquar-
ters, the hypermarkets are offering their customers discounts
and special weeks focused on the topics of freshness, variety
and innovation over the course of the whole year. SERVICE
Q3 2014/15 Online job network for

hospitality professionals
Contactless payment at Real 27/4/2015 METRO GROUP is participating in Culinary Agents,
an American job network that specialises in the placement of
13/4/2015 Together with other retailers and all German qualified personnel in the food service and hotel sectors. Within
mobile service providers, Real launches the NFC City Berlin the scope of its cooperation with METRO Cash & Carry, the
initiative. The abbreviation stands for near field communication, company is also offering this service in Italy and France for the
a technology that enables contactless payment with smart- first time in 2015.
phones. Within the project, Real is equipping the checkouts at
its seven Berlin stores with 140 NFC-capable terminals. This
means that customers with a correspondingly equipped METRO merges brands
smartphone can now make contactless payment.
4/5/2015 METRO Cash & Carry unifies its brand presence.
The C+C Schaper brand, which has belonged to the group since
Merchandise settlement 1996, will be subsumed into the METRO GASTRO brand. The
new name underlines the focus on customers in the hospitality
23/4/2015 The two sales lines METRO Cash & Carry and Real sector, who will continue to benefit from short journeys, speedy
are further expanding their cooperation with MARKANT checkout processes and optimal product assortments. The first
Handels- und Industriewaren-Vermittlungs AG. In the future, METRO GASTRO stores will open following extensive renova-
settlement for all merchandise transactions in Germany will tions in August 2015.
be handled by MARKANT.
New Operating Model

Kick-off for start-up programme
7/5/2015 METRO Cash & Carry changes its organisational
27/4/2015 METRO Cash & Carry and the international start- structure. To foster an entrepreneurial spirit within the organi-
up network Techstars are launching the application phase for sation, a new management model introduced on 1 July 2015
the Techstars METRO Accelerator. For their business promo- transfers greater responsibility and creative freedom to the
tion programme, the two partners are looking for start-ups national subsidiaries. At the same time, measures geared
engaged in the development of digital and technological innov- towards specific customer groups (for example, for hotels,
ations for the hospitality sector. Experienced mentors are restaurants and catering businesses) will be cross-nationally
available to assist eleven selected business founders in devel- coordinated.
oping their ideas and making them ready for the market. The
three-month programme will begin on 12 October 2015; the
start-ups will present their solutions to potential investors at
the end of January 2016.
Extension of contract Changes to the

on the Management Board Management Board
12/5/2015 Pieter Haas will remain a member of the 15/6/2015 Pieter C. Boone is appointed as a new member of
GOVERNANCE
CORPORATE
Management Board of METRO AG for another three years. This the Management Board of METRO AG, effective as of 1 July
has been decided by the Supervisory Board of METRO AG. His 2015. His appointment will run until 30 June 2018. At the same
new term of office will run from1 April 2016 to 31 March 2019. time, he is appointed CEO of METRO Cash & Carry. Until the
end of the financial year on 30 September 2015, he will share
this position with Olaf Koch so as to ensure a smooth transition
Real joins textile alliance of duties. Olaf Koch will then once again focus more strongly on
his role as Chairman of the Management Board of METRO AG.
2/6/2015 Together with other companies and the leading
bodies of the retail and textile industries, Real is joining the
alliance for sustainable textiles, which was set up by the Ger- Award for animal welfare commitment
man government in 2014. The goal of the cooperation partners
STRATEGY
GOALS
STRATEGIE
ZIELE UND
is to improve the social and environmental standards in the 16/6/2015 The British animal welfare organisation Compas-
textile production and supply chain. sion in World Farming recognises Reals commitment with two
AND
awards: the sales line is awarded a Good Rabbit Commenda-
tion for the implementation of a supplementary supplier
Sale of Galeria Kaufhof agreement for rabbit farming. Real is also honoured with a
Good Egg Award, as more than 80 per cent of its own-brand
15/6/2015 Canadas Hudsons Bay Company (HBC) and products with relevant egg contents are made using eggs from
METRO GROUP reach an agreement on the sale of Galeria alternative forms of animal husbandry.
Kaufhof. According to the agreement, HBC will acquire the
LAGEBERICHT
ZUSAMMENGEFASSTER
MANAGEMENT REPORT
COMBINED
German and Belgian department store business for a transac-
tion price of 2,825 million, including the assumption of various Q4 2014/15
liabilities. Apart from the sale price and the sound financing
arrangements, another crucial factor for the conclusion of the
deal was a binding commitment by HBC to take over the Property transaction completed
roughly 21,000 employees of Galeria Kaufhof. The transaction
was completed in September 2015. 22/7/2015 Carlton Investment, a joint venture enter-
prise, acquires a 60 per cent share in a property portfolio of
METRO PROPERTIES comprising ten Real hypermarkets.
METRO GROUPs property subsidiary will retain a share of
CONSOLIDATED
KONZERNABSCHLUSS
40 per cent. The partners plan to successively raise the value
of the assets through building alterations and extensions.
SERVICE
Media-Saturn pools digital activities Strategic partnership with Alibaba

3/8/2015 Media-Saturn plans to pool its comprehensive 8/9/2015 From now on, Chinese consumers will be able to
offering of music, films and TV series, e-books, computer buy German brand products and own-brand articles from the
games and software under the JUKE brand, which previously sales lines of METRO GROUP online via the Tmall platform.
only covered the music streaming service launched in 2011. In This has been made possible by a strategic cooperation con-
so doing, the sales line will now offer its customers in Germany cluded between the retailer and the Alibaba Group, the leading
a new digital entertainment portal. Customers now have the online and mobile commerce enterprise in China. The partners
possibility to take out a streaming subscription for music or buy are also collaborating in the field of cross-border logistics in
or rent individual media. JUKE is available on standard ter- order to ensure an adequate supply of German goods in China.
minal devices, such as smartphones using the Android or iOS
operating system.
Industry leader on sustainability indices
Takeover of Classic Fine Foods group 16/9/2015 In 2015, METRO GROUP has once again qualified
for a place among the worlds leading group of sustainably
6/8/2015 METRO GROUP acquires the Classic Fine Foods operating companies and is listed both in the Dow Jones Sus-
group (CFF), headquartered in Singapore. The company supplies tainability World Index (DJSI World) and the Dow Jones Sus-
premium hotels, restaurants and catering businesses with high- tainability Europe (DJSI Europe) Index. METRO GROUP is also,
quality foods. Through the purchase, METRO GROUP is for the first time in its history, the best company in the retail
strengthening the skills and knowledge of METRO Cash & Carry sector and was named industry leader in the category Food and
in the field of direct food delivery. CFF has a presence in a total Staples Retailing.
of 25 predominantly Asian cities in 14 countries. The aim is to
expand CFFs delivery business to selected European markets in
which METRO Cash & Carry already operates. METRO GROUP
modernises logistics network
Media-Saturn 18/9/2015 The retail group invests a sum in the high double-
expands service portfolio digit million euro range in a new Germany-wide logistics net-
work. In the future, logistics services will be provided by one
14/8/2015 Media-Saturn acquires a 90 per cent stake in the expanded as well as three new logistics centres as opposed to
repair and service provider RTS. The companys range of activ- the seven locations that have been used until now. The aim is,
ities includes the installation, inspection, maintenance and through greater centralisation of the product flows, to enhance
repair of electronic products such as household appliances, product availability and product quality for the METRO
smartphones or TV sets. The takeover enables Media-Saturn to Cash & Carry and Real sales lines and to handle an altogether
increase the range of services it offers the consumers. The greater volume. The new sites are scheduled to be integrated
closing will take place in October 2015. into the network by mid-2018.
Change on the Supervisory Board II

5/9/2015 Jrgen B. Steinemann is appointed to the Super-
visory Board by court order as successor to Dr Wulf H. Bernotat.
In the interests of succession planning, Supervisory Board
Chairman Franz Markus Haniel has decided that he will step
down from his post following the Annual General Meeting in
February 2016. Jrgen B. Steinemann will be proposed as his
successor.
METRO SHARE P. 21
METRO SHARE
GOVERNANCE
CORPORATE
Following a very positive development over the course of the DAX and the Dow Jones Euro STOXX Retail. Stronger economic
year, the METRO share finally closed financial year 2014/15 momentum in Europe and the European Central Banks deci-
with a decline in prices. The price of the ordinary share dropped sion to initiate a major quantitative easing programme with
5.3 per cent to 24.69, while the Dow Jones Euro STOXX Retail 60 billion in monthly bond purchases at the beginning of
STRATEGY
GOALS
STRATEGIE
ZIELE UND
industry index developed very positively with a gain of March 2015 fuelled the positive market sentiment. In addition,
16.7 per cent. The positive index development was primarily many export-oriented European companies have benefited
AND
due to the share price performance of companies with a focus from the strengthening US dollar. In this positive environment,
on the non-food business. The German DAX stock market index the METRO share reached its high for financial year 2014/15 at
reached new all-time highs during the reporting year and 34.56 on 10 April 2015. Over the course of April, the debate
closed the period with a gain of 2.0 per cent. about a possible Grexit a potential exit of Greece from the
Eurozone had a largely negative impact on European stock
At the start of financial year 2014/15, the METRO AG ordinary markets. This caused indices and stock prices to decline mark-
share initially fell in sync with the DAX and the Dow Jones Euro edly, with the METRO share unable to decouple from this trend.
LAGEBERICHT
ZUSAMMENGEFASSTER
MANAGEMENT REPORT
COMBINED
STOXX Retail industry index. On 16 October 2014, the METRO Global stock markets plummeted on 24 August 2015. This
share fell to its lowest level in financial year 2014/15 at 23.06. Black Monday was triggered by declining growth in China.
Amid a recovery in early November 2014, the METRO share The subsequent weeks were characterised by very high volatil-
again rose in sync with the indices. The geopolitical situation in ity. In September 2015, an incident at a major German carmaker
Russia and Ukraine in combination with the weakening cur- exerted strong downward pressure on the German stock mar-
rencies in these countries weighed heavily on the METRO share at ket, causing the share prices of companies even beyond the
the end of November 2014. From mid-December 2014, positive immediately affected sectors to decline. As a result, the METRO
reports about financial year 2013/14 and the announcement of ordinary share approached its low for the year before recover-
an attractive dividend caused the share to rally again. Starting ing and closing financial year 2014/15 at 24.69 following the
in January 2015, the share rose continuously in line with the completion of the sale of Galeria Kaufhof.
CONSOLIDATED
KONZERNABSCHLUSS
SERVICE
METRO SHARE P. 22
Development of the METRO share price (%)
140
130
120 Dow Jones

Euro STOXX Retail
110
DAX
100
METROAG
90
80
1/10/2014 31/12/2014 31/3/2015 30/6/2015 30/9/2015
Performance comparison of the METRO ordinary share 2014/15 vs DAX vs Dow Jones Euro STOXX Retail
METRO GROUP DAX Dow Jones Euro STOXX Retail
5.3 % 2.0 % 16.7 %

Source: Bloomberg
METRO shares
2013/14 2014/15
Closing price Ordinary shares 26.08 24.69

Preference shares 20.25 20.20
High Ordinary shares 37.28 34.56
Low Ordinary shares 25.00 23.06
Dividend Ordinary shares 0.90 1.001
Dividend yield Ordinary shares % 3.5 4.11
based on closing price Preference shares % 5.6 5.21
Market capitalisation (billion) 8.5 8.1
1Subject to the resolution of the Annual General Meeting

Data based on Xetra closing prices
Source: Bloomberg
METRO SHARE P. 23
Information about the METRO shares

Ordinary shares Preference shares
Code number 725 750 725 753

ISIN code DE 000 725 750 3 DE 000 725 753 7
GOVERNANCE
CORPORATE
Reuters code MEOG.DE MEOG_p.DE
Bloomberg code MEO GR MEO3 GR
Number of shares 324,109,563 2,677,966
Shareholder structure of METRO AG METRO AGs largest institutional investor, with a 3.06 per cent
share of the voting rights. According to a voting rights an-
The shareholders Haniel, Schmidt-Ruthenbeck and Beisheim nouncement dated 11 September 2014, the investment com-
are the major shareholders of METRO AG. According to infor- pany Templeton Global Advisors Limited holds nearly the same
mation available to METRO AG, they held 49.868 per cent of the share of voting rights at 3.04 per cent. In addition, Franklin
STRATEGY
GOALS
STRATEGIE
ZIELE UND
voting rights as of 30 September 2015. On 31 October 2014, the Mutual Series Funds informed the company in a notification of
voting rights pooling agreement between the Haniel and voting rights released on 16 July 2015 that it held 3.001 per cent
AND
Schmidt-Ruthenbeck shareholder groups was terminated. of the voting rights. According to the information available to
METRO AG, the 3.001 per cent share of voting rights held dir-
According to the information available to METRO AG, and in ectly by Franklin Mutual Series Funds is included in the
particular the notifications of voting rights pursuant to the 3.06 per cent share of voting rights which Franklin Mutual
German Securities Trading Act (WpHG), the three major share- Advisers holds indirectly according to its notification of voting
holders hold the following shares of voting rights: The Haniel rights released on 20 November 2012.
shareholder group is METRO AGs largest shareholder. The
LAGEBERICHT
ZUSAMMENGEFASSTER
MANAGEMENT REPORT
COMBINED
Haniel shareholder group informed METRO AG on 12 May 2015 The ten largest institutional investors hold about 43 per cent of
in a notification of voting rights released on 13 May 2015 that its the free float. In addition, METRO AGs shareholder base in-
share of voting rights had been reduced to 24.996 per cent from cludes an estimated 70,000 private investors.
30.01 per cent. The Schmidt-Ruthenbeck shareholder group is
METRO AGs second-largest shareholder, with a share of voting
rights of 15.772 per cent. The Beisheim shareholder group is Market capitalisation and
METRO AGs third-largest shareholder, with 9.100 per cent of
index inclusion
the voting rights.
As a result of share price losses, METRO AGs market capital-
In addition, the Haniel shareholder group informed METRO AG isation declined, falling from 8.5 billion at the end of Septem-
CONSOLIDATED
KONZERNABSCHLUSS
that it had issued an exchangeable bond due in May 2020. The ber 2014 to 8.1 billion at the end of September 2015. On a
bond is linked to about 12 million METRO shares, or about typical trading day at the Frankfurt stock exchange, the average
4 per cent of the companys share capital. If it were fully exer- volume of METRO shares traded totalled around 1.0 million
cised, Haniels stake in METRO AG would decline further in shares during the reporting year (2013/14: 1.1 million). This
the future. decline can be attributed to the fact that trading volume on the
Frankfurt stock exchange has generally fallen. In addition,
METRO AGs free-float share of 50.132 per cent is divided alternative trading platforms continue to become more popular.
among a large number of national and international investors. About 7,000 shares of the less liquid preference shares were
Voting rights notifications from fund management firms and traded daily (2013/14: 20,000 shares).
other publicly available data sources indicate that US and Brit-
ish investors account for the largest share of institutional invest- Despite a market capitalisation of 8.1 billion, METRO AG is no
ors, followed by investors from France and Germany. Accord- longer a member of the German stock market index DAX 30.
ing to a notification of voting rights dated 20 November 2012, The key reason for this is that Deutsche Brse, in accordance
SERVICE
the mutual fund company Franklin Mutual Advisers remains with its own rules and regulations, determines the index-
METRO SHARE P. 24
relevant capitalisation solely on the basis of the free float. At the The Management and Supervisory Boards of METRO AG will
end of September 2015, market capitalisation of METRO AGs therefore propose to the Annual General Meeting of METRO AG
free float totalled about 4.1 billion (September 2014: on 19 February 2016 a dividend of 1.00 per ordinary share and
3.8 billion). 1.06 per preference share. The payout totals 52.4 per cent
based on earnings per share before special items of 1.91 per
In Deutsche Brses index ranking, the METRO AG share ordinary share.
ranked 43rd in terms of market capitalisation and 32nd in
terms of stock market trading volume as of the end of Septem- On the basis of the closing prices on 30 September 2015, the
ber 2015. dividend yields are as follows: 4.1 per cent for ordinary shares
and 5.2 per cent for preference shares.
The METRO share is one of the MDAXs largest members in
terms of market capitalisation and boasts the second-highest
stock market trading volume. METRO AG remains a member of Analysts recommendations
the industry index Dow Jones Euro STOXX Retail.
METRO GROUP is monitored and evaluated by roughly 35 ana-
In September 2014, METRO AG was relisted on the Dow Jones lysts from respected national and international banks.
Sustainability World and Dow Jones Sustainability Europe METRO GROUP regularly reports the respective recommenda-
indices after several years of exclusion from these indices. Its tions and share price targets in the Investor Relations section on
membership of both sustainability benchmarks was confirmed its corporate website. As of the close of financial year 2014/15,
in September 2015, with METRO AG improving its sustainability 46 per cent (30 September 2014: 45 per cent) of analysts rec-
score once again. In 2015, METRO GROUP received the top ommended the METRO share as a buy; 42 per cent (30 Sep-
score in the retail sector category Food & Staples Retailing tember 2014: 49 per cent) rated it a hold and 12 per cent
and was named Industry Group Leader. In addition, METRO AG (30 September 2014: 6 per cent) a sell. The median value of
is currently the only German company to have been named share price targets increased, totalling 32.30 at the end of
Industry Group Leader. September 2015 compared with 31.00 on 30 September 2014.
Following METRO AGs inclusion in the FTSE4Good sustainability

index in financial year 2013/14, the companys membership of Investor Relations
the FTSE4Good Global and the FTSE4Good Europe was con-
firmed in financial year 2014/15. These two British indices in- Throughout the financial year, the Investor Relations depart-
clude companies that set themselves apart through good corpor- ment provides comprehensive information to all capital market
ate social responsibility and corporate governance practices. participants. In performing this work, it applies the guidelines
of customer-centred capital market support. In particular, this
METRO AGs membership in the worlds two most important involves:
sustainability index families demonstrates that METRO GROUP Topicality: assurance of information leadership
is on the right track with its sustainable business practices and Continuity: consistency in external communications
that the capital markets are recognising its efforts in this area. Credibility: dissemination of completely
accurate information
Equal treatment: all recipients receive
Dividend and dividend policy the same information at the same time
METRO GROUP aims to pay an attractive dividend and has The fixed dates for regular reporting form the framework for
adjusted its dividend policy to reflect METRO GROUPs im- capital market communications. The financial year began with
proved economic situation. The target range for the payout rate such communications efforts as the announcement of the sales
has been lifted to about 45 to 55 per cent of earnings per share results for the past financial year in October 2014. During the
before special items from about 40 to 50 per cent. annual business press conference and a conference call for
analysts and investors on 16 December 2014, METRO AG pre-
sented the annual report covering business developments
METRO SHARE P. 25
during financial year 2013/14. A month after the end of each What speaks in favour of the
quarter, METRO AG held a conference call to inform capital METRO share?
market participants about the previous reporting period. The
conference calls can be followed live online and are available With METRO shares, investors acquire a stake in METRO GROUP,
GOVERNANCE
CORPORATE
along with a presentation in the Investor Relations section of one of the largest and most international retail companies in
METRO GROUPs website. The associated reports are also the world with
available there. The Investor Relations department informs the METRO Cash & Carry a leading international
public about additional relevant developments in the Investor player in self-service wholesale trade,
News section. Media-Saturn number one among consumer
electronics stores in Europe,
A capital market event took place in Berlin on 6 May 2015. Presen- Real one of the leading hypermarket companies
tations and tours of the respective locations of all sales lines in Germany,
provided participants with an opportunity to obtain comprehensive a presence in more than 30 countries with an exceptional
first-hand information from management representatives. market position in both growth countries and mature
markets around the world,
STRATEGY
GOALS
STRATEGIE
ZIELE UND
During financial year 2014/15, the Investor Relations depart- a comprehensive internet presence combined
ment continued its direct dialogue with shareholders, poten- with a multichannel strategy that offers customers
AND
tial investors and analysts through presentations in all key added benefits,
financial markets in Europe and the United States. 10 confer- a focus on profitable growth as well as sustainable,
ences in New York, London, Munich, Berlin and Paris as well systematic value enhancement,
as 16 roadshow days in 7 countries supported the groups markedly improved net debt,
capital market communications. In addition, analysts and high internal financing capability,
investors had the opportunity to assure themselves about a return on capital exceeding its sector average and
METRO GROUPs high-performance capabilities during store an attractive dividend.
LAGEBERICHT
ZUSAMMENGEFASSTER
MANAGEMENT REPORT
COMBINED
visits at the METRO GROUP headquarters in Dsseldorf. Given
the growing interest in sustainability issues, METRO GROUP also
organised a special event for a group of sustainability-oriented Contact Investor Relations
investors at the end of September 2015. METRO GROUP receives
frequent requests for discussions with company representatives METRO AG
and visits of company locations, reflecting the high level of inter- Investor Relations
est in the group. Metro-Strae 1
40235 Dsseldorf, Germany
The private investors in METRO AG are another significant Phone: +49 (211) 6886-1051
shareholder group. They constitute the largest number of invest- Fax: +49 (211) 6886-3759
CONSOLIDATED
KONZERNABSCHLUSS
ors. Their central and practical source of information is the E-mail: investorrelations@metro.de
Investor Relations section of METRO GROUPs website. The web
presence was comprehensively modernised and updated during
financial year 2014/15 and includes, among other things, in-
sights into the companys strategy and business development,
new publications as well as an archive of annual reports dating
back to the establishment of METRO AG in 1996. In addition,
investors can contact the Investor Relations department directly.
The Annual General Meeting provides shareholders with the
opportunity to learn more about METRO GROUP and see the
members of the Management Board in person. During the
Annual General Meeting, the Investor Relations team is avail-
able for discussions with investors present at the meeting.
SERVICE
CORPORATE GOALS
ZIELE UND
AND ZUSAMMENGEFASSTER
COMBINED CONSOLIDATED
KONZERNABSCHLUSS SERVICE
GOVERNANCE STRATEGY
STRATEGIE MANAGEMENT REPORT
LAGEBERICHT FINANCIAL STATEMENTS
39 corPorate GoVernance
suPerVisorY BoarD
29 rePort of tHe
rePort
GoVernance
corPorate
METRO GROUP ANNUAL REPORT 2014/15 CORPORATE GOVERNANCE
REPORT OF THE SUPERVISORY BOARD P. 29
REPORT OF THE
SUPERVISORY BOARD
METRO GROUP achieved its targets in financial year 2014/15. Like-for-like sales increased by 1.5 per cent
Dsseldorf,
9 December 2015
compared with the previous year. Despite a persistently challenging geopolitical and economic environment,
the groups core business developed more positively again and the groups balance sheet was strengthened
STRATEGY
GOALS AND
further. EBIT before special items, adjusted for currency effects, showed an increase of 4.7 per cent
compared with the previous year and thus fully corresponds to communicated expectations. The successful
disposal of Galeria Kaufhof provided the group with financial resources for complementary and strengthening
acquisitions, as well as for continuing debt reduction. The group significantly expanded its business in the
strategic growth areas of online retail and delivery and, in doing so, reinforced its market position and
customer relevance in many countries.
The groups achievements are the result of the strategy which the Management Board has consistently
implemented and which we the Supervisory Board of METRO AG actively support. In particular, we
MANAGEMENT REPORT
COMBINED
intensively monitored the portfolio changes during the reporting period and approved the Management
Boards proposals on this issue.
We would like to express our thanks to the members of the Management Board and to the employees of the
group for their entrepreneurial determination and their outstanding commitment. Their can-do spirit is what
drives METRO GROUP.
Consultation and supervision of executives
CONSOLIDATED
The Supervisory Board continued to carry out the duties set forth by law and by the companys Articles of
Association during financial year 2014/15. We extensively advised the Management Board on the operations
of METRO AG and the group and continuously supervised the companys executives. In line with its reporting
obligations, the Management Board provided us with regular, timely and comprehensive written and oral
reports about all developments of material importance for METRO GROUP. The reports covered, in particular,
fundamental questions about company planning, the companys profitability, current business developments
and operations of material importance. The Supervisory Board thoroughly discussed and reviewed all reports
and documents that were submitted to it. No objections about the legality, advisability and regularity of the
Management Boards activities were raised. We approved individual business matters insofar as this was
required by law, on the basis of the Articles of Association or by proprietary determinations. We made no use
of the rights of inspection and audit granted under 111 Section 2 Sentence 1 and 2 of the German Stock
Corporation Act (AktG) since no matters requiring clarification arose.
SERVICE
FRANZ M. HANIEL
Chairman of the Supervisory Board
Profile: Franz M. Haniel was appointed Chairman of the Supervisory Board

of METRO AG in November 2011. He had previously held the same position
from November 2007 to May 2010. Mr Haniel, who was born in Oberhausen
in 1955, holds a degree in mechanical engineering and an MBA from the
international graduate school INSEAD. He initially worked as a consultant
for Booz Allen Hamilton. In 1986, he joined the investment companies of the
Quandt family. In 2000, he became managing director of Giesecke &
Devrient, a manufacturer of bank notes, security and identification docu-
ments. Since 2003, he has been the Chairman of the Supervisory Board of
Franz Haniel & Cie. GmbH.
For more information about the other members of the Supervisory Board,

see the website www.metrogroup.de in the section Company Supervisory Board.
During financial year 2014/15, the Supervisory Board held eleven meetings, five of which were unscheduled.
Three decisions were taken outside a Board meeting. In my function as Chairman of the Supervisory Board,
I remained in constant contact with the Chairman of the Management Board and discussed important
business transactions and upcoming decisions with him during regular face-to-face meetings.
The German Corporate Governance Code recommends that a statement be included in this report in the
event that a member of the Supervisory Board only attended half, or fewer than half, of all Supervisory
Board meetings or meetings of the committees of which he is a member in any given financial year.
Mr Jrgen B. Steinemann only joined the Supervisory Board of METRO AG in September 2015 by court-
approved appointment. For this reason, it was impossible for him to attend more than one meeting as a
member of the Supervisory Board during the reporting period. In addition, because the date of one of the
meetings was set at short notice, Mr Jrgen Fitschen was only able to attend one of two meetings of the
Nomination Committee.
In financial year 2014/15, three members of the Supervisory Board notified the Board about possible or
existing conflicts of interest. As an employee of METRO AG, Mr Andreas Herwarth can be indirectly
affected by individual remuneration decisions taken by the Supervisory Board which the Management
Board implements for its employees. For this reason and to avoid a conflict of interest, Mr Herwarth
abstained from casting a vote when the Supervisory Board voted on the one-year performance-based
management compensation (hereinafter: short-term incentive) for financial year 2013/14. Messrs Theo
de Raad and Peter Kpfer notified the Supervisory Board that they have business relationships with a
shareholder of the RTS group of companies which was acquired by METRO GROUP in financial
year 2014/15. The acquisition required the approval of the Supervisory Board. Mr de Raad and
Mr Kpfer decided not to take part in the Boards discussions about the acquisition.
Furthermore, Mr de Raad abstained from casting a vote when the Supervisory Board voted on the issue;
Mr Kpfer did not attend the vote.
Key issues covered by Supervisory Board meetings

and resolutions during the year
November 2014 In the first meeting of financial year 2014/15, we discussed the short-term incentive for
financial year 2013/14 and passed resolutions to set the amount. These also included determining the
personal performance factors for each member of the Management Board at the discretion of the Super-
visory Board. Using the performance factors, the Supervisory Board can reduce or increase the payout
amount of the short-term incentive calculated on the basis of financial performance targets for each
member of the Management Board individually by up to 30 per cent. Further topics of the Supervisory
STRATEGY
GOALS AND
Board meeting were antitrust law proceedings, the appointment of an independent consultant to examine
and further develop the Management Board remuneration system as well as succession planning for the
Supervisory Board. In addition, the Supervisory Board received information about the disposal of the
METRO Cash & Carry business in Greece, which was planned at that time. It also addressed this transac-
tion in a written procedure as well as in another Board meeting conducted as a telephone conference.
The Supervisory Board delegated final decision-making responsibility to the Supervisory Board Presi-
dential Committee.
December 2014 As usual, our audit meeting held on 10 December 2014 focused on the annual and consoli-
MANAGEMENT REPORT
COMBINED
dated financial statements for financial year 2013/14, the combined management reports for METRO AG and
for the group for 2013/14, the Management Boards proposal for the appropriation of the balance sheet profit
to the Annual General Meeting 2015 as well as the Management Boards report on relations with affiliated
companies in 2013/14. The auditor attended this meeting and reported on the key findings of his audits. An-
other focal point of the meeting was a resolution regarding a change to the system of Management Board
remuneration. In this context, a new declaration of compliance also had to be issued with regard to the rec-
ommendations of the Government Commission on the German Corporate Governance Code pursuant to 161
of the German Stock Corporation Act (AktG). The adjusted remuneration system was presented to the Annual
General Meeting in February 2015. The meeting then approved it by an overwhelming majority
(99.60 per cent). Other key issues addressed by the Supervisory Board in December 2014 were the report of
CONSOLIDATED
the Supervisory Board and the corporate governance report for financial year 2013/14, preparations for the
Annual General Meeting 2015, recent business developments, the work of the METRO GROUP Sustainability
Board and legal issues. We approved a real estate project and received information about political and eco-
nomic developments in Russia. Subject to the election of the auditors by the Annual General Meeting 2015,
we also adopted the audit assignments for the annual and consolidated financial statements, the combined
management report and the dependency report for the financial year ending on 30 September 2015. Also
subject to the election of the auditors, we approved the request for the review of the abbreviated consolidated
financial statements as of 31 March 2015 and the consolidated management report covering the period from
1 October 2014 to 31 March 2015.
January 2015 Outside a meeting, the Supervisory Board passed resolutions for the preparation of the
election of the Supervisory Board by the Annual General Meeting 2016.
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February 2015 In a meeting held immediately before the Annual General Meeting on 20 February 2015, the
Management Board reported about the latest business developments, the status of an international project
as well as the audit carried out on OTC derivative contracts pursuant to 20 of the German Securities Trading
Act (WpHG). As a precaution, the Supervisory Board passed a resolution on the hiring of a law firm, especially
in preparation for the eventuality of legal challenges or complaints for nullity against resolutions passed dur-
ing the Annual General Meeting 2015.
May 2015 The focal point of an initial meeting in May 2015 comprised discussions about a new management
model (New Operating Model) for METRO Cash & Carry which is supposed to foster an entrepreneurial spirit
within the company. To this end, the national subsidiaries are granted greater operating responsibility and
creative freedom. Under this model, measures geared towards specific customer groups (for example, for the
group of hotels, restaurants and catering firms or traders) are cross-nationally coordinated. Personnel is-
sues relating to the Management Board were another focal topic. We approved the reappointment of
Mr Pieter Haas and the new appointment of Mr Pieter C. Boone to the Management Board of METRO AG as
well as the signing of their employment contracts. In addition, we confirmed the delegation of Mr Haas to the
Management Board of Media-Saturn-Holding GmbH and temporarily relieved him of all responsibilities
extending beyond Media-Saturn on the Management Board of METRO AG. In view of the extension of the
Management Board we also modified the assignment of responsibilities on the Management Board. Addition-
ally, the Management Board reported about the latest business developments, changes in the shareholder
structure and current projects at this meeting. In addition, we discussed issues concerning antitrust law.
With the participation of executives from the METRO GROUP sales lines, the Management Board and the
Supervisory Board discussed group strategy in a second meeting in May 2015. Specifically, we dealt with the
strategic objectives, the current status and the other challenges facing METRO Cash & Carry, Media-Saturn,
Real and Galeria Kaufhof. Furthermore, we also addressed macroeconomic conditions, our human resource
strategy as well as the implications of our group strategy for budget planning in subsequent financial years.
Finally, the Supervisory Board passed the resolution regarding a personnel issue on the Management Board.
June 2015 During the reporting year, two unscheduled meetings were held in June. In the first meeting, the
Management Board gave a detailed report about the increasing likelihood of a disposal of Galeria Kaufhof. We
addressed at length the offers that had been tabled but not yet finalised at the time and the possible effects of
a disposal. We examined the likelihood that the respective transactions could be completed and discussed the
potential buyers future concepts for the continuation of the department store. Together with the Management
Board, we discussed in detail the requirements which METRO AG should stipulate for a sufficiently attractive
disposal offer. Subsequently, in a telephone conference in June, we evaluated the extent to which the status of
the negotiations had advanced. Finally, the potential buyers offers were examined in detail with regard to their
risks and opportunities, including whether the potential buyers could prove they had definite financing for their
offer. As a result, we decided to approve the recommendation of the Management Board to sell Galeria Kaufhof
to Hudsons Bay Company. The transaction was in line with METRO AGs strategic and financial priorities and
enables METRO GROUP to focus its financial and management resources on its core business operations. The
Supervisory Board rated the offer made by Hudsons Bay Company as sufficiently attractive. In addition, the
buyer presented a convincing strategy for the continued development of Galeria Kaufhof.
July 2015 In a telephone conference, we addressed the disposal of METRO Cash & Carrys operations in
Vietnam, which had already been approved in 2014, and approved the signing of a contract to accelerate the
completion of the transaction. Also in July, we approved the disposal of a real estate portfolio outside a meeting.
August 2015 Two acquisitions were the focal points of our meeting in August. First, we approved the acqui-
sition of the RTS group of companies, which will enable Media-Saturn to expand its range of services. In add-
ition, we approved the takeover of a leading Asian premium food service distributor (Classic Fine Foods
group). This second acquisition strengthens METRO GROUPs wholesale business with specialised compe-
tencies and expertise in the strategically important delivery business. Other issues addressed in the Super-
visory Board meeting were business developments, the status of current projects as well as information about
the companys directors and officers (D&O) liability insurance. The Supervisory Board approved a revised ver-
sion of the company car guideline it has imposed for members of the Management Board and discussed vari-
ous corporate governance issues. These included new and impending regulatory requirements with regard to
the work of the Supervisory Board, succession planning for the Supervisory Board and the implementation of
new recommendations of the German Corporate Governance Code. In this context, a provision in the Man-
agement Boards rules of procedure was also amended.
September 2015 In the last meeting of financial year 2014/15, we approved the budget plan submitted
STRATEGY
GOALS AND
by the Management Board. Other resolutions dealt with success performance targets for the short-
term incentives for financial year 2015/16 for members of the Management Board, the implementation
of recommendations of the German Corporate Governance Code, the declaration of compliance in ac-
cordance with 161 of the German Stock Corporation Act (AktG) as well as the objectives of the Super-
visory Board with regard to appointments to the Management Board in accordance with the new legal
regulations regarding the equal participation of women and men in management positions. The share-
holders and employees representatives respectively agreed on the aim to each separately fulfil the
gender quota of 30 per cent for the Supervisory Board of METRO AG, which will be applicable by law
starting in 2016. In addition, the Supervisory Board discussed the governance functions within the group
MANAGEMENT REPORT
COMBINED
(internal control system, risk management system, internal auditing and compliance) in detail. We
elected Mr Jrgen Fitschen, member of the Supervisory Board since 2008, as a member of the Presi-
dential Committee and of the Personnel Committee of the Supervisory Board. The Management Board
reported about current business developments, the status of the completion of the sale of Galeria Kaufhof
as well as the METRO GROUP initiatives in the area of sustainability. Other issues addressed the preparation
of the Annual General Meeting 2016. In my function as Chairman of the Supervisory Board, I instigated a
discussion, among other things, about the question of whether the Annual General Meeting 2016 should
propose an increase in the remuneration of the Supervisory Board.
CONSOLIDATED
Work of the committees
Five committees support the Supervisory Board in its work, greatly contributing to the Boards overall effi-
ciency: the Presidential Committee, the Personnel Committee, the Accounting and Audit Committee, the
Nomination Committee and the Mediation Committee pursuant to 27 Section 3 of the German
Co-determination Act (MitbestG). The committees prepare resolutions and discussions of the Supervisory
Board. In addition, decision-making responsibilities have been transferred to individual committees within
legally allowed parameters. The work of the committees is described in detail in the annual statement on
corporate management pursuant to 289 a of the German Commercial Code (HGB). It can be found in the
section Company Corporate Governance of the website www.metrogroup.de. I, as Chairman of the Super-
visory Board, chair all committees with the exception of the Accounting and Audit Committee. The contents
and results of committee meetings are reported to the Supervisory Board in a timely manner. The commit-
tees of the Supervisory Board currently take the following forms:
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Presidential Committee:
Franz M. Haniel (Chairman), Werner Klockhaus (Vice Chairman), Jrgen Fitschen, Xaver Schiller
Personnel Committee:
Franz M. Haniel (Chairman), Werner Klockhaus (Vice Chairman), Jrgen Fitschen, Xaver Schiller
Accounting and Audit Committee:

Dr jur. Hans-Jrgen Schinzler (Chairman), Werner Klockhaus (Vice Chairman),
Dr Florian Funck, Andreas Herwarth, Rainer Kuschewski, Dr Fredy Raas
Nomination Committee:
Franz M. Haniel (Chairman), Jrgen Fitschen, Dr jur. Hans-Jrgen Schinzler
Mediation Committee pursuant to 27 Section 3 of the German Co-determination Act (MitbestG):

Franz M. Haniel (Chairman), Werner Klockhaus (Vice Chairman), Dr jur. Hans-Jrgen Schinzler (Chairman),
Xaver Schiller
Last updated: 9 December 2015
Accounting and Audit Committee The Accounting and Audit Committee primarily handles accounting and
auditing issues as well as the monitoring of governance functions (internal control system, risk management,
internal auditing and compliance). Five meetings were held in financial year 2014/15. The Chairman of the
Management Board and the Chief Financial Officer attended all meetings. The Chief Human Resources
Officer, representatives of the auditor and the managers of the relevant departments of METRO AG attended
certain meetings to address particular agenda items.
The Accounting and Audit Committee prepared the Supervisory Boards balance sheet meeting in Decem-
ber 2014 and reviewed the annual and consolidated financial statements for financial year 2013/14, the com-
bined management report of METRO AG and the group for 2013/14 as well as the report of the Management
Board on relations with affiliated companies. The committee discussed the results of the audit in the pres-
ence of the auditor. On this basis, the Accounting and Audit Committee made concrete recommendations to
the Supervisory Board after holding detailed discussions. These included, in particular, the recommendation
to approve the annual and consolidated financial statements for financial year 2013/14 and the Management
Boards proposal to the Annual General Meeting 2015 on the appropriation of the balance sheet profit.
Another focal point of the committee work was the selection of the auditor for financial year 2014/15 by the
Annual General Meeting and the preparation of the mandate related to the Supervisory Boards implementa-
tion of this decision.
The members of the Accounting and Audit Committee discussed the quarterly financial reports and the half-
year financial report for financial year 2014/15 prior to their respective release. Other issues addressed by the
committee were the audit plans of the selected auditor, governance functions within the group (internal control
system, risk management, internal auditing and compliance) and the Management Boards budget plan. On
the basis of the budget plan, the Accounting and Audit Committee supported the Personnel Committee of the
Supervisory Board in developing a proposal for the stipulation of performance targets based on key indicators
for variable Management Board remuneration in 2015/16. In addition, the Accounting and Audit Committee
gathered information on developments in international accounting standards, an audit carried out on OTC de-
rivative contracts pursuant to 20 of the German Securities Trading Act (WpHG) as well as the progress of a
sampling audit conducted by the German Financial Reporting Enforcement Panel, which resulted in no errors
being determined. Furthermore, the Accounting and Audit Committee addressed how the capital market
views METRO AG, group tax planning, the charging of intra-group transactions as well as the distribution of
donations, and received reports on key projects and legal issues. Legal topics included, for example, the im-
plementation of the EU audit reform in Germany as well as the management and status of antitrust proceed-
ings within METRO GROUP.
Personnel Committee The Personnel Committee primarily deals with personnel issues concerning the Man-
agement Board. Nine meetings were held in financial year 2014/15. Four of these were unscheduled; three
meetings took place together with the Supervisory Boards Presidential Committee. During the reporting period,
the Personnel Committee focused intensely on the preparation of proposals for changes to the Management
Board remuneration system. The other personnel-related discussions and decisions of the Supervisory Board
STRATEGY
GOALS AND
which the committee prepared included specifically the resolutions regarding the amount of the short-term
incentives for financial year 2013/14, taking individual performance into account, the appointment of Messrs
Pieter Haas and Pieter C. Boone as members of the Management Board as well as resolutions about their
employment contracts. In addition, the committee issued a recommendation for the performance targets for
the short-term incentive for financial year 2015/16 and discussed succession planning for the Management
and Supervisory Boards as well as the objectives on which this is based in each case. As required, the commit-
tee also conducted its regular review of expenditures on the basis of the travel cost guidelines that apply to
members of the Management Board and discussed the ancillary activities of the members of the Management
Board. The committee formulated guidelines for the approval of ancillary activities outside the private sphere
MANAGEMENT REPORT
COMBINED
and also approved authorisations in individual cases.
Presidential Committee The Presidential Committee deals with the monitoring of compliance with legal
regulations and the application of the German Corporate Governance Code. In consideration of 107 Section
3 Sentence 3 of the German Stock Corporation Act (AktG), the Presidential Committee takes decisions about
urgent matters and matters submitted to it by the Supervisory Board. The Presidential Committee met three
times during financial year 2014/15, each time with the Personnel Committee. One resolution was prepared
outside a meeting. Key issues addressed by the Presidential Committee included corporate governance at
METRO GROUP, including the corporate governance report for financial year 2013/14, the implementation of
the recommendations of the German Corporate Governance Code, the preparation of the latest declaration of
CONSOLIDATED
compliance in accordance with 161 of the German Stock Corporation Act (AktG) and the objectives for the
composition of the Supervisory Board and the Management Board. Following delegation of final decision-
making responsibility by the Supervisory Board, the Presidential Committee approved the disposal of the
METRO Cash & Carry business in Greece, including the associated real estate portfolio, outside a meeting.
Nomination Committee The Nomination Committee is responsible for proposing suitable candidates for the
Supervisory Boards election proposals to the Annual General Meeting. Two committee meetings were held in
financial year 2014/15. In addition, one resolution was made outside a meeting. With these decisions, the
committee prepared the way for the election by the Annual General Meeting 2015 of Ms Gwyn Burr as a
member of the Supervisory Board. In addition, the committee recommended the nomination of Ms Karin
Brigitte Dohm and Mr Jrgen B. Steinemann to the Supervisory Board for the election of the Supervisory
Board by the Annual General Meeting on 19 February 2016. Following the recommendations of the committee
and in advance of the respective Annual General Meeting, the Management Board of METRO AG applied for
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the temporary court-approved appointment of Ms Gwyn Burr and Mr Jrgen B. Steinemann as members
of the Supervisory Board.
Mediation Committee The Mediation Committee formulates proposals for the appointment and dismis-
sal of members of the Management Board in cases pursuant to 31 of the German Co-determination
Act (MitbestG). The Mediation Committee did not have to meet during financial year 2014/15.
Corporate governance
The Management Board and the Supervisory Board report on METRO GROUPs corporate governance in the
corporate governance report for financial year 2014/15. Together with the statement on corporate manage-
ment pursuant to 289 a of the German Commercial Code (HGB), the report is also published in the section
Company Corporate Governance of the website www.metrogroup.de.
During the reporting period, the Management Board and the Supervisory Board of METRO AG issued two
declarations of compliance with regard to the recommendations of the Government Commission on the
German Corporate Governance Code pursuant to 161 of the German Stock Corporation Act (AktG), most
recently in September 2015. The declarations were made permanently available to shareholders on the
website www.metrogroup.de.
Annual and consolidated financial statements,

report on relations with affiliated companies
The annual financial statements of METRO AG for financial year 2014/15, in consideration of accounting,
that were submitted by the Management Board pursuant to the regulations laid down in the German
Commercial Code (HGB), the consolidated financial statements compiled by METRO AG according to
International Financial Reporting Standards (IFRS) as they are to be applied in the European Union
and the groups combined management report for financial year 2014/15 were reviewed by KPMG AG
Wirtschaftsprfungsgesellschaft and were given unqualified approval. The auditor provided a written
report on the findings.
We, the Supervisory Board, reviewed the annual financial statements of METRO AG and the consolidated fi-
nancial statements for financial year 2014/15, the combined management report of METRO AG and the group
for financial year 2014/15 as well as the Management Boards proposal to the Annual General Meeting 2016
on the appropriation of the balance sheet profit. For this purpose, these documents and the reports of the
auditor were provided to us in a timely manner, and were discussed and reviewed in detail during the Super-
visory Boards annual accounts meeting held on 9 December 2015. The auditor attended this meeting, re-
ported the key findings of the review and was at the Supervisory Boards disposal to answer questions and
provide additional information even in the absence of the Management Board. The auditor did not report any
material weaknesses of the internal control and risk management system with regard to the accounting pro-
cess. The auditor also provided information on services rendered in addition to auditing services. According to
the information provided, no disqualification or bias issues arose. We concurred with the findings of the audi-
tors review. In a concluding finding of our own review, we determined that no objections were necessary.
We support, in particular, the conclusions reached by the Management Board in the combined management
report of METRO AG and the groups management report and have endorsed the annual financial statements
compiled by the Management Board. As a result, the annual financial statements of METRO AG have been
adopted. Following careful consideration of the interests involved, we endorsed the Management Boards
proposal for the appropriation of the balance sheet profit.
Pursuant to 312 of the German Stock Corporation Act (AktG), the Management Board of METRO AG prepared
a report on relations with affiliated companies for financial year 2014/15 (in short, dependency report). The
auditor reviewed this report, provided a written statement about the findings of the review and issued the fol-
lowing opinion:
After our due audit and assessment, we confirm that
1. the factual information in the report is correct,
STRATEGY
GOALS AND
2. in the legal transactions listed in the report, the companys expenses were not inappropriately high,
3. no circumstances related to the measures listed in the report required an assessment deviating materially
from that of the Management Board.
The dependency report was submitted to us together with the audit report in a timely manner and was dis-
cussed and reviewed particularly in terms of thoroughness and accuracy during the annual accounts
meeting that the Supervisory Board held on 9 December 2015. The auditor attended this meeting, reported
the key findings of the review, and was at our disposal to answer questions and to provide information
even in the absence of the Management Board. We concurred with the findings of the auditors review. In a
MANAGEMENT REPORT
COMBINED
concluding finding of our own review, we determined that no objections have to be made with respect to
the statement of the Management Board at the conclusion of the dependency report.
The aforementioned reviews by the Supervisory Board accounts were carefully prepared by the Accounting and
Audit Committee on 7 December 2015. The auditor also attended this committee meeting, reported on the key
findings of his review and was available to answer questions. The Accounting and Audit Committee urged the
Supervisory Board to approve the financial statements prepared by the Management Board and to endorse the
Management Boards recommendation for appropriation of the balance sheet profit.
CONSOLIDATED
Appointments and resignations
Upon the order of the District Court in Dsseldorf, Ms Gwyn Burr replaced Baroness Lucy Neville-Rolfe on
the Supervisory Board on 9 December 2014. As requested, her court-approved appointment ended with the
conclusion of the Annual General Meeting of METRO AG on 20 February 2015. On the same day, the Annual
General Meeting elected Ms Burr to the Supervisory Board as a shareholder representative.
Dr Wulf H. Bernotat resigned from the Supervisory Board as of 4 September 2015. The Supervisory Board
thanks him for his commitment over many years. During his time in office, he supported and shaped sig-
nificant changes at METRO GROUP. He was always a trusted advisor to the Management Board. The
Management Board and the Supervisory Board of METRO AG greatly benefited from his outstanding
management expertise.
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Upon the order of the District Court in Dsseldorf dated 5 September 2015, he was replaced on the Super-
visory Board by Mr Jrgen B. Steinemann. His court-approved appointment will end with the conclusion of the
Annual General Meeting of METRO AG on 19 February 2016. The Annual General Meeting will take a decision
on Mr Steinemanns continued service on the Supervisory Board of METRO AG.
Following the disposal of Galeria Kaufhof, the appointments of Ms Gabriele Schendel and Mr Uwe Hoepfel
as employee representatives on the Supervisory Board ended on 30 September 2015. In coordination with
the Group Works Council, the Management Board has requested the court-approved appointment of two
successors.
I myself have resigned from the Supervisory Board, effective as of the conclusion of the next Annual General
Meeting. The reason for this is the dissolution of the pooling agreement among the shareholder groups
Haniel and Schmidt-Ruthenbeck in October 2014 and the reduction of the shareholding of major share-
holder Haniel. Under this agreement, both shareholder groups had originally pooled their voting rights.
However, they dissolved this agreement again to simplify and decartelise the shareholder structure. Fol-
lowing the reduction in the shareholding and the dissolution of the pooling agreement, I would like to
personally broach the possibility that the chairmanship of the Supervisory Board passes into the hands of
an independent, external shareholder representative. Mr Jrgen B. Steinemann has been proposed as the
new Chairman of the Supervisory Board; his nomination has been endorsed by all members of the Super-
visory Board. The election of the new Chairman by the Supervisory Board is set to take place directly after
the Annual General Meeting on 19 February 2016.
Dsseldorf, 9 December 2015
The Supervisory Board
FRANZ M. HANIEL
Chairman
CORPORATE GOVERNANCE REPORT P. 39
CORPORATE GOVERNANCE REPORT
Pursuant to the recommendation of Subsection 3.10 of the the Federal Gazette in its version of 13 May 2013 and 24 June
German Corporate Governance Code, the Management Board 2014 have been complied with, with one exception during the
and the Supervisory Board of METRO AG deliver the following last twelve months and, in particular, since the issue of the last
report on corporate governance at METRO GROUP. declaration of compliance in December 2014:
STRATEGY
GOALS AND
The Management Board and the Supervisory Board of As already reported in the last declaration of compliance on
METRO AG are firmly committed to the principles of transpar- 10 December 2014, the Supervisory Board of METRO AG exam-
ent, responsible corporate governance and supervision. They ined the variable components of the former remuneration
attach great importance to good corporate governance stand- system for the Management Board and, as a result, decided on
ards. Their voluntary commitment to the German Corporate an amendment. This amendment became effective as of the
Governance Code is reinforced by the following provision in the start of financial year 2014/15 (1 October 2014 to 30 Septem-
corporate bodies by-laws: ber 2015) and the employment contracts of the members of
the Management Board of METRO AG have been amended
MANAGEMENT REPORT
COMBINED
The Management Board and the Supervisory Board of accordingly.
METRO AG base their actions on the relevant valid recom-
mendations of the German Corporate Governance Code and This introduction of a new remuneration system in the course
only deviate from the codes recommendations in well- of the financial year caused a deviation from the recommenda-
founded exceptional cases. If the Management Board or tion in Subsection 4.2.3 Sec. 2 Sentence 8 of the German Cor-
Supervisory Board intends to deviate from a recommendation, porate Governance Code. This recommendation excludes a
the organs inform each other of the planned move prior to its subsequent amendment of the performance objectives or the
implementation. comparison parameters with regard to the variable parts of the
remuneration of the Management Board. Due to the conversion
of the employment contracts of the members of the Manage-
CONSOLIDATED
Implementation of the German ment Board to the new remuneration system decided upon on
Corporate Governance Code 10 December 2014, the performance objectives and compari-
son parameters as defined in the old system were no longer
During financial year 2014/15, the Management Board and the applicable for financial year 2014/15.
Supervisory Board of METRO AG discussed METRO GROUPs
implementation of the recommendations of the German Cor- The Management Board and Supervisory Board intend to com-
porate Governance Code in detail and issued the following ply with the recommendations of the Government Commission
declaration pursuant to 161 of the German Stock Corporation in its version of 5 May 2015 without exception in the future.
Act (AktG) in September 2015:
This and the declarations pursuant to 161 of the German
The Management Board and Supervisory Board of METRO AG Stock Corporation Act (AktG) made over the last five years are
hereby declare that the recommendations of the Government permanently available to METRO AG shareholders on the web-
Commission on the German Corporate Governance Code pub- site www.metrogroup.de.
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lished by the Federal Ministry of Justice in the official section of

For more information about members of the Management Board and

In addition to recommendations, the German Corporate Gov-
Supervisory Board, see the notes to the consolidated financial statements of METRO AG
ernance Code contains suggestions that listed companies can in no. 56 Corporate Boards of METRO AG and their mandates.
but do not have to address. METRO AG follows the vast major-
The modes of operation of the Management Board and Supervisory Board,

ity of these suggestions. In financial year 2014/15, there was the composition and functions of the Supervisory Board committees and information
on key corporate management practices are described in the annual statement on
only one suggestion that the company did not fully implement:
corporate management pursuant to 289 a of the German Commercial Code (HGB).
The declaration of compliance pursuant to 161 of the German Stock Corporation
Act (AktG) also appears in full in this report.
Subsection 2.3.3 of the German Corporate Governance Code
calls for enabling shareholders to follow the Annual General The statement on corporate management is available on the website

www.metrogroup.de in the section Company Corporate Governance.

Meeting via modern communication media such as the inter-
net. As in previous years, METRO AG only broadcast the speech
by the Chairman of the Management Board in financial year
2014/15. This practice will be continued. Objectives regarding the composition
of the Management Board
and Supervisory Board
Division of duties and areas of
responsibility between the Management To properly carry out their duties, the Management Board and
the Supervisory Board must possess a broad range of know-
Board and the Supervisory Board ledge, skills and experience.
The clear division between corporate management and cor-
porate supervision is a key element of corporate governance for Requirements related to appointments
German stock corporations. Duties and areas of responsibility to the Management Board
are clearly divided between the Management Board and the The decisions taken by the Supervisory Board regarding the
Supervisory Board. composition of the Management Board are based on careful
analysis of current and future business challenges. Potential
The Management Board of METRO AG, which has five mem- members of the Management Board must not only have solid
bers, is responsible for running the company. The management general qualifications, but must also be individuals capable of
duties of the Management Board of METRO AG include defining helping the company to address its current situation and fu-
corporate objectives and determining the strategic positioning ture challenges.
for the group as well as managing the company, monitoring
and planning. In addition, the Management Board of METRO AG Diversity on the Management Board
ensures the availability of investment funds, decides on their In selecting members of the Management Board, the Super-
allocation within the group and is responsible for attracting and visory Board also heeds the recommendations of the German
supporting highly qualified managers. Corporate Governance Code. In particular, the Supervisory
Board considers the issue of diversity and strives to provide
Pursuant to the German Co-determination Act (MitbestG), the adequate consideration of women. In financial year 2014/15, no
German Stock Corporation Act (AktG) and the Articles of Asso- woman was a member of the Management Board of METRO AG.
ciation, the Supervisory Board of METRO AG is composed of ten
shareholder representatives and ten employee representatives. According to the German law on equal participation of men and
The Supervisory Board appoints the members of the Manage- women in management positions, the Supervisory Board de-
ment Board, advises them and monitors their corporate man- cided in the calendar year 2015 on targets and deadlines for the
agement, including the attainment of long-term corporate increase of the share of women on the Management Board. In
objectives. The Supervisory Board is brought into the planning accordance with the law, the first deadline may not exceed
of the development of METRO GROUP by the Management 30 June 2017. Until this due date, the membership of a woman
Board to the same degree that it is included in decisions about on the Management Board is probably not possible. Such a
important measures. Aside from its legally prescribed approval short-term change in the status quo is not foreseeable as the
obligations, the Supervisory Board has determined its own appointments and contracts of all current members of the
approval requirements for certain actions and business deal- Management Board are valid beyond 30 June 2017 and no
ings of the Management Board. extension of the Management Board is planned. In the long
term that is, until 30 June 2022 the Supervisory Board plans Accounting and Audit Committee,
the membership of at least one woman on the Management impartiality of the committee chairperson
Board. For the current composition of the Management Board To ensure a qualified appointment to the Accounting and Audit
with five people, this equals a rate of 20 per cent. In order to Committee from the members of the Supervisory Board, at
reach this target, the Supervisory Board will focus on the least one member of the Board must fulfil the requirements
search for qualified female candidates for new appointments in stipulated for the chairperson of the Accounting and Audit
the years ahead. Committee. Pursuant to the by-laws of the Accounting and
Audit Committee, the committee chairperson must be impartial
Requirements related to appointments and possess professional knowledge in the areas of accounting
to the Supervisory Board and auditing as well as internal control measures (financial
To ensure that the Supervisory Board of METRO AG can duly expert). The other committee members should possess suffi-
perform these responsibilities, its members have formulated cient professional knowledge and experience in these areas.
certain objectives regarding appointments. These objectives are: Ideally, one potential member of the Accounting and Audit
Committee should also possess special knowledge in the area
Diversity on the Supervisory Board of compliance.
STRATEGY
GOALS AND
Bearing in mind METRO GROUPs international expansion, the
Supervisory Board should include both retail experts for West- These objectives are implemented through the current com-
ern European markets and individuals with in-depth experience position of the Supervisory Board and its Accounting and
in the growth regions of Eastern Europe and Asia. The current Audit Committee. The impartial chairman of the committee is
composition of the Supervisory Board fulfils this target. Em- Dr jur. Hans-Jrgen Schinzler.
ployee representatives on the Board contribute experience
from each of the groups sales lines in Germany. Several Potential conflicts of interest on the Supervisory Board /
shareholder representatives have national and international term of office and age restrictions
retail expertise. Furthermore, several have extensive experi- To prevent potential conflicts of interest, members of the
MANAGEMENT REPORT
COMBINED
ence in Eastern Europe and Asia. Two shareholder representa- Supervisory Board of METRO AG may not assume board func-
tives are former METRO executives who have company-specific tions, consulting tasks or memberships on the supervisory
expertise. boards of German or international, direct or material com-
petitors. This requirement, which is laid down in the by-laws
The representation of women and men on the Supervisory of the Supervisory Board, must be considered in the identifica-
Board of METRO AG follows the regulations of the law on the tion of candidates for the Supervisory Board.
equal participation of men and women in private sector and
public sector management positions that became effective in According to the recommendation of the German Corporate
2015. The employee and shareholder representatives aim at Governance Code, the regular limit for the term of office on the
fulfilling the gender quota of 30 per cent for the Supervisory Supervisory Board is 16 years. Additionally, the members of the
CONSOLIDATED
Board of METRO AG separately, meaning that each side will Supervisory Board may, as a rule, not remain in office after the
have three women as members of the Supervisory Board in the end of the Annual General Meeting following their 75th birth-
future (status December 2015: two women as members each day. The determination of justified exceptions considering the
from the employee and shareholder sides). term of office as well as the age restriction is decided by the
Supervisory Board in each case at its own discretion.
Impartiality of the Supervisory Board
In accordance with legal stipulations, the Supervisory Board of The Supervisory Board of METRO AG currently also meets the
METRO AG is composed of ten employee representatives and aforementioned targets. No member of the Supervisory Board
ten shareholder representatives. At least five shareholder assumes a function for direct or material competitors. The
representatives are to be impartial in accordance with Subsec- self-defined rules for the term of office on the Supervisory
tion 5.4.2 of the German Corporate Governance Code. The Board of METRO AG have been complied with in financial year
current composition of the Supervisory Board of METRO AG 2014/15 without the detection of any exceptional case. One
fulfils this objective. member of the Supervisory Board will turn 75 in 2015 and is to
SERVICE
remain on the Board until the end of the Annual General Meet-
ing that will formally approve the actions of the Management In financial year 2014/15, METRO AG further modified its man-
Board for financial year 2016/17. As a result, the Supervisory agement systems. In addition, selected units were tested to
Board of METRO AG already identified one justified exceptional determine their effectiveness. The results of the reviews have
case in the short financial year 2013. The Board determined confirmed that METRO GROUP has adequate management
that the in-depth knowledge and experience of the member in systems. The reviews also provide an important foundation for
question were particularly valuable to the future work of the the further optimisation of the systems and their continuous
Supervisory Board. modification in response to changing business processes in
METRO GROUP.
Compliance and risk management

For more information about the subjects of compliance and risk management,

see the combined management report risk and opportunity report as well as the
statement on corporate management pursuant to 289 a of the German Commercial
Code (HGB). The statement is available on the website www.metrogroup.de in the
The activities of METRO GROUP are subject to various legal section Company Corporate Governance.
stipulations and self-imposed standards of conduct.
METRO GROUP has bundled its measures securing compli-
ance with these rules and regulations in its group-wide Transparent corporate management
compliance management system.
Transparency is an essential element of good corporate gov-
The aim of the compliance management system is to systemat- ernance. The website www.metrogroup.de serves as an im-
ically and sustainably prevent, detect and sanction regulatory portant source of information for METRO AG shareholders,
infringements within the company. To this end, METRO GROUP the capital market and the general public. Aside from a host
regularly identifies behavioural compliance risks, establishes of information on METRO GROUPs business segments and
the necessary organisational structures and rigorously moni- sales lines, the site contains the financial reports and ad hoc
tors and controls these risks through the responsible divisions. statements of METRO AG as well as investor news and other
In its group-wide systematic reporting, key compliance risks publications pursuant to the German Securities Trading Act
and measures are transparently communicated and docu- (WpHG). METRO GROUP publishes the dates for the most
mented. The need for the further development of the compli- important regular publications and events (announcements of
ance management system is ascertained from the results of annual sales results, annual reports as well as quarterly and
regular employee surveys, internal reviews and audits. half-year reports, the annual business press conference and
the Annual General Meeting) in a financial calendar on its
METRO GROUPs risk management forms another integral website with a reasonable lead time. The website also offers
component of value-oriented corporate management. This information shown as part of annual business conferences,
takes the form of a systematic, group-wide process that helps roadshows, investor conferences and information events for
company management identify, assess and manage risks and private investors.
opportunities. As such, risk and opportunity management is a
uniform process. Risk management renders unfavourable The Annual General Meeting
developments and events transparent at an early stage and The Annual General Meeting of METRO AG gives shareholders
analyses their implications. This allows us to put the necessary the opportunity to exercise their legal rights in particular, to
countermeasures in place. At the same time, it allows a sys- exercise their rights to vote (where these apply) as well as to
tematic exploitation of emerging opportunities. Both the risk address questions to the companys Management Board. To
and opportunity management system and the compliance help shareholders exercise their individual rights at the Annual
management system are continually refined. General Meeting, METRO AG posts documents and information
for each Annual General Meeting in advance on its website.
Additionally, risks and opportunities are managed through
internal control systems (ICS) and internal auditing. As an The registration and legitimisation procedure for the Annual
independent function, the latter provides auditing of key busi- General Meetings of METRO AG complies with German stock
ness processes, conducts event-related tests and reviews the corporation law and international standards. Each shareholder
compliance and risk management system as well as the internal who would like to participate in an Annual General Meeting of
control systems. METRO AG and exercise his or her voting right there must
register and supply proof of the right to participate and exer- Directors dealings, share ownership
cise voting rights. Written proof of share ownership in German by members of the Management
or English from the institution maintaining the securities
deposit account satisfies this requirement. A deposit of shares and Supervisory Boards
is not necessary. Proof of share ownership corresponds to the Pursuant to 15 a of the German Securities Trading Act
beginning of the 21st day before each Annual General Meeting. (WpHG), members of the Management and Supervisory Boards
Like the registration for the Annual General Meeting, it must must inform METRO AG of any transactions involving their own
be submitted to METRO AG at the address specified in the METRO shares or related financial instruments (directors
invitation within the time frame specified by law and in the dealings). This obligation also applies to persons who have a
Articles of Association. Concrete registration and participation close relationship with members of these two corporate bodies.
conditions are made public in the invitation for each Annual No disclosure requirement applies as long as the transactions
General Meeting. conducted by a member of the Board and the person who has a
close relationship with the member of the Board do not reach
Shareholders who are unable to attend the Annual General an amount of 5,000 by the end of the calendar year.
Meeting in person may exercise their voting rights through a
STRATEGY
GOALS AND
Notifications of directors dealings during financial year 2014/15

proxy. The necessary voting right authorisation must be pro- have been published on the website www.metrogroup.de in the section
Investor Relations Legal Announcements.
vided in written form. To the benefit of shareholders, eased
formal stipulations apply in certain cases. These are described
in the invitation to the Annual General Meeting, for example, The ownership of METRO AG shares held by all members of
for issuing voting right authorisations to banks or shareholder the Management and Supervisory Boards totalled less than
associations. 1 per cent of the shares issued by the company as of
30 September 2015.
Shareholders may also authorise company-appointed proxies
to exercise their voting rights (known as proxy voting). The
MANAGEMENT REPORT
COMBINED
following rules apply: in addition to voting right authorisations, Audit
shareholders must also provide instructions on how to exercise
these voting rights. The proxies appointed by the company are Audits 2014/15
obliged to vote according to these instructions. For the assign- On 20 February 2015, the Annual General Meeting of METRO AG
ment of voting rights during the Annual General Meeting for elected KPMG AG Wirtschaftsprfungsgesellschaft (KPMG) to
those shareholders who initially participate in the Annual Gen- be the auditor for financial year 2014/15. The Supervisory
eral Meeting but who want to leave early without forgoing the Boards commissioning of the contract to carry out the audit of
exercise of their voting rights, proxies appointed by METRO AG the financial statements considered the recommendations listed
are also available. Of course, the right to appoint other proxies in Subsection 7.2 of the German Corporate Governance Code.
to exercise ones voting rights is not affected by this. The de-
CONSOLIDATED
tails on proxy voting are listed in the invitation to each Annual Throughout the audit, which was completed in December 2015,
General Meeting. KPMG made no reports to the Supervisory Board regarding
grounds for disqualification or conflicts. There was also no
In the interest of shareholders, the chairperson of the Annual evidence that any existed. Furthermore, in the course of the
General Meeting, who as a rule is the chairperson of the Super- audit, there were no unexpected substantial findings or events
visory Board, works to ensure that the Annual General Meeting concerning Supervisory Board functions. As a result, an extra-
is conducted efficiently and effectively. The objective is to ordinary report from the auditor to the Supervisory Board
complete a regular METRO AG Annual General Meeting within was not required. The auditor found no deviations from the
four to six hours at the most. Management and Supervisory Boards statements of compli-
ance with the German Corporate Governance Code.
SERVICE
Auditors impartiality tors impartiality is a key precondition for fulfilling these two
The auditor fulfils two key functions. The auditor supports the functions. METRO AGs Accounting and Audit Committee there-
Supervisory Board in exercising corporate control. At the same fore reviews the impartiality of the auditor at least once a year
time, the audit activities provide the basis for the trust of the in its meeting.
general public and capital market participants, in particular, in
For more information about the topic of corporate governance

the accuracy of the annual financial statements, notes to the at METRO GROUP, see the website www.metrogroup.de in the section
Company Corporate Governance.
financial statements and the management reports. The audi-
GOALS AND ZUSAMMENGEFASSTER
COMBINED CONSOLIDATED
KONZERNABSCHLUSS SERVICE
STRATEGY MANAGEMENT REPORT
LAGEBERICHT FINANCIAL STATEMENTS
48 metro casH & carrY
49 meDia-saturn
47 metro GrouP
50 real
Goals anD
strateGY
METRO GROUP ANNUAL REPORT 2014/15 GOALS AND STRATEGY
METRO GROUP P. 47
GOALS AND STRATEGY
METRO GROUP Transform

Our customers needs and expectations form the starting point
METRO GROUP, based in Dsseldorf, is a leading international for all our strategic considerations. Which product ranges do
retail company. Worldwide, more than 220,000 employees they need in their local stores? Can we offer new services to
dedicate themselves to optimally fulfilling the expectations of pique the interest of consumers or professional customers in
our customers. Our operating business focuses on wholesale our business models? Which sales channels do we have to
and retail, including online retail. In these areas, our three develop to meet our customers increasing demands? Using
independent sales lines are leaders: these questions as our starting point, we have already made
METRO Cash & Carry is a leading international significant strides in the areas of multichannel marketing,
player in self-service wholesale trade. delivery, franchising and own brands. In these and other areas,
Media-Saturn is number one among consumer we are rigorously forging ahead with the strategic repositioning
electronics stores in Europe. of our sales lines.
Real is one of the leading hypermarket
MANAGEMENT REPORT
COMBINED
companies in Germany. Grow
Our second focal point is growth in all business segments. We
With their products and services, our sales lines serve profes- intend to achieve this first and foremost by improving sales per
sional and private customers in 30 countries in Europe and square metre of selling space in existing stores. An absolute
Asia. To reach new target groups and establish long-term focus on the customer and engaging in socially and environ-
relationships with customers, the sales lines are tapping new mentally responsible business practices are crucial to this
sales channels and increasingly dovetailing their store-based effort. We also aim to significantly improve customer satisfac-
business with online retail. In addition, Media-Saturns subsid- tion. To raise our appeal to consumers and professional cus-
iaries offer pure online shopping options. tomers, we are making targeted investments in new services.
In addition, we are selectively adjusting our sales lines price
CONSOLIDATED
Focus on customer value levels to further bolster their competitive positions. Finally, we
The objective of METRO GROUPs strategy is generating long- are realigning our incentive systems for employees to encour-
range, sustainable growth. First and foremost, our aim is to age additional productivity enhancements.
improve like-for-like sales and earnings. We are also boosting
our performance strength and appeal by optimising our cost Improve
position and cash flow, improving our margins and reducing A companys competitiveness depends as much on its process
our net debt. The prerequisite for METRO GROUPs long- performance as on an attractive product and service offering.
range, sustainable growth is our persistent focus on creating Our objective is to create streamlined, effective organisational
value for our customers. Five focal points guide us in this structures. For this reason, we must continually examine our
work: transform, grow, improve, expand and innovate. They processes, systematically review our country portfolio and
provide the strategic framework for our business activities improve our cost structure. In this way, we can improve our
and lend a shared direction to our group across all sales lines cash flow and create headroom for additional investments.
and companies.
SERVICE
METRO CASH & CARRY P. 48
Expand product sales into a partner who is systemically important to its

Efficient processes, optimised cash flow and sales growth with customers and thus does not only offer products, but addresses
stable or improved earnings represent the foundation for our its customers needs with holistic solutions.
further expansion outside our home market of Germany. After
all, our mission is to invest in a business model that is customer- In order to achieve these goals faster, the sales line has
focused, competitive and sustainable. Many countries in which identified two central action areas: establishing the New
METRO GROUP is active offer excellent opportunities for en- Operating Model and at the same time strictly implementing
hancing our footprint. We are currently focusing our expansion the strategic repositioning that has already been initiated.
and are seizing new opportunities: by opening new stores in
such countries as China, Russia, Turkey and India as well as by New Operating Model
enhancing our offering in all other countries. This explicit focus on customer and market requirements
guarantees METRO Cash & Carrys future profitable growth and
Innovate an increase in company value.
Creating value for customers means responding to changing
needs early on or even shaping this change by recognising METRO Cash & Carry launched the New Operating Model in
technological, societal and consumer trends, by identifying financial year 2014/15. In the context of the introduction of the
their potential relevance to our own business and by devising new management model, the individual METRO Cash & Carry
specific solutions such as new processes or sales concepts. countries were divided into the three clusters Horeca (focusing
This work begins by firmly anchoring business innovation on hotels, restaurants and catering firms), traders (focusing on
within our company structure as well as defining innovation independent resellers such as kiosk operators, bakers and
focal points that are relevant to our customers and hold growth butchers) and multispecialists (focusing on Horeca, traders
potential. The key is cultivating a structured network with in- and service companies and offices). This categorisation was
ternal and external experts. This approach forms the founda- guided by the strategic focus on customer groups and ex-
tion of our innovation management. pected market potential. Together with the responsible mem-
ber of the Management Board, the management of the METRO
For more information about innovation management at METRO GROUP,
see the chapter principles of the group innovation management. Cash & Carry segment is responsible for the three clusters.
Three operating partners are mandated with the individual
Framework for sustainable growth clusters and support the countries with overarching measures
Our business objectives are aligned with ecological and social geared towards specific customer groups. In line with the New
requirements. For this reason, we have firmly anchored the Operating Model, strategy and financial planning (Value Cre-
principle of sustainability within our corporate strategy. Our ation Plans) starts with the customer and the various market
sustainability vision serves as a group-wide foundation for the segments with the objective of identifying and exploiting the
long-term transformation of METRO GROUP: METRO GROUP. additional potential for METRO Cash & Carry in the individual
We offer quality of life. For our customers, for our employees, countries. To achieve this objective, the company specifically
for all who work for us, for the environment and for society. aims to better understand the requirements of selected key
For more information about sustainability management at METRO GROUP,
customer groups to support the transformation from a trans-
see the chapter principles of the group sustainability management. action-based partner into a systemically important partner.
The new model is based on the approach used by private equity
companies and the associated concept of active ownership. It
METRO Cash & Carry represents a further step towards promoting entrepreneurial
spirit within the organisation by transferring not just greater
The goal of METRO Cash & Carry is to become the champion responsibility but also greater creative freedom to the national
for independent business. The company wants to become a subsidiaries of METRO Cash & Carry while also providing for
preferred partner for selected customer groups in the food the international coordination of measures geared towards
service, independent retailer and service provider sectors, which specific customer groups. The New Operating Model is sched-
results in a significant market share among these customer uled to be fully implemented by October 2016.
groups. To achieve this goal, METRO Cash & Carry will have to
develop from a transaction-driven supplier primarily focused on
MEDIA-SATURN P. 49
Implementing the initiated strategic repositioning ants and catering firms with a special focus on Asia, is one
Increase customer value: the explicit focus on the customer example of this. In light of changing customer needs and mar-
with the aim of generating added value, which clearly distin- ket conditions, METRO Cash & Carry will continue to constantly
guishes the company from others, is an inherent component of examine its portfolio to see whether strategic goals with regard
METRO Cash & Carrys mission statement and, through this, is to profitable growth, market shares or increased company
firmly entrenched in its strategy. All measures including value can be achieved.
those aimed at the strategic transformation of METRO
Cash & Carry begin from the customers perspective and are Innovate
coupled with the question of the extent to which this can in- Innovation, both in the core business of wholesale and in de-
crease customer value, both now and in the future. livery as well as in the management of target customer
groups, is a fundamental part of this strategy. In this way,
This perspective is not limited to product transaction. In METRO Cash & Carry supports its customers by developing
order to be able to generate unique added value for the innovative and digital solutions, for example, for the food ser-
customer, the business model and the customers needs vice sector, through such initiatives as the Techstars METRO
must be understood integrally. Based on this, METRO Accelerator programme.
Cash & Carry will offer solutions that can help to shape
customer segments in the future, thereby transforming the
customer relationship into a strategic partnership. Media-Saturn
Transform and grow Media-Saturn is number one among consumer electronics
METRO Cash & Carry operates in 26 countries in Europe and stores and the associated products and services in Europe, with
Asia. The markets in the various countries are at different sustainable and profitable market positions in selected coun-
stages of maturity. As a result, the focal points for the target tries. The group of companies regards itself as a partner, daily
customer groups differ significantly in the various countries. companion and navigator for consumers in the fascinating but
MANAGEMENT REPORT
COMBINED
Because the countries stages of development are changing increasingly complex digital world.
continuously, relevant changes must be anticipated at an early
stage and local business models transformed based on the Increase customer value
changes in the requirements and customer segments in the Increasing connectivity has resulted in a radical evolution of
respective country. In this process, METRO Cash & Carry also customer demands. Only a few years ago, store-based retail
draws on experience from the countries in its current portfolio still served as the starting and finishing point in the purchasing
and in company history. process. Today, in contrast, the decision-making process can be
begun and completed anywhere.
Growth is a key component of company strategy. The wholesale
stores are the most important growth platform. They have al- Media-Saturn has responded to this by transforming the basic
CONSOLIDATED
ready contributed to the growth of METRO Cash & Carry for nine formats of Media Markt and Saturn into 360-degree retailers
successive quarters with an increase in like-for-like sales. The focused entirely on the customer. Everything is tailored to the
expansion of the existing business model through the develop- customers needs: from the supply chain through the design of
ment of the delivery service, predominantly to customers from the stores right up to customer relationship management and
the food service sector, will remain a crucial growth driver. downstream services. In this constellation, the store is given a
significantly more diverse role than it previously had. It trans-
Improve and expand forms from a shopping location into a digitally networked mar-
The opening of new wholesale stores, with a focus on Russia, ketplace, showroom and service centre.
China, India and Turkey, will make a significant contribution to
the expansion of METRO Cash & Carry. In addition, the sales Transform and grow
line will increasingly grow as a result of company takeovers. Online business is the key growth driver for Media-Saturn. This,
The acquisition of the Classic Fine Foods group in financial year in turn, is being driven by the dovetailing of online and store-
2014/15, a delivery service provider for premium hotels, restaur- based retail into 360-degree retail.
SERVICE
REAL P. 50
The amalgamation of pure-play online activities into the Elec- repair service provider RTS, for example, Media-Saturn will be
tronics Online Group (EOG) also plays an important role in this able to offer a significantly larger range of services in the fu-
development. The EOG has three functions: First, it further ture. Then, the spectrum will encompass the planning, installa-
develops company shareholdings apart from Redcoon, the tion, servicing, maintenance and repair of the most diverse
EOG also includes attractive business models to cater to differ- products from domestic appliances through smartphones
ent customer segments and customer expectations. These and televisions right up to entire smart homes. In the future,
include, for example, the live shopping platform iBOOD, which Media-Saturn aims to offer all these services both in store as
was acquired in financial year 2014/15. Second, the EOG also well as directly at the customers home.
operates as a founder of start-up companies (incubation).
Third, as part of the Spacelab accelerator programme, it
creates loyalty to Media-Saturn among start-up companies Real
across the entire value chain of consumer electronics retail.
Reals objective is to become the number one shop for all po-
Improve tential customers with their diverse needs. In this respect,
Better basic infrastructure will be the backbone for future increasing relevance and appeal among customers is of de-
success. Logistics is a case in point. Until now, delivering to the cisive importance to gain market share in Germany, with the
stores was the prime objective of logistics. Today, more than topic of sustainability continuing to play a key role across the
ever, the customer dictates the time and location of the deliv- company. A simultaneous focus on economic, ecological and
ery. Any company that can organise customised goods flows social criteria will determine strategic decisions along the
will gain a competitive edge in procurement, planning and entire value chain from the design of assortments to the
distribution. profitability of measures and processes.
The portfolio of countries and the sales formats offered there The next generation of the Real sales concept will build on a
are continuously being optimised. The starting point for this foundation of profitable and sustainable growth. To achieve this,
process is provided by a group-wide modular system of formats it is essential to continue the implementation of the efficiency
and concepts, which enables formats to be adapted on a decen- programme for competitive cost structures. This comprises
tralised basis to individual local conditions. optimisation measures in supply chain management and in the
store portfolio, establishing more efficient procurement part-
Innovate nerships as well as adapting the wage structure to the chal-
Because retail has only begun to address the topic of digitalisa- lenges inherent in retail and competition. In the coming finan-
tion, continuous development has become part of the Media- cial years, Real must continue its transformation in tandem
Saturn strategy. This enables the company to recognise and with demographic change and digitalisation and integrate
integrate innovations and become an initiator for its market future market trends and the successful store concept within
environment, customers and employees. Apart from the activ- the company.
ities of the EOG, these innovations also concern the areas of
digital innovation as well as product and service innovation. In its continued development, Real focuses on a high level of
customer satisfaction and a greater number of customer
Digital innovation includes the digitalisation of the business touchpoints. The customer will be shifted even more distinctly
model, particularly in the stores. The group of companies tests to centre stage in an all-encompassing and comprehensive
new concepts here and introduces them at the international strategy. The Real sales concept of the future aims to pique
level if they are successful. They start with navigation aids for customers interest and inspire them even more. For this rea-
customers in the store and extend to digital price tags which son, a high level of service orientation, convenience and value
customers will be able to link to their smartphones in the for the customer are clearly at the forefront of this focus. The
future to access additional information such as product com- aim is to enable Real to stand out within a dense competitive
parisons or reviews. environment with a unique profile in the German food industry.
In the process of digitalisation, customers will no longer
Product and service innovation comprises new additional offer- choose exclusively store-based or purely online offerings in the
ings for customers. With the acquisition of the customer and
REAL P. 51
future. Instead, customers will look for the best possible com- agement. In this context, it is irrelevant which channel they
bination from an omnichannel portfolio. choose. Instead, whether store-based or networked, customers
should be offered an all-in-one solution.
For this reason, the development of the online non-food busi-
ness is an inherent component of Reals strategy, and the im- In line with changing customer demands and needs, Real in-
plementation of a functioning and economically viable online tends to implement further modernisation measures based on
distribution concept for food is being pursued. the successful model of its Essen store over the next few years.
This, however, requires competitive cost structures. The in-
These strategic objectives will also determine the require- creasingly tight-knit networking between online and offline will
ments for future internal corporate processes and the design of play a decisive role here. In addition, topics such as ultra-fresh
the IT landscape both externally and internally. Real must be produce, regionality, assortments, service and stock optimisa-
capable of supporting potential customers from the beginning tion will be of key importance.
of their purchase decision process right up to after-sales man-
MANAGEMENT REPORT
COMBINED
CONSOLIDATED
SERVICE
comBineD
manaGement 55 oVerVieW of financial Year
2014/15 anD outlook
rePort 56 PrinciPles of tHe GrouP

56
59
61
Group business model
Management system
Innovation management
66 Sustainability management
75 Employees
87 Characteristics of the accounting-related internal
control and risk management system and
explanatory report of the Management Board
91 economic rePort
91 Macroeconomic and sector-specific parameters
96 Asset, financial and earnings position
96 Financial and asset position
103 Earnings position
MANAGEMENT REPORT
COMBINED
116 rePort on eVents after tHe
closinG Date anD outlook
121 risk anD oPPortunitY rePort
139 remuneration rePort
153 notes Pursuant to 315
section 4 anD 289 section 4
of tHe German commercial coDe
anD eXPlanatorY rePort of
tHe manaGement BoarD
160 suPPlementarY notes for
metroaG (Pursuant to tHe
German commercial coDe)
METRO GROUP ANNUAL REPORT 2014/15 COMBINED MANAGEMENT REPORT
OVERVIEW OF FINANCIAL YEAR 2014/15 AND OUTLOOK P. 55
COMBINED MANAGEMENT REPORT
Overview of Outlook of METRO GROUP

financial year 2014/15 The forecast is based on the current group structure and refers
and outlook to currency-adjusted figures. In addition, it is based on the
assumption of a persistently complex geopolitical environment.
Earnings position
Sales
METRO GROUPs like-for-like sales climbed by For financial year 2015/16, METRO GROUP expects to see a
1.5 per cent in financial year 2014/15 slight rise in overall sales, despite the continuously challenging
Due to negative currency and portfolio effects, economic environment.
reported sales for financial year 2014/15 decreased
by 1.2 per cent to 59.2 billion In like-for-like sales, METRO GROUP foresees another slight
(in local currency: +0.5 per cent) increase that will follow the reporting years rise of 1.5 per cent.
EBIT from continuing operations before special items: The sales lines METRO Cash & Carry and Media-Saturn in
1,511 million (2013/14: 1,531 million) particular are expected to contribute to both total sales and
Profit or loss for the period before special items: like-for-like sales growth; we expect the Real sales line to
688 million (2013/14: 673 million) improve its performance compared with the past financial year.
Earnings per share before special items improved to
1.91 (2013/14: 1.84) Earnings
In financial year 2015/16, earnings development will also be
shaped by the persistently challenging economic environment.
Financial and asset position
Nevertheless, METRO GROUP is confident that it can again
CONSOLIDATED
Net debt declined by 2.2 billion to 2.5 billion achieve an earnings increase as a result of the progress it has
(30/9/2014: 4.7 billion) made and will continue to make in transforming its business
Investments totalled 1.4 billion models. Aside from operational improvements, METRO GROUP
(2013/14: 1.0 billion) will again closely focus on efficient structures and strict cost
Cash flow from operating activities reached 1.8 billion management in this context in financial year 2015/16.
(2013/14: 2.0 billion)
Total assets amounted to 27.7 billion For these reasons, we expect EBIT before special items to rise
(30/9/2014: 28.2 billion) slightly above the 1,511 million achieved in financial year
Equity: 5.2 billion (30/9/2014: 5.0 billion); 2014/15, including income from real estate sales. METRO
equity ratio: 18.7 per cent (30/9/2014: 17.8 per cent) Cash & Carry and Media-Saturn in particular are expected to
Long-term rating: BBB (Standard & Poors) contribute to this development, while the development of the
Real sales line will depend on the successful implementation of
the measures that have been initiated.
SERVICE
PRINCIPLES OF THE GROUP GROUP BUSINESS MODEL P. 56
PRINCIPLES OF THE GROUP
Group business model METRO Cash & Carry is responsible for the groups wholesale
business, Media-Saturn for consumer electronics retailing and
Real for hypermarkets. All sales lines have undivided responsi-
METRO GROUPs corporate structure is characterised by a bility for their entire value chain from procurement to logis-
clear division of responsibilities. The group is headed by tics to store-based retail and online sales.
METRO AG. As a central management holding company, it
oversees group management functions, including, in particular, Galeria Kaufhof was sold to Hudsons Bay Company (HBC)
Finance, Controlling, Legal and Compliance. The central man- during financial year 2014/15. The transaction was successfully
agement and administrative functions for METRO Cash & Carry completed at the end of September 2015. Due to the sale,
are formally anchored within METRO AG. Galeria Kaufhof is no longer shown as a separate segment, but
under discontinued operations.
The groups operational business is handled by our three sales
lines. In some cases, the sales lines operate in the market Service companies support all METRO GROUP sales lines with
with several sales brands or through subsidiaries, depending services in such areas as real estate, logistics, information
on the respective strategy, segment and specific competitive technology and advertising. Together with METRO AG as a
environment. management holding, they are recognised under Others.
Overview of METRO GROUP
METRO GROUP
METRO AG
Media Markt
METRO Cash & Carry
Saturn Real
MAKRO Cash & Carry
Redcoon
Overview of METRO GROUP
METRO Cash & Carry is a leading international player in self-service wholesale trade. Its brands
METRO and MAKRO operate in 26 countries throughout Europe and Asia. The wholesale stores offer
products and services tailored to the specific needs of professional customers, such as hotels and res-
taurants, catering firms, independent retailers, service providers and public authorities. In August 2015,
METRO GROUP acquired the Classic Fine Foods group (CFF). CFF is active in 25 mostly Asian cities in
14 countries and supplies premium hotels, restaurants and catering firms. At the end of 2014, METRO
Cash & Carry closed its stores in Denmark. The wholesale business in Greece was disposed of in Janu-
ary 2015. The sale of the wholesale activities in Vietnam is scheduled to close in financial year 2015/16.
Media-Saturn is Europes number one consumer electronics retailer. The sales lines success is based
on a combination of factors: the strong Media Markt and Saturn brands, a decentralised organisational
structure with local managing directors holding minority stakes, and the close dovetailing of all distribu-
tion channels and services in a seamless offer for customers. In pure online retail, Media-Saturn has a
presence in eight countries through the online retailer Redcoon, a fully owned subsidiary of Media-
Saturn, and is represented in Russia through the 003.ru brand. In addition, Media-Saturn acquired a
majority stake in live shopping portal iBOOD in April 2015 and a majority stake in repair and services
provider RTS in August 2015, thereby expanding its consumer services offering. The closing took place
in October 2015.
Real is one of the leading hypermarket operators in Germany, where it is active both in store-based and
online retail. All Real hypermarkets are characterised by a large proportion of high-quality fresh pro-
duce, a wide range of non-food articles and attractive prices offering good value for money.
CONSOLIDATED
SERVICE
Store network by countries and segments
METRO Cash & Carry1 Media-Saturn Real METRO GROUP Discontinued operations
2014 2015 2014 2015 2014 2015 2014 2015 2014 2015
Germany 107 107 415 417 307 293 829 817 122 118
Austria 12 12 47 48 59 60
Belgium 15 15 23 23 38 38 15 16
Denmark 5 0 5 0
France 93 93 93 93
Italy 49 48 117 110 166 158
Luxembourg 2 2 2 2
Netherlands 17 17 45 49 62 66
Portugal 10 10 9 9 19 19
Spain 37 37 72 77 109 114
Sweden 27 27 27 27
Switzerland 25 27 25 27
Western Europe
(excl. Germany) 238 232 367 372 605 604 15 16
Bulgaria 14 11 14 11
Croatia 7 8 7 8
Czech Republic 13 13 13 13
Greece 9 0 10 10 19 10
Hungary 13 13 21 21 34 34
Kazakhstan 8 7 8 7
Moldova 3 3 3 3
Poland 41 41 71 79 112 120
Romania 32 31 4 02 36 31
Russia 73 84 63 67 136 151
Serbia 10 10 10 10
Slovakia 6 6 6 6
Turkey 28 29 39 41 67 70
Ukraine 33 32 33 32
Eastern Europe 290 288 204 218 498 506
China 78 82 78 82
India 16 18 16 18
Japan 9 9 9 9
Pakistan 9 9 9 9
Vietnam 19 19 19 19
Asia/Africa 131 137 131 137
International 659 657 571 590 4 0 1,234 1,247 15 16
METRO GROUP 766 764 986 1,007 311 293 2,063 2,0683 137 134
1 The METRO Cash & Carry segment also includes the business of the Classic Fine Foods group in China (including Hong Kong), France, Indonesia, Japan, Korea, Macau,
Malaysia, the Philippines, Singapore, Thailand, the United Arab Emirates, the United Kingdom and Vietnam. The locations and countries of the Classic Fine Foods group
are not shown in the table as they relate to distribution centres and warehouses whereas this table only covers sales locations.
2 As of financial year 2014/15, the four stores in Romania are shown in the Others segment
3 Including four stores in the Others segment

PRINCIPLES OF THE GROUP MANAGEMENT SYSTEM P. 59
Management system Alongside sales growth, EBIT before special items is one of the
groups key performance indicators. Adjustment for special
items reflects a focus on operational developments and serves
METRO GROUPs rigorous focus on creating added value for to enhance comparisons between the reporting periods.
customers is also reflected in our internal management system.
For more information about special items, see the economic report
The primary objective is to create sustained value for the com-
asset, financial and earnings position earnings position.
pany by focusing on added value for customers. For this reason,
METRO GROUP has been using value-oriented performance Earnings per share and profit or loss for the period are also
metrics since 2000 to plan, manage and monitor business activ- included in METRO GROUPs key performance indicators. They
ities. The corresponding value drivers that have a direct impact integrate the tax and net financial result into management of
on value creation form the core of our operational management the earnings position and enable shareholders to better assess
system. Our focus in this process is on growth (sales), oper- the groups earnings position.
ational efficiency (EBIT) and optimised capital deployment. For more information about these key performance indicators, see the
economic report asset, financial and earnings position earnings position.

Please note that, in line with the formal specifications of Ger-
man Accounting Standard No. 20 (GAS 20), only the most
meaningful key performance indicators (sales growth as well Key performance indicators:
as EBIT before special items) are part of the outlook and the
financial and asset position
comparison with actual business developments in the following
year that is based on this outlook. Voluntary forecasts of other METRO GROUP manages its financial and asset position to
key figures will no longer be included in the outlook, but in the ensure the long-term liquidity of group companies and cover
respective chapters of the combined management report, their funding requirements in a cost-efficient manner.
which are indicated in the following. Unless otherwise stated, For more information about the financial and asset position,
the key figures in line with the consolidated financial state- see the economic report asset, financial and earnings position financial and
ments, which are prepared pursuant to International Financial asset position.
Reporting Standards (IFRS), are used.

Performance metrics include investments, which are planned
and reported on aggregate group level as well as separately for
Key performance indicators: the sales lines. In addition, the Management Board conducts
earnings position differentiated assessments of various investments (for ex-
ample, expansion and online business) with a view to enhancing
For METRO GROUP as a retail company, sales growth repre- customer value and METRO GROUPs company value.
sents a key operational performance indicator. As a result,
sales growth is one of the key metrics of METRO GROUP and is Aside from the focus on investment, regular net working
CONSOLIDATED
reported both as total sales in euros and as like-for-like sales capital analyses are carried out to ensure a focus on oper-
in local currency. To enhance its assessment of operational ations and optimised capital deployment.
developments, the Management Board also regularly informs For more information about the composition of net working capital,
itself about the key drivers of sales development, such as the see the notes to the consolidated financial statements in no. 42 notes to the
online or delivery business. cash flow statement.
SERVICE
PRINCIPLES OF THE GROUP MANAGEMENT SYSTEM P. 60
Investments and net working capital not only impact customer Value-oriented performance metrics
benefits and the companys value creation, but also have an
effect on the companys indebtedness and financial position. In As METRO GROUPs management system is strongly focused
this context, cash flow before financing activities and net on value creation for the company, it also comprises value-
debt serve as key performance indicators for liquidity and the oriented key performance indicators such as EBIT after cost of
capital structure. capital (EBITaC) and return on capital employed (RoCE),
which are based on the above-mentioned operational key per-
For more information on these key performance indicators, see the economic
report asset, financial and earnings position financial and asset position. formance indicators.
For further details on these performance metrics, please see

the economic report asset, financial and earnings position earnings position.
PRINCIPLES OF THE GROUP INNOVATION MANAGEMENT P. 61
Innovation management Innovation strategy planning process
1
As a retail company, METRO GROUP does not make its own Identify relevant macro and micro trends
products and therefore does not conduct research and devel-
opment in the strict sense of the term. When it comes to innov-
ation management, we concentrate more on pursuing the
objective of fuelling our transformation within a world that is
constantly reinventing itself. 2
How will this impact the daily lives
Both our sector and our customers currently find themselves in of our customers in the future?
a profound transformation process which is being driven in
particular by megatrends such as digitalisation and social
change. These trends have a great impact on the way our cus- ... what we value ... how we live
tomers live, work and consume. Our aim is to support our

customers in this change process and become a relevant part- ... how we eat
ner for them. We are thereby faced with the challenge of having ... how we work ... how we shop
to change ourselves, because as retailers, we can no longer be

satisfied with simply providing access to products for our cus- 3
tomers regardless of whether online or offline. In order to Define future vision and business models
How can you move up the pyramid to add value to
successfully shape the retail of the future, we have to offer our your offer and your communication strategy?
How to engage with your customers in the future?
customers added value and involve them more closely. To How to become the gatekeeper which owns the digital
achieve this, we need new business models that enable us to touchpoint and defines the market rules?
What role do stores play in each of these digital
generate content and offer it to our customers. To that end, business models?
METRO GROUPs Business Innovation organisational unit is
working together with the sales lines on a customer-centred
process that is designed to optimally support everyone involved
lue
va
Collaborate
and that can be appropriately adjusted with an eye to the cus-
er
tom
Connect
tomer groups of the various sales lines (see graphic).
us
Source: David L. Rogers, The network is your customer, Yale University Press, 2010
gc
Customise
sin
rea
Engage
In the course of this process, digitalisation, social change, urban-
Inc
Access
isation and sustainability were identified as the most important
trends that will most strongly influence and change peoples
value systems, lives, work and consumption patterns. On the 4
CONSOLIDATED
basis of these analyses, we ask the following questions: How can Define detailed business models
we involve our customers more closely in future? How can we using business model canvas
become the defining player in the retail sector? Which role does
store-based retail play in digital business models? At the same
time, our aim is to increase the customer benefit as best we can,
and thus ensure that price is no longer the only decisive argu-
ment. Instead of merely facilitating access to products, we wish
to involve customers, further personalise our offers, network 5
Trial of strategy
with our customers and, in the best case, collaborate with them.
Pilot and prototype to get customer feedback at an early stage
Only when the framework conditions and benefits have been
decided on will detailed business models be defined and
pilot projects implemented. In the process, innovation man-
agement concentrates on a number of clearly defined focal
SERVICE
topics (see graphic). In the course of financial year 2014/15,

the new focal area of Horeca Services was added to the exist- business start-ups in the retail and food service sectors and
ing innovation fields. The new field relates to the introduction of METRO GROUP and its sales lines. At the gatherings in Ds-
digital services and solutions for hotel and restaurant owners seldorf, business founders present their ideas and business
as well as catering firms. Of the two million businesses that are models and then network with other founders, experts and
active in the hospitality sector in Western Europe alone, representatives of METRO GROUP. Here, valuable contacts
1.4 million are METRO Cash & Carry Horeca customers. How- are established, which have already resulted in start-up busi-
ever, the digital services market for this group of customers is nesses having been able to implement pilot projects within
still unoccupied. At the same time, there are many young entre- the METRO GROUP sales lines. Examples of this are the
preneurs who offer digital solutions but are unable to im- listing of craft beer of the Berlin-based company BRLO at
plement them in their own business models or at a larger scale Emmas Enkel as well as initial test activities with Instagram
without support. We see considerable potential in this area and printing stations and terminals at METRO Cash & Carry. The
therefore created a new focal area at the end of financial year service offered by Dinnery will be presented at a pop-up store
2014/15: Digital Horeca. METRO GROUPs goal is to provide at the Weserpark shopping mall in Bremen from 24 Septem-
Horeca customers with digital tools that enable them to grow ber to 23 December 2015: this start-up supplies gourmet
more quickly and more easily manage their processes. boxes with freshly pre-cooked components that contain all
the ingredients customers need to create a menu in high-end
METRO GROUP is actively seeking businesses across Europe, professional quality. POSpulse, a start-up that deploys private
the USA, Asia and Africa that fit in with its innovation strategy. citizens as scouts for the purpose of analysing retail at the
When making investments, METRO GROUPs focus is on sig- point of sale, was given the opportunity to conduct a pilot
nificantly supporting start-up businesses in achieving growth. project with Media-Saturn. This solution is meanwhile being
In December 2014, we acquired a 15 per cent share in Emmas used as a market research instrument by the sales line.
Enkel, a company that combines traditional local supply with
modern online retail. Since April 2015, METRO GROUP has However, innovation management also has an impact on the
held an 18.33 per cent share in Culinary Agents, an American process of cultural change within the company. The emphasis in
online job network that specialises in the placement of quali- this case is on fostering the understanding that the company
fied personnel in the hospitality sector. must constantly and ever more quickly reinvent itself in order to
cope with the digital age. The aim is to remove the fear of change
Another aspect of our innovation management is positioning and create an understanding that everyone can and must play a
METRO GROUP as an interesting and reliable partner for start- role in shaping change. As a first step towards this, a series of
up businesses and making active use of METRO GROUPs workshops has been created that is designed to familiarise em-
strengths for this purpose. Our aim is to foster collaboration ployees with innovative topics in an easily understood way. With
with business founders and young entrepreneurs as well as to the internal social network UNITED, METRO GROUP has also
strengthen and support start-up structures in general. With a created a new communication and interaction platform in the
view to these objectives, METRO GROUP has provided financial reporting year that enables employees to network efficiently with
and content-related backing for several events on this topic one another and work together across national boundaries on
in the course of 2015. One example of this is a series of the development of ideas. In this way, METRO GROUP also active-
events entitled Innovation in Retail Meetup, through which ly supports the change process in its everyday work.
we have created a platform for exchange between innovative
The six areas of innovation at METRO GROUP
1 2 3 4 5 6
Offer products Integrate sales Individualise and Deliver the right Introduce and link Introduce
via mobile devices channels and continue improve effectiveness products at the right new products and digital services
that had previously to develop new chan- and efficiency of time to the right services and solutions for
only been nels e-commerce, marketing, customer place for the lowest Horeca customers
available online mobile commerce, relationship price possible
food e-commerce management and
smart data
Working in close collaboration, the sales lines are already test- company Techstars, one of the most internationally renowned
ing and successfully implementing numerous innovations in the start-up networks, as well as the digital agency R/GA.
six fields indicated. Selected examples are outlined below. Techstars METRO Accelerator is targeted at business found-
ers with innovative technological applications for use in the
METRO Cash & Carry is intensively working on serving cus- food service, hospitality and catering sectors. The programme
tomers as an ideal partner in their everyday working lives. One provides for experienced mentors and experts to support
of the goals is to provide Horeca customers with increased selected start-up enterprises in successfully developing their
support regarding digitalisation processes. To this end, in business during a period of three months. During the pro-
financial year 2014/15, METRO GROUP entered into a strategic gramme phase, the business founders also work closely with
partnership with the online job network Culinary Agents. The representatives of the METRO Cash & Carry national subsid-
American start-up works with a self-developed, dynamic iaries for an initial pilot project. On so-called Demo Day in
technology that directly connects talents with businesses. The January 2016, the teams will present their business concepts
network also offers tools for the selection and management of to an audience of international investors, leading industry
CONSOLIDATED
applicants and communication with them. With its participa- representatives and the general public. The Techstars METRO
tion in Culinary Agents, METRO Cash & Carry offers its im- Accelerator is the first support programme worldwide to
portant customer groups of restaurateurs, hoteliers and focus on technology applications for the hospitality sector.
caterers an added service for their day-to-day business suc-
cess. Culinary Agents, which already operates in more than In order to guarantee the customers a unique shopping and
30 cities in the United States, was launched in Europe in Octo- freshness experience, METRO Cash & Carry is also working on a
ber 2015, initially in Italy and France, with other countries pilot project with the Berlin start-up Infarm. The objective is to
scheduled to follow in 2016. introduce indoor farming to the METRO Cash & Carry whole-
sale stores. Infarm specialises in the sustainable cultivation of
To be able to offer the customers of METRO Cash & Carry new shoots and sprouts, herbs and even lettuce varieties in enclosed
services and technologies in the future, METRO GROUP spaces. With the aid of technical installations, the plants are
launched its Techstars METRO Accelerator in the course of grown directly in store and sold directly to the customers.
financial year 2014/15. This new support and development
SERVICE
programme is being undertaken jointly with the American

At Media-Saturn, various innovations have proved themselves In the context of its 15 per cent stake in Emmas Enkel,
in the field of goods delivery. Express delivery and delivery at METRO GROUP has been testing new multichannel concepts in
a time of the customers choice have now become a firm small-format food retail in Germany. Real is acting as an oper-
feature among the range of services offered to customers. In ating partner, supplying Emmas Enkel with high-quality food
order to optimally fulfil their expectations and wishes, Media- products, fresh regional produce, household and drugstore
Saturn is also working with the Business Innovation unit on articles as well as own-brand products. Through the city-centre
new market formats. Emmas Enkel stores and the online shop, the sales line is
reaching new customer groups, thus creating a new sales
Additionally, in autumn 2014, Media-Saturn launched a project channel for itself.
with Shopkick, a mobile shopping service provider. With the aid
of the Shopkick app, the attention of customers is drawn to But other new technologies are also being introduced to the
products and offers in shops in their vicinity. On entering a stores of our sales line. For example, Real is offering its cus-
shop, the customer is rewarded with kicks, which can then be tomers new payment systems. These include self-checkouts
exchanged for vouchers through Shopkick. To make this and and cash registers equipped with wireless near field communi-
other services possible, Shopkick uses beacons. These are tiny cation (NFC) transmission technology. With NFC, contactless
transmitters that emit signals which can be received by corres- purchases can be made using compatible cards or mobile
pondingly configured smartphones. Media-Saturn wanted to try phones. In connection with the launch of this technology, Real
out the new technology and therefore entered into the part- is participating in the mobile payment initiative NFC City Berlin.
nership with Shopkick. Media-Saturn also uses Shopkick to The biggest nationwide project of its kind, for which the com-
engage in targeted, personalised marketing with the app. As a pany GS1 Germany created the platform, started in April 2015
result, in the period from January to August 2015, more than and will run for one year. NFC City Berlin is a cooperation be-
half a million customers collected kicks at a Media Markt or tween all German mobile network operators and leading retail
Saturn consumer electronics store. In the process, these and wholesale companies. The aim is to familiarise customers
customers viewed products over ten million times via the app. with the possibilities of mobile payment technology and win
The project with Shopkick is initially planned until spring 2016. them over for it.
With the relaunch of the Real app for iOS and Android operating Working in cooperation with Ebay and Paypal, METRO GROUP
systems in April 2015, Real has significantly increased the tested a new omnichannel concept in the course of a three-
added value for its customers. Since its launch in 2010, more month, multiple-sales-line project. From October 2014 to Jan-
than 870,000 customers have installed the application on an uary 2015, customers and traders were able to test and experi-
iOS or Android device. In regard to the customised marketing ence this form of shopping in the Inspiration Store. On a sales
activities which are planned for the future, the Real app has area of around 200 square metres in the Weserpark shopping
also been more strongly personalised and can now be adjusted mall in Bremen, various technologies from a number of pro-
by the users according to their individual preferences. After ducers and service providers in the field of online and offline
logging in, the customer is already offered customised services shopping were used in new combinations. One focus, among
and information on the homepage. A new recipe section has others, was on QR code shopping as well as payment methods
also been incorporated into the app. To ease the use of the new such as payment using the Paypal app. The goods could be
technical functions, Wi-Fi is already available to users of the bought in store and taken home, delivered to the customers
Real app in over 100 Real hypermarkets free of charge and home, or directly ordered online. The goal of the project was to
with no restrictions on access or data volume. gather experience in the field of omnichannel retail. Altogether,
more than 40,000 customers visited the Inspiration Store. They
were especially interested in the omnichannel functions such
as ship from store and payment via smartphone. 10 per cent
of sales were made using Paypal.
Following the previous projects with cooperation partners, subsidiary of the Alibaba Group and is Chinas third-largest
METRO GROUP has gone one step further and is currently e-commerce platform for brands and retailers. Within the
testing the Cross-Border E-Commerce concept. Here, the scope of this test project, the Real sales line is delivering own-
Business Innovation unit is working closely with METRO brand products, among other things, to China. The huge mar-
Cash & Carry China, with the aim of being able to offer German ket and the strong demand for German products in China offer
products on the Asian e-commerce platform Tmall. Tmall is a a major potential that METRO GROUP seeks to use.
CONSOLIDATED
SERVICE
PRINCIPLES OF THE GROUP SUSTAINABILITY MANAGEMENT P. 66
Sustainability management respect the limits placed on us by the environment. By taking

this approach, we act today for the good of tomorrow. In line
with METRO GROUPs sustainability vision we offer quality of
METRO GROUP views itself as a member of society that con- life, our business activities are designed to create added value
tributes to social value creation. Our companys responsibility while reducing negative effects. This makes all aspects of our
to align economic goals with social requirements and the de- business sustainable.
mands of customers, employees, investors and partners ex-
tends beyond compliance with legal stipulations. We must
We offer quality of life ... And become sustainable

In all that we do
for our customers by constantly improving our processes and by providing ... which is why we are working on
local customers around the world with safe, high- responsible product and assortment design.
quality products, and with products that are produced,
processed and recycled in a socially responsible,
environmentally sound and resource-friendly manner.
This is how we secure our future.
for our employees by respecting, protecting and helping them to grow which is why we systematically make
professionally at all times, and by building trusting sustainability a part of our work.
relationships with them. This is how we create an
attractive working environment
for all who work for us ... through fair and responsible business practices which is why we are committed to promoting
and by providing fair living and working conditions. humane working conditions.
This is how we demonstrate responsibility in the
supply chain.
for the environment by protecting the environment, conserving natural ... which is why we are focused on optimising
resources and minimising our effect on the climate. our processes and utilising resources efficiently.
This is how we help to create a sound foundation for
retail of tomorrow.
for society ... by working on solutions to global challenges in a relation- ... which is why we align our business with the needs
ship of mutual trust with our stakeholders. This of society and contribute to our local communities
is how we contribute to sustainable development. wherever we operate.
Embedding sustainability with changes in our individual behaviour. The goal of this is that
The strategic integration of sustainability into our core business all individuals acknowledge the significance of sustainability
operations is an essential aspect of our work to carry out our with respect to both themselves and their professional environ-
sustainability vision. We use a number of channels to ensure ment, and that they conduct themselves accordingly. The issue
that this happens. These channels include our Sustainability can be encouraged from the top down, but it must be carried
Board and its committees as well as modifications of relevant out by everyone.
business processes and decision-making procedures along
EMBEDDING SUSTAINABILITY
SUSTAINABILITY STRATEGY
PROCESSES TRAINING PROGRAMMES BEHAVIOUR
Integration of sustainability
Integration of Consideration of
into training sessions and
sustainability into standard sustainability at work and
materials on management and
processes in daily life
employee level
RESULT
Norm in daily business and in decision-making processes
SUSTAINABILITY MANAGEMENT
Status
of goal Status of
Topic Goals achievement Measures measures
EMBEDDING METRO GROUP systematically Integration of sustainability in all (fundamental) business processes
CONSOLIDATED
SUSTAINABILITY makes sustainability a component by 2016. First step: identification of fundamental processes and their
WITHIN THE COMPANY of its business operations. connection to the issue.
By 2016, we will sharpen employees awareness of sustainable

behaviour. First step: preparation of an overarching concept designed
to carry out a sustainability campaign including a sustainability day.
Integration of sustainability into training programmes. By 2016,

we will develop training measures in corporate responsibility
and offer them to all employees. First step: development of a
general training format.
For annotations to the symbols, see page 74

SERVICE
Our sustainability management On the operational level, the sales lines are charged with defin-
Sustainability management is designed to facilitate the integra- ing specific goals and programmes, putting them into practice
tion of sustainability into our core business operations and to in their daily business operations and ensuring that the object-
consider the interdependencies between economic, environ- ives are reached. They report their progress to the Sustainabil-
mental and social aspects in an efficient, solution-driven man- ity Board through the roundtable.
ner. It is closely tied to risk and opportunity management at
METRO GROUP. In this process, the companys management is Our stakeholders evaluate the sustainability measures carried
supported in its work to systematically identify, assess and out by METRO GROUP, for example, through ratings. These
manage possible deviations from the sustainability goals that evaluations provide important motivation to us and serve as a
is, risks and opportunities. management tool because they demonstrate the progress of
and potential to improve our activities.
For more information about risk and opportunity management,
see the risk and opportunity report.

In financial year 2014/15, METRO GROUP once again qualified
As a corporate body of METRO GROUP, the Sustainability Board for a place among the worlds most sustainable retail com-
ensures that the strategic objectives regarding the groups panies and is listed both in the Dow Jones Sustainability Index
sustainability performance are defined and that fundamental World and the Dow Jones Sustainability Index Europe. More-
issues are reflected in corresponding goals. over, METRO GROUP was named an industry group leader in
the category of Food & Staples Retailing for the first time in
The roundtable on corporate responsibility serves as the inter- its history. The groups total score increased to 77 from 71 in
face between the strategic and operational aspects of sustain- financial year 2013/14. This represents a significant improve-
ability. This body lays the groundwork for decisions taken by the ment for METRO GROUP.
Sustainability Board and helps to carry them out.
Assessment of relevant sustainability indexes and rankings
Index/ranking Rating/score Scale Year
77
Industry Group Leader
Dow Jones Sustainability Index (DJSI) World/Europe Food & Staples Retailing 0 to 100 2015
C+
Oekom Corporate Rating Prime Status D to A+ 2014
99 A
Sector Leader Consumer Staples
DACH Region
CDP Climate Disclosure & Performance Scoring MDAX Index Leader 0 to 100 / E to A 2015
FTSE4Good Global/Europe Index 3.8 0 to 5 2015
SUSTAINABILITY BOARD
MANAGING DIRECTORS OF THE SALES LINES UNDER THE LEADERSHIP OF THE MEMBER OF THE MANAGEMENT BOARD RESPONSIBLE FOR SUSTAINABILIT Y,
SUSTAINABILIT Y OFFICERS OF THE SALES LINES AND ME TRO AG
defines METRO GROUPs sustainability strategy.
ROUND TABLE ON CORPORATE RESPONSIBILITY
SUSTAINABILIT Y OFFICERS OF THE SALE S LINE S A ND ME TRO AG
bundles sustainability know-how, supports Sustainability Board and sales lines at the operational level.
CONSOLIDATED
SALES LINES
are responsible for their own sustainability management and its operational implementation,
assign experts to project groups.
SERVICE
Taking action along the value chain the Business Social Compliance Initiative (BSCI) in which MGB
Integration of the concept of sustainability into our sales lines Hong Kong manufactures goods for import as well as our pro-
strategy process has resulted in specific focal areas at the ducers that manufacture their own labels or their own imports
operating level. We accordingly concentrate our sustainability of clothing, shoes, toys or hardware for METRO GROUPs sales
activities on those parts of the value chain and our interaction lines undergo audits conducted in accordance with BSCI or
with society through which our influence on processes relevant equivalent standards. As of 30 September 2015, 1,943 producers
to sustainability is the greatest. Here, our actions have an have been audited. Of that group, 93 per cent (1,808 producers)
according impact. Our exemplary value chain comprises the passed the audit. Producers who fail to pass the audit have 18
following areas: months following the audit date to provide proof of improve-
Procurement, production and processing ment. Should these improvements not be made, the production
Transport, warehousing and stores site will receive no more orders until it can demonstrate that it
Customers has sustainably improved its organisational processes.
Disposal
Social commitment Social audits of own imports through MGB Hong Kong and non-food
own brands of the METRO GROUP sales lines
as of closing date 30/9
In the following section, we provide an overview of our activities
in the individual areas that we initiate to address specific chal- Plants with Plants with
lenges. valid audit passed audit
number in %
For in-depth information and other key performance indicators relevant
to the topic of sustainability, see the website www.metrogroup.de in the

section Responsibility.
Procurement, production and processing

In terms of procurement, production and processing, it is im-
portant for us to know which resources and raw materials are
used to produce our products and under which social and
environmental conditions our products are made. In managing
these issues, we draw on our group-wide and cross-product
purchasing policy Sustainability. In this policy, we have laid
down the fundamental requirements for sustainable supply
chain and procurement management. At the same time, our
purchasing policy forms the framework for various guidelines
Plants with passed audit
that address specific issues related to individual product and
raw material categories. By developing and implementing such Plants that have passed the audit can demonstrate their successful
compliance with the BSCI standard or an equivalent social standard
guidelines for sustainable purchasing, we are strengthening system by presenting a certificate awarded by an independent third party.
our procurement channels and help to improve the sustainabil- Adjustment of previous years figures for social audits at plants relating
ity of our products. to own imports through MGB Hong Kong. In addition, plants in relate
to non-food own brands of the METRO GROUP sales lines.
To ensure socially acceptable working conditions within our

procurement channels, we demand that our suppliers imple-
ment social standard systems. Our goal is that all of our pro-
ducers in defined risk countries based on the assessment of
Status
of goal Status of
INTERNATIONAL METRO GROUP expands its Inclusion of all non-food own-brand suppliers1 in a BSCI or
LABOUR STANDARDS/ commitment to fair working equivalent social standard system if the final product is produced
SOCIAL STANDARDS conditions at its suppliers. in a risk country (risk country based on BSCI definition).
1This covers the factories at which the merchandise is manufactured (own non-food brands and own non-food imports), which carry out the final significant and value-creating production step
Transport, warehousing and stores decreased in absolute terms. Among other things, we achieved
As a retail company, we assume responsibility for climate this thanks to the sale of Galeria Kaufhof in addition to the
and resource protection within the areas of the value chain measures already mentioned. In the coming years, we intend to
on which we can have a direct impact: from the warehousing continue working to protect the environment and reducing our
and refrigeration of products to transport and the operation greenhouse gas emissions even further. With a view to the
of our stores and administrative offices. We pursue two Paris climate talks, METRO GROUP is defining a new climate
central goals in this effort: First, we intend to reduce cli- protection target and will continue its contribution to curbing
mate-relevant emissions produced in connection with our climate change after 2020.
business operations. Second, we intend to lower our con-
sumption of resources. By taking this approach, we also help Status climate protection target
lower our operating costs. greenhouse gas emissions in kg CO (CO equivalent) per m of selling space
Status of climate protection target METRO GROUP
From October 2014 to September 2015, METRO GROUP gener-

ated 265 kilograms of CO2 equivalent per square metre of sell-
ing space. This figure is down from 273 kilograms in the previ-
ous years period. We have thus nearly reached the target we
set for 2020 of 264 kilograms of CO2 per square metre. The
significant decrease in emission levels compared with 2013/14
is primarily attributable to two factors: first, measures to re-
duce energy consumption and decrease coolant losses, and
second, the general technical and scientific developments that
are reflected in the emission factors for calculating CO2 con- (base year)
sumption equivalents. Our greenhouse gas emissions also
CONSOLIDATED
Status
of goal Status of
CLIMATE PROTECTION/ METRO GROUP will reduce its Continuation of low-hanging fruit programme as an
RESOURCE greenhouse gas emissions by energy-saving programme; additional Energy Awareness
MANAGEMENT 20 per cent from 330 kg/m Programme (EAP) started in 2013.
in 2011 to 264 kg/m in 2020.
SERVICE
Customers stores also offer products from sustainable, environmentally

The specific product mixes of our sales lines are designed in conscious fisheries. The seal of the Marine Stewardship Coun-
such a way that they optimally meet the wide range of needs of cil (MSC) communicates this fact to customers. In financial year
our private and professional customers. These products and 2014/15, the sustainable fish product range of our sales lines
services must not just meet quality and safety requirements. METRO Cash & Carry and Real in Germany comprised
Increasingly, they must also fulfil critical social and environ- 108 MSC-certified own-brand products and 773 brand items. In
mental requirements from production and procurement to addition, those two sales lines distributed fish products bearing
usage and disposal. One of our primary concerns is that our the ASC label for sustainable aquaculture as well as the dolphin-
customers can put their faith in these qualities when they safe label. In total, sales of approximately 90 million were
purchase and use our products. For this reason, we systematic- generated from our portfolio of sustainable fish products in
ally introduce measures that we can use to influence the Germany. Real increasingly offers its customers products from
safety, quality and sustainability of our product range. We sustainable forestry. The sales line generated sales of nearly
achieve this in our supply chain and product management by 302 million from regional products in the past financial year.
implementing our guidelines on sustainable purchasing. These Sales with products bearing either the FSC (Forest Steward-
guidelines define quality and sustainability criteria, and require ship Council) or the PEFC (Programme for the Endorsement of
regular audits to determine whether quality and sustainability Forest Certification Schemes) label reached just under
standards are being observed. We also create transparency by 22 million. Media-Saturn generated more than 3 billion
maintaining direct relationships with our business partners and from energy-efficient electrical appliances. We continue to
by employing innovative technical solutions that can be used to work on increasing the share of sustainable products in our
monitor the individual links of the supply chain. Furthermore, total sales and reporting them accordingly. With this in mind,
we offer our customers greater transparency by using product METRO GROUP already adopted principles for sustainable
labels that indicate our compliance with certain quality or procurement in 2013.
sustainability standards. We also label our own brands accord-
ingly. In addition, we provide complementary, specially pre- METRO GROUP is taking innovative approaches to traceability:
pared information in our stores and engage in dialogue with in 2013, we began to work with other retail companies, well-
our customers. By doing so, we support and encourage re- known partners and the standardisation organisation
sponsible consumption by our customers. GS1 Germany on an international cross-industry solution. Our
goal is to create complete transparency regarding the resources
Our sales lines assortments include fair trade products as well that have been used and the procurement of products through-
as foods that bear the European organic symbol. In financial out the value chain. The key element of this solution, which we
year 2014/15, METRO Cash & Carry and Real generated sales call traceability in the cloud, is the electronic collection of
of nearly 9 million in Germany from fair trade products. That relevant data and consolidation of these data on an integrated
figure includes all articles bearing a Fairtrade or GEPA label. In software platform. This platform significantly improves access
the same period, our sales lines generated a total of to this information and arranges it intuitively, creating more
107 million in Germany-wide sales of products certified in transparency throughout the value chain all the way to the end
accordance with the EU regulation on organic farming. Our consumer.
Status
of goal Status of
CONSERVATION METRO GROUP initiates and Following successful testing and implementation of a traceability
OF RESOURCES / supports the development solution for fish and meat at METRO Cash & Carry Germany,
SAFEGUARDING of an international, cross-industry we started to introduce the solution to other countries at the beginning
OF FOOD SUPPLIES / and product-spanning technical of 2015. In 2016, additional interested suppliers from selected
SUSTAINABLE solution for traceability. assortment areas will be included in the project. In addition,
SOURCING METRO Cash & Carry Germany launched a pilot project in the fruit
and vegetables category in 2015.

Status
of goal Status of
SUSTAINABLE By 2015, we will have defined METRO Cash & Carry is currently reviewing the impact along the supply
PROCUREMENT processes that will enable us to chain of its private-label portfolio on society and the environment.
evaluate the impact of the own- The assessment includes the raw materials, product and product group
brand products of METRO GROUPs levels and follows the standard international assessment criteria for
sales lines on sustainability. By social and ecological impacts.
continuously carrying out our The objective of the process is to establish basic requirements in
general METRO GROUP purchasing financial year 2015/16 and to design supply chain and procurement
policy on sustainability, we will management to be more sustainable in the relevant categories.
adjust all product categories Assessing the product portfolio, defining minimum standards and
relevant to aspects of sustainability. establishing specific key performance indicators (KPIs) will
enable METRO Cash & Carry to fulfil the requirements for a more
sustainable product range.
Disposal Compared with the previous year, the amount of waste gener-
As a retail company, METRO GROUP is dependent on the long- ated rose by nearly 5 kilograms per square metre of selling
term availability of resources. These raw materials are essen- space. One reason for the increase is the growth of the deliv-
tial because they are required to produce and package the ery and online businesses at METRO Cash & Carry and Media-
companys products. For that reason, we closely address the Saturn. The applicable key performance indicator rose based
source of the raw materials used in our products and pack- on the growth of the above businesses, while selling space
aging. At the end of a products useful life, we consider whether either remained the same or even decreased.
and how the raw materials used in it can be recycled or dis-
posed of in the most environmentally friendly manner. The Waste
first component of this approach is the so-called avoidance Waste generation in kg per m2 of selling space at METRO GROUP
locations / recycling rate in %
strategy. Its aim is to prevent waste from being created in the
first place. One way it accomplishes this goal is by optimally
METRO GROUP
using resources in the manufacture of products and pack-
aging. A second component involves resource recovery. Instead
of throwing out products and packaging materials that are no
longer needed, we repurpose and continue to use them. The
third component of this approach recycling has commer-
cial potential. For this reason, we are committed to promoting
innovative manufacturing and recycling technologies and to
thinking in terms of cycles. Since products and packaging find
CONSOLIDATED
themselves in the hands of consumers when they reach the
end of their useful lives, we consider it our duty to advise
customers about disposal: at selected locations, we provide
our customers with information about resources, encourage
them to avoid waste and create incentives and opportunities
for correct disposal. In this manner, we do our part to ensure
that waste materials can once again be used as raw materials.
SERVICE
Social commitment Community investments

METRO GROUP views its commitment to society and the envir-
onment as a form of value creation since it plays a role in 1,000 2013/141 2014/15
addressing social challenges. For this reason, our broad range Donations to charity 2,555 2,450
of activities is designed to promote intercultural dialogue, Social investments 1,743 1,949
support our stores and the communities where they are located Commercial initiatives 3,227 3,574
and systematically facilitate help for the needy. Total 7,525 7,973
1 The allocation to the various categories has been modified
Status
of goal Status of
SOCIAL METRO GROUP is expanding its projects involving food METRO Cash & Carry cooperates
COMMITMENT donations to international food bank initiatives from the current with food bank initiatives in 17
17 METRO Cash & Carry countries to at least 18 countries. of the 26 countries in which it is
represented. In the remaining
countries, extraneous circumstances
such as political and tax-related
factors make collaboration difficult.
At present, METRO Cash & Carry
is holding talks with local relief
organisations and political legislators
for the purpose of enabling co-
operation in those countries in
which extraneous circumstances
hinder collaboration.
METRO GROUP initiated a community involvement project at the start The project is being rolled out
of financial year 2015/16. The group launched the project to offer non- and promoted within the group.
bureaucratic means of help, provide relief in emergency situations and Online or offline, we want to inspire
contribute to the integration of refugees. The Management Board of as many of our employees as
METRO AG has set aside a total of 1 million for this purpose. Group possible to become involved.
employees may request a one-time sum of 10,000 per employee
for projects they are interested in pursuing. This offers motivated
employees the opportunity to take action in their immediate environment.
We want our employees to become personally involved. Our goal is
to have expended the sum of 1 million for refugee assistance projects
in Europe by the end of financial year 2015/16. We have thus increased
the budget for social investment (corporate citizenship) by 1 million.
The METRO GROUP Marathon has been held in Dsseldorf every Stepping up promotion of the
year since 2005. One of the reasons for sponsoring the marathon is METRO GROUP Marathon through
to increase employee retention. This engagement strengthens the groups social intranet both
identification with the company and fosters participants health. within Germany and abroad.
On average, nearly 700 of our staff take part each year. We would
like to increase this figure to 800 in 2016.
Degree of goal achievement
Measure not Measure Measure Measure New goal In Goal Goal not
yet started started ongoing concluded implemented progress reached reached
PRINCIPLES OF THE GROUP EMPLOYEES P. 75
Employees During the reporting period, the high quality of vocational train-
ing in our sales lines was yet again confirmed by an independ-
ent authority. For example, in the Trainer of the Year 2015 com-
Sustainable human resource policies petition run by the retail and food industry journal Lebensmittel
Praxis, both our Real sales line and the METRO Cash & Carry
It is the goal of our company to ensure that it produces long- store in Sankt Augustin, Germany, achieved first place in the
term growth in sales and earnings. To achieve this goal, we need category Cash & Carry, Hypermarkets. In addition, the Real
dedicated employees who bring our strategy to life in their store in Potsdam was awarded third place in the category
everyday work and create added value for our customers. One Cash & Carry, Hypermarkets. Five former trainees of Media-
thing is certain: METRO GROUP can only grow if we support our Saturn were honoured with the Bavarian State Award for out-
employees. Our human resource strategy focuses on two key standing achievements. To reward young employees for top-
aspects: on human resource management, which includes class achievements, Saturn organised a motivational event in
employee recruitment, retention and development, and on October 2014 for all employees who had completed their voca-
occupational safety and health management. Our objective is to tional training in 2014.
attract the very best employees, to support them in accordance
with their drive and abilities, and to strengthen their long-term In addition to traditional training content, we also teach our
connection to our company. By taking this approach, we strive to young employees how to quickly take on responsibility and
be the employer of choice among current and future employees. become involved in social causes. One example is the Good
Deeds Day in June 2015: as part of this project, around
380 trainees in our sales lines and service companies, together
Recruiting employees with the North Rhine Red Cross Youth, collected donations for
the reforestation of mangrove forests in Malaysia. Around
In the competition for the most highly skilled employees and 5,000 mangrove trees can be planted with the donations of
executives, we take steps to polish our image among potential about 15,000. With this action, the trainees are making an
applicants. For us, this also includes the initial training of active contribution to climate protection.
young employees for retail, through which we can recruit em-
ployees from our own ranks. In addition to dual vocational training, we offer young people
the opportunity to attend a dual course of study with practical
modules. In the reporting period 2014/15, 221 students were
Vocational training at METRO GROUP
registered in Germany in nine courses of study.
2013/14 2014/15
Number of trainees in Germany 5,629 5,370 METRO Potentials

Number of trainees internationally 7,992 7,067 In October 2014, METRO Cash & Carry launched the METRO
Newly employed trainees in Germany 1,760 1,829 Potentials programme in all 26 countries in which the sales
CONSOLIDATED
Trainee ratio (incl. interns and students) in Germany 7.9% 7.6% line does business. The programme targets the best university
Share of examination candidates who graduates and young professionals worldwide who have two to
have achieved a training qualification 94.8% 95.8%
three years of work experience. The aim is to build a sufficient
Share of qualified trainees
with follow-up contract 59.1% 63.8%
pool of future managers and managing directors. During the
two-year trainee programme, participants broaden their
knowledge in various hands-on projects. They are also
We focus on needs-based training with the aim of hiring a large coached by their local mentor, a member of the responsible
portion of trainees at the end of the programme. Management country management. The trainees complete various stations
and the Group Works Council have signed an agreement stating in their own country and abroad as well as at headquarters in
that trainees who complete the programme with a positive Dsseldorf. After completing the programme, they are able to
aptitude assessment will generally be hired for permanent, assume a management position, such as store manager. But
full-time positions. The individual companies of METRO GROUP the career path can go far beyond that, up to a position in
have defined their own specific requirements and possible country management.
SERVICE
exceptions.
Employer brand and personnel marketing France, Italy and Portugal were named Top Employer Europe
To enhance our profile among job applicants, we have partnered for the first time in 2015. In addition, MAKRO Cash & Carry
at the central level with universities and organisations such as Spain was yet again awarded the Great Place to Work seal, with
the international student association Enactus. METRO GROUP METRO Cash & Carry India achieving second place. According
promotes dialogue with students and graduates through the to the Hay Group ranking, METRO Cash & Carry Russia is
career network Careerloft. Through this programme, we sup- among the Best Companies for Leadership.
port members in finding internships and offer exclusive events
organised in conjunction with our sales lines. In 2015, Media-Saturns Belgian subsidiary achieved tenth
place for the first time in the Great Place to Work rankings and
In addition, our sales lines also conduct their own personnel is thus the best retail company in Belgium 2015. In addition,
marketing measures. One example are the career information Media-Saturns Ingolstadt location was given the distinction
events that Real offers at schools. The hypermarkets also take Fair Company by the online portal Karriere.de.
part in national campaign days such as GirlsDay and BoysDay:
in the reporting period 2014/15, about 400 young people took a
look behind the scenes at the company for an entire day and Remuneration models and
learned about various training opportunities. In order to recruit succession planning
young employees, Real focuses on other formats, including
traineeship information on own-brand products, contributions Our remuneration models provide incentives for employees and
on the sales lines Facebook page as well as online banners managers to perform and to carry out their work in accordance
and testimonials of trainees on online platforms providing with our guiding principles. Our systematic succession plan-
career choice support. ning enables our skilled employees and managers to develop
attractive careers within METRO GROUP.
During the reporting period, Media-Saturn also participated in
GirlsDay once again. The group of companies provided infor- Performance-based compensation for executives
mation in particular about the technical jobs available in infor- Our PERFORM & REWARD remuneration system comprises a
mation technology (IT) and e-commerce. In addition, the Media- fixed monthly base salary and one-year as well as multi-year
Saturn Meets Students event series gives students insight into variable compensation components whose total amount is
the individual business fields and the opportunity for personal essentially tied to our companys business performance. In
exchange with employees. Two events took place in 2015. addition, our one-year variable compensation considers indi-
vidual achievements, the generation of customer value as well
During the reporting period, METRO Cash & Carry reworked its as the implementation of our management principles on the
international career page and updated it in line with its employ- job. Among other things, the multi-year variable compensation
er brand positioning. Furthermore, an international LinkedIn incorporates a sustainability component.
profile was created that provides information about career
opportunities as well as about METRO Cash & Carry as an Remuneration principles
employer. The profile already has more than 50,000 followers. The remuneration model for the approximately 600 top execu-
tives of METRO GROUP worldwide is based on the following
Likewise, in Germany, METRO Cash & Carry directed its focus four principles:
in personnel marketing and recruitment onto social networks Fair and internally consistent compensation
such as Facebook as well as onto job and career portals such Performance-based pay
as Xing and Indeed. With enhanced presence in these channels, Market-driven and appropriate salaries
the sales line can boost its employer brand online and address Encouragement of role model behaviour
new talent in a targeted manner.
METRO GROUP further developed its remuneration system
Employer of choice during the reporting period to underscore its sustainability
Independent rankings confirm METRO GROUPs appeal as standard. We maintained the fundamental principles for the
an employer both domestically and abroad. The national one-year variable compensation. Based on this existing frame-
METRO/MAKRO Cash & Carry subsidiaries Belgium, Spain, work, we stipulated customer satisfaction as a key performance
indicator for top executives of METRO Cash & Carry. The fol- that focuses on individual job performance and personal de-
lowing applies to the multi-year variable compensation: this velopment. Priorities are defined for this at the beginning of
was further developed and subsequently launched in line with every financial year; these can be re-examined and adjusted if
the remuneration of the Management Board as part of the necessary as part of a mid-year performance review. The job
sustainable performance plan version 2014 for top executives performance review is held at the end of each financial year. It
of the group. In accordance with the Green Car Policy intro- focuses on the realisation of priorities and adherence to lead-
duced in financial year 2013/14, the CO2 emissions of the com- ership principles as well as the respective employees role-
pany car fleet were also limited at the international level. specific performance.
Furthermore, there is a possibility that the unused leasing
budget for cars can be converted into pension expenses. In In financial year 2014/15, Media-Saturn introduced the new
addition, we provide our top executives with a company pen- competence model Passion for the Customer and success-
sion scheme that includes both contribution-based and per- fully established it in all countries in which the sales line
formance-based components. operates. The aim of the model is primarily to support the
focus on customer centricity and individual performance
During the reporting period, we began to apply these remuner- assessment.
ation principles to the compensation of other managers. Fur-
thermore, a specialist career model was introduced for the Systematic succession planning
METRO AG management holding company which is also based As part of the Leadership Talent Review (LTR) process, suc-
on these principles. This model is being adapted at the interna- cession planning is conducted for our key positions once a
tional level and is already being practised in some of the coun- year. During this review, we examine the skills, abilities and
try organisations. Apart from remuneration, it also contains experience of every potential succession candidate and rate
employee development programmes. these individuals according to the particular responsibilities of
their respective positions. The process ensures that we iden-
For more information about the remuneration system, see the
remuneration report. tify and support suitable candidates for key positions at an early
stage. Working together, employees and their supervisors then
Performance reviews and succession planning create a career development plan and determine targeted
At METRO GROUP, systematic executive development is a cen- measures. As a result, the Leadership Talent Review serves as
tral responsibility of the companies general management a long-term development process for candidates for top pos-
teams as well as of the strategic management holding com- itions in our company. This process is supported through other
pany, METRO AG. By taking this approach, we ensure that the methods such as the development centre and 360-degree
skills and abilities of our managers are consistently aligned feedback meetings.
with the requirements and strategic objectives of our company.
It also allows us to systematically offer international career Media-Saturn expanded its annual feedback sessions with
paths to our executives regardless of the sales line or com- executives to include the issue of succession planning. Based
CONSOLIDATED
pany in which they work. Moreover, our career planning pro- on the results of the sessions, employees receive, for example,
cesses enable us to identify and support suitable candidates for the opportunity to participate in further training measures as
key positions in the company. As a result, we can fill vacancies well as in global development programmes.
from our own ranks. In the reporting period, the in-house suc-
cession rate for the senior management level in particular Executive development
the managing directors of group companies as well as division- With the goal of supporting the personal development of our
al heads of METRO AG was 88.3 per cent. employees, talented employees can be nominated for the
development centre, where their strengths and areas for
Individual job performance reviews improvement are assessed. Based on this assessment, they
Once a year, we conduct an individual job performance review are asked to create their own development plan.
with our managers as part of the RESULTS & GROWTH pro-
cess. The objective of these reviews is to better measure pro-
gress and abilities as well as to create a culture of feedback
SERVICE
We select the candidates for the Excellence, Impact and Con- METRO GROUP turnover rate
nect programmes for executive development according to the by region
decisions made during the systematic succession planning
process. Each of these programmes is designed to address the
varying needs of the groups of participants. Some of the facili-
Germany %
tators are members of our top management. We also bring in
well-known international trainers in order to ensure that our
instruction and discussions reflect the latest developments
Western Europe
and case studies. These external partners include, among (excl. Germany)
others, the Business School for the World (INSEAD) in France
and Ashridge Business School in England. During the report- Eastern Europe
ing period, about 200 future and current managers took part in
these programmes.
Asia/Africa
Pushing ahead with the group-wide focus on sustainability,
METRO GROUP conducted the METRO Sustainable Leadership
Programme for young managers for the first time in financial
year 2014/15. In the context of this programme, 24 international METRO GROUP %
participants completed a cycle that resulted in the development
of sustainable in-house projects.
During the reporting period, the Crossing Borders initiative,

which is specifically aimed at young executives, was conducted Further training for employees
for the second time. In the process, 50 participants traded jobs
for 50 days. Employees from the country headquarters, for We are determined to promote lifelong learning among our
example, worked in a store in another country in order to learn staff as a way of responding to current and future challenges
about operations there. Conversely, store employees gained in retailing.
insight into administrative work. This practice-oriented change
in perspective in a host country gave participants the oppor- The House of Learning department provides customised per-
tunity to develop both personally and professionally. sonnel development measures, learning solutions and services
for the METRO AG management holding company as well as
Employee turnover rate the METRO Cash & Carry sales line. The focus is on employees
During the reporting period, average job tenure rose to and executives in the store operations, sales force, delivery,
8.9 years (2013/14: 8.7 years). Turnover rates varied widely offer management, marketing and finance departments. The
according to region. The development of the fluctuation rates training content targets the implementation of corporate strat-
by region is shown in the graphic for comparison. egy and guiding principles as well as the promotion of personal
development and decision-making skills. Thanks to a sophisti-
cated cascading process, all training programmes can be
translated, adapted to local circumstances and in the case
of seminars and on-the-job training courses delivered by
internal full-time and part-time trainers.
Training courses at METRO Cash & Carry and METRO AG

With the objective of increasing the efficiency of administrative
Seminars and processes in international personnel development, we are
E-learning-
module
on-the-job
training Total
gradually introducing the SAP LSO Learning Solution learning
Number 439,384 24,091 463,475
management system to the METRO GROUP headquarters in
Participants 401,753 246,929 648,682
Dsseldorf as well as in the METRO Cash & Carry countries. At
Participant hours 518,278 1,728,375 2,246,653
the end of the reporting period, the system was already being
Training costs (/participant) 4.69 77.43 32.38
used in 23 national subsidiaries.
The other sales lines also invest in further training for their
At Real, 23,901 participants completed 12,114 participant hours employees. In order to meet the challenge of the digital trans-
of training through e-learning modules during the reporting formation in retail, Media-Saturn initiated the Digital@Campus
period. In addition, a total of 4,182 participants became quali- event during the reporting period: in November 2014, the sales
fied through seminars and on-the-job training, completing a line invited employees at the Ingolstadt headquarters to test
total of 53,949 participant hours. the latest digital products and participate in more than
30 lectures about the future of digital retail. Moreover, Media-
In order to evaluate the dovetailing of corporate strategy and Saturn launched the Digital Fit seminar series. Every month,
personnel development, the House of Learning department topics such as search engine marketing or the internet of
commissioned the European Foundation for Management things are offered to an international group of participants.
Development (EFMD). Six different criteria were taken into
account in the analysis: purpose, positioning, governance As part of its freshness campaign, Real held 22 successful
model, mandate, design and range of services. qualification events for executives and employees of its bakery.
Topics such as the new snack concept and the quality of baking
In addition, the EFMD examined the extent to which the House were at the forefront of the events. In total, around 600 Real
of Learning department is equipped for informal and social employees took part in this qualification measure.
learning. It determined that the organisational structure, pro-
cesses and working methods are excellently designed and thus Embedding management principles and
highly efficient. During the reporting period, the House of change in corporate culture
Learning already followed the recommendations to use a com- During the reporting period, the process of cultural trans-
puter-aided learning management system as well as to initiate formation was advanced in particular by METRO Cash & Carry.
informal and social learning arrangements to complement the The goal is to increase value for customers. The effort is based
formal training methods. The department established a learn- on the guiding principles developed in 2012:
ing platform on the social intranet, which all METRO GROUP Customer centricity
employees can access. It contains both formal training pro- Global entrepreneurship
grammes as well as informal learning sources, among others, Success through excellence
CONSOLIDATED
in the form of online articles, videos and online courses, which Trust in our people
are accessible to a large number of participants. The online Authentic leadership
courses combine traditional forms of knowledge transfer with Sustainability
forums in which trainers and students can communicate with
one another. Furthermore, the department promotes social During the reporting period, these guiding principles were
learning within various moderated groups of experts. In add- further integrated into personnel programmes and processes
ition, existing programmes are being continuously improved to as part of employee development. With these principles, we
enhance efficiency and take participants expectations into are supporting the transformation of the company. The aim is
consideration to a greater degree. to establish a corporate culture that is characterised by in-
creased diversity, stronger networking, mutual integration and
support, cooperation on an equal footing and by the responsi-
bility of the individual.
SERVICE
As part of Leadership for Growth workshops conducted by Occupational safety and

METRO Cash & Carry, around 112,000 participants from 26 health management
countries addressed cultural change at a personal level. All
employees in all national subsidiaries have now completed the METRO GROUP places high priority on ensuring fair working
workshop from top managers to store employees. This is the conditions for all employees. Occupational safety and health
first step in the change process. The aim of Leadership for management are fundamental to this effort. In a personnel-
Growth is to hone the ability of each individual employee to intensive industry such as retail, prevention, safety and health
manage himself or herself and in turn to create the necessary are essential and we take action accordingly within clear and
conditions for cultural change. During the reporting period, efficient structures. We have defined a specific organisational
24 national subsidiaries of METRO Cash & Carry started the structure for occupational health and safety (OHS) for all
follow-on workshop Leadership for Growth 2 for managers in METRO Cash & Carry countries, to be achieved through such
administrative positions and stores. The workshop focuses on measures as the designation of an OHS officer. METRO AG
developing management skills that sustainably improve cross- initiates OHS projects that are of interest across multiple com-
departmental collaboration. Another national subsidiary plans panies and countries. Compiling lists of accident hot spots still
to begin conducting the workshops before the end of 2015. remains the focus of attention. The developments of the past
years, which are ultimately intended to result in a comprehen-
Employee engagement sive international reporting system, have already led to initial
A key instrument to determine the engagement of the work- follow-up measures. For example, minimum standards in
force and their loyalty to the company is our global employee dealing with forklifts were established at METRO Cash & Carry,
survey. We conduct it regularly in the countries in which METRO a training document developed by MAKRO Cash & Carry Spain
Cash & Carry operates, both at the service companies and at was adapted for all METRO Cash & Carry countries and a quiz
METRO AG. During the reporting period, the survey took place was introduced for determining individual levels of knowledge
for the eighth time, this time with the motto Your opinion. Our on this subject. Defining such standards increases occupational
dialogue. Around 98,500 employees in the company units safety for employees, particularly in those countries where the
surveyed participated, corresponding to a rate of 88 per cent. legal requirements are less stringent.
Since the last survey, the level of engagement which indicates
the degree of solidarity, pride in the company, loyalty and motiv- For METRO GROUP companies in Germany, a decline in acci-
ation rose by 3 percentage points to 75 per cent. Thus the dents was recorded during the reporting period compared with
level is significantly (17 percentage points) higher than Aon the same period of the previous year. The 1,000-person rate
Hewitts Global Retail Benchmark. This positive development was 21.9 for financial year 2014/15 (2013/14: 23.8). This figure
can be attributed, on the one hand, to an intensive follow-up denotes the relative accident frequency for every 1,000 full-
process: managers receive detailed insight into the survey time employees and corresponds to 1,655 reported accidents
results and discuss these together with their teams to develop (2013/14: 1,792). Assuming a minimum absentee rate of just
suitable measures to raise the level of engagement. On the three days per reportable accident, we have thus reduced the
other hand, we established group-wide initiatives that we use average loss of productivity from about 975,700 to 934,200.
to increasingly promote a focus on innovative ideas and en-
courage the appreciation and recognition of our staff. A com- In accordance with our fundamental principle, As local as
parative study, which was prepared in collaboration with Aon possible and as global as necessary, all companies also pur-
Hewitt, reveals that employee engagement has a positive effect sue their own projects in the area of occupational safety and
on customer satisfaction and thus for the first time demon- health management: METRO Cash & Carry Germany success-
strates the business impact of the level of engagement. fully tested the hazard assessment for psychological stress and
strain in several stores using the short psychological stress
In order to integrate the experiences, the knowledge and the test procedure (Kurzverfahren Psychische Belastung) devel-
creativity of its employees, Media-Saturn launched the ideas oped by the German industrial science association ifaa. The
management programme Ideas4Us in July 2014. Since then, procedure will be used after qualifying local occupational safety
more than 400 ideas have been submitted. In August 2015, our specialists in all stores as well as at headquarters. The results
sales line set up a new platform on which ideas can be submit- will be amalgamated with the support of the occupational
ted digitally and processes can be controlled more efficiently. health office and used to identify action areas and develop
specific solutions. In addition, METRO Cash & Carry Germany Diversity management
and the German Sport University Cologne implemented the
Gestaltung von alter(n)sgerechten Arbeitspltzen project During the reporting period, people from 171 countries worked
(Designing Age-Appropriate Workplaces). The result is a cata- for METRO GROUP.
logue of recommendations for designing all workplaces, for
example, with optimised environmental conditions like noise,
2013/14 2014/15
lighting, humidity and temperature as well as reduced physical
Average age of the workforce (years) 38.1 38.5
strains. Recruitment of employees in the 50-plus
age group in Germany 544 678
Another example is the METRO Cash & Carry Russia initiative: Recruitment of employees in the 50-plus
age group at international level 973 996
the Leadership in Safety training session was implemented
Share of employees in the 50-plus age group as a
there. With the aim of improving the awareness of OHS among proportion of the total workforce in Germany 32.6% 33.6%
its own employees, customers and suppliers, the sales line in Share of employees in the 50-plus age group as a
proportion of the total workforce at international level 9.9% 10.3%
Russia launched a communication campaign and also devel-
Employees with recognised severe disability
oped a driver safety training programme. or equivalent persons in Germany 4,723 4,885
Employees with recognised severe disability
Real and the trade and logistics guild Berufsgenossenschaft or equivalent persons at international level n/a 1,906
Handel und Warenlogistik completed the joint project Gesunde

Arbeit im Handel (Healthy Work in Retail) in financial year
2014/15. The aim was to define feasible potential solutions for The proportion of employees with a recognised severe disability
psychological stress in the working world. In the course of or equivalent persons in METRO GROUP is above the legal min-
calendar year 2015, the measures generated within the project imum requirement of 5 per cent. Our company also works to
were implemented in the stores. The second focus of occupa- support the long-term provision of vocational training positions
tional safety at Real is the consistent analysis and reduction in for people with disabilities: in one reflection of this effort, our
the numbers of occupational accidents. As in 2014, the target is sales lines began in 2007 to promote the project Verzahnte
to remain 25 per cent below the industry average. Ausbildung mit Berufsbildungswerken (Integrated Training
with Vocational Education Centres) organised by the German
METRO AG as well as some METRO GROUP companies Association of Vocational Education Centres (Bundesarbeitsge-
including METRO Cash & Carry Germany and METRO meinschaft der Berufsbildungswerke). This programme makes
PROPERTIES offer employee support programmes. In total, it possible for young people with disabilities to receive occupa-
around 3,500 employees in Germany alone have the opportunity tional training.
to receive psychological counselling. In work-related conflict
situations, but also in the event of private troubles, external Our Real sales line has also directed its attention to young
experts are available who offer support in finding solutions. people who have been unable to find a vocational training position
CONSOLIDATED
or are not fully prepared to assume such a position, who have
learning difficulties or are socially disadvantaged. They are given
the opportunity to take part in the company initial qualification
programme Einstiegsqualifizierung, EQ. This is a national occu-
pational orientation programme in Germany that is part of the
Nationaler Pakt fr Ausbildung und Fachkrftenachwuchs
(National Pact for Career Training and Skilled Manpower Devel-
opment). The young people become acquainted with working life
over a period of six to twelve months. The initial qualification
programme serves to open doors to a training position or job.
During the reporting period, more than 70 young people at Real
took part in the programme. About 50 per cent began an ap-
prenticeship position after having completed the programme.
SERVICE
During the reporting period, METRO GROUP fleshed out its Share of women METRO GROUP
strategy for promoting inclusion and diversity and implemented
initial measures. It launched the programme Inclusion and 2013/14 2014/15
Diversity with the aim of advancing general cultural change Share of women in the entire workforce
within the company. Workshops and an e-learning module were Germany 57.3%
designed to sensitise employees in all countries and at all
56.7%
hierarchical levels to the issue of inclusion and diversity. Im-
plementation of the programme is currently being initiated at International 48.9%
METRO AG as well as at METRO Cash & Carry. In addition, we 48.8%
will amalgamate all diversity initiatives using the guiding theme
inclusion starts with a smile in the future. METRO GROUP 51.9%
51.8%
METRO GROUP has been represented on the board of direct-
ors of Charta der Vielfalt e. V. (Charter of Diversity) since 2013. Share of women in management positions
To mark the third German Diversity Day (Deutscher Diversity- Germany 12.3%
Tag), we organised a Diversity Week in Dsseldorf in June 13.2%
2015. Among the features for employees were an information
stand as well as daily workshops and events on various International 20.6%
dimensions of diversity. 19.6%
METRO GROUP 17.5%

The Women in Trade (WiT) employee network now has about
16.8%
130 members. The network intends to help to raise the share
of women in management positions, to promote internal and
external dialogue and to create better working conditions for For more information about the objectives regarding the composition

of the Management and Supervisory Boards, see the chapter corporate governance
women in the company. The network has an international
corporate governance report.
orientation.
In addition, the employee network METRO PRIDE was founded Work-life balance programmes
during the reporting period for lesbian, gay, bisexual, transsex- based on phases of life
ual and intersexual individuals. The network has set itself the Our headquarters in Dsseldorf has three day care centres with
objective of raising awareness of the topic of sexual orientation 242 full-time slots for children from the age of four months.
and identity. The staff speak German and English to the children.
Equal opportunities Since 2010, the headquarters of Media-Saturn in Ingolstadt has

As part of our diversity management, we promote equal pro- been certified as a family-friendly company by the Hertie Foun-
fessional opportunities for men and women. In 2011, together dation. As part of an array of measures aimed at supporting
with other listed German companies, METRO GROUP volun- work-life balance, childcare during school holidays as well as
tarily pledged to increase the share of women in manage- nursery slots for children of employees are offered in Ingol-
ment levels one to three. During financial year 2013/14, stadt. In emergency situations, the services of the non-profit
METRO GROUP renewed its voluntary pledge to increase the care services association Mobile Familie e. V. can be used for
share of women in management positions. By 2017, the share issues surrounding childcare or family member care.
of women in management positions (levels one to three) is to
reach 25 per cent company-wide. At METRO AG, the share of The share of part-time employees at METRO GROUP rose
women in the first two management levels below the Man- slightly to 26.6 per cent compared with the previous years
agement Board should also amount to 25 per cent by 2017. period (2013/14: 26.4 per cent). In Germany, 43.7 per cent of our
These objectives have been incorporated into our recruiting staff worked part-time (2013/14: 43.7 per cent), 16.5 per cent
and succession planning and correspond with the Supervisory internationally (2013/14: 16.6 per cent).
Boards objectives for the Management Board.
METRO GROUP wants to support employees in all phases of At the European level, the METRO GROUP Euro Forum acts as
life and that includes the care of loved ones. In cooperation a European works council.
with the German carers organisation Deutscher Pflegering,
METRO AG began offering its employees two service models in At the national level, METRO GROUP continued its social dia-
March 2014: The online care portal offers information about logue with works councils and unions. This resulted in several
the topic and includes an index with more than 25,000 care collective labour agreements at the business unit, country or
providers. The care hotline allows employees to discuss their store level, depending on local laws and customary practices.
questions directly with caregiving experts.
Development of staff numbers

Employer-employee relationships
During the reporting period, METRO GROUP employed an
METRO GROUP supports open dialogue at various levels be- average of 203,773 (2013/14: 209,398) full-time equivalents.
tween its management and employees or employee representa- This is a decrease of 2.7 per cent from the same period of the
tives. We want to ensure good long-term working conditions for previous year. The majority of our employees work outside of
employees and thus contribute to growth. Specifically, this our home market of Germany. In Western Europe (excluding
means: Germany), Eastern Europe and Asia/Africa, we had
We apply the principles of fair working conditions and social 132,958 full-time equivalents, 4.0 per cent less than during the
partnership in all of our activities. same period of the previous year. This decline is primarily due
We encourage our management to create an open and to the sale of Reals Eastern European business and METRO
trusting work environment in which people share their Cash & Carrys withdrawal from Denmark, Greece and
ideas and problems. Vietnam. In Germany, the number of full-time equivalents fell
We regularly meet with our employees and/or their slightly by 0.2 per cent to 70,815.
representatives to inform them about the business
situation and ask them for feedback. Development of employee numbers of METRO GROUP
We regularly check that our stores and offices observe our annual average
principles governing fair working conditions and social
partnership. During the reporting period, such checks were Workforce by headcount
carried out, for example, in Austria and Poland. Germany International Total
METRO GROUP plays an important role in the annual meeting

of the UNI Global METRO Alliance. In October 2014, employee )
representatives met with management representatives in

Istanbul to discuss their views regarding developments within
CONSOLIDATED
Workforce by full-time equivalents
METRO GROUP in the various countries.
Germany International Total
SERVICE
Employees by region During the reporting period, our METRO Cash & Carry sales
full-time equivalents line had an average of 108,234 full-time equivalents. This is a
decrease of 2.0 per cent from the same period of the previous
Asia/Africa year. Media-Saturn employed an average of 57,952 full-time
equivalents in the reporting period, an increase of 0.7 per cent
over the same period of the previous year. At Real, the number
of full-time equivalents fell by 13.2 per cent to 28,069, due, in
Germany
particular, to the sale of Reals Eastern European business as
well as store closures in Germany. The number of full-time
Eastern Europe
equivalents in the Others segment increased by 5.3 per cent
to 9,518.
Western Europe Development of personnel expenses

(excl. Germany)
Our personnel expenses increased by 0.9 per cent to 6.5 billion
compared with the same period of the previous year (2013/14:
Employees by segment 6.4 billion). Of that amount, 5.3 billion (2013/14: 5.2 billion)
full-time equivalents was attributable to wages and salaries, including income taxes
and employee contributions to social insurance programmes.
Others The rest was attributable to social welfare contributions, pen-
sion expenses and employee benefits.
Real
We encourage our staff to set up their own private pension
accounts. Our group-wide future package provides them with
voluntary benefits that exceed the collective bargaining stand-
METRO
Cash & Carry ards generally seen in the industry. During the reporting year,
38,160 employees in Germany took advantage of these benefits
Media-Saturn
(2013/14: 38,067 employees). This represents a share of
47.6 per cent (2013/14: 46.4 per cent).
For more information about personnel expenses, see the notes to the

consolidated financial statements in no. 17 personnel expenses.

Development of employee numbers by country and segment

full-time equivalents as of closing date of 30/91
Discontinued
METRO Cash & Carry Media-Saturn Real Others METRO GROUP operations
2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015
Germany 12,748 12,640 24,081 24,317 28,158 27,849 5,955 5,831 70,942 70,637 16,313 15,971
Austria 1,910 1,920 2,353 2,410 4,263 4,330
Belgium 2,796 2,581 1,514 1,535 4,309 4,116 1,017 1,025
Denmark 461 0 35 33 495 33
France 8,238 8,229 12 0 8,250 8,229
Italy 3,862 3,832 5,823 5,237 9,685 9,069
Luxembourg 122 139 122 139
Netherlands 2,471 2,533 3,421 3,636 11 11 5,902 6,180
Portugal 1,130 899 459 486 1,589 1,385
Spain 3,515 3,396 4,589 5,401 8,104 8,796
Sweden 1,053 1,014 1,053 1,014
Switzerland 1,051 1,103 82 77 1,133 1,180
Western Europe
(excl. Germany) 24,383 23,389 20,431 20,993 93 88 44,906 44,470 1,017 1,025
Bulgaria 2,261 2,203 2,261 2,203
Croatia 1,122 1,125 1,122 1,125
Czech Republic 3,281 3,235 3,281 3,235
Greece 902 0 713 746 1,615 746
Hungary 2,586 2,508 1,078 1,167 6 6 3,670 3,681
Kazakhstan 1,007 881 1,007 881
Moldova 617 598 617 598
Poland 5,883 5,770 4,864 4,986 507 293 11,254 11,049
Romania 4,908 4,300 652 0 702 1,451 6,262 5,751
Russia 17,512 17,693 4,283 3,454 558 582 22,353 21,730
Serbia 1,309 1,241 1,309 1,241
Slovakia 1,269 1,184 1,269 1,184
Turkey 4,420 4,398 2,224 1,981 115 104 6,759 6,483
Ukraine 4,249 3,382 1 0 4,250 3,382
Eastern Europe 51,326 48,520 13,162 12,333 652 0 1,888 2,437 67,028 63,289
CONSOLIDATED
China2 11,910 11,899 15 14 506 497 12,431 12,410
Egypt 54 0 54 0
India 3,335 3,585 528 649 3,863 4,234
Japan 777 777 777 777
Pakistan 1,843 1,703 1,843 1,703
Vietnam 3,634 3,304 3,634 3,304
Asia/Africa 21,552 21,267 15 14 1,034 1,146 22,601 22,427
USA3 5 5 5 5
International 97,266 93,181 33,607 33,341 652 0 3,015 3,670 134,540 130,192 1,017 1,025
METRO GROUP 110,014 105,822 57,689 57,658 28,810 27,849 8,970 9,501 205,482 200,830 17,330 16,996
1 Rounding differences may occur

2 All employees of the Classic Fine Foods group are attributed to the Asia/Africa (China) region
3 US employees are employees of the Boston Trading Office (BTO). The trading office is responsible for seafood procurement.
SERVICE
Development of employee numbers by country and segment

by headcount as of closing date of 30/9
Discontinued
METRO Cash & Carry Media-Saturn Real Others METRO GROUP operations
2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015
Germany 14,788 14,647 26,906 27,304 36,538 36,063 6,065 5,935 84,297 83,949 19,851 19,436
Austria 2,113 2,116 2,737 2,861 4,850 4,977
Belgium 3,312 3,026 1,603 1,623 4,915 4,649 1,264 1,292
Denmark 667 0 35 33 702 33
France 8,559 8,539 12 0 8,571 8,539
Italy 4,429 4,375 6,499 5,826 10,928 10,201
Luxembourg 127 122 127 122
Netherlands 4,080 4,414 4,513 4,796 11 11 8,604 9,221
Portugal 1,188 944 504 546 1,692 1,490
Spain 3,881 3,744 5,494 6,508 9,375 10,252
Sweden 1,491 1,511 1,491 1,511
Switzerland 1,224 1,295 87 82 1,311 1,377
Western Europe
(excl. Germany) 28,229 27,158 24,239 25,121 98 93 52,566 52,372 1,264 1,292
Bulgaria 2,268 2,208 2,268 2,208
Croatia 1,140 1,142 1,140 1,142
Czech Republic 3,440 3,466 3,440 3,466
Greece 1,010 0 783 813 1,793 813
Hungary 2,626 2,547 1,096 1,185 6 6 3,728 3,738
Kazakhstan 1,012 887 1,012 887
Moldova 617 598 617 598
Poland 6,147 5,981 4,915 5,035 511 294 11,573 11,310
Romania 4,931 4,349 655 0 703 1,459 6,289 5,808
Russia 17,669 17,800 4,305 3,481 561 586 22,535 21,867
Serbia 1,309 1,241 1,309 1,241
Slovakia 1,275 1,188 1,275 1,188
Turkey 4,565 4,555 2,224 1,982 115 104 6,904 6,641
Ukraine 4,250 3,426 1 0 4,251 3,426
Eastern Europe 52,259 49,388 13,323 12,496 655 0 1,897 2,449 68,134 64,333
China1 11,935 11,899 15 14 515 501 12,465 12,414
Egypt 55 0 55 0
India 3,349 3,598 529 650 3,878 4,248
Japan 1,080 1,063 1,080 1,063
Pakistan 1,852 1,715 1,852 1,715
Vietnam 3,703 3,363 3,703 3,363
Asia/Africa 21,974 21,638 15 14 1,044 1,151 23,033 22,803
USA2 5 5 5 5
International 102,467 98,189 37,577 37,631 655 0 3,039 3,693 143,738 139,513 1,264 1,292
METRO GROUP 117,255 112,836 64,483 64,935 37,193 36,063 9,104 9,628 228,035 223,462 21,115 20,728
1 All employees of the Classic Fine Foods group are attributed to the Asia/Africa (China) region
2 US employees are employees of the Boston Trading Office (BTO). The trading office is responsible for seafood procurement.
PRINCIPLES OF THE GROUP CHARACTERISTICS OF THE ACCOUNTING-RELATED INTERNAL P. 87
CONTROL AND RISK MANAGEMENT SYSTEM
AND EXPLANATORY REPORT OF THE MANAGEMENT BOARD
Characteristics of the accounting- Among others, these requirements cover the design and im-
related internal control plementation of controls, monitoring of the effectiveness of
controls and reporting about effectiveness analyses.
and risk management system Design of controls: Taking a top-down approach, the
and explanatory report company has pointed out the risk of material errors with
regard to financial reporting for eleven financial and
of the Management Board accounting processes. In addition, the Corporate Account-
ing department has stipulated binding group-wide control
objectives that the key group companies must meet
METRO GROUPs accounting-related internal control and risk through company-specific control activities.
management system employs coordinated instruments and Implementation of controls: The group companies must
measures for the prevention, early detection, assessment and keep records of the implementation of these controls.
management of risks. The Corporate Accounting department of These provide the basis for an independent review of the
METRO AG is responsible for the group-wide implementation of effectiveness of controls by the Group Internal Audit
these instruments and measures. department and the groups auditor.
Effectiveness of controls: The major group companies are
The overarching responsibility for all processes related to the obliged to evaluate the effectiveness of controls at the end
preparation of the consolidated and individual financial of each financial year (self-evaluation). In the process, they
statements as well as the combined management report of must apply the uniform, group-wide method stipulated by
METRO AG rests with the Board department of the Chief Finan- the Corporate Accounting department. In addition, the
cial Officer of METRO AG, Mark Frese. The actual preparation of effectiveness of controls is reviewed as part of the risk-
the financial statements as well as the combined management oriented, independent audits conducted by the Group
report in the legal sense, however, is the responsibility of the Internal Audit department.
Management Board of METRO AG. Following the preparation of Reporting: The results of the self-evaluations must be
the financial statements, the consolidated and individual finan- reported to the Corporate Accounting department using a
cial statements as well as the combined management report standardised reporting format. The group companies must
are audited and approved by the auditor. They are then dis- confirm that their self-evaluations were conducted using
cussed and reviewed by the Supervisory Board of METRO AG. the stipulated method. Aside from the control activities, the
The auditor attends this Supervisory Board meeting, reports the reporting also includes statements about the other four
key findings of his audit and is available for additional questions. components of the COSO framework: the control environ-
Provided the Supervisory Board has no objections, it approves ment, risk assessment, information and communication as
the annual financial statements and the combined management well as monitoring. The companies individual reports are
report. The annual financial statements of METRO AG are re- validated by the Corporate Accounting department and
leased once this approval is given. compiled in an overall report on METRO GROUPs
CONSOLIDATED
accounting-related internal control system. This is reported
to the Governance, Risk, and Compliance Committee (GRCC)
Group-wide framework as well as the Management Board of METRO AG.
Building on the Internal Control Integrated Framework As of financial year 2014/15, these four phases of the internal
concept of the Committee of Sponsoring Organizations of the control cycle are mapped using RSA Archer GRC software,
Treadway Commission (COSO), the Corporate Accounting de- which is currently being rolled out across all METRO
partment of METRO AG has defined group-wide minimum Cash & Carry countries as well as in the service centres in
requirements regarding the design of the accounting-related Pune, India, and Szczecin, Poland. Additional sales lines and
internal control system of METRO AG, the sales lines and the service companies are scheduled to migrate to the new system
major service companies. With these requirements, the com- in financial year 2015/16.
pany particularly wants to ensure adherence to the relevant
accounting standards and the respective internal guidelines
SERVICE
(for example the IFRS accounting guideline).

The key requirements (for example, the IFRS accounting guide- The consolidation of financial data in the context of group re-
line), accounting processes, individual controls and independ- porting is carried out by means of a centralised, SAP-based
ent review by the Group Internal Audit department and the consolidation system (SAP EC-CS). Without exception, all con-
auditor are described in detail below. solidated METRO GROUP companies are linked into this sys-
tem. This system provides for a uniform accounts table used by
all consolidated companies in accordance with the IFRS ac-
IFRS accounting guideline counting guideline. The accounts tables for the individual IFRS
financial statements and the consolidated financial statements
The interim consolidated financial statements and the consoli- are interlinked.
dated financial statements of METRO AG are prepared in ac-
cordance with the International Financial Reporting Standards Aside from failure to comply with accounting rules, risks can
(IFRS) in the way these are to be applied in the European Union. also arise from failure to observe formal deadlines. An online
A group-wide IFRS accounting guideline that is compulsory for planning tool was introduced to help avoid these risks and
all companies included in the consolidated financial statements document the obligatory processes required in the context of
ensures the uniform group-wide application of accounting the preparation of individual and consolidated financial state-
procedures in accordance with IFRS. The guideline explains ments under IFRS, their sequence and the responsible per-
IFRS regulations to group companies and makes stipulations sons. This tool is used to monitor content and timing of the
regarding accounting measurements. To monitor compliance processes related to the preparation of the individual and
with the IFRS accounting guideline, the management of each consolidated financial statements under IFRS. It provides
group company is obliged to confirm compliance by means of a overarching group units with the tracking and tracing systems
letter of representation. The IFRS accounting guideline covers necessary to ensure that risks can be detected and eliminated
all IFRS relevant to METRO AG and does not only relate to early on.
particular accounting events. The Corporate Accounting de-
partment of METRO AG is responsible for the content of this The planning tool divides the process of preparing the individ-
guideline. Amendments to IFRS are continually included in the ual financial statements into key milestones, which in turn are
IFRS accounting guideline and communicated to all companies divided into individual activities. In terms of content, these
included in the consolidated financial statements. milestones and activities are geared towards METRO GROUPs
IFRS accounting guideline and thus reflect its implementation.
Compliance with additional deadlines and milestones that are
Accounting processes centrally provided by the planning tool for the purpose of struc-
of companies included in the turing and coordinating the preparation of the consolidated
financial statements is monitored by METRO AGs Corporate
consolidated financial statements Accounting department. The scheduling and monitoring of the
milestones and activities required to achieve these group mile-
The preparation of the individual financial statements of con- stones as part of the preparation of individual financial state-
solidated companies according to IFRS for consolidation pur- ments are part of the responsibilities of the respective compa-
poses is principally carried out in SAP-based accounting sys- nys management.
tems (SAP FI). The organisational separation of central and
subledger accounting, for example, asset accounting, provides Once they have been transmitted from the individual financial
for clear assignments among individual tasks related to the statements under IFRS to the SAP-based consolidation system,
preparation of the financial statements. It also provides for a the financial data are subjected to an automated plausibility
functional separation that ensures control processes such as review in relation to accounting-specific contexts and depend-
the two-signature principle. These systems are used to prepare encies. Any errors or warning messages generated by the
the individual financial statements of a large share of group system during this validation process must be addressed by the
companies based on a centrally managed table of accounts person responsible for the individual financial statements
using uniform accounting rules. before the data are transmitted to the consolidation facility.
The report in which all essential group companies provide a apply to the consolidation measures. Additional monitoring
comparison of key items of the balance sheet and the income mechanisms at group level include target-performance com-
statement with prior-year figures as well as relevant comments parisons as well as analyses dealing with the composition and
represents another monitoring instrument. Every essential changes of individual items in the balance sheet and the
group company must provide this report to METRO AG in the income statement. Compliance with internal controls cover-
context of the preparation of individual financial statements. ing the preparation and accounting process in the context of
the compilation of the consolidated financial statements is
Access regulations for accounting-related EDP systems (SAP FI) regularly monitored by the Group Internal Audit department
provide for IT security. Each company included in the consoli- of METRO AG.
dated financial statements is subject to the regulations concern-
ing IT security. These regulations are summarised in an IT secur- Access regulations for the consolidation system SAP EC-CS are
ity guideline, with group-wide compliance being monitored by implemented to ensure adherence to IT security regulations
the Group Internal Audit department of METRO AG. This ensures (writing and reading authorisations). Authorisations to use the
that users only have access to the information and systems consolidation system are managed centrally by METRO AG.
needed to fulfil their specific task. The approval is given only by the Corporate Accounting and
Corporate Planning & Controlling departments. This ensures
that users only have access to data they require to fulfil their
Accounting processes specific tasks.
in the context of consolidation
The planning tool also divides the process of preparing the Independent audit/control
consolidated financial statements into key milestones, activities
and deadlines. In the process, the completion of typical consoli- Group Internal Audit
dation measures including sales elimination as well as ex- The Group Internal Audit department of METRO AG provides
pense, income, liability and capital consolidation represents independent and objective audit and consulting services
specific milestones in the preparation of the consolidated within METRO GROUP and supports the Management Board
financial statements. Personnel responsibilities for the consoli- of METRO AG and the management of the group companies in
dation measures mentioned above are documented in consid- reaching their goals through a potential-oriented assessment
eration of stand-in arrangements. of key management and business processes. In coordination
with the Management Board and the group companies, the
The group also relies on external service providers to handle Group Internal Audit department develops a risk-oriented
support activities related to the preparation of the consoli- annual audit and project plan.
dated financial statements. These services essentially relate
to valuations of real estate, pension obligations and share- Based on the described principles, the Group Internal Audit
CONSOLIDATED
based payments. department carries out independent audits of the controls
governing the process of preparing the consolidated financial
The consolidation measures required to prepare the consoli- statements, the implementation of the IFRS accounting guide-
dated financial statements are subject to various systematic line and group accounting processes within METRO GROUP. In
and manual controls. The automated plausibility reviews the process, focal topics are defined as part of risk-oriented
(validations) used in individual financial statement data also planning for the annual audit.
SERVICE
External audit In addition, the respective auditors review and monitor the
The auditor of the consolidated financial statements reviews individual IFRS financial statements prepared by the group
the IFRS accounting guideline and makes it available to the companies for consolidation purposes as well as the consoli-
auditors of the companies included in the consolidated finan- dated financial statements and combined management report
cial statements insofar as these companies are subject to an of METRO AG for compliance with applicable accounting stand-
audit for group purposes. These, in turn, confirm the consistent ards as well as with additional rules and regulations. The inter-
application of the IFRS accounting guideline by the companies im consolidated financial statements for the six-month period
included in the consolidated financial statements. undergo an auditors review and the full-year consolidated
statements are audited. The final auditors opinion on the con-
solidated financial statements is published as an audit certifi-
cate in the annual report.
ECONOMIC REPORT MACROECONOMIC AND SECTOR-SPECIFIC PARAMETERS P. 91
ECONOMIC REPORT
Macroeconomic and sector- the devaluation of the currencies, the consumer prices in these
specific parameters1 countries rose at double-digit rates. Because of the Russian

ban on imports of Western foodstuffs, the rise in food prices
even exceeded the average inflation rate. After high rates of
Global economic developments were mixed over the last year. price increase in the previous years, Turkey and India saw their
In the USA, growth developed positively after a disappointing inflation fall slightly, thanks above all to the low price of oil. The
start to the year, and in the countries of Western Europe, the decreasing energy prices are also the principal reason for the
recovery also generally continued. The economies of the Euro- low inflation rates, with sometimes even deflationary tenden-
zone were supported by low oil prices, the weak euro/US dollar cies in most other European countries. On average, consumer
exchange rate and low interest rates. Developments in Eastern prices in the euro countries stagnated in 2015. At the same
Europe, in contrast, remained divided, with generally stable time, food prices only rose at a below-average rate of around
trends in Central European countries on the one hand, and 0.5 per cent.
Eastern European countries whose economic developments
remained overshadowed by the Russia/Ukraine conflict on the In relation to the regions in which METRO GROUP operates, the
other. Growth weakened in Asia, particularly in China. However, economy of Western Europe continued to recover in financial
as a whole, the region continued to record the strongest growth year 2014/15, with growth stronger than in the year before.
rates of all regions in which METRO GROUP is active. Altogether, Compared to other Western European countries, Germany once
with a rate of 2.4 per cent, world economic growth in 2015 again recorded an above-average development. Central Euro-
remained at a similar level to that seen in the previous year pean countries benefited from the recovery thanks to their
(2.4 per cent). economic ties to Western Europe and experienced somewhat
stronger growth than in 2014. In contrast, the economic situ-
At the same time, many political crises and conflicts intensified ation in the emerging countries of Eastern Europe particularly
during the year, particularly in the Middle East. On the other in Russia and Ukraine was considerably more strained, due in
hand, there was also some slackening of tension through the part to political crises. Altogether, therefore, the economic
signing of the atomic treaty with Iran in mid-2015. In Europe, performance of Eastern and Central Europe declined in finan-
the political agenda was dominated by the Russia/Ukraine cial year 2014/15. The emerging countries of Asia once again
conflict and the looming state bankruptcy of Greece. The for- recorded the highest growth rates; the Chinese economy, how-
mer led to significant economic problems in Ukraine and con- ever, slowed down. Thanks to the fact that Japan recovered
tinued to negatively impact Russias already sluggish economic somewhat better from the recession of 2014, growth in Asia in
performance. Declining investor confidence and the sanctions 2015 amounted to around 3.8 per cent in total, a slight increase
imposed by the European Union and the USA, combined with compared with the previous year.
CONSOLIDATED
the falling price of oil, resulted in a marked drop in Russian
economic output. While the Greek debt crisis was a major topic
in the political arena, its economic impact on Western Europe
remained altogether small.
In financial year 2014/15, the euro depreciated substantially

against the US dollar. One reason for this was the expansionary
monetary policy of the European Central Bank with its pro-
gramme of purchasing government bonds. At the same time,
the Asian currencies of relevance for METRO GROUP gained in
value against the euro. The Ukrainian hryvnia, the Russian 1 The numbers indicating the development of gross domestic product in the chapter
rouble and the Kazakhstani tenge, on the other hand, sharply macroeconomic and sector-specific parameters represent the entire years
of 2014 and 2015. As such, the figures for 2015 represent projections.
lost value against the euro due to the weakness of their econ-
SERVICE
Unless otherwise indicated, the qualitative statements in the text refer to

omies and the continued fall in the price of oil. As a result of the reporting period.
Development of gross domestic product in

ever, with a rate of 1.5 per cent, the Eurozone countries record-
key global regions and Germany ed an improvement in growth in financial year 2014/15. Thanks
Percentage change year-on-year to the economic recovery, unemployment fell slowly but steadi-
ly. This also brought about recovery in the retail sector. After
20141 20152
three poor years, retail succeeded in growing by more than
World 2.4 2.4
1 per cent. At the same time, consumer prices virtually stag-
Germany 1.6 1.6
nated, resulting in a price-adjusted increase of similar amount.
Western Europe (excl. Germany) 1.3 1.5
Eastern Europe 1.4 0.4
Altogether, the heterogeneity of the countries was somewhat
Asia 3.6 3.8
less pronounced than in the previous years. The development in
Source: Feri Spain was particularly pleasing. The country was not only able
1 Previous years figures may deviate from those shown in the Annual Report 2013/14
if the final figures were not yet available at the time of its completion to record one of the highest GDP growth rates, but also the
2 Forecast
highest retail growth rate. In Italy, on the other hand, the recov-
ery was below the Western European average.
Mixed development in Eastern Europe

consumer goods retailing Despite a short-term stabilisation following the second Minsk
agreement, economic developments in Eastern Europe were
Because of the differences in economic development in the overshadowed by the Russia/Ukraine conflict, which negatively
regions in which METRO GROUP operates, the business devel- impacted these two countries economies in particular. In addi-
opment was also mixed. In Western Europe, the economic tion, low oil prices weighed on Russias economy. At the same
recovery is reflected in rising retail sales albeit starting from time, the currency devaluations resulted in markedly higher
a low level. At just over 1 per cent, growth was altogether only inflation in both countries compared to the corresponding
moderate. In Eastern and Central Europe, the retail figures period of the previous year. As a result of the self-imposed ban
differed. While the Central European countries reported robust on imports, grocery prices in Russia increased by a dispropor-
growth in excess of 3 per cent, price-adjusted retail sales in tionate amount. The difficult economic operating conditions
Russia and Ukraine fell. Despite a slight slowdown, the also impacted negatively on the retail business. Retail sales
emerging countries of Asia once again enjoyed the highest continued to rise in nominal terms because of the above-
growth rates. average price increases, but declined sharply in price-adjusted
terms. In turn, the Central European economies Poland,
Germany Czech Republic and Slovakia recorded overall robust eco-
Compared with other Western European countries, Germany nomic developments. The retail business also benefited from
once more developed at an above-average rate. Declining this, enjoying sound growth at a nominal rate of over 3 per cent.
unemployment and growing disposable incomes bolstered In Turkey, where economic growth stabilised, retail sales
private consumption and retail, which thus emerged as the key achieved nearly double-digit nominal growth, which, after price
drivers of economic growth. Overall, non-food retail posted adjustment, was still equivalent to a very reasonable rate of
stronger nominal sales growth than food retail. In the non-food about 4 per cent. In the Balkan countries, Romania, in particu-
sector, apparel retailing was the key exception, as it suffered a lar, enjoyed strong nominal retail growth of more than
decline. At the same time, online retail continued to grow and 5 per cent, while retail sales in Bulgaria, Croatia and Serbia
expanded its market share. weakened.
Western Europe Asia/Africa

In Western Europe, low oil prices, the low euro/US dollar ex- The emerging economies of Asia once again posted the strong-
change rate and low interest rates resulting from the European est growth in financial year 2014/15. However, overall growth in
Central Banks bond purchase programme served as a short- China has weakened. India, in turn, experienced positive mo-
term economic stimulus programme. On the other hand, un- mentum, posting economic growth rates above 7 per cent.
certainties over Greeces possible exit from the Eurozone were Retail sales in both countries recorded double-digit nominal
a repeated cause of concern for the Eurozone countries. How- growth during the reporting period. In India, however, half of
this growth was due to the increase in prices. Supported by METRO Cash & Carry:
expansionary monetary and fiscal policies, Japans economy is Sector development in the
slowly climbing out of recession. While the retail business
continued to stagnate in financial year 2014/15, a positive trend cash-and-carry business
could be seen towards the end of the period.
In Germany, sales generated by the self-service wholesale
trade during financial year 2014/15 remained slightly below the
Development of gross domestic product
in METRO GROUP countries previous years level. As in the previous year, the cash-and-
Percentage change year-on-year carry segment lagged overall food retail, which recorded slight
sales growth. In 2015, food prices once again rose only slightly.
20141 20152
This development was supported by another increase in adver-
India 7.1 7.3
tising activities in German food retail and the rising number of
China 7.3 6.8
brand products at discounters, which also had an impact on the
Vietnam 6.0 5.9
self-service wholesale trade. Consequently, while demand
Pakistan 3.4 4.1
remained largely stable overall in volume terms, there was a
Czech Republic 2.0 4.0
lack of positive growth impulses to drive the sector forward.
Luxembourg 5.6 4.0
Romania 2.8 3.6
METRO Cash & Carry maintained its market-leading position
Poland 3.3 3.5
during the reporting year.
Spain 1.4 3.2
Sweden 2.3 3.2
In light of the improving macroeconomic situation in the euro
Turkey 2.9 3.1
crisis countries in particular, the self-service wholesale trade
Slovakia 2.4 2.9 in Western Europe developed positively for the first time in
Hungary 3.6 2.7 several years. In financial year 2014/15, the sector recorded
Bulgaria 1.7 2.1 slight revenue growth. Sales in Italy, Spain and Portugal
Kazakhstan 4.3 2.0 matched or slightly exceeded the previous years level while
Netherlands 1.0 2.0 sales in Belgium and the Netherlands were weaker. Mostly
Serbia 1.8 1.7 moderate price increases were recorded across Western
Germany 1.6 1.6 Europe, preventing any positive inflation-induced sales effects.
Portugal 0.9 1.6
Belgium 1.1 1.2 In Eastern Europe, the self-service wholesale trade continued
France 0.2 1.1 its mixed development in financial year 2014/15. The Rus-
Croatia 0.4 1.1 sia/Ukraine conflict and the Russian import ban on Western
Switzerland 1.9 1.0 food products resulted in above-average food price increases in
Italy 0.4 0.8 Russia and Ukraine. In addition, the devaluation of the local
CONSOLIDATED
Austria 0.4 0.7 currencies fuelled inflationary trends in both countries. Adjust-
Japan 0.1 0.6 ed for price and currency effects, demand fell in both Russia
Moldova 4.6 1.0 and Ukraine. Meanwhile, deflationary trends continued in the
Greece 0.8 1.9 other Eastern European countries. In Romania, this is primarily
Russia 0.6 4.1 due to the reduction in value added tax on foods products.
Ukraine 6.8 14.6 Sales in the self-service wholesale trade developed positively in
Romania, Poland and Turkey.
1 Previous years figures may deviate from those shown in the Annual Report 2013/14
since the final figures were not yet available at the time of its completion
2 Forecast
SERVICE
In regional comparison, Asia once again recorded the strongest enced market growth at an above-average rate, and Italy also
sales increase in the self-service wholesale trade in financial once again reported positive growth figures.
year 2014/15. With the opening of new wholesale stores in
China and India, METRO Cash & Carry was able to maintain its Consumer electronics retailing in Eastern Europe showed
market share in the region. Both countries also remain the conflicting trends: Poland and Hungary were once again able to
focus of strategic expansion with self-service wholesale stores. report stable growth in high single-digit figures. While Russia
Despite an increase in international competition, especially in benefited in particular from early year-end buying by the con-
India, market concentration in Asia remains altogether low. sumers due to the fall in the value of the rouble, growth weak-
Traditional retailers continue to play an important role as sup- ened in the face of the difficult economic conditions in the
pliers to the population and continue to offer strong growth further course of the year. Media-Saturn was able to at least
potential for the self-service wholesale sector. The hospitality partially buck this trend, growing significantly more strongly
sector in Asia is fast gaining importance across the continent than the consumer electronics retail sector as a whole.
and has been recording strong growth. During the reporting
period, METRO Cash & Carry gained access to this segment The consumer electronics retail business in Turkey proved
with the acquisition of the Classic Fine Foods group. extraordinarily robust, achieving growth in clear double figures.
Greece remains a problem case, even though the growth

Media-Saturn: sector development rates thanks above all to special effects in the second quarter
in consumer electronics retailing of the financial year in the form of subsidies for the telecom-
munications and IT market generated clear market growth.
Even without important seasonal events such as the Olympic
Games or the FIFA World Cup, the German consumer electron- The other, more strongly saturated markets Belgium, the
ics stores succeeded in increasing their sales by around Netherlands and Austria recorded slight growth rates. Switzer-
1 per cent, starting from an already high level. The normalisa- land, on the other hand, had to struggle with the rise in the
tion in the IT business 2014 had enjoyed a special boom value of the Swiss franc at the beginning of 2015 and was
through the exchange of Microsoft operating systems also therefore the only country apart from Luxembourg to report
had no negative impact on market growth. Falls in the TV and IT negative development in the consumer electronics retail sector.
portfolios were more than offset by the introduction of the
iPhone 6 as well as additional impulses in white goods, kitchen The Media-Saturn group of companies continued to strengthen
appliances and the beauty and wellness sector. Media-Saturn its leading position among consumer electronics stores in
once again grew faster than the consumer electronics retail Europe during financial year 2014/15 and substantially in-
sector as a whole, thereby further extending its position as creased its market share. Building on its strong market posi-
market leader. tion with a market share of 12.6 per cent in financial year
2013/14, Media-Saturn was able to increase its total market
In financial year 2014/15, the macroeconomic upturn in the share across all countries by 0.7 percentage points to
European economy also reached consumer electronics retail in 13.3 per cent.
Southern Europe. Consequently, the Iberian countries experi-
Real: sector development Real succeeded in growing somewhat more strongly during this
in the food retail business period than the market as a whole.
Food retail in Germany developed much less strongly in finan- In the second half of financial year 2014/15, the development
cial year 2014/15 than the non-food sector. Especially in the in the food retail business also remained altogether weak,
first half of the reporting period, it achieved only slight nominal despite a slight increase in the rate of price rises for food
growth. The reason for this was the stagnation in prices that products. At the same time, price competition in the food
occurred for part of the time. In like-for-like terms, however, sector intensified further.
CONSOLIDATED
SERVICE
ECONOMIC REPORT ASSET, FINANCIAL AND EARNINGS POSITION P. 96
Asset, financial and result. Cash pooling allows the surplus liquidity of individual
earnings position group companies to be used to internally fund other group
companies. METRO GROUPs financial activities are based on a
financial budget for the group, which covers all relevant com-
Overall statement by the Management panies and is updated monthly. In addition, METRO AG provides
Board of METRO AG on the business a 14-day liquidity plan.
development and situation of METRO AGs current long-term investment grade rating of
METRO GROUP BBB and short-term rating of A-3 by Standard & Poors sup-
port access to capital markets.
METRO GROUP continued to face significant challenges in
financial year 2014/15 that were largely caused by geopolitical Capital market access is supported by an intensive dialogue
events. Nonetheless, the Management Board can look back at a with bond investors and credit analysts. Our Creditor Relations
successful year overall. METRO GROUP successfully continued team also presents our company to all key European financial
its transformation and made further progress in its efforts to markets during its annual roadshow. In addition, investors and
focus its portfolio. The sale of Galeria Kaufhof on 30 Septem- analysts can learn about METRO GROUPs high-performance
ber 2015 was an important milestone that provided the capabilities in face-to-face meetings and tours.
group with liquidity for its continued expansion. In addition,
METRO GROUP achieved another substantial debt reduction. The following principles apply to all group-wide financial
activities:
Overall, the Management Board is very pleased with the com-
panys performance, especially because all communicated Financial unity
goals for METRO GROUP were achieved. As a result, we will By presenting a single face to the financial markets, the group
once again propose an attractive dividend to our shareholders. obtains better terms on financial markets.
Financial scope
In our relationships with banks and other business partners in
Financial and asset position the financial arena, we consistently maintain our scope of
action in order to remain independent. In the context of our
bank policy, limits have been defined to ensure that the group
Financial management can replace one financing partner with another at any time.
Principles and objectives of financial activities Centralised risk management

The financial management of METRO GROUP ensures the We conduct financial transactions to cover our financing re-
permanent liquidity of the company, reduces financial risks quirements and hedge risks related to underlying business
where economically feasible and grants loans to group compa- transactions. METRO GROUPs total financial portfolio is cen-
nies. METRO AG centrally performs and monitors these activi- trally controlled by METRO AG.
ties for the group. The objective is to ensure that group compa-
nies can cover their funding requirements in a cost-efficient Centralised risk monitoring
manner and, where possible, via the international capital mar- Changes in financial parameters, such as interest rate or
kets. This applies to operating activities as well as to invest- exchange rate fluctuations, can impact the financing activi-
ments. As a matter of principle, METRO AG bases its selection ties of METRO GROUP. Associated risks are regularly quanti-
of financial products on the maturities of the underlying trans- fied in the context of scenario analyses. Open risk positions
actions. for example, financial transactions without an underlying
business transaction may only be concluded after the
Intra-group cash pooling reduces the amount of debt and opti- Management Board of METRO AG has granted the appropriate
mises the money market and capital market investments of approval.
METRO GROUP, which has a positive effect on the interest
Exclusively authorised contractual partners The development of METRO GROUPs long-term and short-
METRO GROUP only conducts financial transactions with con- term ratings over the past five years is depicted in the follow-
tractual partners who have been authorised by METRO AG. The ing graph:
creditworthiness of these contractual partners is tracked on a
daily basis based on their ratings and the monitoring of their Rating development and outlook
credit risk ratios (essentially credit default swap analyses). On
long-term
this basis, the Treasury Controlling unit of METRO AG continu-
ously monitors adherence to the authorised limits. BBB+
stable
Approval requirement
BBB
As a matter of principle, all financial transactions of
METRO GROUP companies are conducted with METRO AG. In stable stable stable stable
cases where this is not possible for legal reasons, these trans- BBB
actions are concluded on behalf of the group company or dir-
ectly between the group company and an external financial
partner in coordination with METRO AG. short-term A-2 A-3
Audit security
The two-signature principle applies within our company. All Standard & Poors
processes and responsibilities are laid down in group-wide

guidelines. The conclusion of financial transactions is separat-
ed from settlement and controlling in organisational terms. The current METRO GROUP rating awarded by Standard &
Poors is as follows:
For more information about the risks stemming from financial instruments
and hedge accounting, see the notes to the consolidated financial statements in no. 44
management of financial risks.
Category 2015
Long-term BBB
Ratings Short-term A-3
Ratings evaluate the ability of a company to meet its financial Outlook stable
obligations. They communicate the creditworthiness of a com-
pany to potential debt capital providers. In addition, ratings
facilitate access to international capital markets. METRO AG Based on these ratings, METRO GROUP has access to all finan-
has commissioned Standard & Poors a leading international cial markets.
rating agency to continuously analyse METRO GROUPs cre-
ditworthiness. In February 2015, METRO AG terminated its
CONSOLIDATED
rating service contract with Moodys Investors Service.
SERVICE
Financing measures grammes have a maximum volume of 2 billion each. The

The companys medium-term and long-term financing needs average amount utilised from both programmes during the
are covered by an ongoing capital market issuance programme reporting period was 1,107 million. As of 30 September 2015,
with a maximum volume of 6 billion. As early as October 2014, the used volume totalled about 941 million.
METRO GROUP successfully issued a benchmark bond with a
volume of 500 million, a seven-year term and a coupon of In addition, METRO GROUP used bilateral credit facilities total-
1.375 per cent in the euro capital market to partially refinance ling 1,189 million as of 30 September 2015. Existing syndicat-
its 1 billion bond maturing in March 2015 ahead of time. In ed credit lines totalling 2,525 million were not utilised.
addition, a 600 million bond with a term of ten years and a
For more information about financing programmes and credit facilities,

coupon of 1.5 per cent was placed in March 2015. see the notes to the consolidated financial statements in no. 37 financial liabilities.
As of 30 September 2015, a total of 3.6 billion had already Aside from the established issuance programmes, the group
been utilised from the ongoing issuance programme. had access to sufficient liquidity via comprehensive, generally
multi-year credit facilities at all times. These are listed in the
Short-term financing requirements are covered through the following table.
Euro Commercial Paper Programme and a commercial paper
programme geared especially to French investors. Both pro-
Unutilised credit facilities of METRO GROUP
30/9/2014 30/9/2015
Remaining term Remaining term
million Total up to 1 year over 1 year Total up to 1 year over 1 year
Bilateral credit facilities 1,430 300 1,130 1,719 962 757

Utilisation 865 260 604 1,189 932 257
Unutilised bilateral credit facilities 565 40 526 530 30 500
Syndicated credit facilities 2,525 0 2,525 2,525 0 2,525
Utilisation 0 0 0 0 0 0
Unutilised syndicated credit facilities 2,525 0 2,525 2,525 0 2,525
Total credit facilities 3,955 300 3,655 4,244 962 3,282
Total utilisation 865 260 604 1,189 932 257
Total undrawn credit facilities 3,090 40 3,051 3,055 30 3,025
Investments/divestments In financial year 2014/15, investments of Media-Saturn

amounted to 256 million, 12 million more than in the previ-
In financial year 2014/15, METRO GROUP invested 1,411 mil- ous years period. The increase in investments is primarily due
lion and thus 410 million more than in the same period of the to the acquisition of iBOOD. At the same time, the pace of ex-
previous year. The fact that investments increased in spite of pansion slowed while investments in concept and modernisa-
reduced expansion efforts is due in particular to the acquisition measures increased. Media-Saturn continued its selective
tions of the Classic Fine Foods group and iBOOD, concept and expansion (including new small formats) in Europe during the
modernisation measures as well as rental contract extensions. reporting period, opening 36 stores (previous year: 50) across
Among other things, 57 hypermarkets were refurbished along the continent. The sales line opened 18 consumer electronics
the lines of the Essen store model as part of the Big Bang stores in Eastern Europe: 8 in Poland, 7 in Russia and 3 in
project at Real in order to better cater to customer needs. The Turkey. 15 new stores were added in Western Europe (excluding
reduced expansion activities are reflected in the smaller num- Germany), including 6 in the Netherlands, 5 in Spain, 2 in Switz-
ber of 58 store openings including additions compared with erland and 1 each in Austria and Belgium. 3 stores were
68 store openings in the previous years period. opened in Germany. As part of its portfolio optimisation efforts,
Media-Saturn closed 15 stores during the financial year:
Investments of METRO GROUP
7 stores in Italy, 3 in Russia, 2 in the Netherlands and 1 each in
Germany, Belgium and Turkey.
Change
million1 2013/141 2014/15 Absolute % Real invested 241 million in financial year 2014/15,
METRO 68 million more than in the previous years period. The in-
Cash & Carry 441 750 309 69.9 crease in investments was essentially due to lease extensions
Media-Saturn 244 256 12 5.0 and investments in store modernisations. The investment funds
Real 172 241 68 39.7 were used to advance the business model through concept
Others 144 165 21 14.6 changes. Following the successful remodelling of 50 stores
METRO GROUP 1,001 1,411 410 41.0 along the lines of the Essen store model as part of the Big
1 Adjustment of previous years figures due to discontinued operations
Bang project in the previous year, Real modernised 57 addition-
(see notes to the consolidated financial statements notes to the group al stores across Germany during the reporting period. As
accounting principles and methods)
planned, Real closed 14 stores in Germany during financial
year 2014/15. Following the sale of Reals Eastern European
In financial year 2014/15, METRO Cash & Carry invested business, the sales lines 4 remaining stores in Romania are
750 million and thus 309 million more than in the previous now shown in the Others segment.
years period. The key reasons for this substantial increase in
investments include the acquisition of the Classic Fine Foods Investments in the Others segment totalled 165 million in
group, concept and modernisation measures as well as sus- financial year 2014/15 (2013/14: 144 million) and related
CONSOLIDATED
tainability projects. The expansion activities continued to focus mostly to concept and modernisation measures as well as
on Russia and China where 11 and 6 new METRO Cash & Carry intangible assets. In addition, investments in real estate were
stores, respectively, were added to the existing store network. made through the exercise of purchasing rights.
2 new stores were opened in India, while 1 new store each was
opened in Turkey, Croatia and Serbia. Store closures concerned Investment obligations incurred for the acquisition of property,
3 stores in Bulgaria, 2 in China and 1 each in Italy, Kazakhstan, plant and equipment and intangible assets amounted to
Romania, Serbia and Ukraine. As announced, the sales lines 157 million.
5 stores in Denmark were closed and its 9 stores in Greece For more information, see the notes to the consolidated financial statements
were sold as planned. in no. 20 other intangible assets and no. 21 property, plant and equipment.
SERVICE
METRO GROUP received cash and cash equivalents in the employed during the financial year from operating, investing
amount of 2,679 million from divestments (including dis- and financing activities. In addition, it shows the changes in
posals of subsidiaries and discontinued operations). These cash and cash equivalents between the beginning and end of
essentially stemmed from the sale of the shares in the Galeria the financial year.
Kaufhof group.
Cash inflow from operating activities in financial year 2014/15
For more information about divestments, see the cash flow statement
in the consolidated financial statements as well as the notes to the consolidated amounted to 1,846 million (2013/14: +2,008 million). Invest-
financial statements in no. 42 notes to the cash flow statement.
ing activities led to a cash inflow of 785 million (2013/14:
715 million). Compared with the previous years period, this
represents an increase in cash flow before financing activities
Liquidity (cash flow statement) of 1,338 million to 2,631 million. Cash outflow from financing
activities totalled 597 million (2013/14: 1,448 million).
METRO GROUPs liquidity is calculated on the basis of the cash
For more information, see the cash flow statement in the consolidated

flow statement. The cash flow statement serves to calculate financial statements as well as the notes to the consolidated financial statements
in no. 42 notes to the cash flow statement.
and display the cash flows that METRO GROUP generated or
Cash flow statement1
million 2013/142 2014/15
Cash flow from operating activities of continuing operations 1,754 1,595

Cash flow from operating activities of discontinued operations 254 251
Cash flow from operating activities 2,008 1,846
Cash flow from investing activities of continuing operations 593 1,187
Cash flow from investing activities of discontinued operations 122 1,972
Cash flow from investing activities 715 785
Cash flow before financing activities of continuing operations 1,161 408
Cash flow before financing activities of discontinued operations 132 2,223
Cash flow before financing activities 1,293 2,631
Cash flow from financing activities of continuing operations 1,352 718
Cash flow from financing activities of discontinued operations 96 121
Cash flow from financing activities 1,448 597
Total cash flows 155 2,034
Currency effects on cash and cash equivalents 1 25
Total change in cash and cash equivalents 156 2,009
1 Abridged version. The complete version is shown in the consolidated financial statements.
2 Adjustment of previous year due to discontinued activities (see notes to the consolidated financial statements notes to the group accounting principles and methods)
Capital structure
Capital structure of METRO GROUP
million
ASSETS LIABILITIES
A Inventories (current) C Tangible and intangible E Trade payables G Debt capital

assets (current) (non-current)
B Other current
assets D Other non-current F Other debt capital H Equity
assets (current)
28,156 27,656 28,156 27,656
5,946 5,439 A
21.1%
A
19.7% 10,0751 9,550
35.8% E E
34.6%
6,6381 B 9,010
23.6% B
32.5% 6,1611 6,093 F
21.9% F 22.0%
6,921 6,841
14,465 24.5% G
51.4%
C 12,191 C
G 24.7%
44.1%
4,999 5,172
17.8% H H
1,107 D 1,016 D
18.7%
3.9% 3.7%
30/9/2014 30/9/2015 30/9/2014 30/9/2015
1 Adjustment of previous years figures (see notes to the consolidated financial statements notes to the group accounting principles and methods)
As of 30 September 2015, METRO GROUPs balance sheet Note no.

million 30/9/2014 30/9/2015
disclosed 5.2 billion in equity (30/9/2014: 5.0 billion). The
Equity 32 4,999 5,172
increase is primarily due to the change in reserves retained Share capital 835 835
from earnings which increased by 191 million compared with Capital reserve 2,551 2,551
30 September 2014. The increase in other reserves retained Reserves retained from earnings 1,602 1,793
from earnings, which largely stemmed from net profit for the
CONSOLIDATED
Non-controlling interests 11 7
period attributable to shareholders of METRO AG, had a posi-
tive impact. In contrast, currency translation differences and
dividends paid reduced reserves retained from earnings. Net debt declined markedly by 2.2 billion. As of 30 September
2015, net debt only amounted to 2.5 billion (30/9/2014:
The equity ratio amounts to 18.7 per cent (30/9/2014: 4.7 billion). This is calculated by netting borrowings, including
17.8 per cent). The share of reserves retained from earnings in finance leases of 7.4 billion (30/9/2014: 7.1 billion) with cash
equity totalled 34.7 per cent compared with 32.0 per cent as of and cash equivalents according to the balance sheet of
30 September 2014. 4.4 billion (30/9/2014: 2.4 billion) and financial investments SERVICE
amounting to 424 million (30/9/2014: 7 million). The in-

million Note no. 30/9/2014 30/9/2015
crease in cash and cash equivalents was essentially due to the
Non-current liabilities 6,921 6,841
sale of the Galeria Kaufhof group in Germany and Belgium, Provisions for pensions
including the associated real estate assets. The additions to and similar obligations 33 1,684 1,270
financial investments relate to an investment of 415 million in Other provisions 34 478 492
an exchange-listed, highly liquid money market fund. Borrowings 35, 37 4,453 4,731
Other financial and
non-financial liabilities 35, 38 176 206
million 30/9/2014 30/9/2015 Deferred tax liabilities 25 130 142
Cash and cash equivalents according Current liabilities 16,236 15,643
to the balance sheet 2,406 4,415
Trade liabilities 35, 36 10,0751 9,550
Short-term financial investments1 7 424
Provisions 34 615 628
Borrowings
(incl. finance leases) 7,068 7,366 Borrowings 35, 37 2,615 2,635
Net debt 4,655 2,527 Other financial and non-financial

liabilities 35, 38 2,528 2,488
1 Shown in the balance sheet under other financial and non-financial assets (current) Income tax liabilities 35 198 148
Liabilities related to assets held for sale1 31 2051 194
As of 30 September 2015, non-current liabilities amounted to 1 Adjustment of previous years figures (see notes to the consolidated
6.8 billion (30/9/2014: 6.9 billion) and thus did not increase financial statements notes to the group accounting principles and methods)
due to opposing effects. These relate to an increase in long-
term borrowings by 278 million (30/9/2015: 4.7 billion; For more information about the development of liabilities, see the notes to

the consolidated financial statements in the numbers listed in the table. Information
30/9/2014: 4.5 billion) from the issuance of two bonds and about contingent liabilities and other financial liabilities can be found in the notes to the
were reduced by disposals due to the sale of the Galeria Kauf- consolidated financial statements in no. 45 contingent liabilities and no. 46 other
financial liabilities.
hof group. An opposing effect was produced by the reduction of
provisions for pensions and similar obligations by 414 million
to 1.3 billion (30/9/2014: 1.7 billion). This was also primarily Asset position
due to the sale of the Galeria Kaufhof group.
In financial year 2014/15, total assets decreased by
As of 30 September 2015, METRO GROUP had current liabilities 500 million to 27.7 billion (30/9/2014: 28.2 billion).
of 15.6 billion (30/9/2014: 16.2 billion). The reduction is
essentially due to the decline in trade liabilities by 525 million In financial year 2014/15, non-current assets declined by
(30/9/2015: 9.6 billion; 30/9/2014: 10.1 billion). This decline 2.4 billion to 13.2 billion, primarily due to a reduction in
is also primarily due to the sale of the Galeria Kaufhof group as property, plant and equipment of 2 billion to 8.0 billion
well as currency translation effects in Russia. (30/9/2014: 10.0 billion). This was caused by negative cur-
rency effects particularly in Russia and the disposal of
Compared with 30 September 2014, the debt ratio declined by property, plant and equipment in connection with the sale of the
0.9 percentage points to 81.3 per cent. Current liabilities ac- Galeria Kaufhof group. Additional factors included impairment
counted for 69.6 per cent of total debt compared with losses on goodwill at Real Germany in the amount of
70.1 per cent as of 30 September 2014. 446 million and the disposal of goodwill of the Galeria Kaufhof
group in the amount of 71 million. In contrast, the acquisition
For more information about the maturity, currency and interest rate structure
of financial liabilities as well as credit facilities, see the notes to the consolidated of Klassisk Investment Limited including all subsidiaries of the
financial statements in no. 37 financial liabilities.
Classic Fine Foods group for 143 million was the key driver
behind an increase in goodwill (30/9/2015: 3.3 billion; 30/9/2014:
3.7 billion). The increase in other intangible assets was pri-

million Note no. 30/9/2014 30/9/2015
marily due to the acquisition of the Classic Fine Foods group,
Current assets 12,584 14,449
with the acquired customer base accounting for 62 million
Inventories 26 5,946 5,439
and the Classic Fine Foods brand accounting for 48 million.
Trade receivables 27 560 702
Investments accounted for using the equity method primarily
Financial investments 1 6
increased by the 40 per cent share of METRO PROPERTIES in
Other financial and non-financial assets 24 2,9811 3,435
the joint venture with Carlton Investment, Berlin, (10 Real
Entitlements to income tax refunds 223 202
hypermarkets) in the amount of 83 million. Cash and cash equivalents 30 2,406 4,415
Assets held for sale 31 4671 250
million Note no. 30/9/2014 30/9/2015
1 Adjustment of previous years figures (see notes to the consolidated
Non-current assets 15,572 13,207 financial statements notes to the group accounting principles and methods)
Goodwill 19 3,671 3,301
Other intangible assets 20 380 464 For more information about the development of current assets,
see the notes to the consolidated financial statements in the numbers listed in the table.
Property, plant and equipment 21 10,025 7,955
Investment properties 22 223 170
Financial investments 23 71 117
Earnings position
Investments accounted
for using the equity method 23 95 184
Other financial and non-financial assets 24 272 292
Deferred tax assets 25 835 724
Following the signing of the agreement to sell the Galeria

For more information about the development of non-current assets,
Kaufhof group, this sales line has no longer been reported as a

see the notes to the consolidated financial statements in the numbers listed in the table. separate segment and as part of the continuing operations of
METRO GROUP since the third quarter of 2014/15, but as a
Current assets rose by 1.8 billion to 14.4 billion. This increase discontinued operation. Accordingly, METRO GROUPs finan-
is due largely to the 2.0 billion increase in cash and cash cials for financial year 2014/15 have been recalculated to ac-
equivalents (30/9/2015: 4.4 billion; 30/9/2014: 2.4 billion) that count for the disposal of Galeria Kaufhof and the previous
was primarily due to the sale of the Galeria Kaufhof group. Other years figures have been adjusted (with the exception of the
financial and non-financial assets also increased by 454 mil- balance sheet and the respective notes to the balance sheet).
lion to 3.4 billion (30/9/2014: 3.0 billion). This was due largely
to the recognition of a 415 million investment in an exchange-
listed, highly liquid money market fund in the item short-term Overview of group
securities. The decline in inventories is also due to the sale of business development
the Galeria Kaufhof group.
CONSOLIDATED
Thanks to the positive development at METRO Cash & Carry
and Media-Saturn, METRO GROUPs like-for-like sales grew by
1.5 per cent in financial year 2014/15. Due to negative currency
and portfolio effects, reported sales of 59.2 billion were
1.2 per cent lower than in the previous year. However, sales
rose by 0.5 per cent in local currency.
SERVICE
EBIT before special items stood at 1,511 million (2013/14: Sales lines
1,531 million). Adjusted for negative currency effects in the Besides METRO Cash & Carry, the sales lines Media-Saturn
amount of 117 million, EBIT before special items markedly and Real were also expected to contribute to slight growth of
exceeded the previous years level. At 711 million, reported like-for-like sales and EBIT before special items. While METRO
group EBIT remained below the previous years level of Cash & Carry and Media-Saturn clearly met this target with
1,077 million in financial year 2014/15. This decline was pri- like-for-like sales growth of 0.9 per cent and 3.1 per cent, re-
marily due to non-cash impairment losses on goodwill at Real. spectively, Real fell short, with a slight decline in like-for-like
sales of 0.8 per cent.
Comparison of forecast METRO Cash & Carrys EBIT before special items amounted to
with actual business developments 1,050 million. In consideration of negative currency effects,
the result exceeded the previous years level as forecast.
Sales Media-Saturn also markedly exceeded the previous years
METRO GROUP had forecast slight currency-adjusted sales figures with EBIT before special items of 442 million and thus
growth for financial year 2014/15 and met its target with a fulfilled the forecast. Real also exceeded the previous years
0.5 per cent sales increase in local currency from continuing figures with EBIT before special items of 88 million (2013/14:
operations. 81 million). The previous years figure included negative earn-
ings contributions (6 million) from Real Eastern Europe.
METRO GROUP had projected slightly higher like-for-like sales
(in local currency) and also met this target with a 1.5 per cent
increase in like-for-like sales from continuing operations. Sales and earnings development
METRO GROUP also met its sales targets under consideration METRO GROUPs like-for-like sales grew by 1.5 per cent in
of discontinued operations. financial year 2014/15. Sales in local currency rose by
0.5 per cent. Due to negative currency and portfolio effects,
EBIT however, reported sales of 59.2 billion were 1.2 per cent lower
METRO GROUP had originally expected EBIT before special than in the previous year.
items adjusted for currency effects to rise slightly above the
1,727 million achieved in financial year 2013/14, including In Germany, like-for-like sales matched the previous years
typical levels of income from real estate sales. Adjusted for level. Sales totalled 22.5 billion, a slight decline of 0.3 per cent
negative currency effects of 117 million, METRO GROUP has compared with the previous years figure. This was due to lower
met its forecast. sales at METRO Cash & Carry and Real. At Real, store closures
had a negative impact on reported sales. In contrast, Media-
With the publication of the quarterly report for 9M/Q3 2014/15 Saturn posted higher sales.
on 6 August 2015, the reference values for 2013/14 for the
forecast were adjusted by the earnings share attributable to Like-for-like sales in the international business increased by
Galeria Kaufhof, as the segment was sold and therefore had to 2.4 per cent. International sales rose by 1.0 per cent in local
be shown as a discontinued operation. The original forecast of a currency. Reported sales declined by 1.7 per cent to
slight currency-adjusted increase in EBIT remained intact 36.7 billion. This decline was primarily due to currency effects
based on the new reference value of 1,531 million. Adjusted as well as store disposals and closures.
for negative currency effects of 117 million, METRO GROUP
exceeded this forecast. Owing to an especially friendly real International sales accounted for 62.0 per cent of total sales
estate market environment, real estate income was higher than (2013/14: 62.4 per cent).
expected. However, the company would also have met its target
with a typical level of real estate sales.
In Western Europe (excluding Germany), like-for-like sales Special items include transactions that do not regularly recur,
rose by 1.1 per cent. Sales in local currency increased by such as restructurings or changes to the group portfolio. Re-
0.7 per cent. Reported sales improved by 1.0 per cent to porting before special items better reflects the companys
19.1 billion. This was due largely to positive developments in operating performance and thus renders the earnings presen-
Italy, Spain and the Netherlands. tation more meaningful.
An overview including the reconciliation of special items can
Like-for-like sales in Eastern Europe rose markedly by be found on pages 114 and 115.
5.3 per cent. Adjusted for currency effects, sales climbed by
1.7 per cent. Business developments in Russia and Hungary In financial year 2014/15, EBIT before special items at
especially contributed to this increase. However, due to nega- METRO GROUP fell from 1,531 million to 1,511 million.
tive exchange rate developments and active portfolio measures However, this figure includes negative currency effects of
(Real Eastern Europe and METRO Cash & Carry Greece), re- 117 million, meaning that METRO GROUP recorded higher
ported sales declined by 9.7 per cent to 13.3 billion. EBIT before special items in local currency.
While like-for-like sales in the Asia/Africa region declined Development of group sales
slightly by 0.4 per cent overall, the trend in India was positive. by sales line and region
Sales in local currency improved by 0.5 per cent. Due to positive Change in % compared
with the previous years period
currency trends, reported sales rose by 16.1 per cent to
4.3 billion.
Currency like-for-
effects in like sales
2013/141 2014/15 percentage in local in local
In financial year 2014/15, METRO GROUPs EBIT amounted to million million in points currency currency
711 million, a decline of 366 million compared with the METRO
Cash & Carry 30,513 29,690 2.7 2.7 0.0 0.9
previous years level (2013/14: 1,077 million). However, this
Media-Saturn 20,981 21,737 3.6 1.0 4.6 3.1
figure includes special items amounting to 800 million
Real 8,432 7,735 8.3 0.0 8.3 0.8
(2013/14: 454 million). These special items can be broken
Others 10 56
down into impairment losses on goodwill (particularly at Real
METRO GROUP 59,937 59,219 1.2 1.7 0.5 1.5
Germany, with 446 million), restructuring and efficiency im-
thereof
provement measures amounting to 285 million (essentially Germany 22,558 22,490 0.3 0.0 0.3 0.1
planned closures) as well as other special items of 66 million. thereof
Portfolio changes produced a net positive special item of international 37,379 36,728 1.7 2.8 1.0 2.4
23 million. Western
Europe (excl.
Germany) 18,902 19,090 1.0 0.3 0.7 1.1
In addition, gains from the sale of Galeria Kaufhof resulted in a Eastern

Europe 14,755 13,318 9.7 11.4 1.7 5.3
positive special item of 841 million in discontinued operations.
CONSOLIDATED
Asia/Africa 3,722 4,319 16.1 15.5 0.5 0.4
1 Adjustment of previous years figures due to discontinued operations (see notes to the
consolidated financial statements notes to the group accounting principles and methods)
SERVICE
Group sales of METRO GROUP 2014/15 2.8 billion). The share of delivery sales in total sales improved
by region to 10.6 per cent.
Asia/Africa
Like-for-like sales in Germany fell by 1.7 per cent in financial
year 2014/15. Reported sales also declined by 1.7 per cent to
4.7 billion. However, the trend improved as the financial year
Eastern Europe progressed.
Germany
In Western Europe (excluding Germany), like-for-like sales

retreated by 0.7 per cent. Sales declined in Belgium and the
Netherlands, but increased in Italy, Portugal and Spain. Sales
also fell by 0.7 per cent in local currency. Reported sales re-
treated by 2.8 per cent to 10.2 billion (2013/14: 10.5 billion).
Western Europe
This is partially due to the withdrawal from Denmark at the end
(excl. Germany) of 2014.
Like-for-like sales in Eastern Europe increased by 4.5 per cent.

Development of group EBIT and In spite of the difficult political situation, like-for-like sales in
EBIT of the sales lines Russia increased, driven partly by inflation. Like-for-like sales
EBIT1 also increased in all other Eastern European countries with the
exception of Poland and Romania. Sales rose by 3.5 per cent
million 2013/142 2014/15 in local currency. Reported sales fell by 9.1 per cent to
METRO Cash & Carry 1,125 1,050 10.4 billion due to very negative currency effects and the sale
Media-Saturn 335 442 of the Greek business.
Real 81 88
Others 10 63 Like-for-like sales in Asia/Africa declined slightly by
Consolidation 0 5
0.4 per cent, with India and Japan posting higher like-for-like
METRO GROUP 1,531 1,511 sales. However, sales rose by 0.5 per cent in local currency.
1 Before special items Thanks to positive currency effects, reported sales improved by
2 Adjustment of previous years figures due to discontinued operations 16.1 per cent to 4.3 billion.
(see notes to the consolidated financial statements notes to the group
In financial year 2014/15, the international share of sales of
METRO Cash & Carry fell slightly from 84.2 per cent to
Sales and earnings development 84.0 per cent as a result of currency effects.
of the sales lines
EBIT at METRO Cash & Carry totalled 975 million in financial
METRO Cash & Carry year 2014/15 (2013/14: 904 million). This figure includes spe-
Like-for-like sales at METRO Cash & Carry rose by cial items totalling 75 million (2013/14: 221 million). These
0.9 per cent in financial year 2014/15, with positive sales particularly related to restructuring and efficiency improve-
growth in all quarters. The previous years figure was matched ment measures at, among others, METRO Cash & Carry
in terms of sales in local currency. Due to exchange rate de- Germany.
velopments particularly with respect to the Russian rouble
and portfolio changes, reported sales declined by 2.7 per cent EBIT before special items amounted to 1,050 million (2013/14:
to 29.7 billion. 1,125 million). This decline was due largely to negative cur-
rency effects in Russia. Adjusted for these effects, earnings
Sales in the delivery business continued their strong momen- before special items improved.
tum and rose by 11.6 per cent in local currency. Reported sales
rose by as much as 13.7 per cent to 3.1 billion (2013/14:
On 30 September 2015, METRO Cash & Carry operated Media-Saturn

764 stores in 26 countries. Of these stores, 107 were in Germa- Like-for-like sales of Media-Saturn grew by 3.1 per cent in
ny, 232 in Western Europe (excluding Germany), 288 in Eastern financial year 2014/15, with positive sales growth in all quar-
Europe and 137 in Asia. ters. Sales in local currency increased by 4.6 per cent, while
reported sales rose by 3.6 per cent to 21.7 billion.
Key figures METRO Cash & Carry 2014/15
in year-on-year comparison Online retail also continued its strong momentum: internet
Change in % compared
sales climbed by more than 20 per cent to 1.8 billion. As a
with the previous years period result, online sales now account for more than 8 per cent of
total sales.
Currency like-for-
effects in like sales
2013/14
million
2014/15
million in
percentage
points
in local
currency
in local
currency
Like-for-like sales in Germany increased by 1.6 per cent.
Sales 30,513 29,690 2.7 2.7 0.0 0.9
Reported sales grew by 2.3 per cent to 10.0 billion. Sales
Germany 4,819 4,739 1.7 0.0 1.7 1.7
trends during the year were very positive, with the only inter-
Western
ruption in summer due to the comparison with the high refer-
Europe (excl. ence values of the previous year in connection with the 2014
Germany) 10,547 10,247 2.8 0.0 2.8 0.7
FIFA World Cup.
Eastern
Europe 11,431 10,392 9.1 12.6 3.5 4.5
Asia/Africa 3,716 4,312 16.1 15.5 0.5 0.4 Customers very positive response to the continued dovetailing
EBIT1 1,125 1,050 6.6 of sales channels was reflected in a pick-up rate of about
EBIT margin 40 per cent for goods purchased online. The online product
(%)1 3.7 3.5
range was expanded once again. At the end of September 2015,
Locations
(number) 766 764 it consisted of more than 150,000 items at mediamarkt.de and
Selling space about 130,000 at saturn.de. As such, the online selection mark-
(1,000 m2) 5,576 5,468
edly exceeds the product range available in most Media-Saturn
1 Before special items stores.
In Western Europe (excluding Germany), like-for-like sales

Sales of METRO Cash & Carry 2014/15 rose by 3.4 per cent. Particularly Spain stood out due to double-
by region
digit sales growth. However, like-for-like sales also developed
very favourably in Sweden, the Netherlands and Austria. In
Asia/Africa Germany Switzerland, the strong Swiss franc dampened domestic de-
mand. As a result, sales also declined at Media-Saturn. Across
Western Europe, sales in local currency improved markedly by
CONSOLIDATED
5.1 per cent. Reported sales increased by 5.8 per cent to
8.8 billion. METRO GROUP captured additional market share
in nearly all countries.
Eastern Europe
In Eastern Europe, like-for-like sales rose noticeably by
Western Europe 8.4 per cent. Once again, the two countries that stood out with
(excl. Germany)
double-digit growth rates were Hungary and Turkey. Measured
in local currency, sales rose steeply by 12.3 per cent. Reported
sales grew by 1.7 per cent to 2.9 billion. Negative currency
effects had a significant negative impact on sales in the region.
SERVICE
The international share of sales rose from 53.3 per cent to Sales of Media-Saturn 2014/15
53.9 per cent in financial year 2014/15. by region
13.2%
EBIT at Media-Saturn climbed to 336 million (2013/14: Eastern Europe
244 million). This figure includes special items totalling
107 million (2013/14: 91 million). These items involved a
large number of restructuring and efficiency improvement
measures. 46.1%
Germany
EBIT before special items increased noticeably from

335 million to 442 million. A better sales mix and a higher 40.7%
Western Europe
share of services as well as continually efficient cost manage- (excl. Germany)
ment had a positive effect here. Stronger consumption in Russia
in anticipation of continued depreciation of the Russian rouble
provided for an additional boost in the Christmas quarter.
On 30 September 2015, Media-Saturn had 1,007 consumer

electronics stores in 15 countries, including 417 in Germany, Real
372 in Western Europe (excluding Germany) and 218 in East- Sales at Real declined by 8.3 per cent to 7.7 billion in financial
ern Europe. year 2014/15 as parts of the sold European business had still
contributed to sales in financial year 2013/14.
Key figures Media-Saturn 2014/15
in year-on-year comparison Like-for-like sales of Real in Germany fell by 0.8 per cent in
financial year 2014/15. Due mostly to store closures, reported
with the previous years period sales retreated by 2.6 per cent to 7.7 billion. Sales were par-
ticularly dampened by persistently intense competition in food
Currency like-for-
effects in like sales retail. The sales volume and customer traffic were positively
million million in points currency currency
impacted by the store modernisation programme based on the
Sales 20,981 21,737 3.6 1.0 4.6 3.1
successful renovation of the store in Essen, which has now
Germany 9,795 10,016 2.3 0.0 2.3 1.6
been implemented at 107 sites.
Western
Europe (excl. EBIT at Real totalled 441 million in financial year 2014/15
Germany) 8,356 8,843 5.8 0.7 5.1 3.4
(2013/14: 19 million). This included special items of
Eastern
Europe 2,831 2,878 1.7 10.6 12.3 8.4 529 million relating in particular to non-cash impairment
EBIT1 335 442 32.2 losses on goodwill and store closures.
EBIT margin
(%)1 1.6 2.0
EBIT before special items increased from 81 million in the
Locations
(number) 986 1,007 previous year to 88 million. The previous years figure still
Selling space included negative earnings contributions from Real Eastern
(1,000 m2) 3,070 3,034
Europe in the amount of 6 million.
1 Before special items
In financial year 2014/15, Reals store network in Germany was
reduced by 14 to 293 sites.
Key figures Real 2014/15

Discontinued operations
in year-on-year comparison Discontinued operations relate to Galeria Kaufhof and the
associated consolidation effects.
with the previous years period
Sales of Galeria Kaufhof fell by 2.5 per cent to 3.0 billion in

Currency like-for-
effects in like sales financial year 2014/15. Like-for-like sales retreated by
percentage in local
2013/14
million
2014/15
million in points
in local
currency currency
1.9 per cent. This negative trend was mostly due to the decline
Sales 8,432 7,735 8.3 0.0 8.3 0.8
in the textile market.
Germany 7,939 7,735 2.6 0.0 2.6 0.8
EBIT1 81 88 8.3
The EBIT of 1,015 million includes gains from the disposal of
EBIT margin Galeria Kaufhof in the amount of 841 million and can there-
(%)1 1.0 1.1 fore not be compared with the previous years figures. As such,
Locations EBIT before special items from discontinued operations
(number) 311 293
amounted to 175 million (2013/14: 196 million).
Selling space
(1,000 m2) 2,145 2,031
Before this disposal on 30 September 2015, the store network
1 Before special items
of discontinued activities comprised 134 department stores,
including 118 in Germany and 16 in Belgium.
Others
The Others segment comprises, among others, METRO AG as Key figures discontinued operations (Galeria Kaufhof) 2014/15
the strategic management holding company of METRO GROUP, in year-on-year comparison
the procurement organisation in Hong Kong, which also oper- Change in % compared
ates on behalf of third parties, logistics services as well as the with the previous years period
real estate activities of METRO PROPERTIES, which are not

Currency like-for-
attributed to any sales lines. These include speciality stores, effects in like sales
warehouses and head offices. million million in points currency currency
Sales 3,099 3,021 2.5 0.0 0.0 1.9

In financial year 2014/15, sales in the Others segment totalled EBIT 196 1,015
56 million (2013/14: 10 million). Among other things, sales Locations
include commissions for third-party business through (number) 137 134
METRO GROUPs procurement organisation in Hong Kong as Selling space

(1,000 m2) 1,446 1,418
well as the 4 Real stores in Romania since 1 October 2014.
EBIT totalled 152 million in financial year 2014/15 (2013/14:
CONSOLIDATED
95 million). Special items amounted to 89 million and
relate, in particular, to one-time expenses in connection with
the reorganisation of logistics structures in Germany. EBIT
before special items amounted to 63 million (2013/14:
10 million). This result includes higher real estate gains,
particularly from the sale of two centre locations in Eastern
Germany. The lower result is particularly due to higher project
costs, additional rental expenses and lower rental income. SERVICE
Net financial result and taxes Taxes

Reported income tax expenses of 480 million (2013/14:
million 2013/141 2014/15 539 million) are 59 million beneath the previous years level.
Earnings before interest and taxes EBIT 1,077 711 This is due to a large number of individual effects at various
Result from associates and joint ventures 9 2 individual companies as well as exchange rate fluctuations.
Other investment result 78 0
Interest income/expenses (interest result) 386 282 million 2013/141 2014/15
Other financial result 242 172 Actual taxes 489 444

Net financial result 541 452 thereof Germany (129) (118)
Earnings before taxes EBT 536 259 thereof international (360) (326)
Income taxes 539 480 thereof tax expenses/income of current period (466) (454)
Profit or loss for the period from continuing thereof tax expenses/income of previous periods (23) (10)
operations 3 221
Deferred taxes 50 36
Profit or loss for the period from discontinued
thereof Germany (62) (34)
operations after taxes 185 935
thereof international (12) (2)
Profit or loss for the period 182 714
539 480
1 Adjustment of previous years figures due to discontinued operations
(see notes to the consolidated financial statements notes to the group 1 Adjustment of previous years figures due to discontinued operations
accounting principles and methods) (see notes to the consolidated financial statements notes to the group
Net financial result

The financial result primarily comprises the interest result of In the reporting period, the group tax rate from continuing
282 million (2013/14: 386 million) and the other financial operations stood at 185.5 per cent (2013/14: 100.6 per cent).
result of 172 million (2013/14: 242 million). The interest Adjusted for special items, the rate amounted to 48.6 per cent
result improved thanks largely to the lower level of interest (2013/14: 54.0 per cent). The group tax rate represents the
rates as well as reduced debt. The change in the other financial relationship between recognised income tax expenses and
result of 70 million was caused primarily by negative currency earnings before taxes. The large difference between the re-
effects, particularly in Russia and Kazakhstan, and the absence ported tax rate and the tax rate adjusted for special items
of currency effects in the amount of around 122 million largely results from the fact that the expenses related to the
resulting from the disposal of subsidiaries (Real Poland and special items generally have no corresponding tax effect (in
Turkey) that were shown in the income statement in the previ- particular, expenses related to impairment losses on goodwill
ous year. In the previous year, income of 62 million from the at Real Germany). Under consideration of discontinued opera-
disposal of a 9 per cent stake in Booker Group PLC had impact- tions, the group tax rate amounts to 42.0 per cent (2013/14:
ed the other investment result. 74.3 per cent). Adjusted for special items, the group tax rate
under consideration of discontinued activities amounts to
For more information about the financial result, see the notes
to the consolidated financial statements in nos. 6 to 9 result from associates 43.7 per cent (2013/14: 45.4 per cent). This is primarily due to
and joint ventures, other investment result, net interest income/interest
gains from the deconsolidation of the department store busi-
expenses and other financial result.
ness of the Galeria Kaufhof group as well as expenses from
impairment losses on goodwill at Real Germany.
For more information about income taxes, see the notes

to the consolidated financial statements in no. 11 income taxes.

Profit or loss for the period and earnings per share

Change
Profit for the period in financial year 2014/15 totalled
714 million, an increase of 532 million over the previous 2013/141 2014/15 absolute %
years result (2013/14: 182 million). Profit for the period in- Profit or loss for the period
cluded special items totalling 26 million (2013/14: from continuing operations million 3 221 218
491 million). As a result, profit for the period adjusted for Profit or loss for the
period from discontinued
these special items stood at 688 million (2013/14: operations after taxes million 185 935 750
673 million). Profit or loss for the period million 182 714 532
Profit or loss for the
period attributable
Net of non-controlling interests, profit for the period attribut- to non-controlling interests million 55 42 13 23.8
able to the shareholders of METRO AG totalled 672 million from continuing operations million 54 42 12 23.0
(2013/14: 127 million). This represents a significant improve- from discontinued
operations million 1 0 1
ment of 545 million.
Profit or loss for the period
attributable to shareholders
In financial year 2014/15, METRO GROUP improved its earnings of METRO AG million 127 672 545
per share to 2.06 (2013/14: 0.39). The calculation for the from continuing operations million 57 263 206
from discontinued
reporting period continued to be based on a weighted number operations million 184 935 751
of 326,787,529 shares. Profit for the period attributable to the Earnings per share
shareholders of METRO AG of 672 million was distributed (basic = diluted)2 0.39 2.06 1.67
according to this number of shares. There was no dilution from from continuing operations 0.18 0.80 0.62
so-called potential shares in financial year 2014/15 or in the from discontinued operations 0.57 2.86 2.29
previous year. Earnings per share

before special items2 1.84 1.91 0.07 4.1
from continuing operations 1.27 1.48 0.21 16.9
Earnings per share before special items totalled 1.91
from discontinued operations 0.57 0.43 0.14 24.6
(2013/14: 1.84). This result forms the basis for the dividend
recommendation. 1 Adjustment of previous years figures due to discontinued operations
(see notes to the consolidated financial statements notes to the group
2 After non-controlling interests
CONSOLIDATED
SERVICE
Value-based management The cost of capital reflects the expected remuneration of invest-
ors for the capital they provide and for their investment risk. It
METRO GROUPs strength is reflected, among other things, in is calculated by multiplying the average capital employed by the
its ability to continuously increase the companys value through weighted average cost of capital (WACC).
growth and operational efficiency as well as optimal capital
deployment. METRO GROUP has also been using value- The cost of capital is calculated on the basis of capital market
oriented performance metrics which draw on operational key models. It corresponds to the minimum return on capital de-
performance indicators since 2000 to ensure the companys manded by capital providers. As such, it reflects the total cost
sustained value creation. In this regard, METRO GROUP focus- of capital employed and thus consists of equity and debt capital
es on earnings metrics in consideration of capital costs such costs. In financial year 2014/15, METRO GROUPs cost of capital
as EBITaC. Under the EBITaC concept, a positive value con- before taxes amounted to 8.5 per cent. This is calculated on the
tribution is achieved when earnings before interest and taxes basis of an aggregation of segment-specific cost of capital.
exceed the cost of capital needed to finance the average
capital employed. Capital employed represents interest-carrying assets. It com-
prises segment assets plus cash and cash equivalents less
EBITaC = EBIT1 cost of capital trade payables as well as other operational liabilities and de-
= EBIT1 (capital employed x WACC2) ferred income. We use an average capital employed that is
Special items generally periodised over four years
calculated from quarterly financial statements in order to also
1
2 WACC = weighted average cost of capital

consider developments in capital employed that occur during
As management decisions must also consider tax aspects, the the relevant period.
performance metric EVA is used alongside the discounted cash
flow method, especially to assess investment projects. In add-
ition, the company uses liquidity-based performance metrics million 2013/14 1 2014/15 Delta
such as the cash recovery period in its investment decisions. EBIT before special items 1,531 1,511 20
EBIT after periodisation
of special items2 1,190 1,125 65
The use of value-based performance metrics generally enables
Capital employed 11,758 11,220 539
METRO GROUP to focus on the key drivers of the operating
WACC before taxes 8.5% 8.5%
business that management can influence: value-creating
Cost of capital 1,004 958 46
growth, increases in operational efficiency and the optimisation
EBITaC 186 167 19
of capital employed. Value-adding growth is achieved through
our strategy of focusing on like-for-like sales growth in the 1 Previous years figures adjusted for comparability reasons
2 The effect of the special items is spread over four years
companys existing markets, complementing the store-based
business through targeted new sales channels such as online
retail and delivery services as well as accelerating the com- In financial year 2014/15, EBIT from continuing operations after
panys expansion in select countries. In consumer electronics periodisation of special items from previous years (2011/12:
retailing, METRO GROUP also focuses on expansion through 451 million, 2012/13: 297 million, 2013/14: 454 million) and
special formats tailored to local customer needs. In each case, periodised one-time expenses from 2014/15 totalling
our customers are at the core of our thinking and acting. In 343 million amounted to 1,125 million. In the reporting
addition, we continue to implement measures to ensure oper- period, this figure was adjusted for special items from the sale
ational and administrative efficiency and are forging ahead with of Galeria Kaufhof and impairment losses on goodwill. Given an
the optimisation of capital deployment. We are achieving this average capital employed of 11,220 million, the cost of capital
latter goal by taking such steps as offering tailored solutions amounted to 958 million. Despite the economys below-
for individual customer target groups. In this work, customer- average momentum, METRO GROUP successfully deployed its
focused product group management based on specific needs in capital in financial year 2014/15 and generated economic value
terms of product range, price groups, packaging and marketing added of 167 million that was dampened by a negative cur-
plays a key role. rency effect of 94 million compared with the previous year.
As an additional metric, the metric return on capital employed RoCE is contrasted with the segment-specific capital cost rate
(RoCE) is used for the purpose of better comparability of the before taxes as the latter represents a market-oriented mini-
individual segments. RoCE measures the return on business mum rate of interest on capital employed based on capital
assets deployed during the review period. For the purpose of market models.
this segment comparison, business assets also include cash
rental values to account for the different ownership structures As part of its continued focus on value-adding growth,
of real estate assets. METRO GROUP bases its calculation of METRO GROUP will use so-called Value Creation Plans as a
RoCE on EBIT before special items because it adequately re- key tool in the future. These plans provide the management
flects the units operational earnings strength independent of with binding long-term benchmarks regarding strategy, key
special effects. value drivers and the derived financial targets at the level of
individual countries.
RoCE = EBIT1 / business assets including cash rental values
1 EBIT before special items
CONSOLIDATED
SERVICE
Special items1
Special items
by sales line
2013/14 2014/15
2013/14 2014/15 2013/14 2014/15 before before
million as reported2 as reported special items2 special items special items2 special items
EBITDA from continuing operations 2,228 2,177 282 281 2,509 2,458
thereof METRO Cash & Carry 1,460 1,424 86 33 1,546 1,457
Media-Saturn 537 595 77 90 615 685
Real 172 142 43 80 215 222
Others 60 25 79 77 139 103
Consolidation 2 10 4 1 6 9
EBITDA from discontinued operations 317 1,103 0 840 317 263
thereof gains from the disposal of Galeria Kaufhof 0 841 0 841 0 0
EBIT from continuing operations 1,077 711 454 800 1,531 1,511
thereof METRO Cash & Carry 904 975 221 75 1,125 1,050
Media-Saturn 244 336 91 107 335 442
Real 19 441 62 529 81 88
Others 95 152 85 89 10 63
EBIT from discontinued operations 196 1,015 0 840 196 175
Net financial result3 541 452 70 8 471 444
EBT3 536 259 524 808 1,060 1,067
Income taxes3 539 480 33 38 572 518
from continuing operations 3 221 491 770 488 549
from discontinued operations after taxes 185 935 0 796 185 139
Profit or loss for the period 182 714 491 26 673 688
attributable to non-controlling interests 55 42 19 21 73 63
from discontinued operations 1 0 0 0 1 0
attributable to shareholders of METRO AG 127 672 472 47 600 625
Earnings per share in (basic = diluted) 0.39 2.06 1.45 0.15 1.84 1.91
from continuing operations 0.18 0.80 1.45 2.28 1.27 1.48
from discontinued operations 0.57 2.86 0.00 2.43 0.57 0.43
1 Special items include transactions that do not regularly recur, such as restructurings or changes to the group portfolio
2 Adjustment of previous years figures due to discontinued operations (see notes to the consolidated financial statements notes to the group accounting principles and methods)
3 From continuing operations
Special items
by region
2013/14 2014/15
2013/14 2014/15 2013/14 2014/15 before before
million as reported1 as reported special items1 special items special items1 special items
EBITDA from continuing operations 2,228 2,177 282 281 2,509 2,458
thereof Germany 679 491 145 204 824 695
Western Europe (excl. Germany) 578 699 107 42 685 741
Eastern Europe 869 831 21 36 890 867
Asia/Africa 105 163 7 1 112 163
EBITDA from discontinued operations 317 1,103 0 840 317 263
EBIT from continuing operations 1,077 711 454 800 1,531 1,511
thereof Germany 227 424 155 664 381 240
Western Europe (excl. Germany) 249 466 217 53 466 519
Eastern Europe 552 578 75 72 627 650
Asia/Africa 52 98 7 11 59 110
EBIT from discontinued operations 196 1,015 0 840 196 175
Net financial result2 541 452 70 8 471 444
EBT2 536 259 524 808 1,060 1,067
Income taxes2 539 480 33 38 572 518
from discontinued operations after taxes 185 935 0 796 185 139
Profit or loss for the period 182 714 491 26 673 688
attributable to non-controlling interests 55 42 19 21 73 63
CONSOLIDATED
Profit or loss for the period attributable
to shareholders of METRO AG 127 672 472 47 600 625
Earnings per share in (basic = diluted) 0.39 2.06 1.45 0.15 1.84 1.91
from continuing operations 0.18 0.80 1.45 2.28 1.27 1.48
from discontinued operations 0.57 2.86 0.00 2.43 0.57 0.43
2 From continuing operations
SERVICE
REPORT ON EVENTS AFTER THE CLOSING DATE AND OUTLOOK P. 116
REPORT ON EVENTS AFTER THE CLOSING DATE AND OUTLOOK
Report on events Economic parameters for 2015/16

after the closing date Global economic developments were mixed over financial year
2014/15. While the USA and Western and Central Europe rec-
orded robust growth rates, the economic trend was subdued on
Events after the closing date the whole in the emerging markets of Eastern Europe and Asia.
Altogether, global economic growth was of a similar magnitude
Between the closing date (30 September 2015) and the prepar- in 2015 as in the year before (approximately 2.4 per cent).
ation of the consolidated financial statements (3 Decem-
ber 2015), the following events of material importance to an The global economic trend remains fragile despite the revival
assessment of the asset, financial and earnings position of seen in more mature markets in particular. The economic
METRO AG and METRO GROUP occurred: situation has taken a turn for the worse in recent months,
especially in emerging markets. Many of the commodity-
In August 2015, Media-Saturn-Holding GmbH signed an agree- exporting developing countries are suffering from low com-
ment on the purchase of a controlling interest (90 per cent of the modity prices. In combination with the uncertainty regarding
shares) in RTS, a provider of customer and repair services. The the expected interest rate reversal in the USA, this could result
acquisition was not finalised until 1 October 2015. As a result, the in further capital outflows from the emerging markets. At
requirements for establishing a parent-subsidiary relationship by present, the greatest uncertainty concerns economic growth in
acquiring control prior to the closing date were not met. The RTS China in light of the slowdown experienced in financial year
group will therefore only be included in the scope of consolidated 2014/15. Chinas structural transition towards boosting domes-
companies in financial year 2015/16. The RTS group generated tic demand is having a detrimental impact on both industry and
sales of 136 million last year and employed around 1,200 people. foreign trade, and weaker import demand in China is negatively
affecting global trade. The consequences for the global econo-
On 16 November 2015, shareholder Zareba Holdings Limited my will depend on the extent to which demand continues to
acquired a non-controlling interest of 15 per cent in METRO decline. Conditions in Russia also remain difficult as the eco-
Cash & Carry Romania. The purchase price liability resulting from nomy continues to suffer from the low price of oil. However,
the transaction was already recognised as of 30 September 2015 after the decline recorded in 2014/15, we expect the economic
in connection with accounting for put options, meaning that the trend in Russia to stabilise in financial year 2015/16.
ensuing payment will merely serve to reduce the balance sheet.
Western Europe is still in a phase of upswing and recovery. The
early indicators remain positive in a range indicating growth.
The Eurozone will continue to evidence good growth prospects
Outlook over the short term, assuming China succeeds in implementing
a controlled slowdown of growth without triggering a significant
economic downturn. This is primarily due to the sustained low
The outlook of METRO GROUP considers relevant facts and level of energy prices, the weakness of the euro against the US
events that were known at the time of preparation of the consoli- dollar and persistently low interest rates. As a result, leading
dated financial statements and that can have an impact on future indicators continue to signal growth. Over the medium term,
business developments. The outlook on economic parameters is however, structural weaknesses will limit growth momentum.
based on the evaluation of leading indicators. In addition, it draws Moreover, public debt will continue to impact the medium-term
on the analyses of a number of national and international eco- growth prospects in Greece and elsewhere.
nomic research institutes and organisations. The outlook is large-
ly based on the analyses of Consensus Economics, Feri EuroRat- After two years of low inflation and even deflationary tendencies
ing Series and the Economist Intelligence Unit (EIU). The following at times, particularly in Western and Central Europe, we are
conclusions reflect a mid-range scenario of expectations. anticipating a return to slightly rising inflation rates in financial
year 2015/16. However, inflation is expected to remain below The situation in the labour markets improved in many countries
average. With respect to the price of oil, we are generally expect- thanks to better economic performance in financial year
ing to see a gradual rise after the sharp decline registered in 2014/15. Higher employment levels will benefit consumption
2014/15. The increase will remain moderate, however, as in the and retail sales. For financial year 2015/16, we expect growth to
case of other commodities. Since global demand is also expected slightly exceed the overall solid nominal growth rate of slightly
to fall below average, no particular inflationary pressure is more than 1 per cent registered in 2014/15 compared with the
expected from that quarter either in the current financial year. previous years. Here as well, we anticipate that Spain in particu-
lar will record above-average growth.
Against this backdrop, we expect growth in financial year
2015/16 to only minimally surpass that of the reporting period. Eastern Europe
Overall, the global economy has not yet returned to a path of The trend in Eastern Europe remains mixed. We continue to
sustainable growth following the financial and sovereign debt project relatively robust performance for the countries of Cen-
crisis. The development of emerging markets is a material tral Europe, with growth rates of just under 3 per cent, as in the
factor contributing to short-term uncertainty about the global previous financial year. The economic climate will remain diffi-
economy. cult, however, in Russia and Ukraine. We nonetheless expect
the Russian economy to gradually stabilise in financial year
Germany 2015/16 after the sharp decline experienced in 2014/15. In
The German economy again recorded above-average perform- Turkey, growth has slowed in recent quarters. We are forecast-
ance in the reporting year 2014/15 compared with the other ing relatively moderate economic growth of less than 3 per cent
Western European countries. All in all, conditions are good for for financial year 2015/16 against the backdrop of the persist-
another year of solid growth. Leading indicators such as the ifo ently challenging political and economic conditions.
business climate index continue to signal growth. For the eco-
nomy as a whole, we expect a similar level of growth in 2016 as The mixed trend in Eastern Europe is also reflected in the
in 2015 (approximately 1.6 per cent). The continued decline in forecasts for retail. In the Central European countries, we
the unemployment rate is benefitting private consumption and expect retail sales to continue to see robust growth in financial
retail sales, which will remain the main economic growth drivers year 2015/16. Retail in Russia and Turkey will also grow on the
in financial year 2015/16. Germanys retail industry is therefore basis of the continued rise in prices, although price develop-
expected to again outperform the Western European average ment in Russia in particular is expected to be slower than that
following nominal growth of approximately 2.5 per cent in of financial year 2014/15. In price-adjusted terms, retail sales
financial year 2014/15. Moreover, the current high levels of in Turkey are expected to remain below 3 per cent, and Russia
migration to Germany as a result of the refugee crisis will offer is forecast to see stagnating growth following the decline in
opportunities in addition to the associated logistical challenges, retail sales registered in financial year 2014/15.
assuming successful integration into the labour market.
For the region as a whole, we are projecting slight growth for
CONSOLIDATED
Western Europe the current financial year after the decline in economic output
Economic conditions in Western Europe generally remain fa- in financial year 2014/15 that was due largely to Russia. In the
vourable against the backdrop of below-average oil prices, the medium term, we anticipate that economic momentum in
weak euro against the US dollar and the low interest rate environ- Eastern Europe will increase and the continuing high degree of
ment. We therefore expect economic growth to continue at a catch-up potential will be fully tapped.
relatively solid level over the short term. For most Western
European countries, we anticipate growth similar to that seen in Asia
the past financial year (1.5 per cent). Performance between the In spite of Chinas loss of economic momentum, the emerging
countries is not forecast to vary as greatly as in recent years. markets of Asia remained METRO GROUPs fastest-growing
The Spanish economy is projected to continue experiencing region in financial year 2014/15. We expect this to remain the
above-average growth. In Italy, growth will presumably be below case in financial year 2015/16. However, uncertainty still pre-
average for another year. Despite good short-term prospects, vails regarding the extent of the economic downturn in China.
medium-term growth is likely to be impacted by the sustained By contrast, the Indian economy is anticipated to outperform
SERVICE
high level of sovereign debt and necessary structural reforms. many of the other emerging markets with growth of around
7 per cent despite the countrys existing structural problems. With regard to self-service wholesale in Eastern Europe, we
Japans economy will remain dependent on expansionary mon- are forecasting a continuation in like-for-like sales growth.
etary and fiscal policies in the near future, which will exacer- Although the regional trend will continue to be influenced by
bate the long-term issues resulting from the countrys high the Russia/Ukraine conflict, we expect the negative economic
level of public debt. For 2015/16, however, we anticipate solid trend to ease somewhat in Russia in financial year 2015/16.
growth in excess of 1 per cent. The associated decline in the inflation rate is likely to posi-
tively impact demand for food as well as for consumer dur-
With respect to retail sales, we expect China and India to con- ables. For Turkey, we expect growth to remain positive. This
tinue to report double-digit growth rates in nominal terms. The assumes, however, that the political conflict in Syria will not
price-adjusted growth rate is anticipated to be in the medium negatively impact the economic trend in Turkey. For most of
single-digit range in India and the high single digits in China. the other Eastern European countries, we expect any positive
For the saturated Japanese market, we foresee only moderate price signals to remain weak. Given the continuing spread of
momentum in retail. modern retail industry formats in many countries in the re-
gion, we assume that the growth of the self-service wholesale
Building on our forecast for economic and retail sector develop- sector will lag behind the rates attained by modern, store-
ments, the following section provides an overview of the resulting based food retailers.
implications for individual sectors as well as our sales lines.
As before, we anticipate the highest growth rates for self-
service wholesale in the Asia region in the coming financial
Future sector trends and year. Despite the slowdown in economic momentum in China,
developments at METRO GROUP the Chinese economy will continue to experience stronger
growth than the countries of Western and Eastern Europe.
METRO Cash & Carry Macroeconomic conditions in the other Asian countries also
The performance of self-service wholesale trade can be seen offer a good basis for growth in retail sales. Retail sales
against the backdrop of current macroeconomic parameters. For structures in India, for example, are still not fully developed.
financial year 2015/16, we continue to expect the economic trend Although competition is increasing among retailers employ-
to vary from region to region. The mixed trend is likely to be ing modern sales formats, it is still the traditional retailers
reflected in the performance of self-service wholesale in the that will provide the most important supply channels for food
various economic areas in which METRO Cash & Carry operates. in the future. Independent retailers will thus remain a key
customer group for METRO Cash & Carry in addition to their
In Germany and the rest of Western Europe, we expect self- considerable potential for contributing to the growth of the
service wholesale to show solid performance in light of the self-service wholesale sector. For that reason, the focus of
continuing or increasingly positive macroeconomic environ- market expansion in the cash-and-carry segment within Asia
ment. However, growth rates are predicted to be only moder- is on India and China in particular. In addition to traditional
ate. No notable growth in demand levels is expected given the retail sales, growth levels for out-of-home consumption are
high degree of market saturation in the advanced economies of high in the Asia region. Along with rising prosperity among
Germany and the other Western European countries. In add- the regions population, international tourism is contributing
ition, inflation is anticipated to remain moderate due to persis- substantially to the growth momentum. With respect to our
tently low commodities prices and tough competition in food delivery business specifically tailored to the food service and
retail. In our view, a shift in demand towards higher-quality hotel industries (Classic Fine Foods group), we expect the
products as a result of better economic conditions will positive- positive demand trend among hotels, restaurants and cater-
ly impact the sales trend. We also expect a positive trend in ing companies to continue in financial year 2015/16.
non-food products for the same reason.
Media-Saturn Real
Thanks to continuously solid economic parameters, the stable The retail situation in Germany will remain positive on the
development of consumer electronics retail in Europe will whole. However, food retail will not benefit from this trend as
continue in financial year 2015/16. much as other sectors.
In Germany, we anticipate growth rates of around 1 per cent for In addition, we expect the continuing increase in selling space
financial year 2015/16 in light of the high level reached in the and the concurrent stagnation in demand levels to result in a
previous reporting period and the current pace of innovation. further intensification of predatory competition in German food
retail. Although migration to Germany will act to support a
Trending product categories such as health, sports & beauty, slight increase in demand, highly competitive prices for fast-
home comfort, connected home and app-controlled tools, moving consumer goods (FMCGs) will limit the price increases
which are still in the beginning stages of their market diffu- that will be achievable in financial year 2015/16, in part due to
sion, are recording high growth rates in many cases. However, increasing sales of brand-name products at discounters and
those figures reflect a low initial sales level. They will be able the overall decrease in raw material prices.
to better contribute to growth in the future. Virtual reality
products such as the goggles used to simulate a realistic Real will continue to reinforce its competitive position in the
environment in computer and video games also promise to ongoing climate of predatory competition among store-based
show rapid growth, even if those products will not directly retailers by implementing innovative store design and as-
conquer the mass market. sortment concepts, lowering supply chain costs, investing in
the branch network and systematically expanding its multi-
The saturated Western European electronics markets will also channel activities.
perform well over the next year at a relatively low growth level
of around 1 per cent. With regard to the Iberian peninsula, the
indicators continue to point towards recovery now that those
economies have bottomed out, with anticipated growth rates in
the low single digits.
In Eastern Europe, performance is expected to be heteroge-

neous across the local markets. Poland and Hungary, which are
out of the way of the Russia/Ukraine conflict, will continue
growing at approximately 3 per cent in the coming year. Rus-
sias electronics market will only stabilise slowly and at a low
level against the backdrop of the conflict with Ukraine and the
Russian ban on Western imports as well as the current eco-
CONSOLIDATED
nomic difficulties.
The Greek market will register negative growth in the low-to-

medium single-digit range as a result of comprehensive re-
forms and austerity measures. The subsidised acquisitions
made in the spring of 2015 in the areas of telecommunications
and IT will contribute to the decline in 2016.
SERVICE
Expected earnings position: Overall statement by the Management

outlook for METRO GROUP Board of METRO AG on the medium-
and its segments term development of METRO GROUP
The outlook is based on the current group structure and ad- METRO GROUPs goal for the upcoming financial years is to
justed for currency effects. In addition, it is based on the as- continue the positive trend in sales and earnings. We will con-
sumption of a continuously complex geopolitical situation. tinue to sustainably expand METRO GROUPs position as one of
the leading international retail companies. In particular, multi-
Expected sales development at METRO GROUP channel sales and the delivery business still hold major growth
in 2015/16 potential.
For financial year 2015/16, METRO GROUP expects to see a
slight rise in overall sales, despite the persistently challenging METRO GROUP has a successful portfolio of sales lines and
economic environment. countries, qualified employees and a corporate culture that
places an emphasis on individual responsibility and entrepre-
In like-for-like sales, METRO GROUP foresees another slight in- neurial action. For this reason, we feel that METRO GROUP is
crease that will follow the reporting periods rise of 1.5 per cent. well positioned for the future.
The sales lines METRO Cash & Carry and Media-Saturn in par-
ticular are expected to contribute to both overall sales and like-
for-like sales growth; we expect the Real sales line to improve
its performance compared with financial year 2014/15.
Expected earnings development at METRO GROUP

in 2015/16
In financial year 2015/16, earnings development will also be
shaped by the persistently challenging economic environment.
Nevertheless, METRO GROUP is confident that it can again

achieve an earnings increase as a result of the progress it has
made and will continue to make in transforming its business
models. Aside from operational improvements, METRO GROUP
will again closely focus on efficient structures and strict cost
management in this context in 2015/16.
For these reasons, we expect EBIT before special items to rise

slightly above the 1,511 million achieved in financial year
2014/15, including income from real estate sales. METRO
Cash & Carry and Media-Saturn in particular are expected to
contribute to this development, while the development of the
Real sales line will depend on the successful implementation of
the measures that have been initiated.
RISK AND OPPORTUNITY REPORT P. 121
RISK AND OPPORTUNITY REPORT
Risk and opportunity internal control system and the compliance management sys-
management system tem as well as internal auditing as components of the govern-
ance, risk and compliance system (GRC system). This organisa-
tional structure is based on the governance elements identified
In a dynamic market environment, the early identification and in 107 Section 3 of the German Stock Corporation Act (AktG)
systematic exploitation of opportunities is a fundamental entre- as well as the German Corporate Governance Code. The fun-
preneurial task. This is the precondition for our companys damental principles of the GRC system are defined and docu-
long-term success. We are continuously exposed to risks that mented in the governance, risk and compliance guideline. The
can impede the realisation of our short-term and medium- goal of this guideline is to render structures and processes
term objectives or the implementation of long-term strategies. more transparent as well as provide for a uniform procedural-
In some cases, we must consciously take controllable risks to organisational framework for the subsystems. The guideline
be able to exploit opportunities in a targeted manner. We define sets the binding framework for existing and future regulations.
risks as internal or external events resulting from uncertainty This is the foundation on which we plan to increase the overall
over future developments that can negatively impact the real- efficiency of the GRC system within METRO GROUP and to
isation of our corporate objectives. We define opportunities as continuously enhance its effectiveness.
possible successes that extend beyond the defined objectives
and can thus positively impact our business development. We The group committee for governance, risk and compliance
consider risks and opportunities as inextricably linked. For (GRC committee) co-chaired by the Chairman of the Manage-
example, risks can emerge from missed or poorly exploited ment Board and the CFO of METRO AG regularly discusses
opportunities. Conversely, exploiting opportunities in dynamic ways to harmonise and refine the GRC subsystems. The com-
growth markets or in new business areas always entails risks. mittee also regularly discusses the current risk and oppor-
tunity situation. Permanent members include representatives
With this in mind, we regard our companys risk and opportun- of Corporate Accounting (including Risk Management and
ity management system as a tool that helps us to realise our Internal Control Finance), Corporate Planning & Controlling,
corporate goals. It is a systematic, group-wide process. It helps Corporate Treasury, Corporate Legal Affairs & Compliance
the companys management to identify, classify and control (including Internal Control Operations), Group Internal Audit,
risks and opportunities. As such, risk and opportunity man- Group Strategy as well as the Group Finance Director. In add-
agement is a uniform process. Risk management renders ition, since April 2015, representatives of Corporate Public
developments and events that could hinder us from reaching Policy and Corporate Responsibility have taken part in the
our business targets transparent at an early stage and analyses meetings to prepare the semi-annual GRC reports.
their implications. This allows us to put the necessary coun-
CONSOLIDATED
termeasures into place in a timely manner. At the same time, Risk management
this forecasting process allows us to systematically exploit The Management Board of METRO AG assumes overall re-
emerging opportunities. sponsibility for the effectiveness of the risk management
system as part of the GRC system. The sales lines and group
Centralised management and efficient organisation companies are responsible for identifying, assessing and
Group-wide risk and opportunity management tasks and re- managing risks. Key elements of internal monitoring include
sponsibilities are clearly defined and reflect our corporate effectiveness checks in the form of self-assessments by the
structure. We combine centralised business management by management of the sales lines and group companies as well
the management holding company METRO AG with the decen- as internal audits.
tralised operating responsibility of the individual sales lines.
The Supervisory Board of METRO AG also oversees the effect-
It is the responsibility and a legal requirement of the Manage- iveness of risk management. In compliance with the provisions
ment Board of METRO AG to organise a governance system for of the German Corporate Sector Supervision and Transparency
SERVICE
METRO GROUP. We regard the risk management system, the Act (KonTraG), the external auditor submits the companys
early-detection system as part of the risk management system the officer continuously and promptly informs the Manage-
to a periodic review. The results of this review are presented to ment Board of METRO AG of important developments in risk
the Management Board and Supervisory Board. management, facilitates an exchange of information within
our company and supports the continued development of
The Risk Management department within the Corporate risk management in all sales lines, group companies and
Accounting department of METRO AG is responsible for central departments.
overseeing and refining our risk management system. In
coordination with the GRC committee, METRO GROUPs risk The risk management system is organised as a closed loop. As a
management officer determines the companys risk man- result, we ensure the designs effectiveness with respect to the
agement approaches, methods and standards. The risk defined risk management rules. In addition, this allows us to
management officer also coordinates the underlying pro- guarantee effective implementation and continuous improve-
cess. Together with representatives from individual group ment of the system based on results and experiences.
departments who are also members of the GRC committee,
Risk management as a closed loop
METRO AG SALES LINES/SEGMENTS
1 Definition of rules 1 2 2 Introduction and implementation

EFFECTIVENESS
Definition of principles and strategy OF DESIGN Introduction of risk management system
Derivation of risk areas from target and Process implementation
control system
Compilation of risk reports
Definition of processes and organisation by units and functions
Provision of training material Organisation of training programmes

and knowledge transfer
Group reporting
EFFECTIVENESS OF
IMPLEMENTATION
4 Monitoring/control (centralised) 4 3 3 Monitoring/control (decentralised)
Validation of risk inventory Self-assessment of risk

management effectiveness
Review of effectiveness by internal audit
Internal risk management controls
Internal risk management system controls
Confirmation by management
Opportunity management We conduct macroeconomic analyses, study relevant trends and

Systematically identifying and communicating opportunities is evaluate market, competition and location analyses. In addition,
an integral part of the management and controlling system of we analyse the critical success factors of our business models
METRO GROUP. Opportunities may refer to internal or external and relevant cost drivers of our company. The Management Board
events and developments that can have a positive impact on of METRO AG specifies the derived market and business oppor-
our business development. In principle, we strive to balance tunities as well as efficiency enhancement potential in the context
opportunities and risks. of strategic as well as short-term and medium-term planning. To
this end, it entertains regular dialogue with the management of
the sales lines, group companies and central holding units. As a
company, we focus primarily on business approaches driven by The Management Board regularly informs the Supervisory
the market and by customers. We continuously review the various Board and the Accounting and Audit Committee about risk
elements of our profitable growth strategy. and opportunity management issues. Once a year, the
Supervisory Board receives a comprehensive written report
Reporting informing it about the organisation and alignment of risk and
Group reporting is the central element of internal risk and op- opportunity management as well as the current risk and
portunity communication. It is complemented by risk and oppor- opportunity situation.
tunity management reporting. The aim is to allow for the struc-
tured and continuous monitoring of risks and opportunities and At the same time as the half-year financial report 2014/15 was
document this in line with legal and regulatory stipulations. being prepared, we reviewed and updated the overarching risk
and opportunity portfolio for METRO GROUP that was compiled
We conduct an annual risk inventory to systematically map and in the previous year.
assess all material group-wide risks based on quantitative and
qualitative indicators and uniform criteria relating to loss po- Furthermore, an emergency notification system takes effect if
tential and the probability of occurrence. The results of the risk serious risks to our asset, financial and earnings position arise.
inventory and the risk portfolio are updated on a regular basis. In this case, the Management Board of METRO AG directly and
promptly receives the necessary information.
The centrally responsible risk coordinators in functional terms,
for example, in procurement, sales or administrative functions,
validate the results reported by the sales lines, group com- Strict risk policy principles
panies and central departments. In a second step, they summar-
ise these in a functional risk profile coupled with a detailed In principle, METRO GROUP takes entrepreneurial risks only if
description of material individual risks. In a third step, risk they are manageable and if the associated opportunities prom-
profiles for selective categories are validated in direct interaction ise reasonable added value.
between the risk coordinators and the GRC committee, and
specific steps to improve risk management are devised. Risks incurred in conjunction with the core processes of whole-
saling and retailing are borne by METRO GROUP. The core
In addition, we consider the results of the SWOT (strengths, processes include the development and implementation of
weaknesses, opportunities, threats) analysis carried out as business models, decisions about store locations, and the
part of the strategic planning process. We also consider ana- procurement and sale of merchandise and services. Risks from
lyses of reports that we compile as part of our medium-term support processes are reduced within the group or, where this
planning and projections. Furthermore, we examine relevant appears sensible, transferred to third parties. In principle, we
results from the internal control system, the compliance man- do not assume risks that are not related to core processes or
agement system, the opportunity management system and support processes.
CONSOLIDATED
internal auditing.
The overarching risk and opportunity portfolio at METRO GROUP

that emerges from these findings enables us to gain a very good
understanding of the companys risk and opportunity situation.
The so-called GRC report describes the current situation and
includes recommendations on risk management and measures
to improve the effectiveness of GRC subsystems. SERVICE
Risk management details that would jeopardise or inhibit the achievement of our object-
clearly defined ives should they materialise. As a rule, we consider all external
and internal risks.
The coordinated application of risk management tools is as-
sured by the compilation of all relevant facts in guidelines. In addition, clusters are delineated in terms of functional cat-
These include the Articles of Association and by-laws of group egories based on the groups organisational structures, such as
companies, internal group procedures and our group-wide risk procurement, sales, human resources or real estate. In prin-
management guideline. It defines ciple, we consider risks over a prospective one-year period.
the risk management framework Strategic risks cover at least the medium-term planning hori-
(terms, basic structure, strategy, principles), zon (three years). Any risks that are likely to occur are included
the risk management organisation in our business plans and outlook.
(roles and responsibilities, risk units),
processes (risk identification, Risk classification
assessment and management), All identified risks are classified based on uniform standards
risk reporting as well as and quantitative and qualitative indicators with respect to loss
monitoring and controlling the effectiveness potential (negative effects on our corporate objectives and key
of risk management. performance indicator EBIT) and probability of occurrence
(in per cent). In our assessment, we classify the loss potential
Based on the internationally recognised COSO II standard, the for the group on the basis of three categories: 50 million,
risk management framework addresses the three levels of risk 100 million and 500 million. The probability of occur-
management: corporate objectives, processes and organisation. rence is broken down into five classes: low (< 10 per cent),
unlikely ( 10 to 25 per cent), possible (> 25 to 50 per cent),
The first level of risk management relates to the clustering of likely (> 50 to 90 per cent), high (> 90 per cent). All risks are
corporate objectives. In this respect, METRO GROUP has de- assessed on the basis of their potential impact at the time of
fined the following clusters: the risk analysis and before potential risk-minimising
Strategic objectives related to safeguarding the companys measures (presentation of gross risks, that is, before the
future economic viability (cluster strategy) implementation of risk-limitation measures).
Operational objectives related to the attainment of set key
performance metrics (cluster operations) Risk units
Corporate management objectives related to compliance On the organisational level, we determine the corporate
with laws, regulations, internal guidelines and specified units responsible for setting objectives in a clearly defined
procedures (cluster governance) area as well as for identifying, classifying and managing
Objectives related to appropriate preparations to mitigate risks. METRO GROUPs risk management defines these
event risks such as breakdowns, business interruptions areas in line with the corporate organisation using inde-
and other crisis events (cluster events) pendent risk units generally companies as well as in
terms of function using categories that are responsible for a
On the second risk management level the process level the certain operational function or administrative task. The risk
definition of objectives also serves as the starting point for risk units cover the entire consolidation group in the consolidated
mapping. In this context, we identify, classify and manage risks financial statements.
Presentation of the risk situation We editorially condensed the particularly relevant risks and
revised their titles to improve comprehensibility, consistency
We have classified METRO GROUPs overall risk portfolio into and controllability. This results in a new numbering of several
risk groups. In addition to general risks, the Management risks. In addition, the content of the risks number 1 challenge
Board of METRO AG identified and assessed the particularly of the business model, number 5 business interruption,
relevant risks (gross risks) to METRO GROUP during the number 11 rating downgrade of METRO AG and number 12
reporting period. These are listed in the following overview geopolitical situation in Russia/Ukraine has been modified
along with their changes since the previous year. from the previous year (see overview below). For a detailed
discussion, see sections below.
(no. in
previous Probability
No. year) Particularly relevant risks 2014/15 Risk group Loss potential of occurrence Change since 2013/14
Risk number 2 from previous year, loss of customers

Risks related to the with relatively low sales volumes (C customers) at METRO
1 (1, 2) Challenge of the business model retail business 500 million likely Cash & Carry has been integrated into risk number 1
Inadequate implementation
of strategy and strategic projects Risks related to the
2 (8) (METRO Cash & Carry) retail business 100 million possible
Inadequate customer orientation Risks related to the
3 (3) (METRO Cash & Carry) retail business 100 million possible
4 (4) Unprofitable use of selling space Real estate risks 100 million unlikely
Information technology
risks / macroeconomic
5 (5) Business interruption and political risks 100 million unlikely Extension of the risk to include non-IT topics.
Inadequate development and
6 (6) support of future managers Human resources risks 50 million possible
Insufficiently reliable budgets
7 (7) and forecasts Financial risks 100 million possible
Inadequate and/or ineffective
internal control systems regarding
investments and costs for Compliance risks /
expansion and construction as well risks related
8 (9) as regarding operating processes) to portfolio changes 50 million likely
Corruption, infringements of
antitrust or competition law Legal and tax risks /
9 (10) and legislative changes compliance risks 100 million unlikely
Impairment of goodwill
10 (11) and other assets Financial risks 500 million possible
Instead of several possible downgrades as in the
previous year, we only consider a single downgrade
for the reporting period. Therefore, the loss potential
CONSOLIDATED
has dropped from 500 million to 100 million
and the probability of occurrence has decreased
11 (12) Rating downgrade of METRO AG Financial risks 100 million unlikely from low to unlikely.
Geopolitical situation Macroeconomic Loss potential has increased from
12 (13) in Russia/Ukraine and political risks 100 million possible 50 million to 100 million.
SERVICE
These particularly relevant risks are classified as follows on the We only list risks with a low probability of occurrence
basis of loss potential (before risk limitation steps) as well as (< 10 per cent) if the probability of occurrence of a particularly
on the basis of probability of occurrence: relevant risk from the previous year now falls into this range.
The following sections outline the individual risk groups as well

as key management measures and the especially relevant risks
shown in the graphic and table. In principle, all group segments
are affected. For specific issues, the respective business seg-
ments are indicated.
Risks related to the business environment

Macroeconomic and political risks
As an international company, METRO GROUP is dependent
on the political and economic situation in the countries in
which it operates.
high
Global economic developments were mixed over financial year

likely 2014/15. While the USA as well as Western and Central Europe
PROBABILITY OF recorded robust growth rates, economic developments re-
OCCURRENCE
mained subdued in Eastern European and Asian emerging
possible
markets. In Europe, the political agenda was dominated by the
conflict in Russia and Ukraine and the potential sovereign
unlikely
default in Greece. The conflict led to significant economic prob-
low
lems in Ukraine. and continued to negatively impact the already
sluggish economic performance of Russia as well. In light of
Size of circle = potential impact these developments and our operational business, we see an
unchanged probability of occurrence (possible) for the risk
regarding the geopolitical situation in Russia and Ukraine (risk
number 12), but have raised the loss potential from
50 million to 100 million. For financial year 2015/16 we
expect to see slightly stronger global economic growth than in
500 million 100 million 50 million the reporting period.
Financial year 2013/14
At the same time, global economic risks have risen as a whole.
Probability of occurrence
Low <10% Specifically, the risk of a sharper-than-expected downturn of
Unlikely 1025% the Chinese economy would negatively impact all other re-
Possible >2550% gions. Furthermore, the effort to consolidate government debt
Likely >5090% in the Eurozone is a drawn-out process that will continue to
High >90%
suffer setbacks. Overall, the global economy has not yet re-
The width of the rings visualises the turned to a path of sustainable economic growth following the
underlying probability of occurrence. financial and sovereign debt crisis.
1 Risk number 2 from previous year, loss of customers with

relatively low sales volumes (C customers) at METRO Cash & Carry
has been integrated into risk number 1.
Compared with the previous year, the risk and opportunities Environmental risks
profile for the short-to-medium-term development of the retail METRO GROUP is aware of its responsibility for the environ-
sector and thus for METRO GROUP remains unchanged. Our ment and has firmly embedded the principle of sustainable
international presence provides us with the opportunity to business in its corporate strategy. Environmentally harmful
offset economic, legal and political risks as well as fluctuations practices along the supply chain can seriously damage our
in demand between individual countries. image over the long term and endanger our business. This is
why we implement numerous measures to ensure environ-
The situation in individual countries can change rapidly. Unrest, mentally responsible business practices.
changes in political leadership, terrorist attacks or natural
disasters can endanger METRO GROUPs business in the af- Specific environmental risks are discussed in the sections
fected country. In this context, in particular the Russia-Ukraine supplier and product risks and real estate risks.
conflict (see risk number 12) and the burgeoning conflict in For more information about environmental protection, see the chapter
Turkey are important to note for the reporting period. Risks principles of the group sustainability management.
emerging from this conflict for METRO GROUP pertain to the
loss or destruction of property/real estate, exchange rate fluc- Sector risks
tuations, restrictions on the movement of goods and capital Risks related to the retail/wholesale business
regulatory changes. We insure ourselves as far as possible and The saturated markets of Western Europe, in particular, are
to the appropriate extent against the loss of tangible assets and characterised by rapid change and intense competition. The
business interruptions that, for example, are the result of polit- resulting conditions can influence business development and
ical unrest. Professional crisis management allows for a fast represent natural business risks. A fundamental business risk
response and handling of crises. We have responded rapidly is consumers fluctuating propensity to consume.
and effectively to the crisis in Ukraine (risk number 12), imple-
menting our crisis reaction plan for the METRO Cash & Carry Changes in consumer behaviour and customer expectations
stores caught up in the violence. This plan includes evacuation pose risks, among others, in the face of demographic change,
guidelines, training and standard operating procedures for rising competition and increasing digitalisation. Failing to ad-
local employees. As a result, we were able to keep our employ- equately consider customer trends and price developments or
ees and customers from harm and compensate the losses missing trends in our assortments and with respect to appropri-
incurred through business interruptions and destroyed prop- ate sales formats and new sales channels can have a negative
erty thanks to existing insurance policies. impact on group sales and jeopardise our growth objectives (risk
number 1 challenge of the business model; risk number 2
Reactions to possible hazards which might also lead to a busi- from previous year, loss of customers with relatively low sales
ness interruption (risk number 5) are regulated in our business volumes [C customers] at METRO Cash & Carry has been
continuity management and a crisis management manual. With integrated into this). To counter these risks, we are expanding
this manual we essentially aim to ensure continuity of business our sales channels based on a multichannel strategy tailored to
CONSOLIDATED
processes during a crisis, among other objectives. Regarding our different sales lines. In the process, we are strengthening
risk number 5, in addition to factors considered in the previous our online activities and expanding our delivery service. In add-
year, we also monitor non-IT issues such as possible business ition, we are developing new stores for METRO Cash & Carry on
interruptions due to natural disasters, pandemics or terror the basis of a franchise concept while intensifying our competitor
attacks. However, the loss potential and the probability of analyses. Through the application of an array of different strat-
occurrence remain unchanged. For more information, see the egies, we are working to further improve our purchasing and
section information technology risks. sales processes and to create added value for our customers.
For more information about our assessment of the development of the
economic environment, see the report on events after the closing date and outlook.
SERVICE
In addition, we pursue transformation programmes aimed at the structural condition of the property,
boosting long-term sales and earnings and protecting the loss of rental income due to insolvency of third-party
intrinsic value of our assets. In this context, risks emerge from tenants, and
the insufficient implementation and execution of strategic natural disasters such as earthquakes, flooding and storms.
projects, particularly in the sales line METRO Cash & Carry
(risk number 2, unchanged from previous year). To limit these We counter these risks through strategic and operational real
risks, we comprehensively monitor project progress in the estate management and far-sighted investment planning. Our
national subsidiaries and conduct training programmes that active real estate management is primarily designed to in-
are designed to facilitate project implementation. crease the value of our entire real estate portfolio and is based
on continuous market monitoring, transparent profitability
To recognise market trends and changing consumer expect- audits and strategic decisions. In all countries, we select our
ations at an early stage, we regularly analyse internal and exter- locations on the basis of an intense examination. Since we
nal information. In the process, the groups own market re- continually monitor the profitability of our network of locations,
search draws on qualitative market and trend analyses as well we can identify adverse developments at individual stores or
as on quantitative methods such as time series analyses or retail outlets early on and respond quickly. Should the
forecasts of market developments derived from analyses of measures we have taken not produce any successful results
sales data and the results of panel market research. Time and should we think that a long-range improvement of the
series analyses also include the observation of product seg- situation at the particular store or outlet is unlikely to occur, we
ments on the market over a certain period of time. will close the location, ensuring the continuous optimisation of
the store network in the process. To prevent maintenance and
In principle, METRO Cash & Carry faces the potential risk of repair backlogs in locations, a far-sighted maintenance plan
inadequate customer orientation (risk number 3, unchanged has been put into place. We counteract this risk by continuously
from previous year). To address this risk and to provide target- monitoring rent payments and conducting new negotiations at
ed product ranges, we have taken steps to create an improved, an early stage. In addition, we push ahead the search for new
customer-oriented assortment design. In one reflection of this, tenants with good credit histories and the development of new
we are expanding our range of regionally traded products in all usage concepts for our real estate. We seek protection against
sales lines and increasingly gearing our assortments to meet the potential effects of natural disasters by introducing struc-
our customers increasing demands with regard to environ- tural measures and by taking out insurance.
mental, social and health considerations.
In our real estate operations, we also intend to assume our
Real estate risks responsibility for the environment and address possible risks.
Various factors pose a risk to the intrinsic value of In this manner, we reduce the ecological footprint of our busi-
METRO GROUPs store network. These include ness locations. Since 2011, we have been continuously lowering
the unprofitable use of selling space; this includes the risk our specific greenhouse gas emissions. To achieve this goal, we
emerging from unused selling space for which no further are investing in such things as technical energy-saving solu-
useful purpose can be found (risk number 4, unchanged tions and in programmes designed to change the behaviour
since last year), patterns of every employee. With the help of these measures,
intense competition over suitable locations, we can also reduce our energy costs or at least cap them in the
incorrect decisions in the selection of business locations, face of rising prices.
a deterioration in the profitability of a location, for example
due to social-demographic changes in the catchment area,
Risks related to business performance targeted training programmes, we help suppliers to create fair
Supplier and product risks and humane working conditions. In addition, under the inter-
As a retail company, METRO GROUP depends on external pro- national fire safety agreement for increased building safety in
ducers and providers for the supply of goods and services. We the Bangladesh textile industry (Bangladesh Accord on Fire and
choose our suppliers very carefully, especially in the own-brand Building Safety) we are working to increase safety in the fact-
area. We place a particularly high priority on the reliability of ories of all our suppliers who produce in Bangladesh.
our own-brand suppliers in terms of product quality and com-
pliance with safety and social standards as well as suppliers METRO GROUPs decision to join the Roundtable on Sustain-
own efforts with regard to compliance. Defective or unsafe able Palm Oil (RSPO) in 2011 is an example of our efforts to
products, an exploitation of the environment or inhumane minimise our ecological footprint. As part of the membership,
working conditions as well as failure to adhere to our compli- we have committed to only using certified sustainable palm oil
ance standards could cause major damage to the image of in our own-brand products beginning in 2020.
METRO GROUP and pose a lasting threat to the companys
success. For this reason, we continuously monitor our own- Our requirements of suppliers are contractually regulated. We
brand suppliers to determine whether they adhere to regularly check to determine whether the requirements are
METRO GROUPs high procurement and compliance policy being met. Violations of conditions can lead to exclusion from
standards. In particular, these include the quality standards our supplier network or, in case of unacceptable production
tested by the Global Food Safety Initiative (GFSI), such as the methods, to a procurement ban on a product. In this way, we
International Food Safety Standard and the GLOBALGAP certifi- further minimise our supplier risk. Should, however, an inci-
cation for agricultural products. They help to ensure the safety dent related to quality occur, the process steps described in our
of foods on all cultivation, production and sales levels. Without manual on incidents and crises take effect. Our top priority is to
an adequate GFSI certificate, a supplier of own-brand products correctly manage the incident in the customers best interest.
is subject to a special inspection (Metro Assessment Solution) In addition, we examine possible improvements to our quality
conducted by an accredited certification body. assurance systems.
We are not the only ones who have these concerns. Our To prevent disruptions in the supply of products or product
customers place priority on quality and safety and are be- groups and to avoid becoming dependent on individual com-
coming increasingly interested in the environmental and panies, we work with a variety of suppliers. By taking this ap-
social sustainability of the products sold in our stores and of proach, we ensure that the desired product is generally always
the processes used to make these products. In light of this, in stock in the desired quality and quantity and, in the process,
METRO GROUP approved a group-wide, cross-product pur- achieve high levels of customer satisfaction.
chasing policy for sustainable supply chain and procurement
management as early as 2013. Our success also depends heavily on the purchase prices of the
products offered for sale. In many cases, our large purchasing
CONSOLIDATED
One of our focal points is promoting humane working condi- volumes in numerous countries have a positive effect. Product
tions at our suppliers. We implement numerous measures. For prices are based on the availability of the required raw mater-
example, our own-brand suppliers are required to protect ials that may temporarily or continually become scarce. This
fundamental human rights and to guarantee fair working con- can drive up purchase prices or lead to a certain level of vola-
ditions. As proof of this, our supplier contracts demand an audit tility. We address procurement risks by continuously optimising
based on the BSCI (Business Social Compliance Initiative) the purchasing process. Such steps include joint procurement
standard or an equivalent standard. This requirement applies to and the negotiation of terms with our suppliers. Prompt imple-
all own-brand suppliers of non-food articles who manufacture mentation of these improvements is a key success factor.
end products in risk countries as defined by the BSCI. With
SERVICE
Over the medium term, such global challenges as climate inefficiencies in logistics. We respond to this risk by systemat-
change, the overfishing of the worlds seas and access to clean ically reassigning and bundling responsibilities for customer
water could restrict the availability of raw materials, for example, order processing, procurement planning and master data
through reductions in stocks of certain types of fish. For this administration in the Supply Chain Planning department.
reason, METRO GROUP has been supporting standards for
more sustainable fishing and fish farming for years and has Incomplete or poorly managed product and customer master
been working with relevant suppliers. data can lead to serious delays and disruptions in the inclu-
sion and removal of products as well as the product supply to
METRO GROUP comprehensively reports about the risks and our customers. For this reason, we have intensified our
opportunities resulting from climate change as part of its an- efforts to ensure the completeness and accuracy of master
nual participation in a survey conducted by the independent data by taking such steps as regularly monitoring relevant
non-governmental organisation CDP (formerly: the Carbon performance indicators.
Disclosure Project). The CDP assessment shows whether
companies are effectively addressing the effect of climate Additional challenges arise from the expansion of our online
change on their business processes and whether they provide activities, our multichannel business, delivery options and the
transparent information on these efforts. increased complexity that results from these activities as well
as other innovative sales formats. We address the resulting
Other examples of product risks include supply bottlenecks risks by intensifying cooperation among the affected depart-
after natural disasters, longer delivery times and price increases. ments. We also expect to produce synergies with joint supply
METRO GROUPs purchasing and supply chain management chain solutions.
create the structures that are needed to ensure the availability
of goods at all times. We prevent unnecessary complexity in the portfolio of our
external logistics service providers and thus excessively high
For more information about our work to create a sustainable supply chain,
see the chapter principles of the group sustainability management. total costs by harmonising business partners. In the process,
we also work to prevent dependencies on individual service
Supply chain risks providers from emerging.
The task of the supply chain function is to ensure maximum
product availability at optimised cost structures while consider- Another logistics risk arises from the generally complex and at
ing aspects related to sustainability, such as energy and fuel the same time underdeveloped supply structures that prevail in
consumption. particular in emerging and developing markets. In many cases,
these go hand-in-hand with particularly challenging climatic
The growing variety of items in the product range and high conditions that can result in food spoilage on the way from the
merchandise turnover, however, result in organisational, IT, producer to the store. METRO GROUP creates the necessary
logistics and inventory risks. The growing internationalisation structures to ensure consistently high quality in the supply
of our suppliers and the focus on regional and local product chain at all times. We conduct qualification programmes to
assortments increase these risks. The lack of active inventory prepare our suppliers and logistics providers in emerging
management conducted on the basis of adequate planning markets for these logistics requirements. In this way, we also
parameters can result in significantly higher warehousing make a lasting contribution to local food supplies and counter
costs, above-average write-downs on products and, in excep- the problem of food waste.
tional cases, in the destruction of goods. Disruptions in the
value chain, including in the transport of goods from the sup- In case of product incidents, our logistics systems must be
plier to our stores or customers (during delivery), can intensify prepared to trace the products itinerary and origin within a very
this effect. We counteract this by optimising inventory and short time. This is done with the help of modern technologies
product group management. and product identification standards. We are actively involved in
various international organisations to foster the developments
Inadequate regular communications regarding future product of these standards and promote the introduction of innovative
volume as a result of such things as non-existent or incorrect technologies for improved product identification.
projections can result in insufficient product availability and
Financial risks During financial year 2014/15, we further intensified the plan-
The risk of price changes (interest rate risks, currency risks, ning and the related internal coordination process. Closer
share price risks), liquidity risks, credit risks in dealings with integration of strategic planning and the budgeting process as
counterparties in the context of financial transactions and risks well as a stronger involvement of the supervisory bodies in the
arising from cash flow fluctuations may have a significant strategy and budgeting process contributed to this. In addition,
negative impact on our financial result. For this reason, the the introduction of the New Operating Model at METRO
financial risks of METRO GROUP are centrally managed. To the Cash & Carry and the related introduction of the Value Creation
extent permissible by law and where economically feasible we Plans for each country have proactively reinforced implementa-
use financial instruments to hedge price risks as far as poss- tion of METRO GROUPs strategy. The deviation of our financial
ible. Risks from translation remain unhedged, since we are year from calendar year results in additional early planning
pursuing a long-term investment strategy. Credit risks are security because our very profitable Christmas business takes
being monitored through a certified risk monitoring system place at the beginning of the financial year, instead of at the end
which allows us to initiate risk-minimising measures at an of it. Finally, the outlook offers insights into the groups expect-
early stage. ations for business development during the coming financial year.
For more information about financial risks and their management,
Ensuring METRO GROUPs unlimited access to the capital see the notes to the consolidated financial statements in no. 44
management of financial risks.
markets is integral to the management of financial risks. A
rating downgrade referring to a downgrade to BB assigned
by the rating agency Standard & Poors would have a negative Other risks
impact on our liquidity and group financing (risk number 11). Risks related to portfolio changes
Instead of several possible downgrades as in the previous year, METRO GROUP aims to continuously optimise its portfolio. All
we only consider a single downgrade for the reporting period. portfolio changes and the related strategic and investment or
As a result, the loss potential has decreased from divestment decisions are guided by their contribution to the
500 million to 100 million and the probability of occur- companys success in terms of value-based management. We
rence has decreased from low to unlikely. We have further can reduce risks related to the intrinsic value of our assets
reduced debt and rating-relevant metrics have improved slight- both in terms of individual groups of assets and in terms of our
ly. To counter this risk, our strategy focuses on debt reduction. overall portfolio through value-based management.
Among other things, this is achieved by continuously optimising
our net working capital and focusing our investment funds on In June 2015, an agreement was signed to sell the operating
measures that add value to the company. business of Galeria Kaufhof group in Germany and Belgium
including related properties to Hudsons Bay Company. The
Another identified risk concerns unexpected deviations from transaction was closed on 30 September 2015, lowering
our budget or outlook (risk number 7, unchanged from previ- METRO GROUPs net debt and further strengthening our finan-
ous year). This could mean we would not hit our target figures cial position.
CONSOLIDATED
and would have to revalue our assets, including our goodwill. In
turn, this would have a negative impact on our asset and earn- As part of the companys focus on the core and growth markets,
ings position (risk number 10, unchanged from previous year). the wholesale business of MAKRO Cash & Carry in Greece was
For this reason, we attach high priority to measures designed sold to the local retail company I. & S. Sklavenitis Trade S.A. in
to limit these risks. In one reflection of this, we are implement- financial year 2014/15. Furthermore, the Management Board of
ing systematic strategic earnings improvement measures for METRO AG decided to close down operations of METRO
the sales lines of METRO GROUP, focusing in particular on Cash & Carry in Denmark as a result of inadequate market
countries that are subject to impairment risk. opportunities. The originally planned sale of two of the five
stores to a local competitor did not receive approval of the
In addition, the steps we take to counter these risks include relevant local authorities. Therefore, all five stores were closed
careful monitoring of risks and opportunities as well as the at the end of 2014.
effective internal controls for the budget and forecast process.
The Internal Audit department regularly reviews the effective- In financial year 2013/14, METRO AG announced the disposal of
SERVICE
ness of the internal control system as part of its audit schedule. METRO Cash & Carrys business in Vietnam and, to this effect,
signed an agreement with the Thai retail group Berli Jucker expectations in the coming years. Delays in store openings
Public Company Ltd. (BJC). After the general meeting of BJC represent another risk, for example due to lengthy authorisa-
had rejected the transaction, BJCs majority shareholder TCC tion procedures or unclear responsibilities of local authorities
Holding Co., Ltd. (TCC) replaced BJC as party to the transaction in emerging markets. Occurrence of these risks would result in
at unchanged economic conditions, according to agreements lower-than-forecast sales and earnings.
from 18 February 2015 and 22 July 2015. The disposal of
METRO Cash & Carrys business in Vietnam is expected to be In financial year 2014/15, METRO GROUP took a number of
concluded in financial year 2015/16 and is still subject to the different steps designed to further optimise internal processes
usual approvals by the local authorities. related to expansion decisions and their successful implemen-
tation and, thus, to counteract the corresponding risks (risk
In August 2015, METRO GROUP acquired the Classic Fine number 8, unchanged from previous year). Committees from
Foods group (CFF), Asias leading provider in the food service the sales lines are involved in the decision-making process
distribution market. This move bolsters the sales line METRO regarding the efficient use of investment funds for expansion.
Cash & Carry in the strategically important delivery service The coordination processes are being continuously improved.
business and enables entry into the premium food delivery Furthermore, previously taken investment decisions are care-
service market in the fast-growing megacities in Asia and the fully monitored.
Middle East.
Information technology risks
To strengthen Media-Saturns customer-oriented positioning, The demands of our information technology (IT) have mark-
the sales line acquired a majority share (90 per cent) in cus- edly increased as a result of new formats and sales channels
tomer and repair service provider RTS in financial year 2014/15. and their increasing importance to the groups business,
The move significantly expands services in planning, installa- such as online retail and deliveries. Regulations such as
tion, inspection, maintenance and repair of products. This those regarding data protection in credit card processing, the
acquisition was closed in October 2015. use of customer-specific information in big data solutions
that are associated with an increased public debate about
Additionally, METRO GROUP has expanded its activities in the misuse as well as the growing complexity of IT generate
start-up sector. In December 2014, it acquired a 15 per cent additional risks for our company.
share in the multichannel start-up Emmas Enkel. In the report-
ing period, METRO GROUP also entered into a strategic part- As a result, we have reinforced the organisational measures
nership with the US online job network Culinary Agents (share that ensure our compliance with internal and external IT regu-
of 18.33 per cent). lations. We regularly check systems connected to the internet
for vulnerabilities. We counter the high complexity of modern IT
These transactions will increase the flexibility of METRO GROUP landscapes through clear management regulations.
and facilitate investments in the future growth. Risks result-
ing from these portfolio changes are reflected in the finan- Important business processes such as purchasing/product
cial statements to the extent that this is required in the bal- ordering, marketing and sales have used IT systems for many
ance sheet. years. New systems for online retailing must be continuously
available, as these systems are a prerequisite for unlimited
To limit the risks of expansion as much as possible, we plan access outside normal store hours. As a result, the continuous
each investment and each market entry based on a structured availability of the infrastructure is a critical factor in the devel-
process and proven methods. We identify risks and opportun- opment and implementation of our IT solutions. Systems that
ities by using feasibility studies that consider legal, political and are essential for business operations in the stores, especially
economic conditions. We only enter new markets when risks checkouts, are largely self-contained and can continue to be
and opportunities are deemed to be appropriate. Even though used for some time even during events such as network fail-
we always base our expansion decisions on the best infor- ures or the failure of central systems. In case of partial network
mation available, we cannot rule out the possibility that the failures, they can automatically reroute shipments or switch to
growth momentum in individual countries will fall short of our redundant routes.
Modern technologies such as remote server management and access to confidential information, with information cam-
cloud computing allow us to use our hardware efficiently. In paigns on the secure use of IT in everyday work.
addition, in the event of one or several server failures, central-
ised IT systems can be quickly restored. We operate several Awareness of the importance of data protection was further
central computer centres, which even enable us to compensate raised at all levels of our group. The commitment to adhere to
for major business interruptions or limit these to a minimum. the data protection standards of the German Federal Data
We have introduced a contingency plan to restore computer Protection Act (BDSG) is part of all employment contracts. In
centres in Germany following longer-term outages (for example, particular employees of company units that have access to and
as a result of fires, natural disasters or criminal actions) (risk handle sensitive data undergo on-site training on data protec-
number 5 business interruption, unchanged from previous tion. Employees with privileged access rights (for example,
year). For risk number 5, in the reporting period, we additionally administrators) must sign an additional formal obligation.
consider non-IT topics. For more information, see the section
risks related to the business environment. However, the loss Human resources risks
potential and the probability of occurrence remain unchanged. The expertise, dedication and motivation of our employees
For more information, see the section risks related to the are key success factors that have a decisive impact on
business environment. METRO GROUPs competitive opportunities. One prerequisite
for achieving strategic goals are highly qualified experts and
Information is a key resource for all companies of managers. It is an ongoing challenge to recruit and retain such
METRO GROUP. This means that it must enjoy the same pro- valuable employees for the group, in particular in the face of
tection as all other assets. For this reason, METRO AG devel- demographic change and intense competition for the best
oped a documented IT security management system (ISMS), people. Intra-company programmes for the continued qualifi-
which was launched at the start of 2013. The aim of this cation of employees and the strengthening of corporate culture
framework is to ensure the confidentiality (access only for are also indispensable. To ensure that our employees have the
authorised users) and integrity (accuracy and completeness) requisite expertise and leadership skills, we optimise training
of this information. Among other things, the management and professional development programmes at all levels. Train-
principles for IT security describe our operational and organ- ing courses and effective human resources development
isational structures. We have implemented IT security controls measures promote entrepreneurial thinking and actions; vari-
in accordance with the industry standard ISO 27000. In this able pay components based on the attainment of corporate and
way, we ensure that the data we process are correct and com- individual objectives serve as an incentive. Direct participation
plete and can only be viewed by authorised staff. The neces- in business success increases employees identification with
sary user accounts and access authorisations are adminis- METRO GROUP and enhances their awareness of opportunities
tered centrally according to predefined, partially automated and risks in all entrepreneurial decisions.
processes. We regularly review whether group specifications
are followed in terms of critical user rights and report central- One thing is certain: METRO GROUP can only grow if we sup-
CONSOLIDATED
ly on the results of our examinations. Affected employees are port our employees. This is reflected in annual performance
made aware of IT security issues, prepared for these and kept reviews in which past achievements are assessed and future
up to date through regular, standardised training courses in development measures are agreed upon with individual em-
accordance with ISO 27000. In addition, the key processes and ployees. With targeted training programmes, which we im-
IT systems of our central IT company METRO SYSTEMS, and plement in cooperation with various partners, we manage to
since 2015 also those of Media-Saturn IT Services (MSITS), are attract young people to METRO GROUP and to optimally de-
reviewed by internal audit and by external inspectors who velop their particular strengths. In Germany, in particular,
examine them in accordance with the international standard METRO GROUP companies therefore place great value on
for audit reports of service organisations ISAE 3402 (Inter- their own training programmes for employees. With a share
national Standard on Assurance Engagements). We address of 7.6 per cent in the reporting period (excluding the discon-
the risk of data and identity theft, particularly for people with tinued operation Galeria Kaufhof), we are one of Germanys
largest providers of occupational training.
SERVICE
Succession planning at METRO GROUP, in particular for senior Control of Media-Saturn-Holding GmbH
management positions, is guaranteed through customised Based on existing court decisions relating to governance
career and development plans. All these measures serve to issues, the Management Board feels validated in its opinion
counter the key risks of insufficient development and promo- that the consolidation of the Media-Saturn-Holding GmbH
tion of future managers (risk number 6, unchanged from previ- was correctly effected according to the relevant IFRS (Inter-
ous year). national Financial Reporting Standards) regulations, both in
the past and in the consolidated financial statements as of
Health promotion concepts, occupational safety measures and 30 September 2015.
locally coordinated programmes such as back therapy training,
fitness classes, company sports activities, dietary tips, stress Encouraged by recent court decisions, the Management Board
prevention training courses, ergonomic advice, computer does not expect that future court rulings as a result of other
glasses and employee counselling programmes provide for a legal challenges filed by the minority shareholder or by mem-
safe, hazard-free work environment. We counter risks of non- bers of the advisory board on behalf of the minority sharehold-
compliance with applicable labour regulations by introducing er will contradict these verdicts in relevant issues regarding
clear guidelines and compliance rules in conjunction with a the governance of the Media-Saturn group of companies.
respectful approach to our employees. This effort is supported
by guidelines on fair working conditions and social partnership. If contrary to the expectations of the Management Board a
Our guidelines on occupational safety and health management court were to reach such a different assessment, the Manage-
aim to create a work environment characterised by respect, ment Board would review its opinion on the full consolidation of
fairness and partnership. the Media-Saturn group of companies; in that case, a deconsol-
idation of the Media-Saturn group of companies might become
For more information about METRO GROUPs human resources policy,
see the chapter principles of the group employees. necessary if the sustained power to exercise control cannot still
be assumed. A deconsolidation of the Media-Saturn group of
Legal and tax risks companies based on current values would lead to one-time
Legal risks arise primarily from labour and civil law cases as non-cash deconsolidation income. Following the deconsolida-
well as from changes in trade laws. In addition, risks for tion, the interest in the Media-Saturn group of companies
METRO GROUP may arise from preliminary proceedings, for would have to be recognised at equity. This change regarding
example, possible infringements of antitrust or competition the consolidation of the Media-Saturn group of companies
law (risk number 9, unchanged from previous year). Antitrust could impact the companys key financials.
law risks may arise in the context of business dealings with
For more information about legal issues, see the notes to the

METRO GROUP suppliers in such areas as the resale price of consolidated financial statements in no. 47 other legal issues.
retail goods. Appropriate risk provisions were created for
pending antitrust law proceedings where liability is sufficiently Compliance risks
substantiated. The activities of METRO GROUP are subject to various legal
stipulations and self-imposed standards of conduct. Legal re-
Tax risks mainly emanate from external audits which take a quirements in the various jurisdictions as well as the expect-
differing view of certain circumstances and transactions. In ations of our customers and the public regarding corporate
addition, risks may result from interpretations of sales tax regu- compliance have generally continued to increase and be-
lations. The Corporate Group Tax department of METRO AG has come more complex. In response to these requirements,
established appropriate guidelines to ensure early detection METRO GROUP has established a group-wide compliance
and minimisation of tax risks. These risks are regularly and system that it continuously refines. The aim of this system is
systematically examined. The resulting risk minimisation to systematically and sustainably prevent regulatory in-
measures are coordinated by the Corporate Group Tax de- fringements within the company. METRO GROUP regularly
partment of METRO AG and the national subsidiaries. identifies behavioural corporate risks.
Our compliance management is primarily focused on pre- Compliance guidelines are updated continuously and adjusted
venting corruption and antitrust law risks. On the one hand, on the basis of risk. These efforts are complemented by com-
corruption risks arise in dealings with public authorities and pulsory training courses, systematic and target group-oriented
public officials, for example, in the context of the companys communication measures and the consistent, disciplined hand-
international expansion or authorisation processes. On the ling of compliance incidents and relevant follow-up measures.
other hand, they can arise in business dealings with suppliers In addition, METRO GROUP employees, their business partners
and other business partners (risk number 9, unchanged from and customers have access to a professional reporting system
previous year). In addition, the group-wide compliance man- that enables them to notify the company of compliance viola-
agement system covers other relevant criminal and regulations and potential violations in all group languages. If neces-
tory risks, data protection and labour law-related risks such sary, incidents may be reported anonymously. The compliance
as discrimination. organisation ensures that all reported cases are investigated in
an appropriate fashion.
As part of the compliance management system, the necessary
organisational structures are established in consideration of all The internal control system is one of the key elements of a
identified and assessed compliance risks. The responsible well-designed corporate governance. By strengthening its
departments consistently manage and control the risks within internal control system, the company ensures that compliance
the existing structures. and governance requirements are being increasingly linked
with its operational business and financial processes.
METRO AG has introduced group-wide standards of conduct to
manage the identified compliance risks, including a handbook At the end of each financial year, the internal control system is
on antitrust law that provides guidelines on supplier negoti- reviewed with regard to appropriateness and effectiveness
ations, among other areas. This handbook also contains through self-assessment and reviews by Group Internal Audit.
templates for antitrust law-compliant communications with
suppliers. In addition, METRO AG has introduced group-wide In sensitive process areas, particularly expansion, construction,
anti-corruption policies outlining standards of conduct for purchasing and store processes, we will continue to apply the
dealings with both authorities and public officials and with improvements we initiated in the previous financial year (risk
business partners. The anti-corruption guidelines also stipu- number 8, unchanged from previous year). For this reason, we
late that a compliance check must be carried out before enter- conduct risk analyses as well as modify or expand our oper-
ing into a business relationship with business partners in ational control structures. In addition, we increasingly assess
high-risk areas. the effectiveness of standard controls for specific processes.
CONSOLIDATED
SERVICE
Presentation of the opportunity situation efficiency of the customs processes used by WTO member
countries.
METRO GROUP has numerous opportunities to ensure long-
term positive business developments. Above all, these are due Strategic business opportunities
to the fact that we respond in a rigorous manner and at an early METRO GROUPs sales lines have high levels of brand equity in
stage to the needs of private consumers and professional cus- the countries in which they do business. We have assumed
tomers. Our key goal is to create value for our customers. As leading positions in many markets. We must further strengthen
part of this work, we employ new sales channels and exploit and expand these. Weaker market participants have withdrawn
the opportunities created by demographic trends and the in- from the market, especially in countries that were hit particu-
creasing differentiation of the mature markets of Western larly hard by the ongoing economic and financial crisis. We are
Europe as well as population growth in developing and emerg- working to fill these gaps or, when reasonable, to take over
ing countries. We analyse the relevant global and national individual locations. Market exits of competitors would create
trends and take decisions aimed at systematically exploiting additional opportunities for market share gains. In addition, we
opportunities of the future and creating competitive edges. see potential in the successful repositioning of national subsid-
iaries operating in a challenging economic environment (in-
Opportunities from the development of cluding Germany and Southern Europe). The ongoing trans-
business conditions formation and restructuring measures we have already
During financial year 2015/16, we expect to see a slight im- launched aim to improve these companies market position and
provement in business conditions for retail. boost their profitability.
Our sales and earnings could profit from the slightly improved By optimising sales concepts, continuing to focus on core target
business situation. Demand including over the long term is groups and modernising stores, we are creating opportunities
rising in countries with growing populations. METRO GROUP to win new customer groups and to bolster existing customer
does business in many markets where we can benefit from this relationships. To this end, METRO GROUP continuously pro-
trend. In addition, we are continuing our selective expansion in vides funds for investment. The companys investment strategy
the growth regions of Asia and Eastern Europe. In the process, is aimed at protecting and strengthening the competitive
we are focusing on business units and countries where we can strength of all sales brands while better addressing customers
build a distinct profile and strong market position. As a result, in a more targeted manner. Examples include new and innova-
we plan to continue expanding our activities in China, India, tive formats, a distinct intensification of our online activities
Russia and Turkey. and multichannel business, measures to strengthen our own
brands, franchise concepts, investments in innovative sales
The removal of bureaucratic barriers can help ease formats and customer-centric services and solutions. In all
METRO GROUPs entry into new markets. Trade between coun- sales lines, we see considerable opportunity in the sensible
tries of the European Union (EU) and third countries with which dovetailing of store-based and electronic retailing.
the EU has concluded free-trade agreements (including Can-
ada, Moldova, South Korea and Ukraine) or with which the EU is We see further opportunities in the increased cooperation of
currently conducting negotiations (including India, Japan, the the individual sales lines, for example in consumer electronics.
United States and Vietnam) could be conducted with no or We are already testing shop-in-shop concepts where Media
limited customs duties. In our view, negotiations regarding an Markt or Saturn manage the electronic departments of METRO
agreement to simplify trade are also particularly promising. Cash & Carry. The first two pilot stores were opened in Russia
Imports and exports could be streamlined and the costs of in the fourth quarter of the reporting period.
cross-border trade could be reduced by up to 10 per cent. For
this reason, METRO GROUP welcomes the results of the In the cash-and-carry business, we see additional substantial
Ninth WTO (World Trade Organization) Ministerial Conference potential in the continued expansion of our delivery channel
in Bali in December 2013 and the decision of the 160 WTO and in tapping additional professional customer groups. For
members to conclude a multilateral agreement aimed at Reals business, opportunities are being created by the stra-
streamlining customs-clearing procedures and boosting the tegic transformation that is focusing on store refurbishment,
the optimisation of the store network and a stronger customer Our first step in this area is to launch a pilot project to test the
orientation, among other things. extent to which we can deploy an innovation at our company
and to invest in interesting start-up companies. In financial
Online sales remain an important opportunity for our companys year 2014/15, we also started the Techstars METRO Accelerator
future success. Online retail is experiencing strong growth. We together with the US company Techstars. The programme aims
continue to believe that this development will be maintained and to support innovative start-up enterprises in the Horeca sector.
project continued competitive momentum both in store-based Techstars METRO Accelerator is the first global programme
and in online retail over the medium term. As a result, it is im- focusing mainly on technological applications for the food
perative for METRO GROUP to further strengthen its internet service, hospitality and catering sector.
sales channel. All our sales lines now have online shops in
Germany and in many other countries. During financial year Demographic trends offer another tremendous opportunity for
2014/15, we continuously improved the online shops. One example METRO GROUP. Ageing populations in Western Europe and the
of this approach is the recently announced strategic cooperation growing concentration in economic and cultural centres dom-
with leading online and mobile commerce company Alibaba inate our customers current and future needs. The stores of
Group. METRO GROUP successfully strengthened its online our sales lines are easy to reach and, as a rule, are accessible
activities in the fast-growing Chinese e-commerce market by to people with disabilities. In addition, the outlets offer assist-
launching a flagship store on the Tmall Global platform of Alibaba ance and products designed to meet the needs of customers of
Group. By doing so, and through various other measures in the all generations. As a result, we see good opportunities to gain
reporting period, we made additional strides in the shift from additional market share.
strictly store-based retail to integrated multichannel marketing.
Unlike strictly online providers, we create real added value for Business performance opportunities
customers this way. In addition to rigorously leveraging cost-cutting opportunities,
we are creating the basis for long-term success by increasing
The dynamic development of information technologies creates our productivity, especially through process optimisations. This
tremendous opportunities for us to optimise our own processes effort includes a number of projects that we have already initi-
and provide our customers new offerings. New innovation ated and will systematically continue to pursue. These include
areas are being fuelled in particular by information techno- the expansion of our delivery activities and increasing the share
logies that are more widely and easily used, including mobile of high-margin own-brand products in total sales. Should we
communications (mobile computing), social media and cloud make more progress in the implementation of further product-
solutions. The implementation of solutions to process large ivity enhancements than we currently expect, this could have a
amounts of data (big data) should create significantly improved positive impact on our business development.
marketing instruments, more efficient logistics and an oppor-
tunity to introduce new customer-oriented products and ser- In addition to cost components, quality and freshness are critical
vices. Involving METRO GROUP IT at an early stage in activities differentiating factors that are particularly relevant for food. By
CONSOLIDATED
to assess and support start-up enterprises or in subsequent having employees who continuously check and ensure quality,
acquisition of participating interests enables the solution- we can gain an edge on our competitors and establish customer
oriented and secure interfacing of IT-based services. perception that has a positive effect on sales and earnings.
We are convinced that innovative ideas relating to digitalisation Additional opportunities arise from efforts to cut our green-
will shape the future of retail and drive the development of new house gas emissions. Our climate protection goal will indeed
business models. In our group, we see great potential for those require investments. But as a result of lower costs, particularly
new business models which offer excellent added value to our for energy, these investments will create savings over the
customers, in line with our strategy and building on existing medium and long term. These savings will result in financial as
strengths in our operating processes. well as environmental benefits and improvements.
SERVICE
Overall assessment of the risk situation cumulative risks do not represent risks that jeopardise the
by the companys management continuity of the group due to illiquidity or over-indebtedness
over a period of at least one year. We are confident that
METRO GROUPs earnings strength provides a solid founda-
The Management Board and the Supervisory Board of tion for sustained positive business developments and the
METRO AG are regularly informed about the companys risk exploitation of numerous opportunities. This assessment is
and opportunities situation. Overall, the risk and opportun- mirrored by the rating of the internationally leading, inde-
ities profile of METRO GROUP remains at last years level. To pendent rating agency Standard & Poors that we have com-
evaluate the present risk situation, risks and opportunities missioned. METRO GROUPs credit rating of BBB with a
were not only examined in isolation: the interdependencies stable outlook is unchanged at investment grade. The Man-
between risks were analysed and rated according to their agement Board of METRO AG currently does not expect any
probability and impact. The assessment has shown that the fundamental change in the risk and opportunities situation.
overall risks are manageable. The identified individual and
REMUNERATION REPORT P. 139
REMUNERATION REPORT
The following report describes the remuneration received by Remuneration system for the members of the Management Board
the Management Board and the Supervisory Board of
METRO AG for financial year 2014/15 in accordance with
standards laid down by the German Commercial Code (HGB)
TOTAL REMUNERATION SYSTEM

e. g., pension provisions,
Supplemental benefits company cars
and the German Corporate Governance Code. Remuneration
received by the Management Board, in particular, is dis-
Variable remuneration
Sustainable
closed on the basis of the model tables recommended in the performance plan
Code. In addition, this report outlines the remuneration with TSR, sustainability
and EPS components
systems and contains information about share-based com-
Long-term
pensation for executives of METRO GROUP. (Financial year 2013/14:
incentive
sustainable performance
plan with TSR and
The remuneration system for the Management Board is ap- sustainability
components)
proved by the Supervisory Board of METRO AG and is prepared
by its Personnel Committee. It comprises two variable compo-
nents that were redesigned as of financial year 2014/15. The Based on EBIT,
RoCE and like-for-like
aim of this change was to align these remuneration compo- sales growth; in individ-
nents with METRO GROUPs current planning and to focus the Short-term ual cases complemented
incentive by special bonuses
performance targets more strongly on the specific characteris-
tics of a retail company. Additionally, this alignment enables the (Financial year 2013/14:
based on RoCE
group to better reflect its transformation measures in its re- and net earnings)
muneration system. Essentially, the performance targets were
amended and the maximum payout amounts (payout caps) Fixed annual salary
were reduced. Furthermore, members of the Management
Board were offered the option of extending their entitlement to Base salary
company pension provisions by converting compensation com-
ponents in the fixed salary as well as in the variable remuner-
ation. The Annual General Meeting on 20 February 2015 ap-
proved these changes to the remuneration system with
99.6 per cent of the votes cast. The following is a description of (Schematic illustration)
how the system works.

As a rule, the fixed salary and the variable remuneration paid
CONSOLIDATED
to new members of the Management Board are reduced on a
The remuneration system for members percentage basis in the first two years of service.
of the Management Board
Total remuneration and the individual compensation compo-
Management Board remuneration consists of a fixed salary and nents are geared appropriately to the responsibilities of each
two variable performance-based components: the short-term individual member of the Board, his or her personal perform-
incentive and the long-term incentive. The company also offers ance and the companys economic situation, and fulfil legal
pension provisions and other supplemental benefits. stipulations regarding customary remuneration. Variable
remuneration serves as an incentive for the Management
Board to increase the companys value and is designed to
generate sustainable, long-term company growth.
SERVICE
Fixed salary To calculate goal achievement, profit or loss adjusted for spe-
The fixed salary is contractually set and is paid in monthly cial items and exchange rate fluctuations is applied respect-
instalments. ively. Special items include one-time transactions or a number
of one-time transactions of the same type, which make it
Short-term incentive / special bonuses difficult to gauge a companys operating performance and are
The short-term incentive remunerates the companys operating reported on the income statement. Generally, before the begin-
performance on the basis of three financial performance tar- ning of the financial year that is to be incentivised, the Supervisory
gets pertaining to that specific financial year, each of which has Board defines which transactions will be adjusted as special items
a weighting of one third. when calculating Management Board remuneration. Adjustment
for exchange rate fluctuations occurs to the extent that these do
A target value in euros is set for each member of the Manage- not correspond to the assumptions made in the budget.
ment Board. The payout amount is calculated by multiplying
the target value by the factor of overall goal achievement. This, To ensure the individual performance orientation of Manage-
in turn, is calculated by determining the goal achievement ment Board remuneration, the Supervisory Board of METRO AG
factors, each of which is rounded to two decimal points, for reserves the general right to reduce or increase the weight of
each of the three financial performance targets. The arithmetic the individual short-term incentive by up to 30 per cent at its
mean of the factors, also rounded to two decimal points, gives discretion.
the overall goal achievement factor. The overall goal achieve-
ment is limited to a factor of 2.0 (payout cap). The following individual target values and payout caps were
determined as the basis for Management Board remuneration
The short-term incentive is based on the following parameters: in financial year 2014/15:
METRO GROUPs earnings before interest and taxes (EBIT),
METRO GROUPs return on capital employed (RoCE) and Target value
like-for-like sales growth of METRO GROUP; this term for the
short-term
reflects sales growth on a comparable area or with respect incentive Payout cap
for financial year for financial
to a comparable group of locations in local currency. p.a. 2014/15 year 2014/15
Olaf Koch 1,200,000 2,400,000

In general, performance targets are set by the Supervisory Pieter C. Boone1 180,000 360,000
Board for each of the three parameters before the beginning of Mark Frese 900,000 1,800,000
the financial year. The basis for determining the goals is the Pieter Haas2 810,000 1,620,000
budget plan, which requires the approval of the Supervisory Heiko Hutmacher 900,000 1,800,000
Board. To determine whether a goal has been achieved, the 1 Member of the Management Board since 1 July 2015
Supervisory Board defines a lower threshold (entry barrier) for 2 Member of the Management Board since 1 April 2013
each performance target and a target value for 100 per cent
goal achievement. A factor is allocated to the specific degree of In addition, the Supervisory Board may grant special bonuses
goal achievement for each performance target: to members of the Management Board for exceptional perform-
If the degree of goal achievement is 100 per cent, the factor ance.
is 1.0.
If the degree of goal achievement is lower or equal to the The short-term performance-based remuneration of members
entry barrier, then the factor is 0.0. of the Management Board is generally paid out four months
In the case of intermediate values and values over after the end of a financial year.
100 per cent, the factor for goal achievement is calculated
using linear interpolation.
Long-term incentive Timing of the sustainable performance plan version 2014

The long-term incentive is designed to achieve sustainable (three-year performance period)
growth in the companys value and applies a multi-year
assessment basis.
Start of the performance period for the
Year 0
subcomponents EPS and sustainability
Sustainable performance plan version 2014
(2014/152017/18)
After the first tranche of the sustainable performance plan
41st trading
was issued in financial year 2013/14, the Supervisory Board of day after
Start of the performance period
METRO AG approved the adjustment of the sustainable the Annual
for the TSR subcomponent
General
performance plan from financial year 2014/15 onwards: On Meeting of
10 December 2014, the Supervisory Board adopted the sustain- METRO AG
able performance plan version 2014, with a planned duration of
four tranches up to financial year 2017/18. By incorporating an
Year 0 First assessment of
additional performance target, the 2014 version of the sustain- sustainability component
able performance plan creates an even greater incentive for the
Year 1 Second assessment of
long-term and sustainable performance of METRO GROUP sustainability component
under consideration of the long-term expectations of share- Third assessment of sustainability
Year 2
holders and other stakeholders as well as the groups environ- component / determination
of goal achievement with regard to
mental responsibility. Performance will be measured both by sustainability component
share-based key indicators and internal growth as well as by Determination of goal achievement
Year 3
qualitative aspects of business, environmental and social cor- with regard to the EPS component
porate management. A three-year performance period applies
to the 2014/15 tranche of the sustainable performance plan
version 2014; from the 2015/16 tranche onwards, a four-year 41st trading
performance period will apply. day after
the Annual Determination of goal achievement
General with regard to the TSR component
A target value in euros is set for each member of the Manage- Meeting of
METRO AG
ment Board. The payout amount is calculated by multiplying
the target value by the factor of overall goal achievement. This,
in turn, is calculated by determining the goal achievement (Schematic illustration)
factors, each of which is rounded to two decimal points, for

each of the three performance targets. The arithmetic mean of The sustainable performance plan version 2014 is based on the
the factors, also rounded to two decimal points, gives the over- following three performance targets:
CONSOLIDATED
all goal achievement factor. The payout amount is limited to a total shareholder return (TSR),
maximum of 250 per cent of the target value (payout cap). In sustainability and
case of employment termination, separate rules for the payout earnings per share (EPS).
of the tranches have been agreed upon.
The TSR component is measured according to the development
The timing of the sustainable performance plan version 2014 is of the total shareholder return of the METRO ordinary share in
structured as follows: the performance period compared to a defined benchmark
index. To calculate the goal achievement factor of the TSR
component, the Xetra closing prices of the METRO ordinary
share are determined over a period of 40 consecutive trading
days immediately following the Annual General Meeting of
METRO AG in the grant year. This is used to calculate the
arithmetic mean, which is known as the starting share price.
SERVICE
The performance period for the respective tranche will begin

on the 41st trading day following the Annual General Meeting. Average ranking Sustainability factor
Once again, the Xetra closing prices of the METRO ordinary (rounded) Financial year 2014/15 tranche
share are determined over a period of 40 consecutive trading 1 3.00
days immediately following the Annual General Meeting three 2 3.00

3 2.50
years, or, from financial year 2015/16 onwards, four years after
4 2.00
calculating the starting share price and issuing the applicable
5 1.50
tranche. This is used again to calculate the arithmetic mean,
6 1.25
which is known as the ending share price. The TSR percentage
7 1.00
value will be determined on the basis of the change in the
8 0.67
METRO share price and the total amount of hypothetically
9 0.33
reinvested dividends throughout the performance period in
Below 9 0.00
relation to the starting and ending share prices.
The METRO TSR calculated in this manner will be compared The goal achievement factor for the EPS component, which
with the TSR of the Dow Jones STOXX Europe 600 Retail index was introduced for the first time in the sustainable
(index TSR) during the performance period, and the factor for performance plan version 2014, is calculated as follows:
computing the TSR component for the three-year performance Generally, the Supervisory Board approves an EPS target value
period of the 2014/15 tranche will be determined in this way: (before special items) for the third or fourth year of the EPS
if METROs TSR is identical to the index TSR, the factor for performance period at the beginning of the financial year, a
the TSR component will be 1.0; lower threshold/entry barrier as well as an upper threshold for
if METROs TSR is 30 percentage points or more below the 200 per cent goal achievement. The EPS that has actually been
index TSR, the factor for the TSR component will be 0.0; achieved during the performance period is compared to the
if METROs TSR is 30 percentage points above the index approved values and the factor for calculating the EPS
TSR, the factor for the TSR component will be 2.0. component is determined as follows:
In the case of goal achievement with intermediate values if the EPS target value is achieved, the factor for the EPS
and more than 30 percentage points, the TSR factor for the component is 1.0;
sustainable performance plan version 2014 is calculated if only the lower entry barrier or a value lower than it is
using linear interpolation to two decimal points. achieved, the factor for the EPS component is 0.0;
in the event of 200 per cent goal achievement, the factor for
To determine the goal achievement factor of the sustainability the EPS component is 2.0.
component, METRO AG takes part in the Corporate Sustainabil- In the case of goal achievement with intermediate values
ity Assessment conducted by the external independent agency and more than 200 per cent, the EPS factor for the
RobecoSAM AG during each year of the three- or four-year sustainable performance plan version 2014 is calculated
performance period of the sustainable performance plan ver- using linear interpolation to two decimal points.
sion 2014. RobecoSAM AG uses this assessment to determine
the ranking of METRO AG within the industry group Food and Sustainable performance plan (2013/14)
Staples Retailing that is defined in accordance with the Global After the last tranche of the performance share plan was is-
Industry Classification Standard (GICS). S&P Dow Jones Indices sued in the short financial year 2013, the Supervisory Board of
uses this ranking as the basis for decisions regarding a com- METRO AG approved the sustainable performance plan on
panys inclusion in the Dow Jones Sustainability Indices (DJSI). 10 December 2013, whose tranche was paid with a three-year
METRO AG is informed each year by RobecoSAM AG about its performance period in financial year 2013/14.
new ranking. The companys average ranking rounded to
whole numbers is determined on the basis of the three, or, A target value in euros was set for each member of the Man-
from financial year 2015/16 onwards, four rankings per tranche agement Board. This is 75 per cent dependent on the TSR
communicated by RobecoSAM AG during the performance component and 25 per cent on the sustainability component.
period. The factor for the sustainability component of the
2014/15 tranche is determined in the following manner on the The calculation of the TSR component follows the method
basis of the average ranking during the performance period: described for the sustainable performance plan version 2014;
however, the factor for the TSR component is a maximum of 3.0 the Management Board. The target number of performance
(cap). Furthermore, the following additional condition applies if shares was calculated by dividing this target value by the share
the TSR factor is positive: a payment of 75 per cent of the target price upon grant, based on the average price of the METRO
amount multiplied by the TSR factor will be made only if the share during the three months up to the grant date. The key
calculated ending price of the METRO share does not fall below metric in this calculation was the three-month average price of
the starting share price. Should this condition not be met, the the METRO share before the grant date. A performance share
calculated amount will not initially be paid. In this case, an entitles its holder to a cash payment in euros matching the
entitlement to payment will exist only if the Xetra closing price price of the METRO share on the payment date based on the
of the METRO ordinary share is higher than or equivalent to the average price of the METRO share during the three months up
starting share price for 40 consecutive trading days within a to the payment date.
three-year period after the completion of the performance
period. Should this condition not be met within the three years Based on the relative performance of the METRO share com-
after the performance period ends, no payment of the TSR pared with the median of the DAX 30 and Dow Jones Euro
component of the tranche will be made. STOXX Retail indices total return the final number of pay-
able performance shares is determined after the end of a
Similarly, the method described for the sustainable perform- performance period of at least three and at most 4.25 years. It
ance plan version 2014 also applies to the calculation of the corresponds to the target number of shares when an equal
factor for the sustainability component, while the factor for the performance with said stock indices is achieved. Up to an
sustainability component, dependent on the average ranking outperformance of 60 per cent, the number increases linearly
during the performance period, is calculated as follows: to a maximum of 200 per cent of the target amount. Up to an
underperformance of 30 per cent, the number is accordingly
Average ranking Sustainability factor reduced to a minimum of 50 per cent. In the case of an un-
(rounded) Financial year 2013/14 tranche derperformance of more than 30 per cent, the number is
1 3.00 reduced to zero.
2 3.00
3 3.00 Payment can be made at six possible times that are set in
4 2.50
advance. The earliest payment date is three years after grant-
5 2.00
ing of the performance shares. From this time, payment can be
6 1.50
made every three months. The members of the Management
7 1.25
Board can choose the date upon which they want to exercise
8 1.00
performance shares. A distribution over several payment dates
9 0.50
is not permitted. The payment cap amounts to five times the
Below 9 0.00
target value.
CONSOLIDATED
The following additional condition will also apply: a payment of METRO GROUP introduced so-called share ownership guide-
25 per cent of the target amount multiplied by the sustainability lines along with its performance share plan: as a precondition
factor will only be made if the ranking of METRO AG does not for the payout of performance shares, the members of the
fall by more than two places below the last announced ranking Management Board are obliged to undertake a significant
before the issuance of the tranche in any year of the perform- continuous self-financed investment in METRO shares up to the
ance period. Otherwise, the factor for the sustainability compo- end of the three-year vesting period. This ensures that, as
nent will be zero. shareholders, they will directly participate in share price gains
as well as potential losses of the METRO share. Their investment
Performance share plan (20092013) in company shares promotes the remuneration systems long-
By resolution of the Personnel Committee of the Supervisory term structure and orientation towards sustainable development
Board and with the approval of the Supervisory Board, and results in a healthy balance of the various remuneration
METRO AG introduced a five-year performance share plan in elements. The self-financed investment applies to the entire
2009. The last tranche of this plan was paid in the short financial term of the performance share plan.
SERVICE
year 2013. A target value in euros was set for each member of
Pension provisions tributions that would have been credited to the member of the
In 2009, company pension provisions were introduced for Management Board for every calendar year up to a credit period
members of the Management Board. These provisions consist of ten years, but limited to the point when the individual turns
of direct benefits with a defined contribution component and a 60, will be added to the benefits balance. This performance-
performance-based component. based component is not reinsured, but will be provided directly
by the company when the benefit case occurs.
The defined contribution component is financed by the Man-
agement Board member and the company based on an appor- Furthermore, since 2015, members of the Management Board
tionment of 7 + 7 + 7. When a member of the Management have been offered the option of converting future compensation
Board makes a contribution of 7 per cent of his or her defined components in the fixed salary as well as in the variable remu-
basis for assessment, the company will contribute the same neration into company pension entitlements with Hamburger
amount. Depending on the economic situation, the company Pensionsrckdeckungskasse VVaG as part of a tax-privileged
will pay the same amount again. In view of the macroeconomic compensation conversion scheme.
environment, the additional amount was again suspended in
the reporting year. When a member of the Management Board Further benefits in case of an end to employment
leaves the company before retirement age, the contributions The active members of the Management Board receive no add-
retain the level they have reached. The performance-based itional benefits beyond the described pension provisions should
component is congruently reinsured by Hamburger Pensions- their employment end. In particular, no retirement payments
rckdeckungskasse VVaG (HPR). The interest rate for the con- will be granted. In the event of the death of a member of the
tributions is paid in accordance with the Articles of Association Management Board during active service, his or her surviving
of the HPR with regard to profit participation, with a guarantee dependants will be paid the fixed salary for the month in which
applying to the paid-in contribution. the death occurred as well as for an additional six months.
An entitlement to pension benefits exists Supplemental benefits

if the working relationship ends with or after the reaching The supplemental benefits granted to members of the Man-
of standard retirement age as it applies to the German agement Board include non-cash benefits and expense allow-
state pension scheme, ances (for example, company cars). As a sustainability criter-
as early retirement benefits, if the working relationship ion, the company car guideline contains similar to the com-
ends at the age of 60 or after the age of 62 for pension pany car regulation for METRO GROUP executives a limit to
benefits that were granted after 31 December 2011, as well the CO2 emissions of company cars as well as a cap on the non-
as ends before reaching standard retirement age, cash benefits associated with the private use of company cars.
in the case of invalidity or death insofar as the relevant
preconditions for entitlement have been met. Other
The members of the Management Board of METRO AG are not
Payment can be made in the form of capital, instalments or a entitled to additional remuneration or special benefits as a
life-long pension. A minimum benefit is granted in the case of result of a change of control.
invalidity or death. In such instances, the total amount of con-
Remuneration of the Management Board in financial year 2014/151
Long-term incentive
Value of (Payout from

Supplemental Short-term granted tranches granted
1,000 Financial year Fixed salary benefits incentive2 tranche 3 in the past) Total4 (Effective salary5)
Olaf Koch 2013/14 1,200 16 1,251 1,098 (0) 3,565 (2,467)

2014/15 1,200 36 3,442 2,301 (0) 6,979 (4,678)
Pieter C. Boone6 2013/14 0 0 0 0 (0) 0 (0)
2014/15 180 33 224 0 (0) 437 (437)
Mark Frese 2013/14 855 102 777 823 (0) 2,557 (1,734)
2014/15 900 47 2,620 1,726 (0) 5,293 (3,567)
Pieter Haas7 2013/14 720 107 593 659 (0) 2,079 (1,420)
2014/15 810 61 1,951 1,726 (0) 4,548 (2,822)
Heiko Hutmacher 2013/14 900 54 772 823 (0) 2,549 (1,726)
2014/15 900 63 1,732 1,726 (0) 4,421 (2,695)
Total 2013/14 3,675 279 3,393 3,403 (0) 10,750 (7,347)
2014/15 3,990 240 9,969 7,479 (0) 21,678 (14,199)
1 Statements pursuant to 285 Sentence 1 No. 9 a and 314 Section 1 No. 6 a of the German Commercial Code (HGB) (excluding pension provisions)
2 In the short financial year 2013, no data for the short-term incentive was reported, as it was calculated on the basis of the 2013 calendar year and, according to German Accounting
Standard 17 (GAS 17), may only be shown upon full entitlement. For financial year 2013/14, the short-term incentive for both the short financial year 2013 and financial year 2013/14
is shown as a total amount. For financial year 2014/15, short-term performance-based remuneration includes the short-term incentive as well as special bonuses. Mr Koch and
Mr Frese received a special bonus of 1,500 thousand each and Mr Haas and Mr Hutmacher received a special bonus of 500 thousand each for the sale of Galeria Kaufhof.
3 Shown here is the fair value at the time of granting the tranche
4 Total of the columns fixed salary, supplemental benefits, short-term incentive and value of the granted tranche of the long-term incentive
5 Total of the columns fixed salary, supplemental benefits, short-term incentive and payout from the tranches of the long-term incentive granted in the past
6 Member of the Management Board since 1 July 2015
7 Member of the Management Board since 1 April 2013
Pursuant to the German Corporate Governance Code, the

remuneration received by the Management Board is as follows,
according to the tables benefits granted and accruals:
CONSOLIDATED
SERVICE
Benefits granted
Olaf Koch Pieter C. Boone Mark Frese
Chairman of the Management Board Member of the Management Board for the
since 1/1/2012 METRO Cash & Carry business segment Chief Financial Officer
Member of the Management Board Member of the Management Board Member of the Management Board
since 14/9/2009 since 1/7/2015 since 1/1/2012
2013/14 2014/15 2014/15 2014/15 2013/14 2014/15 2014/15 2014/15 2013/14 2014/15 2014/15 2014/15
Minimum Maximum Minimum Maximum Minimum Maximum

1,000 value value value value value value
Fixed salary 1,200 1,200 1,200 1,200 0 180 180 180 855 900 900 900
Supplemental benefits 16 36 36 36 0 33 33 33 102 47 47 47
Total 1,216 1,236 1,236 1,236 0 213 213 213 957 947 947 947
One-year variable remuneration1 1,200 1,200 0 2,400 0 180 0 360 855 900 0 1,800
Multi-year variable remuneration2
Sustainable performance plan
(granted 10/4/2014,
end of performance period:
41st trading day following the Annual
General Meeting three years after the
issuance of the tranche) 1,098 0 823
Sustainable performance plan
version 2014
(granted 22/4/2015,
end of performance period:
41st trading day following the Annual
General Meeting three years
after the issuance of the tranche) 2,301 0 4,000 0 0 0 1,726 0 3,000
Total 3,514 4,737 1,236 7,636 0 393 213 573 2,635 3,573 947 5,747
Pension expenditure 169 169 169 169 0 32 32 32 129 128 128 128
Total remuneration 3,683 4,906 1,405 7,805 0 425 245 605 2,764 3,701 1,075 5,875
1 The figures shown here relate to the short-term incentive excluding any potential additional special bonuses
2 Shown here is the fair value at the time of granting the tranche
Pieter Haas Heiko Hutmacher

for the Media-Saturn business segment Chief Human Resources Officer
Member of the Management Board Member of the Management Board
since 1/4/2013 since 1/10/2011
2013/14 2014/15 2014/15 2014/15 2013/14 2014/15 2014/15 2014/15
Minimum Maximum Minimum Maximum

value value value value
720 810 810 810 900 900 900 900

107 61 61 61 54 63 63 63
827 871 871 871 954 963 963 963
720 810 0 1,620 900 900 0 1,800
659 823
1,726 0 3,000 1,726 0 3,000

2,206 3,407 871 5,491 2,677 3,589 963 5,763
144 137 137 137 131 128 128 128
2,350 3,544 1,008 5,628 2,808 3,717 1,091 5,891
CONSOLIDATED
SERVICE
Accruals
Olaf Koch Pieter C. Boone Mark Frese Pieter Haas Heiko Hutmacher
Member of the Member of the

Chairman of the Management Board for Management Board
Management Board the METRO Cash & Carry for the Media-Saturn Chief Human
since 1/1/2012 business segment Chief Financial Officer business segment Resources Officer
Member of the Member of the Member of the Member of the Member of the
Management Board Management Board Management Board Management Board Management Board
since 14/9/2009 since 1/7/2015 since 1/1/2012 since 1/4/2013 since 1/10/2011
1,000 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14
Fixed salary 1,200 1,200 180 0 900 855 810 720 900 900
Supplemental benefits 36 16 33 0 47 102 61 107 63 54
Total 1,236 1,216 213 0 947 957 871 827 963 954
One-year variable remuneration1 3,442 1,251 224 0 2,620 777 1,951 593 1,732 772
Multi-year variable remuneration
Performance share plan
(granted 10/8/2010,
end of vesting period 10/8/2013,
end of term 10/11/2014) 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0
Total 4,678 2,467 437 0 3,567 1,734 2,822 1,420 2,695 1,726
Pension expenditure 169 169 32 0 128 129 137 144 128 131
Total remuneration 4,847 2,636 469 0 3,695 1,863 2,959 1,564 2,823 1,857
1 In the short financial year 2013, no data for the short-term incentive was reported, as it was calculated on the basis of the 2013 calendar year and, according to German Accounting
Standard 17 (GAS 17), may only be shown upon full entitlement. For financial year 2013/14, the short-term incentive for both the short financial year 2013 and financial year 2013/14 is
shown as a total amount. For financial year 2014/15, short-term performance-based remuneration includes the short-term incentive as well as special bonuses. Messrs Koch and Frese
received a special bonus of 1,500 thousand each for the sale of Galeria Kaufhof, while Messrs Haas and Hutmacher received a special bonus of 500 thousand each.
Long-term incentives in financial year 2014/15 In addition to the tranche from the sustainable performance
The target value for the 2014/15 tranche is 1.6 million for Mr plan version 2014 in financial year 2014/15, the active mem-
Koch and 1.2 million each for Messrs Frese, Haas and Hut- bers of the Management Board in this financial year possess
macher; in his function of member of the Management Board, grants from tranches of the long-term incentive that were
Mr Boone was granted no shares from the tranche in financial granted in the past: Mr Koch possesses tranches of the per-
year 2014/15. The value of the tranche distributed in financial formance share plan for 2011, 2012 and 2013 as well as a
year 2014/15 as part of the sustainable performance plan ver- 2013/14 tranche of the sustainable performance plan,
sion 2014 was calculated at the time of granting by external Mr Frese possesses a 2013/14 tranche of the sustainable
experts using recognised financial-mathematical methods. performance plan, Mr Haas possesses a 2013 tranche of the
performance share plan as well as a 2013/14 tranche of the
Sustainable performance plan /
sustainable performance plan, and Mr Hutmacher possesses
Sustainable performance plan version 2014 a 2013/14 tranche of the sustainable performance plan.
Target amount Mr Boone possesses tranches of the performance share plan
End of the Starting price Management Board
Tranche performance period for the TSR component as of 30/9/2015 for 2011, 2012 and 2013 as well as a 2013/14 tranche of the
41st trading day following sustainable performance plan from the time of his employ-
the Annual General Meeting
three years after the
ment at METRO GROUP before he was appointed as a mem-
2013/14 issuance of the tranche 29.73 4,960,000 ber of the Management Board.
41st trading day following
the Annual General Meeting
three years after the
2014/15 issuance of the tranche 31.69 5,365,000

mately 0.016 million for Mr Hutmacher, approximately
Number of 0.056 million according to IFRS and approximately
Three-month
average price
Management Board
performance shares
0.053 million according to HGB for Mr Boone and approxi-
Tranche End of vesting period before grant as of 30/9/2015 mately 0.062 million according to IFRS and approximately
2009 August 2012 36.67 Expired 0.059 million according to HGB for Mr Haas.
2010 August 2013 42.91 Expired
2011 August 2014 41.73 13,779 The cash value of the commitment volume according to IFRS
2012 April 2015 29.18 57,402 and HGB amounted to approximately 1.9 million for Mr Koch,
2013 April 2016 22.84 116,463 approximately 1.1 million for Mr Frese, approximately
1.1 million for Mr Hutmacher, approximately 0.1 million for
Mr Boone and approximately 0.7 million for Mr Haas. With the
The vesting period for the 2011 and 2012 tranches ended in exception of the provisions listed in the last paragraph, the cash
August 2014 and April 2015, respectively. No payouts from value of the commitment volume is offset by assets.
these tranches were made to members of the Management
Board in financial year 2014/15. Total compensation of former members
of the Management Board in financial year 2014/15
In financial year 2014/15, value changes resulted from the Former members of the Management Boards of METRO AG
current tranches of performance-based payment programmes and the companies that were merged into METRO AG as well as
with a long-term incentive effect. The companys expenses their surviving dependants received 3.4 million (2013/14:
amounted to 0.92 million for Mr Koch, 0.02 million for Mr 3.5 million).
Boone, 0.76 million for Mr Frese, 0.77 million for Mr Haas
and 0.02 million for Mr Hutmacher. The corresponding cash value of provisions for current pen-
sions and pension entitlements according to IFRS amounts to
Services after the end of employment in financial year 49.5 million (30/9/2014: 54.3 million).
2014/15 (including pension provisions)
In financial year 2014/15, a total of 0.59 million according to The corresponding cash value of provisions for current pen-
International Financial Reporting Standards (IFRS) and sions and pension entitlements according to the German
0.62 million according to the German Commercial Code Commercial Code (HGB) amounts to 41.4 million (30/9/2014:
(HGB) was used for the remuneration of the active members 44.0 million).
of the Management Board of METRO AG for benefits to be
provided after the end of their employment (2013/14:
0.57 million determined according to IFRS and 0.54 million Long-term incentive for executives
determined according to the German Commercial Code [HGB]).
Of this total, according to IFRS, approximately 0.169 million was Pursuant to the recommendation in Subsection 7.1.3 of the
CONSOLIDATED
allotted to Mr Koch for pension provisions, Mr Boone was allotted German Corporate Governance Code, the share-based com-
approximately 0.032 million, Mr Frese was allotted approxi- pensation of executives of METRO GROUP will also be reported
mately 0.128 million, Mr Haas approximately 0.137 million and in the following section.
Mr Hutmacher approximately 0.128 million.
Sustainable performance plan /
According to the German Commercial Code (HGB), approxi- Sustainable performance plan version 2014
mately 0.172 million was allotted to Mr Koch for pension provi- The sustainable performance plan and the sustainable perform-
sions. Mr Boone was allotted approximately 0.032 million, ance plan version 2014 apply not only to the members of the
Mr Frese approximately 0.130 million, Mr Haas approximately Management Board, but also to high-level executives of
0.157 million and Mr Hutmacher approximately 0.125 million. METRO AG as well as to high-level managing directors and
executives of METRO GROUP companies. Eligible managers are
Provisions according to IFRS and the German Commercial given an individual target amount in accordance with the signifi-
Code (HGB) amounted to approximately 0.012 million for cance of their responsibilities. The additional rules of this plan
SERVICE
Mr Koch, approximately 0.019 million for Mr Frese, approxi- correspond to the provisions for the Management Board.
Sustainable performance plan / The vesting period for the 2011 and 2012 tranches ended in
Sustainable performance plan version 2014 August 2014 and April 2015, respectively. No payouts from
End of the Starting price Target amount executives
Tranche performance period for the TSR component as of 30/9/2015
these tranches were made in financial year 2014/15.
the Annual General
Remuneration received by members

Meeting three years after
2013/14 the issuance of the tranche 29.73 3,100,000
the Annual General of the Supervisory Board
Meeting three years after
2014/15 the issuance of the tranche 31.69 23,400,000 The members of the Supervisory Board receive a fixed yearly
remuneration amount in accordance with 13 of METRO AGs
Articles of Association. In financial year 2014/15, this amounted
The value of the tranches allotted in financial year 2014/15 as to 65,000 per ordinary member.
part of the sustainable performance plan version 2014
amounted to 33.7 million at the time of granting (previous The value added tax payable to the compensation is reimbursed
year sustainable performance plan: 2.3 million) and was to the members of the Supervisory Board in accordance with
calculated by external experts using recognised financial- 13 Section 5 of METRO AGs Articles of Association.
mathematical methods.
Remuneration factors
Performance share plan Chairperson of the Supervisory Board
The performance share plan 20092013 also applies not only to Vice Chairperson
the members of the Management Board, but also to high-level Committee chairpersons1
executives of METRO AG as well as to high-level managing Committee members1
directors and executives of METRO GROUP companies. Under Members of the Supervisory Board
this scheme, eligible managers are given an individual target 1 With a minimum of two meetings/resolutions
amount as part of the performance share plan (target value) in
accordance with the significance of their responsibilities. The
additional rules of this plan correspond to the provisions for the The individual amount of Supervisory Board remuneration
Management Board. takes into account the duties and responsibilities of the individ-
ual members of the Supervisory Board by considering special
With the performance share plan, the share ownership guide- assignments. The compensation of the Chairperson of the
lines were also applied to this group of eligible individuals. The Supervisory Board is three times higher than that of an ordin-
required investment volume generally amounts to approxi- ary member of the Supervisory Board; that of the Vice Chair-
mately 50 per cent of the individual target value. person and the Chairpersons of the committees is twice as
high; and that of the other members of the committees is
Like those for the Management Board, the following conditions 1.5 times higher. The remuneration for membership or chair-
apply: manship of a committee will be paid only if at least two meet-
ings or other resolutions took place during the respective fi-
nancial year. A member of the Supervisory Board who holds
Number of several offices at once receives compensation for only
Three-month performance shares
average price for executives
one office; in the case of different levels of remuneration, the
Tranche End of vesting period before grant as of 30/9/2015 member is compensated for the most highly paid office.
2010 August 2013 42.91 Expired The relevant individual amounts for financial year 2014/15 are
2011 August 2014 41.73 278,696 as follows:
2012 April 2015 29.18 421,179
2013 April 2016 22.84 582,750
Remuneration of members of the Supervisory Board for financial year 2014/15 pursuant to 13 of the Articles of Association1
Financial year Multiplier Fixed salary
Franz M. Haniel, Chairman 2013/14 195,000

2014/15 195,000
Werner Klockhaus, Vice Chairman 2013/14 130,000
2014/15 130,000
Prof. Dr oec. Dr iur. Ann-Kristin Achleitner 2013/14 65,000
2014/15 65,000
Dr Wulf H. Bernotat (until 4/9/2015) 2013/14 97,500
2014/15 97,500
Gwyn Burr (since 9/12/2014) 2013/14
2014/15 54,167
Ulrich Dalibor 2013/14 65,000
2014/15 65,000
Jrgen Fitschen 2013/14 65,000
2014/15 97,500
Hubert Frieling 2013/14 65,000
2014/15 65,000
Dr Florian Funck 2013/14 / 67,708
2014/15 97,500
Andreas Herwarth 2013/14 65,000
2014/15 65,000
Uwe Hoepfel 2013/14 97,500
2014/15 97,500
Peter Kpfer 2013/14 65,000
2014/15 65,000
Rainer Kuschewski 2013/14 97,500
2014/15 97,500
Susanne Meister 2013/14 65,000
2014/15 65,000
Mattheus P. M. (Theo) de Raad 2013/14 65,000
2014/15 65,000
Dr Fredy Raas 2013/14 97,500
2014/15 97,500
CONSOLIDATED
Gabriele Schendel 2013/14 65,000
2014/15 65,000
Xaver Schiller 2013/14 97,500
2014/15 97,500
Dr jur. Hans-Jrgen Schinzler 2013/14 130,000
2014/15 130,000
Jrgen Bernard Steinemann (since 5/9/2015) 2013/14
2014/15 5,417
Angelika Will 2013/14 65,000
2014/15 65,000
Total2 2013/14 1,660,208
2014/15 1,782,084
1 Plus applicable value added tax in accordance with 13 Section 5 of the Articles of Association
2 Reported figures for 2013/14 relate to active members of the Supervisory Board in financial year 2014/15
SERVICE
No remuneration applied to the memberships of the Super- Beyond this, the members of the Supervisory Board were not
visory Boards Mediation Committee in financial year 2014/15. granted any remuneration or benefits for work performed, in
particular consulting and brokerage services, on behalf of
In financial year 2014/15, individual members of the Super- companies of METRO GROUP in the sense of Subsection 5.4.6
visory Board of METRO AG also received compensation from of the German Corporate Governance Code.
the group companies for Supervisory Board mandates at
group companies.
Outlook: increase in the remuneration
Other intra-group compensation of members of the Supervisory Board
of the Supervisory Board for financial year 2014/151
The Management Board and the Supervisory Board of
Financial year
METRO AG will put forward a proposal to the Annual General
Ulrich Dalibor 2013/14 5,250 Meeting of the company on 19 February 2016 to increase the
2014/15 fixed annual remuneration of the Supervisory Board for an
Uwe Hoepfel 2013/14 49,800 ordinary member from 65,000 to 80,000.
2014/15 49,800
Werner Klockhaus 2013/14 9,300 The planned increase reflects the greater demands on the
2014/15 9,300 commitment including in terms of time of the members of
Rainer Kuschewski 2013/14 39,400 the Supervisory Board.
2014/15 39,400
Susanne Meister 2013/14 2,500
2014/15
Mattheus P. M. (Theo) de Raad 2013/14 17,692
2014/15 40,000
Gabriele Schendel 2013/14 49,800
2014/15 49,800
Xaver Schiller 2013/14 9,000
2014/15 9,000
Total 2013/14 182,742
2014/15 197,300
1 Plus potentially applicable value added tax

NOTES PURSUANT TO 315 SECTION 4 AND 289 SECTION 4 OF THE GERMAN COMMERCIAL CODE P. 153
NOTES PURSUANT TO 315 SECTION 4 AND 289 SECTION 4

OF THE GERMAN COMMERCIAL CODE AND EXPLANATORY REPORT
OF THE MANAGEMENT BOARD
Composition of capital the holders of ordinary shares insofar as such dividend

( 315 Section 4 No. 1 and 289 equals or exceeds 1.02 per ordinary share.
Section 4 No. 1 of the (4) The holders of non-voting preference shares and of ordin-
German Commercial Code) ary shares will equally share in any additional dividends
paid in the proportion of their shares in the share capital.
On 30 September 2015, the share capital of METRO AG totalled
835,419,052.27. It is divided into a total of 324,109,563 ordin- Other rights associated with ordinary and preference shares
ary bearer shares (proportional value of the share capital: include in particular the right to attend the Annual General
828,572,941, circa 99.18 per cent) as well as 2,677,966 prefer- Meeting ( 118 Section 1 of the German Stock Corporation Act),
ence bearer shares (proportional value of the share capital: the right to information ( 131 of the German Stock Corporation
6,846,111, circa 0.82 per cent). The proportional value per Act) and the right to file a legal challenge or a complaint for
share amounts to about 2.56. nullity ( 245 Nos. 13, 246, 249 of the German Stock Corpor-
ation Act). In addition to the previously mentioned right to
Each ordinary share grants one voting right. In addition, ordin- receive dividends, shareholders principally have a subscription
ary shares entitle the holder to dividends. In contrast to ordin- right when the share capital is increased ( 186 Section 1 of the
ary shares, preference shares principally do not carry voting German Stock Corporation Act), claims to liquidation proceeds
rights and give a preferential entitlement to profits in line with after the closure of the company ( 271 of the German Stock
21 of the Articles of Association of METRO AG, which state: Corporation Act) and to compensation and settlements as a
result of certain structural measures, particularly pursuant to
(1) Holders of non-voting preference shares will receive from 304 ff., 320 b, 327 b of the German Stock Corporation Act.
the annual balance sheet profit a preference dividend of
0.17 per preference share.
Limitations relevant to voting rights
"(2) Should the balance sheet profit available for distribution ( 315 Section 4 No. 2 and 289
not suffice in any one financial year to pay the preference
dividend, the arrears (excluding any interest) shall be paid
Section 4 No. 2 of the German
from the balance sheet profit of future financial years in Commercial Code)
CONSOLIDATED
an order based on age; that is, in such manner that any
older arrears are paid off prior to any more recent ones To the knowledge of the Management Board, the following
and that the preference dividends payable from the profit agreements exist or existed during financial year 2014/15.
of a financial year are not distributed until all of any These agreements can be regarded as restrictions in the sense
accumulated arrears have been paid. of 315 Section 4 No. 2 and 289 Section 4 No. 2 of the German
Commercial Code:
"(3) After the preference dividend has been distributed, the
holders of ordinary shares will receive a dividend of A pooling agreement exists among Beisheim Capital GmbH
0.17 per ordinary share. Thereafter, a non-cumulative (formerly Otto Beisheim Betriebs GmbH) and Beisheim Holding
extra dividend of 0.06 per share will be paid to the GmbH (formerly Otto Beisheim Holding GmbH), which includes
holders of non-voting preference shares. The extra the METRO AG shares held by Beisheim Capital GmbH and
dividend shall amount to 10 per cent of such dividend as, Beisheim Holding GmbH.
in accordance with Section 4 herein below, will be paid to
SERVICE
Until the end of the day on 31 October 2014, an agreement also The information above is particularly based on notifications
existed among BVG Beteiligungs- und Vermgensverwaltungs- under 21 of the German Securities Trading Act that METRO AG
GmbH, Franz Haniel & Cie. GmbH, Haniel Finance B. V., Haniel has received and released.
Finance Deutschland GmbH, METRO Vermgensverwaltung
Notifications of voting rights published by METRO AG can be found on the

GmbH & Co. KG, METRO Vermgensverwaltung GmbH, 1. HSB website www.metrogroup.de in the section Investor Relations Legal Announcements.
Beteiligungsverwaltung GmbH & Co. KG and 1. HSB Verwaltung
GmbH to coordinate the exercise of voting rights associated with
shares of METRO AG. In addition, until the end of the day on Owners of shares with special rights
31 October 2014, an agreement also existed among BVG Be- and type of voting rights control where
teiligungs- und Vermgensverwaltungs-GmbH, Franz Haniel &
Cie. GmbH, Haniel Finance Deutschland GmbH and Haniel capital interests are held by employees
Finance B. V. to coordinate the joint exercise of interests from the ( 315 Section 4 Nos. 4 and 5 and
METRO AG shares economically attributable to the shareholder 289 Section 4 Nos. 4 and 5
groups Haniel and Schmidt-Ruthenbeck. Both of these agree-
ments were terminated at the end of the day on 31 October 2014. of the German Commercial Code)
In addition, legal restrictions on voting rights may exist, for The company has not issued any shares with special rights
example, in the sense of 136 of the German Stock Corporation pursuant to 315 Section 4 No. 4 and 289 Section 4 No. 4 of
Act or, insofar as the company holds own shares, in the sense the German Commercial Code. No capital interests are held by
of 71 b of the German Stock Corporation Act. employees pursuant to 315 Section 4 No. 5 and 289 Section
4 No. 5 of the German Commercial Code.
Capital interests
( 315 Section 4 No. 3 and Regulations governing the appointment
289 Section 4 No. 3 of the and removal of members of the
German Commercial Code) Management Board and changes to the
Articles of Association ( 315 Section 4
The following direct and indirect (pursuant to 22 of the Ger- No. 6 and 289 Section 4 No. 6 of the
man Securities Trading Act) capital interests exceed 10 per cent
of the voting rights:
German Commercial Code)
Direct/indirect stakes In instances where members of the Management Board of

Name/company
exceeding 10 per cent of
voting rights
METRO AG are appointed and removed, legal regulations laid
Haniel Finance Deutschland GmbH, Duisburg, Germany Direct
down in 84, 85 of the German Stock Corporation Act and
Franz Haniel & Cie. GmbH, Duisburg, Germany Indirect
30, 31, 33 of the German Co-determination Act apply. A
Palatin Verwaltungsgesellschaft mbH, Essen, Germany Direct
supplementary regulation is contained in 5 of METRO AGs
BVG Beteiligungs- und Vermgensverwaltungs-GmbH,
Articles of Association. It states that the Management Board
Essen, Germany Indirect shall have not less than two members and that, apart from this,
Gebr. Schmidt GmbH & Co. KG, Essen, Germany Indirect the actual number of members of the Management Board will
Gebr. Schmidt Verwaltungsgesellschaft mbH, Essen, be determined by the Supervisory Board.
Germany Indirect
Dr Michael Schmidt-Ruthenbeck, Zurich, Switzerland Indirect
Changes to the Articles of Association of METRO AG are deter-
mined principally in accordance with 179, 181, 133 of the
German Stock Corporation Act. Numerous other sections of the
German Stock Corporation Act would apply to a change to the
Articles of Association, and modify or supersede the previously
mentioned regulations, for example 182 ff. of the German
Stock Corporation Act during capital increases, 222 ff. of the 10 per cent of the companys share capital is diminished by
German Stock Corporation Act during capital reductions or the share of the share capital represented by the companys
262 of the German Stock Corporation Act during the dissol- own shares which are (i) used as own shares or sold during
ution of the AG. Pursuant to 14 of METRO AGs Articles of the term of authorised capital while excluding subscription
Association, changes that would affect only the text of the rights in analogous application of 186 Section 3 Sentence
Articles of Association may be decided by the Supervisory 4 of the German Stock Corporation Act or (ii) issued from
Board without a vote by the Annual General Meeting. contingent capital to service warrant and convertible bearer
bonds which, in turn, have been or are issued while
excluding subscription rights in analogous application of
Authorities of the Management Board 186 Section 3 Sentence 4 of the German Stock Corpor-
( 315 Section 4 No. 7 and ation Act. Once a new authorisation for the exclusion of
shareholder subscription rights issued by the Annual
289 Section 4 No. 7 of the German General Meeting pursuant to 186 Section 3 Sentence 4 of
Commercial Code) the German Stock Corporation Act has become effective,
the limit diminished in accordance with the above sentence
Authorities to issue new shares is raised again to the extent of the new authorisation, but to
The Annual General Meeting on 23 May 2012 authorised the a maximum of 10 per cent of the share capital.
Management Board to increase the share capital, with the
consent of the Supervisory Board, by issuing new ordinary The Management Board is authorised, with the consent of the
bearer shares in exchange for cash or non-cash contributions Supervisory Board to define further details of the capital in-
in one or several tranches for a total maximum of 325,000,000 creases. To date, the authorised capital I has not been used. No
by 22 May 2017 (authorised capital I). concrete plans as to the utilisation of this authorisation exist.
In the process, a subscription right is to be granted to existing Authorisation to issue warrant and/or convertible bonds
shareholders. The new shares may also be acquired by banks The Annual General Meeting on 20 February 2015 authorised
chosen by the Management Board if the banks agree to tender the Management Board to issue, in each case with the consent
them to the shareholders. However, the Management Board is of the Supervisory Board, warrant or convertible bearer bonds
authorised, with the consent of the Supervisory Board, to ex- (in aggregate, bonds) with an aggregate par value of
clude shareholder subscription rights in the following cases: 1,500,000,000 prior to 19 February 2020, on one or several
to compensate for fractions of shares from rounding; occasions, and to grant the holders of warrant or convertible
insofar as shares are issued in exchange for non-cash bearer bonds warrant or conversion rights or impose warrant
contributions for the purpose of corporate mergers or for or conversion obligations upon them for ordinary bearer shares
the acquisition of companies, divisions of companies or in METRO AG representing up to 127,825,000 of the share
interests in companies; capital in accordance with the terms of the warrant or convert-
CONSOLIDATED
in the event of a capital increase in exchange for cash capital ible bearer bonds. This authorisation results in contingent
contributions to the extent necessary to grant subscription capital of up to 127,825,000.
rights to new shares to the holders of warrant or convertible
bearer bonds issued by METRO AG and affiliates thereof in The bonds may also be issued by affiliates of METRO AG in
which METRO AG holds at least 90 per cent of shares, terms of 18 of the German Stock Corporation Act in which
directly or indirectly, in the scope to which they would be METRO AG holds at least 90 per cent of shares, directly or
entitled upon exercise of the warrant or conversion rights or indirectly. In that case, the Management Board is authorised to
fulfilment of the warrant or conversion obligations; assume, in each case with the consent of the Supervisory
in the event of capital increases in exchange for cash Board, a guarantee for those bonds on behalf of METRO AG and
capital contributions if the aggregate par value of such grant their holders warrant or conversion rights to ordinary
capital increases does not exceed 10 per cent of the bearer shares in METRO AG or impose warrant or conversion
companys share capital and the issue price of the new obligations upon them.
shares is not substantially lower than the stock exchange
SERVICE
price of existing shares of the same class. The limit of

Shareholders will be granted statutory subscription rights in In the case of bonds carrying warrant or conversion rights or
that the bonds will be acquired by a bank or syndicate of banks obligations, the warrant or conversion price may be adjusted
contingent upon agreement to offer the bonds to the share- after closer determination in order to preserve the value of
holders. If bonds are issued by an affiliate of METRO AG in such rights or obligations in the event their economic value is
accordance with 18 of the German Stock Corporation Act in diluted, to the extent that such an adjustment is not already
which METRO AG directly or indirectly holds at least 90 per cent provided for by law. The terms of the bonds may also provide
of shares, METRO AG must ensure that statutory subscription for an adjustment of warrant or conversion rights or obliga-
rights are granted to the shareholders of METRO AG in accord- tions in case of a capital reduction or other extraordinary
ance with the above sentence. measures or events (for example, unusually high dividends,
acquisition of control by third parties). In case of the acquisi-
However, the Management Board is authorised to exclude, in tion of control by third parties, the terms of the bonds may
each case with the consent of the Supervisory Board, share- provide for adjustment of the warrant or conversion price in
holder subscription rights for fractional amounts arising from accordance with typical market terms. Furthermore, the terms
proportional subscriptions to the extent necessary to grant or of the bonds may provide for a variable conversion ratio and/or
impose warrant or conversion rights or obligations with respect variable warrant and conversion price, whereby the warrant or
to the holders of existing warrant or conversion rights or obli- conversion price is determined within a range to be set based
gations in the amount to which they would be entitled to as on the development of the share price during the term. The
shareholders after exercise of the warrant or conversion right minimum issue price based on the stipulations of 4 Section 8
or fulfilment of the warrant or conversion obligation. of METRO AGs Articles of Association may not be undercut.
The Management Board is also authorised to entirely exclude, The terms of the bonds may grant METRO AG the right, in lieu
in each case with the consent of the Supervisory Board, share- of providing ordinary shares upon the exercise of warrant or
holder, subscription rights to bonds issued in exchange for conversion rights, to make a cash payment corresponding to
cash payment carrying warrant or conversion rights or obliga- the volume-weighted average price of METRO AG ordinary
tions insofar as the Management Board concludes, after care- shares on the Xetra trading system (or a functionally compara-
ful review, that the issue price of the bonds is not substantially ble successor system replacing the Xetra system) of the Frank-
lower than the hypothetical market value ascertained using furt Stock Exchange during a period of several days before or
recognised financial mathematical methods. This authorisation after the exercise of warrant or conversion rights is announced
to exclude subscription rights applies for bonds which are for the number of ordinary shares which would otherwise be
issued with warrant or conversion rights or obligations to ordin- delivered. This period is to be determined by the Management
ary shares comprising no more than 10 per cent of the share Board. The terms of the bonds may also state that the warrant
capital at the time the authorisation takes effect or if this or convertible bonds may, at METRO AGs option, be converted
value is lower at the time the authorisation is exercised. The into existing ordinary shares in METRO AG or shares in another
limit of 10 per cent of the share capital is reduced by the pro exchange-listed company, in lieu of conversion into new ordin-
rata amount of share capital represented by any shares issued ary shares from contingent capital, and that warrant rights or
(i) during the effective period of this authorisation under exclu- obligations can be fulfilled through the delivery of such shares.
sion of subscription rights according to 186 Section 3 Sen-
tence 4 of the German Stock Corporation Act, or (ii) to service The terms of the bonds may also call for a warrant or conver-
warrant or convertible bonds providing for warrant or conversion obligation at the end of the term (or at any other time), or
sion rights or obligations, insofar as such bonds were issued authorise METRO AG to grant bond holders ordinary shares in
during the effective period of this authorisation under exclusion METRO AG or shares in another exchange-listed company upon
of subscription rights by application of 186 Section 3 Sentence maturity of bonds carrying warrant or conversion rights (in-
4 of the German Stock Corporation Act mutatis mutandis. cluding bonds which mature due to termination), in whole or in
part, in lieu of a maturity payment in cash. The percentage of
If bonds carrying warrant or conversion rights or obligations share capital represented by the ordinary shares in METRO AG
are issued, the warrant or conversion price is determined issued upon the exercise of warrant or conversion rights must
based on the rules in 4 Section 8 of METRO AGs Articles of not exceed the par value of the bonds. 9 Section 1, 199 Sec-
Association. tion 2 of the German Stock Corporation Act apply.
The Management Board is authorised to determine, in each divisions of other companies, businesses or interests in
case with the consent of the Supervisory Board, the further other companies or other assets;
details pertaining to the issuance and terms of the bonds, Sale of shares of the company by means other than via the
particularly the coupon, issue price, term, division into shares, stock exchange or via an offer to all shareholders, provided
rules for the protection against dilution and the warrant or that the sale is for cash payment and at a price not
conversion period, or to define such details in consultation with substantially lower than the stock exchange price in effect
the corporate bodies of the affiliate of METRO AG which issues for listed shares of the company with the same terms on
the warrant or convertible bonds in accordance with 18 of the the date of the sale. The foregoing authorisation is limited
German Stock Corporation Act. to the sale of shares collectively representing no more than
10 per cent of the share capital at the time the
To date, the authorisation to issue warrant and/or convertible authorisation takes effect or if this value is lower at the
bonds has not been used and no concrete plans exist as to the time the authorisation is exercised. The limit of 10 per cent
utilisation of this authorisation. of the share capital is reduced by the pro rata amount of
share capital represented by any shares issued (i) during
Authorisation to buy back the companys own shares the effective period of this authorisation under exclusion of
The company is authorised to buy back its own shares in ac- subscription rights according to 186 Section 3 Sentence 4
cordance with 71 of the German Stock Corporation Act. On the of the German Stock Corporation Act, or (ii) to service
basis of 71 Section 1 No. 8 of the German Stock Corporation warrant or convertible bonds providing for warrant or
Act, the Annual General Meeting decided on 20 February 2015 conversion rights or obligations, insofar as such bonds
to authorise the company to acquire shares of the company of were issued during the effective period of this authorisation
any share class on or before 19 February 2020. The authorisa- under exclusion of subscription rights by application of
tion is limited to the acquisition of shares collectively repre- 186 Section 3 Sentence 4 of the German Stock
senting a maximum of 10 per cent of the share capital issued Corporation Act mutatis mutandis;
as of the date the Annual General Meeting resolution is passed Delivery of shares to holders of warrant or convertible
or if this value is lower at the time the authorisation is bonds of the company or its affiliates, in accordance with
exercised. The shares transferred based upon this authorisa- 18 of the German Stock Corporation Act under the terms
tion, together with any own shares acquired for other reasons and conditions applicable to such warrant or convertible
held by the company or assigned to it in accordance with Sec- bonds; this also applies to the delivery of shares based
tions 71 a ff., shall collectively not exceed a pro rata amount of upon the exercise of subscription rights, which in the event
10 per cent of the share capital at any time. of a sale of company shares through an offer to all
shareholders or in the event of a capital increase with
Shares may be acquired on the stock exchange or by way of a subscription rights may be granted to holders of warrant or
public tender offer. In the process, the authorisation includes convertible bonds of the company or any of its affiliates in
prescriptions regarding the purchase price and procedures to accordance with 18 of the German Stock Corporation Act
CONSOLIDATED
be followed in case a public tender offer is oversubscribed. to the same extent that holders of such warrant or
convertible bonds would have subscription rights for shares
The Management Board is authorised to use the shares in the of the company after exercising the warrant or conversion
company acquired based on the above authorisation or based rights or performing the warrant or conversion obligations.
on a previously issued authorisation for the following purposes: The shares transferred based upon this authorisation shall
Sale of shares of the company via the stock exchange or by collectively not exceed a pro rata amount of 10 per cent of
means of an offer to all shareholders; the share capital at the time the authorisation takes effect
Listing of shares of the company on any foreign stock or if this value is lower at the time the authorisation is
exchanges where they were not hitherto admitted for exercised, insofar as such shares were issued to service
trading, whereby the authorisation includes prescriptions warrant or conversion rights or obligations granted or
regarding the initial listing price; imposed in application of 186 Section 3 Sentence 4 of the
Transfer of shares in the company to third parties for non- German Stock Corporation Act mutatis mutandis. The limit
cash consideration in connection with corporate mergers or of 10 per cent of the share capital is reduced by the pro rata
SERVICE
in connection with the acquisition of other companies, amount of share capital represented by any shares issued
or sold during the effective period of this authorisation by On 20 February 2015, the Management Board was also author-
application of 186 Section 3 Sentence 4 of the German ised by the Annual General Meeting to acquire shares under
Stock Corporation Act, mutatis mutandis; this authorisation also by use of put or call options or future
Dividend payment in the form of shares (scrip dividend), contracts (hereinafter: futures) or a combination of these in-
whereby company shares are used (also partially and struments (hereinafter: derivatives). The acquisition of shares
optionally) to service dividend rights of shareholders; using derivatives is limited to shares collectively representing a
Redemption of shares of the company, without the need for maximum of 5 per cent of the share capital issued as of the
any further resolution by the Annual General Meeting. Such date the Annual General Meeting resolution is passed or if
redemption may also be accomplished without an increase this value is lower at the time the authorisation is exercised.
in capital by adjusting the proportional value of the The derivatives term of maturity must be chosen such that the
remaining no-par-value shares to the share capital of the acquisition of shares using derivatives does not take place after
company. In this case, the Management Board is authorised 19 February 2020. The derivatives contracts must be concluded
to adjust the number of no-par-value shares in the Articles with one or several credit institution(s) that are independent of
of Association. METRO AG and/or one or several companies meeting the re-
quirements of 53 Section 1 Sentence 1 or 53 b Section 1
The above authorisations to acquire and use the companys Sentence 1 or Section 7 of the German Banking Act (KWG).
own shares based on the above or previous authorisations may They must be designed to ensure that the derivatives are ser-
be exercised in whole or in part, on one or several occasions, viced only with shares that were purchased in compliance with
individually or collectively by the company or its affiliates in the equal treatment principle ( 53 a AktG); this requirement is
accordance with 18 of the German Stock Corporation Act or by met by the purchase of shares on a stock exchange.
third parties acting for their account or for the account of the
company. The above authorisations may be exercised for ordin- The option premium received by the company for put op-
ary shares as well as preference shares or for ordinary shares tions/paid for call options must not fall significantly below the
or preference shares only. theoretical market value determined using recognised financial
mathematical models for the options concerned. The purchase
Using own shares in accordance with above authorisations price per company share to be paid when exercising a put or
other than selling acquired company shares on the stock ex- call option or upon due date of the futures may not be more
change or by offer to all shareholders requires consent of the than 10 per cent higher or lower than the average closing price
Supervisory Board. (arithmetic mean) of the companys share of the same class in
the Xetra trading system (or a comparable successor system)
The subscription rights of shareholders are excluded if com- at the Frankfurt Stock Exchange over the three days of trading
pany shares are used for any of the purposes authorised before concluding the corresponding derivative transaction
above except for the authorisation to sell own shares by offer (excluding incidental costs but taking the received or paid op-
to all shareholders, authorisation for dividend payments in tion premium into consideration).
form of a scrip dividend, and authorisation for the redemption
of shares without the need for any further resolution If the companys own shares are acquired using derivatives in
by the Annual General Meeting. compliance with the above regulations, the rights of sharehold-
ers to enter into derivative transactions with the company as
The Management Board is authorised to exclude shareholder well as any pre-emptive tender rights are excluded.
subscription rights for residual amounts if company shares are
used according to the authorisation to sell own shares by offer The regulations listed above also cover the use of own shares
to all shareholders in compliance with the principle of equal of the company acquired using derivatives.
treatment (Gleichbehandlungsgrundsatz, 53a AktG). In add-
ition, the Management Board is authorised to exclude share- To date, the authorisation to buy back the companys own
holder subscription rights if company shares are used for shares, also by using derivatives, has not been used and no
dividend payments in form of a scrip dividend. concrete plans currently exist as to the use of this authorisation.
Fundamental agreements subject loan only if the change of control and a resulting drop in the
to change of control clauses in case credit rating occur cumulatively. The regulations as described
here are common market practice and serve the purpose of
of a takeover offer ( 315 Section 4 creditor protection. In financial year 2014/15, these loan facil-
No. 8 and 289 Section 4 No. 8 ities were not drawn.
of the German Commercial Code)
As a borrower, METRO AG is currently party to two syndicated Compensation agreements
loan agreements that the lender may cancel in the case of a in case of a takeover ( 315 Section 4
change of control insofar as the credit rating of METRO AG
drops in a way stipulated in the contract as a result of the
No. 9 and 289 Section 4 No. 9
change of control. The requirements of a change of control of the German Commercial Code)
are, first, that the shareholders who controlled METRO AG at
the time at which each contract was signed lose control over No compensation agreements with the members of the Man-
METRO AG. The second requirement is the assumption of agement Board or employees have been concluded with a view
control of METRO AG by one or several parties. The lending to takeover offers.
banks may cancel the contract and demand the return of the
CONSOLIDATED
SERVICE
SUPPLEMENTARY NOTES FOR METRO AG (PURSUANT TO THE GERMAN COMMERCIAL CODE) P. 160
SUPPLEMENTARY NOTES FOR METRO AG

(PURSUANT TO THE GERMAN COMMERCIAL CODE)
Overview of financial year 2014/15 Earnings position of METRO AG
and outlook of METRO AG and profit appropriation
As the management holding company of METRO GROUP,
Income statement for the financial year
METRO AG is highly dependent on the development of
from 1 October 2014 to 30 September 2015
METRO GROUP in terms of its own business development, in accordance with the German Commercial Code (HGB)
position and potential development with its key opportunities
and risks. million 2013/14 2014/15
Investment result 811 592

Net financial result 95 21
In light of the holding structure, the most important performance
Other operating income 475 469
indicator for METRO AG in terms of GAS 20 is commercial net
Personnel expenses 148 194
profit or loss contrary to the case for the group as a whole.
Depreciation/amortisation/impairment losses
on intangible and tangible assets 15 3
Other operating expenses 433 481
Business development of METRO AG Result from ordinary operations 595 362
Income taxes 7 0
The business development of METRO AG is primarily charac- Other taxes 2 2
terised by the development and dividend distributions of its Net income 586 360
investments. METRO AGs annual financial statements pre- Profit carried forward from the previous year 0 24
pared under German commercial law serve as the basis for Additions to reserves retained from earnings 267 0
dividend distribution. The income statement and balance sheet Balance sheet profit 319 384
of METRO AG prepared in accordance with the German Com-
mercial Code (HGB) are outlined below.
For financial year 2014/15, METRO AG posted investment in-
come of 592 million, compared with 811 million in the previ-
ous year.
Income from investments with profit and loss transfer agree-

ments totalling 301 million (2013/14: 410 million) primarily
relates to income of the Media-Saturn sales line (indirectly) and
the Galeria Kaufhof group.
Income from investments without profit and loss transfer

agreements totalling 611 million (2013/14: 485 million)
primarily results from a dividend payout in connection with the
sale of the Galeria Kaufhof group.
In financial year 2014/15, losses of 230 million were assumed

on the basis of profit and loss transfer agreements (2013/14:
16 million). These losses (indirectly) relate to the sales lines
METRO Cash & Carry Germany and Real including impairment
losses on the carrying amounts of the investments. This item
also includes income of METRO Cash & Carrys foreign subsid-
iaries that was generated in previous years and collected dur- Including retained earnings from the previous year, the com-
ing the reporting year. panys balance sheet profit amounted to 384 million, compared
with 319 million in financial year 2013/14.
Expenses from the disposal of financial assets were primarily
related to the sale of the Galeria Kaufhof group. Regarding the appropriation of the balance sheet profit for
2014/15, the Management Board of METRO AG will propose to
The net financial result amounted to 21 million (2013/14: the Annual General Meeting to distribute dividends in the
95 million). The improvement is primarily due to the lower amount of 1.00 per ordinary share and 1.06 per preference
interest rate level as well as the reduced debt. share from the reported balance sheet profit of 384 million
that is, a total of 327 million and to carry forward the re-
Under the transfer pricing system, METRO AG acts as a fran- maining amount to the new account.
chisor to the sales line METRO Cash & Carry. Services provided
essentially include the provision and continued development of
business concepts, software applications and holding services. Financial position of METRO AG
In order to be able to render these services, the company ac-
quires IT services and software in particular from METRO Cash flows
SYSTEMS GmbH, which leads to higher other expenses and During the reporting year, cash flows primarily resulted from
write-downs. Services are billed at arms-length prices. In financial transactions with METRO GROUP companies. Short-
financial year 2014/15, METRO AG billed the national and inter- term financial investments provided by the sales lines at the
national operating companies of the sales line METRO end of the financial year amounted to 35 million as of the
Cash & Carry a franchise fee totalling 255 million (2013/14: closing date (30/9/2014: 381 million). The decline in compari-
289 million). The franchise fee itself represents a portion of son with the previous year primarily results from the disposal
the sales and earnings of the operating company calculated on of the Galeria Kaufhof group.
the basis of the degree of service utilisation.
Capital structure
As of the closing date, other operating income, other operating
Equity and liabilities
expenses and depreciation/amortisation/impairment losses on
intangible and tangible assets of METRO AG resulted in ex- million 30/9/2014 30/9/2015
penses of 15 million including the transaction costs related to Equity
the sale of the Galeria Kaufhof group after income of Share capital 835 835
27 million in the previous year. Ordinary shares 828 828
Preference shares 7 7
On average during the four quarters of financial year 2014/15, (Contingent capital) (128) (128)
METRO AG employed 1,133 people (2013/14: 1,072). Part-time Capital reserve 2,558 2,558
CONSOLIDATED
employees and temporary workers were converted into full-time Reserves retained from earnings 2,660 2,660
equivalents. Personnel expenses amounted to 194 million Balance sheet profit 319 384
(2013/14: 148 million). The increase in personnel expenses 6,372 6,437
was due to the effects of the increase in the companys head- Provisions 384 393
count, higher performance-based remuneration components Liabilities 4,352 5,328
and the creation of restructuring provisions. Deferred income 5 5
11,113 12,163
Net profit amounted to 360 million (2013/14: 586 million)
and thus fell short of the forecast for financial year 2014/15
provided at the beginning of the reporting period. This was
essentially due to the lower investment result.
SERVICE
Liabilities consisted of equity of 6,437 million (30/9/2014: now account for 64.0 per cent of total assets. This decline was
6,372 million) and provisions, liabilities and deferred income primarily due to a reduction in long-term intra-group loans. At
of 5,726 million (30/9/2014: 4,741 million). As of the closing 2,840 million, other assets substantially increased compared
date, the equity ratio amounted to 52.9 per cent compared with with 267 million in the previous year. At 2,353 million, this
57.3 per cent in the previous year. Provisions as of the reporting item includes the purchase price receivable from the sale of
date totalled 393 million (30/9/2014: 384 million). Liabilities the Galeria Kaufhof group and corresponds to 23.4 per cent of
from bonds increased slightly by 105 million to 2,939 million. total assets as of the closing date. Receivables from affiliated
Liabilities to banks increased to 982 million due to short-term companies declined by 1,080 million compared with the previ-
interim financing transactions in connection with the sale of the ous year this item reflects the group companies short-term
Galeria Kaufhof group as of the closing date (30/9/2014: financing requirements as of the closing date under consider-
470 million). Liabilities to affiliated companies increased to ation of the effects from the sale of the Galeria Kaufhof group
1,317 million (30/9/2014: 956 million). This increase was and represents 12.1 per cent of total assets.
primarily due to increased short-term funds provided by the
sales lines as of the closing date. As of the closing date, other Cash on hand, bank deposits and cheques fell by 346 million
liabilities stood at 65 million, which is 16 million below the to 35 million compared with the previous year. This decline in
previous years level of 81 million. comparison with the previous years closing date of 30 Septem-
ber 2014 primarily results from the disposal of the Galeria
Kaufhof group.
Asset position of METRO AG
Assets
Risk situation of METRO AG
million 30/9/2014 30/9/2015 As METRO AG is closely engaged with the companies of
Non-current assets METRO GROUP through financing and guarantee commitments
Intangible assets 8 14 as well as direct and indirect investments, among other things,
Tangible assets 2 2 the risk situation of METRO AG is highly dependent on the risk
Financial assets 7,886 7,782 situation of METRO GROUP. As a result, the summary of the
7,896 7,798 overall risk situation issued by the companys management
Current assets also reflects the risk situation of METRO AG.
Receivables and other assets 2,819 4,312
Cash on hand, bank deposits and cheques 381 35
3,200 4,347 Forecast of METRO AG
Prepaid expenses and deferred charges 17 18
11,113 12,163 The business development of METRO AG as the management
holding company essentially depends on the development and
dividend distributions of its investments. Assuming a stable
As of the closing date, assets totalled 12,163 million and were cost structure, we expect the modification of the transfer
mostly comprised of financial assets in the amount of pricing system to result in higher income and expect the net
7,798 million, other assets at 2,840 million and receivables profit to more or less match the level of the past financial year.
from affiliated companies at 1,472 million. Financial assets
declined by 105 million compared with the previous year and
.
Planned investments of METRO AG Declaration of compliance

pursuant to 312 of the
In the context of METRO GROUPs investment activities,
METRO AG will support group companies with increases in German Stock Corporation Act (AktG)
shareholdings or loans, where necessary. In addition, invest-
ments in shareholdings in affiliated companies may result from Pursuant to 312 of the German Stock Corporation Act (AktG),
intra-group share transfers. the Management Board of METRO AG prepared a report on
relations with affiliated companies for financial year 2014/15. At
the end of the report, the Management Board made the follow-
Declaration on corporate management ing statement:
The declaration on corporate management pursuant to 289 a The Management Board of METRO AG declares that the com-
of the German Commercial Code (HGB) is available on the pany, in accordance with all known circumstances at the time
companys website (www.metrogroup.de) in the section Com- at which legal transactions were made or measures taken,
pany Corporate Governance. received an adequate quid pro quo for each legal transaction
and was not put at a disadvantage through the implementation
of such measures. No other actions requiring reporting applied
during the financial year.
CONSOLIDATED
SERVICE
consoliDateD
financial
statements
168 income statement
169 reconciliation from Profit or
loss for tHe PerioD to
total comPreHensiVe income
170 Balance sHeet
172 statement of cHanGes in eQuitY
174 casH floW statement
notes
CONSOLIDATED
176 Segment reporting
178 Notes to the group accounting principles
175
and methods
199 Capital management
200 Notes on business combinations
202 Notes to the income statement
209 Notes to the balance sheet
251 Other notes
271 Corporate Boards of METRO AG and their mandates
309 Responsibility statement of the legal representatives
310 Auditors report
METRO GROUP ANNUAL REPORT 2014/15 CONSOLIDATED FINANCIAL STATEMENTS
P. 167
CONSOLIDATED
SERVICE
INCOME STATEMENT P. 168
Income statement
for the financial year from 1 October 2014 to 30 September 2015
million Note no. 2013/141 2014/15
Sales 1 59,937 59,219

Cost of sales 48,176 47,577
Gross profit on sales 11,761 11,642
Other operating income 2 1,298 1,275
Selling expenses 3 10,513 10,221
General administrative expenses 4 1,326 1,467
Other operating expenses 5 143 518
Earnings before interest and taxes EBIT 1,077 711
Result from associates and joint ventures 6 9 2
Other investment result 7 78 0
Interest income 8 48 62
Interest expenses 8 434 344
Other financial result 9 242 172
Earnings before taxes EBT 536 259
Income taxes 11 539 480
Profit or loss for the period from continuing operations 3 221
Profit or loss for the period from discontinued operations after taxes 12 185 935
Profit or loss for the period attributable to non-controlling interests 13 55 42
from continuing operations (54) (42)
from discontinued operations (1) (0)
Profit or loss for the period attributable to shareholders of METRO AG 127 672
from continuing operations (57) (263)
from discontinued operations (184) (935)
Earnings per share in (basic = diluted) 14 0.39 2.06
from continuing operations (0.18) (0.80)
from discontinued operations (0.57) (2.86)
1 Adjustment of previous years figures due to discontinued operations (see notes to the group accounting principles and methods)
RECONCILIATION FROM PROFIT OR LOSS FOR THE PERIOD TO TOTAL COMPREHENSIVE INCOME P. 169
Reconciliation from profit or loss for the period to total comprehensive income
million 2013/14 2014/15

Other comprehensive income
Items of other comprehensive income that will not be reclassified subsequently to profit or loss 215 59
Remeasurement of defined benefit pension plans 256 90
Income tax attributable to items of other comprehensive income
that will not be reclassified subsequently to profit or loss 41 31
Items of other comprehensive income
that may be reclassified subsequently to profit or loss 93 195
Currency translation differences from translating
the financial statements of foreign operations 30 183
Effective portion of gains/losses from cash flow hedges 21 12
Gains/losses on remeasuring financial instruments in the category available for sale 70 0
Income tax attributable to items of other comprehensive income
that may be reclassified subsequently to profit or loss 14 0
Other comprehensive income 308 136
Total comprehensive income 126 578
Total comprehensive income attributable to non-controlling interests 57 41
Total comprehensive income attributable to shareholders of METRO AG 183 537
SERVICE
BALANCE SHEET P. 170
Balance sheet as of 30 September 2015
Assets
million Note no. 30/9/2014 30/9/2015
Non-current assets 15,572 13,207

Goodwill 19 3,671 3,301
Other intangible assets 20 380 464
Property, plant and equipment 21 10,025 7,955
Investment properties 22 223 170
Financial investments 23 71 117
Investments accounted for using the equity method 23 95 184
Other financial and non-financial assets 24 272 292
Deferred tax assets 25 835 724
Current assets 12,584 14,449
Inventories 26 5,946 5,439
Trade receivables 27 560 702
Financial assets 1 6
Other financial and non-financial assets 24 2,9811 3,435
Entitlements to income tax refunds 223 202
Cash and cash equivalents 30 2,406 4,415
Assets held for sale 31 4671 250
28,156 27,656
1 Adjustment of previous years figures (see notes to the group accounting principles and methods)
BALANCE SHEET P. 171
Equity and liabilities
million Note no. 30/9/2014 30/9/2015
Equity 32 4,999 5,172

Share capital 835 835
Capital reserve 2,551 2,551
Reserves retained from earnings 1,602 1,793
Non-controlling interests 11 7
Non-current liabilities 6,921 6,841
Provisions for pensions and similar obligations 33 1,684 1,270
Other provisions 34 478 492
Borrowings 35, 37 4,453 4,731
Other financial and non-financial liabilities 35, 38 176 206
Deferred tax liabilities 25 130 142
Current liabilities 16,236 15,643
Trade liabilities 35, 36 10,0751 9,550
Provisions 34 615 628
Borrowings 35, 37 2,615 2,635
Other financial and non-financial liabilities 35, 38 2,528 2,488
Income tax liabilities 35 198 148
Liabilities related to assets held for sale 31 2051 194
28,156 27,656
SERVICE
STATEMENT OF CHANGES IN EQUITY P. 172
Statement of changes in equity1

Currency
Gains/losses on translation
remeasuring differences
Effective portion financial from translating
of gains/ instruments the financial
losses from in the category statements of
million Share capital Capital reserve cash flow hedges available for sale foreign operations
30/9 / 1/10/2013 835 2,551 61 70 407

Dividends 0 0 0 0 0
Total comprehensive income 0 0 21 70 34
Capital balance from acquisitions of shares 0 0 0 0 0
Other changes 0 0 0 0 0
30/9 / 1/10/2014 835 2,551 82 0 441
Dividends 0 0 0 0 0
Total comprehensive income 0 0 12 0 185
Capital balance from acquisitions of shares 0 0 0 0 0
Other changes 0 0 0 0 0
30/9/2015 835 2,551 70 0 626
1 Changes in equity are explained in the notes to the consolidated financial statements in no. 32 equity
2 The reported dividend includes dividends of approximately 25 million to non-controlling interests whose interests are shown fully as debt capital due to put options
STATEMENT OF CHANGES IN EQUITY P. 173
Income tax
attributable thereof thereof
to components attributable attributable
Remeasurements of other Other reserves Total reserves Total equity before to other to other
of defined benefit comprehensive retained retained non-controlling comprehensive Non-controlling comprehensive
pension plans income from earnings from earnings interests income interests income Total equity
611 174 2,506 1,793 5,179 27 5,206

0 0 0 0 0 86 86
254 27 127 183 183 (310) 57 (2) 126
0 0 4 4 4 8 4
0 0 4 4 4 5 1
865 201 2,625 1,602 4,988 11 4,999
0 0 3192 319 319 453 364
93 31 672 537 537 (135) 41 (1) 578
0 0 0 0 0 0 0
126 39 114 27 27 14 41
646 131 2,864 1,793 5,179 7 5,172
SERVICE
CASH FLOW STATEMENT P. 174
Cash flow statement1

million 2013/142 2014/15
EBIT 1,077 711

Depreciation/amortisation/impairment losses/reversal of impairment losses of assets
excl. financial investments 1,151 1,465
Change in provisions for pensions and other provisions 19 104
Change in net working capital 3 305
Income taxes paid 383 547
Reclassification of gains () / losses (+) from the disposal of fixed assets 101 214
Other 12 381
Cash flow from operating activities of continuing operations 1,754 1,595
Cash flow from operating activities of discontinued operations 254 251
Cash flow from operating activities 2,008 1,846
Corporate acquisitions 0 251
Investments in property, plant and equipment (excl. finance leases) 762 986
Other investments 365 619
Disposals of subsidiaries 89 66
Disposal of long-term assets 522 389
Gains (+) / losses () from the disposal of fixed assets 101 214
Cash flow from investing activities of continuing operations 593 1,187
Cash flow from investing activities of discontinued operations 122 1,972
Cash flow from investing activities 715 785
Dividends paid
to METRO AG shareholders 0 3193
to other shareholders 86 454
Redemption of liabilities from put options of non-controlling interests 1 0
Proceeds from long-term borrowings 3,372 3,537
Redemption of borrowings 4,255 3,624
Interest paid 406 334
Interest received 47 59
Profit and loss transfers and other financing activities 23 8
Cash outflow for financing of discontinued operations 0 0
Cash flow from financing activities of continuing operations 1,352 718
Cash flow from financing activities of discontinued operations 96 121
Cash flow from financing activities 1,448 597
Total cash flows 155 2,034
Currency effects on cash and cash equivalents 1 25
Total change in cash and cash equivalents 156 2,009
Cash and cash equivalents as of 1 October 2,564 2,408
Cash and cash equivalents shown under IFRS 5 assets 0 2
Cash and cash equivalents as of 1 October 2,564 2,406
Total cash and cash equivalents as of 30 September 2,408 4,417
Cash and cash equivalents shown under IFRS 5 assets 2 2
Cash and cash equivalents as of 30 September 2,406 4,415
1 The cash flow statement is explained in the notes to the consolidated financial statements in no. 42 notes to the cash flow statement
METRO GROUP ANNUAL REPORT 2014/15 NOTES
P. 175
NOTES
SERVICE
SEGMENT REPORTING P. 176
Segment reporting1, 2
Operating segments
Continuing operations of the group
METRO Cash & Carry Media-Saturn Real
million 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15
External sales (net) 30,513 29,690 20,981 21,737 8,432 7,735

Internal sales (net) 47 11 2 2 0 7
Sales (net) 30,560 29,701 20,983 21,738 8,432 7,743
EBITDAR 1,654 1,621 1,234 1,261 404 327
EBITDA 1,460 1,424 537 595 172 142
Depreciation/amortisation/impairment losses 557 462 295 267 153 583
Reversals of impairment losses 1 13 1 7 0 0
EBIT 904 975 244 336 19 441
Investments 441 750 244 256 172 241
Segment assets 11,5783 11,375 5,1243 5,296 3,121 2,760
thereof non-current (7,999) (7,780) (1,542) (1,464) (2,083) (1,736)
Segment liabilities 5,6763 5,646 5,5973 5,674 1,042 1,484
Selling space (1,000 m2) 5,576 5,468 3,070 3,034 2,145 2,031
Locations (number) 766 764 986 1,007 311 293
Geographical segments
Continuing operations of the group
Western Europe
Germany (excl. Germany) Eastern Europe
million 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15
External sales (net) 22,558 22,490 18,902 19,090 14,755 13,318

Internal sales (net) 194 166 131 161 15 7
Sales (net) 22,752 22,656 19,033 19,252 14,770 13,326
EBITDAR 1,115 946 963 1,067 1,048 966
EBITDA 679 491 578 699 869 831
Depreciation/amortisation/impairment losses 452 915 330 242 326 262
Reversals of impairment losses 0 0 1 9 9 9
EBIT 227 424 249 466 552 578
Investments 459 549 215 288 252 226
Segment assets 8,7213 8,463 5,8613 6,016 5,8003 4,908
thereof non-current (4,783) (4,318) (3,352) (3,363) (3,873) (3,257)
Segment liabilities 6,0653 6,302 4,4203 4,556 2,8513 2,426
Selling space (1,000 m2) 4,434 4,341 2,721 2,641 2,855 2,771
Locations (number) 829 817 605 604 498 510
1 Segment reporting is explained in the notes to the consolidated financial statements in no. 43 segment reporting
2 Adjustment of previous years figures due to discontinued operations (see notes to the group accounting principles and methods)
SEGMENT REPORTING P. 177
Continuing operations Discontinued operations

of the group of the group
Others Consolidation METRO GROUP
2013/14 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15
10 56 0 0 59,937 59,219 3,099 3,021

5,808 676 5,857 696 0 0 0 0
5,818 732 5,857 696 59,937 59,219 3,099 3,021
27 26 3 8 3,262 3,176 n/a n/a
60 25 2 10 2,228 2,177 317 1,103
164 178 6 4 1,162 1,487 121 88
9 1 0 0 11 22 0 0
95 152 4 6 1,077 711 196 1,015
144 165 0 0 1,001 1,411 208 159
2,329 2,146 429 434 21,7233 21,142 2,249 0
(1,350) (1,241) (50) (39) (12,923) (12,182) (1,643) (0)
2,125 1,685 335 385 14,1053 14,103 885 0
0 29 0 0 10,790 10,563 1,446 1,418
0 4 0 0 2,063 2,068 137 134
Continuing operations Discontinued operations

of the group of the group
Asia/Africa International Consolidation METRO GROUP
2013/14 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15
3,722 4,319 37,379 36,728 0 0 59,937 59,219 3,099 3,021

34 35 179 204 373 370 0 0 0 0
3,755 4,355 37,558 36,932 373 370 59,937 59,219 3,099 3,021
138 205 2,149 2,237 3 7 3,262 3,176 n/a n/a
105 163 1,551 1,693 2 7 2,228 2,177 317 1,103
54 68 710 572 0 0 1,162 1,487 121 88
1 4 11 22 0 0 11 22 0 0
52 98 852 1,143 2 7 1,077 711 196 1,015
75 349 542 862 0 0 1,001 1,411 208 159
1,7263 2,145 13,3873 13,069 385 390 21,7233 21,142 2,249 0
(919) (1,247) (8,144) (7,866) (3) (3) (12,923) (12,182) (1,643) (0)
1,0543 1,156 8,3263 8,139 286 338 14,1053 14,103 885 0
780 809 6,356 6,222 0 0 10,790 10,563 1,446 1,418
131 137 1,234 1,251 0 0 2,063 2,068 137 134
SERVICE
NOTES TO THE GROUP ACCOUNTING PRINCIPLES AND METHODS P. 178
Notes to the group accounting addition, financial liabilities from put options granted to non-
principles and methods controlling interests and financial liabilities from earn-out
agreements (liabilities from contingent consideration in the
context of company acquisitions) are recognised at fair value.
Accounting principles The income statement has been prepared using the cost of
sales method.
METRO AG, the parent company of METRO AG (hereinafter
referred to as METRO GROUP), has its head office at Metro- Certain items in the income statement and the balance sheet
Strae 1 in 40235 Dsseldorf, Germany. These consolidated have been combined to increase transparency and informative
financial statements as of 30 September 2015 were prepared in value. These items are listed separately and described in detail
accordance with the International Financial Reporting Stand- in the notes.
ards (IFRS). They comply with all mandatory applicable ac-
counting standards and interpretations adopted by the Europe- The consolidated financial statements have been prepared in
an Union as of this date. Compliance with these standards and euros. All amounts are stated in million euros ( million)
interpretations ensures a true and fair view of the asset, finan- unless otherwise indicated. Amounts below 0.5 million are
cial and earnings position of METRO GROUP with its four seg- rounded and reported as 0 million. Since 2012, only the
ments METRO Cash & Carry, Media-Saturn, Real and Others. amounts in the income statement, the reconciliation from
profit or loss for the period to total comprehensive income,
The consolidated financial statements in their present form the balance sheet, the statement of changes in equity and
comply with the stipulations of 315 a of the German Commer- the cash flow statement have been rounded to produce the
cial Code (HGB). Together with Regulation (EC) No. 1606/2002 respective totals. In all other tables, the individual amounts
of the European Parliament and Council of 19 July 2002 con- and the totals were rounded separately. Rounding differ-
cerning the application of international accounting standards, ences may occur.
they form the legal basis for group accounting according to
international standards in Germany. The following accounting and measurement methods were used
in the preparation of the consolidated financial statements.
The date at which the Management Board of METRO AG signed
the consolidated financial statements (3 December 2015) also
represents the date at which the Management Board released Discontinued operations
the consolidated financial statements for publication and sub-
mitted them to the Supervisory Board. Following the signing of the agreement to sell the department
store business including the corresponding real estate assets
These consolidated financial statements are based on the of the Galeria Kaufhof group, this sales line is no longer report-
historical cost method except for financial instruments recog- ed as a separate segment and as part of the continuing oper-
nised at fair value and financial assets and liabilities that are ations of METRO GROUP as of the third quarter 2014/15, but as
recognised at fair value as hedged items within a fair value a discontinued operation. Accordingly, METRO GROUPs data
hedge. Furthermore, non-current assets held for sale and for financial year 2014/15 have been recalculated to account for
disposal groups as well as discontinued operations are recog- the disposal of Galeria Kaufhof and the previous years figures
nised at fair value less costs to sell as long as this value is have been adjusted (with the exception of the balance sheet and
lower than the carrying amount. Liabilities from cash-settled the respective notes to the balance sheet).
share-based payments are also recognised at fair value. In
Application of new accounting methods assets and jointly incurred liabilities in their own balance
sheet. Analogously, they also include their respective portion
Accounting standards applied for the first time of sales, income and expenses deriving from the joint ar-
in financial year 2014/15 rangement in their income statement.
The following accounting standards and interpretations, revised,
amended and newly adopted by the IASB, that were binding for The new IFRS 12 (Disclosure of Interests in Other Entities)
METRO AG in financial year 2014/15 were applied for the first markedly expands the disclosure requirements for investments
time in these consolidated financial statements unless the in other entities. In the future, detailed information must be
company opted for voluntary early adoption: provided on subsidiaries, associates, joint arrangements, joint
ventures, consolidated special purpose entities (so-called
IFRS 10 (Consolidated Financial Statements), structured entities) and all special purpose entities that are not
IFRS 11 (Joint Arrangements) and consolidated but with which an entity maintains a relationship.
IFRS 12 (Disclosure of Interests in Other Entities)
The new standards IFRS 10, 11 and 12 contain changes in ac- The new standards IFRS 10, 11 and 12 as well as the amend-
counting and disclosure requirements for consolidated finan- ments to IAS 27 and 28 applied from 1 January 2013. However,
cial statements. IFRS 10 (Consolidated Financial Statements) in its endorsement of the new standards, the EU postponed
includes a new definition of control that determines which the date of application for listed companies within the EU
entities are consolidated. It replaces previous regulations gov- to 1 January 2014. Therefore, as a result of the companys
erning consolidated financial statements included in IAS 27 change of financial year, METRO AG applied the new standards
(Consolidated and Separate Financial Statements in the for the first time as of financial year 2014/15 starting on
future, only Separate Financial Statements) and SIC-12 (Con- 1 October 2014. The first-time application of these standards
solidation Special Purpose Entities). The key change resulting had no material effect on the consolidated financial state-
from IFRS 10 concerns the introduction of a uniform definition ments of METRO AG.
of control. In the future, three criteria must be met for the
existence of control. For one, the investor has power over the IAS 32 (Financial Instruments: Presentation)
investee. This means that, owing to existing rights, the inves- Pursuant to IAS 32 (Financial Instruments: Presentation),
tor has the ability to direct the relevant activities; that is, the financial assets and financial liabilities should be offset if the
activities that significantly affect the investees results. In following two preconditions are met: first, the entity must have
addition, the investor is exposed, or has rights, to variable a legally enforceable right to set off the amounts as of the
returns from its involvement with the investee, and has the closing date; second, it must intend to either settle on a net
ability to affect those returns through his or her power over basis or to realise the asset and settle the liability simultan-
the investee. eously. The amendment to IAS 32 (Offsetting of Financial Assets
and Financial Liabilities) specifies when these conditions are
IFRS 11 (Joint Arrangements) modifies the accounting for considered met. In particular, it determines criteria for the
arrangements in which several parties have joint control over existence of a legally enforceable right.
a joint venture or a joint operation. It replaces IAS 31 (Inter-
ests in Joint Ventures) and SIC-13 (Jointly Controlled Entities The retrospective application of this specification led to the
Non-Monetary Contributions by Venturers) and amends following changes: as of the end of financial year 2013/14 on
IAS 28 (Investments in Associates in the future: Investments the reporting date 30 September 2014, the balance sheet
in Associates and Joint Ventures). IFRS eliminates the option was extended by 152 million, with receivables due from
currently granted under IAS 31 to apply proportionate consol- suppliers, assets held for sale, trade liabilities and liabilities
idation to joint ventures. In the future, joint ventures must be related to assets held for sale accounting for 145 million,
recognised using the equity method in accordance with the 7 million, 145 million and 7 million, respectively.
stipulations of IAS 28. As METRO AG has not made use of the
option to apply proportionate consolidation, this amendment Additional IFRS amendments
has no effect on the consolidated financial statements of Within the scope of the annual improvements to IFRS 20102012,
METRO AG. According to IFRS 11, the individual partners in slight revisions were made to IFRS 3 (Business Combinations),
SERVICE
joint arrangements recognise their portion of jointly held among others. In IFRS 3, clarification was provided that a con-
tingent consideration is only classified as equity or a financial Accounting standards that were published but not yet
liability when there is a financial instrument. Additionally, the applied in financial year 2014/15
option to recognise effects from the subsequent measurement A number of other accounting standards and interpretations
of contingent considerations outside of profit or loss in other newly adopted or revised by the IASB were not yet applied by
comprehensive income was eliminated. In the future, their METRO AG in financial year 2014/15 because they were either
recognition through profit or loss is mandatory. As a result, not yet mandatory or have not yet been endorsed by the Euro-
transactions with contingent considerations may now result in pean Commission.
individual impacts on earnings for METRO AG.
Standard/ Effective date Application

interpretation Title according to IFRS1 at METRO AG from2 Endorsed by EU3
IFRS 9 Financial Instruments 1/1/2018 1/10/20184 No

Consolidated Financial Statements (Amendment: Sale or
IFRS 10 Contribution of Assets between an Investor and its Associate or Joint Venture)5 Unknown6 Unknown6 No
Consolidated Financial Statements (Amendment: Investment Entities:
IFRS 10 Applying the Consolidation Exception)5 1/1/2016 1/10/20164 No
Joint Arrangements (Amendment: Accounting for
IFRS 11 Acquisitions of Interests in Joint Operations)5 1/1/2016 1/10/20164 No
Disclosure of Interests in Other Entities
IFRS 12 (Amendment: Investment Entities: Applying the Consolidation Exception)5 1/1/2016 1/10/20164 No
IFRS 14 Regulatory Deferral Accounts 5 1/1/2016 1/10/20164 No
IFRS 15 Revenue from Contracts with Customers5 1/1/2018 1/10/20184 No
IAS 1 Presentation of Financial Statements (Amendment: Disclosure Initiative)8 1/1/2016 1/10/20164 No
IAS 16 Property, Plant and Equipment (Amendment: Bearer Plants)5 1/1/2016 1/10/20164 No
Property, Plant and Equipment (Amendment: Clarification of
IAS 16 Acceptable Methods of Depreciation and Amortisation)5 1/1/2016 1/10/20164 No
IAS 19 Employee Benefits (Amendment: Defined Benefit Plans: Employee Contributions) 1/7/2014 1/10/20157 Yes
Separate Financial Statements
IAS 27 (Amendment: Equity Method in Separate Financial Statements)5 1/1/2016 1/10/20164 No
Investments in Associates and Joint Ventures (Amendment: Sale or Contribution
IAS 28 of Assets between an Investor and its Associate or Joint Venture)5 Unknown6 Unknown6 No
Investments in Associates and Joint Ventures
IAS 28 (Amendment: Investment Entities: Applying the Consolidation Exception)5 1/1/2016 1/10/20164 No
Intangible Assets
IAS 38 (Clarification of Acceptable Methods of Depreciation and Amortisation)5 1/1/2016 1/10/20164 No
IAS 41 Agriculture (Amendment: Bearer Plants)5 1/1/2016 1/10/20164 No
Various Improvements to IFRS (20102012) 1/7/2014 1/10/20157 Yes
Various Improvements to IFRS (20112013) 1/7/2014 1/10/20158 Yes
Various Improvements to IFRS (20122014) 1/1/2016 1/10/20164 No
1 Without earlier application

2 Precondition: EU endorsement has been effected
3 As of: 30 September 2015
4 Application as of 1 October due to deviation of financial year from calendar year
5 Official German title not yet known therefore own translation
6 Indefinite deferral of effective date by IASB
7 Applicable for EU companies from 1 February 2015; application at METRO AG from 1 October 2015 due to deviation of financial year from calendar year
8 Applicable for EU companies from 1 January 2015; application at METRO AG from 1 October 2015 due to deviation of financial year from calendar year
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IFRS 9 (Financial Instruments) struments can be classified as subcategory 2 b contrary to the

The new IFRS 9 (Financial Instruments) will replace IAS 39 definition of the fair value option according to IAS 39, but exclu-
(Financial Instruments: Recognition and Measurement) covering sively to eliminate accounting mismatches in doing so.
the classification and measurement of financial instruments.
In general, financial liabilities are measured at amortised cost
Financial instruments are recognised when the company prepar- (category 1). In some cases, however, such as with financial
ing the financial statements becomes a contractual partner and liabilities held for trading, fair value measurement through
thus has retained the rights of the financial instrument or as- profit or loss is required (subcategory 2 b). In addition, the fair
sumed comparable obligations. As a rule, the initial measurement value option of measurement at fair value through profit or loss
of financial assets and liabilities is at fair value adjusted for trans- also applies here in the case of inconsistencies. In contrast to
action costs, if applicable. Only trade receivables without a signifi- financial assets, financial liabilities can include embedded
cant financing component are recognised at the transaction price. derivatives that are required to be separated. If separation is
required, the host contract is usually measured according to
At the time of recognition, standards for classification are to be the rules of category 1 and the derivative according to the rules
taken into account. According to IAS 39, the subsequent meas- of subcategory 2 b.
urement of a financial asset and a financial liability is linked to
its classification. Financial assets are classified on the basis of Unlike IAS 39 (which uses incurred loss model), IFRS 9 focuses
the characteristics of contractual cash flow of the financial on expected losses. This expected loss model uses a three-
asset and the business model which the entity uses to manage stage approach for recognising impairment. At the first stage,
the financial asset. The original four measurement categories impairment losses are recognised in the amount of the losses
for financial assets were reduced to two categories: financial resulting from default on the financial instrument expected in
assets recognised at amortised cost (category 1) and financial the next twelve months after the closing date. At the second
assets measured at fair value (category 2), wherein the latter stage, the total losses due to default expected over the contrac-
category has two subcategories (for more information on finan- tual term of a portfolio of similar instruments are taken into
cial instruments, see the next section). account, provided that these are trade receivables or certain
leasing receivables or if the credit risk has significantly in-
If the financial asset is held within a business model whose creased since initial recognition and exceeds a certain credit
objective is collecting payments such as principal and interest, risk. At the third and final stage, impairment losses are recog-
and if the contract terms stipulate certain payments are exclu- nised for additional objective indications with respect to the
sively for principal and interest, this financial instrument shall be individual financial instrument.
recognised at amortised cost (category 1). If the objective of the
business model is collecting payments and selling financial In order to reduce the complexity and make hedge accounting
assets, and if the payment dates are fixed, the changes in its fair more comprehensible on the balance sheet, the following key
value are recognised in other comprehensive income outside of changes were made. The scope of possible hedged items was
profit or loss (subcategory 2 a). If these criteria are not cumula- expanded. For example, several risk positions can now be more
tively met, the financial asset is measured at fair value through easily combined into a single hedged item and hedged. The net
profit or loss (subcategory 2 b). Amortised cost is determined position can be designated as the hedged item if the risks partial-
using the effective interest, while IFRS 13 (Fair Value Measure- ly offset each other in the combined risk position. In addition,
ment) is applied to determine fair value measurement. non-derivative financial instruments classified as subcategory
2 b can be designated as hedging instruments. Furthermore,
As a rule, equity instruments are classified as subcategory 2 b thresholds are no longer stipulated for measuring effectiveness.
based on the classification criteria stated above. However, for Effectiveness is assessed in reference to the economic relation-
equity instruments that do not meet the cash flow criteria, an ship between the hedged item and hedging transaction taking
irrevocable election can be made upon initial recognition to into account the hedging ratio and default risk.
classify these as subcategory 2 a. Additionally, financial in-
IFRS 9 in its current version is scheduled to apply in the EU as IFRS 15 (Revenue from Contracts with Customers)
of 1 January 2018. Thus, IFRS 9 will be applied at METRO AG for The new IFRS 15 will replace IAS 18 (Revenue) and IAS 11 (Con-
the first time in financial year 2018/19 starting on struction Contracts) and related interpretations and stipulates
1 October 2018. As a result, the potential impact of this new a uniform and comprehensive model for recognising revenue
standard cannot be determined at this point. from customers.
IFRS 10 (Consolidated Financial Statements) and The new standard uses a five-step model to determine the
IAS 28 (Investments in Associates and Joint Ventures) amount of revenue and the date of realisation. In the first step,
A conflict exists between the current requirements of IFRS 10 contracts with the customers are identified. According to
(Consolidated Financial Statements) and IAS 28 (Investments in IFRS 15, a contract is entered into by the contractual partners if
Associates and Joint Ventures) regarding the sale or contribu- the company can identify the rights of the customer to goods
tion of assets between an investor and its associate or joint and services and the payment terms, and the agreement has
venture. IAS 28 requires a partial gain or loss recognition, economic substance. In addition, it must be probable that the
limited to the unrelated investors interests in the investee, for company will collect on the contract. If a company has more
all transactions between an investor and its associate or joint than one contract with a single customer at (virtually) the same
venture. IFRS 10, in contrast, requires that the gain or loss that time, and if certain criteria are met, the contracts can be com-
arises on the loss of control of a subsidiary is recognised in full. bined and treated as a single contract.
The amendment clarifies how to account for the gain or loss from As a rule, a contract as defined in IFRS 15 can include several
transactions with associates or joint ventures, with the partial or performance obligations. Therefore, possible separate per-
full recognition requirement depending on whether or not the formance obligations are identified within a single contract in
assets being sold or contributed are a business as defined in the second step. In this step, contract terms and customary
IFRS 3 (Business Combinations). IFRS 3 defines a business as an business practices are evaluated in order to identify which
integrated set of activities that is required to have inputs and goods and services should be accounted for as separate per-
processes which together are used to create outputs. formance obligations. A separate performance obligation is
identified when a good or service is distinct. This is the case
If the sold or contributed asset classifies as a business, the when the customer can use a good or service on its own or
gain or loss from the transaction must be recognised in full. In together with other readily available resources and it is sepa-
contrast, a gain or loss from the sale or contribution to an rately identifiable from other commitments in the contract.
associate or joint venture of assets that do not constitute a Under certain circumstances, homogeneous goods or services
business must be recognised only to the extent of unrelated can be treated as a single performance obligation.
investors interests in the associate or joint venture.
In the third step, the transaction price corresponding to the
If a group of assets is to be sold or contributed, the investor expected consideration is determined. The consideration may
must assess whether this group of assets constitutes a single include fixed and variable components. For variable compensa-
business and should be accounted for as a single transaction. tion, the expected amount is estimated based on either the ex-
pected value or the most probable amount, depending on which
At the present time, IASB has indefinitely deferred the original amount best reflects the amount of consideration. In addition, the
effective date of this amendment for financial years starting on consideration includes the interest rate effect if the contract
or after 1 January 2016. As a result, the date of first-time includes a financing component significant to the contract, the
application of this amendment at METRO AG is unknown. As fair value of non-cash considerations and the effects of payments
METRO AG currently follows the rules of IFRS 10, future trans- made to the customer such as rebates and coupons.
actions will be impacted accordingly.
SERVICE
The allocation of the transaction price to separate performance other comprehensive income as well as disclosures in the
obligations is carried out in the fourth step. In principle, the notes to the financial statements.
transaction price is to be allocated to the separately identified
performance obligations in relation to the relative stand-alone In accordance with the materiality principle, information should
selling price. Observable data must be used to determine the not be obscured by aggregating information; materiality con-
stand-alone selling price. If this is not possible, estimates are siderations apply to all parts of a financial statement, and the
to be made. For this purpose, IFRS 15 suggests various materiality principle must be considered even when a standard
methods for estimating according to which the estimates are requires a specific disclosure.
based on market prices for similar services or expected costs
plus a surcharge. In exceptional cases, the estimate can also The amendment clarifies that the list of line items to be pre-
be based on the residual value method. sented in the financial statements can be disaggregated and
aggregated as relevant and include additional guidance on
In the fifth and final step, revenue is recognised at the point in subtotals in these statements. In addition, an entitys share of
time when the performance obligation is satisfied. The per- other comprehensive income of associates or joint ventures
formance obligation is satisfied when the control of the good or accounted for using the equity method should be presented in
service is transferred to the customer. The performance obli- the groups other comprehensive income based on whether or
gation can be satisfied at a point in time or over a period of not it will subsequently be reclassified to profit or loss.
time. If the performance obligation is satisfied over time, the
revenue is recognised over the period the performance obliga- With respect to the notes to the financial statements, the
tion is satisfied in a manner that best reflects the continuous amendment clarifies that understandability and comparability
transfer of control over time. should be considered when determining the order of the notes.
In addition to the five-step model, IFRS 15 addresses various These amendments to IAS 1 apply to financial years beginning
special topics such as the treatment of costs for obtaining and on or after 1 January 2016. Subject to the respective EU en-
fulfilling a contract, presentation of contract assets and liabil- dorsement, METRO AG will apply these regulations for the first
ities, rights of return, commission business, customer reten- time on 1 October 2016. The impact of these amendments on
tion and customer loyalty programmes. the disclosures in the consolidated financial statements of
METRO AG will be minor.
In addition, the disclosures in the notes are significantly ex-
panded. Accordingly, this includes qualitative and quantitative Additional IFRS amendments
disclosures to be made in the future on contracts with custom- Within the scope of the annual improvements to IFRS
ers, on significant estimates and judgements and to changes 20102012, slight revisions were made to IFRS 8 (Operating
over time. Segments), among others. Aggregation of several operating
segments to a single reportable segment requires a description
IFRS 15 is scheduled to apply in the EU as of 1 January 2018. of the aggregated operating segments. Additionally, the metrics
Thus, IFRS 9 will be applied at METRO AG for the first time in used as a criterion for evaluating the existence of similar eco-
financial year 2018/19 starting on 1 October 2018. As a result, nomic characteristics must be disclosed in the future. A recon-
the potential impact of this new standard cannot be determined ciliation of segment assets to group assets is now necessary
at this point. only if the segment assets are part of reporting to the respon-
sible corporate body. However, for the time being, METRO AG
IAS 1 (Presentation of Financial Statements) will continue to report the reconciliations from segment assets
In the context of the so-called Disclosure Initiative, the follow- to group assets and from segment liabilities to group liabilities.
ing amendments to IAS 1 (Presentation of Financial State- As these amendments will be applicable for EU companies from
ments) were made with respect to the materiality principle, the 1 February 2015, they will be applicable for METRO AG
presentation of the asset position, the income statement or in financial year 2015/16 beginning on 1 October 2015.
Among other things, the annual improvements 20122014 Consolidation group

comprise a clarification in IAS 34 (Interim Financial Reporting)
regarding the disclosure of information elsewhere in the in- Besides METRO AG, the consolidated financial statements
terim financial report. Following this change in wording, sev- include all subsidiaries in which METRO AG has indirect or
eral disclosures may now be replaced by references to the direct control insofar as these companies individually and as a
management report. group are not insignificant for the consolidated financial state-
ments. Control exists if there is a possibility to control a com-
This amendment is applicable for reporting periods beginning panys financial and business policy through a majority of voting
on or after 1 July 2016. Subject to EU endorsement, METRO AG rights or according to the articles of association, company
will apply the amended IAS 34 for the first time on contract or contractual agreement in order to benefit from this
1 October 2016. The option to incorporate cross references companys business activities.
will simplify the preparation of the notes to the financial
statements at METRO AG. METRO GROUPs operational business is handled by the follow-
ing three sales lines:
At this point, the first-time application of the other standards METRO Cash & Carry
and interpretations listed in the table as well as of other stand- Media-Saturn
ards revised as part of the annual improvements is not ex- Real
pected to have a material impact on the groups asset, financial
and earnings position. Significant non-controlling interests exist only in the sales line
Media-Saturn. For an overview of significant non-controlling
interests, see no. 32.
Besides METRO AG, 625 German (30/9/2014: 723) and 633

international (30/9/2014: 613) companies are recognised in the
consolidated financial statements.
The group of consolidated companies changed as follows in

financial year 2014/15:
As of 1/10/2014 1,337
Changes in financial year 2014/15
Companies merged with other consolidated subsidiaries 13
Disposal of shares 81
Other disposals 33
Newly founded companies 17
Acquisitions 32
As of 30/9/2015 1,259
The deconsolidated companies are treated as group companies

until the disposal date.
The disposals of shares primarily relate to companies of the

Galeria Kaufhof group (77 companies). Mergers with other
group companies mainly comprise 10 companies of the sales
line Media-Saturn.
SERVICE
The other disposals comprise: 11 (30/9/2014: 13) structured entities were fully consolidated.
liquidations (12 companies) METRO GROUP did not have any relationships with unconsoli-
accretion (7 companies) dated structured entities during financial year 2014/15.
changes in the method of consolidation (14 companies)
Investments accounted for using the equity method
Additions from newly founded companies pertain primarily to 25 associates (30/9/2014: 7) and 4 joint ventures (30/9/2014: 7)
the sales line Media-Saturn (9 companies). Acquisitions pri- are recognised in the consolidated financial statements accord-
marily relate to the acquisition of the Classic Fine Foods group ing to the equity method.
by the sales line METRO Cash & Carry (29 companies).
Another 4 companies (30/9/2014: 7), in which METRO AG in-
Effects from changes in the consolidation group that are of special directly or directly holds between 20 and 50 per cent of the
significance are explained separately in the respective items. voting rights, were valued at cost because they did not qualify
as associates or because materiality considerations made the
Structured entities use of the equity method unnecessary.
Structured entities within METRO GROUP concern leasing
companies. The key purpose of the leasing companies is to The figures represent all operating units owned by the respect-
acquire, lease out and manage assets. As of the closing date, ive subsidiary.
Overview of major subsidiaries

with non-controlling interests
in million
Non-controlling
30/9/2014 interests
Financial
assets Financial Non-
As of Dividends (non- assets current Current
Name Head office in % 30/9/2014 paid current) (current) liabilities liabilities Sales
METRO Cash & Carry
METRO Jinjiang Cash & Carry Co., Ltd. Shanghai, China 10.00 4 0 190 665 4 797 2,244
METRO CASH & CARRY ROMANIA SRL Bucharest, Romania 15.00 0 4 81 310 44 150 909
Media-Saturn
Media-Saturn-Holding GmbH Ingolstadt, Germany 21.62 11 172 1,404 2,588 70 2,742 9,514
Mediamarket S. p. A. con Socio Unico Curno, Italy 21.62 12 34 124 403 33 460 2,118
El Prat de
MEDIA MARKT SATURN, S.A. UNIPERSONAL Llobregat, Spain 21.62 21 48 94 501 5 516 1,554
Rotterdam,
Media Markt Saturn Holding Nederland B. V. Netherlands 21.62 7 25 103 243 17 353 1,343
Media-Saturn Beteiligungsges.m.b.H. Vsendorf, Austria 21.62 32 0 50 382 21 353 1,087
OOO Media-Markt-Saturn Moscow, Russia 21.62 8 0 152 267 25 271 930
Media Saturn Holding Polska Sp. z o.o Warsaw, Poland 21.62 9 24 57 215 11 251 902
Other companies
METRO PROPERTIES GmbH & Co. KG Dsseldorf, Germany 0.49 0 0.00 196 1,696 18 1,720 0
Non-controlling
30/9/2015 interests
Financial
assets Financial Non-
As of Dividends (non- assets current Current
Name Head office in % 30/9/2015 paid current) (current) liabilities liabilities Sales
METRO Cash & Carry
METRO Jinjiang Cash & Carry Co., Ltd. Shanghai, China 10.00 4 0 253 744 3 883 2,632
METRO CASH & CARRY ROMANIA SRL Bucharest, Romania 15.00 0 0 81 335 44 172 892
Media-Saturn
Media-Saturn-Holding GmbH Ingolstadt, Germany 21.62 2 109 1,313 2,688 110 2,819 9,780
Mediamarket S. p. A. con Socio Unico Curno, Italy 21.62 11 0 11 413 29 467 2,168
El Prat de
MEDIA MARKT SATURN, S.A. UNIPERSONAL Llobregat, Spain 21.62 29 33 102 602 6 619 1,784
Rotterdam,
Media Markt Saturn Holding Nederland B. V. Netherlands 21.62 3 13 104 291 17 402 1,485
Media-Saturn Beteiligungsges.m.b.H. Vsendorf, Austria 21.62 37 35 41 373 22 340 1,124
OOO Media-Markt-Saturn Moscow, Russia 21.62 1 0 104 186 21 271 761
Media Saturn Holding Polska Sp. z o.o Warsaw, Poland 21.62 12 22 55 227 11 265 977
Other companies
METRO PROPERTIES GmbH & Co. KG Dsseldorf, Germany 0.49 0 0 196 1,725 17 1,759 0
A complete list of group companies and associates is shown in no. 55
overview of the major fully consolidated group companies. In addition, a complete list
of all group companies and associates is shown in no. 57 affiliated companies of the group
SERVICE
METRO AG as of 30 September 2015 pursuant to 313 of the German Commercial Code.

Consolidation principles Any impairment losses and reversals of impairment losses

to shares in consolidated subsidiaries carried in the individ-
The financial statements of German and foreign subsidiaries ual financial statements are reversed.
included in the consolidated accounts are prepared using uni-
form accounting and valuation methods as required by IFRS 10 Investments in associates and joint ventures are accounted
(Consolidated Financial Statements). for using the equity method and treated in accordance with
the principles applying to full consolidation, with existing
Consolidated companies that, unlike METRO AG, do not close goodwill being included in the amount capitalised for in-
their financial year on 30 September, prepared interim financial vestments, and any impairment losses of this goodwill being
statements for IFRS consolidation purposes. In principle, sub- included in the result from associates and joint ventures in
sidiaries are fully consolidated insofar as their consolidation is the financial result. Any deviating accounting and measure-
of material importance to the presentation of a true and fair ment methods used in the financial statements of companies
view of the assets, financial and earnings position. accounted for under the equity method are retained as long
as they do not substantially contradict METRO GROUPs
In accordance with IFRS 3 (Business Combinations), capital uniform accounting and measurement methods.
consolidation is effected using the purchase method. In the
case of business combinations, the carrying amounts of the According to IFRS 11, the individual partners in joint ar-
investments are offset against the revalued pro rata equity of rangements recognise their portion of jointly held assets and
the subsidiaries as of their acquisition dates. Any positive dif- jointly incurred liabilities in their own balance sheet.
ferences remaining after the allocation of hidden reserves and
hidden burdens are capitalised as goodwill. Goodwill is tested Intra-group profits and losses are eliminated; sales, expenses
for impairment regularly once a year or more frequently if and income as well as receivables and liabilities and/or provi-
changes in circumstances indicate a possible impairment. If sions are consolidated. Interim results in fixed assets or invento-
the carrying amount of a unit that was assigned a goodwill ries resulting from intra-group transactions are eliminated un-
exceeds the recoverable amount, an impairment loss of the less they are of minor significance. In accordance with IAS 12
goodwill is recognised to the amount of the difference between (Income Taxes), deferred taxes are recognised for consolidated
both values. procedures.
In addition, in the case of company acquisitions, hidden re- Unrealised gains from transactions with companies account-
serves and burdens attributable to non-controlling interests ed for using the equity method are derecognised against the
must be disclosed and reported in equity as non-controlling investment in the amount of the groups share in the investee.
interests. METRO GROUP does not use the option to recognise
the goodwill attributable to non-controlling interests. In ac- In joint arrangements, the individual partners include their
cordance with IFRS 3, any negative differences remaining after respective portion of sales, income and expenses deriving
the allocation of hidden reserves and burdens as well as after from the joint arrangement in their income statement.
another review during the period in which the business com-
bination took place are recognised through profit or loss. A reduction in the holding in a subsidiary must be recognised
in reserves retained from earnings as an equity transaction
Purchases of additional shareholdings in companies where a outside of profit or loss as long as the parent company can
controlling interest has already been acquired are recognised as continue to exercise control. If a reduction in the holding or
equity transactions. As a result, the assets and liabilities are not its complete disposal entails a loss of control, full consolida-
remeasured at fair value, nor are any gains or losses recog- tion of the subsidiary is ended when the parent company has
nised. Any differences between the cost of the additional share- lost its control opportunity over the subsidiary. All assets,
holding and the carrying amount of the net assets on the date of liabilities and equity items that were previously fully consoli-
acquisition are directly offset against the capital attributable to dated will then be derecognised at amortised group carrying
the buyer. amounts. Deconsolidation of the derecognised holdings is
carried out in line with the general rules on deconsolidation.
Any remaining residual shares are recognised at fair value as
a financial instrument according to IAS 39 or as a holding consolidated companies operate as financially, economically
valued using the equity method pursuant to IAS 28. and organisationally autonomous entities, their respective local
currency is the functional currency. Assets and liabilities are
therefore converted at the current exchange rate prevailing on
Currency translation the closing date. As a rule, income statement items are trans-
lated at the average exchange rate during the financial year.
Foreign currency transactions Differences from the translation of the financial statements of
In the subsidiaries separate financial statements, transactions foreign subsidiaries do not affect income and are shown as
in foreign currency are valued at the rate prevailing on the separate items under reserves retained from earnings. To the
transaction date. Monetary assets and liabilities in foreign cur- extent that foreign subsidiaries are not under the full control of
rency are valued at the closing date exchange rate. Non- the parent company, the relevant share of currency differences
monetary assets and liabilities that are measured at fair value in is allocated to the non-controlling interests.
foreign currency are translated at the rate prevailing at the time
the fair value was determined. Non-monetary items measured The currency differences are recorded through profit or loss in
at historical acquisition or production costs in foreign currency the year in which foreign subsidiaries are disposed of or at the
are translated at the rate valid at the transaction date. time the business operations of a foreign subsidiary are discon-
tinued. In a partial disposal in which a controlling interest in the
In principle, gains and losses from exchange rate fluctuations foreign subsidiary is retained, the relevant share of cumulated
incurred until the closing date are recognised in profit or loss. currency differences is allocated to the non-controlling inter-
Currency translation differences from receivables and liabilities ests. Should foreign associates or jointly controlled entities be
in foreign currency, which must be regarded as a net invest- partially sold without the loss of significant influence or joint
ment in a foreign operation, equity instruments held for sale control, the relevant share of the cumulated currency differ-
and qualified cash flow hedges are reported as reserves re- ences is recognised in the income statement.
tained from earnings outside of profit or loss.
In financial year 2014/15, no functional currency of a consoli-
Foreign operations dated company was classified as hyperinflationary as defined
The annual financial statements of foreign subsidiaries are by IAS 29 (Financial Reporting in Hyperinflationary Economies).
translated into euros according to the functional currency
concept of IAS 21 (The Effects of Changes in Foreign Exchange The following exchange rates were applied in the translation of
Rates). The functional currency is defined as the currency of key currencies outside the European Monetary Union that are
the primary economic environment of the subsidiary. Since all of major significance for METRO GROUP:
SERVICE
Average exchange rate per Exchange rate at closing date per
2013/14 2014/15 30/9/2014 30/9/2015
Bosnian mark BAM 1.95583 1.95583 1.95583 1.95583

Bulgarian lev BGN 1.95583 1.95583 1.95583 1.95583
Chinese renminbi CNY 8.34171 7.14511 7.72620 7.12060
Croatian kuna HRK 7.62536 7.62450 7.64250 7.64450
Czech koruna CZK 27.29877 27.42870 27.50000 27.18700
Danish krone DKK 7.45919 7.45411 7.44310 7.45980
Egyptian pound EGP 9.36833 8.57877 8.98510 8.66620
Hong Kong dollar HKD 10.52203 8.90626 9.77400 8.68240
Hungarian forint HUF 305.88518 308.94701 310.57000 313.45000
Indian rupee INR 82.82878 72.50054 77.85640 73.48050
Indonesian rupee IDR 15,853.76000 14,914.46000 15,366.97000 16,347.81000
Japanese yen JPY 138.81282 136.84504 138.11000 134.69000
Kazakhstani tenge KZT 233.71997 220.67414 231.05000 303.47000
Moldovan leu MDL 18.36509 20.08065 18.47930 22.59260
Moroccan dirham MAD 11.21069 10.88235 11.07545 10.87815
Norwegian krone NOK 8.26985 8.75905 8.11900 9.52450
Pakistani rupee PKR 138.88143 117.20413 129.39590 117.25160
Polish zloty PLN 4.17814 4.17060 4.17760 4.24480
Pound sterling GBP 0.81927 0.74305 0.77730 0.73850
Romanian leu RON 4.44849 4.43956 4.41020 4.41760
Russian rouble RUB 47.09572 64.80626 49.76530 73.24160
Serbian dinar RSD 115.74586 120.61782 118.85090 119.74910
Singapore dollar SGD 1.70377 1.54440 1.60630 1.59210
Swedish krona SEK 8.99692 9.34718 9.14650 9.40830
Swiss franc CHF 1.22078 1.09807 1.20630 1.09150
Turkish lira TRY 2.88971 2.93219 2.87790 3.39030
Ukrainian hryvnia UAH 13.95118 22.42906 16.44676 23.85750
US dollar USD 1.35691 1.14863 1.25830 1.12030
Vietnamese dong VND 28,673.35000 24,661.11000 27,428.59000 24,963.36000
Income statement pected returns; instead, a provision is recognised. Sales are

shown after deduction of value added tax, rebates and dis-
Recognition of income and expenses counts. Gross amounts are shown that is, at the level of the
In accordance with IAS 18 (Revenue), sales and other operating customer payment (less sales tax and revenue reduction)
income are reported immediately upon rendering of the service where the company assumes the essential opportunities and
or delivery of the goods. In the latter case, the timing is deter- risks associated with the sale of the goods or services. Net
mined by the transfer of risk to the customer. Where customers sales are shown for commission transactions, as defined by the
are granted the right to return goods and cancel services, sales company. Sales revenues from contracts with several contrac-
are recognised only if the probability of return can be reliably tual components (for example, sale of goods plus additional
estimated. To this end, return rates are calculated on the basis services) are realised when the respective contractual compo-
of historical data and projected to future take-back obligations. nents have been fulfilled. Sales are realised based on the esti-
No sales are recognised for the portion allocated to the ex- mated fair value of the individual contractual components.
Performance-based government grants attributable to future Balance sheet

periods are recognised on an accrual basis according to the
corresponding expenses. Performance-based grants for sub- Goodwill
sequent periods which have already been received are shown In accordance with IFRS 3 (Business Combinations), goodwill is
as deferred income, and the corresponding income is recog- capitalised. Goodwill resulting from business combinations is
nised in subsequent periods. attributed to the group of so-called cash-generating units
(CGUs) that benefits from the synergies of this business com-
Operating expenses are recognised as expenses upon use of bination. In accordance with IAS 36 (Impairment of Assets), a
the service or on the date of their causation. CGU is defined as the smallest identifiable group of assets that
generates cash inflows largely independently from the cash
The financial result at METRO GROUP primarily comprises inflows of other assets or groups of assets. As a rule, single
dividends and interest. As a rule, dividends are recognised as locations represent CGUs at METRO GROUP. Goodwill within
income when the legal claim to payment arises. Interest is METRO GROUP is monitored at the level of the organisational
recognised as income or expenses and, where applicable, on an unit sales line per country for internal management purposes.
accrual basis using the effective interest method. Debt capital Goodwill impairment tests are therefore conducted at the level
interests that are directly attributable to the acquisition or of this respective group of cash-generating units.
production of a so-called qualified asset represent an exception
as they must be included in the acquisition or production costs Goodwill is regularly tested for impairment once a year or
of the asset capitalised pursuant to IAS 23 (Borrowing Costs). more frequently if changes in circumstances indicate a possible
impairment. If an impairment exists, an impairment loss is
Income taxes recognised through profit or loss. To determine a possible
Income taxes concern direct taxes on income and deferred impairment, the recoverable amount of a CGU is compared to
taxes. As a rule, they are recognised through profit or loss the respective carrying amount of the CGU. The recoverable
unless they are related to business combinations or an item amount is the higher of value in use and fair value less costs to
that is directly recognised in equity or other comprehensive sell. An impairment of the goodwill allocated to a CGU applies
income. only if the recoverable amount is lower than the total of carry-
ing amounts. No reversal of an impairment loss is performed if
the reasons for the impairment in previous years have ceased
to exist.
Other intangible assets

Purchased other intangible assets are recognised at cost of
purchase. In accordance with IAS 38 (Intangible Assets), intern-
ally generated intangible assets are capitalised at their pro-
duction cost. Research costs, in contrast, are not capitalised,
but immediately recognised as expenses. The cost of manufac-
ture includes all expenditure directly attributable to the devel-
opment process. This may include the following costs:
Direct costs Direct material costs

Direct production costs
Special direct production costs
Overhead Material overhead
(directly attributable) Production overhead
Development-related administrative costs
SERVICE
Borrowing costs are factored into the determination of produc-

Buildings 10 to 50 years
tion costs only in the case of so-called qualified assets pursu-
Leasehold improvements 8 to 15 years or shorter rental contract duration
ant to IAS 23 (Borrowing Costs). Qualified assets are defined as Business and
non-financial assets that take a substantial period of time to office equipment 3 to 13 years
prepare for their intended use or sale. Machinery 3 to 8 years
The subsequent measurement of other intangible assets with a Capitalised reinstatement costs are depreciated on a pro rata
finite useful life is effected based on the cost model. No use is basis over the useful life of the asset.
made of the revaluation option. All other intangible assets of
METRO GROUP with a finite useful life are subject to straight-line Pursuant to IAS 36, an impairment test will be carried out if
amortisation. Capitalised internally created and purchased soft- there are any indications of impairment of property, plant
ware as well as comparable intangible assets are amortised over and equipment. Impairment losses on property, plant and
a period of up to ten years, while licences are amortised over equipment will be recognised if the recoverable amount is
their useful life. These intangible assets are examined for indica- below the amortised cost. Impairment losses are reversed
tions of impairment at each closing date. If the recoverable up to the amount of amortised acquisition or production
amount is below the amortised cost, an impairment loss is rec- costs if the reasons for the impairment have ceased to exist.
ognised. The impairment loss is reversed if the reasons for the
impairment in previous years have ceased to exist. In accordance with IAS 17 (Leases), economic ownership of
leased assets is attributable to the lessee if all the material
Other intangible assets with an infinite useful life are not subject risks and rewards incidental to ownership of the asset are
to straight-line amortisation, but are subjected to an impairment transferred to the lessee (finance lease). If economic owner-
test at least once a year. Impairment losses and reversals of ship is attributable to a METRO GROUP company acting as
impairment losses are recognised at cost through profit or loss. lessee, the leased asset is capitalised at fair value or at the
lower present value of the minimum lease payments when
Property, plant and equipment the lease is signed. Analogous to the comparable purchased
Property, plant and equipment are recognised at amortised property, plant and equipment, leased assets are subject to
cost pursuant to IAS 16 (Property, Plant and Equipment). The depreciation over their useful lives or the lease term if the
manufacturing cost of internally generated assets includes latter is shorter. However, if it is sufficiently certain that
both direct costs and directly attributable overhead. Borrowing ownership of the leased asset will be transferred to the
costs are only capitalised in relation to qualified assets as a lessee at the end of the lease term, the asset is depreciated
component of acquisition or production costs. In line with over its useful life. Payment obligations resulting from future
IAS 20 (Accounting for Government Grants and Disclosure of lease payments are carried as liabilities. Conversely, they are
Government Assistance), investment grants received are offset recognised as receivables by the lessor.
against the acquisition or production costs of the corresponding
asset without recognition of an item of deferral for the grants An operating lease applies when economic ownership of the
on the liabilities side. Reinstatement obligations are included leased object is not transferred to the lessee. The lessee does
in the cost of purchase or production at the discounted settle- not recognise assets or liabilities for operating leases, but
ment value. Subsequent purchase or production costs of prop- merely recognises rental expenses in its income statement
erty, plant and equipment are only capitalised if they result in a over the term of the lease using the straight-line method, while
higher future economic benefit for METRO GROUP. the lessor recognises an asset as well as a receivable.
Property, plant and equipment are solely depreciated linearly In the case of leasing agreements relating to buildings and
using the cost model pursuant to IAS 16. The optional revalu- related land, these two elements are generally treated sep-
ation model is not applied. Throughout the group, depreciation arately and classified as finance or operating leases.
is based on the following useful lives:
Investment properties
In accordance with IAS 40 (Investment Property), investment
properties comprise real estate assets that are held to earn
rentals and/or for an increase in value. Analogous to property, trading are financial assets that are either acquired or
plant and equipment, they are recognised at cost less depreci- incurred principally for the purpose of selling or repurchas-
ation and potentially required impairment losses based on the ing in the near term or that are part of a portfolio of
cost model. Measurement at fair value through profit or loss financial instruments that are managed together and for
based on the fair value model does not apply. Depreciation of which there is evidence of a recent pattern of short-term
investment properties is effected over a useful life of 15 to 33 profit-taking. Furthermore, this category includes derivative
years. Furthermore, the fair value of these properties is stated financial instruments that are not part of an effective hedge.
in the notes. It is determined on the basis of recognised meas- Financial instruments held for trading are measured at
urement methods, including an assessment and the consider- fair value through profit or loss.
ation of project development opportunities. The category available for sale represents a residual cate-
gory for primary financial assets that cannot be assigned to
Financial assets any of the other three categories. METRO GROUP does not
Financial assets (financial investments) that do not represent make use of the optional designation of financial assets to
associates under IAS 28 (Investments in Associates and Joint the category available for sale. Available for sale financial
Ventures) or joint ventures under IAS 11 (Construction Con- assets are recognised at fair value in equity. Fluctuations in
tracts) are recognised in accordance with IAS 39 (Financial the fair value of available for sale financial assets are
Instruments: Recognition and Measurement) and assigned to recognised in other comprehensive income. The amounts
one of the following categories: recognised are not reclassified to profit or loss for the
Loans and receivables respective period until the financial asset is derecognised or
Held to maturity an impairment of the assets has occurred.
At fair value through profit or loss
Available for sale Investments are assets to be classified as available for sale.
Securities are classified as held to maturity, available for
The first-time recognition of financial assets is effected at fair sale or held for trading. Loans are classified as loans and
value. In the process, incurred transaction costs are considered receivables.
for all categories with the exception of the category at fair
value through profit or loss. Measurement is effected at the Financial assets designated as hedged items as part of a fair
trade date. value hedge are recognised at fair value through profit or loss.
Depending on the classification to the categories listed above, Equity instruments for which no quoted price on an active
financial assets are capitalised either at amortised cost or at market exists and whose fair value cannot be reliably meas-
fair value: ured, as well as derivatives on such equity instruments, are
Loans and receivables are non-derivative financial assets recognised at cost. This applies to several investments of
with fixed or determinable payments that are not quoted in METRO GROUP.
an active market. They are recognised at amortised cost
using the effective interest method. At each closing date, financial assets that are not measured
The measurement category held to maturity includes at fair value through profit or loss are examined for objective,
non-derivative financial assets with fixed or determinable substantial indications of impairment. Such indications in-
payments and fixed maturity, with the company having both clude delayed interest or redemption payments, defaults and
the positive intention and ability to hold them to maturity. changes in the borrowers creditworthiness. If there are any
They are also recognised at amortised cost using the such indications, the respective financial asset is tested for
effective interest method. impairment by comparing the carrying amount to the pre-
The category at fair value through profit or loss sent value. The present value of financial assets measured at
comprises all financial assets held for trading as the fair amortised cost corresponds to the present value of expected
value option of IAS 39 is not applied within METRO GROUP. future cash flows, discounted at the original effective interest
For clarification purposes, the entire category is referred to rate. However, the present value of equity instruments
as held for trading in the notes to the consolidated measured at cost in the category available for sale corre-
SERVICE
financial statements. Financial instruments held for sponds to expected future cash flows discounted at the cur-
rent market interest rate. If the present value is lower than Deferred tax assets are recognised only to the extent that it is
the carrying amount, an impairment loss is recognised for probable that sufficient taxable profit will be available in the
the difference. Where decreases in the fair value of financial future to allow the corresponding benefit of that deferred tax
assets in the category held for sale were previously recog- asset to be realised.
nised in other comprehensive income outside of profit or
loss, these are now recognised in profit or loss to the amount Deferred tax assets and deferred tax liabilities are netted if
of determined impairment. these income tax assets and liabilities concern the same tax
authority and refer to the same tax subject or a group of differ-
If, at a later date, the present value increases again, the im- ent tax subjects that are jointly assessed for income tax pur-
pairment loss is reversed accordingly. In the case of financial poses. Deferred tax assets are remeasured at each closing
assets recognised at amortised cost, the impairment loss date and adjusted if necessary.
reversal is limited to the amount of amortised cost which would
have occurred without the impairment. In the category avail- Deferred taxes are determined on the basis of the tax rates
able for sale, the reversal of previously recognised impairment expected in each country upon realisation. In principle, these
losses for equity instruments is shown outside of profit or loss are based on the valid laws or legislation that has been passed
in other comprehensive income, while for debt instruments it is at the time of the closing date.
shown in profit or loss up to the amount of the impairment
previously recognised through profit or loss. Increases in value The assessment of deferred taxes reflects the tax consequence
for debt instruments beyond this are recognised outside of arising from how METRO GROUP expects to recover the carry-
profit or loss in other comprehensive income. ing amounts of its assets and settle its obligations as of the
closing date.
Financial assets are derecognised when the contractual rights
to cash flows from the item in question are extinguished or Inventories
have expired or the financial asset is transferred. In accordance with IAS 2 (Inventories), merchandise carried as
inventories is reported at cost of purchase. The cost of pur-
Other financial and non-financial assets chase is determined either on the basis of a separate meas-
The financial assets included in other financial and non- urement of additions from the perspective of the procurement
financial assets that are classified as loans and receivables market or by means of the weighted average cost method.
under IAS 39 are measured at amortised cost. Supplier compensation to be classified as a reduction in the
cost of purchase lowers the carrying amount of inventories.
Other assets include, among others, investments and deriva-
tive financial instruments to be classified as held for trading Merchandise is valued as of the closing date at the lower of
in accordance with IAS 39. All other receivables and assets are cost or net realisable value. Merchandise is written down on a
recognised at amortised cost. case-by-case basis if the net realisable value declines below
the carrying amount of the inventories. Such net realisable
Prepaid expenses and deferred charges comprise transitory value corresponds to the anticipated estimated selling price
accruals. less the estimated direct costs necessary to make the sale.
Deferred tax assets and deferred tax liabilities When the reasons for a write-down of the merchandise have
Deferred tax assets and deferred tax liabilities are determined ceased to exist, the previously recognised impairment loss is
using the asset-liability method in accordance with IAS 12 reversed.
(Income Taxes). Deferred tax assets and liabilities are recog-
nised for temporary differences between the carrying amounts METRO GROUPs inventories never meet the definition of so-
of assets or liabilities in the consolidated financial statements called qualified assets. As a result, interest expenses on bor-
and their tax base. Deferred tax assets are also considered for rowings relating to inventories are not capitalised pursuant to
unused tax loss and interest carry-forwards. IAS 23 (Borrowing Costs).
Trade receivables divestment of a separate material business operation or geo-

In accordance with IAS 39, trade receivables are classified as graphical business operation or represents a subsidiary that
loans and receivables and recognised at amortised cost. was acquired solely for resale. The valuation of the component
Where their recoverability appears doubtful, the trade receiv- of an entitys carrying amount pursuant to the relevant IFRS
ables are recognised at the lower present value of the esti- must directly precede the first-time classification as held for
mated future cash flows. Aside from the required specific bad sale. In case of reclassification, the discontinued operation is
debt allowances, a generalised specific allowance is carried out measured at the lower value of carrying amount and fair value
to account for the general credit risk. less costs to sell. Discontinued operations are presented sep-
arately in the income statement, the balance sheet, the cash
Income tax assets and liabilities flow statement and the segment reporting, and explained in the
The disclosed income tax assets and liabilities concern do- notes. With the exception of the balance sheet, the previous
mestic and foreign income taxes for the reporting period as years amounts are restated accordingly.
well as prior periods. They are determined in compliance with
the tax laws of the respective country. Employee benefits
Employee benefits include:
In addition, the effects of tax risks are considered in the deter- Short-term employee benefits
mination of income tax liabilities. The premises and assess- Post-employment benefits
ments underlying these risks are regularly reviewed and con- Obligations similar to pensions
sidered in the determination of income tax. Termination benefits
Share-based compensation
Cash and cash equivalents
Cash and cash equivalents comprise cheques, cash on hand, Short-term employee benefits include wages and salaries,
bank deposits and other short-term liquid financial assets, social security contributions, vacation pay and sickness bene-
such as accessible deposits on lawyers trust accounts or cash fits and are recognised as liabilities at the repayment amount
in transit, with an original term of up to three months and are as soon as the associated job has been performed.
valued at their respective nominal values.
Post-employment benefits are provided in the context of de-
Non-current assets held for sale, liabilities related fined benefit or defined contribution plans. In the case of de-
to assets held for sale and discontinued operations fined contribution plans, periodic contribution obligations to
In accordance with IFRS 5 (Non-current Assets Held for Sale the external pension provider are recognised as expenses for
and Discontinued Operations), an asset is classified as a non- post-employment benefits at the same time as the benefi-
current asset held for sale if the respective carrying amount ciarys job performance. Missed payments or prepayments to
will be recovered principally through a sale transaction rather the pension provider are accrued as liabilities or receivables.
than through continuing use. A sale must be planned and Liabilities with a term of over twelve months are discounted.
realisable within the subsequent twelve months. The valuation
of the assets carrying amount pursuant to the relevant IFRS The actuarial measurement of pension provisions for company
must directly precede a first-time classification as held for pension plans as part of a defined benefit plan is effected in
sale. In case of reclassification, the asset is measured at the accordance with the projected unit credit method stipulated by
lower of carrying amount and fair value less costs to sell and IAS 19 (Employee Benefits) on the basis of actuarial opinions.
presented separately in the balance sheet. Analogously, liabili- Based on biometric data, this method takes into account known
ties related to assets held for sale are presented separately in pensions and pension entitlements at the closing date as well
the balance sheet. as expected increases in future wages and pensions. Where the
employee benefit obligations determined or the fair value of the
In accordance with IFRS 5, a discontinued operation is recog- plan assets increase or decrease between the beginning and
nised as such if it is held for sale or has already been disposed end of a financial year as a result of experience adjustments
of. An operation is a component of an entity representing a (for example, a higher fluctuation rate) or changes in under-
separate material business operation or geographical business lying actuarial assumptions (for example, the discount rate),
SERVICE
operation which forms part of an individual, approved plan for this will result in so-called actuarial gains or losses. These are
recognised in other comprehensive income with no effect on ations is recognised in other comprehensive income outside of
profit or loss. Effects of plan changes and curtailments are profit or loss.
recognised fully under service costs through profit or loss. The
interest element of the addition to the provision contained in (Other) provisions
the pension expense is shown as interest paid under the finan- In accordance with IAS 37 (Provisions, Contingent Liabilities
cial result. Insofar as plan assets exist, the amount of the pro- and Contingent Assets), (other) provisions are formed if legal
vision is generally the result of the difference between the or constructive obligations to third parties exist that are based
present value of defined benefit obligations and the fair value of on past business transactions or events and will probably result
the plan assets. in an outflow of financial resources that can be reliably deter-
mined. The provisions are stated at the anticipated settlement
Provisions for obligations similar to pensions (such as anni- amount with regard to all identifiable risks attached. With
versary allowances and death benefits) are comprised of the individual obligations, the settlement amount with the highest
present value of future payment obligations to the employee or possible probability of occurrence is used. If the determination
his or her surviving dependants less any associated assets of the provision for an individual situation results in a range of
measured at fair value. The amount of provisions is determined equally probable settlement amounts, the provision will be set
on the basis of actuarial opinions in line with IAS 19. Actuarial at the average of these settlement amounts. For a multitude of
gains and losses are recognised in profit or loss in the period in uniform situations, the provision is set at the expected value
which they are incurred. resulting from the weighting of all possible results with the
related probabilities.
Termination benefits comprise severance payments to employ-
ees. These are recognised as liabilities through profit or loss Long-term provisions with a term of more than one year are
when contractual or factual payment obligations towards the discounted to the closing date using an interest rate for match-
employee are to be made in relation to the termination of the ing maturities which reflects current market expectations
employment relationship. Such an obligation is given when a regarding interest rate effects. Provisions with a term of less
formal plan for the early termination of the employment rela- than one year are discounted accordingly if the interest rate
tionship exists to which the company is bound. Benefits with effect is material. Claims for recourse are not netted with
terms of more than twelve months after the closing date must provisions, but recognised separately as an asset if their real-
be recognised at their present value. isation is considered virtually certain.
The share bonuses granted under the share-based payment Provisions for onerous contracts are formed if the unavoidable
system are classified as cash-settled share-based pay- costs of meeting the obligations under a contract exceed the
ments pursuant to IFRS 2 (Share-based Payment). Propor- expected economic benefits resulting from the contract. Provi-
tionate provisions measured at the fair value of the obliga- sions for deficient rental cover related to leased objects are
tions entered into are formed for these payments. The pro- based on a consideration of individual leased properties. Provi-
portionate formation of the provisions is prorated over the sions in the amount of the present value of the funding gap are
underlying vesting period and recognised as personnel ex- formed for all closed properties or properties with deficient
penses through profit or loss. The fair value is remeasured at rental cover. In addition, a provision is created for store-related
each closing date during the vesting period until exercised risks related to leased, operational or not yet closed stores
based on an option pricing model. Provisions are adjusted insofar as a deficient cover of operational costs or a deficient
accordingly in profit or loss. rental cover despite consideration of a possible subleasing for
the respective location arises from current corporate planning
Where granted share-based payments are hedged through over the basic rental term.
corresponding hedging transactions, the hedging transactions
are measured at fair value and shown under other financial Provisions for restructuring measures are recognised if a con-
and non-financial assets. The portion of the hedges value structive obligation to restructure was formalised by means of
fluctuation that corresponds to the value of fluctuation of the the adoption of a detailed restructuring plan and its communi-
share-based payments is recognised in personnel expenses cation vis--vis those affected as of the closing date. Restruc-
through profit or loss. The surplus amount of value fluctu-
turing provisions only comprise obligatory restructuring ex- Financial liabilities designated as the hedged item in a fair
penses that are not related to the companys current activities. value hedge are carried at their fair value. The fair values indi-
cated for the financial liabilities have been determined on the
Warranty provisions are formed based on past warranty claims basis of the interest rates prevailing on the closing date for the
and the sales of the current financial year. remaining terms and redemption structures.
Financial liabilities In principle, financial liabilities from finance leases are carried
According to IAS 39, financial liabilities that do not represent at the present value of future minimum lease payments.
liabilities from finance leases are assigned to one of the follow-
ing categories: A financial liability is derecognised only when it has expired,
At fair value through profit or loss that is, when the contractual obligations have been redeemed
(held for trading) or annulled or have expired.
Other financial liabilities
Other financial and non-financial liabilities
The first-time recognition of financial liabilities and subsequent Other financial and non-financial liabilities are carried at their
measurement of financial liabilities held for trading is based settlement amounts unless they represent derivative financial
on the same stipulations as for financial assets. instruments, put options given out to interests or earn-out
liabilities, which are recognised at fair value under IAS 39.
The category other financial liabilities comprises all financial
liabilities that are not held for trading. They are carried at Prepaid expenses and deferred charges comprise transitory
amortised cost using the effective interest method as the fair accruals.
value option is not applied within METRO GROUP.
Trade liabilities
Trade liabilities are recognised at amortised cost.
SERVICE
Other Supplier compensation

Depending on the underlying circumstances, supplier compen-
Contingent liabilities sation is recognised as a reduction in the cost of purchase,
Contingent liabilities are, on the one hand, possible obligations reimbursement or payment for services rendered. Supplier
arising from past events whose existence is confirmed only by compensation is accrued at theclosing date insofar as it has
the occurrence or non-occurrence of uncertain future events been contractually agreed upon and is likely to be realised.
that are not entirely under the companys control. On the other Accruals relating to supplier compensation tied to certain
hand, contingent liabilities represent current obligations aris- calendar year targets are based on projections.
ing from past events for which, however, an outflow of econom-
ic resources is not considered probable or whose amount can- Summary of selected measurement methods
not be determined with sufficient reliability. According to
IAS 37, such liabilities are not recognised in the balance sheet
Item Measurement method
but disclosed in the notes. Contingent liabilities are determined
Assets
on the basis of the principles applying to the measurement of
Cost (subsequent measurement:
provisions. Goodwill impairment test)
Other intangible assets
Accounting for derivative financial instruments Purchased other intangible assets (Amortised) cost
and hedge accounting Development costs
Internally generated (direct costs and directly
Derivative financial instruments are exclusively used for intangible assets attributable overhead)
risk reduction. They are used in accordance with the respective Property, plant and equipment (Amortised) cost
group guideline. Investment properties (Amortised) cost
Financial assets
In accordance with IAS 39, all derivative financial instruments Loans and receivables (Amortised) cost
are recognised at fair value and shown under other financial Held to maturity (Amortised) cost
and non-financial assets or other financial and non-financial At fair value through profit or loss
(held for trading) At fair value through profit or loss
liabilities.
Available for sale At fair value recognised in equity
Inventories Lower of cost and net realisable value
Derivative financial instruments are measured on the basis
Trade receivables (Amortised) cost
of interbank terms and conditions, possibly including the
Cash and cash equivalents At nominal value
credit margin or stock exchange price applicable to
Lower of carrying amount
METRO GROUP; for this, the average rate on the closing date Assets held for sale and fair value less costs to sell
is used. Where no stock exchange prices are used, the fair Equity and liabilities
value is determined by means of recognised financial models. Provisions
Projected unit credit method
Pension provisions (benefit/years of service method)
In the case of an effective hedge accounting transaction (hedge
Discounted settlement amount
accounting) pursuant to IAS 39, fair value changes of deriva- Other provisions (with highest probability of occurrence)
tives designated as fair value hedges and the underlying trans- Financial liabilities
actions are reported in profit or loss. In cash flow hedges, the At fair value through profit or loss
effective portion of the fair value change of the derivative is (held for trading) At fair value through profit or loss
recognised in other comprehensive income outside of profit or Other financial liabilities (Amortised) cost
loss. A transfer to the income statement is effected only when Other financial and
non-financial liabilities At settlement amount or fair value
the underlying transaction is realised. The ineffective portion of Trade liabilities (Amortised) cost
the change in the value of the hedging instrument is immedi-
ately reported in profit or loss.
CAPITAL MANAGEMENT P. 199
Judgements, estimates Recoverability of receivables particularly receivables due

and assumptions from suppliers (no. 24 other financial and non-financial
assets)
The preparation of the consolidated financial statements was Recognition of supplier compensation on an accrual basis
based on a number of judgements, estimates and assump- (no. 24 other financial and non-financial assets)
tions that had an effect on the value and presentation of the Ability to realise future tax receivables particularly from
reported assets, liabilities, income and expenses as well as tax loss carry-forwards (no. 25 deferred tax assets/
contingent liabilities. deferred tax liabilities)
Measurement of inventories (no. 26 inventories)
Judgements Determination of pension provisions (no. 33 provisions
Information on the key discretionary decisions that materially for pensions and similar obligations)
affected the amounts reported in these consolidated financial Determination of other provisions for example, for
statements can be found in the following notes: deficient rental cover, restructuring, warranties, taxes and
Determination of the consolidation group by assessing risks emerging from legal proceedings and litigation
control opportunities (chapter "consolidation group"). (no. 34 other provisions [non-current]/provisions [current])
Aside from structured entities (special purpose entities),
this particularly concerns investments where the control Although great care has been taken in making these estimates
opportunity is not necessarily tied in with a simple majority and assumptions, actual values may deviate from them in
of voting rights due to special regulations in the Articles of individual cases. The estimates and assumptions used in the
Association. consolidated financial statements are regularly reviewed.
Classification of leases as finance leases or operating Changes are taken into account at the time new information
leases including sale-and-lease-back transactions becomes available.
(no. 2 other operating income and no. 21 property,
plant and equipment)
Classification of real estate assets as investment pro-
perties (no. 22 investment properties) Capital management
Classification of financial instruments to the category
held to maturity (no. 41 carrying amounts and fair
values according to measurement categories) The aim of the capital management strategy of METRO GROUP
is to secure the companys continued business operations, to
Estimates and assumptions enhance its enterprise value, to create solid capital resources to
Information on estimates and underlying assumptions with finance its profitable future growth and to provide for attractive
significant effects on these consolidated financial statements is dividend payments and capital service.
included in the following notes:
Uniform group-wide determination of useful lives for The capital management strategy of METRO GROUP has
assets with a definite useful life (no. 15 depre- remained unchanged compared with the previous year.
ciation/amortisation/impairment losses, no. 20 other
intangible assets and no. 21 property, plant and Equity, liabilities and net debt in the
equipment) consolidated financial statements
Impairment testing of assets with a definite useful life if Equity amounts to 5,172 million (30/9/2014: 4,999 million),
warranted by events (no. 15 depreciation/amortisation/ while debt amounts to 22,484 million (30/9/2014:
impairment losses, no. 20 other intangible assets and 23,157 million). Net debt amounts to 2,527 million compared
no. 21 property, plant and equipment) with 4,655 million as of 30/9/2014.
Annual goodwill impairment tests (no. 19 goodwill
including sensitivity analyses)
SERVICE
NOTES ON BUSINESS COMBINATIONS P. 200
million 30/9/2014 30/9/2015 million
Equity 4,999 5,172 Assets

Liabilities1 23,157 22,484 Other intangible assets 110
Net debt 4,655 2,527 Traders brand 48
Borrowings (incl. finance leases) 7,068 7,366 Customer relationships 62
Cash and cash equivalents Property, plant and equipment 4

according to the balance sheet 2,406 4,415
Financial investments (non-current) 1
Short-term financial investments2 7 424
Inventories 22
1 Adjustment of previous years figures (see notes to the group Other financial and non-financial assets (current) 31
accounting principles and methods) Cash and cash equivalents 25
2 Shown in the balance sheet under other financial and non-financial assets (current)
193
Liabilities
Local capital requirements Other provisions (non-current) 1
The capital market strategy of METRO GROUP consistently Deferred tax liabilities 19
aims to ensure that the group companies capital resources Trade liabilities 14
comply with local requirements. During the current financial Other financial and non-financial liabilities
and provisions (current) 26
year, all external capital requirements were fulfilled. This in-
60
cludes, for example, adherence to a defined level of indebted-
ness or a fixed equity ratio.
With regard to the determination of the final purchase price
and the valuation of assets and liabilities of the opening bal-
ance sheet, the first-time consolidation of the Classic Fine
Notes on business combinations Foods group should be seen as provisional.
A put option for the remaining 3.48 per cent share in the
First-time consolidation of the Classic Fine Foods group company was granted in the purchase contract. This put
Pursuant to the contract dated 6 August 2015, METRO option was carried as liabilities at its fair value. In addition,
Cash & Carry International Holding B.V. acquired a the purchase agreement includes contingent considerations
96.52 per cent share in the Classic Fine Foods group from in the form of earn-outs. These are tied to the realisation of
Klassisk Holding Limited, Cayman Islands. The purchase certain results agreed upon in the purchase contract. The
price amounted to 276 million. The Classic Fine Foods group obligations from the put option and the contingent consider-
is a leading Asian premium food service provider with operations represent an amount in the lower double-digit millions
ations in Asia and the Middle East. The acquisition of the and are recognised under other liabilities of METRO GROUP
Classic Fine Foods group will enable METRO GROUP to tap as of 30 September 2015.
new business areas in the field of food service distribution.
The companys first-time consolidation was effected in the Due to the existing put option, which is accounted for using the
fourth quarter of 2014/15. The Classic Fine Foods group is anticipated acquisition method, the acquisition is accounted for
part of the METRO Cash & Carry segment. as if 100 per cent of the shares had been acquired.
As of the acquisition date, the fair values of the acquired assets The acquisition of the Classic Fine Foods group resulted in
and liabilities of the consolidated Classic Fine Foods group can goodwill of 143 million.
be broken down as follows:
From the date of first-time consolidation, 1 September 2015, to
the closing date of 30 September 2015, the Classic Fine Foods
group contributed 18 million to METRO GROUPs sales and
1 million to METRO GROUPs profit for the period. The Classic
Fine Foods group has about 800 employees.
NOTES ON BUSINESS COMBINATIONS P. 201
If the company had been acquired on 1 October 2014, the Clas- contingent consideration are recognised under other liabili-
sic Fine Foods group would have contributed 215 million to ties of METRO GROUP as of 30 September 2015. As METRO
METRO GROUPs sales and 24 million to METRO GROUPs Innovations Holding GmbH had already held the remaining
profit for the period. 15 per cent share in the iBOOD group since November 2013,
this holding was previously recognised under investments.
First-time consolidation of the iBOOD group Due to the successive acquisition, this existing share was
On 16 April 2015, Media-Saturn acquired a majority share in the revalued. The resulting income from the revaluation from
Dutch live shopping platform iBOOD.com and assumed control 3.1 million to 3.2 million is recognised under investment
of the company. iBOOD (Internets Best Online Offer Daily) is result in the amount of 0.1 million.
Europes largest daily deal platform and was established in
2003. The iBOOD group includes Silver Ocean B.V. (Nether- The companys first-time consolidation was effected in the
lands) and its subsidiaries iBOOD GmbH (Germany) and iBOOD fourth quarter of 2014/15. As a consequence, the iBOOD group
Sp. z o.o., Poland. is part of the Media-Saturn segment. The acquisition of the
iBOOD group resulted in goodwill of 20 million.
Media-Saturn initially acquired a 50.1 per cent share in the
iBOOD group. Put options with successive exercise dates until With this acquisition, METRO GROUP acquired assets in the
2017 were granted for another 34.9 per cent share in the com- amount of 10 million (including 2 million in receivables from
pany. As part of first-time consolidation, these put options associates), which primarily comprise non-current intangible
were accounted for using the anticipated acquisition method assets, and liabilities in the amount of 9 million (including
and carried as liabilities at their fair value. In addition, the 2 million in liabilities to associates). Sales of the iBOOD group
purchase agreement includes a contingent consideration in from 1 May 2015 until the closing date of 30 September 2015
the form of an earn-out. This contingent consideration is tied totalled 13 million. Total annual sales for the period from
to the realisation of certain results agreed in the purchase 1 October 2014 to 30 September 2015 amounted to 33 million.
contract. The obligations from both the put options and the The iBOOD group has around 60 employees.
SERVICE
NOTES TO THE INCOME STATEMENT P. 202
Notes to the income statement continue to use under tenancy agreements (2013/14:
107 million). In addition, this item primarily includes gains
from the reversal of impairment losses in the amount of
1. Sales 22 million (2013/14: 11 million).
Net sales primarily result from the sale of goods and can be
broken down as follows: Services rendered to suppliers essentially relate to the
segments METRO Cash & Carry at 157 million (2013/14:
million 2013/14 2014/15 174 million), Media-Saturn at 20 million (2013/14: 14 million)
METRO Cash & Carry 30,513 29,690 and Real at 5 million (2013/14: 28 million). The decline is
Media-Saturn 20,981 21,737 essentially due to the sale of Reals Eastern European business in
Real 8,432 7,735 Poland (23 million) and the sale of the wholesale business in
Others 10 56 Greece (20 million).
59,937 59,219
Income from deconsolidation includes income from the sale
of the Greek wholesale business at 9 million (2013/14:
Sales shown in the Others segment primarily concern the four 44 million, essentially from the sale of Reals operations in
remaining stores of Real Romania at 49 million (2013/14: Poland).
42 million, shown in the Real segment) and commission
income of MGB METRO Group Buying HK Ltd. from the third- Miscellaneous other operating income particularly includes
party business at 7 million (2013/14: 6 million). income from compensation in the amount of 24 million
(2013/14: 23 million). Among others, this item also includes
Of total sales, 36.7 billion (2013/14: 37.4 billion) are attribut- income from the derecognition of lapsed liabilities of 9 million
able to international group companies. (2013/14: 11 million), public-sector subsidies of 9 million
(2013/14: 9 million) and income from other commissions of
Sales developments by business and geographical segments
are presented in segment reporting. 5 million (2013/14: 4 million).
2. Other operating income 3. Selling expenses
million 2013/14 2014/15 million 2013/14 2014/15
Rents incl. reimbursements Personnel expenses 5,179 5,166

of subsidiary rental costs 366 361
Cost of material 5,334 5,055
Services/cost refunds 315 258
10,513 10,221
Gains from the disposal of fixed assets and gains
from the reversal of impairment losses 150 240
Services rendered to suppliers 222 187
Income from deconsolidation 44 11 In selling expenses, the previous years sale of Reals Eastern
Miscellaneous 202 219 European business in particular as well as additional store
1,298 1,275
closures resulted in a markedly lower cost of material. Against
this background, particularly significant cost reductions were
seen in the areas of energy costs, rental expenses and depreci-
Gains from the disposal of fixed assets and gains from the ation/amortisation/impairment losses.
reversal of impairment losses primarily include income in the
amount of 197 million from the disposal of real estate that In addition, reduced advertising measures, particularly in the
will be used fully or for the most part by third parties in the Media-Saturn segment, resulted in a lower cost of material.
future (2013/14: 21 ). This includes income of 12 million
from the sale of real estate assets that METRO GROUP plans to
4. General administrative expenses 8. Net interest income / interest expenses

The interest result can be broken down as follows:
million 2013/14 2014/15
Personnel expenses 713 758 million 2013/14 2014/15
Cost of material 613 709 Interest income 48 62

1,326 1,467 thereof finance leases (0) (0)
thereof from company pensions (7) (8)
thereof from financial instruments of the
measurement categories according to IAS 39:
In the item general administrative expenses, especially the cost
loans and receivables incl. cash and cash
of material increased compared with the previous year. This is equivalents (30) (39)
largely due to a significant increase in consulting expenditures held to maturity (0) (0)
as well as higher rental expenses and other taxes. held for trading incl. derivatives in a hedging
relationship according to IAS 39 (5) (4)
The increase in personnel expenses is primarily due to higher available for sale (0) (0)
variable remuneration in connection with bonus commitments. Interest expenses 434 344
thereof finance leases (93) (84)
5. Other operating expenses thereof from company pensions (45) (41)

thereof from financial instruments of the
million 2013/14 2014/15 held for trading incl. derivatives in a hedging
relationship according to IAS 39 (9) (6)
Impairment losses on goodwill 88 457
other financial liabilities (256) (190)
Losses from the disposal of fixed assets 38 35
Miscellaneous 16 25 386 282
143 518
Interest income and interest expenses from financial instru-

Impairment losses on goodwill relate to Real Germany at ments are assigned to the measurement categories according
446 million, METRO Cash & Carry Pakistan at 10 million and to IAS 39 on the basis of the underlying transactions.
METRO Cash & Carry Japan at 2 million (2013/14: 88 million
at METRO Cash & Carry Netherlands). Interest expenses in the measurement category other finan-
cial liabilities primarily included interest expenses for issued
For more information about impairment losses on goodwill,
see no. 19 goodwill. bonds (including the commercial paper programme) of

130 million (2013/14: 196 million) and for liabilities to banks
Losses from the disposal of fixed assets essentially include of 38 million (2013/14: 38 million).
expenses related to the disposal of business and office equip-
ment in the amount of 34 million (2013/14: 35 million). The decline in interest expenses was the result of both more
favourable refinancing terms and lower debt.
6. Result from associates and joint ventures
The groups share of income from associates and joint ventures 9. Other financial result
amounts to 2 million (2013/14: 9 million). The other financial income and expenses from financial in-
struments are assigned to measurement categories according
7. Other investment result to IAS 39 on the basis of the underlying transactions. Besides
The other investment result amounted to 0.3 million (2013/14: income and expenses from the measurement of financial in-
78 million). The decline is essentially due to the sale of the struments according to IAS 39, this also includes the meas-
9 per cent share in Booker Group PLC during financial year urement of foreign currency positions according to IAS 21.
2013/14.
SERVICE
million 2013/14 2014/15 The overall result from currency effects and measurement
Other financial income 161 271 results from hedging transactions and hedging relationships
thereof currency effects (91) (172) totalled 95 million (2013/14: 61 million). As in the previous
thereof hedging transactions (36) (85) year, this figure largely results from foreign currency financings
Other financial expenses 403 442 in Eastern Europe. In addition, the other financial result reflects
thereof currency effects (166) (320) 2 million (2013/14: 122 million) in currency effects result-
thereof hedging transactions (21) (31) ing from the translation of the financial statements of foreign
Other financial result 242 172 subsidiaries that are recognised through profit or loss in the
thereof from financial instruments of the year the subsidiary is deconsolidated or in the year business
activities are discontinued.
loans and receivables
incl. cash and cash equivalents (32) (41) For more information about possible effects from currency risks,

held to maturity (0) (0) see no. 44 management of financial risks.
held for trading (22) (12)

available for sale (0) (0) 10. Net results according to measurement categories
other financial liabilities (64) (124) The key effects of income from financial instruments are as
thereof fair value hedges: follows:
underlying transactions (0) (0)
hedging transactions (0) (0)
thereof cash flow hedges:
ineffectiveness (9) (9)
2013/14 Fair value Currency

million Investments Interest measurements translation Disposals Impairments Other Net result
Loans and receivables

incl. cash and cash equivalents 0 30 0 30 1 29 0 30
Held to maturity 0 0 0 0 0 0 0 0
Held for trading incl. derivatives in a hedging
relationship according to IAS 39 0 4 16 0 0 0 29 16
Available for sale 78 0 0 0 0 0 0 78
Other financial liabilities 0 256 0 46 11 0 18 309
78 230 16 76 11 29 47 278
2014/15 Fair value Currency

million Investments Interest measurements translation Disposals Impairments Other Net result
Loans and receivables incl. cash and cash

equivalents 0 39 0 41 0 19 1 21
Held to maturity 0 0 0 0 0 0 0 0
Held for trading incl. derivatives in a hedging
relationship according to IAS 39 0 2 53 0 0 0 51 1
Available for sale 0 0 0 0 0 0 0 0
Other financial liabilities 0 190 1 108 9 0 16 305
0 152 53 149 9 19 67 326
Income and expenses from financial instruments are assigned million 2013/14 2014/15
to measurement categories according to IAS 39 on the basis of Actual taxes 489 444
the underlying transactions. thereof Germany (129) (118)
thereof international (360) (326)
Investment income and income effects from the disposal of thereof tax expenses/income of current period (466) (454)
investments are included in other investment income. Interest thereof tax expenses/income of previous periods (23) (10)
income and expenses are part of the interest result. Fair value Deferred taxes 50 36
measurements and effects from other financial expenses and thereof Germany (62) (34)
currency translation are included in the other financial result. thereof international (12) (2)
Income effects from the derecognition of other financial liabil- 539 480
ities are included in earnings before interest and taxes (EBIT).
Income effects from the disposal of assets classified as avail-
able for sale are included in the other financial result to the The income tax rate of the German companies of METRO GROUP
extent that these do not concern investments. Expenses from consists of a corporate income tax of 15.00 per cent plus a
impairments are essentially included in earnings before inter- 5.50 per cent solidarity surcharge on corporate income tax as
est and taxes. well as the trade tax of 14.70 per cent given an average as-
sessment rate of 420.00 per cent. All in all, this results in an
For more information about impairments, see no. 28 impairments of
capitalised financial instruments. aggregate tax rate of 30.53 per cent. The tax rates are un-
changed from the previous year. The income tax rates applied
Remaining financial income and expenses included in the other to foreign companies are based on the respective laws and
financial result primarily concern bank commissions and simi- regulations of the individual countries and vary within a range
lar expenses that are incurred within the context of financial of 0.00 per cent (tax holidays) to 38.00 per cent. These tax
assets and liabilities. rates are also unchanged from the previous year.
11. Income taxes Deferred tax liabilities for financial year 2014/15 comprise
Income taxes include the expected taxes on income paid or expenses of 4 million from changes in tax rates (2013/14:
owed in the individual countries as well as deferred taxes. income of 2 million).
million 2013/14 2014/15
Deferred taxes in the income statement 50 36

thereof from temporary differences (108) (9)
thereof from loss and interest carry-forwards (58) (45)
SERVICE
Income tax expenses of 518 million (2013/14: 527 million), ance sheet under assets held for sale (2,291 million) and
which are shown fully in regular earnings, are 142 million under liabilities related to assets held for sale (1,258 mil-
(2013/14: 311 million) higher than expected income tax ex- lion). As a result, the balance of the assets and liabilities held
penses of 376 million (2013/14: 216 million) that would have for sale of the discontinued operation Galeria Kaufhof
resulted if the German corporate income tax rate had been amounted to 1,033 million. As the sale was completed on
applied to the groups taxable income for the year. 30 September 2015, the department store business was
deconsolidated as of the same date. The assets disposed of
Reconciliation of estimated to actual income tax expenses is as amount to 4,017 million. The balance from this and liabilities
follows: of 2,516 million disposed of in the context of deconsolidation
totalled 1,501 million. Together with all associated consolida-
million 2013/14 2014/15 tion components in the consolidated income statement, current
EBT (earnings before taxes) 709 1,232 earnings of the Galeria Kaufhof segment were reclassified to
from continuing operations 536 259 profit or loss for the period from discontinued operations after
from discontinued operations 173 973 taxes. The previous years figures have been restated accord-
Expected income tax expenses (30.53%) 216 376 ingly. No impairment losses had to be recognised as the fair
Effects of differing national tax rates 18 46 value less costs to sell of the discontinued operation exceeded
Tax expenses and income relating to other periods 23 10 the recognised carrying amounts. The deconsolidation result
Non-deductible business expenses for tax purposes 105 99 from the divestment process and all expenses that were previ-
Effects of not recognised or impaired deferred taxes 218 200 ously directly related to the disposal of the department store
Additions and reductions for local taxes 18 27 business were also shown under profit or loss for the period
Tax holidays 28 22 from discontinued operations after taxes.
Other deviations 7 106
Income tax expenses according As a result, profit or loss for the period from discontinued
to the income statement 527 518
operations after taxes comprises the following components:
from continuing operations 539 480
from discontinued operations 12 38
million 2013/14 2014/15
Group tax rate 74.3% 42.0%
Sales 3,098 3,021
from continuing operations 100.6% 185.5%
Expenses 2,925 2,868
from discontinued operations 6.8% 3.8%
Current earnings from discontinued
operations before taxes 173 153
The other deviations in the current year essentially include Income taxes on current earnings 12 15
gains from the sale of the Galeria Kaufhof group Current earnings from discontinued
operations after taxes 185 138
(243 million) and expenses from impairment losses on Gains/losses from the remeasurement
goodwill at Real Germany (136 million). or disposal of discontinued operations before taxes 0 797
Income taxes on gains/losses
from remeasurement or disposal 0 0
12. Profit or loss for the period
Gains/losses from the remeasurement
from discontinued operations after taxes or disposal of discontinued operations after taxes 0 797
On 15 June 2015, METRO GROUP signed an agreement with Profit or loss for the period
from discontinued operations after taxes 185 935
Hudsons Bay Company, Toronto, Canada, regarding the sale of
its entire department store business. This comprises 102
Galeria Kaufhof stores and 16 Sportarena stores in Germany, Profit or loss for the period from discontinued operations after
16 department stores of the subsidiary Galeria Inno in Belgium taxes is fully attributable to the shareholders of METRO AG.
and 59 real estate properties owned or managed by the Galeria
Real Estate Group. The Supervisory Board of METRO AG had The reconciliation from profit or loss for the period to other
already approved the agreement before 30 June 2015. Against comprehensive income includes 33 million from the valuation
this background, the assets and liabilities of the Galeria Kaufhof of pension plans of Galeria Kaufhof. The related income tax
segment as of 30 June 2015 were classified as a discontinued effect amounted to 9 million.
operation in accordance with IFRS 5 and reported in the bal-
In METRO GROUPs cash flow statement, cash flows from million 2013/14 2014/15
operating, investing and financing activities are shown sep- Cost of sales 17 19
arately for discontinued operations. The previous years figures thereof depreciation/amortisation (17) (19)
in the cash flow statement have been adjusted accordingly. thereof impairment losses (0) (0)
Selling expenses 951 905
13. Profit or loss for the period attributable thereof depreciation/amortisation (838) (802)
to non-controlling interests thereof impairment losses (113) (102)
Of profit or loss for the period attributable to non-controlling General administrative expenses 105 107
interests, profit shares accounted for 96 million (2013/14: thereof depreciation/amortisation (104) (101)
121 million) and loss shares for 54 million (2013/14: thereof impairment losses (2) (5)
66 million). This mainly concerns profit/loss shares of non- Other operating expenses 88 457
controlling interests in the Media-Saturn sales line. thereof impairment losses (88) (457)
14. Earnings per share thereof impairment losses (0) (1)
Earnings per share are determined by dividing profit or loss for 1,162 1,489
the period attributable to METRO AG shareholders by the
weighted number of issued shares. In the calculation of earn-
ings per share, an additional dividend is generally deducted million 2013/14 2014/15
from profit or loss for the period attributable to METRO AG Goodwill 88 457
shareholders. There was no dilution in the reporting period or thereof impairment losses (88) (457)
the year before from so-called potential shares. Other intangible assets 110 104
thereof depreciation/amortisation (106) (102)
thereof impairment losses (4) (3)
2013/14 2014/15
Property, plant and equipment 948 888
Weighted number of no-par-value shares
outstanding 326,787,529 326,787,529 thereof depreciation/amortisation (844) (809)
Profit or loss for the period attributable to thereof impairment losses (105) (79)
shareholders of METRO AG
( million) 127 672 Investment properties 16 38
Earnings per share in thereof depreciation/amortisation (10) (12)

(basic = diluted) 0.39 2.06 thereof impairment losses (6) (26)
Financial assets1 0 1
Earnings per preference share amounted to 2.12 in the finan- thereof impairment losses (0) (1)
cial year (2013/14: 0.45) and thus exceed earnings per share Assets held for sale 0 0
by the amount of the additional dividend for preference shares thereof impairment losses (0) (0)
of 0.06 (2013/14: 0.06). 1,162 1,489
1 Including investments measured at cost and accounted for using the equity method
15. Depreciation/amortisation/impairment losses
Depreciation/amortisation/impairment losses of 1,489 million In accordance with IFRS 5, depreciation/amortisation/im-
(2013/14: 1,162 million) include impairment losses totalling pairment losses of the Galeria Kaufhof group are not included
566 million (2013/14: 203 million). At 457 million, these in regular earnings from continuing operations. They are there-
essentially stem from goodwill impairment losses at Real fore not considered in the above tables but are included in the
Germany (446 million) and the full recognition of goodwill movement schedules on the development of assets until the
impairment losses of METRO Cash & Carry Pakistan and date of reclassification, 30 June 2015. As a result, the amounts
METRO Cash & Carry Japan in light of negative business de- listed there may deviate from the above figures.
velopments. The attribution of deprecition/amortisation/im-
pairment losses in the income statement and the affected
asset categories is as follows:
SERVICE
Of impairment losses, METRO Cash & Carry accounted for Annual average number of group employees:
58 million (2013/14: 139 million), Media-Saturn for
31 million (2013/14: 38 million), Real for 450 million Number of employees by headcount 2013/14 2014/15
(2013/14: 17 million) and other companies for 28 million Blue collar/white collar 233,584 226,895
(2013/14: 10 million). Apprentices/trainees 7,992 7,067
241,576 233,962
16. Cost of materials
The cost of sales includes the following cost of materials:
This includes an absolute number of 60,341 (2013/14: 61,700)
million 2013/14 2014/15
part-time employees. The percentage of employees working
Cost of raw materials, supplies outside of Germany (full-time equivalents) stood at
and goods purchased 47,358 46,668 65.2 per cent (2013/14: 66.1 per cent).
Cost of services purchased 36 40
47,394 46,708 18. Other taxes
Other taxes (for example, tax on land and buildings, motor
17. Personnel expenses vehicle tax, excise tax and transaction tax) can be broken down
Personnel expenses can be broken down as follows: as follows:
million 2013/14 2014/15 million 2013/14 2014/15
Wages and salaries 5,225 5,302 Other taxes 127 137

Social security expenses, expenses for post- thereof from cost of sales (1) (2)
employment benefits and related employee benefits 1,224 1,204
thereof from selling expenses (103) (97)
thereof post-employment benefits (78) (71)
thereof from general administrative expenses (25) (37)
6,450 6,505
Wages and salaries shown in personnel expenses include

expenses relating to severance payments of 81 million
(2013/14: 93 million). In addition, wages and salaries include
restructuring expenses of 82 million (2013/14: 29 million),
which also comprise severance components. Variable remu-
neration, which is partly based on the performance metric
EBITaC, increased to 124 million in financial year 2014/15
from 84 million in financial year 2013/14. Wages and salaries
also include expenses for share-based payments totalling
7 million (2013/14: 3 million).
NOTES TO THE BALANCE SHEET P. 209
Notes to the balance sheet 30/9/2014 30/9/2015
WACC WACC
19. Goodwill million % million %
Goodwill amounts to 3,301 million (30/9/2014: 3,671 million). Real Germany 1,083 5.7 638 5.4
METRO Cash & Carry France 398 5.7 398 5.4
The decline is primarily the result of impairment losses of Media-Saturn Germany /

Redcoon group 300 6.7 300 6.3
457 million, with impairment losses on goodwill of Real
METRO
Germany accounting for 446 million of this total. Cash & Carry Netherlands 264 5.9 264 5.6
METRO Cash & Carry Poland 257 6.5 257 6.2
Goodwill totalling 71 million of the cash-generating units METRO Cash & Carry
Germany 223 5.7 223 5.4
Galeria Inno Belgium and Galeria Kaufhof department stores
METRO Cash & Carry
Germany was disposed of in the context of the sale of the de- Hungary 174 8.0 174 7.5
partment store business. METRO Cash & Carry Italy 171 6.6 171 6.4
METRO Cash & Carry
Belgium 145 5.8 145 5.5
The sale of the wholesale business in Greece resulted in a
Classic Fine Foods group 0 143
goodwill disposal of 25 million.
METRO Cash & Carry
Spain/Portugal 142 6.6 142 6.6
The acquisition of the Classic Fine Foods group by METRO METRO Cash & Carry
Cash & Carry resulted in goodwill of 143 million. Romania 54 7.3 75 6.8
Media-Saturn Italy 72 7.7 72 7.5
Galeria Inno Belgium 57 6.2 0
The acquisition of a majority share in the iBOOD Group resulted
Other companies
in goodwill of 20 million. (each < 50 million
or corporate assets) 331 299
In 2009, the non-controlling shareholders of METRO 3,671 3,301
Cash & Carry Romania were granted stock tender rights by

METRO GROUP. The subsequent measurement of these put
options recognised as financial liabilities resulted in a good- In accordance with IFRS 3 in conjunction with IAS 36, goodwill
will increase of 21 million (30/9/2014: decline of 7 million). is tested for impairment once a year. This is carried out at the
level of a group of cash-generating units. In the case of good-
At the closing date, the breakdown of goodwill among the will, this group is the organisational unit sales line per country.
major cash-generating units was as shown below: Exceptions to this rule concern the organisational units METRO
Cash & Carry Spain and METRO Cash & Carry Portugal, Media-
Saturn Germany and the Redcoon group as well as Media-
Saturn Netherlands and the iBOOD Group, which form the
groups of cash-generating units METRO Cash & Carry
Spain/Portugal, Media-Saturn Germany and the Redcoon group
as well as Media-Saturn Netherlands and the iBOOD Group due
to their close organisational ties. In the impairment test, the
cumulative carrying amount of the group of cash-generating
units is compared with the recoverable amount. The recover-
able amount is defined as the fair value less costs to sell, which
is calculated from discounted future cash flows and the level 3
input parameters of the fair value hierarchy.
For an explanation of the fair value hierarchy, see no. 41 carrying

amounts and fair values according to measurement categories.

SERVICE
Expected future cash flows are based on a qualified planning Detailed

process under consideration of intra-group experience as well planning
period
as macroeconomic data collected by third-party sources. In Sales EBIT EBIT margin (years)
principle, the detailed planning period comprises three years. Slight Strong Strong
Real Germany growth growth growth 4
In exceptional cases, it may amount to five years in the case of
METRO Cash & Carry Slight Slight
longer-term detailed planning. As in the previous year, the France growth growth Unchanged 3
growth rates considered at the end of the detailed planning Media-Saturn Germany / Solid Solid
Redcoon group growth growth Unchanged 3
period are generally 1.0 per cent, with the exception of the
METRO Cash & Carry Slight Strong Strong
group of the cash-generating unit Real Germany, for which, as Netherlands growth growth growth 5
in the previous year, a growth rate of 0.5 per cent is assumed. METRO Cash & Carry Slight Substantial Slight
The capitalisation rate as the weighted average cost of capital Poland growth growth growth 5
(WACC) is determined using the capital asset pricing model. In METRO Cash & Carry Slight Strong Strong
Germany growth growth growth 5
the process, an individual peer group is assumed for all groups
METRO Cash & Carry Slight Substantial Slight
of cash-generating units operating in the same business seg- Hungary growth growth growth 5
ment. In addition, the capitalisation rates are determined on METRO Cash & Carry Solid Strong Strong
Italy growth growth growth 3
the basis of an assumed basic interest rate of 1.25 per cent
(30/9/2014: 2.5 per cent) and a market risk premium of
6.75 per cent (30/9/2014: 6.0 per cent) in Germany as well as a
beta factor of 0.94 to 1.09 (30/9/2014: 0.85 to 1.07). Country- The mandatory annual impairment test as of 30 September
specific risk premiums based on the respective country rating 2015 confirmed the recoverability of all capitalised goodwill
are applied to the equity cost of capital and to the debt cost of with the exception of the goodwill of METRO Cash & Carry
capital. The capitalisation rates after taxes determined individ- Japan, which was fully impaired at 2 million in light of busi-
ually for each group of cash-generating units range from 5.4 to ness developments. Due to the respective business develop-
7.8 per cent (30/9/2014: 5.7 to 8.9 per cent). ments, a goodwill impairment of 446 million and a full good-
will impairment of 10 million were already effected for Real
The mandatory annual impairment test as of 30 September Germany and METRO Cash & Carry Pakistan, respectively, as of
2015 resulted in the following assumptions regarding the de- 31 March 2015.
velopment of sales, EBIT and the EBIT margin targeted for
valuation purposes during the detailed planning period, with In addition to the impairment test, three sensitivity analyses
the EBIT margin reflecting the ratio of EBIT to net sales: were conducted for each group of cash-generating units. The
first sensitivity analysis was based on the assumption of a
1 percentage point lower growth rate. In the second sensitivity
analysis, the interest rate for each group of cash-generating
units was raised by 10.0 per cent. In the third sensitivity ana-
lysis, a lump sum discount of 10.0 per cent was applied to
assumed perpetual EBIT. With the exception of Real Germany,
METRO Cash & Carry Netherlands, METRO Cash & Carry
Poland, METRO Cash & Carry Germany, METRO Cash & Carry
Hungary and METRO Cash & Carry Belgium, these changes to
the underlying assumptions would not result in impairment at
any of the groups of cash-generating units.
In the goodwill impairment test for Real Germany, the fair value million Goodwill
less costs to sell exceeded the carrying amount by 11 million. Acquisition or production costs
The respective excess amount was 8 million at METRO As of 1/10/2013 3,864
Cash & Carry Netherlands, 17 million at METRO Cash & Carry Currency translation 1
Poland, 33 million at METRO Cash & Carry Germany, Additions to consolidation group 0
14 million at METRO Cash & Carry Hungary and 7 million at Additions 2
METRO Cash & Carry Belgium. At Real Germany, a perpetual Disposals 7
EBIT of 124 million was assumed. Reclassifications under IFRS 5 0
Transfers 0
Assuming a 0.1 percentage point lower growth rate or a cap- As of 30/9 / 1/10/2014 3,860
italisation rate of 5.61 per cent rather than 5.55 per cent or Currency translation 0
an assumed perpetual EBIT of 41 million rather than Additions to consolidation group 0
42 million, the fair value less costs to sell of METRO Additions 184
Cash & Carry Netherlands would correspond to the carrying Disposals 0
amount. For METRO Cash & Carry Poland, the fair value less Reclassifications under IFRS 5 116
costs to sell would correspond to the carrying amount assum- Transfers 0
ing a 0.3 percentage point lower growth rate or a capitalisation As of 30/9/2015 3,928
rate of 6.3 per cent rather than 6.2 per cent or an assumed Depreciation/amortisation/impairment losses
perpetual EBIT of 36 million rather than 38 million. Assum- As of 1/10/2013 101
ing a 0.4 percentage point lower growth rate or a capitalisation Currency translation 0
rate of 5.5 per cent rather than 5.4 per cent or an assumed Additions, scheduled 0
perpetual EBIT of 94 million rather than 96 million, the fair Additions, non-scheduled 88
value less costs to sell of METRO Cash & Carry Germany would Disposals 0
correspond to the carrying amount. For METRO Cash & Carry Reclassifications under IFRS 5 0
Hungary, fair value less costs to sell would correspond to the Reversals of impairment losses 0
carrying amount assuming a 0.6 percentage point lower growth Transfers 0
rate or a capitalisation rate of 7.9 per cent rather than As of 30/9 / 1/10/2014 189
7.5 per cent or an assumed perpetual EBIT of 22 million Currency translation 0
rather than 24 million. Assuming a 0.2 percentage point lower Additions, scheduled 0
growth rate or a capitalisation rate of 5.6 per cent rather than Additions, non-scheduled 457
5.5 per cent or an assumed perpetual EBIT of 23.8 million Disposals 0
rather than 24.4 million, the fair value less costs to sell of Reclassifications under IFRS 5 20
METRO Cash & Carry Belgium would correspond to the carry- Reversals of impairment losses 0
ing amount. Transfers 0

As of 30/9/2015 626
Carrying amount at 1/10/2013 3,763
SERVICE
20. Other intangible assets
(thereof internally generated

million Intangible assets without goodwill intangible assets)
Acquisition or production costs

As of 1/10/2013 1,796 (1,012)
Currency translation 5 (1)
Additions to consolidation group 0 (0)
Additions 130 (75)
Disposals 70 (21)
Reclassifications under IFRS 5 5 (1)
Transfers 7 (6)
As of 30/9 / 1/10/2014 1,840 (1,056)
Additions to consolidation group 116 (1)
Additions 133 (71)
Disposals 14 (2)
Transfers 9 (2)
As of 30/9/2015 1,864 (940)
As of 1/10/2013 1,403 (817)
Additions, scheduled 126 (76)
Additions, non-scheduled 4 (1)
Disposals 66 (20)
Reversals of impairment losses 0 (0)
Transfers 0 (4)
As of 30/9 / 1/10/2014 1,460 (868)
Additions, scheduled 116 (73)
Additions, non-scheduled 3 (2)
Disposals 12 (0)
Reversals of impairment losses 0 (0)
Transfers 8 (0)
As of 30/9/2015 1,399 (793)
Carrying amount at 1/10/2013 393 (194)
The other intangible assets have both finite and indefinite use- The other additions to the consolidation group comprise the
ful lives. Intangible assets with a finite useful life are subject to customer base also acquired as part of the acquisition of the
depreciation/amortisation. Intangible assets with an indefinite Classic Fine Foods group, at 62 million. Additions of
useful life relate to the Classic Fine Foods brand acquired in 6 million were effected in the context of the first-time consoli-
the context of the acquisition of the Classic Fine Foods group dation of the iBOOD group.
(48 million).
Additions in the amount of 133 million concern internally 0 million (2013/14: 2 million) and acquired concessions,
generated software at 71 million, concessions, rights and rights and licences at 3 million (2013/14: 1 million).
licences at 35 million, and purchased software at 27 million.
Research and development expenses recognised in expenses
Reclassifications to assets held for sale concern the divested essentially concern internally generated software and amount-
department store business including the associated real estate ed to 39 million in the current financial year (2013/14:
assets at 41 million. 39 million).
The additions to depreciation/amortisation/impairment losses As in the previous year, there are no material limits to the title or
on other intangible assets are shown in the cost of sales at an right to dispose of intangible assets. Purchasing obligations
amount of 3 million (2013/14: 4 million), in selling expenses amounting to 1 million (30/9/2014: 1 million, including
at 36 million (2013/14: 56 million), in general administrative 0 million related to discontinued operations) were entered into.
expenses at 65 million (2013/14: 71 million) and at
15 million in profit or loss for the period from discontinued 21. Property, plant and equipment
operations after taxes. As of 30 September 2015, property, plant and equipment total-
ling 7,955 million (30/9/2014: 10,025 million) was recorded.
Impairment losses concern internally generated software at The development of property, plant and equipment is shown in
2 million (2013/14: 1 million), lease and usage rights at the following table.
SERVICE
Other plant, business Assets

million Land and buildings and office equipment under construction Total

As of 1/10/2013 12,157 8,304 226 20,687
Currency translation 260 104 6 369
Additions to consolidation group 184 0 0 184
Additions 1301 441 3301 901
Disposals 312 443 14 769
Reclassifications under IFRS 5 165 112 5 282
Transfers 20 175 273 117
As of 30/9 / 1/10/2014 11,714 8,261 258 20,233
Additions 2701 442 342 1,054
Disposals 198 452 13 663
Reclassifications under IFRS 5 1,950 593 7 2,550
Transfers 175 137 326 14
As of 30/9/2015 9,629 7,605 217 17,451
As of 1/10/2013 4,478 5,493 6 9,978
Additions, scheduled 385 557 0 943
Additions, non-scheduled 54 49 2 105
Disposals 167 386 1 554
Reversals of impairment losses 10 1 0 11
Transfers 43 2 0 41
As of 30/9 / 1/10/2014 4,607 5,595 7 10,208
Disposals 145 398 0 543
Transfers 7 16 1 10
As of 30/9/2015 4,267 5,220 9 9,496
Carrying amount at 1/10/2013 7,679 2,810 220 10,709
1 Including asset transfers from assets held for sale to property, plant and equipment
The decline in property, plant and equipment mainly results business and office equipment, at 174 million, and assets
from the reclassification of assets to assets held for sale in under construction, at 7 million. In addition, the reclassifi-
the amount of 1,658 million (2013/14: 172 million). At cations include individual real estate properties in the amount
1,535 million, these primarily relate to property, plant and of 62 million and property, plant and equipment of the
equipment of the divested Galeria Kaufhof group. The latter wholesale business of METRO Cash & Carry Greece in the
includes real estate assets, at 1,353 million, other plant, amount of 56 million.
Negative currency effects of 445 million (2013/14: 268 million) million Up to 1 year 1 to 5 years Over 5 years
also contributed to the decline. These primarily concern Russia Finance leases 30/9/2014
and Ukraine. Future lease payments due (nominal) 210 645 1,178
Discount 15 139 600
Restrictions on titles in the form of liens and encumbrances for Present value 195 506 578
property, plant and equipment amounted to 89 million Operating leases 30/9/2014
(30/9/2014: 179 million, including 67 million related to dis- Future lease payments due (nominal) 1,422 4,312 3,632
continued operations). thereof discontinued operations 149 413 249
Contractual commitments for the acquisition of property, plant

and equipment in the amount of 156 million (30/9/2014: million Up to 1 year 1 to 5 years Over 5 years
128 million, including 28 million related to discontinued Finance leases 30/9/2015
operations) were entered into. Future lease paymentsdue (nominal) 178 626 1,077
Discount 21 143 505
Leases Present value 158 483 572
Assets available to METRO GROUP under the terms of finance Operating leases 30/9/2015
leases were valued at 845 million (30/9/2014: 879 million). Future lease payments due (nominal) 1,279 3,884 3,125
The assets involved are mainly leased buildings.
Finance leases generally have terms of 15 to 25 years with Future payments due on finance leases contain purchase pay-
options under expiration to extend them at least once for five ments amounting to 32 million required for the exercise of
years. The interest rates in the leases vary by market and date more favourable purchase options (30/9/2014: 42 million,
of signing between 2.09 and 5.22 per cent. including 0 million related to discontinued operations).
In addition to finance leases, METRO GROUP also signed other The nominal value of future lease payments due to
types of leases classified as operating leases based on their METRO GROUP coming from the subleasing of assets held
economic value. Operating leases generally have an initial term under finance leases amounts to 264 million (30/9/2014:
of up to 15 years. The interest rates in the leases are based 199 million, including 5 million related to discontinued
partly on variable and partly on fixed rents. operations).
Payments due under finance and operating leases in subse- The nominal value of future lease payments due to
quent periods are shown as follows: METRO GROUP coming from the subleasing of assets held
under operating leases amounts to 463 million (30/9/2014:
470 million, including 32 million related to discontinued
operations).
Profit or loss for the period includes expenses from leases

totalling 1,539 million (2013/14: 1,585 million), including
156 million related to discontinued operations (2013/14:
161 million). Profit or loss for the period includes rental in-
come totalling 333 million (2013/14: 341 million), including
48 million related to discontinued operations (2013/14:
47 million).
SERVICE
Contingent lease payments from finance leases recognised as million Investment properties
expenses during the period amount to 7 million (2013/14: Acquisition or production costs
10 million), including 0 million related to discontinued oper- As of 1/10/2013 407
ations (2013/14: 1 million). Contingent lease payments from Currency translation 0
operating leases recognised as expenses during the period Additions to consolidation group 0
amount to 53 million (2013/14: 55 million), including Additions1 2
0 million related to discontinued operations (2013/14: Disposals 10
0 million). Reclassifications under IFRS 5 0
Transfers 125
Lease payments due in subsequent periods from entities out- As of 30/9 / 1/10/2014 523
side METRO GROUP for the rental of properties that are legally Currency translation 0
owned by METRO GROUP (METRO GROUP as lessor) are shown Additions to consolidation group 0
below: Additions1 24
Disposals 6
million Up to 1 year 1 to 5 years Over 5 years Reclassifications under IFRS 5 61
Operating leases 30/9/2014 Transfers 4
Future lease payments due (nominal) 84 235 192 As of 30/9/2015 484
from discontinued operations 17 53 33 Depreciation/amortisation/impairment losses

As of 1/10/2013 250
Currency translation 0
million Up to 1 year 1 to 5 years Over 5 years Additions, scheduled 10
Operating leases 30/9/2015 Additions, non-scheduled 6
Future lease payments due (nominal) 56 159 121 Disposals 7
Reclassifications under IFRS 5 0
Reversals of impairment losses 0
22. Investment properties Transfers 41
Investment properties are recognised at depreciated cost. As As of 30/9 / 1/10/2014 300
of 30 September 2015, investment properties totalling Currency translation 0
170 million (30/9/2014: 223 million) were recognised. The Additions, scheduled 12
development of property, plant and equipment is shown in the Additions, non-scheduled 26
following table. Disposals 5
Transfers 1
As of 30/9/2015 314
Carrying amount at 1/10/2013 156
1 Including asset transfers from assets held for sale to investment properties
The decline of 53 million was mainly the result of the reclassi-

fication of sites owned by METRO PROPERTIES from invest-
ment properties to assets held for sale. In addition, an over-
compensation of investing activities in financial year 2014/15 by
depreciation and impairment losses contributed to this decline.
Offsetting effects essentially resulted from the reclassification
of a Russian site owned by METRO PROPERTIES from assets location risk as well as the property-specific real estate risk. In
held for sale to investment properties. addition, project developments are being considered in the
context of determining the best possible use.
The fair values of these investment properties total
243 million (30/9/2014: 311 million, including 1 million Rental income from these properties amounts to 34 million,
related to discontinued operations). They cannot be determined with finance leases accounting for 11 million of this total
on the basis of observable market prices. As a result, the fair (2013/14: 40 million, thereof 11 million from finance leases).
values are determined on the basis of internationally recog- The related expenses amount to 20 million, with finance
nised measurement methods, particularly the comparative leases accounting for 7 million (2013/14: 25 million, thereof
value procedure and the discounted cash flow method (level 3 8 million from finance leases). Expenses of 1 million
of the three-level valuation hierarchy of IFRS 13 [Fair Value (2013/14: 1 million) resulted from properties without rental
Measurement]), based on a detailed planning period of ten income and did not relate to finance leases.
years. Aside from headline rents, market-based discount rates
were used as key valuation parameters. The discount rates are Restrictions on titles in the form of liens and encumbrances
determined on the basis of analyses of relevant real estate amounted to 19 million (30/9/2014: 19 million, including
markets as well as evaluations of comparable transactions and 0 million related to discontinued operations). As in the previ-
market publications issued by international consulting firms. ous year, no contractual commitments for the acquisition of
The resulting discount rates reflect the respective country and investment properties were made.
SERVICE
23. Financial investments and investments accounted for using the equity method
million Loans Investments Securities Total

As of 1/10/2013 65 267 2 333
Additions 6 5 0 11
Disposals 19 269 0 288
Transfers 1 1 0 0
As of 30/9 / 1/10/2014 51 19 2 72
Additions 4 32 0 37
Disposals 4 9 0 13
Transfers 5 42 0 37
As of 30/9/2015 46 84 2 133
As of 1/10/2013 13 1 0 14
Disposals 13 0 0 13
Transfers 0 0 0 0
As of 30/9 / 1/10/2014 0 1 0 1
Disposals 0 0 0 0
Transfers 0 14 0 14
As of 30/9/2015 0 16 0 16
Carrying amount at 1/10/2013 52 266 2 319
METRO GROUP sold 60 per cent of the shares in 10 compa- Investments accounted for
nies of the Mayfair Group as part of a joint venture. The re- million using the equity method
maining 40 per cent are shown as an addition to investments Acquisition or production costs
accounted for using the equity method in the amount of As of 1/10/2013 132
83 million. Currency translation 0

Additions to consolidation group 0
Additions 2
Disposals 39
Transfers 0
As of 30/9 / 1/10/2014 95
Additions to consolidation group 0
Additions 86
Disposals 0
Transfers 10
As of 30/9/2015 191
As of 1/10/2013 0
Additions, scheduled 0
Additions, non-scheduled 0
Disposals 0
Transfers 0
As of 30/9 / 1/10/2014 0
Additions, scheduled 0
Additions, non-scheduled 8
Disposals 0
Transfers 0
As of 30/9/2015 7
Details on major investments accounted for using the equity

method are listed in the following table.
With the exception of Habib Metro Pakistan (closing date 30/6),

the closing date for all other companies listed here is 31/12.
SERVICE
Habib Metro Pakistan OPCI FWP OPCI FWS Mayfair group 1 Others Total
million 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15 2013/14 2014/15
Size of investment (in %) 40 40 4.99 4.99 25 25 n/a 40

Market capitalisation n/a
Carrying amount 45 47 8 9 39 39 n/a 83 3 6 95 184
Notes to the income statement
Sales 10 12 23 23 22 22 n/a 0 3 21 58 78
Earnings after taxes
from continuing operations 4 6 11 16 11 15 n/a 12 2 0 28 49
Earnings after taxes
from discontinued operations 0 0 0 0 0 0 n/a 0 0 0 0 0
Other comprehensive income 0 0 0 0 0 0 n/a 0 0 0 0 0
Total comprehensive income 4 6 11 16 11 15 n/a 12 2 0 28 49
Dividend payments
to the group 1 1 3 0 3 4 n/a 0 0 1 7 2
Notes to the balance sheet
Non-current assets 58 61 261 261 251 251 n/a 189 0 155 570 917
Current assets 9 14 4 2 5 6 n/a 4 4 34 22 60
Non-current liabilities 2 3 108 102 105 101 n/a 0 0 162 215 368
Current liabilities 1 1 0 1 0 1 n/a 0 1 21 2 24
1 The Mayfair group comprises ten real estate companies
METRO GROUPs representation on the supervisory board of

OPCI FRENCH WHOLESALE PROPERTIES FWP ensures that
significant influence will be maintained and that the holding
will be accounted for using the equity method although the
share only amounts to 4.99 per cent.
24. Other financial and non-financial assets
30/9/2014 30/9/2015
million Total up to 1 year over 1 year total up to 1 year over 1 year
Receivables due from suppliers 1,668 1,6491 19 1,674 1,653 22

Miscellaneous financial assets 669 649 19 1,280 1,230 51
Other financial assets 2,337 2,298 39 2,954 2,882 72
Other tax receivables 464 464 0 358 358 0
Prepaid expenses and deferred charges 376 150 226 351 136 216
Miscellaneous non-financial assets 75 68 7 63 59 5
Other non-financial assets 915 681 234 773 553 220
Other financial and non-financial assets 3,252 2,981 272 3,727 3,435 292
Receivables due from suppliers comprise both invoiced and yet clearable input tax in the amount of 190 million
deferred income for subsequent supplier compensation (for (30/9/2014: 187 million) and other entitlements to tax
example, bonuses and advertising subsidies) and creditors with refunds totalling 15 million (30/9/2014: 14 million).
debit balances.
Prepaid expenses and deferred charges include deferred ren-
Miscellaneous non-financial assets primarily include receiv- tal, leasing and interest prepayments as well as miscellaneous
ables from other financial transactions in the amount of deferments.
479 million (30/9/2014: 59 million), receivables from
METRO Untersttzungskasse e. V. amounting to 221 million Miscellaneous non-financial assets particularly include interest
(30/9/2014: 208 million), receivables due from the Galeria receivables related to tax receivables and prepayments made
Kaufhof group in the amount of 193 million (in particular on inventories.
receivables from profit and loss transfer agreements in finan-
cial year 2014/15), receivables from credit card transactions 25. Deferred tax assets / deferred tax liabilities
in the amount of 101 million (30/9/2014: 104 million), Deferred taxes on tax loss carry-forwards and temporary dif-
receivables and other non-financial assets in the real estate ferences amount to 1,466 million before netting (30/9/2014:
area amounting to 43 million (30/9/2014: 52 million), re- 1,762 million), a decline of 296 million compared with
ceivables from claims events in the amount of 28 million 30 September 2014. The carrying amounts of deferred tax
(30/9/2014: 4 million) and financing provisions amounting to liabilities declined by 173 million to 884 million compared
25 million (30/9/2014: 22 million). The deviation from the with the previous year (30/9/2014: 1,057 million).
previous year relates to receivables from other financial
transactions at 415 million and includes the transfer of cash The decline in deferred tax assets and deferred tax liabilities on
and cash equivalents of MIAG Commanditaire Vennootschap tax loss carry-forwards and temporary differences is essential-
to short-term money market funds. ly due to the deconsolidation of the Galeria Kaufhof group.
Other tax receivables include entitlements to sales tax re- Deferred taxes relate to the following balance sheet items:
funds totalling 153 million (30/9/2014: 263 million), not
30/9/2014 30/9/2015
million Asset Liability Asset Liability
Goodwill 152 170 110 161

Other intangible assets 101 73 73 83
Property, plant and equipment and investment properties 156 596 138 468
Financial investments and investments accounted for using the equity method 5 2 4 3
Inventories 70 18 62 10
Other financial and non-financial assets 115 60 57 56
Assets held for sale 0 0 0 2
Provisions for pensions and similar obligations 368 62 281 53
Other provisions 96 7 101 11
Borrowings 369 6 351 1
Other financial and non-financial liabilities 131 63 139 32
Liabilities related to assets held for sale 0 0 0 0
Outside basis differences 0 0 0 4
Write-downs of temporary differences 106 0 89 0
Loss carry-forwards 304 0 240 0
Total 1,762 1,057 1,466 884
Offset 927 927 742 742
Carrying amount of deferred taxes 835 130 724 142
SERVICE
Of the deferred tax assets shown, 390 million (30/9/2014: 30 September 2015, 4 million (30/9/2014: 0 million) in de-
492 million) is attributable to the incorporated companies of ferred tax liabilities from outside basis differences were recog-
METRO AG. Based on business planning, realisation of this nised for planned dividend payments. There were no circum-
tax asset is to be considered sufficiently probable. The im- stances leading to a corresponding deferral during the previous
plementation of a new transfer price system in the METRO year. Due to the hierarchical structure of METRO GROUP, the
Cash & Carry segment as of 1 October 2015 had a positive determination of the taxable temporary differences would
effect on the impairment test for deferred taxes as it allowed require undue efforts.
for the compensation of opposite tax effects in connection with
the deconsolidation of the Galeria Kaufhof group in particular. No deferred tax assets were capitalised for the following tax
loss carry-forwards and interest carry-forwards or temporary
In accordance with IAS 12 (Income Taxes), deferred tax liabil- differences because realisation of the assets in the short-to-
ities relating to differences between the carrying amount of a medium term is not expected:
subsidiarys pro rata assets and liabilities in the balance sheet
and the carrying amounts of the investments for this subsidiary million 30/9/2014 30/9/2015
in the parent companys tax statement must be capitalised (so- Corporate tax losses 7,896 8,027
called outside basis differences) if the tax benefit is likely to be Trade tax losses 7,908 7,865
realised in the future. The differences can primarily be attribut- Interest carry-forwards 19 15
ed to retained earnings of subsidiaries in Germany and abroad. Temporary differences 415 364
No deferred taxes were recognised for these retained earnings
as they will be reinvested over an indefinite period of time or
are not subject to relevant taxation. Any dividends paid by sub- The losses primarily concern Germany. They can be carried
sidiaries would be subject to a dividend tax of 5 per cent. In forward without limitation.
addition, foreign dividends may trigger a withholding tax. As of
Tax effects on components of other comprehensive income
2013/14 2014/15
Before After Before After

million taxes Taxes taxes taxes Taxes taxes
Currency translation differences

from translating the financial statements
of foreign operations 30 7 37 183 3 186
thereof currency translation differences
of net investments in foreign operations (68) (7) (75) (9) (3) (12)
Effective portion of gains/losses
from cash flow hedges 21 3 18 12 2 10
Gains/losses on remeasuring
financial instruments in the category
available for sale 70 0 70 0 0 0
Deferred taxes on the remeasurement
of defined benefit pension plans 256 41 215 90 31 59
Other changes 0 0 0 0 0 0
Remaining income tax on other comprehensive income 0 4 4 0 1 1
335 27 308 105 31 136
As a result of non-taxable events as well as the non-recognition The sale of the Galeria Kaufhof group resulted in an increase
and impairment of deferred taxes, the recognised tax does not in trade receivables of 47 million, with the first-time disclo-
correspond to the estimated tax for each item. sure of former intra-group receivables (52 million) partially
offset by the removal of receivables of the Galeria Kaufhof
26. Inventories group (5 million). In addition, the acquisition of the Classic
Fine Foods group and higher commission receivables led to
million 30/9/2014 30/9/2015 another increase.
Food merchandise 2,032 1,922
Non-food merchandise 3,914 3,516 28. Impairments of capitalised financial instruments
5,946 5,439 Impairments of capitalised financial instruments that are
measured at amortised cost are as follows:
Inventories can be broken down by segment as follows: Category loans

million and receivables
As of 1/10/2013 189
million 30/9/2014 30/9/2015
METRO Cash & Carry 2,319 2,309
Additions 67
Media-Saturn 2,182 2,322
Reversal 36
Real 578 807
Utilisation 52
Galeria Kaufhof 540 0
Transfers 31
Others 327 1
As of 30/9 / 1/10/2014 135
5,946 5,439
Additions 66
Reversal 45
Compared with 30 September 2014, inventories fell by
Utilisation 27
507 million. This decline is essentially due to the sale of the
Transfers 1
Galeria Kaufhof group in the amount of 540 million and nega-
As of 30/9/2015 126
tive currency effects totalling 161 million (primarily at the
sales line METRO Cash & Carry). Opposite effects of
140 million and 24 million, respectively, were produced by In the category loans and receivables, which particularly
the demand-driven increase in inventories in the Media-Saturn includes loans, trade receivables, receivables from suppliers as
segment and the acquisition of the Classic Fine Foods group. well as receivables and other assets in the real estate area,
negative earnings effects from impairments amount to
The increase in the Real segment is due to the assumption of 19 million (2013/14: 29 million). This also includes earnings
ownership of inventories of METRO LOGISTICS Germany from the receipt of cash from receivables of 2 million
GmbH. The value of inventories in the Others segment de- (2013/14: 2 million) derecognised due to expected irrecover-
clined accordingly. ability. In the current financial year, this item includes reclassi-
fications of impairments of assets to assets held for sale in the
Inventories include impairments of 202 million (30/9/2014: amount of 2 million (2013/14: 1 million).
229 million).
As in the previous year, no earnings effects existed in the cat-
27. Trade receivables egory held to maturity and from receivables from finance
Of total trade receivables of 702 million (30/9/2014: leases (amount according to IAS 17).
560 million), 16 million (30/9/2014: 17 million) is due in
over one year.
SERVICE
In principle, impairment losses on capitalised financial instru- 29. Maturities and impairments of capitalised
ments are recognised using an adjustment account. They re- financial instruments
duce the carrying amount of financial assets. Capitalised financial instruments had the following maturities
and impairments as of the closing date:
thereof past due, not impaired
Total carrying thereof

amount not past due, Due within the Due for Due for Due for Due for more
million 30/9/2014 not impaired last 90 days 91 to 180 days 181 to 270 days 271 to 360 days than 360 days
Assets
in the category loans and receivables 2,9011 2,5121 87 9 3 0 1
in the category held to maturity 0 0 0 0 0 0 0
in the category held for trading 26 0 0 0 0 0 0
in the category available for sale 19 1 0 0 0 0 0
2,947 2,513 87 9 3 0 1
thereof past due, not impaired
Total carrying thereof

amount not past due, Due within the Due for Due for Due for Due for more
million 30/9/2015 not impaired last 90 days 91 to 180 days 181 to 270 days 271 to 360 days than 360 days
Assets
in the category loans and receivables 3,209 2,747 129 10 9 1 2
in the category held to maturity 0 0 0 0 0 0 0
in the category held for trading 30 0 0 0 0 0 0
in the category available for sale 486 1 0 0 0 0 0
3,725 2,748 129 10 9 1 2
Loans and receivables due within the last 90 days largely result 30. Cash and cash equivalents
from standard business payment transactions with immediate
or short-term payment targets. For unimpaired loans and million 30/9/2014 30/9/2015
receivables more than 90 days past due, there is no indication Cheques and cash on hand 110 111
as of the closing date that debtors will not fulfil their payment Bank deposits and other financial assets
obligations. For capitalised financial instruments which are not with short-term liquidity 2,296 4,304
past due and which are not impaired, there is no indication 2,406 4,415
based on the debtors creditworthiness that would require an

impairment. The strong increase in cash and cash equivalents essentially
resulted from the sale of the Galeria Kaufhof group.
For more information, see the cash flow statement and no. 42 notes

to the cash flow statement.

31. Assets held for sale / liabilities related to assets million

held for sale Assets
Goodwill 71
Sale of the Galeria Kaufhof group Other intangible assets 49
On 15 June 2015, METRO GROUP signed an agreement with Property, plant and equipment 1,589
Hudsons Bay Company, Toronto, Canada, regarding the sale of Financial assets 1,184
the entire department store business as well as 59 related Other financial and non-financial assets (non-current) 147
properties owned and/or managed by the Galeria Real Estate Inventories 502
Group. The department store business comprises 102 Galeria Other financial and non-financial assets (current) 94
Kaufhof stores and 16 Sportarena stores in Germany as well as Cash and cash equivalents 381
16 department stores of the subsidiary Galeria Inno in Belgium. 4,017
The sale of the department store business was completed as of Liabilities
30 September 2015. Accordingly, the department store busi- Provisions for pensions and similar obligations 319
ness was deconsolidated as of the same date. Other provisions 14
Borrowings (non-current) 1,303
All assets and liabilities affected by the agreement were part of Other financial and non-financial liabilities (non-current) 130
the Galeria Kaufhof segment and were treated as a discontinued Trade liabilities 313
operation in accordance with IFRS 5 from 30 June 2015 to the Provisions (current) 39
date of deconsolidation. Following consolidation of all intra- Borrowings (current) 6
group assets and liabilities, they were therefore shown in the Other financial and non-financial liabilities (current) 392
items assets held for sale (2,291 million) or liabilities related to 2,516
assets held for sale (1,258 million) in the consolidated balance
sheet as of 30 June 2015. The values of assets and liabilities
changed until the time of disposal due to regular operations and No impairment losses were necessary to adjust the recognised
a preparatory measure in connection with the financing of the carrying amounts to the fair value less costs to sell. The decon-
purchase price by the buyer that had to be accounted for in the solidation result from the divestment process including all
context of the closing on 30 September 2015. The assets and expenses that were previously directly related to the disposal of
liabilities held for sale of the department store business that the department store business amounts to 797 million after
were disposed of as part of the consolidation can be broken taxes and, together with current earnings after taxes of the
down as follows: department store business in the amount of 138 million, was
shown in the income statement under profit or loss for the
period from discontinued operations.
As part of deconsolidation, cumulative remeasurement effects

included in other comprehensive income in connection with the
valuation of Galeria Kaufhof pension plans of 126 million and
the related income tax effect of 39 million were reclassified to
other reserves retained from earnings.
For more information about this transaction, see the notes to the income

statement under profit or loss for the period from discontinued operations after taxes.
SERVICE
Sale of wholesale business in Vietnam million

On 18 February 2015, METRO Cash & Carry signed an agree- Assets
ment regarding the sale of all 19 Vietnamese wholesale stores Property, plant and equipment 125
including the associated real estate portfolio to TCC Holding Other financial and non-financial assets (non-current) 52
Co., Ltd. (TCC). This contract was modified on 22 July 2015. On Inventories 34
7 August 2014, METRO Cash & Carry had signed an agreement Trade receivables 3
with the Thai retail group Berli Jucker Public Company Ltd. Other financial and non-financial assets (current) 17
(BJC) regarding the sale of the Vietnamese wholesale business Cash and cash equivalents 2
including the associated real estate portfolio. This was rejected 233
by a general meeting of BJC. As a result, BJCs majority share- Liabilities
holder TCC replaced BJC as party to the transaction at un- Provisions for pensions and similar obligations 1
changed economic conditions. METRO GROUP expects the Borrowings (non-current) 58
transaction to be completed in financial year 2015/16. At pres- Trade liabilities 41
ent, customary authorisations by the local authorities remain Provisions (current) 6
outstanding. Until these conditions are fulfilled, the Vietnamese Borrowings (current) 82
wholesale business will remain part of METRO GROUP and will Other financial and non-financial liabilities (current) 6
continue to contribute to group results. Since the annual finan- 194
cial statements for financial year 2013/14, all assets and liabil-
ities affected by the transaction have been treated as a disposal
group pursuant to IFRS 5. Following consolidation of all intra- In the METRO Cash & Carry segment, assets and liabilities held
group assets and liabilities, they are therefore shown under for sale that are related to the Vietnamese wholesale business
assets held for sale or liabilities related to assets held for sale contribute 228 million to segment assets and 52 million to
in the consolidated balance sheet as of 30 September 2015. The segment liabilities.
assets held for sale of 221 million shown in this context in the
consolidated financial statements as of 30 September 2014 Expenses of 8 million in connection with the sale were in-
increased to 233 million in financial year 2014/15 as oper- curred in financial year 2014/15 and reflected in EBIT. They are
ations were continued. Correspondingly, liabilities related to reported under general administrative expenses and are es-
assets held for sale increased from 192 million to sentially attributable to the METRO Cash & Carry segment. In
194 million during this period. As of 30 September 2015, the addition, the net financial result includes 3 million in income,
breakdown of these assets and liabilities is as follows: with 4 million shown in the other financial result and
1 million shown in the interest result. No expenses were
incurred in connection with the measurement of the disposal
group at fair value less costs to sell. The transaction also had
no impact on other comprehensive income.
The currency translation differences from the translation of the

Vietnamese financial statement data that were recognised in
equity outside of profit or loss until divestment amounted to
6 million.
Sale of cash-and-carry activities in Greece

On 21 November 2014, METRO GROUP concluded an agree-
ment regarding the sale of 100 per cent of the shares in
MAKRO Cash & Carry Wholesale S.A., Greece, consisting of
nine cash-and-carry stores and the associated real estate
portfolio, with INO S.A., a 70 per cent owned subsidiary of
Greek retail group I. & S. Sklavenitis Trade S.A. (Sklavenitis). 2014/15. The decline is primarily the result of the sale of real
After the suspensive conditions had been fulfilled, the transac- estate assets in the amount of 295 million. In addition, this
tion was completed on 30 January 2015. As a result, the decon- item was changed by the reintegration of real estate assets into
solidation of MAKRO Cash & Carry Wholesale S.A. was imple- non-current assets in the amount of 23 million, currency
mented in the half-year financial statements as of 31 March effects of 8 million and the reclassification of individual real
2015. The assets and liabilities disposed of as a result of the estate properties from non-current assets to assets held for
deconsolidations can be broken down as follows: sale in the amount of 107 million.
million METRO GROUP expects to dispose of the real estate assets

Assets recognised as assets held for sale within a year following their
Goodwill 25 first-time recognition in this balance sheet item. No impair-
Property, plant and equipment 57 ment losses to a lower fair value less costs to sell became
Inventories 30 necessary. Within segment reporting, these assets are recog-
Other financial and non-financial assets (current) 16 nised in segment assets of the Others segment (17 million).
Cash and cash equivalents 18
146 32. Equity
Liabilities In terms of amount and composition that is, the ratio of ordin-
Provisions for pensions and similar obligations 2 ary to preference shares subscribed capital has not changed
Trade liabilities 74 compared with 30 September 2014 and totals 835,419,052.27.
Provisions (current) 2 It is divided as follows:
Other financial and non-financial liabilities (current) 5
83 No-par-value bearer
shares, accounting
par value approximately
2.56 30/9/2014 30/9/2015
The EBIT contribution resulting from the sale of MAKRO Ordinary shares Shares 324,109,563 324,109,563
Cash & Carry Wholesale S.A. amounts to 8 million, with approximately 828,572,941 828,572,941
9 million recognised in other operating income and 1 million Preference shares Shares 2,677,966 2,677,966
recognised in general administrative expenses. In addition, the approximately 6,846,111 6,846,111
reversal through profit or loss of currency translation differ- Total shares Shares 326,787,529 326,787,529
ences that were recognised in equity until the deconsolidation Total share capital approximately 835,419,052 835,419,052
date resulted in expenses of 8 million in the other financial

result. The deconsolidation had no impact on other compre-
hensive income. Each ordinary share grants one voting right. In addition, ordin-
ary shares of METRO AG entitle the holder to dividends. In
Sale of Reals Eastern European business contrast to ordinary shares, preference shares principally do
In the context of the disposal of Reals Eastern European busi- not carry voting rights and give a preferential entitlement to
ness to Groupe Auchan, which was completed by the end of the profits in line with 21 of the Articles of Association of
second quarter of 2013/14, the group plans to sell the remain- METRO AG, which state:
ing assets to other buyers. After consideration of currency
effects of 1 million, these assets were sold at their carrying (1) Holders of non-voting preference shares will receive from
amount of 2 million during the third quarter of financial the annual balance sheet profit a preference dividend of
year 2014/15. 0.17 per preference share.
Real estate (2) Should the net earnings available for distribution not suf-
The value of individual real estate properties held for sale fice in any one financial year to pay the preference divi-
changed from 236 million to 17 million during financial year dend, the arrears (excluding any interest) shall be paid
SERVICE
from the net earnings of future financial years in an order with the consent of the Supervisory Board, to issue warrant or
based on age, i.e. in such manner that any older arrears are convertible bearer bonds (in aggregate, bonds) with an ag-
paid off prior to any more recent ones and that the prefer- gregate par value of 1,500,000,000 prior to 19 February 2020,
ence dividends payable from the profit of a financial year are at once or in several stages, and to grant the holders of war-
not distributed until all of any accumulated arrears have rant or convertible bearer bonds warrant or conversion rights
been paid. or impose warrant or conversion obligations upon them for
ordinary bearer shares in METRO AG representing up to
(3) After the preference dividend has been distributed, the 127,825,000 of the share capital in accordance with the terms
holders of ordinary shares will receive a dividend of of the warrant or convertible bearer bonds, or to foresee the
0.17 per ordinary share. Thereafter, a non-cumulative companys right to deliver ordinary shares in the company as
extra dividend of 0.06 per share will be paid to the holders full or partial compensation for a cash redemption of the
of non-voting preference shares. The extra dividend shall bonds. The Management Board is authorised, with the consent
amount to 10 per cent of such dividend as, in accordance of the Supervisory Board, to exclude shareholder subscription
with Section 4 herein below, will be paid to the holders of rights in certain cases. To date, no warrant and/or convertible
ordinary shares insofar as such dividend equals or exceeds bonds have been issued based on said authorisation.
1.02 per ordinary share.
Share buyback
(4) The holders of non-voting preference shares and of ordinary In line with 71 Section 1 No. 8 of the German Stock Corpor-
shares will equally share in any additional profit distribution ation Act (AktG), the Annual General Meeting of 20 Febru-
in the proportion of their shares in the share capital. ary 2015 authorised the company on or before 19 Febru-
ary 2020 to acquire shares of the company of any share class
Authorised capital representing a maximum of 10 per cent of the share capital
The Annual General Meeting on 23 May 2012 authorised the issued at the time the Annual General Meeting has passed the
Management Board to increase the share capital, with the resolution or if this value is lower at the time the authorisa-
consent of the Supervisory Board, by issuing new ordinary tion is exercised. To date, neither the company nor any compa-
bearer shares in exchange for cash or non-cash contribu- ny controlled or majority-owned by the company or any other
tions in one or several tranches for a total maximum of company acting on behalf of the company or of any company
325,000,000 by 22 May 2017 (authorised capital I). The controlled or majority-owned by the company has exercised this
Management Board is authorised, with the consent of the authorisation.
Supervisory Board, to exclude shareholder subscription
For more information about authorised capital, contingent capital, about

rights in certain cases. To date, the authorised capital I has the authorisation to issue warrant and/or convertible bonds as well as about share
buybacks, see the chapter notes pursuant to 315 Section 4 and 289 Section 4
not been utilised.
of the German Commercial Code and explanatory report of the Management Board
in the combined management report.
Contingent capital
The Annual General Meeting on 20 February 2015 resolved a Capital reserve
contingent increase in the share capital by up to 127,825,000, The capital reserve amounts to 2,551 million (30/9/2014:
divided into up to 50,000,000 ordinary bearer shares (contingent 2,551 million).
capital I). This contingent capital increase is related to the
establishment of an authorisation of the Management Board,
Reserves retained from earnings deferred taxes that were recognised outside of profit or loss.
Related income taxes amount to 31 million. The cumulative
million 30/9/2014 30/9/2015 effects from the remeasurement of defined benefit pension
Effective portion of gains/ plans of 126 million and the related income taxes of
losses from cash flow hedges 82 70 39 million attributable to the sold department store business
Gains/losses from the revaluation of of the Galeria Kaufhof group were reclassified into other re-
financial instruments in the category
available for sale 0 0 serves retained from earnings.
Currency translation differences
from translating the financial statements
of foreign operations 441 626 Other reserves retained from earnings increased by
Remeasurement of defined benefit pension plans 865 646 239 million to 2,864 million from 2,625 million. Profit for
Income tax on components the period attributable to the shareholders of METRO AG of
of other comprehensive income 201 131
672 million accounts for most of this increase. The opposite
Other reserves retained from earnings 2,625 2,864
effect was produced by dividend payments of 319 million and
1,602 1,793
the above-mentioned reclassification of cumulative effects
from the remeasurement of defined benefit pension plans in
Changes in the financial instruments presented above and the the amount of 87 million.
corresponding deferred tax effect consist of the following com-
ponents: Non-controlling interests
Non-controlling interests comprise the shares held by third
million 2013/14 2014/15 parties in the share capital of the consolidated subsidiaries.
Initial or subsequent measurement of They amounted to 7 million at the end of the financial year
derivative financial instruments 24 38 (30/9/2014: 11 million). The decline is primarily the result of
Derecognition of cash flow hedges 3 26 the dividend distribution of 45 million. The share of total com-
thereof in inventories (6) (23) prehensive income attributable to non-controlling interests had
thereof in net financial result (3) (3) the opposite effect (41 million). Significant non-controlling
Effective portion of gains/losses interests exist only at Media-Saturn-Holding GmbH.
from cash flow hedges 21 12
Gains/losses from the revaluation
of financial instruments in the category Appropriation of the balance sheet profit, dividends
available for sale 70 0
Dividend distribution of METRO AG is based on METRO AGs
49 12
annual financial statements prepared under German commer-
Net deferred tax effect thereon 3 2
cial law.
52 10
As resolved by the Annual General Meeting on 20 February

In addition, currency translation differences of 185 million 2015, a dividend of 0.90 per ordinary share and 1.13 per
reduced equity (2013/14: 34 million) and can be broken down preference share that is, a total of 295 million was paid in
as follows. financial year 2014/15 from the reported balance sheet profit of
319 million for financial year 2013/14. The remaining amount
The translation of the local balance sheets to the group cur- was carried forward to the new account.
rency resulted in a decline of 257 million in equity with no effect
on profit or loss. The recognition in the amount of 72 million Regarding the appropriation of the balance sheet profit for
from the cumulated currency differences of companies that will 2014/15, the Management Board of METRO AG will propose to
be deconsolidated within financial year 2014/15 or discontinue the Annual General Meeting to distribute dividends in the
their operations in profit or loss had the opposite effect. amount of 1.00 per ordinary share and 1.06 per preference
share from the reported balance sheet profit of 384 million
An increase in equity resulted from the effects of the remeas- that is, a total of 327 million and to carry forward the re-
urement of defined benefit pension plans of 93 million before maining amount to the new account.
SERVICE
33. Provisions for pensions and similar obligations consideration of accrued statutory pension entitlements. These
commitments provide for a widows or widowers pension of
million 30/9/2014 30/9/2015 varying size depending on the benefits the former employee
Pension provisions (employers commitments) 853 699 received or would have received in case of invalidity. Legacy
Provisions for indirect commitments 631 392 commitments are partially covered by assets held in benevolent
Provisions for voluntary pension benefits 6 1 funds. Provisions are recognised for those commitments not
Provisions for company pension plans 116 111 covered. The benevolent funds decision-making bodies (man-
Provisions for obligations similar to pensions 77 66 agement board and general assembly of members) comprise
1,684 1,270 both employer and employee representatives. The manage-
ment board decides on the deployment of funds and financial
investments. It may commission third parties to manage fund
Pension provisions are recognised in accordance with IAS 19 assets. No statutory minimum endowment obligations exist.
(Employee Benefits). Insofar as pledged benefits cannot be paid out of the benevo-
lent fund assets, the employer is obliged to directly assume
Pension provisions consist of commitments primarily related these payments.
to benefits defined by the provisions of company pension
plans. These take the form of defined benefit plans directly Netherlands
from the employer (employers commitments) and defined A defined benefit pension plan exists in the Netherlands and
benefit plans from external providers (benevolent funds in foresees pension payments in addition to invalidity and death
Germany and international pension funds or pension insur- benefits. The size of the benefits depends on the pensionable
ance). The external providers assets serve exclusively to fi- salary per year of service. Benefits are funded through a pen-
nance the pension entitlements and qualify as plan assets. The sion fund whose decision-making bodies (management board,
benefits under the different plans are based on performance as well as administration, finance and investment committee)
and length of service. The length-of-service benefits are pro- include employer and employee representatives. The funds
vided on the basis of fixed amounts. executive committee has responsibility for asset management.
The pension funds investment committee exists for this pur-
The most important performance-based pension plans are pose. In line with statutory minimum funding requirements,
described in the following. the pension funds executive committee must ensure that
commitments are covered by assets at all times. In case of
Germany underfunding, the pension funds executive committee may
METRO GROUP grants many employees in Germany retire- take different measures to compensate for this. These
ment, disability and surviving dependants benefits. New com- measures include the requirement for additional contributions
mitments are granted in the form of defined benefit commit- by the employer and cutbacks in employee benefits.
ments in the meaning of IAS 19 (contribution-oriented com-
mitments pursuant to German company pension law), which In addition, another defined benefit plan exists in the Nether-
comprise a payment contribution component and an employer- lands that is recognised as a defined contribution plan (multi-
matching component. Contributions are paid to a pension employer plan).
reinsurance from which contributions are paid out when the
insured event occurs. A provision is recognised for entitlements United Kingdom
not covered by reinsurance. In July 2012, METRO GROUP sold its cash-and-carry business
in the United Kingdom to Booker Group PLC. Pension commit-
In addition, various pension funds exist that are closed for new ments were not part of the sale. Since the date of the sale, only
contributions. In general, these provide for lifelong pensions vested benefits and current pensions from service years at
starting with the retirement age or recognised invalidity. Bene- METRO GROUP exist. In accordance with legal stipulations, the
fits are largely defined as fixed payments or on the basis of set vested interests must be adjusted for inflation effects. The
annual increases. In special cases, benefits are calculated in commitments are covered by assets which are managed and
invested by a corporate trustee. A major share of these com- The following table provides an overview of the present value of
mitments was fully funded through a buy-in. The executive defined benefit obligations by METRO GROUP countries as well
committee of this corporate trustee consists of employer and as material obligations:
employee representatives. In any case, the trustee must ensure
that benefits can be paid at all times in the future. This is regu- % 30/9/2014 30/9/2015
lated on the basis of statutory minimum financing require- Germany 66 60
ments. In case of underfunding, the trustee may require add- Netherlands 16 18
itional employer contributions to close the funding gap. United Kingdom 7 10
Belgium 3 2
Belgium Other countries 8 10
There are both retirement pensions as well as capital commit- 100 100
ments whose size depends on the pensionable length of service
and pensionable income. In addition, groups of employees are
granted interim allowances. In principle, benefits are funded The plan assets of METRO GROUP are distributed proportional-
through group insurance contracts that are subject to Belgian ly to the following countries:
regulatory law.
% 30/9/2014 30/9/2015
Additional retirement plans are shown cumulatively under Germany 32 28
other countries. Netherlands 39 43
United Kingdom 17 19
Belgium 5 2
Switzerland 7 8
100 100
The above pension commitments are valued on the basis of

actuarial calculations in accordance with IAS 19. The basis for
the valuation are the legal, economic and tax circumstances
prevailing in each country.
SERVICE
The following average assumptions regarding the material

parameters were used in the actuarial valuation:
30/9/2014 30/9/2015
United Other United Other

% Germany Netherlands Kingdom Belgium countries Germany Netherlands Kingdom Belgium countries
Actuarial interest rate 2.60 2.70 4.20 2.60 2.60 2.20 2.70 3.90 2.20 1.88
Inflation rate 2.00 2.00 2.50 2.00 1.92 1.50 1.00 2.50 2.00 1.19
As in previous years, METRO GROUP used generally recognised The extent of other, non-essential parameters used to deter-
methods to determine the actuarial rate of interest. With these, mine pension commitments corresponds to the long-term
the respective actuarial rate of interest based on the yield of expectations of METRO GROUP. The impact of changes in fluc-
investment grade corporate bonds is determined as of the tuation and mortality assumptions was analysed for major
closing date in consideration of the currency and maturity of plans. Calculations of the mortality rate for the German group
the underlying obligations. The actuarial rate of interest for the companies are based on the 2005 G tables from Prof. Dr Klaus
Eurozone and the UK is based on the results of a method ap- Heubeck. The actuarial valuations outside of Germany are based
plied in a uniform manner across the group. The interest rate on country-specific mortality tables. The resulting effects of
for this is set on the basis of the returns of high-quality corpor- fluctuation and mortality assumptions have been deemed im-
ate bonds and the duration of commitments. In countries without material and are not listed as a separate component.
a liquid market of suitable corporate bonds, the actuarial interest
rate was determined on the basis of government bond yields. The following is a sensitivity analysis for the key valuation par-
ameters with respect to the present value of pension entitle-
Aside from the actuarial interest rate, the inflation rate repre- ments. The actuarial rate of interest and the inflation rate were
sents another key actuarial parameter. In the process, the identified as key parameters with an impact on the present
nominal rate of wage and salary increases was determined on value of pension entitlements. In the context of the sensitivity
the basis of expected inflation and a real rate of increase. In analysis, the same methods were applied as in the previous
Germany, the rate of pension increases is derived directly from year. The analysis considered changes in parameters that are
the inflation rate insofar as pension adjustments can be deter- appropriately considered possible. Stress tests or worst-case
mined on the basis of the increase in the cost of living. In inter- scenarios, in contrast, are not part of the sensitivity analysis.
national companies, pension adjustments are also generally The selection of the respective spectrum of possible changes in
determined on the basis of the inflation rate. parameters is based on historical multi-year observations. This
almost exclusive reliance on historical data to derive possible
future developments represents a methodical constraint.
The following illustrates the impact of an increase/decrease

in the actuarial rate of interest by 100 basis points or an
increase/decrease in the inflation rate by 25 basis points:
30/9/2014 30/9/2015
Nether- United Other Nether- United Other

million Germany lands Kingdom Belgium countries Germany lands Kingdom Belgium countries
Actuarial Increase by
interest rate 100 basis points 202.50 84.80 32.60 4.90 20.20 135.30 77.30 36.70 2.20 24.90
Decrease by
100 basis points 253.30 116.20 42.90 5.60 24.60 164.20 105.90 48.10 2.40 31.30
Inflation rate Increase by
25 basis points 47.40 14.10 5.60 31.50 12.50 6.40
Decrease by
25 basis points 45.40 13.50 5.10 30.40 12.00 5.70
The granting of defined benefit pension entitlements exposes Fixed-interest securities, shares and funds are regularly
METRO GROUP to various risks. These include general actu- traded in active markets. As a result, the relevant market
arial risks resulting from the valuation of pension commit- prices are available. The asset category fixed-interest secur-
ments (for example, interest rate risks) as well as capital and ities only includes investments in investment grade cor-
investment risks related to plan assets. porate bonds, government bonds and mortgage-backed
bonds (Pfandbriefe). Risk within the category shares, funds
With a view to the funding of future pension payments from is minimised through geographic diversification.
indirect commitments and a stable actuarial reserve,
METRO GROUP primarily invests plan assets in low-risk Real estate assets are not traded in an active market. These
investments. The funding of direct pension commitments is are primarily used by METRO GROUP itself.
secured through operating cash flow at METRO GROUP.
Other assets essentially comprise receivables from insurance
The fair value of plan assets by asset category can be broken companies in Germany, Switzerland and Belgium. All of these
down as follows: are first-rate insurance companies.
The actual gain from plan assets amounted to 76 million in

30/9/2014 30/9/2015
the reporting year (2013/14: 30 million).
% million % million
Fixed-interest securities 37 407 37 406

For financial year 2015/16, the company expects employer
Shares, funds 21 231 19 208
payments to external pension providers totalling approximately
Real estate 16 177 20 213
22 million and employee contributions of 13 million in plan
Other assets 26 290 24 263
assets, with contributions in the Netherlands and Germany
100 1,105 100 1,090
accounting for the major share of this total. Expected contribu-
tions from payment contribution commitments in Germany are
not included in expected payments.
SERVICE
Changes in the present value developed as follows: Years 30/9/2014 30/9/2015
Germany 13 11
million 2013/14 2014/15 Netherlands 22 22
Present value of United Kingdom 19 19
defined benefit obligations
Belgium 6 5
As of the beginning of the period 2,442 2,708
Other countries 11 12
Recognised under pension
expenses through profit or loss 116 104
Interest expenses 83 73
Current service cost 30 36
The present value of defined benefit obligations can be bro-
Past service cost
ken down as follows based on individual groups of eligible
(incl. curtailments and changes) 7 3 employees:
Settlement expenses 4 2
Recognised outside of profit or
% 30/9/2014 30/9/2015
loss under remeasurement of
defined benefit pension plans in Active members 30 24
other comprehensive income 249 104
Former claimants 18 22
Actuarial gains/losses from changes in
Pensioners 52 54
demographic assumptions (/+) 3 30
financial assumptions (/+) 274 54
Experience-based corrections (/+) 28 20
The fair value of plan assets developed as follows:
Other effects 99 473
Benefit payments
(incl. tax payment) 126 143 million 2013/14 2014/15
Contributions Change in plan assets

from plan participants 12 13
Fair value of plan assets
Change in as of beginning of period 1,019 1,105
consolidation group / transfers 0 361
Recognised under pension
Currency effects 15 18 expenses through profit or loss 36 22
Stand Periodenende 2,708 2,235 Interest income 36 31
Settlement payments 0 9
Recognised outside of profit
As a result of the sale of the Galeria Kaufhof group, the present or loss under remeasurement
of defined benefit pension plans
value of defined benefit obligations declined by 361 million. in other comprehensive income
Disposals of other companies resulted in an additional decline Gains/losses from plan assets
excl. interest income (+/) 6 45
of 2 million which, however, was offset by the pension obliga-
Other effects 56 82
tions added as a result of the acquisition of the Classic Fine
Benefit payments
Foods group. (incl. tax payments) 77 77
Employer contributions 107 21
In addition, changes in actuarial parameters caused the pres- Contributions from plan participants 12 13
ent value of defined benefit obligations to decline by another Change in consolidation
104 million (previous year: increase of 249 million). group / transfers 0 57
Currency effects 14 18
The weighted average term of defined benefit commitments for Fair value of plan assets
as of end of period 1.105 1.090
the countries with material pension obligations amounts to:
million 30/9/2014 30/9/2015 Media-Saturn in the Netherlands participates in a multi-

Financing status employer plan classified as a defined benefit plan. However, it
Present value of defined benefit obligations 2,708 2,235 is administered by a fund that is not able to provide sufficient
Fair value of plan assets 1,105 1,090 information to allow it to be accounted for as a defined benefit
Asset adjustment (asset ceiling) 2 59 plan. Therefore, it is treated as a defined contribution plan in
Net liability/assets 1,605 1,204 accordance with IAS 19.34 and IAS 19.148. This is a typical,
thereof recognised under provisions 1,607 1,204 strictly regulated Dutch pension plan. In case of deficient cover-
thereof recognised under net assets 2 0 age, Media-Saturn Netherlands would be obliged to compen-
sate this deficient coverage by making higher contributions to
this fund in the future. These higher contributions would then
At one Dutch company, plan assets exceeded the value of apply to all participating companies. Media-Saturn cannot be
commitments as of the closing date. Since the company cannot held liable for these commitments by other companies. Ap-
draw any economic benefits from this overfunding, the balance proximately 28,000 companies in the retail industry participate
sheet amount was reduced to 0 in line with IAS 19.64 (b). The in this plan and make contributions for a total of more than
change in the effect of the asset ceiling of approximately 245,000 employees. Media-Saturn Netherlands currently makes
59 million was recognised in other comprehensive income. contributions to this plan for 6,480 employees. Contributions are
calculated for five years (currently from 2012 to 2016). These
The pension expenses of the direct and indirect commitments correspond to a set percentage of an employees salary (cur-
from company pension plans can be broken down as follows: rently 19.4 per cent), with employees assuming part of the con-
tributions for salaries above 12,564 and no contributions being
million 2013/14 2014/15 paid for salaries above 51,976. In financial year 2015/16, con-
Current service cost1 30 36 tributions to the Bedrijfspensioenfonds voor de Detailhandel
Net interest expenses 47 42 fund are expected to total approximately 7 million. In Septem-
Past service cost (incl. curtailments and changes) 7 3 ber 2015, the coverage ratio stood at 103.7 per cent.
Settlements 4 2
Pension expenses 80 73 The provisions for obligations similar to pensions essentially
comprise commitments from employment anniversary allow-
1 Netted against employees contributions
ances, death benefits and pre-retirement part-time plans.
Provisions amounting to 66 million (30/9/2014: 77 million)
In addition to expenses from defined benefit commitments, were formed for these commitments. The commitments are
expenses for payments to external pension providers relating valued on the basis of actuarial expert opinions. In principle,
to defined contribution pension commitments of 271 million the parameters used are identical to those employed in the
(2013/14: 278 million) were recorded in the reporting year. company pension plan.
These figures also include payments to statutory pension in-
surance. The previous years figure was adjusted accordingly. 34. Other provisions (non-current)/provisions (current)
In the reporting period, other provisions (non-current)/provisions
(current) changed as follows:
SERVICE
Real estate- Obligations from

million related obligations trade transactions Restructuring Taxes Miscellaneous Total
As of 1/10/2014 265 111 118 155 443 1,093

Currency translation 8 1 0 0 3 12
Addition 193 143 126 43 319 825
Reversal 48 4 10 22 75 160
Utilisation 78 131 75 70 223 577
Change in consolidation group 0 0 0 3 1 4
Interest portion in addition/change in interest rate 6 0 0 0 2 9
Transfer 31 21 16 1 15 54
As of 30/9/2015 298 97 143 103 478 1,120
Non-current 165 0 59 61 207 492
Current 133 97 85 42 271 628
As of 30/9/2015 298 97 143 103 478 1,120
Provisions for real estate-related obligations concern store- amount of 13 million (30/9/2014: 29 million) and other com-
related risks in the amount of 107 million (30/9/2014: panies in the amount of 58 million (30/9/2014: 8 million).
121 million), deficient rental covers amounting to 92 million
(30/9/2014: 63 million), rental commitments amounting to Other provisions mainly concern provisions for litigation costs/
40 million (30/9/2014: 35 million) and reinstatement obliga- risks in the amount of 132 million (30/9/2014: 144 million)
tions amounting to 29 million (30/9/2014: 21 million). and for severance obligations totalling 57 million (30/9/2014:
53 million). In addition, they comprise provisions for share-
Other real estate obligations in the amount of 31 million based payments amounting to 21 million (30/9/2014:
(30/9/2014: 25 million) essentially relate to maintenance 15 million), surety and guarantee risks of 18 million
obligations. (30/9/2014: 23 million) and interest for other provisions
amounting to 16 million (30/9/2014: 47 million).
Significant components of the obligations from trade transac-
For more information about share-based payments, see no. 50

tions are provisions for rebates from customer loyalty pro- long-term incentive for executives.
grammes in the amount of 32 million (30/9/2014: 52 million),
provisions for rights of return of 22 million (30/9/2014: Transfers concern both reclassifications within other reserves
25 million) as well as provisions for warranty services in the as well as reclassifications related to discontinued operations.
amount of 19 million (30/9/2014: 20 million).
Depending on the respective terms and countries, interest
Restructuring provisions totalling 143 million (30/9/2014: rates of non-interest-bearing, non-current provisions range
118 million) essentially relate to METRO Cash & Carry in the from 0.0 per cent to 15.92 per cent.
amount of 63 million (30/9/2014: 55 million), Real in the
35. Liabilities
30/9/2014 up to 1 to 5 over 30/9/2015 up to 1 to 5 over

million Total 1 year years 5 years Total 1 year years 5 years
Trade liabilities 10,075 10,0751 0 0 9,550 9,550 0 0

thereof bills of exchange liabilities (non-interest-bearing) (371) (371) (0) (0) (389) (389) (0) (0)
Bonds 4,463 2,024 2,140 299 4,550 1,311 1,970 1,268
Liabilities to banks 865 260 431 174 1,189 932 174 83
Promissory note loans 462 209 200 54 415 295 66 54
Liabilities from finance leases 1,278 122 356 799 1,213 97 351 765
Borrowings 7,068 2,615 3,127 1,326 7,366 2,635 2,561 2,170
Other tax liabilities 371 371 0 0 331 331 0 0
Prepayments received on orders 46 46 0 0 44 44 0 0
Payroll liabilities 853 853 0 0 838 838 0 0
Liabilities from other financial transactions 12 7 5 0 25 25 0 0
Deferred income 575 488 55 32 587 474 72 41
Miscellaneous liabilities 847 763 57 27 868 776 72 20
Other financial and non-financial liabilities 2,704 2,528 117 58 2,694 2,488 145 61
Income tax liabilities 198 198 0 0 148 148 0 0
20,045 15,416 3,244 1,385 19,758 14,821 2,706 2,231
36. Trade liabilities coupon of 1.375 per cent was issued in the euro capital market
The decline in trade liabilities by 525 million compared with in October 2014. In addition, a 600 million bond with a term of
30 September 2014 is primarily due to the sale of the Galeria ten years and a coupon of 1.5 per cent was placed in March
Kaufhof group, at 323 million, and the sale of METRO 2015. The 1 billion bond with a coupon of 7.625 per cent that
Cash & Carry Greece, at 66 million. In addition, currency was due in March 2015 was repaid on time.
effects accounted for a decline in trade liabilities of
249 million and stemmed mostly from the development of Short-term financing requirements are covered through the
the Russian and Ukrainian currencies versus the euro. Euro Commercial Paper Programme and a commercial paper
programme geared especially to French investors. Both pro-
37. Financial liabilities grammes have a maximum volume of 2 billion each. The
The companys medium-term and long-term financing average amount utilised from both programmes in financial
needs are covered by an ongoing capital market issuance year 2014/15 was 1,107 million (2013/14: 782 million). As of
programme. In the context of this programme, a benchmark 30 September 2015, the used volume totalled approximately
bond with a volume of 500 million, a seven-year term and a 941 million (30/9/2014: 938 million).
SERVICE
In addition, METRO GROUP has access to syndicated credit credit rating is lowered by one step. In the event of a downgrade
facilities totalling 2,525 million (30/9/2014: 2,525 million) in METRO GROUPs rating, the margins increase by 20 to 25 BP.
with terms ending between January 2017 and April 2019. If the
credit facilities are used, the interest rates range between As of 30 September 2015, METRO GROUP had access to add-
EURIBOR +50.0 basis points (BP) and EURIBOR +55.0 BP. The itional bilateral bank credit facilities totalling 1,719 million
average amount drawn on the credit facilities in financial year (30/9/2014: 1,430 million), of which 962 million (30/9/2014:
2014/15 was 0 million (2013/14: 0 million), the average 300 million) have a remaining term of up to one year. As of the
amount drawn as of the closing date was 0 million (30/9/2014: closing date, 1,189 million (30/9/2014: 865 million) of the
0 million). bilateral bank credit facilities had been utilised. Of this amount,
932 million (30/9/2014: 260 million) had a remaining term of
The contract terms for the syndicated credit facilities provide up to one year.
for an increase of 5 to 10 BP in the spread if METRO GROUPs
Unutilised credit facilities of METRO GROUP
30/9/2014 30/9/2015
Bilateral credit facilities 1,430 300 1,130 1,719 962 757

Utilisation 865 260 604 1,189 932 257
Unutilised bilateral credit facilities 565 40 526 530 30 500
Syndicated credit facilities 2,525 0 2,525 2,525 0 2,525
Utilisation 0 0 0 0 0 0
Unutilised syndicated credit facilities 2,525 0 2,525 2,525 0 2,525
Total credit facilities 3,955 300 3,655 4,244 962 3,282
Total utilisation 865 260 604 1,189 932 257
Total undrawn credit facilities 3,090 40 3,051 3,055 30 3,025
The defaulting of a lender can be covered at any time by the iaries in 2003. As of 30 September 2015, collateral in the
existing undrawn credit facilities or the available money and amount of 118 million (30/9/2014: 221 million) was provided
capital market programmes. METRO GROUP therefore does for borrowings.
not bear any credit default risk.
The following tables show the maturity structure of the borrow-
METRO GROUP principally does not provide collateral for bor- ings. The carrying amounts and fair values indicated include
rowings. One exception concerns the first-time consolidation of the interest accrued when the maturity is less than one year.
METRO PROPERTIES GmbH & Co. KG as well as its subsid-
SERVICE
Bonds
30/9/2014 30/9/2015
Carrying
Nominal values Nominal values Carrying amounts Fair values Nominal values Nominal values amounts Fair values
in million in million
Currency Remaining term currency million million million currency million million million
EUR up to 1 year 1,926 1,926 2,010 2,042 1,051 1,051 1,104 1,105
1 to 5 years 1,960 1,960 1,954 2,096 1,975 1,975 1,970 2,093
over 5 years 301 301 299 334 1,276 1,276 1,268 1,235
CHF up to 1 year 0 0 1 1 225 206 208 210
1 to 5 years 225 187 186 191 0 0 0 0
over 5 years 0 0 0 0 0 0 0 0
USD up to 1 year 15 12 12 12 0 0 0 0
1 to 5 years 0 0 0 0 0 0 0 0
over 5 years 0 0 0 0 0 0 0 0
Liabilities to banks
(excl. current account)
30/9/2014 30/9/2015
Carrying
EUR up to 1 year 58 58 63 76 714 714 718 726

1 to 5 years 380 380 380 395 124 124 124 127
over 5 years 174 174 174 174 83 83 83 82
INR up to 1 year 1,990 26 26 26 4,082 56 56 56
1 to 5 years 3,580 46 46 47 761 10 10 11
over 5 years 0 0 0 0 0 0 0 0
JPY up to 1 year 8,000 58 58 58 1,970 15 15 15
1 to 5 years 600 4 4 4 5,335 40 40 43
over 5 years 0 0 0 0 0 0 0 0
TRY up to 1 year 15 5 5 5 0 0 0 0
1 to 5 years 0 0 0 0 0 0 0 0
over 5 years 0 0 0 0 0 0 0 0
Others up to 1 year n/a 0 0 0 n/a 0 0 0
1 to 5 years n/a 0 0 0 n/a 0 0 0
over 5 years n/a 0 0 0 n/a 0 0 0
Promissory note loans
30/9/2014 30/9/2015
Carrying
EUR up to 1 year 205 205 209 209 291 291 295 296
1 to 5 years 200 200 200 207 67 67 66 70
over 5 years 54 54 54 61 54 54 54 62
Redeemable loans that are shown under liabilities to banks are fair value of the entire loan is shown in maturities up to one
listed with the remaining terms corresponding to their redemp- year.
tion date. For remaining terms of over one year, the indicated
fair value of these loans generally includes the carrying The following table depict the interest rate structure of the
amount. The difference between the carrying amount and the borrowings:
Bonds
30/9/2014 30/9/2015
Weighted effective Weighted effective

interest rate Nominal value in interest rate Nominal value
Interest terms Currency Remaining terms in % when issued million in % when issued in million
Fixed interest EUR up to 1 year 7.63 1,000 3.05 110

1 to 5 years 3.41 1,910 3.47 1,925
over 5 years 4.02 301 1.80 1,276
CHF up to 1 year 0 1.88 206
1 to 5 years 1.88 187 0
over 5 years 0 0
Variable interest EUR up to 1 year 0.54 926 0.35 941
1 to 5 years 1.56 50 1.30 50
over 5 years 0 0
USD up to 1 year 0.62 12 0
1 to 5 years 0 0
over 5 years 0 0
SERVICE
Liabilities to banks
(excl. current account)
30/9/2014 30/9/2015

interest rate Nominal value in interest rate Nominal value
Interest terms Currency Remaining terms in % when issued million in % when issued in million
Fixed interest EUR up to 1 year 4.55 58 1.26 714

1 to 5 years 3.52 380 3.37 124
over 5 years 3.64 174 3.61 83
INR up to 1 year 9.92 26 9.65 56
1 to 5 years 10.22 46 9.78 10
over 5 years 0 0
TRY up to 1 year 12.00 5 0
1 to 5 years 0 0
over 5 years 0 0
Variable interest JPY up to 1 year 1.78 58 1.78 15
1 to 5 years 1.78 4 1.78 40
over 5 years 0 0
Promissory note loans
30/9/2014 30/9/2015

interest rate Nominal value interest rate Nominal value
Interest terms Currency Remaining terms in % when issued in million in % when issued in million
Fixed interest EUR up to 1 year 0.75 205 1.20 222

1 to 5 years 3.03 105 3.44 41
over 5 years 4.27 54 4.27 54
Variable interest EUR up to 1 year 0 1.44 70
1 to 5 years 1.67 95 1.74 26
over 5 years 0 0
The fixed interest rate for short-term and medium-term bor-

rowings and the repricing dates of all fixed-interest borrowings
essentially correspond to the displayed remaining terms. The
repricing dates for variable interest rates are less than one year.
The effects that changes in interest rates concerning the variable
portion of borrowings have on the profit or loss for the period and equity of
METRO GROUP are described in detail in no. 44 management of financial risks.
38. Other financial and non-financial liabilities Deferred income includes accrued rental, leasing and interest
Key items in miscellaneous financial liabilities concern liabilities income as well as accrued sales from customer loyalty pro-
from the purchase of other fixed assets of 276 million grammes, the sale of vouchers and guarantee contracts and
(30/9/2014: 322 million), liabilities towards customers of other accruals.
169 million (30/9/2014: 160 million), liabilities from put op-
tions of non-controlling shareholders of 156 million (30/9/2014: Material items in miscellaneous non-financial liabilities include
72 million) as well as liabilities from real estate totalling prepayments received on orders of 44 million (30/9/2014:
23 million (30/9/2014: 34 million). In addition, miscellaneous 46 million) as well as liabilities from leases (no finance
liabilities also include numerous other individual items. leases) totalling 53 million (30/9/2014: 71 million).
Other tax liabilities include sales tax, land tax, wage and church
tax as well as other taxes.
30/9/2014 30/9/2015
Payroll liabilities 853 853 0 838 838 0

Miscellaneous financial liabilities 768 737 32 821 772 49
Other financial liabilities 1,621 1,589 32 1,660 1,610 49
Other tax liabilities 371 371 0 331 331 0
Deferred income 575 488 87 587 474 113
Miscellaneous non-financial liabilities 136 79 57 115 72 43
Other non-financial liabilities 1,083 939 144 1,034 878 157
Other financial and non-financial liabilities 2,704 2,528 176 2,694 2,488 206
SERVICE
39. Offsetting financial assets and financial liabilities

The following financial assets and financial liabilities that are
subject to offsetting agreements, enforceable master netting
arrangements and similar agreements existed:
30/9/2014
(a) (b) (c) = (a) (b) (d) (e) = (c) (d)
Gross amounts
of recognised Net amounts of
Gross amounts financial liabilities/ financial assets/
of recognised assets that liabilities that
financial assets/ are netted in the are shown in the Corresponding amounts
liabilities balance sheet balance sheet that are not netted in the balance sheet
Financial Collateral
million instruments received/provided Net amount
Financial assets
Loans and advance credit granted 56 0 56 0 0 56
Receivables due from suppliers 2,295 6261 1,6681 2001 0 1,468
Trade receivables 661 101 560 3 0 557
Investments 18 0 18 0 0 18
Miscellaneous financial assets 628 10 618 2 0 617
Derivative financial instruments 64 15 49 2 0 47
Cash and cash equivalents 2,406 0 2,406 0 0 2,406
Receivables from finance leases 0 0 0 0 0 0
6,128 752 5,376 207 0 5,169
Financial liabilities
Borrowings (excl. finance leases) 5,790 0 5,790 0 0 5,790
Trade liabilities 10,790 7161 10,0751 2001 0 9,874
Miscellaneous financial liabilities 1,633 21 1,612 4 0 1,608
Liabilities from finance leases 1,278 0 1,278 0 0 1,278
19,516 752 18,764 207 5 18,552
30/9/2015
(a) (b) (c) = (a) (b) (d) (e) = (c) (d)
Gross amounts
of recognised Net amounts of
Gross amounts financial liabilities/ financial assets/
of recognised assets that are liabilities that
financial assets/ netted in the are shown in the Corresponding amounts that
liabilities balance sheet balance sheet are not netted in the balance sheet
Financial Collateral
million instruments received/provided Net amount
Financial assets
Loans and advance credit granted 55 0 55 0 0 55
Receivables due from suppliers 2,307 633 1,674 154 0 1,520
Trade receivables 709 7 702 1 0 701
Investments 69 0 69 0 0 69
Miscellaneous financial assets 1,196 2 1,194 0 0 1,194
Cash and cash equivalents 4,415 0 4,415 0 0 4,415
Receivables from finance leases 33 0 33 0 0 33
8,836 642 8,194 159 20 8,016
Borrowings (excl. finance leases) 6,154 0 6,154 0 0 6,154
Trade liabilities 10,161 611 9,550 136 0 9,414
Miscellaneous financial liabilities 1,667 31 1,637 19 0 1,617
Liabilities from finance leases 1,213 0 1,213 0 0 1,213
19,218 642 18,576 159 0 18,418
The corresponding amounts that are not netted in the balance Presentation). Collateral may include both financial assets
sheet include both financial instruments and collateral. The provided as collateral for liabilities to third parties and financial
financial instruments that have not been netted could be netted liabilities which METRO GROUP has received from a third party
based on the underlying framework agreements, but do not as collateral for assets.
fulfil the netting criteria of IAS 32 (Financial Instruments: For more information about collateral, see no. 44 management of
financial risks.
SERVICE
40. Undiscounted cash flows of financial liabilities

The undiscounted cash flows of borrowings, trade liabilities and
derivative liabilities are as follows:
Cash flows up to 1 year Cash flows of 1 to 5 years Cash flows over 5 years
Carrying amount
million at 30/9/2014 Interest Redemption Interest Redemption Interest Redemption
Bonds 4,463 104 1,938 216 2,147 75 301
Liabilities to banks 865 28 147 52 431 19 174
Promissory note loans 462 8 205 17 200 7 54
Finance leases 1,278 88 122 289 356 378 799
Trade liabilities1 10,075 0 10,075 0 0 0 0
Currency derivatives carried as liabilities 9 0 5 0 5 0 0
Cash flows up to 1 year Cash flows of 1 to 5 years Cash flows over 5 years
Carrying amount
million 30/9/2015 Interest Redemption Interest Redemption Interest Redemption
Bonds 4,550 45 1,257 231 1,975 101 1,276
Liabilities to banks 1,189 15 929 21 174 6 83
Promissory note loans 415 7 291 13 67 5 54
Finance leases 1,213 81 97 275 351 312 765
Trade liabilities 9,550 0 9,550 0 0 0 0
Currency derivatives carried as liabilities 23 0 23 0 0 0 0
41. Carrying amounts and fair values according

to measurement categories
The carrying amounts and fair values of recognised financial
instruments are as follows:
30/9/2014
Balance sheet value
Fair value through Fair value outside

million Carrying amount (Amortised) cost profit or loss of profit or loss Fair value
Assets 28,156 n/a n/a n/a n/a

Loans and receivables 2,901 2,901 0 0 2,900
Loans and advance credit granted 56 56 0 0 54
Receivables due from suppliers1 1,668 1,668 0 0 1,668
Trade receivables 560 560 0 0 560
Miscellaneous financial assets 617 617 0 0 618
Held to maturity 0 0 0 0 0
Held for trading 26 0 26 0 26
Derivative financial instruments
not in a hedging relationship according to IAS 39 26 0 26 0 26
Available for sale 19 18 0 1 n/a
Investments 18 18 0 0 n/a
Securities 1 0 0 1 1
Derivative financial instruments in a hedging relationship according to IAS 39 23 0 0 23 23
Cash and cash equivalents 2,406 2,406 0 0 2,406
Receivables from finance leases (amount according to IAS 17) 0 n/a n/a n/a 0
Assets not classified according to IFRS 71 22,780 n/a n/a n/a n/a
Equity and liabilities 28,156 n/a n/a n/a n/a
Other financial liabilities 17,477 17,405 0 72 17,734
Borrowings excl. finance leases
(incl. hedged items in hedging relationships according to IAS 39) 5,790 5,790 0 0 6,047
Trade receivables1 10,075 10,075 0 0 10,075
Miscellaneous financial liabilities 1,612 1,540 0 72 1,612
Derivative financial instruments in a hedging relationship according to IAS 39 5 0 0 5 5
Liabilities from finance leases (amount according to IAS 17) 1,278 n/a n/a n/a 1,497
Liabilities not classified according to IFRS 71 9,392 n/a n/a n/a n/a
SERVICE
30/9/2015
Balance sheet value
Fair value through Fair value outside

million Carrying amount (Amortised) cost profit or loss of profit or loss Fair value
Assets 27,656 n/a n/a n/a n/a

Loans and receivables 3,209 3,209 0 0 3,207
Loans and advance credit granted 55 55 0 0 54
Receivables due from suppliers 1,674 1,674 0 0 1,674
Trade receivables 702 702 0 0 702
Held to maturity 0 0 0 0 0
Available for sale 486 9 0 477 n/a
Investments 69 9 0 60 n/a
Securities 417 0 0 417 417
Derivative financial instruments in a hedging relationship
according to IAS 39 22 0 0 22 22
Cash and cash equivalents 4,415 4,415 0 0 4,415
Receivables from finance leases (amount according to IAS 17) 33 n/a n/a n/a 46
Assets not classified according to IFRS 7 19,462 n/a n/a n/a n/a
Equity and liabilities 27,656 n/a n/a n/a n/a
Other financial liabilities 17,341 17,164 65 112 17,462
Borrowings excl. finance leases
(incl. hedged items in hedging relationships according to IAS 39) 6,154 6,154 0 0 6,275
Trade liabilities 9,550 9,550 0 0 9,550
Miscellaneous financial liabilities 1,637 1,460 65 112 1,637
according to IAS 39 5 0 0 5 5
Liabilities from finance leases (amount according to IAS 17) 1,213 n/a n/a n/a 1,515
Liabilities not classified according to IFRS 7 9,080 n/a n/a n/a n/a
Classes were formed based on similar risks for the respective attributed to the hierarchy level corresponding to the input
financial instruments and correspond to the categories of parameter of the lowest level that is significant for the valuation.
IAS 39. Derivative financial instruments in a hedging relation-
ship under IAS 39 and other financial liabilities are classified in Input parameters for level 1: quoted prices (that are adopted
each case to a separate class. unchanged) in active markets for identical assets or liabilities
which the company can access at the valuation date.
The fair value hierarchy comprises three levels which reflect the
degree of closeness to the market of the input parameters used Input parameters for level 2: other input parameters than the
in the determination of the fair values. In cases in which the quoted prices included in level 1 which are either directly or
valuation is based on different input parameters, the fair value is indirectly observable for the asset or liability.
Input parameters for level 3: input parameters that are not Miscellaneous financial liabilities include liabilities from put
observable for the asset or liability. options of non-controlling interests in the amount of
156 million (30/9/2014: 72 million) as well as earn-out li-
Of the total carrying amount of investments of 69 million abilities (contingent purchase payments related to corporate
(30/9/2014: 18 million), 9 million (30/9/2014: 18 million) are acquisitions) totalling 21 million (30/9/2014: 0 million). Of
recognised at historical cost as a fair value cannot be reliably this amount, 112 million (30/9/2014: 72 million) are recog-
determined. These concern off-exchange financial instruments nised at fair value outside of profit or loss and 65 million
without an active market. The company currently does not plan (30/9/2014: 0 million) are recognised at fair value through
to dispose of the investments recognised at historical cost. profit or loss.
Non-listed investments in real estate companies totalling
60 million (30/9/2014: 0 million) are recognised at fair value The following table depicts the financial instruments that are
outside of profit or loss. The addition stems from the sale of the recognised at fair value in the balance sheet. These are classi-
Galeria Kaufhof group. fied into a three-level fair value hierarchy whose levels reflect
the degree of closeness to the market of the data used in the
In addition, securities totalling 417 million (30/9/2014: determination of the fair values:
1 million) are recognised outside of profit or loss. This primari-
ly concerns highly liquid exchange-listed money market funds.
30/9/2014 30/9/2015
million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Assets 50 1 49 0 529 417 52 60

Held for trading
not in a hedging relationship according to IAS 39 26 0 26 0 30 0 30 0
Available for sale
Investments 0 0 0 0 60 0 0 60
Securities 1 1 0 0 417 417 0 0
according to IAS 39 23 0 23 0 22 0 22 0
Equity and liabilities 81 0 9 72 200 0 23 177
Held for trading
not in a hedging relationship according to IAS 39 5 0 5 0 18 0 18 0
Miscellaneous financial liabilities 0 0 0 0 0 0 0 0
Other financial liabilities
Miscellaneous financial liabilities 72 0 0 72 177 0 0 177
according to IAS 39 5 0 5 0 5 0 5 0
31 1 40 72 329 417 29 117
SERVICE
The measurement of securities (level 1) is carried out based on Changes in the value of put options and earn-out liabilities devel-
quoted market prices on active markets. oped as follows between 1 October 2014 and 30 September 2015:
Interest rate swaps and currency transactions (all level 2) are million 2013/14 2014/15
measured using the mark-to-market method based on quoted As of 1/10 78 72
exchange rates and market yield curves. Transfer to level 3 0 0
Transfer from level 3 0 0
No transfers between levels 1 and 2 were effected during the Total gains () or losses (+) for the period 1 0
reporting period. Profit or loss for the period 0 0
Other comprehensive income 1 0
On the asset side, the level 3 measurements exclusively con- Other changes in value outside of profit or loss 7 69
cern investments in real estate companies whose fair value Transaction-related changes 0 36
was derived from third-party real estate valuations using the Granting of new rights 0 36
discounted cash flow method. Among others, these valuations Redemption of existing rights 0 0
are based on market rent assumptions and assumptions re- As of 30/9 72 177
garding possible vacancy rates. The fair value of these invest-
ments was determined after subtraction of liabilities and
multiplication with the companys share. The changes in value of put options of non-controlling interests
and earn-out liabilities existing as of 30 September 2015 in-
The level 3 measurements on the liabilities side include liabil- clude 48 million from the recognition of put options in debt by
ities from put options of non-controlling interests and earn-out means of a reclassification from equity. In addition, goodwill
liabilities. The fair value measurement depends on the respect- increased by 57 million.
ive contract details and is carried out in the amount of
47 million (30/9/2014: 72 million) using the discounted cash Changes in the put options recognised as of 30 September 2014
flow method and in the amount of 130 million (30/9/2014: lowered goodwill by 7 million and other comprehensive in-
0 million) in consideration of contractual value limits or based come by 1 million.
on current purchase price offers.
Financial instruments that are recognised at amortised cost in
The fair values of liabilities from put options and earn-out the balance sheet, but for which the fair value is stated in the
liabilities, which are determined using the discounted cash notes, are also classified according to a three-level fair value
flow method, are based on expected future cash flows over a hierarchy.
detailed planning period of up to three years (30/9/2014: three
years) plus a perpetuity. The assumed growth rate for the Due to their mostly short terms, the fair values of receivables
perpetuity is 1.0 per cent (30/9/2014: between 2.5 per cent due from suppliers, trade receivables and liabilities as well as
and 8.7 per cent). In principle, the respective weighted aver- cash and cash equivalents essentially correspond to their
age cost of capital (WACC) is used as the discount rate. In the carrying amounts.
reporting period, the cost of capital ranged from 5.6 per
cent to 8.7 per cent (30/9/2014: between 11.6 per cent and The measurement of the fair value of bonds, liabilities to banks
15.2 per cent). If individual interest rates were to increase by and promissory note loans is based on the market interest rate
10 per cent, the fair value of these liabilities would decline by curve following the zero-coupon method in consideration of
1 million (30/9/2014: 6 million). An interest rate decrease of credit spreads (level 2). The amounts comprise the interest
10 per cent would increase the fair value of these liabilities by prorated to the closing date.
2 million (30/9/2014: 8 million).
The fair values of all other financial assets and liabilities that
are not listed on an exchange correspond to the present value
of payments underlying these balance sheet items. The calcu-
lation was based on the applicable country-specific yield curves
(level 2) as of the closing date.
OTHER NOTES P. 251
Other notes The change compared with the previous year is essentially due
to adjustments of unrealised currency effects in the amount of
170 million and other taxes in the amount of 145 million.
42. Notes to the cash flow statement
In accordance with IAS 7 (Statement of Cash Flow), the consoli- Investing activities led to a cash inflow of 1,187 million
dated cash flow statement describes changes in the groups (2013/14: cash outflow of 593 million). This includes payments
cash and cash equivalents through cash inflows and outflows for the acquisition of the Classic Fine Foods group in the amount
during the reporting period. of 241 million and additional shares in the iBOOD group in the
amount of 10 million. Cash inflows from divestments essen-
The item cash and cash equivalents includes cheques and cash tially result from the sale of the wholesale business in Greece.
on hand as well as cash in transit and bank deposits with a In the previous year, cash flow from investing activities included
remaining term of up to three months. payments related to the sale of Reals Eastern European busi-
ness of 89 million. Cash inflows of 1,981 million related to the
The cash flow statement distinguishes between changes in sale of the Galeria Kaufhof group are shown in cash flow from
cash levels from operating, investing and financing activities. investing activities of discontinued operations and comprise the
Cash flows from discontinued operations are shown separately purchase price of 2,362 million net of cash and cash equiva-
where they concern discontinued business operations. lents disposed of in the amount of 381 million.
Cash flows from discontinued operations relate to the sale of Other investments include cash outflows in the amount of
the Galeria Kaufhof group. 415 million for short-term financial investments > 3 months
as well as 82 million for a joint venture with Carlton Invest-
During the reporting period, net cash provided by operating ment and for various investments in the amount of 6 million.
activities amounted to 1,595 million (2013/14: 1,754 million).
Impairment losses concern property, plant and equipment at The amount of investments in property, plant and equipment
888 million (2013/14: 948 million), goodwill at 457 million shown as cash outflows differs from the inflows shown in the
(2013/14: 88 million), other intangible assets at 104 million asset statement in the amount of non-cash transactions. These
(2013/14: 110 million) and investment properties at essentially concern additions from finance leases, currency
38 million (2013/14: 16 million). On the other hand, rever- effects and changes in liabilities from the acquisition of miscel-
sals of impairment losses amount to 22 million (2013/14: laneous other assets.
11 million).
During the reporting period, the cash outflow from financing
The change in net working capital amounts to 305 million activities totalled 718 million (2013/14: cash outflow of
(2013/14: 3 million) and includes changes in inventories, trade 1,352 million).
receivables and receivables due from suppliers included in the
item other financial and non-financial assets, credit card re- As in the previous year, there were no restrictions on titles for
ceivables and prepayments made on inventories. In addition, cash and cash equivalents.
the item includes changes in trade liabilities and liabilities to
customers, deferred sales related to vouchers, customer loy- 43. Segment reporting
alty programmes, provisions for customer loyalty programmes The segmentation corresponds to the groups internal control-
and rights of return as well as prepayments made on orders. ling and reporting structures and is generally based on the
division of the business into individual sectors.
Other operating activities resulted in a total cash inflow of
381 million (2013/14: cash outflow of 12 million). This item METRO Cash & Carry
includes changes in other assets and liabilities as well as de- METRO Cash & Carry operates in the cash-and-carry sector in
ferred income and prepaid expenses. In addition, it includes 26 countries in Europe, Asia and Africa through its METRO and
changes in the assets and liabilities held for sale, adjustments MAKRO brands. Its broad product and service range is geared to
of unrealised currency effects and the elimination of deconsoli- commercial customers, particularly to hotel and restaurant
SERVICE
dation results recognised in EBIT. owners, catering firms, independent retailers as well as service
OTHER NOTES P. 252
providers and public authorities. In August 2015, METRO GROUP In analogy, this also applies to deferred assets and
acquired the Classic Fine Foods group, which is active in liabilities, which are only shown at segment level if this was
25 mostly Asian cities in 14 countries and supplies premium also required in the consolidated balance sheet.
hotels, restaurants and catering firms. Segment investments include additions to non-current
intangible assets and property, plant and equipment
Media-Saturn (including additions to the consolidation groups) as well as
Media-Saturn offers a comprehensive assortment of the latest investment properties except for additions due to the
brand-name products in consumer electronics retailing. The reclassification of assets held for sale as non-current
sales line is represented in 15 countries with its two strong assets.
sales brands Media Markt and Saturn. In addition, Media- Segment assets include non-current and current assets. They
Saturn comprises the online retailer Redcoon, the Russian do not include mostly financial assets, investments accounted
online shop 003.ru as well as the live shopping portal iBOOD. for using the equity method, tax items, cash and cash
equivalents and assets allocable to discontinued operations.
Real
Real is a hypermarket operator in Germany where it operates The section earnings position in the combined management
both physical stores and an online store. All stores offer a report on pages 114 and 115 includes a presentation of figures
broad food assortment with a large proportion of fresh produce before special items for the earnings components EBIT and
that is complemented by a non-food assortment. EBITDA, which are shown in segment reporting, as well as for
the net financial result, income taxes, profit or loss for the
Discontinued operations period (before and after non-controlling interests) and earnings
Discontinued operations comprise the Galeria Kaufhof group. per share, as these figures are used in METRO GROUPs inter-
In the past, Galeria Kaufhof was shown as a separate segment. nal management system.
For more information about the segments, see the combined
management report. Special items include transactions that do not regularly recur
such as restructurings or changes to the group portfolio.
Aside from the information on the operating segments listed
above, equivalent information is provided on the METRO GROUP The reconciliation from segment assets to group assets is
regions. Here, a distinction is made between the regions Ger- shown in the following table:
many, Western Europe (excluding Germany), Eastern Europe
and Asia/Africa. million 30/9/2014 30/9/2015
Segment assets1, 2 21,723 21,142

The key components of segment reporting are as follows: Segment assets Galeria Kaufhof 2,249 0
External sales represent sales of the operating segments Non-current and current financial assets 72 123
to third parties outside the group. Investments accounted for using the equity method 95 184
Internal sales represent sales between the groups Cash and cash equivalents 2,406 4,415
operating segments. Deferred tax assets 835 724
Segment EBITDAR represents EBITDA before rental Entitlements to income tax refunds 223 202
expenses less rental income. Other entitlements to tax refunds3 464 358
Segment EBITDA comprises EBIT before depreciation and Assets held for sale 9 5
reversals of impairment losses of property, plant and Receivables from other financial transactions4 59 479
equipment, intangible assets and investment properties. Other 18 23
EBIT is the key ratio for segment reporting and describes Group assets 28,156 27,656
operating earnings for the period before net financial result
1 Adjustment of previous years figures (see notes to the group
and income taxes. Intra-group rental contracts are shown accounting principles and methods)
as operating leases in the segments. The properties are 2 Adjustment of previous years figures due to discontinued operations
(see notes to the group accounting principles and methods)
leased at market rates. In principle, store-related risks and 3 Included in the balance sheet item other financial and non-financial assets (current)
impairment risks related to non-current assets are only 4 Included in the balance sheet items other financial and non-financial
assets (non-current and current)

shown in the segments where they represent group risks.
OTHER NOTES P. 253
Segment liabilities include non-current and current Price risks

liabilities. They do not include, in particular, borrowings, tax For METRO GROUP, price risks result from the impact of
items and liabilities allocable to discontinued operations. changes in market interest rates, foreign currency exchange
rates, share price fluctuations or changes in commodity prices
The reconciliation from segment liabilities to group liabilities is on the value of financial instruments.
shown in the following table:
Interest rate risks are caused by changes in interest rate
million 30/9/2014 30/9/2015 levels. Interest rate derivatives are used to cap these risks.
Segment liabilities1, 2 14,105 14,103
Segment liabilities Galeria Kaufhof 885 0 METRO GROUPs remaining interest rate risk is assessed in
Financial liabilities 7,068 7,366 accordance with IFRS 7 using a sensitivity analysis. In the pro-
Deferred tax liabilities 130 142 cess, the following assumptions are applied under consider-
Income tax liabilities 198 148 ation of changes in interest rates:
Income tax provisions3 120 46 The total impact determined by the sensitivity analysis
Other tax liabilities4 371 331 relates to the actual balance as of the closing date and
Liabilities from other financial transactions4 12 25 reflects the impact for one year.
Liabilities to non-controlling interests4 76 159 Primary floating-rate financial instruments whose interest
Liabilities related to assets held for sale 139 142 payments are not designated as the underlying transaction
Interest for other provisions4 47 16 in a cash flow hedge against changes in interest rates are
Other 4 4 recognised in net interest result in the sensitivity analysis.
Group liabilities 23,157 22,484 The sensitivity for a change of 10 basis points is determined
due to the currently low level of interest rates.
1 Adjustment of previous years figures (see notes to the group
Primary fixed-interest financial instruments are generally
2 Adjustment of previous years figures due to discontinued
not recognised in net interest result. They are only
operations (see notes to the group accounting principles and methods)
3 Included in the balance sheet items other provisions (non-current) recognised in other financial result if they are designated as
and provisions (current) the underlying transaction within a fair value hedge and
4 Included in the balance sheet items other financial and
non-financial liabilities (non-current and current) measured at fair value. In this case, however, the interest-
related change in the value of the underlying transaction is
In principle, transfers between segments are made based offset by the change in the value of the hedging transaction
on the costs incurred from the groups perspective. upon full effectiveness of the hedging transaction. The
variable interest flows within the group that result from a
44. Management of financial risks fair value hedge are recognised in net interest result.
The treasury of METRO AG manages the financial risks of Financial instruments designated as the hedging trans-
METRO GROUP. These include, in particular: action within a cash flow hedge to hedge against variable
price risks, interest flows will only be recognised in net interest result
liquidity risks, when the payment flows have actually been initiated.
creditworthiness risks and However, the measurement of the hedging transaction at
cash flow risks. fair value is recognised in reserves retained from earnings
outside of profit or loss.
For more information about the risk management system, see the combined
management report in the economic report asset, financial and earnings position Interest rate derivatives that are not part of a qualified
financial and asset position financial management.
hedging transaction under IAS 39 are recognised at fair
value in the other financial result and, through resulting
interest flows, in net interest result.
SERVICE
OTHER NOTES P. 254
As of the closing date, METRO GROUPs remaining interest rate euros exists at a subsidiary which does not use the euro as its
risk is primarily the result of variable interest rate receivables functional currency. The following table shows the nominal
and liabilities to banks as well as other short-term liquid finan- volumes of currency pairs in this category with a plus sign.
cial assets (shown under cash and cash equivalents) with an
aggregate debit balance after consideration of hedging trans- A devaluation of the euro will result in a negative effect if a
actions of 3,019 million (30/9/2014: 1,043 million). receivable in euros exists at a subsidiary which does not use
the euro as its functional currency and if a liability in the for-
Given this total balance, an interest rate rise of 10 basis points eign currency exists at a subsidiary which uses the euro as
would result in 3 million (2013/14: 1 million) per year reported its functional currency. Correspondingly, the following table
in the interest result. An interest rate decrease of 10 basis shows the nominal volumes of currency pairs in this category
points would have the opposite effect of 3 million (2013/14: with a minus sign.
1 million).
By contrast, an appreciation of the euro will have the opposite
METRO GROUP faces currency risks in its international pro- effect for all currency pairs shown above.
curement of merchandise and because of costs and financings
that are incurred in a currency other than the relevant local In the sensitivity analysis, the effects of the measurement of
currency or are pegged to the price of another currency. In non-equity foreign currency positions that are calculated based
accordance with the group guideline Foreign Currency Trans- on the closing date price in line with IAS 21 are recognised in
actions, resulting foreign currency positions must be hedged. the income statement. In the case of net investments in a for-
Exceptions from this hedging requirement exist where hedging eign operation, the effects of the closing date measurement are
is not economically reasonable and in the case of legal and recognised in equity (other comprehensive income) outside of
regulatory restrictions in the respective countries. Forex fu- profit or loss.
tures as well as interest rate swaps and currency swaps are
used to limit currency risks. Foreign currency futures/options and interest rate and currency
swaps that are not part of a qualified hedge under IAS 39 are
In the event of an interest rate rise of 10 basis points, the recognised through the fair value measurement in the income
measurement of interest rate swaps with a nominal volume of statement. In fully effective hedging transactions, this effect is
206 million (30/9/2014: 187 million), which are part of a cash offset by the effect from the measurement of the underlying
flow hedge, would result in an increase in equity in the amount foreign currency transaction.
of 0 million (2013/14: 0 million). A corresponding drop in
interest rates would result in a decrease in equity of 0 million Foreign currency futures/options and interest rate and cur-
(2013/14: 0 million). rency swaps that are designated as the hedging transaction
within a cash flow hedge to hedge against payment flows in
In line with IFRS 7, the presentation of the currency risk result- foreign currency will only be recognised in the income state-
ing from the exceptions is also based on a sensitivity analysis. ment when the payment flows are actually initiated. The
In the process, the following assumptions are made in the measurement of the hedging transaction at its fair value,
consideration of a devaluation or revaluation of the euro however, is recognised in reserves retained from earnings
vis--vis other currencies: outside of profit or loss.
In terms of its amount and result characteristic, the total effect Effects from the currency translation of financial statements
presented by the sensitivity analysis relates to the amounts of whose functional currency is not the reporting currency of
foreign currency held within the consolidated subsidiaries of METRO GROUP do not affect cash flows in local currency and
METRO GROUP and states the effect of a devaluation or revalu- are therefore not part of the sensitivity analysis.
ation of the euro.
As of the closing date, the remaining currency risk of
A devaluation of the euro will result in a positive effect if a METRO GROUP, which is essentially due to an inability to hedge
receivable in the foreign currency exists at a subsidiary which certain currencies for legal reasons or due to insufficient mar-
uses the euro as its functional currency and if a liability in ket depth, was as follows:
OTHER NOTES P. 255
In the event of a devaluation of the euro by 10 per cent, a CHF/

Impact of devaluation/revaluation of euro by 10%
EUR interest rate / currency swap accounted for as a cash flow
million Currency pair Volume 30/9/2014 Volume 30/9/2015 hedge with a nominal volume of 206 million and the related
Profit or loss hedged item would result in an increase in equity of 1 million
for the period +/ +/ (2013/14: 0 million). A corresponding revaluation would result
CHF / EUR +16 2 +27 3 in a decline in equity of 1 million (2013/14: 0 million).
CNY / EUR +16 2 +28 3
CZK / EUR +128 13 +65 7 Share price risks result from sharebased payment to
EGP / EUR +25 2 +30 3
METRO GROUP executives. The remuneration (monetary bo-
HUF / EUR +2 0 8 1
nus) is essentially based on the price development of the METRO
KZT / EUR +137 14 +138 14
ordinary share as well as the ordinary shares relative per-
MDL / EUR +36 4 +35 4
formance in relation to defined indices.
PLN / EUR +13 2 2 0
RON / EUR +46 5 +70 7
To date, the share price risk from the performance share plan
RSD / EUR +24 2 +30 3
has not been limited.
RUB / EUR +55 5 +19 2
SEK / EUR +3 0 +51 5
Price risks related to equity instruments result from holdings
TRY / EUR +1 0 6 1
in other companies. In the event of revaluation of 10 per cent,
UAH / EUR +8 1 +33 3
the valuation of these investments with a carrying amount of
USD / EUR +12 1 +25 3
60 million (30/9/2014: 0 million) would result in an increase
VND / EUR +2 0 +1 0
in equity in the amount of 6 million (2013/14: 0 million). An
53 55
impairment would result in a decrease in equity of 6 million
Equity +/ +/
(2013/14: 0 million).
CNY / EUR +55 6 +96 10
GBP / EUR +1 0 0 0
Interest rate and currency risks are substantially reduced
KZT / EUR +114 11 +137 14
and limited by the principles laid down in the internal treas-
PLN / EUR +73 7 +72 7
ury guidelines of METRO GROUP. These include a regulation
UAH / EUR +242 24 +242 24
that is applicable throughout the group whereby all hedging
USD / EUR +262 26 +288 29
operations must adhere to predefined limits and may by no
74 84
means lead to increased risk exposure. METRO GROUP is
127 139
aware that this severely limits the opportunities to exploit
current or expected interest rate and exchange rate move-
ments to optimise results.
Currency risks existing in addition to these are mainly the result
of US dollar foreign currency holdings in various subsidiaries in In addition, hedging may be carried out only with standard
which the functional currency is not the US dollar or euro. At a financial derivative instruments whose correct actuarial and
nominal US dollar volume of +140 million (30/9/2014: accounting mapping and valuation in the treasury system are
+109 million), a devaluation of the US dollar by 10 per cent guaranteed.
would result in positive effects of 14 million in profit or loss for
the period (2013/14: 11 million). Conversely, a revaluation of the As of the closing date, the following derivative financial instru-
US dollar would have negative effects of 14 million (2013/14: ments were being used for risk reduction:
11 million). At a nominal volume of +161 million (30/9/2014:
+148 million), the currency pair VND/USD accounts for the
largest share of this negative effect.
SERVICE
OTHER NOTES P. 256
30/9/2014 30/9/2015
Fair values Fair values
Nominal Financial Financial Nominal Financial Financial

million volume assets liabilities volume assets liabilities
Currency transactions
Forward currency contracts/options 280 49 5 1 34 23
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
thereof within cash flow hedges (316) (23) (0) (384) (4) (5)
thereof not part of hedges (596) (26) (4) (383) (30) (18)
Interest rate / currency swaps 187 0 5 206 18 0
93 49 9 207 52 23
The nominal volume of forex futures/options and interest limi- be fully set off against each other in the case of full
tation agreements results from the net position of the buying effectiveness.
and selling values in foreign currency underlying the individual Within a cash flow hedge, the hedging transactions are also
transactions translated at the relevant exchange rate on the principally recognised at their fair value. In the case of full
closing date. The nominal volume of interest rate swaps or effectiveness of the hedging transaction, the value changes
interest rate/currency swaps and interest rate hedging agree- will be recognised in equity until the hedged payment flows
ments is shown. or expected transactions impact the result. Only then will
they be recognised in the income statement.
All fair values represent the theoretical value of these instru- Hedging transactions that, according to IAS 39, are not part
ments upon dissolution of the transaction at the end of the of a hedge are recognised at their fair value. Value changes
period. Under the premise that instruments are held until the are recognised directly in the income statement. Even if no
end of their term, these are unrealised gains and losses that, formal hedging relationship was created, these are hedging
by the end of the term, will be fully set off by gains and losses transactions that are closely connected to the underlying
from the underlying transactions in the case of fully effective business and whose impact on earnings will be netted by
hedging transactions. the underlying transaction (natural hedge).
In order to appropriately show this reconciliation for the period, The currency derivatives are used primarily for the Chinese
relationships are created between hedging transactions and renminbi, Japanese yen, Polish zoty, Romanian leu, Russian
underlying transactions and recognised as follows: rouble, Swiss franc, Czech koruna, Hungarian forint and US dollar.
Within a fair value hedge, both the hedging transaction and
the hedged risk of the underlying transaction are The derivative financial instruments have the following
recognised at their fair value. The value fluctuations of both maturities:
trades are shown in the income statement, where they will
OTHER NOTES P. 257
30/9/2014 fair values 30/9/2015 fair values
Maturities Maturities
million up to 1 year 1 to 5 years over 5 years up to 1 year 1 to 5 years over 5 years
Currency transactions
Forward currency contracts/options 44 0 0 11 0 0
Interest rate / currency swaps 0 5 0 18 0 0
44 4 0 29 0 0
Listed below the maturities are the fair values of the financial Intra-group cash pooling reduces the amount of debt and opti-
assets and liabilities that fall due during these periods. mises the money market and capital market investments of
METRO GROUP, which has a positive effect on the net interest
The repricing dates for variable interest rates are less than result. Cash pooling allows the surplus liquidity of individual
one year. group companies to be used to fund other group companies
internally.
Liquidity risks
Liquidity risk describes the risk of being unable to procure or In addition, METRO AG draws on all the financial expertise
provide funding or being able to only procure or provide funding at pooled in the treasury of METRO AG to advise the group com-
a higher cost. Liquidity risks may arise, for example, as a result panies in all relevant financial matters and provide support.
of temporary capital market disruptions, creditor defaults, insuf- This ranges from the elaboration of investment financing con-
ficient credit facilities or the absence of budgeted payment flows. cepts to supporting the responsible financial officers of the
METRO AG acts as financial coordinator for METRO GROUP com- individual group companies in their negotiations with local
panies to ensure that they are provided with the necessary finan- banks and financial service providers. This ensures, on the one
cing to fund their operating and investing activities at all times and hand, that the financial resources of METRO GROUP are opti-
in the most cost-efficient manner possible. The necessary infor- mally employed, and, on the other, that all group companies
mation is provided by means of a group financial plan, which is benefit from the strength and credit standing of METRO GROUP
updated and checked monthly for deviations. This financial plan in negotiating their financing terms.
is complemented by a weekly rolling 14-day liquidity plan.
Credit risks
Instruments used for financing purposes include money and Credit risks arise from the total or partial loss of a counter-
capital market products (time deposits, call money, promissory party, for example, through bankruptcy or in connection with
note loans, commercial papers and listed bonds sold as part of monetary investments and derivative financial instruments with
ongoing capital market programmes) as well as bilateral and positive market values. METRO GROUPs maximum default
syndicated loans. METRO GROUP has a sufficient liquidity exposure as of the closing date is reflected by the carrying
reserve so that there is no danger of liquidity risks even if an amount of financial assets totalling 8,194 million (30/9/2014:
unexpected event has a negative financial impact on the com- 5,376 million).
panys liquidity situation. For more information about the in- For more information about the size of the respective carrying amounts,
struments used for financing purposes and credit facilities, see see no. 41 carrying amounts and fair values according to measurement categories.
the explanatory notes to the respective balance sheet items.
SERVICE
Further details are provided in no. 30 cash and cash equivalents
as well as in no. 37 financial liabilities.

OTHER NOTES P. 258
Cash on hand considered in cash and cash equivalents totalling are not considered in the determination of creditworthiness
105 million (30/9/2014: 104 million) is not exposed to any risks. This is based on a system of limits laid down in the treas-
default risk. ury guidelines, which are based mainly on the ratings of inter-
national rating agencies, developments of credit default swaps
In the course of the risk management of monetary investments or internal credit assessments. An individual limit is allocated
totalling 2,475 million (30/9/2014: 2,205 million) and deriva- to every counterparty of METRO GROUP; compliance is con-
tive financial instruments totalling 52 million (30/9/2014: stantly monitored by the treasury systems.
49 million), minimum creditworthiness requirements and
maximum exposure limits have been defined for all business The following table shows a breakdown of counterparties by
partners of METRO GROUP. Cheques and money in circulation credit rating:
Rating classes Volume in %
Financial investments
Derivatives
Western Europe with positive
Grade Moodys Standard & Poors Germany excl. Germany Eastern Europe Asia and others market values Total
Investment grade Aaa AAA 0.0 0.0 0.0 0.0 0.0

Aa1 to Aa3 AA+ to AA 5.8 6.8 0.2 1.3 0.0
A1 to A3 A+ to A 1.0 21.7 1.8 10.3 0.3
Baa1 to Baa3 BBB+ to BBB 8.9 28.1 7.2 1.1 1.4 95.9
Non-investment grade Ba1 to Ba3 BB+ to BB 0.3 2.0 0.2 0.0 0.0
B1 to B3 B+ to B 0.0 1.2 0.0 0.0 0.0
Caa to C CCC to C 0.0 0.0 0.0 0.0 0.0 3.7
No rating 0.0 0.1 0.1 0.2 0.0 0.4
16.0 59.9 9.5 12.9 1.7 100.0
The table shows that, as of the closing date, about 96 per cent To manage creditworthiness risks related to long-term deriva-
of the capital investment volume, including the positive market tives, METRO AG concludes Credit Support Annexes (CSA) with
value of derivatives, had been placed with investment-grade banks. The balance sheet item financial liabilities includes
counterparties, in other words, those with good or very good 20 million (30/9/2014: receivables of 5 million in the balance
credit ratings. Most of the counterparties that do not yet have sheet item other financial and non-financial assets) from these
an internationally accepted rating are respected financial insti- contracts. The amount of the coverage payment depends on the
tutions whose creditworthiness can be considered flawless market values and covers the payment obligations of these
based on analyses. METRO GROUP also operates in countries interest rate/currency swaps.
where local financial institutions do not have investment-grade
ratings due to the rating of their country. For country-specific METRO GROUPs level of exposure to creditworthiness risks is
reasons as well as cost and efficiency considerations, cooper- thus very low.
ation with these institutions is unavoidable. These institutions
account for about 4 per cent of the total volume.
OTHER NOTES P. 259
Cash flow risks The appellate court dealing with the appeal of a non-
A future change in interest rates may cause cash flow from controlling shareholder ruled fully in favour of METRO KFH,
variable interest rate asset and liability items to fluctuate. endorsing the effective establishment of an advisory board and
Stress tests are used to determine the potential impact inter- determining that an arbitration court was the responsible
est rate changes may have on cash flow and how they can be authority for all issues of authority and majority requirements
capped through hedging transactions in accordance with the of the advisory board. Upon the appeal of METRO KFH, the
groups internal treasury guidelines. arbitration court endorsed key aspects of METROs position in
its arbitral ruling of 8 August 2012: The advisory board can
45. Contingent liabilities take decisions by simple majority in number on operational
transactions proposed by the executive board of MSH that
million 30/9/2014 30/9/2015 require approval. The ruling of the arbitration court was de-
Liabilities from suretyships and guarantees 20 14 clared enforceable by the Higher Regional Court of Munich on
Liabilities from guarantee and warranty contracts 42 57 18 December 2013. On 16 April 2015, the Federal Court of
62 71 Justice dismissed the appeal filed by the minority shareholder
against such ruling, meaning that it now has legal force.
The previous years figures include an amount of 0 million for As most recently reported in the consolidated financial state-
discontinued operations. ments for financial year 2013/14, members of the advisory
board appointed by the minority shareholder had filed several
Liabilities from guarantee and warranty contracts are primarily legal actions against MSH and raised questions about decisions
rent guarantees with terms of up to ten years if utilisation is not taken by the advisory board of MSH. In the meantime, the court
considered entirely unlikely. has ruled in favour of MSH and METRO and dismissed all of
those actions with one exception. In METROs view, the pros-
46. Other financial liabilities pects for success of the remaining action which is still being
As of 30 September 2015, the nominal value of other financial heard by the court of first instance and relates to the decisions
liabilities amounted to 475 million (30/9/2014: 675 million, taken on the budget for 2013/14 are low. The plaintiff has
includeing 153 million related to discontinued operations) and since declared his complaint settled.
primarily concerned purchasing commitments from service
agreements. The minority shareholder has also filed additional complaints
against MSH.
For more information about contractual commitments for the acquisition of
other intangible assets and property, plant and equipment, obligations from finance and
operating leases as well as investment properties, see notes no. 20 other intangible
After MSH and METRO KFH won the first-instance case before
assets, no. 21 property, plant and equipment and no. 22 investment properties.
the Regional Court of Ingolstadt relating to decisions taken by
47. Remaining legal issues the shareholders meeting on individual location changes,
which have meanwhile been implemented, the Higher Region-
Legal disputes related to Media-Saturn-Holding GmbH al Court of Munich upheld the appeal in part and required
Through its fully owned subsidiary METRO Kaufhaus und Fach- METRO KFH to vote on the substance of each measure sepa-
markt Holding GmbH (METRO KFH), METRO AG (METRO) indirect- rately in view of the specific circumstances. In a decision dated
ly holds 78.38 per cent of the shares in Media-Saturn-Holding 13 October 2015, the Federal Court of Justice meanwhile
GmbH (MSH). In March 2011, the shareholders general meeting of granted leave to appeal based on an according complaint by
MSH decided, with the votes of METRO KFH, to create an advisory MSH and METRO KFH. The case is therefore still pending.
board to strengthen the governance structures at MSH. The
advisory board takes decisions by simple majority in number on On 21 April 2015, the Regional Court of Ingolstadt dismissed
operational measures proposed by the executive board of MSH that the complaint of the minority shareholder through which the
require approval. According to the Articles of Association of MSH, shareholder aims to achieve the dismissal of the managing
METRO, or METRO KFH, has the right to delegate one more mem- director of MSH installed by METRO KFH. In that case, the
ber to the advisory board than the remaining minority sharehold- Higher Regional Court of Munich announced in a decision of
SERVICE
er and therefore has a majority by number on the advisory board. 7 October 2015 that it intended to dismiss the appeal filed by
OTHER NOTES P. 260
the minority shareholder given the unilateral view of the senate infringement of the regulations governing the structure of the
that the case is without merit. The Regional Court of Ingolstadt annual financial statements due to allegedly flawed consolida-
and the Higher Regional Court of Munich as the court of appeal tion of the Media-Saturn group of companies in the consolidat-
had already dismissed, with final effect, the minority share- ed financial statements of METRO AG. In both decisions,
holders request for an injunction against the managing direct- the court confirmed all key points of the legal opinion held by
or that would have prohibited him from performing his duties. METRO AG in full.
The minority shareholder has filed an additional complaint The annual financial statements 2012 of METRO AG are there-
against MSH with the Regional Court of Ingolstadt relating to fore deemed to have been prepared pursuant to the accounting
resolutions adopted by the shareholders meeting rejecting regulations of the German Commercial Code and to be legally
amendments to MSHs Articles of Association that had been valid. The same applies to the consolidated financial state-
requested by the minority shareholder. The minority sharehold- ments 2012 of METRO AG. METRO AG indirectly holds a major-
ers intention in filing the complaint was to effect adoption of the ity of the voting rights of the shareholders of Media-Saturn-
modifications to the Articles of Association. Such modifications Holding GmbH (MSH) through its subsidiary METRO Kaufhaus
relate to the areas of responsibility of the shareholders meeting. und Fachmarkt Holding GmbH. As such, it exerts irrefutable
In METROs view, the chances of success of the action are low. power over MSH pursuant to 290 Section 2 No. 1 of the Ger-
man Commercial Code. As a result, MSH is an affiliated com-
In its ruling from 13 August 2015, the Regional Court of Ingol- pany in the meaning of the commercial law stipulations gov-
stadt had already legally dismissed the minority sharehold- erning the annual financial statements. The method of consoli-
ers request for a temporary injunction against management dation used by the Media-Saturn group of companies in the
action until the court had ruled on the substance of the case. consolidated financial statements 2012 of METRO AG complies
METRO KFH has filed a complaint with the Regional Court of with international accounting standards (the IFRS as adopted
Ingolstadt against shareholder resolutions relating, among by the European Union) and has been implemented accurately.
other things, to the aforementioned management action.
Those shareholder resolutions were adopted by the minority All of the resolutions of the Annual General Meeting 2013 that
shareholder alone in a shareholders meeting that did not had been challenged by way of the complaint the resolution
even have a quorum pursuant to the Articles of Association on the appropriation of profits, the resolution on the appoint-
and was moreover, in the view of METRO, not responsible for ment of the auditor for the short financial year 2013 and the
deciding on the managements action. METRO expects to resolution approving the actions of the Management Board and
prevail in the case and for the shareholder resolutions to be the Supervisory Board are likewise free of errors and were
deemed ineffective. adopted with legal effect. The information provided to the plain-
tiff at the Annual General Meeting 2013 was in proper order and
For more information, see the risk and opportunity report in the sufficient, thus fulfilling the plaintiffs right to information
combined management report. under stock corporation law.
Legal actions filed under stock corporation law Investigations by the Federal Cartel Office
In a decision of 11 September 2015, which has meanwhile As reported in the consolidated annual financial statements
become final, the Regional Court of Dsseldorf dismissed the for financial year 2013/14, on 14 January 2010, the Federal
complaint filed by a shareholder of METRO AG against, among Cartel Office searched former business premises of
other things, the resolution adopted by the Annual General MGB METRO Group Buying GmbH. On 19 December 2011,
Meeting of 8 May 2013 on the appropriation of the balance the Federal Cartel Office had extended the scope of the in-
sheet profit for financial year 2012 and the appointment of the vestigation to also include METRO AG, METRO Cash & Carry
auditor. The Regional Court of Dsseldorf had previously denied International GmbH and METRO Dienstleistungs-Holding
a complaint filed by the same shareholder to declare the GmbH. This extension resulted from the merger of MGB
adopted annual financial statements of METRO AG as of METRO Group Buying GmbH into METRO Dienstleistungs-
31 December 2012 invalid and thus also decided in favour of Holding GmbH as part of the decentralisation of central
METRO in that decision of 3 April 2014, which was likewise procurement in Germany. As reported, the Federal Cartel
final. These actions were based in particular on an alleged Office used this as a reason to extend the investigation to the
OTHER NOTES P. 261
parent or group holding company in view of the risk that the 48. Events after the closing date
legal opponent may cease to exist due to a corporate restructur- Between the closing date (30 September 2015) and the
ing with a change of legal form. The authority had already preparation of the consolidated financial statements
stopped proceedings for a sub-complex without imposition of (3 December 2015), the following events of material importance
measures. Two additional sub-complexes were settled out of to an assessment of the earnings, financial and asset position
court and by mutual agreement with the authority through of METRO AG and METRO GROUP occurred:
payment of a fine. In the context of another remaining sub-
complex, the authority sent METRO AG a hearing notice in Feb- In August 2015, Media-Saturn-Holding GmbH signed an agree-
ruary 2015. In this notification, accusations are levelled concern- ment on the purchase of a controlling interest (90 per cent of the
ing practices engaged in by the former MGB METRO Group shares) in RTS, a provider of customer and repair services. The
Buying GmbH in the form of vertical price fixing agreements acquisition was not finalised until 1 October 2015. As a result,
with a supplier. A comprehensive defence case against these the requirements for establishing a parent-subsidiary relation-
allegations has been launched and appropriate risk provisions ship by acquiring control prior to the closing date were not met.
have been formed. The RTS group will therefore only be included in the scope of
consolidated companies in financial year 2015/16. The RTS
International tax audit group generated sales of 136 million last year and employed
In 2011, income tax arrears in the double-digit millions were around 1,200 people.
incurred at an international group company in connection with
a tax audit dating back to 2006. The case is currently pending. On 16 November 2015, a non-controlling interest of 15 per cent
An assertion for possible claims for recourse is currently in METRO Cash & Carry Romania was acquired from the
being made. minority shareholder Zareba Holdings Limited. The purchase
price liability resulting from the transaction was already recog-
Claims for damages due to interbank fees in violation nised as of 30 September 2015 in connection with accounting
of antitrust law for put options, meaning that the ensuing payment will merely
METRO GROUP companies have filed suit in a London court serve to reduce the balance sheet.
against companies of the Mastercard group. The legal challenge
asserts claims for damages based on a decision of the EU 49. Notes on related parties
Commission which found that the cross-border interbank fees In financial year 2014/15, METRO GROUP maintained the fol-
imposed by Mastercard in the period 1992 to 2007 as part of its lowing business relations to related companies:
credit card system, which also impacted national interbank fees,
violated European antitrust law. Traditionally, retailers banks million 2013/14 2014/15
charge interbank fees to retailers as part of retail fees. Services provided 1 0
thereof to associates (0) (0)
Further remaining legal issues Services received 16 15
In addition, companies of METRO GROUP are parties to other thereof from associates (3) (3)
judicial or arbitral and antitrust law proceedings in various Receivables from services provided 0 0
European countries. This also includes investigations by the EU Liabilities from goods/services received 2 2
Commission into the Media-Saturn group of companies and
Redcoon GmbH, which were initiated with searches related to
suspected anti-competitive agreements with suppliers in 2013 In financial year 2014/15, METRO GROUP companies provid-
and 2015, respectively. Insofar as the liability has been suffi- ed no services to companies included in the group of related
ciently specified, appropriate risk provisions have been formed companies.
for these proceedings.
The services totalling 15 million that METRO GROUP com-
In addition, METRO GROUP is increasingly exposed to regula- panies received from related companies in financial year
tory changes related to procurement and changed sales tax 2014/15 consisted of services, at an amount of 9 million, and
regulations in some countries. real estate leases, at an amount of 6 million.
SERVICE
OTHER NOTES P. 262
Business relations with related parties are based on contrac- The TSR component is measured according to the development
tual agreements providing for arms length prices. As in financial of the total shareholder return of the METRO ordinary share in
year 2013/14, METRO GROUP had no business relations with the performance period compared to a defined benchmark
related natural persons in financial year 2014/15. index. To calculate the goal achievement factor of the TSR
component, the Xetra closing prices of the METRO ordinary
For more information about the basic principles of the remuneration system
and the amount of Management and Supervisory Board compensation, see no. 51 share are determined over a period of 40 consecutive trading
Management Board and Supervisory Board.
days immediately following the Annual General Meeting of
METRO AG in the grant year. This is used to calculate the
50. Long-term incentive for executives arithmetic mean, which is known as the starting share price.
METRO AG has been implementing long-term incentive pro- The performance period for the respective tranche will begin
grammes since 1999 to enable senior executives to participate on the 41st trading day following the Annual General Meeting.
in the companys value development and reward their contribu- Once again, the Xetra closing prices of the METRO ordinary
tion to the sustained success of METRO GROUP compared with share are determined over a period of 40 consecutive trading
its competitors. The members of the Management Board and days immediately following the Annual General Meeting three
senior executives of METRO AG as well as managing directors years, or, from financial year 2015/16 onwards, four years after
and senior executives of the other operating METRO GROUP calculating the starting share price and issuing the applicable
companies are eligible. tranche. This is used again to calculate the arithmetic mean,
which is known as the ending share price. The TSR percentage
Sustainable performance plan version 2014 value will be determined on the basis of the change in the
(2014/152017/18) METRO share price and the total amount of hypothetically
After the first tranche of the sustainable performance plan was reinvested dividends throughout the performance period in
issued in financial year 2013/14, it was decided to adjust the relation to the starting and ending share prices.
sustainable performance plan from financial year 2014/15
onwards by adopting the so-called sustainable performance The METRO TSR calculated in this manner will be compared
plan version 2014, with a planned duration of four tranches up with the TSR of the Dow Jones STOXX Europe 600 Retail index
to financial year 2017/18. A three-year performance period (index TSR) during the performance period, and the factor for
applies to the 2014/15 tranche of the sustainable performance computing the TSR component for the three-year performance
plan 2014; from the 2015/16 tranche onwards, a four-year period of the 2014/15 tranche will be determined in this way:
performance period will apply. if METROs TSR is identical to the index TSR, the factor for
the TSR component will be 1.0;
A target value in euros is set for the eligible managers. The if METROs TSR is 30 percentage points or more below the
payout amount is calculated by multiplying the target value by index TSR, the factor for the TSR component will be 0.0;
the factor of overall goal achievement. This, in turn, is calcu- if METROs TSR is 30 percentage points above the index
lated by determining the goal achievement factors, each of TSR, the factor for the TSR component will be 2.0.
which is rounded to two decimal points, for each of the three In the case of goal achievement with intermediate values
performance targets. The arithmetic mean of the factors, also and more than 30 percentage points, the TSR factor for the
rounded to two decimal points, gives the overall goal achieve- sustainable performance plan version 2014 is calculated
ment factor. The payout amount is limited to a maximum of using linear interpolation to two decimal points.
250 per cent of the target value (payout cap). In case of em-
ployment termination, separate rules for the payout of the To determine the goal achievement factor of the sustainability
tranches have been agreed upon. component, METRO AG takes part in the Corporate Sustainability
Assessment conducted by the external independent agency
The sustainable performance plan version 2014 is based on the RobecoSAM AG during each year of the three-year or four-year
following three performance targets: performance period of the sustainable performance plan version
total shareholder return (TSR), 2014. RobecoSAM AG uses this assessment to determine
sustainability and METRO AGs ranking within the industry group Food and Staples
earnings per share (EPS). Retailing that is defined in accordance with the Global Industry
Classification Standard (GICS). S&P Dow Jones Indices uses this
OTHER NOTES P. 263
ranking as the basis for decisions regarding a companys only if the calculated ending price of the METRO share does not
inclusion in the Dow Jones Sustainability Indices (DJSI). fall below the starting share price. Should this condition not be
METRO AG is informed each year by RobecoSAM AG about its met, the calculated amount will not initially be paid. In this
new ranking. The companys average ranking rounded to case, an entitlement to payment will exist only if the Xetra
whole numbers is determined on the basis of the three, or, closing price of the METRO ordinary share is higher than or
from financial year 2015/16 onwards, four rankings per equivalent to the starting share price for 40 consecutive trading
tranche communicated by RobecoSAM AG during the perform- days within a three-year period after the completion of the
ance period. The factor for the sustainability component is performance period. Should this condition not be met within
determined on the basis of the average ranking during the the three years after the performance period ends, no payment
performance period. of the TSR component of the tranche will be made.
The goal achievement factor for the EPS component, which Similarly, the method described for the sustainable
was introduced for the first time in the sustainable performance plan version 2014 also applies to the calculation
performance plan version 2014, is calculated as follows: of the factor for the sustainability component, while the factor
generally, an EPS target value (before special items) for the for the sustainability component depends on the average
third or fourth year of the EPS performance period, a lower ranking during the performance period.
threshold/entry barrier as well as an upper threshold for
200 per cent goal achievement are decided at the beginning of The following additional condition will also apply: a payment of
the financial year. The EPS that has actually been achieved 25 per cent of the target amount multiplied by the sustainability
during the performance period is compared to the approved factor will only be made if the ranking of METRO AG does not
values and the factor for calculating the EPS component is fall by more than two places below the last announced ranking
determined as follows: before the issuance of the tranche in any year of the perform-
if the EPS target value is achieved, the factor for the EPS ance period. Otherwise, the factor for the sustainability compo-
component is 1.0, nent will be zero. The payment cap for the sustainability com-
if only the lower entry barrier or a value lower than it is ponent amounts to three times the target amount.
achieved, the factor for the EPS component is 0.0;
in the event of 200 per cent goal achievement, the factor for The value of the tranches granted in financial year 2014/15 as
the EPS component is 2.0. part of the sustainable performance plan version 2014 amount-
In the case of goal achievement with intermediate values ed to 41 million at the time of the grant (previous year sus-
and more than 200 per cent, the EPS factor for the tainable performance plan: 6 million) and was calculated by
sustainable performance plan version 2014 is calculated external experts using recognised financial-mathematical
using linear interpolation to two decimal points. methods.
Sustainable performance plan (2013/14) Sustainable performance plan /

After the last tranche of the performance share plan was paid sustainable performance plan version 2014
in the short financial year 2013, the first tranche of the sustain- End of the Starting price Target amount
performance for the as of
able performance plan was issued in financial year 2013/14. Tranche period TSR component 30/9/2015
41st trading day

following the
A target value in euros was set for the eligible managers. This is Annual General
75 per cent dependent on the TSR component and 25 per cent Meeting three
years after the
on the sustainability component. issuance
2013/14 of the tranche 29.73 8,060,000
41st trading day
The calculation of the TSR component follows the method following the
described for the sustainable performance plan version 2014; Annual General
Meeting three
however, the factor for the TSR component is a maximum of years after the
issuance
3.0 (cap). Furthermore, the following additional condition ap- 2014/15 of the tranche 31.69 28,765,000
plies if the TSR factor is positive: a payment of 75 per cent of
SERVICE
the target amount multiplied by the TSR factor will be made

OTHER NOTES P. 264
Performance share plan (20092013) Performance share plan

In 2009, METRO AG introduced a performance share plan for a
Three-month Number of
period of five years for which the last tranche was issued in the average price performance shares
Tranche End of vesting period before grant as of 30/9/2015
short financial year 2013. Under this scheme, eligible managers
were given an individual target amount for the performance
share plan (target value) in accordance with the significance
2011 August 2014 41.73 292,475
of their responsibilities. The target number of performance
2012 April 2015 29.18 478,581
shares was calculated by dividing this target value by the share
2013 April 2016 22.84 699,213
price upon grant, based on the average price of the METRO
share during the three months up to the grant date. The key
metric in this calculation was the three-month average price of The vesting period for the 2011 and 2012 tranches ended in
the METRO share before the grant date. A performance share August 2014 and April 2015, respectively. No payouts from
entitles its holder to a cash payment in euros matching the these tranches were made in financial year 2014/15.
price of the METRO share on the payment date based on the
average price of the METRO share during the three months up The current tranches of share-based payment programmes
to the payment date. resulted in expenses of 7 million (2013/14: 3 million).
Based on the relative performance of the METRO share com- The related provisions as of 30 September 2015 amount to
pared with the median of the DAX 30 and Dow Jones Euro STOXX 21 million (30/9/2014: 15 million). The 2010 tranche ac-
Retail indices total return the final number of payable per- counts for 0 million (30/9/2014: 0 million) of this total, the
formance shares is determined after the end of a performance 2011 tranche for 0 million (30/9/2014: 0 million), the 2012
period of at least three and at most 4.25 years. It corresponds to tranche for 0 million (30/9/2014: 3 million), the 2013 tranche
the target number of shares when an equal performance with for 11 million (30/9/2014: 11 million), the 2014 tranche for
said stock indices is achieved. Up to an outperformance of 4 million (30/9/2014: 1 million) and the 2015 tranche for
60 per cent, the number increases linearly to a maximum of 6 million.
200 per cent of the target amount. Up to an underperformance of
30 per cent, the number is accordingly reduced to a minimum of 51. Management Board and Supervisory Board
50 per cent. In the case of an underperformance of more than
30 per cent, the number is reduced to zero. Compensation of members of the Management Board
in financial year 2014/15
Payment can be made at six possible times that are set in Remuneration of the active members of the Management
advance. The earliest payment date is three years after grant- Board essentially consists of a fixed salary, short-term perform-
ing of the performance shares. From this time, payment can be ance-based remuneration (short-term incentive and special
made every three months. The eligible managers can choose bonuses) as well as the share-based payments (long-term
the date upon which they want to exercise performance shares. incentive) granted in financial year 2014/15.
A distribution over several payment dates is not permitted. The
payment cap amounts to five times the target value. The amount of the short-term performance-based compensa-
tion for members of the Management Board essentially depends
METRO GROUP introduced so-called share ownership guide- on the development of the key performance metrics EBIT, RoCE
lines along with its performance share plan: as a precondition and like-for-like sales and also considers the attainment of
for payments of performance shares, eligible executives are individually set targets.
obliged to undertake a continuous self-financed investment in
METRO shares up to the end of the three-year vesting period. Remuneration of the active members of the Management
This ensures that, as shareholders, they will directly participate Board in financial year 2014/15 amounted to 21.7 million
in share price gains as well as potential losses of the METRO (2013/14: 10.8 million). This includes 4.0 million (2013/14:
share. The required investment volume generally amounts to 3.7 million) in fixed salaries, 10.0 million (2013/14:
approximately 50 per cent of the individual target value. 3.4 million) in short-term performance-based remuneration,
7.5 million (2013/14: 3.4 million) in performance-based
OTHER NOTES P. 265
remuneration with a long-term incentive effect and 0.2 million 52. Auditors fees
(2013/14: 0.3 million) in other remuneration. The following fees related to the services rendered by the audi-
tor KPMG AG Wirtschaftsprfungsgesellschaft were calculated.
Performance-based compensation with a long-term incentive
effect granted in financial year 2014/15 (sustainable performance million 2013/14 2014/15
plan version 2014) is shown at fair value as of the date granted. In Audit 9 9
financial year 2014/15, value changes resulted from the current Other assurance and audit-related services 1 1
tranches of performance-based payment programmes with a Tax consultation services 0 1
long-term incentive effect. The companys expenses amounted to Other services 2 2
0.92 million for Mr Koch, 0.02 million for Mr Boone, 12 13
0.76 million for Mr Frese, 0.77 million for Mr Haas and
0.02 million for Mr Hutmacher.
Only services that are consistent with the task of the auditor of
The target amount of the 2014/15 tranche for the members of the annual financial statements of METRO AG were provided.
the Management Board amounts to 5.365 million.
53. Declaration of compliance
Other remuneration consists of non-cash benefits. with the German Corporate Governance Code
In December 2014 and September 2015, the Management
Total compensation of former members Board and the Supervisory Board made declarations of com-
of the Management Board pliance with the recommendations of the Government Com-
Former members of the Management Boards of METRO AG mission on the German Corporate Governance Code pursuant
and the companies that were merged into METRO AG as well as to 161 of the German Stock Corporation Act (AktG), which can
their surviving dependants received 3.4 million (2013/14: be accessed on the METRO AG website www.metrogroup.de.
3.5 million). The corresponding cash value of provisions for
current pensions and pension entitlements for this group 54. Election to be exempt from 264 Section 3
amounts to 49.5 million (30/9/2014: 54.3 million). and 264 b of the German Commercial Code
The following domestic subsidiaries in the legal form of stock
The information released pursuant to 314 Section 1 No. 6 a Sentence 5 to 8
of the German Commercial Code can be found in the chapter remuneration report corporations or partnerships will make use of the exemption
in the combined management report.
requirements according to 264 Section 3 and 264 b of the
German Commercial Code, and thus elect not to publish their
Compensation of members of the Supervisory Board annual financial statements for 2015 as well as mostly from
The total remuneration of all members of the Supervisory preparing their notes and management report (according to the
Board in financial year 2014/15 amounted to 1.8 million German Commercial Code).
(2013/14: 1.7 million).
For more information about the compensation of the members
of the Supervisory Board, see the chapter remuneration report in the combined
management report.
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OTHER NOTES P. 266
a) Operating companies and service entities

DAYCONOMY GmbH Dsseldorf
Fulltrade International GmbH Dsseldorf
Goldhand Lebensmittel- u. Verbrauchsgter-Vertriebsgesellschaft mit beschrnkter Haftung Dsseldorf
Johannes Berg GmbH, Weinkellerei Dsseldorf
Liqueur & Wine Trade GmbH Dsseldorf
MCC Trading Deutschland GmbH Dsseldorf
MCC Trading International GmbH Dsseldorf
Meister feines Fleisch feine Wurst GmbH Gufelden
METRO Achtzehnte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf
METRO Beteiligungsmanagement Dsseldorf GmbH & Co. KG Dsseldorf
Metro Cash & Carry Brunnthal GmbH & Co. KG Brunnthal
METRO Cash & Carry Deutschland GmbH Dsseldorf
METRO Cash & Carry International GmbH Dsseldorf
METRO Cash & Carry International Management GmbH Dsseldorf
METRO Dienstleistungs-Holding GmbH Dsseldorf
METRO Dreizehnte Gesellschaft fr Vermgensverwaltung mbH Ingolstadt
METRO Erste Erwerbsgesellschaft mbH Dsseldorf
METRO Finanzdienstleistungs Pensionen GmbH Dsseldorf
METRO Fnfzehnte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf
METRO Gro- und Lebensmitteleinzelhandel Holding GmbH Dsseldorf
METRO Grohandelsgesellschaft mbH Dsseldorf
METRO Group Accounting Center GmbH Alzey
METRO Innovations Holding GmbH Dsseldorf
METRO INTERNATIONAL SUPPLY GmbH Dsseldorf
METRO Kaufhaus und Fachmarkt Holding GmbH Dsseldorf
METRO LOGISTICS Germany GmbH Dsseldorf
METRO LOGISTICS Services GmbH Dsseldorf
Metro SB-Gromrkte GmbH & Co. Kommanditgesellschaft Linden
Metro SB-Gromrkte GmbH & Co. Kommanditgesellschaft Esslingen am Neckar
METRO Siebte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf
METRO Siebzehnte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf
METRO SYSTEMS GmbH Dsseldorf
METRO Vierzehnte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf
MGA METRO Group Advertising GmbH Dsseldorf
MGC METRO Group Clearing GmbH Dsseldorf
MGE Warenhandelsgesellschaft mbH Dsseldorf
MGL METRO Group Logistics GmbH Dsseldorf
MGL METRO Group Logistics Warehousing Beteiligungs GmbH Dsseldorf
MGP METRO Group Account Processing GmbH Kehl
MGT METRO Group Travel Services GmbH Dsseldorf
MIB METRO Group Insurance Broker GmbH Dsseldorf
MIP METRO Group Intellectual Property GmbH & Co. KG Dsseldorf
MIP METRO Group Intellectual Property Management GmbH Dsseldorf
Multi-Center Warenvertriebs GmbH Dsseldorf
OTHER NOTES P. 267
N & NF Trading GmbH Dsseldorf

NordRhein Trading GmbH Dsseldorf
real,- Digital Fulfillment GmbH Dsseldorf
real,- Group Holding GmbH Dsseldorf
real,- Handels GmbH Dsseldorf
real,- Holding GmbH Dsseldorf
real,- SB-Warenhaus GmbH Dsseldorf
Weinkellerei Thomas Rath GmbH Dsseldorf
Zweite real,- Multi-Markt Verwaltungsgesellschaft mbH Dsseldorf
Zweite real,- SB-Warenhaus GmbH Dsseldorf
b) Real estate companies

2. Schaper Objekt GmbH & Co. Kiel KG Dsseldorf
ADAGIO 2. Grundstcksverwaltungsgesellschaft mbH Dsseldorf
ADAGIO 3. Grundstcksverwaltungsgesellschaft mbH Dsseldorf
ADAGIO Grundstcksverwaltungsgesellschaft mbH Dsseldorf
Adolf Schaper GmbH & Co. Grundbesitz-KG Dsseldorf
AIB Verwaltungs GmbH Dsseldorf
ARKON Grundbesitzverwaltung GmbH Dsseldorf
ASH Grundstcksverwaltung XXX GmbH Dsseldorf
ASSET Immobilienbeteiligungen GmbH Dsseldorf
ASSET Kln-Kalk GmbH Dsseldorf
ASSET Zweite Immobilienbeteiligungen GmbH Dsseldorf
BAUGRU Immobilien-Beteiligungsgesellschaft mit beschrnkter Haftung & Co. Grundstcksverwaltung KG Dsseldorf
Blabert Grundstcksverwaltungsgesellschaft mbH Dsseldorf
Deutsche SB-Kauf GmbH & Co. KG Dsseldorf
DFI Verwaltungs GmbH Dsseldorf
FZB Fachmarktzentrum Bous Verwaltungsgesellschaft mbH & Co. KG Dsseldorf
FZG Fachmarktzentrum Guben Verwaltungsgesellschaft mbH Dsseldorf
FZG Fachmarktzentrum Guben Verwaltungsgesellschaft mbH & Co. Vermietungs-Kommanditgesellschaft Dsseldorf
GBS Gesellschaft fr Unternehmensbeteiligungen mbH Dsseldorf
GKF 6. Objekt Vermgensverwaltungsgesellschaft mbH Dsseldorf
GKF Grundstcks-Vermietungsgesellschaft mbH & Co. Objekt Donaueschingen KG Dsseldorf
GKF Grundstcks-Vermietungsgesellschaft mbH & Co. Objekt Kln-Porz KG Dsseldorf
GKF Grundstcksverwaltung GmbH & Co. Objekt Bremen-Vahr KG Dsseldorf
GKF Grundstcksverwaltung GmbH & Co. Objekt Emden KG Dsseldorf
GKF Grundstcksverwaltung GmbH & Co. Objekt Gro-Zimmern KG Dsseldorf
GKF Grundstcksverwaltung GmbH & Co. Objekt Norden KG Dsseldorf
GKF Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Schaper Bremen-Habenhausen KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. 10. Objekt-KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Arrondierungsgrundstcke KG Dsseldorf
SERVICE
GKF Vermgensverwaltungsgesellschaft mbH & Co. Entwicklungsgrundstcke KG Dsseldorf

OTHER NOTES P. 268
GKF Vermgensverwaltungsgesellschaft mbH & Co. Gewerbegrundstcke KG Dsseldorf

GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Bochum Otto Strae KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Braunschweig Hamburger Strae KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Brhl KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Duisburg KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Edingen-Neckarhausen KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Emden KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Espelkamp KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Finowfurt KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Frankenthal KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Frankenthal-Studernheim KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Gufelden KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Gttingen KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hamburg-Neuwiedenthal KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hannover/Davenstedter Strae KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hannover Fssestrae KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hannover-Linden KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Heinsberg KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Herten KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hildesheim-Senking KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hrselgau KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Kassel KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Kulmbach KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Mnchengladbach ZV II KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Mnchengladbach-Rheydt KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Mnster-Kinderhaus KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Oldenburg KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Paderborn Sdring Center KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Pfarrkirchen KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Rastatt KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Ratingen KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Regensburg KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Saar-Grund KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Wiesbaden-Nordenstadt KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Wlfrath KG Dsseldorf
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekte Amberg und Landshut KG Dsseldorf
Horten Nrnberg GmbH Dsseldorf
Immobilien-Vermietungsgesellschaft von Quistorp GmbH & Co. Objekt Altlandsberg KG Dsseldorf
Kaufhalle GmbH Dsseldorf
Kaufhalle GmbH & Co. Objekt Lager Apfelstdt KG Dsseldorf
Kaufhof Warenhaus Neubrandenburg GmbH Dsseldorf
KUPINA Grundstcks-Verwaltungsgesellschaft mbH & Co. KG Dsseldorf
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Berlin-Friedrichshain KG Dsseldorf
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Hamburg-Altona KG Dsseldorf
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Mnchen-Pasing KG Dsseldorf
OTHER NOTES P. 269
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Porta-Westfalica KG Dsseldorf

MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Schwelm KG Dsseldorf
MDH Secundus GmbH & Co. KG Dsseldorf
Metro Cash & Carry Grundstcksverwaltungsgesellschaft mbH Dsseldorf
METRO Group Asset Management Services GmbH Dsseldorf
METRO Group Retail Real Estate GmbH Dsseldorf
METRO Group Wholesale Real Estate GmbH Dsseldorf
Metro International Beteiligungs GmbH Dsseldorf
METRO Leasing GmbH Dsseldorf
METRO Leasing Objekt Schwerin GmbH Dsseldorf
METRO PROPERTIES Energy Management GmbH Dsseldorf
METRO PROPERTIES GmbH & Co. KG Dsseldorf
METRO PROPERTIES Holding GmbH Dsseldorf
MFM METRO Group Facility Management GmbH Dsseldorf
MTE Grundstcksverwaltung GmbH & Co. Objekt Duisburg oHG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Detmold KG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Eschweiler KG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Germersheim KG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Langendreer KG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Moers KG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Neunkirchen KG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Oberhausen oHG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Rendsburg KG Pullach im Isartal
NIGRA Verwaltung GmbH & Co. Objekt Salzgitter KG Pullach im Isartal
PIL Grundstcksverwaltung GmbH Dsseldorf
Pro. FS GmbH Dsseldorf
Renate Grundstcksverwaltungsgesellschaft mbH Dsseldorf
RUDU Verwaltungsgesellschaft mbH Dsseldorf
RUTIL Verwaltung GmbH & Co. SB-Warenhaus Bielefeld KG Pullach im Isartal
Schaper Grundbesitz-Verwaltungsgesellschaft mbH Dsseldorf
SIL Verwaltung GmbH & Co. Objekt Haidach KG Dsseldorf
STW Grundstcksverwaltung GmbH Dsseldorf
TIMUG Verwaltung GmbH Dsseldorf
Wirichs Immobilien GmbH Dsseldorf
Wirichs Immobilien GmbH & Co. Objekt Herford KG Dsseldorf
Wolfgang Wirichs GmbH Dsseldorf
ZARUS Verwaltung GmbH & Co. Dritte Vermietungs-oHG Pullach im Isartal
ZARUS Verwaltung GmbH & Co. Objekt Braunschweig Berliner Strae KG Pullach im Isartal
ZARUS Verwaltung GmbH & Co. Objekt Mutterstadt KG Pullach im Isartal
ZARUS Verwaltung GmbH & Co. Objekt Osnabrck KG Pullach im Isartal
ZARUS Verwaltung GmbH & Co. Objekte Niedersachsen KG Pullach im Isartal
SERVICE
OTHER NOTES P. 270
55. Overview of the major fully consolidated group companies
Name Head office Stake in % Sales1 in million
Holding companies
METRO AG Dsseldorf, Germany 0
METRO Kaufhaus und Fachmarkt Holding GmbH Dsseldorf, Germany 100.00 0
METRO Gro- und Lebensmitteleinzelhandel Holding GmbH Dsseldorf, Germany 100.00 0
METRO Cash & Carry
METRO Grohandelsgesellschaft mbH Dsseldorf, Germany 100.00 4,742
METRO Cash & Carry France S.A.S. Nanterre, France 100.00 4,150
METRO Cash & Carry OOO Moscow, Russia 100.00 3,489
METRO Jinjiang Cash & Carry Co., Ltd. Shanghai, China 90.00 2,632
San Donato Milanese,
METRO Italia Cash and Carry S. p. A. Italy 100.00 1,744
Makro Cash and Carry Polska S.A. Warsaw, Poland 100.00 1,561
Makro Autoservicio Mayorista S. A. U. Madrid, Spain 100.00 1,206
Metro Grosmarket Bakirky Alisveris Hizmetleri Ticaret Ltd. Sirketi Istanbul, Turkey 100.00 1,199
MAKRO Cash & Carry CR s.r.o. Prague, Czech Republic 100.00 1,032
MAKRO Cash & Carry Belgium NV Wommelgem, Belgium 100.00 998
METRO Distributie Nederland B. V. Amsterdam, Netherlands 100.00 970
METRO CASH & CARRY ROMANIA SRL Bucharest, Romania 85.00 892
Real
real,- SB-Warenhaus GmbH Dsseldorf, Germany 100.00 7,743
Media-Saturn
Media-Saturn-Holding GmbH Ingolstadt, Germany 78.38 9,780
Mediamarket S. p. A. con Socio Unico Curno, Italy 78.38 2,168
El Prat de Llobregat,
MEDIA MARKT SATURN, S.A. UNIPERSONAL Spain 78.38 1,784
Media Markt Saturn Holding Nederland B. V. Rotterdam, Netherlands 78.38 1,485
Media-Saturn Beteiligungsges.m.b.H. Vsendorf, Austria 78.38 1,124
Media Saturn Holding Polska Sp. z o.o. Warsaw, Poland 78.38 977
OOO Media-Markt-Saturn Moscow, Russia 78.38 761
Other companies
METRO LOGISTICS Germany GmbH Dsseldorf, Germany 100.00 572
MGB METRO Group Buying HK Limited Hong Kong, China 100.00 43
METRO PROPERTIES GmbH & Co. KG Dsseldorf, Germany 99.51 0
METRO SYSTEMS GmbH Dsseldorf, Germany 100.00 0
MIAG Commanditaire Vennootschap Amsterdam, Netherlands 100.00 0
1 Including consolidated national subsidiaries

CORPORATE BOARDS OF METRO AG AND THEIR MANDATES P. 271
56. Corporate Boards of Dr Wulf H. Bernotat
METRO AG and their mandates Until 4 September 2015

Former Chairman of the Management Board of E.ON AG
Managing Director of Bernotat & Cie. GmbH
a) Allianz SE (Vice Chairman)
Members of the Supervisory Board1 Bertelsmann SE & Co. KGaA
Bertelsmann Management SE
Franz M. Haniel (Chairman) Vonovia SE (formerly Deutsche Annington Immobilien SE)
Chairman of the Supervisory Board of Franz Haniel & Cie. GmbH (Chairman)
a) BMW AG Deutsche Telekom AG
Delton AG (Vice Chairman) b) None
Franz Haniel & Cie. GmbH (Chairman)
Heraeus Holding GmbH Gwyn Burr
b) TBG Limited, St. Julians, Malta Board of Directors Since 9 December 2014
Member of the Board of Directors of Hammerson plc,
Werner Klockhaus (Vice Chairman) London, Great Britain
Chairman of the Group Works Council of METRO AG a) None
Chairman of the General Works Council of b) DFS Furniture Holdings plc, Doncaster, South Yorkshire,
real,- SB-Warenhaus GmbH Great Britain Board of Directors, until 11 March 2015
a) real,- SB-Warenhaus GmbH (Vice Chairman) DFS Furniture plc, Doncaster, South Yorkshire,
b) None Great Britain Board of Directors, since 3 February 2015
DFS Investments Ltd., Doncaster, South Yorkshire,
Prof. Dr oec. Dr iur. Ann-Kristin Achleitner Great Britain Board of Directors, until 11 March 2015
Holder of the Professorship for Entrepreneurial Finance Financial Ombudsman Service Ltd., London,
and Scientific Co-Director of the Center for Great Britain Board of Directors, until 21 July 2015
Entrepreneurial and Financial Studies (CEFS) Hammerson plc, London, Great Britain
at the Technical University of Munich Board of Directors
a) Linde Aktiengesellschaft Just Eat plc, London, Great Britain Board of Directors
Mnchener Rckversicherungs-Gesellschaft Sainsburys Bank plc, London, Great Britain
Aktiengesellschaft Board of Directors
b) Engie S.A. (formerly GDF SUEZ S.A.), Paris, France Wembley National Stadium Ltd., London,
Board of Directors Great Britain Board of Directors,
until 29 September 2015
SERVICE
1Status of the mandates: 3 December 2015 or date of the respective appointment to or departure from the Board of METRO AG
a) Member of other statutory supervisory boards in accordance with 125 Section 1 Sentence 5, 1st Alt. of the German Stock Corporation Act
b) Member of comparable German and international supervisory boards of business enterprises in accordance with 125 Section 1 Sentence 5, 2nd Alt. of the German Stock Corporation Act
Ulrich Dalibor Peter Kpfer

National Chairman of the Retail Section of the ver.di trade union Self-employed Business Consultant
a) DOUGLAS HOLDING AG, since 5 November 2015 a) None
Maxingvest AG b) AHRB AG, Zurich, Switzerland Board of Directors,
b) None since 12 November 2014
ARH Resort Holding AG, Zurich, Switzerland
Jrgen Fitschen Board of Directors
Co-Chairman of the Board of Management of Deutsche Bank AG Breda Consulting AG, Zurich, Switzerland
a) None Board of Directors
b) Khne + Nagel International AG, Schindellegi, Switzerland Cambiata Ltd, Road Town, Tortola, British Virgin Islands
Board of Directors Board of Directors
Gebr. Schmidt GmbH & Co. KG Advisory Board
Hubert Frieling Lake Zurich Fund Exempt Company, George Town,
Section Head of Payroll Accounting at Grand Cayman, Cayman Islands Board of Directors
real,- SB-Warenhaus GmbH Supra Holding AG, Baar, Switzerland Board of Directors
a) None Travel Charme Hotels & Resorts Holding AG, Zurich,
b) None Switzerland Board of Directors
Dr Florian Funck Rainer Kuschewski

Member of the Management Board of Franz Haniel & Cie. GmbH Secretary of the National Executive Board
a) TAKKT AG of the ver.di trade union
Vonovia SE (formerly Deutsche Annington Immobilien SE) a) GALERIA Kaufhof GmbH
b) None real,- SB-Warenhaus GmbH
b) None
Andreas Herwarth
Chairman of the Works Council of METRO AG Susanne Meister
a) None Member of the General Works Council
b) None of real,- SB-Warenhaus GmbH
a) None
Uwe Hoepfel b) None
Until 30 September 2015
Vice Chairman of the Group Works Council of METRO AG, Mattheus P. M. (Theo) de Raad
until 30 September 2015 Member of the Supervisory Board of HAL Holding N.V.
Chairman of the General Works Council a) None
of GALERIA Kaufhof GmbH b) HAL Holding N.V., Willemstad, Curaao,
a) GALERIA Kaufhof GmbH (Vice Chairman) Dutch Antilles Supervisory Board
b) None Vollenhoven Olie Groep B.V., Tilburg, Netherlands
Supervisory Board
METRO Cash & Carry Russia N.V., Amsterdam,
Netherlands Supervisory Board, until 15 September 2015
Dr Fredy Raas Dr jur. Hans-Jrgen Schinzler

Managing Director of Beisheim Holding GmbH Honorary Chairman of the Supervisory Board of Mnchener
(formerly Otto Beisheim Holding GmbH), Baar, Switzerland, Rckversicherungs-Gesellschaft Aktiengesellschaft
and Beisheim Group GmbH & Co. KG a) None
(formerly Otto Beisheim Group GmbH & Co. KG) b) None
a) None
b) ARISCO Holding AG, Baar, Switzerland Board of Directors Jrgen B. Steinemann
Montana Capital Partners AG, Baar, Switzerland Since 5 September 2015
Board of Directors Member of the Supervisory Board of METRO AG
a) Ewald Drken AG
Gabriele Schendel b) Barry Callebaut AG, Zurich, Switzerland
Until 30 September 2015 Board of Directors (Vice Chairman)
Vice Chairwoman of the General Works Council Lonza Group AG, Basel, Switzerland Board of Directors
of GALERIA Kaufhof GmbH
a) GALERIA Kaufhof GmbH Angelika Will
b) None Honorary Judge at the Higher Labour Court of Dsseldorf,
Secretary of the Regional Association Board North Rhine-
Xaver Schiller Westphalia of DHV Die Berufsgewerkschaft e. V.
Chairman of the General Works Council of (federal specialist group on trade)
METRO Cash & Carry Deutschland GmbH a) None
Chairman of the Works Council of the METRO Cash & Carry b) None
store Munich-Brunnthal
a) Metro Grohandelsgesellschaft mbH
(Vice Chairman)
b) None
SERVICE
Committees of the Supervisory Board

and their mandates
Presidential Committee
Franz M. Haniel (Chairman)
Werner Klockhaus (Vice Chairman)
Jrgen Fitschen
TBA
Personnel Committee
Jrgen Fitschen
TBA
Accounting and Audit Committee

Dr jur. Hans-Jrgen Schinzler (Chairman)
Dr Florian Funck
Rainer Kuschewski
Dr Fredy Raas
Xaver Schiller
Nomination Committee
Jrgen Fitschen
Dr jur. Hans-Jrgen Schinzler
Mediation Committee pursuant to 27 Section 3

of the German Co-determination Act
Dr jur. Hans-Jrgen Schinzler
TBA
Members of the Management Board1 Mark Frese (Chief Financial Officer)

Group Finance (Corporate Planning & Controlling, Corporate
Olaf Koch (Chairman) Treasury, Corporate Group Financial Services), Corporate
Corporate Communications, Group Strategy, Corporate M&A, Accounting, Global Business Services, Corporate Group Tax,
Corporate Legal Affairs & Compliance, Corporate Office, Corporate Investor Relations, Corporate Risk Management &
Corporate Public Policy, Digital Horeca (since 22 September Internal Control Finance, Galeria Kaufhof
2015), Business Innovation / New Ventures, METRO (until 30 September 2015), METRO PROPERTIES,
Cash & Carry (until 30 September 2015), Real MIB METRO GROUP Insurance Broker, METRO LOGISTICS
a) METRO Grohandelsgesellschaft mbH (Chairman), a) GALERIA Kaufhof GmbH (Chairman),
until 14 September 2015 until 1 October 2014
real,- SB-Warenhaus GmbH (Chairman) Metro Grohandelsgesellschaft mbH, until 30 June 2015
b) Media-Saturn-Holding GmbH Advisory Board b) METRO Cash & Carry International Holding GmbH,
(Chairman) Vsendorf, Austria Supervisory Board
METRO Cash & Carry Russia N.V., Amsterdam, METRO Distributie Nederland B.V., Diemen,
Netherlands Supervisory Board (Chairman), Netherlands Supervisory Board, until 1 July 2015
until 30 June 2015 METRO Finance B.V., Venlo, Netherlands Supervisory Board
METRO Reinsurance N.V., Amsterdam, Netherlands
Pieter C. Boone (Member of the Management Board) Supervisory Board
Since 1 July 2015
METRO Cash & Carry (as part of the management Pieter Haas (Member of the Management Board)
succession process, Mr Koch and Mr Boone were jointly Media Markt and Saturn
responsible for the METRO Cash & Carry Board department Vice Chairman of the Management Board of
from 1 July to 30 September 2015) Media-Saturn-Holding GmbH
a) METRO Grohandelsgesellschaft mbH, a) None
since 15 September 2015 (Chairman, b) Tertia Handelsbeteiligungsgesellschaft mbH, since
since 21 September 2015) 4 December 2014
b) METRO Cash & Carry Russia N.V., Amsterdam,
Netherlands Supervisory Board (Chairman), Heiko Hutmacher (Chief Human Resources Officer)
from 1 July 2015 to 15 September 2015 Human Resources (HR Campus, Corporate House of Learning,
Corporate Performance & Rewards, Executive Resources,
Group Labour Relations & Labour Law, HR Operations,
HR Processes, Analytics & Projects, Talent Management,
Leadership & Change), Corporate IT Management,
Group Internal Audit, Sustainability & Regulatory Affairs,
METRO SYSTEMS, MGT METRO GROUP Travel Services
a) Metro Grohandelsgesellschaft mbH
METRO Systems GmbH (Chairman)
real,- SB-Warenhaus GmbH
b) None
SERVICE
1Status of the mandates: 3 December 2015 or date of the respective appointment to or departure from the Board of METRO AG
a) Member of other statutory supervisory boards in accordance with 125 Section 1 Sentence 5, 1st Alt. of the German Stock Corporation Act
b) Member of comparable German and international supervisory boards of business enterprises in accordance with 125 Section 1 Sentence 5, 2nd Alt. of the German Stock Corporation Act
AFFILIATED COMPANIES P. 276
57. Affiliated companies of the group METRO AG as of 30 September 2015 pursuant to 313 of the German Commercial Code
Share in capital
Name Head office Country in %
Consolidated subsidiaries
2. Schaper Objekt GmbH & Co. Kiel KG Dsseldorf Germany 100.00
24-7 ENTERTAINMENT ApS Copenhagen Denmark 100.00
24-7 Entertainment GmbH Berlin Germany 100.00
ADAGIO 2. Grundstcksverwaltungsgesellschaft mbH Dsseldorf Germany 100.00
ADAGIO 3. Grundstcksverwaltungsgesellschaft mbH Dsseldorf Germany 100.00
ADAGIO Grundstcksverwaltungsgesellschaft mbH Dsseldorf Germany 100.00
Adolf Schaper GmbH & Co. Grundbesitz-KG Dsseldorf Germany 100.00
AIB Verwaltungs GmbH Dsseldorf Germany 100.00
ARKON Grundbesitzverwaltung GmbH Dsseldorf Germany 100.00
ASH Grundstcksverwaltung XXX GmbH Dsseldorf Germany 100.00
ASSET Immobilienbeteiligungen GmbH Dsseldorf Germany 100.00
ASSET Kln-Kalk GmbH Dsseldorf Germany 100.00
ASSET Zweite Immobilienbeteiligungen GmbH Dsseldorf Germany 100.00
Assevermag AG Baar Switzerland 79.20
Avilo Marketing Gesellschaft m. b. H. Vsendorf Austria 100.00

BAUGRU Immobilien-Beteiligungsgesellschaft
mit beschrnkter Haftung & Co. Grundstcksverwaltung KG Dsseldorf Germany 100.00
Beijing Weifa Trading & Commerce Co. Ltd. Beijing China 97.14
biwigo GmbH Munich Germany 100.00
Blabert Grundstcksverwaltungsgesellschaft mbH Dsseldorf Germany 94.00
CJSC METRO Management Ukraine Kiev Ukraine 100.00
Classic Alimentos (Macau) Limitada Macau China 99.00
Classic Coffee & Beverage Sdn Bhd Kuala Lumpur Malaysia 100.00
Classic Fine Foods (Hong Kong) Limited Hong Kong China 100.00
Classic Fine Foods (Macau) Ltd. Macau China 99.80
Classic Fine Foods (Singapore) Private Limited Singapore Singapore 100.00
Classic Fine Foods (Thailand) Company Limited Bangkok Thailand 100.00
Classic Fine Foods (Thailand) Holding Company Limited Bangkok Thailand 49.00
Classic Fine Foods (Vietnam) Limited Ho Chi Minh City Vietnam 100.00
Classic Fine Foods China Holdings Limited Hong Kong China 100.00
Classic Fine Foods China Trading Limited Hong Kong China 100.00
United
Classic Fine Foods EM LLC Abu Dhabi Arab Emirates 50.00
Classic Fine Foods Group Limited London Great Britain 100.00
Classic Fine Foods Holdings Limited London Great Britain 100.00
Classic Fine Foods Japan Holdings Tokyo Japan 100.00
Classic Fine Foods Macau Holding Limited Hong Kong China 80.00
Classic Fine Foods Netherlands BV Schiphol Netherlands 100.00
Classic Fine Foods Philippines Inc. Makati Philippines 100.00
Classic Fine Foods Rungis SAS Rungis France 100.00

Share in capital
Classic Fine Foods Sdn Bhd Kuala Lumpur Malaysia 100.00
Classic Fine Foods UK Limited London Great Britain 100.00

United
Classic Fine Foodstuff Trading LLC Abu Dhabi Arab Emirates 49.00
COM.TVmarkt Verwaltungs-GmbH Ingolstadt Germany 100.00
Concarneau Trading Office SAS Concarneau France 100.00
Culinary Agents France SAS Nanterre France 100.00
Culinary Agents Italia s.r.l. San Donato Milanese Italy 100.00
Dalian Metro Warehouse Management Co., Ltd. Dalian China 100.00
DAYCONOMY GmbH Dsseldorf Germany 100.00
Deelnemingsmaatschappij Arodema B.V. Amsterdam Netherlands 100.00
Deutsche SB-Kauf GmbH & Co. KG Dsseldorf Germany 100.00
DFI Verwaltungs GmbH Dsseldorf Germany 100.00
Dinghao Foods (Shanghai) Co. Ltd. Shanghai China 100.00
Doxa Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Mnchengladbach KG Mainz Germany 0.00 1
Electronic Online Services GmbH Munich Germany 100.00
Electronics Online Concepts GmbH Munich Germany 100.00
Electronics Retail Real Estate Limited Liability Company Moscow Russia 100.00
French F&B (Japan) Co., Ltd. Tokyo Japan 93.83
Fulltrade International GmbH Dsseldorf Germany 100.00
FZB Fachmarktzentrum Bous Verwaltungsgesellschaft mbH & Co. KG Dsseldorf Germany 100.00
FZG Fachmarktzentrum Guben Verwaltungsgesellschaft mbH Dsseldorf Germany 50.00

FZG Fachmarktzentrum Guben Verwaltungsgesellschaft mbH & Co.
Vermietungs-Kommanditgesellschaft Dsseldorf Germany 50.00
GBS Gesellschaft fr Unternehmensbeteiligungen mbH Dsseldorf Germany 100.00
GKF 6. Objekt Vermgensverwaltungsgesellschaft mbH Dsseldorf Germany 100.00
GKF Grundstcks-Vermietungsgesellschaft mbH & Co. Objekt Donaueschingen KG Dsseldorf Germany 100.00
GKF Grundstcks-Vermietungsgesellschaft mbH & Co. Objekt Kln-Porz KG Dsseldorf Germany 100.00
GKF Grundstcksverwaltung GmbH & Co. Objekt Bremen-Vahr KG Dsseldorf Germany 94.90 1
GKF Grundstcksverwaltung GmbH & Co. Objekt Emden KG Dsseldorf Germany 94.90 1
GKF Grundstcksverwaltung GmbH & Co. Objekt Gro-Zimmern KG Dsseldorf Germany 94.90 1
GKF Grundstcksverwaltung GmbH & Co. Objekt Norden KG Dsseldorf Germany 94.90 1
GKF Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Schaper Bremen-Habenhausen KG Dsseldorf Germany 94.00
GKF Vermgensverwaltungsgesellschaft mbH Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. 10. Objekt-KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Arrondierungsgrundstcke KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Entwicklungsgrundstcke KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Gewerbegrundstcke KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Bochum Otto Strae KG Dsseldorf Germany 100.00
SERVICE
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Braunschweig Hamburger Strae KG Dsseldorf Germany 94.90
Share in capital
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Brhl KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Duisburg KG Dsseldorf Germany 94.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Edingen-Neckarhausen KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Emden KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Espelkamp KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Finowfurt KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Frankenthal KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Frankenthal-Studernheim KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Gufelden KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Gttingen KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hamburg-Neuwiedenthal KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hannover / Davenstedter Strae KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hannover Fssestrae KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hannover-Linden KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Heinsberg KG Dsseldorf Germany 94.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Herten KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hildesheim-Senking KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Hrselgau KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Kassel KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Kulmbach KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Mnchengladbach ZV II KG Dsseldorf Germany 94.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Mnchengladbach-Rheydt KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Mnster-Kinderhaus KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Oldenburg KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Paderborn Sdring Center KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Pfarrkirchen KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Rastatt KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Ratingen KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Regensburg KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Saar-Grund KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Wiesbaden-Nordenstadt KG Dsseldorf Germany 100.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekt Wlfrath KG Dsseldorf Germany 94.00
GKF Vermgensverwaltungsgesellschaft mbH & Co. Objekte Amberg und Landshut KG Dsseldorf Germany 94.90
Goldhand Lebensmittel- u. Verbrauchsgter-Vertriebsgesellschaft mit beschrnkter Haftung Dsseldorf Germany 100.00
GrandPari Limited Liability Company Moscow Russia 100.00
Hansa Foto-Handelsgesellschaft mit beschrnkter Haftung Cologne Germany 100.00
Horten Nrnberg GmbH Dsseldorf Germany 100.00
iBOOD GmbH Berlin Germany 100.00
iBOOD Sp. z o.o. Poznan Poland 100.00
ICS METRO Cash & Carry Moldova S.R.L. Chisinau Moldova 100.00
Immobilien-Vermietungsgesellschaft von Quistorp GmbH & Co. Objekt Altlandsberg KG Dsseldorf Germany 90.24
Share in capital
Imtron Asia Hong Kong Limited Hong Kong China 100.00
IMTRON ELECTRONICA ESPAA S.L. El Prat de Llobregat Spain 100.00
Imtron GmbH Ingolstadt Germany 100.00
Imtron Helvetia AG Dietikon Switzerland 100.00
Imtron sterreich GmbH Vsendorf Austria 100.00
Imtron Sweden AB Stockholm Sweden 100.00
INKOS Verwaltung GmbH & Co. Vermietungs-KG Pullach im Isartal Germany 6.00 1
Inpakcentrale ICN B.V. Duiven Netherlands 100.00
Johannes Berg GmbH, Weinkellerei Dsseldorf Germany 100.00
Juke Entertainment GmbH Ingolstadt Germany 100.00
Kaufhalle GmbH Dsseldorf Germany 100.00
Kaufhalle GmbH & Co. Objekt Lager Apfelstdt KG Dsseldorf Germany 100.00
Kaufhof Warenhaus Neubrandenburg GmbH Dsseldorf Germany 100.00
Klassisk Group (S) Pte. Ltd. Singapore Singapore 100.00
Klassisk Investment Limited Hong Kong China 100.00
KUPINA Grundstcks-Verwaltungsgesellschaft mbH & Co. KG Dsseldorf Germany 100.00
Liqueur & Wine Trade GmbH Dsseldorf Germany 100.00
LLC Ukrainian Wholesale Trade Company Kiev Ukraine 100.00
Makro Autoservicio Mayorista S. A. U. Madrid Spain 100.00
MAKRO Cash & Carry Belgium NV Wommelgem Belgium 100.00
MAKRO Cash & Carry CR s.r.o. Prague Czech Republic 100.00
Makro Cash & Carry Egypt LLC Cairo Egypt 100.00
Makro Cash & Carry Portugal S.A. Lisbon Portugal 100.00
Makro Cash & Carry UK Holding Limited Manchester Great Britain 100.00
Makro Cash and Carry Polska S.A. Warsaw Poland 100.00
Makro Ltd. Manchester Great Britain 100.00
Makro Pension Trustees Ltd. Manchester Great Britain 100.00
MCC Boston Trading Office Inc. Boston USA 100.00
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Berlin-Friedrichshain KG Dsseldorf Germany 100.00
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Hamburg-Altona KG Dsseldorf Germany 100.00
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Mnchen-Pasing KG Dsseldorf Germany 100.00
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Porta-Westfalica KG Dsseldorf Germany 100.00
MCC Grundstcksverwaltungsgesellschaft mbH & Co. Objekt Schwelm KG Dsseldorf Germany 100.00
MCC Trading Deutschland GmbH Dsseldorf Germany 100.00
MCC Trading International GmbH Dsseldorf Germany 100.00
MCCI Asia Pte. Ltd. Singapore Singapore 100.00
MDH Secundus GmbH & Co. KG Dsseldorf Germany 100.00
Media-Saturn Beteiligungsges.m.b.H. Vsendorf Austria 100.00
MEDIA MARKT BUDARS Video TV Hifi Elektro Fot Computer Kereskedelmi Kft. Budars Hungary 90.00
MEDIA MARKT 3 DE MAYO SANTA CRUZ DE TENERIFE S.A. Santa Cruz de Tenerife Spain 99.90
SERVICE
MEDIA MARKT A CORUA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. A Corua Spain 99.90

Share in capital
Media Markt Aigle SA Aigle Switzerland 90.00
MEDIA MARKT ALACANT VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Alicante Spain 99.90
MEDIA MARKT ALBACETE VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Albacete Spain 99.90
MEDIA MARKT ALCAL DE GUADARA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Alcal de Guadara Spain 99.90
MEDIA MARKT ALCAL DE HENARES VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Alcal de Henares Spain 99.90
MEDIA MARKT ALCORCN VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Alcorcn Spain 99.90
Media Markt Alexandrium B.V. Rotterdam Netherlands 95.50
MEDIA MARKT ALFAFAR VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Alfafar Spain 99.90
MEDIA MARKT ALFRAGIDE PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 100.00
Media Markt Alkmaar B.V. Alkmaar Netherlands 95.50
Media Markt Almere B.V. Almere Netherlands 100.00
MEDIA MARKT ALMERIA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A.U. El Prat de Llobregat Spain 100.00
Media Markt Alphen aan den Rijn B.V. Alphen aan den Rijn Netherlands 95.50
Media Markt Amersfoort B.V. Amersfoort Netherlands 95.50
Media Markt Amsterdam Centrum B.V. Amsterdam Netherlands 100.00
Media Markt Amsterdam Noord B.V. Amsterdam Netherlands 100.00
Media Markt Amsterdam West B.V. Amsterdam Netherlands 95.50
Media Markt Amstetten TV-Hifi-Elektro GmbH Amstetten Austria 90.00
Media Markt Apeldoorn B.V. Apeldoorn Netherlands 95.50
Media Markt Arena B.V. Amsterdam Netherlands 96.40
MEDIA MARKT ARENA Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Budapest Hungary 100.00
MEDIA MARKT rkd Video TV Hifi Elektro Foto Computer Kereskedelmi Kft. Budapest Hungary 100.00
Media Markt Arnhem B.V. Arnhem Netherlands 95.50
Media Markt Assen B.V. Assen Netherlands 100.00
MEDIA MARKT AVEIRO PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 90.00
MEDIA MARKT BADAJOZ S.A. Badajoz Spain 99.90
MEDIA MARKT BARAKALDO VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Barakaldo Spain 99.90
MEDIA MARKT BARCELONA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Barcelona Spain 99.90
Media Markt Basel AG Basel Switzerland 94.00
MEDIA MARKT Basilix NV Sint-Agatha-Berchem Belgium 90.00
Media Markt Bkscsaba Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Bkscsaba Hungary 90.00
MEDIA MARKT BENFICA PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 100.00
Media Markt Bergen op Zoom B.V. Bergen op Zoom Netherlands 100.00
Media Markt Bern AG Bern Switzerland 90.00
Media Markt Biel-Brgg AG Brgg bei Biel Switzerland 90.00
MEDIA MARKT Bilbondo Video-TV-Hifi-Elektro-Computer-Foto, S.A. Bilbao Spain 99.90
Media Markt Bors TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Borlnge TV-Hifi-Elektro AB Stockholm Sweden 100.00
MEDIA MARKT BRAGA PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 100.00
MEDIA MARKT Braine-lAlleud SA Braine-lAlleud Belgium 90.00
Media Markt Breda B.V. Breda Netherlands 97.75

Share in capital
Media Markt Brugge NV Bruges Belgium 90.00
Media Markt Brussel Docks NV Brussels Belgium 100.00
Media Markt Bruxelles Rue Neuve Media Markt Brussel Nieuwstraat SA Brussels Belgium 90.00
Media Markt Brs TV-Hifi-Elektro GmbH Brs Austria 90.00
MEDIA MARKT CARTAGENA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Cartagena Spain 99.90
MEDIA MARKT CASTELL DE LA Plana VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Castelln de la Plana Spain 99.90
Media Markt CCCI TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCVI TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCVIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXI TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXIX TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXVI TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXVII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXVIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXX TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXXI TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXXII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXXIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCCXXIV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
MEDIA MARKT CCIV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
MEDIA MARKT CCLIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
MEDIA MARKT CCLXIV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCLXV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCLXVIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCLXXI TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCLXXV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCLXXXIX TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCLXXXV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCLXXXVII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCXCII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCXCIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCXCIX TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCXCV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt CCXCVI TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
MEDIA MARKT CCXLIII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00

SERVICE
MEDIA MARKT CCXLIV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00

Share in capital
MEDIA MARKT CCXXII TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
MEDIA MARKT Century Center NV Antwerp Belgium 90.00
Media Markt Chur AG Chur Switzerland 90.00
Media Markt CLXXIX TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
MEDIA MARKT COLLADO VILLALBA, S.A. Collado Villalba Spain 99.90
Media Markt Conthey SA Conthey Switzerland 90.00
MEDIA MARKT CORDOBA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Cordoba Spain 99.90
MEDIA MARKT CORDOVILLA-PAMPLONA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Pamplona Spain 99.90
Media Markt Crissier SA Crissier Switzerland 90.00
Media Markt Cruquius B.V. Cruquius Netherlands 95.50
MEDIA MARKT Debrecen Video-TV-Hifi-Elektro-Photo-Computer-Kereskedelmi Kft. Debrecen Hungary 90.00
Media Markt Den Bosch B.V. Den Bosch Netherlands 100.00
Media Markt Den Haag B.V. The Hague Netherlands 97.30
Media Markt Deventer B.V. Deventer Netherlands 95.50
MEDIA MARKT DIAGONAL MAR-BARCELONA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Barcelona Spain 99.90
Media Markt Doetinchem B.V. Doetinchem Netherlands 100.00
MEDIA MARKT DONOSTI VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Donostia Spain 99.90
Media Markt Dordrecht B.V. Dordrecht Netherlands 100.00
Media Markt Drachten B.V. Drachten Netherlands 100.00
Media Markt Duiven B.V. Duiven Netherlands 95.50
MEDIA MARKT DUNA Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Budapest Hungary 90.00
MEDIA MARKT E-289 S.A.U. El Prat de Llobregat Spain 100.00
Media Markt E-Business GmbH Ingolstadt Germany 100.00
Media Markt E-Commerce AG Dietikon Switzerland 90.00
Media Markt Ede B.V. Ede Netherlands 95.50
Media Markt Eindhoven Centrum B.V. Eindhoven Netherlands 95.50
Media Markt Eindhoven Ekkersrijt B.V. Son en Breugel Netherlands 95.50
MEDIA MARKT EL PRAT VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. El Prat de Llobregat Spain 99.90
MEDIA MARKT ELCHE VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Elche Spain 99.90
Media Markt Emmen B.V. Emmen Netherlands 95.50
Media Markt Enschede B.V. Enschede Netherlands 100.00
Media Markt Eskilstuna TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Feldkirch TV-Hifi-Elektro GmbH Feldkirch Austria 90.00
MEDIA MARKT FERROL, S.A. Ferrol Spain 99.90
MEDIA MARKT FINESTRAT S.A. Finestrat Spain 99.90
MEDIA MARKT GAIA PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 90.00
MEDIA MARKT GANDIA S.A. Valencia-Gandia Spain 99.90
MEDIA MARKT GAV VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Gav Spain 99.90
Media Markt Gvle TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Genve SA Geneva Switzerland 90.00
MEDIA MARKT GETAFE VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Getafe Spain 99.90

Share in capital
MEDIA MARKT GIRONA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Girona Spain 99.90
Media Markt GmbH TV-HiFi-Elektro Munich Germany 90.00
MEDIA MARKT Gosselies/Charleroi SA Charleroi Belgium 90.00
Media Markt Gteborg-Bckebol TV-Hifi-Elektro AB Stockholm Sweden 90.01
Media Markt Gteborg-Hgsbo TV-HiFi-Elektro AB Stockholm Sweden 100.00
Media Markt Gteborg-Torpavallen TV-Hifi-Elektro AB Stockholm Sweden 100.00
MEDIA MARKT GRANADA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Pulianas-Granada Spain 99.90
Media Markt Grancia SA Grancia Switzerland 90.00
Media Markt Granges-Paccot AG Granges-Paccot Switzerland 90.00
Media Markt Graz-Liebenau TV-Hifi-Elektro GmbH Graz Austria 90.00
Media Markt Groningen Centrum B.V. Groningen Netherlands 97.75
Media Markt Groningen Sontplein B.V. Groningen Netherlands 95.50
MEDIA MARKT Gyr Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Gyr Hungary 100.00
Media Markt Heerhugowaard B.V. Heerhugowaard Netherlands 95.50
Media Markt Heerlen B.V. Heerlen Netherlands 95.50
Media Markt Helsingborg TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Hengelo B.V. Hengelo Netherlands 95.50
MEDIA MARKT Herstal SA Herstal Belgium 90.00
Media Markt Hoofddorp B.V. Hoofddorp Netherlands 100.00
Media Markt Hoorn B.V. Hoorn Netherlands 95.50
MEDIA MARKT HUELVA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Huelva Spain 99.90
Media Markt Imst TV-Hifi-Elektro GmbH Imst Austria 90.00
Media Markt IP Holding Hong Kong Limited Hong Kong China 100.00
MEDIA MARKT ISLAZUL MADRID S.A. Madrid Spain 99.90
MEDIA MARKT Jemappes/Mons SA Mons Belgium 90.00
MEDIA MARKT JEREZ DE LA FRONTERA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Jerez de la Frontera Spain 99.90
Media Markt Jnkping TV-Hifi- Elektro AB Stockholm Sweden 100.00
Media Markt Kalmar TV-Hifi-Elektro AB Kalmar Sweden 90.01
Media Markt Kecskemt Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Kecskemt Hungary 100.00
MEDIA MARKT KISPEST Video TV HiFi Elektro Photo Computer Kereskedelmi Kft. Budapest Hungary 100.00
Media Markt Kortrijk NV Kortrijk Belgium 100.00
Media Markt Kriens AG Kriens Switzerland 90.00
Media Markt Kristianstad TV-Hifi-Elektro AB Stockholm Sweden 100.00
MEDIA MARKT LHOSPITALET VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. LHospitalet de Llobregat Spain 99.90
MEDIA MARKT LAS ARENAS S.A. Las Palmas de Gran Canaria Spain 99.90
MEDIA MARKT LAS PALMAS DE GRAN CANARIA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Las Palmas de Gran Canaria Spain 99.90
Media Markt Leeuwarden B.V. Leeuwarden Netherlands 95.50
MEDIA MARKT LEGANS VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Legans Spain 99.90
MEDIA MARKT LEIRIA PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 100.00
Media Markt Leoben TV-Hifi-Elektro GmbH Leoben Austria 90.00

SERVICE
MEDIA MARKT LEN VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Len Spain 99.90

Share in capital
Media Markt Lige Mdiacit SA Lige Belgium 100.00
MEDIA MARKT Lige Place Saint-Lambert SA Lige Belgium 100.00
Media Markt Linkping TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Linz TV-Hifi-Elektro GmbH Linz Austria 90.00
MEDIA MARKT LLEIDA, S.A. Lleida Spain 99.90
MEDIA MARKT LOGROO VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Logroo Spain 99.90
MEDIA MARKT LORCA S.A. Murcia Spain 99.90
MEDIA MARKT LOS BARRIOS VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Los Barrios Spain 99.90
MEDIA MARKT LUGO VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Lugo Spain 99.90
Media Markt Lule TV-Hifi-Elektro AB Stockholm Sweden 90.01
Media Markt Lund TV-Hifi-Elektro AB Stockholm Sweden 90.01
Media Markt Maastricht B.V. Maastricht Netherlands 95.50
MEDIA MARKT MADRID BENLLIURE S.A. Madrid Spain 99.90
MEDIA MARKT MADRID CASTELLANA S.A. Madrid Spain 99.90
MEDIA MARKT MADRID PLENILUNIO VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Madrid Spain 99.90
MEDIA MARKT MADRID-VILLAVERDE VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Madrid Spain 99.90
MEDIA MARKT Majadahonda Video-TV-HiFi-Elektro-Computer-Foto, S.A. Majadahonda Spain 99.90
MEDIA MARKT MLAGA PLAZA MAYOR S.A. El Prat de Llobregat Spain 99.90
MEDIA MARKT MALAGA-CENTRO VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Malaga Spain 99.90
Media Markt Malm-Bernstorp TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Malm-Svgertorp TV-Hifi-Elektro AB Stockholm Sweden 90.01
MEDIA MARKT MAMMUT Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Budapest Hungary 90.00
Media Markt Management AG Dietikon Switzerland 100.00
Media Markt Marin SA La Tne Switzerland 90.00
MEDIA MARKT MASSALFASSAR S.A. Valncia Spain 99.90
MEDIA MARKT MATARO VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Mataro Spain 99.90
MEDIA MARKT Mechelen NV Mechelen Belgium 100.00
MEDIA MARKT Megapark Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Budapest Hungary 90.00
Media Markt Meyrin SA Meyrin Switzerland 90.00
Media Markt Middelburg B.V. Middelburg Netherlands 97.75
MEDIA MARKT Miskolc Video TV Hifi Elektro Photo Computer Kereskedelmit Kft Miskolc Hungary 90.00
MEDIA MARKT Mons SA Mons Belgium 100.00
MEDIA MARKT MURCIA NUEVA CONDOMINA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Murcia Spain 99.90
MEDIA MARKT MURCIA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Murcia Spain 99.90
MEDIA MARKT NASCENTE PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 90.00
Media Markt Nieuwegein B.V. Nieuwegein Netherlands 100.00
Media Markt Norrkping TV-Hifi-Elektro AB Stockholm Sweden 90.01
Media Markt Nyregyhza Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Nyregyhza Hungary 90.00
Media Markt Oberwart TV-Hifi-Elektro GmbH Oberwart Austria 90.00
Media Markt Oftringen AG Oftringen Switzerland 90.00
MEDIA MARKT Oostakker NV Oostakker Belgium 90.00

Share in capital
MEDIA MARKT Oostende NV Oostende Belgium 90.00
Media Markt rebro TV-Hifi-Elektro AB Stockholm Sweden 100.00
MEDIA MARKT ORIHUELA S.A. Orihuela Spain 99.90
MEDIA MARKT PALMA DE MALLORCA S.A. Palma de Mallorca Spain 99.90
MEDIA MARKT PARETS DEL VALLES S.A. Parets del Valls Spain 99.90
MEDIA MARKT Pcs Video TV Hifi Elektro Photo Computer Kereskedelmit Kft. Pcs Hungary 90.00
MEDIA MARKT PLAZA PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 100.00
Media Markt Polska Sp. z o.o. Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. 19 Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. Biaystok Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Bielsko-Biaa Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Bydgoszcz Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Chorzw Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Czelad Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Czstochowa Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Elblg Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. Gdask I Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Gdask II Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Gdynia I Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. Gogw Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. Gorzw Wielkopolski Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Jelenia Gra Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. Kalisz Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Katowice I Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Kielce Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Konin Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Koszalin Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Krakw I Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Krakw II Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Legnica Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. d I Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. d II Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Lublin Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Nowy Scz Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Olsztyn Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Opole Spka Komandytowa Warsaw Poland 90.00
SERVICE
Media Markt Polska Sp. z o.o. Piotrkw Trybunalski Spka Komandytowa Warsaw Poland 100.00
Share in capital
Media Markt Polska Sp. z o.o. Pock Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Pozna I Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Pozna II Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Przemyl Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. Radom Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Rybnik Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Rzeszw Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Supsk Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Szczecin Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Tarnw Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Toru Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Wabrzych Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. Warszawa 1 Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Warszawa II Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Warszawa III Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Warszawa IV Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Wrocaw I Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Wrocaw II Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Zabrze Spka Komandytowa Warsaw Poland 90.00
Media Markt Polska Sp. z o.o. Zamo Spka Komandytowa Warsaw Poland 100.00
Media Markt Polska Sp. z o.o. Zielona Gra Spka Komandytowa Warsaw Poland 90.00
MEDIA MARKT Plus Center Video TV Hifi Photo Computer Kereskedelmi Kft. Budapest Hungary 90.00
Media Markt Power Service AG Dietikon Switzerland 100.00
MEDIA MARKT PUERTO REAL VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Cdiz Spain 99.90
MEDIA MARKT QUART DE POBLET, S.A. Quart de Poblet Spain 99.90
Media Markt Ried TV-Hifi-Elektro GmbH Ried im Innkreis Austria 90.00
Media Markt Rijswijk B.V. Rijswijk (The Hague) Netherlands 90.10
MEDIA MARKT RIVAS-VACIAMADRID VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Madrid Spain 99.90
Media Markt Roermond B.V. Roermond Netherlands 100.00
MEDIA MARKT Roeselare NV Roeselare Belgium 90.00
Media Markt Rotterdam Beijerlandselaan B.V. Rotterdam Netherlands 100.00
MEDIA MARKT SALAMANCA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Santa Marta de Tormes Spain 99.90
MEDIA MARKT San Juan de Aznalfarache VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Seville Spain 99.90
MEDIA MARKT SAN SEBASTIAN DE LOS REYES VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. San Sebastian de los Reyes Spain 99.99
MEDIA MARKT SANT CUGAT DEL VALLS VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Sant Cugat del Valls Spain 99.90
MEDIA MARKT Santander Video-TV-Hifi-Elektro-Computer-Foto, S.A. Santander Spain 99.90
MEDIA MARKT SATURN ADMINISTRACION ESPAA, S.A.U. El Prat de Llobregat Spain 100.00
Media Markt Saturn Holding Magyarorszg Kft. Budars Hungary 100.00
Media Markt Saturn Holding Nederland B.V. Rotterdam Netherlands 100.00
MEDIA MARKT SATURN, S.A. UNIPERSONAL El Prat de Llobregat Spain 100.00
MEDIA MARKT Schoten NV Schoten Belgium 90.00

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Media Markt Setbal Produtos Informticos e Electrnicos, Lda. Lisbon Portugal 90.00
MEDIA MARKT SEVILLA-SANTA JUSTA VIDEO-TV-HIFIi-ELEKTRO-COMPUTER-FOTO, S.A. Seville Spain 99.90
MEDIA MARKT SIERO VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Lugones-Siero Spain 99.90
MEDIA MARKT Sint-Lambrechts-Woluwe NV Sint-Lambrechts-Woluwe Belgium 90.00
MEDIA MARKT Sint-Pieters-Leeuw NV Sint-Pieters-Leeuw Belgium 90.00
MEDIA MARKT SINTRA PRODUTOS INFORMTICOS E ELECTRNICOS, LDA Lisbon Portugal 90.00
Media Markt Skvde TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Sdertlje TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Spittal TV-Hifi-Elektro GmbH Spittal an der Drau Austria 90.00
Media Markt St. Gallen AG St. Gallen Switzerland 90.00
Media Markt St. Lorenzen TV-Hifi-Elektro GmbH St. Lorenzen im Mrztal Austria 90.00
Media Markt Steyr TV-Hifi-Elektro GmbH Steyr Austria 90.00
Media Markt Stockholm-Barkarby TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Stockholm-Gallerian TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Stockholm-Heron City TV-HiFi-Elektro AB Stockholm Sweden 100.00
Media Markt Stockholm-Lnna TV-Hifi-Elektro AB Stockholm Sweden 90.01
Media Markt Stockholm-Nacka TV-Hifi-Elektro AB Stockholm Sweden 100.00
MEDIA MARKT Stop Shop Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Budapest Hungary 90.00
Media Markt Sundsvall TV-Hifi-Elektro AB Stockholm Sweden 90.01
MEDIA MARKT Szeged Video-TV-Hifi-Elektro-Photo-Computer-Kereskedelmi Kft. Szeged Hungary 90.00
MEDIA MARKT Szkesfehrvr Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Szkesfehrvr Hungary 90.00
Media Markt Szolnok Video Tv Hifi Elektro Photo Computer Kereskedelmi Kft. Szolnok Hungary 90.00
MEDIA MARKT Szombathely Video-TV-Hifi-Elektro-Photo-Computer-Kereskedelmi Kft. Szombathely Hungary 90.00
MEDIA MARKT TARRAGONA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Tarragona Spain 99.90
MEDIA MARKT TELDE VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Telde Spain 99.90
MEDIA MARKT TENERIFE VIDEO-TV-HIFI-ELEKTRO-COMPUTER-COMPUTER, S.A. Santa Cruz de Tenerife Spain 99.90
MEDIA MARKT TERRASSA S.A. El Prat de Llobregat Spain 99.90
Media Markt The Corner B.V. Rotterdam Netherlands 95.50
Media Markt Tilburg B.V. Tilburg Netherlands 95.50
MEDIA MARKT TOLEDO S.A. Toledo Spain 99.90
Media Markt Turnhout NV Turnhout Belgium 90.00
Media Markt TV-HiFi-Elektro Athens II Commercial Anonymi Eteria Maroussi Greece 100.00
MEDIA MARKT TV-HiFi-Elektro Gesellschaft m.b.H. Seiersberg Austria 90.00
MEDIA MARKT TV-HiFi-Elektro Gesellschaft m.b.H. Innsbruck Austria 90.00
MEDIA MARKT TV-Hifi-Elektro Gesellschaft m.b.H. Klagenfurt Austria 90.00
MEDIA MARKT TV-Hifi-Elektro Gesellschaft m.b.H. Pasching Austria 90.00
MEDIA Markt TV-Hifi-Elektro Gesellschaft m.b.H. Salzburg Austria 90.00
MEDIA MARKT TV-Hifi-Elektro Gesellschaft m.b.H. Villach Austria 90.00
MEDIA MARKT TV-Hifi-Elektro Gesellschaft m.b.H. Vsendorf Austria 90.00
MEDIA MARKT TV-Hifi-Elektro GmbH Wiener Neustadt Austria 90.00

SERVICE
MEDIA MARKT TV-Hifi-Elektro GmbH St. Plten Austria 90.00

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MEDIA MARKT TV-HiFi-Elektro GmbH Bad Drrheim Germany 90.00
MEDIA Markt TV-HiFi-Elektro GmbH Hallstadt Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Herzogenrath Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Schwentinental Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Lneburg Germany 90.00
MEDIA Markt TV-HiFi-Elektro GmbH Belm Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Peien Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Porta Westfalica Germany 90.05
MEDIA MARKT TV-Hifi-Elektro GmbH Dornbirn Austria 90.00
Media Markt TV-HiFi-Elektro GmbH Krems an der Donau Austria 90.00
Media Markt TV-HiFi-Elektro GmbH Albstadt Albstadt Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Alzey Alzey Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Amberg Amberg Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Ansbach Ansbach Germany 90.05
MEDIA Markt TV-HiFi-Elektro GmbH Aschaffenburg Aschaffenburg Germany 90.05
MEDIA Markt TV-HiFi-Elektro GmbH Augsburg Augsburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Augsburg-Gggingen Augsburg Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Bad Kreuznach Bad Kreuznach Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Bad Neustadt an der Saale Bad Neustadt an der Saale Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Baden-Baden Baden-Baden Germany 90.00
MEDIA Markt TV-HiFi-Elektro GmbH Bayreuth Bayreuth Germany 90.05
MEDIA Markt TV-HiFi-Elektro GmbH Berlin-Biesdorf Berlin Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Berlin-Charlottenburg Berlin Germany 90.00
MEDIA Markt TV-HiFi-Elektro GmbH Berlin-Gropiusstadt Berlin Germany 90.05
MEDIA MARKT TV-HiFi-Elektro GmbH Berlin-Hohenschnhausen Berlin Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Berlin-Mitte Berlin Germany 90.00
MEDIA Markt TV-HiFi-Elektro GmbH Berlin-Neuklln Berlin Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Berlin-Prenzlauer Berg Berlin Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Berlin-Schneweide Berlin Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Berlin-Spandau Berlin Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Berlin-Steglitz Berlin Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Berlin-Tegel Berlin Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Berlin-Tempelhof Berlin Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Berlin-Wedding Berlin Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Bielefeld Bielefeld Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Bischofsheim Bischofsheim Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Bochum Bochum Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Bochum-Ruhrpark Bochum Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Bonn Bonn Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Brandenburg an der Havel Brandenburg an der Havel Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Braunschweig Braunschweig Germany 90.05

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Media Markt TV-HiFi-Elektro GmbH Bremen Bremen Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Bremen-Waterfront Bremen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Bruchsal Bruchsal Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Buchholz in der Nordheide Buchholz in der Nordheide Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Buxtehude Buxtehude Germany 100.00
MEDIA MARKT TV-HiFi-Elektro GmbH Castrop-Rauxel Castrop-Rauxel Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Chemnitz Chemnitz Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Chemnitz-Rhrsdorf Chemnitz Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Cottbus / Gro Gaglow Cottbus Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Deggendorf Deggendorf Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Dessau Dessau-Rolau Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Dietzenbach Dietzenbach Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Donauwrth Donauwrth Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Dorsten Dorsten Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Dortmund-Oespel Dortmund Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Dresden Centrum Dresden Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Dresden-Mickten Dresden Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Duisburg Duisburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Duisburg-Groenbaum Duisburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Dsseldorf Dsseldorf Germany 90.00
Media Markt TV-HIFi-Elektro GmbH Dsseldorf-Bilk Dsseldorf Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Egelsbach Egelsbach Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Eiche Ahrensfelde-Eiche Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Eisenach Eisenach Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Elmshorn Elmshorn Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Emden Emden Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Erding Erding Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Erfurt Thringen-Park Erfurt Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Erfurt-Daberstedt Erfurt Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Erlangen Erlangen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Eschweiler Eschweiler Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Essen Essen Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Esslingen Esslingen am Neckar Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Fellbach Fellbach Germany 90.00
Media Markt TV-Hifi-Elektro GmbH Flensburg Flensburg Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Frankfurt Frankfurt am Main Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Frankfurt Borsigallee Frankfurt am Main Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Freiburg Freiburg im Breisgau Germany 90.05
MEDIA MARKT TV-HiFi-Elektro GmbH Friedrichshafen Friedrichshafen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Fulda Fulda Germany 90.05

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Media Markt TV-HiFi-Elektro GmbH Gifhorn Gifhorn Germany 100.00

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Media Markt TV-Hifi-Elektro GmbH Goslar Goslar Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Gttingen Gttingen Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Greifswald Greifswald Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Grndau-Lieblos Grndau-Lieblos Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Gnthersdorf Leuna Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Gtersloh Gtersloh Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Halberstadt Halberstadt Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Halstenbek Halstenbek Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Hamburg- Wandsbek Hamburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Hamburg-Altona Hamburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Hamburg-Billstedt Hamburg Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Hamburg-Harburg Hamburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Hamburg-Hummelsbttel Hamburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Hamburg-Nedderfeld Hamburg Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Hameln Hameln Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Hannover-Vahrenheide Hannover Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Hannover-Wlfel Hannover Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Heide Heide Germany 90.00
MEDIA Markt TV-HiFi-Elektro GmbH Heidelberg Heidelberg Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Heidelberg-Rohrbach Heidelberg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Henstedt-Ulzburg Henstedt-Ulzburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Heppenheim Heppenheim (Bergstrae) Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Hildesheim Hildesheim Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Hof Hof Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Holzminden Holzminden Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Homburg/Saar Homburg (Saar) Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Hckelhoven Hckelhoven Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Idar-Oberstein Idar-Oberstein Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Itzehoe Itzehoe Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Jena Jena Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Kaiserslautern Kaiserslautern Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Karlsfeld Karlsfeld Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Karlsruhe Karlsruhe Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Karlsruhe Ettlinger Tor Karlsruhe Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Kassel Kassel Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Kempten Kempten (Allgu) Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Kiel Kiel Germany 95.00
Media Markt TV-HiFi-Elektro GmbH Koblenz Koblenz Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Kln Hohe Strae Cologne Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Kln-Chorweiler Cologne Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Kln-Kalk Cologne Germany 90.00

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Media Markt TV-HiFi-Elektro GmbH Kln-Marsdorf Cologne Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Konstanz Konstanz Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Krefeld Krefeld Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Kulmbach Kulmbach Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Lahr Lahr Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Landau/Pfalz Landau in der Pfalz Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Landsberg/Lech Landsberg am Lech Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Landshut Landshut Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Leipzig Hfe am Brhl Leipzig Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Leipzig-Paunsdorf Leipzig Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Lichtenfels Lichtenfels Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Limburg Limburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Lingen Lingen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Lippstadt Lippstadt Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Lbeck Lbeck Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Ludwigsburg Ludwigsburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Ludwigshafen Ludwigshafen Germany 95.00
MEDIA MARKT TV-HiFi-Elektro GmbH Magdeburg Magdeburg Germany 90.05
MEDIA MARKT TV-HiFi-Elektro GmbH Magdeburg Brdepark Magdeburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Main-Taunus-Zentrum Sulzbach Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Mainz Mainz Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Mannheim Mannheim Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Mannheim-Sandhofen Mannheim Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Marburg Marburg Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Marktredwitz Marktredwitz Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Meerane Meerane Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Memmingen Memmingen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Mnchengladbach Mnchengladbach Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Mhldorf/Inn Mhldorf am Inn Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Mlheim Mlheim an der Ruhr Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Mnchen-Haidhausen Munich Germany 93.00
Media Markt TV-HiFi-Elektro GmbH Mnchen-Pasing Munich Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Mnchen-Solln Munich Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Mnster Mnster Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Nagold Nagold Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Neubrandenburg Neubrandenburg Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Neuburg an der Donau Neuburg an der Donau Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Neumnster Neumnster Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Neunkirchen Neunkirchen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Neuss Neuss Germany 90.00

SERVICE
Media Markt TV-HiFi-Elektro GmbH Neustadt an der Weinstrae Neustadt an der Weinstrae Germany 90.00
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Media Markt TV-HiFi-Elektro GmbH Neu-Ulm Neu-Ulm Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Neuwied Neuwied Germany 90.05
MEDIA MARKT TV-HiFi-Elektro GmbH Nienburg Nienburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Nordhausen Nordhausen Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Nordhorn Nordhorn Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Nrdlingen Nrdlingen Germany 100.00
MEDIA Markt TV-HiFi-Elektro GmbH Nrnberg-Kleinreuth Nuremberg Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Nrnberg-Langwasser Nuremberg Germany 90.00
Media Markt TV-Hifi-Elektro GmbH Nrnberg-Schoppershof Nuremberg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Offenburg Offenburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Oldenburg Oldenburg Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Oststeinbek Oststeinbek Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Paderborn Paderborn Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Papenburg Papenburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Passau Passau Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Pforzheim Pforzheim Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Pirmasens Pirmasens Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Plauen Plauen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Potsdam Potsdam Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Ravensburg Ravensburg Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Recklinghausen Recklinghausen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Regensburg Regensburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Rendsburg Rendsburg Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Reutlingen Reutlingen Germany 90.05
MEDIA MARKT TV-HiFi-Elektro GmbH Rheine Rheine Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Rdental Rdental Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Rosenheim Rosenheim Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Rostock Sievershagen Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Rostock-Brinckmansdorf Rostock Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Saarbrcken Saarbrcken Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Saarbrcken Saarterrassen Saarbrcken Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Saarlouis Saarlouis Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Schiffdorf-Spaden Schiffdorf-Spaden Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Schwabach Schwabach Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Schwedt Schwedt/Oder Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Schweinfurt Schweinfurt Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Schwerin Schwerin Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Siegen Siegen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Sindelfingen Sindelfingen Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Singen Singen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Speyer Speyer Germany 90.00

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Media Markt TV-HiFi-Elektro GmbH Stade Stade Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Stadthagen Stadthagen Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Stralsund Stralsund Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Straubing Straubing Germany 90.05
MEDIA MARKT TV-HiFi-Elektro GmbH Stuhr Stuhr Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Stuttgart Mailnder Platz Stuttgart Germany 100.00
Media Markt TV-HiFi-Elektro GmbH Stuttgart-City Stuttgart Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Stuttgart-Feuerbach Stuttgart Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Stuttgart-Vaihingen Stuttgart Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Traunreut Traunreut Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Traunstein Traunstein Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Trier Trier Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Ulm Ulm Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Velbert Velbert Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Viernheim Viernheim Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Waltersdorf bei Berlin Schnefeld Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Weiden Weiden in der Oberpfalz Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Weilheim Weilheim Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Weiterstadt Weiterstadt Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Wetzlar Wetzlar Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Wiesbaden Wiesbaden Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Wiesbaden ppelallee Wiesbaden Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Wolfsburg Wolfsburg Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Worms Worms Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Wuppertal Wuppertal Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Wrzburg Wrzburg Germany 90.05
Media Markt TV-HiFi-Elektro GmbH Wrzburg Alfred-Nobel-Strae Wrzburg Germany 90.00
MEDIA MARKT TV-HiFi-Elektro GmbH Zella-Mehlis Zella-Mehlis Germany 90.00
Media Markt TV-HiFi-Elektro GmbH Zwickau Zwickau Germany 90.05
MEDIA Markt TV-HiFi-Elektro Licht GmbH Ingolstadt Ingolstadt Germany 100.00
MEDIA MARKT TV-Hifi-Elektro Wien XI Gesellschaft m.b.H. Vienna Austria 90.00
MEDIA MARKT TV-Hifi-Elektro Wien XIII GmbH Vienna Austria 90.00
MEDIA MARKT TV-Hifi-Elektro Wien XXI Gesellschaft m.b.H. Vienna Austria 90.00
MEDIA MARKT Twee Torens Hasselt NV Hasselt Belgium 99.65
Media Markt Ume TV-Hifi-Elektro AB Stockholm Sweden 90.01
Media Markt Uppsala TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Utrecht Hoog Catharijne B.V. Utrecht Netherlands 95.50
Media Markt Utrecht The Wall B.V. Utrecht Netherlands 95.50
MEDIA MARKT VALENCIA COLON S.A. Valncia Spain 99.90
MEDIA MARKT VALNCIA-CAMPANAR VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Valncia Spain 99.90

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MEDIA MARKT VALLADOLID VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Valladolid Spain 99.90

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Media Markt Vsters TV-Hifi-Elektro AB Stockholm Sweden 100.00
Media Markt Vxj TV-Hifi-Elektro AB Stockholm Sweden 90.01
Media Markt Venlo B.V. Venlo Netherlands 95.50
Media Markt Verbund Heilbronn-Franken GmbH Heilbronn Germany 94.00
MEDIA MARKT VIGO VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO S.A. Vigo Spain 99.90
MEDIA MARKT VITORIA-GASTEIZ VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Vitoria Spain 99.90
Media Markt Vcklabruck TV-Hifi-Elektro GmbH Vcklabruck Austria 90.00
Media Markt Wels TV-Hifi-Elektro GmbH Wels Austria 90.00
MEDIA MARKT- West End Video TV Hifi Elektro Photo Computer Kereskedelmi Kft. Budapest Hungary 90.00
Media Markt Wien III TV-Hifi-Elektro GmbH Vienna Austria 90.00
Media Markt Wien XV TV-Hifi-Elektro GmbH Vienna Austria 90.00
Media Markt Wien XXII TV-Hifi-Elektro GmbH Vienna Austria 90.00
Media Markt Wilrijk NV Wilrijk Belgium 90.00
MEDIA MARKT Wrgl TV-Hifi-Elektro GmbH Wrgl Austria 90.00
MEDIA MARKT XCV TV-HiFi-Elektro GmbH Ingolstadt Ingolstadt Germany 100.00
Media Markt Zaandam B.V. Zaandam Netherlands 100.00
MEDIA MARKT ZARAGOZA PUERTO VENECIA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Zaragoza Spain 99.90
MEDIA MARKT ZARAGOZA VIDEO-TV-HIFI-ELEKTRO-COMPUTER-FOTO, S.A. Zaragoza Spain 99.90
Media Markt Zell am See TV-Hifi-Elektro GmbH Zell am See Austria 90.00
Media Markt Zoetermeer B.V. Zoetermeer Netherlands 95.50
Media Markt Zrich AG Zurich Switzerland 90.00
Media Markt zwei TV-HiFi-Elektro GmbH Dresden-Prohlis Dresden Germany 90.00
MEDIA MARKT Zwijnaarde NV Zwijnaarde Belgium 90.00
Media Markt Zwolle B.V. Zwolle Netherlands 90.10
MEDIA MARKT-SATURN BELGIUM NV Asse-Zellik Belgium 100.00
Media Saturn Servicos de Apoio Adminstrativo, Lda. Lisbon Portugal 100.00
Media Saturn Electronics Hellas Commercial and Holding Anonymi Eteria Maroussi Greece 100.00
Media Saturn Holding Polska Sp. z o.o. Warsaw Poland 100.00
Media Saturn Logistyka Splka z ograniczona odpowiedzialnoscia Warsaw Poland 100.00
MEDIA SATURN MULTICHANNEL S.A.U. El Prat de Llobregat Spain 100.00
Media Saturn Online Spka z ograniczon odpowiedzialnoci Warsaw Poland 100.00
Mediamarket S.p.A. con Socio Unico Curno Italy 100.00
MEDIA-Markt TV-HiFi-Elektro GmbH Aachen Aachen Germany 100.00
MediaOnline GmbH Ingolstadt Germany 100.00
MEDIA-SATURN (PORTUGAL), SGPS, UNIPESSOAL LDA. Lisbon Portugal 100.00
Media-Saturn Beteiligungen Polska GmbH Ingolstadt Germany 100.00
Media-Saturn Deutschland Beteiligungsgesellschaft mbH Ingolstadt Germany 100.00
Media-Saturn Deutschland GmbH Ingolstadt Germany 100.00
Media-Saturn e-handel Norge AS Oslo Norway 100.00
Media-Saturn e-handel Sverige AB Stockholm Sweden 100.00
Media-Saturn Helvetia Holding GmbH Ingolstadt Germany 100.00

Share in capital
Media-Saturn Holding Norway AS Oslo Norway 100.00
Media-Saturn Holding Sweden AB Stockholm Sweden 100.00
Media-Saturn Internationale Beteiligungen GmbH Munich Germany 100.00
Media-Saturn IT Services GmbH Ingolstadt Germany 100.00
Media-Saturn Marketing GmbH Munich Germany 100.00
Media-Saturn Nordic Shared Services AB Stockholm Sweden 100.00
media-saturn-e-business GmbH Ingolstadt Germany 100.00
Media-Saturn-Holding GmbH Ingolstadt Germany 78.38
Meister feines Fleisch feine Wurst GmbH Gufelden Germany 100.00
METRO (Changchun) Property Service Co. Ltd. Changchun China 100.00
METRO Achtzehnte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf Germany 100.00
METRO Beteiligungsmanagement Dsseldorf GmbH & Co. KG Dsseldorf Germany 100.00
METRO Cash & Carry Asia Pacific Holding GmbH Vienna Austria 100.00
Metro Cash & Carry Brunnthal GmbH & Co. KG Brunnthal Germany 100.00
METRO Cash & Carry Bulgaria EOOD Sofia Bulgaria 100.00
METRO Cash & Carry Central Asia Holding GmbH Vienna Austria 100.00
METRO Cash & Carry d.o.o. Zagreb Croatia 100.00
METRO Cash & Carry d.o.o. Belgrade Serbia 100.00
Metro Cash & Carry Danmark ApS Glostrup Denmark 100.00
METRO Cash & Carry Deutschland GmbH Dsseldorf Germany 100.00
METRO Cash & Carry France S.A.S. Nanterre France 100.00
Metro Cash & Carry Grundstcksverwaltungsgesellschaft mbH Dsseldorf Germany 100.00
METRO Cash & Carry Import Limited Liability Company Noginsk Russia 100.00
METRO Cash & Carry India Private Limited Bangalore India 100.00
METRO Cash & Carry International GmbH Dsseldorf Germany 100.00
METRO Cash & Carry International Holding B. V. Amsterdam Netherlands 100.00
METRO Cash & Carry International Holding GmbH Vienna Austria 100.00
METRO Cash & Carry International Management GmbH Dsseldorf Germany 100.00
METRO Cash & Carry Japan KK Tokyo Japan 100.00
Metro Cash & Carry Nederland B.V. Amsterdam Netherlands 100.00
METRO Cash & Carry OOO Moscow Russia 100.00
METRO Cash & Carry sterreich GmbH Vsendorf Austria 73.00
METRO CASH & CARRY ROMANIA SRL Bucharest Romania 85.00
METRO Cash & Carry Russia N.V. Amsterdam Netherlands 100.00
METRO Cash & Carry SR s.r.o. Ivanka pri Dunaji Slovakia 100.00
METRO Cash & Carry TOO Almaty Kazakhstan 100.00
METRO Cash & Carry Ukraine Ltd. Kiev Ukraine 100.00
METRO Cash & Carry Vietnam Ltd. Ho Chi Minh City Vietnam 100.00
Metro Cash & Carry Wines Hyderabad India 99.99
METRO Central East Europe GmbH Vienna Austria 100.00

SERVICE
METRO Dienstleistungs-Holding GmbH Dsseldorf Germany 100.00

Share in capital
METRO Distributie Nederland B. V. Amsterdam Netherlands 100.00
METRO DOLOMITI SpA San Donato Milanese Italy 100.00
METRO Dreizehnte Gesellschaft fr Vermgensverwaltung mbH Ingolstadt Germany 100.00
METRO Erste Erwerbsgesellschaft mbH Dsseldorf Germany 100.00
METRO FIM S.p.A. Cinisello Balsamo Italy 100.00
METRO Finance B. V. Venlo Netherlands 100.00
Metro Finanzdienstleistungs Pensionen GmbH Dsseldorf Germany 100.00
Metro France Immobiliere S. r. l. Nanterre France 100.00
METRO Fnfzehnte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf Germany 100.00
Metro Global Business Services Private Limited Pune India 100.00
Metro Grosmarket Bakirky Alisveris Hizmetleri Ticaret Ltd. Sirketi Istanbul Turkey 100.00
METRO Gro- und Lebensmitteleinzelhandel Holding GmbH Dsseldorf Germany 100.00
METRO Grohandelsgesellschaft mbH Dsseldorf Germany 100.00
METRO GROUP Accounting Center GmbH Alzey Germany 100.00
METRO Group Asset Management B.V. Amsterdam Netherlands 100.00
METRO Group Asset Management Ingatlan Kft. Budars Hungary 100.00
METRO Group Asset Management Services GmbH Dsseldorf Germany 100.00
METRO Group Asset Management Ukraine, Limited Liability Company Kiev Ukraine 100.00
METRO Group Buying Ukraine Ltd. Kiev Ukraine 100.00
METRO Group China Holding Limited Hong Kong China 100.00
METRO GROUP COMMERCE LIMITED Hong Kong China 100.00
METRO GROUP International Retail Holding Limited Hong Kong China 100.00
METRO Group Properties SR s.r.o. Ivanka pri Dunaji Slovakia 100.00
METRO GROUP REAL ESTATE ESPANA S.L. Madrid Spain 100.00
Metro Group Real Estate Private Limited Company Karachi Pakistan 99.75
METRO Group Retail Real Estate GmbH Dsseldorf Germany 100.00
METRO Group Retail Real Estate Romania S.R.L. Voluntari Romania 100.00
METRO Group Wholesale Real Estate Bulgaria EOOD Sofia Bulgaria 100.00
METRO Group Wholesale Real Estate GmbH Dsseldorf Germany 100.00
METRO Habib Cash & Carry Pakistan (Private) Limited Lahore Pakistan 75.00
Metro Holding France S. A. Vitry-sur-Seine France 100.00
METRO Innovations Holding GmbH Dsseldorf Germany 100.00
METRO International AG Chur Switzerland 100.00
Metro International Beteiligungs GmbH Dsseldorf Germany 100.00
METRO INTERNATIONAL SUPPLY GmbH Dsseldorf Germany 100.00
METRO Italia Cash and Carry S. p. A. San Donato Milanese Italy 100.00
METRO Jinjiang Cash & Carry Co., Ltd. Shanghai China 90.00
METRO Kaufhaus und Fachmarkt Holding GmbH Dsseldorf Germany 100.00
METRO Kereskedelmi Kft. Budars Hungary 100.00
METRO Leasing GmbH Dsseldorf Germany 100.00
METRO Leasing Objekt Schwerin GmbH Dsseldorf Germany 100.00

Share in capital
METRO LOGISTICS Germany GmbH Dsseldorf Germany 100.00
METRO LOGISTICS Services GmbH Dsseldorf Germany 100.00
METRO Management EOOD Sofia Bulgaria 100.00
METRO North Warehouse Management (Chongqing) Co. Ltd. Chongqing China 100.00
Metro Properties B.V. Amsterdam Netherlands 100.00
METRO Properties CR s.r.o. Prague Czech Republic 100.00
METRO PROPERTIES Energy Management GmbH Dsseldorf Germany 100.00
METRO Properties Enterprise Management Consulting (Shanghai) Co., Ltd. Shanghai China 100.00
METRO PROPERTIES France SAS Nanterre France 100.00
Metro Properties Gayrimenkul Yatirim A.. Istanbul Turkey 100.00
METRO PROPERTIES GmbH & Co. KG Dsseldorf Germany 99.51
METRO PROPERTIES Holding GmbH Dsseldorf Germany 100.00
METRO PROPERTIES Limited Liability Company Moscow Russia 100.00
METRO PROPERTIES Management GmbH Dsseldorf Germany 66.67
METRO Properties Real Estate Management Spka z ograniczon odpowiedzialnoci Warsaw Poland 100.00
METRO PROPERTIES Sp. z o.o. Warsaw Poland 100.00
METRO Property Management (Beijing) Co. Ltd. Beijing China 100.00
Metro Property Management (Changsha) Co., Ltd. Changsha China 100.00
METRO Property Management (Changshu) Co. Ltd. Changshu China 100.00
Metro Property Management (Changzhou) Co. Ltd. Changzhou China 100.00
Metro Property Management (Chengdu Qingyang) Co., Ltd. Chengdu China 100.00
METRO Property Management (Chongqing) Co. Ltd. Chongqing China 100.00
Metro Property Management (Cixi) Co., Limited Cixi China 100.00
Metro Property Management (Dongguan) Co. Ltd. Dongguan China 100.00
Metro Property Management (Hangzhou) Company Limited Hangzhou China 100.00
METRO Property Management (Harbin) Co. Ltd. Harbin China 100.00
METRO Property Management (Huaian) Co., Ltd. Huaian China 100.00
Metro Property Management (Jiangyin) Company Limited Jiangyin China 100.00
Metro Property Management (Jiaxing) Co. Ltd. Jiaxing China 100.00
Metro Property Management (Kunshan) Co. Ltd. Suzhou China 100.00
METRO Property Management (Nanchang Qingshanhu) Co. Ltd. Nanchang China 100.00
Metro Property Management (Nantong) Co. Ltd. Nantong China 100.00
Metro Property Management (Qingdao) Company Limited Qingdao China 100.00
METRO Property Management (Shenyang) Co. Ltd. Shenyang China 100.00
METRO Property Management (Shenzhen) Co. Ltd. Shenzhen China 100.00
Metro Property Management (Suzhou) Co., Ltd. Suzhou China 100.00
METRO Property Management (Tianjin Hongqiao) Co., Ltd. Tianjin China 100.00
METRO Property Management (Weifang) Co. Ltd. Weifang China 100.00
Metro Property Management (Wuhan) Co., Ltd. Wuhan China 100.00
METRO Property Management (Wuhu) Co. Ltd. Wuhu China 100.00

SERVICE
METRO Property Management (Xiamen) Co., Ltd. Xiamen China 100.00

Share in capital
METRO Property Management (Xian) Co., Ltd. Xian China 100.00
METRO Property Management (Xiangyang) Co. Ltd. Xiangyang China 100.00
METRO Property Management (Zhangjiagang) Co. Ltd. Zhangjiagang China 100.00
Metro Property Management (Zhengzhou) Co., Ltd. Zhengzhou China 100.00
METRO Property Management (Zhongshan) Co. Limited Zhongshan China 100.00
METRO Property Management Wuxi Co. Ltd. Wuxi China 100.00
METRO Real Estate Ltd. Zagreb Croatia 100.00
Metro Reinsurance N.V. Amsterdam Netherlands 100.00
Metro SB-Gromrkte GmbH & Co. Kommanditgesellschaft Esslingen am Neckar Germany 100.00
Metro SB-Gromrkte GmbH & Co. Kommanditgesellschaft Linden Germany 100.00
METRO Service GmbH Vsendorf Austria 100.00
METRO Services PL spka z ograniczon odpowiedzialnoci Szczecin Poland 100.00
METRO Siebte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf Germany 100.00
METRO Siebzehnte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf Germany 100.00
METRO South East Asia Holding GmbH Vienna Austria 100.00
METRO SYSTEMS GmbH Dsseldorf Germany 100.00
Metro Systems Romania S.R.L. Bucharest Romania 100.00
METRO SYSTEMS RU Limited Liability Company Moscow Russia 100.00
METRO Systems Ukraine LLC Kiev Ukraine 100.00
METRO Vierzehnte Gesellschaft fr Vermgensverwaltung mbH Dsseldorf Germany 100.00
METRO Warehouse Management (Chongqing) Co. Ltd. Chongqing China 100.00
Metro Warehouse Management (Hangzhou) Co. Ltd. Hangzhou China 100.00
METRO Warehouse Management (Suzhou) Co. Ltd. Suzhou China 100.00
Metro Warehouse Management (Taizhou) Co. Ltd Taizhou China 100.00
Metro Warehouse Management (Wuhan) Co. Ltd. Wuhan China 100.00
Metro Warehouse Management (Yantai) Co., Limited Yantai China 100.00
METRO Warehouse Management (Zibo) Co., Ltd. Zibo China 100.00
Metro Warehouse Noginsk Limited Liability Company Noginsk Russia 100.00
MFM METRO Group Facility Management GmbH Dsseldorf Germany 100.00
MGA METRO Group Advertising GmbH Dsseldorf Germany 100.00
MGA METRO Group Advertising Rus OOO Moscow Russia 100.00
MGA METRO Group Advertising Spolka z ogranicona odpowiedzialoscia Warsaw Poland 100.00
MGB METRO Group Buying (Shanghai) Co., Ltd. Shanghai China 100.00
MGB METRO Group Buying HK Limited Hong Kong China 100.00
MGB Metro Group Buying Romania SRL Bucharest Romania 100.00
MGB METRO Group Buying RUS OOO Moscow Russia 100.00
MGB METRO Group Buying TR Satinalma Ticaret Limited Sirketi Istanbul Turkey 100.00
MGC METRO Group Clearing GmbH Dsseldorf Germany 100.00
MGE Warenhandelsgesellschaft mbH Dsseldorf Germany 100.00
MGI Metro Group Iletisim ve Enformasyon Ticaret Limited Sirketi Istanbul Turkey 100.00
MGL METRO Group Logistics Bulgaria LTD Sofia Bulgaria 100.00

Share in capital
MGL METRO Group Logistics GmbH Dsseldorf Germany 100.00
MGL METRO Group Logistics Limited Liability Company Noginsk Russia 100.00
MGL METRO Group Logistics Polska Sp. z o.o. Warsaw Poland 100.00
MGL METRO Group Logistics Polska Sp. z o.o. i Splka Sp.k. Warsaw Poland 100.00
MGL METRO GROUP LOGISTICS UKRAINE LLC Kiev Ukraine 100.00
MGL METRO Group Logistics Warehousing Beteiligungs GmbH Dsseldorf Germany 100.00
MGP METRO Group Account Processing GmbH Kehl Germany 100.00
MGP METRO Group Account Processing International AG Baar Switzerland 100.00
MGT METRO Group Travel Services GmbH Dsseldorf Germany 100.00
MIAG Asia Co. Ltd. Hong Kong China 100.00
MIAG Commanditaire Vennootschap Amsterdam Netherlands 100.00
MIAG RUS Limited Liability Company Kotelniki Russia 100.00
MIB METRO Group Insurance Broker GmbH Dsseldorf Germany 100.00
MIDBAN ESOLUTIONS S.L. Barcelona Spain 75.00
MIP METRO Group Intellectual Property GmbH & Co. KG Dsseldorf Germany 100.00
MIP METRO Group Intellectual Property Management GmbH Dsseldorf Germany 100.00
MMS Connect B.V. Rotterdam Netherlands 100.00
MMS Coolsingel B.V. Rotterdam Netherlands 100.00
MMS ONLINE BELGI Zellik Belgium 100.00
MMS Online Nederland B.V. Rotterdam Netherlands 100.00
Morocco Fish Trading Company SARL AU Casablanca Morocco 100.00
MP Gayrimenkul Ynetim Hizmetleri Anonim irketi Istanbul Turkey 100.00
MRE Sp. z o.o. Wholesale Real Estate Poland S.K.A. Warsaw Poland 100.00
MRE Spka z ograniczon odpowiedzialnoci Warsaw Poland 100.00
MS E-Business Concepts & Service GmbH Ingolstadt Germany 100.00
MS E-Commerce GmbH Wiener Neustadt Austria 100.00
MS E-Commerce Kereskedelmi Korltolt Felessg Trsasg Budars Hungary 100.00
MS ISTANBUL IC VE DIS TICARET LIMITED SIRKETI Istanbul Turkey 100.00
MS Multichannel Retailing Ges.m.b.H. Vsendorf Austria 100.00
MS New CO Spka z ograniczon odpowiedzialnoci Warsaw Poland 100.00
MS Powerservice GmbH Vsendorf Austria 100.00
MTE Grundstcksverwaltung GmbH & Co. Objekt Duisburg oHG Pullach im Isartal Germany 100.00
Multi-Center Warenvertriebs GmbH Dsseldorf Germany 100.00
My Mart (China) Trading Co., Ltd. Guangzhou China 100.00
my-xplace GmbH Gttingen Germany 76.74
N & NF Trading GmbH Dsseldorf Germany 100.00
NIGRA Verwaltung GmbH & Co. Objekt Detmold KG Pullach im Isartal Germany 100.00
NIGRA Verwaltung GmbH & Co. Objekt Eschweiler KG Pullach im Isartal Germany 100.00
NIGRA Verwaltung GmbH & Co. Objekt Germersheim KG Pullach im Isartal Germany 100.00
NIGRA Verwaltung GmbH & Co. Objekt Langendreer KG Pullach im Isartal Germany 100.00
SERVICE
NIGRA Verwaltung GmbH & Co. Objekt Ludwigshafen KG Pullach im Isartal Germany 49.00 1
Share in capital
NIGRA Verwaltung GmbH & Co. Objekt Moers KG Pullach im Isartal Germany 100.00
NIGRA Verwaltung GmbH & Co. Objekt Neunkirchen KG Pullach im Isartal Germany 100.00
NIGRA Verwaltung GmbH & Co. Objekt Oberhausen oHG Pullach im Isartal Germany 100.00
NIGRA Verwaltung GmbH & Co. Objekt Rendsburg KG Pullach im Isartal Germany 100.00
NIGRA Verwaltung GmbH & Co. Objekt Salzgitter KG Pullach im Isartal Germany 100.00
NordRhein Trading GmbH Dsseldorf Germany 100.00
OOO CE trading solutions Moscow Russia 100.00
OOO Media-Markt-Saturn Moscow Russia 100.00
OOO Media-Saturn-Russland Moscow Russia 100.00
OOO Saturn Moscow Russia 100.00
OOO xplace Moscow Russia 100.00
OSKUS Verwaltung GmbH & Co. Objekt Aachen SB-Warenhaus KG Pullach im Isartal Germany 0.00 1
OSKUS Verwaltung GmbH & Co. Objekt Krefeld KG Pullach im Isartal Germany 0.00 1
OSKUS Verwaltung GmbH & Co. Objekt Nettetal KG Pullach im Isartal Germany 0.00 1
PAROS Verwaltung GmbH & Co. Objekt Bitterfeld KG Pullach im Isartal Germany 10.00 1
PAROS Verwaltung GmbH & Co. Objekt Hrth KG Pullach im Isartal Germany 0.00 1
PAROS Verwaltung GmbH & Co. Objekt Stralsund KG Pullach im Isartal Germany 10.00 1
PayRed Card Services AG Dietikon Switzerland 100.00
PIL Grundstcksverwaltung GmbH Dsseldorf Germany 100.00
Power Service GmbH Cologne Germany 100.00
PowerService Nederland B.V. Rotterdam Netherlands 100.00
Pro. FS GmbH Dsseldorf Germany 100.00
PT Classic Fine Foods Indonesia North Jakarta Indonesia 100.00
PT Paserda Indonesia Jakarta Indonesia 100.00
Qingdao Metro Warehouse Management Co. Ltd. Qingdao China 100.00
RaW Real Estate Asia Pte. Ltd. Singapore Singapore 100.00
Real Estate Management Misr Limited Liability Company Cairo Egypt 100.00
real,- Digital Fulfillment GmbH Dsseldorf Germany 100.00
real,- Group Holding GmbH Dsseldorf Germany 100.00
real,- Handels GmbH Dsseldorf Germany 100.00
real,- Holding GmbH Dsseldorf Germany 100.00
real,- SB-Warenhaus GmbH Dsseldorf Germany 100.00
red blue Marketing GmbH Munich Germany 100.00
Redcoon Benelux B. V. Tilburg Netherlands 100.00
REDCOON DANMARK ApS Copenhagen Denmark 100.00
REDCOON ELECTRONIC TRADE, S.L. El Prat de Llobregat Spain 100.00
Redcoon GmbH Aschaffenburg Germany 100.00
redcoon GmbH Vienna Austria 100.00
REDCOON ITALIA S.R.L. Turin Italy 100.00
redcoon Logistics GmbH Erfurt Germany 100.00
REDCOON POLSKA Sp. z o.o. Bydgoszcz Poland 100.00

Share in capital
Remo Zaandam B.V. Zaandam Netherlands 100.00
Renate Grundstcksverwaltungsgesellschaft mbH Dsseldorf Germany 100.00
Retail Property 1 Limited Liability Company Moscow Russia 100.00
Retail Real Estate Limited Liability Company Moscow Russia 100.00
ROSARIA Grundstcks-Vermietungsgesellschaft mbH & Co. Objekt Gerlingen KG Dsseldorf Germany 94.001
Rotterdam Trading Office B.V. Amsterdam Netherlands 100.00
RUDU Verwaltungsgesellschaft mbH Dsseldorf Germany 100.00
RUTIL Verwaltung GmbH & Co. SB-Warenhaus Bielefeld KG Pullach im Isartal Germany 100.00
S.C. real Hyper Magazine s.r.l. Bucharest Romania 100.00
SAS REDCOON FRANCE Villepinte France 100.00
Saturn Athens III Commercial Anonymi Eteria Maroussi Greece 100.00
SATURN E502 ELECTRO, S.A.U. El Prat de Llobregat Spain 100.00
SATURN E-517 ELECTRO S.A.U. El Prat de Llobregat Spain 100.00
Saturn Electro-Handelsges.m.b.H. Salzburg Austria 90.00
Saturn Electro-Handelsges.m.b.H. Vienna Austria 90.00
Saturn Electro-Handelsges.m.b.H. Graz Austria 90.00
Saturn Electro-Handelsgesellschaft m.b.H. Vsendorf Austria 90.00
Saturn Electro-Handelsgesellschaft m.b.H. Linz Austria 90.00
Saturn Electro-Handelsgesellschaft mbH Karlsruhe Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Ansbach Ansbach Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Augsburg Augsburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Bad Homburg Bad Homburg v. d. Hhe Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Bad Oeynhausen Bad Oeynhausen Germany 90.00
Saturn Electro-Handelsgesellschaft mbh Baunatal Baunatal Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin I Berlin Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin-Charlottenburg Berlin Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin-Gesundbrunnen Berlin Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin-Kpenick Berlin Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin Leipziger Platz Berlin Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin Mrkische Zeile Berlin Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin-Marzahn Berlin Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin-Reinickendorf Berlin Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Berlin Schlostrae Berlin Germany 90.05
Saturn Electro-Handelsgesellschaft mbH Berlin-Spandau Berlin Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Berlin-Treptow Berlin Germany 100.00

SERVICE
Saturn Electro-Handelsgesellschaft mbH Berlin-Zehlendorf Berlin Germany 90.00

Share in capital
Saturn Electro-Handelsgesellschaft mbH Bielefeld Bielefeld Germany 90.05
Saturn Electro-Handelsgesellschaft mbH Bocholt Bocholt Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Braunschweig Braunschweig Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Bremen Bremen Germany 90.05
Saturn Electro-Handelsgesellschaft mbH Bremen-Habenhausen Bremen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Bremerhaven Bremerhaven Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Celle Celle Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Chemnitz Chemnitz Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Chemnitz-Zentrum Chemnitz Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Darmstadt Darmstadt Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Delmenhorst Delmenhorst Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Dessau Dessau-Rolau Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Dortmund Dortmund Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Dortmund-Eving Dortmund Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Dresden Dresden Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Duisburg Duisburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Erfurt Erfurt Germany 90.05
Saturn Electro-Handelsgesellschaft mbH Erlangen Erlangen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Essen City Essen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Essen-Steele Essen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Esslingen Esslingen am Neckar Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Euskirchen Euskirchen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Flensburg Flensburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Frankfurt/Main Frankfurt am Main Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Freiburg Freiburg im Breisgau Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Freising Freising Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Frth Frth Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Gelsenkirchen Gelsenkirchen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Gelsenkirchen-Buer Gelsenkirchen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Gieen Gieen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Gttingen Gttingen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Gummersbach Gummersbach Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Hagen Hagen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Hamburg-Altstadt Hamburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Hamm Hamm Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Hanau Hanau Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Hannover Hannover Germany 90.01
Saturn Electro-Handelsgesellschaft mbH Hattingen Hattingen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Heidelberg Heidelberg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Herford Herford Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Hilden Hilden Germany 90.00

Share in capital
Saturn Electro-Handelsgesellschaft mbH Hildesheim Hildesheim Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Ingolstadt Ingolstadt Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Isernhagen Isernhagen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Jena Jena Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Kaiserslautern Kaiserslautern Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Karlsruhe-Durlach Karlsruhe Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Kassel Kassel Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Kempten Kempten (Allgu) Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Kerpen Kerpen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Kiel Kiel Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Kleve Kleve Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Koblenz Koblenz Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Krefeld Krefeld Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Landshut Landshut Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Leipzig Leipzig Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Leipzig-Hauptbahnhof Leipzig Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Leonberg Leonberg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Lbeck Lbeck Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Ldenscheid Ldenscheid Germany 90.05
Saturn Electro-Handelsgesellschaft mbH Ludwigsburg Ludwigsburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Ludwigshafen Ludwigshafen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Lnen Lnen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Magdeburg Magdeburg Germany 90.05
Saturn Electro-Handelsgesellschaft mbH Mainz Mainz Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Mannheim Mannheim Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Marl Marl Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Moers Moers Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Mlheim Mlheim an der Ruhr Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Mnchen Munich Germany 92.06
Saturn Electro-Handelsgesellschaft mbH Mnchen-Riem Munich Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Mnster Mnster Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Neckarsulm Neckarsulm Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Neu-Isenburg Neu-Isenburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Norderstedt Norderstedt Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Nrnberg Nuremberg Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Oberhausen Oberhausen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Oldenburg Oldenburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Osnabrck Osnabrck Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Paderborn Paderborn Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Passau Passau Germany 90.00

SERVICE
Saturn Electro-Handelsgesellschaft mbH Pforzheim Pforzheim Germany 90.00

Share in capital
Saturn Electro-Handelsgesellschaft mbH Potsdam Potsdam Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Regensburg Regensburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Remscheid Remscheid Germany 90.05
Saturn Electro-Handelsgesellschaft mbH Reutlingen Reutlingen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Rostock Rostock Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Saarbrcken Saarbrcken Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Schweinfurt Schweinfurt Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Senden Senden Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Soest Soest Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Solingen Solingen Germany 90.05
Saturn Electro-Handelsgesellschaft mbH Stuttgart Stuttgart Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Troisdorf Troisdorf Germany 100.00
Saturn Electro-Handelsgesellschaft mbH Tbingen Tbingen Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Weimar Weimar Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Weiterstadt Weiterstadt Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Wesel Wesel Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Wiesbaden Wiesbaden Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Wolfsburg Wolfsburg Germany 90.00
Saturn Electro-Handelsgesellschaft mbH Zwickau Zwickau Germany 90.00
Saturn Electro-Handelsgesellschaft mit beschrnkter Haftung Cologne Germany 100.00
Saturn Gerasdorf Electro-Handelsges.m.b.H. Gerasdorf bei Wien Austria 90.00
Saturn Graz V VertriebsgmbH Graz Austria 90.00
Saturn Haid Electro-Handelsges.m.b.H. Haid Austria 90.00
Saturn Innsbruck Electro-Handeslges.m.b.H. Innsbruck Austria 90.00
Saturn Klagenfurt Electro-Handelsges.m.b.H. Klagenfurt Austria 90.00
Saturn Luxembourg S.A. Luxembourg Luxembourg 100.00
Saturn Mega Markt GmbH Wuppertal Wuppertal Germany 90.05
Saturn online GmbH Ingolstadt Germany 100.00
SATURN PLANET Sp. z o.o. Warsaw Poland 100.00
Saturn Planet Sp. z o.o. 11 Spka Komandytowa Warsaw Poland 100.00
Saturn Planet Sp. z o.o. Bydgoszcz Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Gdask I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Gdynia I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Gliwice Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Katowice I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Krakw I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Krakw II Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. d I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. d II Spka Komandytowa Warsaw Poland 90.00

Share in capital
Saturn Planet Sp. z o.o. Lubin Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Lublin I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Pozna I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Pozna II Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Szczecin I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Tychy Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Warszawa I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Warszawa II Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Warszawa III Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Warszawa IV Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Warszawa V Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Wrocaw I Spka Komandytowa Warsaw Poland 90.00
Saturn Planet Sp. z o.o. Wrocaw II Spka Komandytowa Warsaw Poland 90.00
SATURN SAN JUAN DE AZNALFARACHE ELECTRO, S.A.U. El Prat de Llobregat Spain 100.00
Saturn Techno-Electro-Handelsgesellschaft mbH Cologne Germany 100.00
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Hrth Germany 90.00
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Neuss Germany 90.09
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Leverkusen Germany 90.09
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Aachen Germany 90.00
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Mnchengladbach Germany 90.00
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Siegen Germany 90.01
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Sankt Augustin Germany 100.00
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Dren Germany 90.00
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Bergisch Gladbach Germany 90.20
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Cologne Germany 100.00
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Dsseldorf-Flingern Dsseldorf Germany 90.00
Saturn Techno-Markt Electro-Handelsgesellschaft mbH Dsseldorf Knigsallee Dsseldorf Germany 90.00
Saturn Thessaloniki II Comercial Anonymi Eteria Maroussi Greece 100.00
Saturn Wien X VertriebsgmbH Vienna Austria 90.00
Saturn Wien XIV Electro-Handelsges.m.b.H. Vienna Austria 90.00
Saturn Wien XX VertriebsgmbH Vienna Austria 90.00
Saturn Wien XXII Electro-Handelsges.m.b.H. Vienna Austria 90.00
Saturn Wien XXIII Electro-Handelsges.m.b.H. Vienna Austria 90.00
Saturn-Mega Markt GmbH Halle Halle (Saale) Germany 90.05
Saturn-Mega Markt GmbH Trier Trier Germany 90.05
Schaper Grundbesitz-Verwaltungsgesellschaft mbH Dsseldorf Germany 100.00

British
Sentinel GCC Holdings Limited Tortola Virgin Islands 100.00
Sezam XVI Fundusz Inwestycyjny Zamknity Aktyww Niepublicznych Warsaw Poland 100.00
Shenzhen Hemaijia Trading Co. Ltd. Shenzhen China 100.00

SERVICE
SIL Verwaltung GmbH & Co. Objekt Haidach KG Dsseldorf Germany 92.00
Share in capital
Silver Ocean B.V. Amsterdam Netherlands 65.10
Sinco Grohandelsgesellschaft m. b. H. Vsendorf Austria 73.00
Singapore Trading Office (MAG) Pte. Ltd. Singapore Singapore 100.00
Sociedad Ibrica Restaurantes de Tecnologa Avanzada S. A. U. Madrid Spain 100.00
Star Farm (Shanghai) Agriculture Information Consulting Company Limited Shanghai China 100.00
Star Farm Pakistan Pvt. Ltd. Lahore Pakistan 100.00
STW Grundstcksverwaltung GmbH Dsseldorf Germany 100.00
Tertia Handelsbeteiligungsgesellschaft mbH Cologne Germany 60.00
TIMUG GmbH & Co. Objekt Homburg KG Dsseldorf Germany 0.00 1
TIMUG Verwaltung GmbH Dsseldorf Germany 100.00
VALENCIA TRADING OFFICE, S.L. Madrid Spain 100.00
Weinkellerei Thomas Rath GmbH Dsseldorf Germany 100.00
Western United Finance Company Limited London Great Britain 100.00
Wholesale Real Estate Belgium N.V. Wommelgem Belgium 100.00
Wirichs Immobilien GmbH Dsseldorf Germany 100.00
Wirichs Immobilien GmbH & Co. Objekt Herford KG Dsseldorf Germany 81.82
Wolfgang Wirichs GmbH Dsseldorf Germany 100.00
World Import N. V. Puurs Belgium 100.00
WRE Real Estate Limited Liability Partnership Almaty Kazakhstan 100.00
X Place Spain S.L. Barcelona Spain 100.00
Xian METRO Commercial and Trading Company Limited Xian China 100.00
XPLACE DIJITAL COZM TICARET LIMITED SIRKETI Istanbul Turkey 100.00
xplace GmbH Gttingen Germany 50.01
XPLACE ITALY S.R.L. Pianoro Italy 100.00
XPLACE UK LIMITED London Great Britain 100.00
Yugengaisha MIAG Japan Tokyo Japan 100.00
ZARUS Verwaltung GmbH & Co. Dritte Vermietungs-oHG Pullach im Isartal Germany 100.00
ZARUS Verwaltung GmbH & Co. Objekt Braunschweig Berliner Strae KG Pullach im Isartal Germany 100.00
ZARUS Verwaltung GmbH & Co. Objekt Mutterstadt KG Pullach im Isartal Germany 100.00
ZARUS Verwaltung GmbH & Co. Objekt Osnabrck KG Pullach im Isartal Germany 100.00
ZARUS Verwaltung GmbH & Co. Objekte Niedersachsen KG Pullach im Isartal Germany 100.00
Zweite real,- Multi-Markt Verwaltungsgesellschaft mbH Dsseldorf Germany 100.00
Zweite real,- SB-Warenhaus GmbH Dsseldorf Germany 100.00
Joint ventures
Intercompra LDA Lisbon Portugal 50.00
MAXXAM B.V. Ede Netherlands 16.67
MAXXAM C.V. Ede Netherlands 16.67
METSPA d.o.o. za trgovinu Zagreb Croatia 50.00

Share in capital
Investments accounted for using the equity method
European EPC Competence Center GmbH Cologne Germany 30.00
EZW Kauf- und Freizeitpark GmbH & Co. Kommanditgesellschaft Bremen Germany 49.00
Fachmarktzentrum Essen GmbH & Co. KG Pullach im Isartal Germany 94.00
Habib METRO Pakistan (Pvt) Ltd Karachi Pakistan 40.00
Iniziative Methab s.r.l. Bozen Italy 50.00
Kato S. r.l. Luxembourg Luxembourg 5.10
Mayfair GP S. r.l. Luxembourg Luxembourg 40.00
Mayfair Holding Company S.C.S. Luxembourg Luxembourg 39.99
MEC METRO-ECE Centermanagement GmbH & Co. KG Dsseldorf Germany 50.00
MEC METRO-ECE Centermanagement Verwaltungs GmbH Dsseldorf Germany 50.00
METSPA Beszerzsi s Kereskedelmi Kft. Budars Hungary 33.33
MobiLab Solutions GmbH Cologne Germany 27.37
Napier S. r.l. Luxembourg Luxembourg 5.10
OPCI FRENCH WHOLESALE PROPERTIES FWP Paris France 5.00
OPCI FRENCH WHOLESALE STORESFWS Paris France 25.00
Peoplefone Polska Spka Akcyjna Warsaw Poland 49.00
Peter Glinicke Grundstcks-GmbH & Co. KG Pullach im Isartal Germany 50.00
Quadrant S. r.l. Luxembourg Luxembourg 5.10
Sabra S. r.l. Luxembourg Luxembourg 5.10
Tatra S. r.l. Luxembourg Luxembourg 5.10
Upton S. r.l. Luxembourg Luxembourg 5.10
Wilcox S. r.l. Luxembourg Luxembourg 5.10
Xiali S. r.l. Luxembourg Luxembourg 5.10
Zagato S. r.l. Luxembourg Luxembourg 5.10
Zender S. r.l. Luxembourg Luxembourg 5.10
Investments not accounted for using the equity method
EZW Kauf- und Freizeitpark Verwaltungs-GmbH Bremen Germany 49.04 2
IFH Institut fr Handelsforschung GmbH Cologne Germany 16.67 2
Metro plus Grundstcks-Vermietungsgesellschaft mbH Dsseldorf Germany 20.00 2
Investments
Alberto Polo Distribuciones S.A. Zaragoza Spain 100.00 3
ASSET Grundbesitz GmbH Dsseldorf Germany 5.10
ASSET Objekt Leipzig GmbH Dsseldorf Germany 5.10
Comercial Ulzama S.L. Abanto Spain 100.00 3
Congelados Romero S.A. Reus Spain 90.00 3
Culinary Agents Inc. Wilmington USA 18.33
Diehl & Brser Handelskonzepte GmbH Dsseldorf Germany 15.00

SERVICE
Distribucin de Alimentacin Horeca S.L. Sant Boi de Llobregat Spain 80.00 3

Share in capital
EKS Handelsgesellschaft mbH Salzburg Austria 25.00
EKS Handelsgesellschaft mbH & Co. KG Salzburg Austria 25.00
Erschlieungsgesellschaft Schwerin-Krebsfrden mbH & Co. Kommanditgesellschaft Lneburg Germany 18.18
eVentures Growth, L.P. Wilmington USA 5.00
Flip4 GmbH Friedrichsdorf Germany 16.00
Font Distribucio Horeca S.L. Tona Spain 51.00 3
GSSI Consortium GbR Dsseldorf Germany 7.69
Horten GmbH Dsseldorf Germany 5.10
QUANTIS Grundstcks-Vermietungsgesellschaft mbH & Co. Objekt Darmstadt KG Schnefeld Germany 6.00
QUANTIS Grundstcks-Vermietungsgesellschaft mbH & Co. Objekt Junior Augsburg KG Schnefeld Germany 6.00
Verwaltungsgesellschaft Lebensmittelgesellschaft GLAWA mbH & Co. KG Hamburg Germany 18.75
Zentra-Grundstcksgesellschaft mbH Dsseldorf Germany 5.10
1 Disclosure according to SIC-12

2 Not accounted for using the equity method due to minor materiality for the asset, financial and earnings position
3 Not fully consolidated and not accounted for using the equity method due to minor materiality for the asset, financial and earnings position
3 December 2015
The Management Board
OLAF KOCH PIETER C. BOONE MARK FRESE PIETER HAAS HEIKO HUTMACHER
METRO GROUP ANNUAL REPORT 2014/15
RESPONSIBILITY STATEMENT OF THE LEGAL REPRESENTATIVES P. 309
Responsibility statement of the legal representatives

To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give
a true and fair view of the asset, financial and earnings position of the group, and the combined management report includes a fair
review of the development and performance of the business and the position of the group, together with a description of the princi-
pal opportunities and risks associated with the expected development of the group.
3 December 2015
The Management Board
OLAF KOCH PIETER C. BOONE MARK FRESE PIETER HAAS HEIKO HUTMACHER
SERVICE
METRO GROUP ANNUAL REPORT 2014/15
AUDITORS REPORT P. 310
AUDITORS REPORT
We have audited the consolidated financial statements pre- economic and legal environment of the group and expectations
pared by METRO AG, comprising the statement of financial as to possible misstatements are taken into account in the
position, the statement of profit or loss, the reconciliation from determination of audit procedures. The effectiveness of the
profit or loss for the period to total comprehensive income, the accounting-related internal control system and the evidence
statement of changes in equity, the statement of cash flows and supporting the disclosures in the consolidated financial state-
the notes to the consolidated financial statements, together ments and the group management report are examined pri-
with the combined management report of the company and the marily on a test basis within the framework of the audit. The
group report for the financial year from 1 October 2014 to audit includes assessing the annual financial statements of the
30 September 2015. The preparation of the consolidated finan- entities included in consolidation, the determination of entities
cial statements and the group management report in accord- to be included in consolidation, the accounting and consolida-
ance with IFRS, as adopted by the EU, and the additional re- tion principles used and significant estimates made by the
quirements under Section 315 a (1) of the German Commercial management board, as well as evaluating the overall presenta-
Code as well as the supplementary provisions of the articles of tion of the consolidated financial statements and the group
incorporation are the responsibility of the company's manage- management report. We believe that our audit provides a rea-
ment board. Our responsibility is to express an opinion on the sonable basis for our opinion.
consolidated financial statements and on the group manage-
ment report based on our audit. Our audit has not led to any reservations.
We conducted our audit of the consolidated financial statements In our opinion, based on our audit findings, the consolidated
in accordance with Section 317 of the German Commercial Code financial statements comply with IFRS as adopted by the EU,
and German generally accepted standards for the audit of finan- the additional requirements of German commercial law pursu-
cial statements promulgated by the German Institute of Public ant to Section 315 a (1) HGB and the supplementary provisions
Auditors [IDW]. Those standards require that we plan and per- of the articles of incorporation, and give a true and fair view of
form the audit such that misstatements materially affecting the the net assets, financial position and results of operations of
presentation of the net assets, financial position and results of the group in accordance with these requirements. The group
operations in the consolidated financial statements in accord- management report is consistent with the consolidated finan-
ance with the applicable financial reporting framework and in cial statements and as a whole provides a suitable view of the
the group management report are detected with reasonable groups position and suitably presents the opportunities and
assurance. Knowledge of the business activities and the risks of future development.
Cologne, 3 December 2015
KPMG AG
Wirtschaftsprfungsgesellschaft
LURWEG MNSTERMANN
Auditor Auditor
serVice
313 GlossarY
319 inDeX
322 multi-Year oVerVieW
323 information
323 financial calenDar 2015/16
SERVICE
METRO GROUP ANNUAL REPORT 2014/15 SERVICE
GLOSSARY P. 313
GLOSSARY
A Audit
A procedure that assesses an organisations processes and
Accelerator structures according to previously formulated standards and
Initiative that supports start-ups, for example with coaching, guidelines. Audits shed light on the effectiveness of process
thus accelerating the development and implementation of their optimisation measures. If an audit is conducted by an external
business ideas. METRO GROUP has launched the Techstars auditor, the certificate issued after the review can be used as
METRO Accelerator to support start-ups with innovative tech- evidence of adherence to standards.
nologies for use in the food service, hospitality and catering
sectors.
B
Active ownership
The concept of active ownership is derived from the private Business Social Compliance Initiative (BSCI)
equity sphere and describes how stakeholders identify with a Founded in 2003, this alliance of European retailers works to
company by assuming greater personal responsibility. ensure that production in all supplier countries complies with
minimum social standards. The initiative aligns its standards
After-sales management with the UNs Universal Declaration of Human Rights and the
After-sales management refers to all activities of a company conventions of the International Labour Organization (ILO).
that take place after the actual sale of a product or service. This METRO GROUP is a founding member of the BSCI.
includes, for example, maintenance and repair services, train-
ing as well as marketing campaigns to strengthen customer
loyalty and increase sales. C
Aquaculture Stewardship Council (ASC) Carbon Disclosure Project (CDP)
The ASC is an international, non-profit organisation that pro- The unaffiliated organisation was founded in London in 2000 by
motes responsible aquaculture around the world. In these companies. It aims to disclose companies CO2 emissions as
efforts, it cooperates with aquaculture and processing oper- well as their climate and reduction risks, thereby contributing
ations, retail and food companies as well as scientists. The ASC to the transparency of their corporate financial reporting on
label recognises products that come from sustainable aquacul- climate-relevant data. Each year, the CDP conducts standard-
ture operations. The ASC was founded in 2010 by the World ised company surveys on a voluntary basis.
Wide Fund For Nature (WWF) and the Dutch Sustainable Trade
Initiative (IDH).
GLOSSARY P. 314
Commercial paper programme D

Ongoing capital market programme typical of money markets
that covers short-term financing needs. It facilitates the issu- Diversity management
ance of commercial papers (CP) as discounted, unsecured Key element of human resources policy that leverages the
bearer bonds without standardised terms of maturity. diversity of the workforce with respect to gender, age, ethnic
origin, faith, sexual identity or disabilities for a companys busi-
Committee of Sponsoring Organizations ness success.
of the Treadway Commission (COSO)
US-based private-sector organisation that developed and pub-
lished a standard for internal controls in 1992 that is recog- E
nised by the US Securities and Exchange Commission. In 2004,
this standard was updated and the COSO ERM (Enterprise Risk Earn-out
Management Integrated Framework), also known as COSO II, Contingent consideration paid in the context of a corporate
was published. acquisition.
Compliance Earnings per share (basic/diluted)

All measures specifying a companys and its employees behav- Earnings per share (diluted) represent the metric that places
iour in accordance with legislation, established social guide- the profit or loss for the period attributable to the shareholders
lines and values. of METRO AG in relation to the average number of ordinary
shares. For earnings per share (diluted), the additional effect of
Corporate Sector Supervision and Transparency Act so-called potential ordinary shares (for example, issued stock
(KonTraG) options) is taken into account.
The Corporate Sector Supervision and Transparency Act
entered into force in May 1998. Its aim is to create organisa- EBIT (Earnings Before Interest and Taxes)
tional structures in companies that allow for sufficient controls Serves as the basis for the international comparison of com-
and transparency. At the same time, it intends to create the panies.
necessary conditions for ensuring that developments which
might pose a threat to the companys continued existence can EBITaC (Earnings Before Interest and
be identified at an early stage. The management board is re- Taxes after Cost of Capital)
quired by KonTraG to implement adequate risk management This performance indicator shows whether a company is suc-
and an internal audit function that is appropriate for the com- cessfully deploying its business assets and generating eco-
panys size and organisational structure. nomic value added exceeding its cost of capital.
Cost of capital EBITDA (Earnings Before Interest,

See weighted average cost of capital (WACC). Taxes, Depreciation and Amortisation)
Earnings before the deduction of interest, taxes, depreciation,
amortisation, impairment losses, reversals of impairment
losses on property, plant and equipment, intangible assets and
investment properties. This performance indicator serves as
the basis for comparisons between companies that use differ-
ent accounting standards.
GLOSSARY P. 315
EBITDAR (Earnings Before Interest, Taxes, Global Food Safety Initiative (GFSI)
Depreciation, Amortisation and Rent) METRO GROUP teamed up with other retail companies to found
EBITDAR represents EBITDA before rental expenses less rental the initiative in 2000. It is the worlds largest organisation for
income. the improvement of food safety. The initiative promotes the
establishment of international audits that reduce food-related
EBT (Earnings Before Taxes) risks and evaluate food suppliers within that context.
This performance indicator serves as the basis for comparisons
between companies even when different tax systems apply. GLOBALGAP
A private sector organisation that certifies agricultural and
E-commerce aquacultural products. The standard for good agricultural
Short for electronic commerce, which is the electronic market- practice (GAP) resulted from an initiative of European retail
ing and retail of merchandise and services online. companies.
Governance
F Principles governing the management and supervision of the
different players who have an influence on a company.
Fair value
The price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market H
participants at the measurement date.
HACCP (Hazard Analysis and Critical Control Points)
Franchising A consumer protection system for verifying food safety. It pro-
Also known as licensing or franchising system. A contractually vides a way for companies to monitor critical points and hazards
regulated organisational form: the franchisor grants an inde- in their production processes. All companies in Germany that
pendent franchisee the right to offer certain products or ser- manufacture food products are required to apply HACCP. Within
vices bearing the name or trademark of the franchisor. the European Union, it is illegal to import and trade products
that do not meet the requirements of the HACCP system.
G Horeca
Short for hotel, restaurant and catering businesses. The Horeca
German Accounting Law Modernisation Act (BilMoG) segment is an important customer group for the METRO
The German Accounting Law Modernisation Act was approved Cash & Carry sales line.
in May 2009. Its implementation spurred the most comprehen-
sive accounting law reform since 1985. The act aims to bring
German accounting law closer to standard international ac-
counting methods and at the same time ensure greater trans-
parency and lower costs at companies.
GLOSSARY P. 316
I M
IASB (International Accounting Standards Board) Marine Stewardship Council (MSC)
An independent international body that developed the Inter- The MSC was founded in 1997 by the World Wide Fund For
national Financial Reporting Standards (IFRS) and continues to Nature (WWF) and the consumer goods company Unilever. The
revise them. non-profit, independent organisation promotes sustainable
fishing around the world and awards its environmental seal to
IFRIC (International Financial Reporting fisheries with sustainable fishing practices. These are deter-
Interpretations Committee) mined on the basis of special certification programmes.
This group is part of the International Financial Reporting
Standards Foundation (IFRSF) and resolves controversial ac- Mark-to-market valuation
counting issues. Calculation of the fair value of financial instruments based on
market prices at a particular point in time.
IFRS (International Financial Reporting Standards)
International rules governing accounting principles. In contrast Mobile commerce
to the financial statements according to the German Commer- A specific type of e-commerce. In this case, the electronic
cial Code, the focus of IFRS is on investor-oriented information. marketing and retail of merchandise and services are con-
ducted on a mobile device, such as a smartphone.
Indoor farming
Cultivation of fruit, vegetables or herbs in enclosed spaces. Multichannel marketing
Retail strategy to reach customers via several parallel, inter-
ISAE 3402 (International Standard linked marketing approaches, for example via outlets and
on Assurance Engagements) online shops.
International auditing standard applying to audit reports from
service companies that reduces the amount of effort needed to
conduct the audit and assists the customers audit department. N
Net earnings
L Net profit of a company. The Annual General Meeting decides
on the appropriation of net earnings.
Like-for-like growth
Reflects sales growth on a comparable area or with respect to New Operating Model
a comparable group of locations in local currency. This only New organisational and management model at METRO
includes the sales volumes of locations that were neither newly Cash & Carry to foster an entrepreneurial spirit within the
opened during the reporting year or the preceding year nor organisation by transferring greater responsibility and freedom
closed during the reporting year, and whose area did not sub- of creativity to the national subsidiaries. At the same time,
stantially change as a result of restructuring work. measures geared towards specific customer groups (e.g. for
hotels, restaurants and catering firms) are cross-nationally
coordinated.
GLOSSARY P. 317
No-line commerce Q
Term for a development in omnichannel marketing in which all
sales channels online and offline are connected and inte- QR code
grated to the maximum degree. The customer does not per- A two-dimensional square code consisting of black and white
ceive any difference between the individual sales channels. pixels and containing data. QR codes can be read by
smartphones, tablet PCs or laptops outfitted with a camera and
the appropriate software. When read by these devices, the
O codes lead users to supplementary information. The abbrevi-
ation QR stands for quick response.
Omnichannel retail, omnichannel distribution
A development in multichannel marketing. Combination of
traditional store-based retail with e-commerce, social media R
and applications for smartphones and tablets. Integrating all
channels offers consumers a flexible and seamless shopping Rating
experience as the channels are holistically linked in all pur- In the financial sector, ratings represent the systematic, quali-
chasing phases. tative assessment of issuers creditworthiness. Ratings are
expressed in various grades of creditworthiness. Well-known
Own brands agencies that issue ratings are Standard & Poors, Moodys and
Also known as private labels. Branded articles that have been Fitch.
created and trademarked by a retail company and that offer
attractive value for money. Return on capital employed (RoCE)
This metric indicates whether a company makes profitable use
of its available capital, less liquid funds and short-term debt
P capital.
Performance share Roundtable on Sustainable Palm Oil (RSPO)

Performance-based investment. A performance share entitles The Switzerland-based RSPO was founded in 2004 by an initia-
its owner to a cash payment matching the share price. tive of the Word Wide Fund For Nature (WWF). It counts among
its members non-governmental organisations as well as com-
Pop-up store panies and institutions within the palm oil value chain, includ-
Store opening up at a location overnight and only for a limited ing plantation owners, retailers and industrial palm oil buyers
period of several days, weeks or months. as well as investors and bankers. The partners aim to promote
the production and use of sustainable palm oil.
Previous year
A time period of twelve months which is generally used as a
reference point for statements in an annual report.
GLOSSARY P. 318
S Sales brand
A company with a consistent and independent market pres-
Share unit ence. Within a single sales line, it is possible to position two
Unit for performance shares. sales brands with identical merchandising concepts. This is the
case with Media Markt and Saturn.
Social compliance
The adherence to laws, guidelines, standards, codes and/or Sales line
social conventions by which an organisation ensures socially Subsidiary of a retail group that operates outlets or stores
responsible operations within its value and supply chains. The under a certain sales concept.
aim is to protect the safety, health and basic rights of employ-
ees in their own company as well as among its suppliers.
W
Start-up company
Newly founded company characterised by an outstanding busi- Weighted Average Cost of Capital (WACC)
ness idea and a high degree of innovation. This metric describes the average weighted cost that a com-
pany must pay for capital. It is composed of average debt
Supply chain capital costs and average equity capital costs. The WACC
Various processes that contribute to a companys value cre- facilitates the measurement of a companys value.
ation. At METRO GROUP, this includes logistics, marketing and
sales, among other things.
INDEX P. 319
INDEX
A D
Accounting and valuation methods 178 ff. DAX 21 f.
Accounting principles 178 ff. Declaration of compliance 39 f., 265
Addresses 323 Development of share price 21 f.
Affiliated companies 185 ff., 270, 276 ff. Discontinued operations 8, 56, 109, 176 f., 178
Annual General Meeting 42 f. Diversity 40 f., 81 ff.
Auditors report 310 Divestments 99 f.
Authorised capital 228 Dividend 22, 24, 153, 160 f., 229, 322
B E
Balance sheet 161 f., 170 f., 209 ff. Earnings per share 55, 111, 168, 207, 322
Balance sheet profit 160 ff. Earnings position 103 ff., 160 f.
Business combinations 200 f. EBIT 55, 103 ff., 114 f., 168, 176 f., 251 f., 322
Business development 103 f., 160 f. EBITaC 60, 112 f.
Business model 56 ff. EBITDA 114 f., 176 f., 251 f., 322
Business strategy 47 ff. EBITDAR 176 f., 251 f.
Employees 75 ff.
C Equity ratio 55, 162, 322
Capital structure 101 f. F

Cash flow 55, 100, 174, 246, 251
Cash flow statement 100, 174, 251 Financial calendar 323
Combined management report 55 ff. Financial management 96 ff.
Compliance 42, 121, 134 f. Financial position 96 ff., 161 f.
Consolidated financial statements 167 ff. Financial result 110, 168, 205
Consolidation 176 f., 185 ff. Financing measures 98, 237 ff.
Consolidation principles 188 f.
Corporate Boards 271 ff.
Corporate governance 36, 39 ff., 121
Corporate management 39 ff., 271 ff.
Cost of capital 112 f.
Credit facilities 98, 237 ff.
Currency translation 189 f.
Current assets 102 f.,162, 170
INDEX P. 320
G N
Global economy 91 ff., 116 ff. Net debt 9, 55, 59 f., 101 f., 199 f.
Glossary 313 ff. Non-current assets 103, 170
Group sales 103 ff. Notes to the consolidated financial statements 175 ff.
Group structure 56 ff.
O
I
Opportunities 121 ff., 136 ff.
Income statement 160, 168 Organisational structure 56 ff.
Index inclusion 23 f. Outlook 116 ff.
Innovation management 61 ff.
Intangible assets 191 f., 212 f. P
Interest result 110, 203
Investments 99 f., 174, 176 f., 251 f. Personnel expenses 84, 160, 208
Investor relations 24 f. Profit appropriation 160 f., 229
Property, plant and equipment 170, 192, 213 ff.
L
Q
Letter to the shareholders 7 ff.
Liquidity 96 ff., 100, 257 Quality assurance 72, 129 f.
Locations 58
R
M
Rating 97, 258
Management Board 10 ff., 275 ff. Real 8, 50 f., 57, 95, 108, 119, 176 f., 227
Mandates 271 ff. Real estate 109, 227
Market capitalisation 23 f. Remuneration of the Management Board 139 ff., 264 f.
MDAX 23 f. Remuneration of the Supervisory Board 150 ff., 265
Media-Saturn 8, 49 f., 57, 94, 107 f., 119, 176 f. Report of the Supervisory Board 29 ff.
METRO Cash & Carry 7 f., 48 f., 57, 93 f., 106 f., 118, Report on events after the closing date 116
176 f., 226 f. Responsibility statement of the
Multichannel strategy/marketing 8, 47 ff., 120, 136 ff. legal representatives 310
Multi-year overview 322 Risk and opportunity report 121 ff.
Risk management 42, 121 ff.
INDEX P. 321
S T
Sales 103 ff., 168, 176 f., 202 Taxes 110, 205 f.
Sales and earnings development 104 ff. Training 75 f.
Sales and earnings development
of the sales lines 106 ff. W
Segment reporting 176 f., 251 ff.
Share 21 ff. WACC (weighted average cost of capital) 112 f.
Share capital 153, 227 f.
Shareholder structure 23
Special items 114 f.
Statement of changes in equity 172 f.
Strategy 47 ff.
Supervisory Board 29 ff., 39 ff., 150 ff., 271 ff.
Supervisory Board committees 33 ff., 274
Sustainability 24, 48, 66 ff., 127, 129 f.
MULTI-YEAR OVERVIEW P. 322
MULTI-YEAR OVERVIEW 1
2009 2 2010 2011 2012 2012/13 3 2013/14 2014/15
Key financial figures

Sales (net) million 65,529 67,258 65,926 4 66,739 65,679 59,937 59,219
EBITDA million 3,319 5, 6 3,726 5 3,651 5 3,296 5, 7 3,230 5 2,509 5 2,458 5
EBIT million 2,024 5 2,415 5 2,372 5 1,979 5, 7 2,000 5 1,531 5 1,511 5
EBIT margin % 3.1 5 3.6 5 3.6 5 3.0 5 3.0 5 2.6 5 2.6 5
EBT (earnings before taxes) million 1,393 5 1,834 5 1,732 5 1,436 5, 7 1,429 5 1,060 5 1,067 5
Profit or loss for the period8 million 824 5 1,139 5 979 5 730 5, 7 580 5 673 5 688 5
thereof from continuing operations million 824 5 1,139 5 979 5 730 5, 7 580 5 488 5 549 5
thereof profit or loss for the period attributable
to shareholders of METRO AG8 million 383 850 631 17 35 127 672
Investments million 1,517 1,683 2,095 1,437 1,175 1,001 1,411
Total assets8 million 33,282 35,067 33,987 34,802 7 28,811 28,156 27,656
Equity 8 million 5,992 6,460 6,437 5,666 7 5,206 4,999 5,172
Equity ratio8 % 18.0 18.4 18.9 16.3 7 18.1 17.8 9 18.7
Return on equity after taxes8 % 13.8 5 17.6 5 15.2 5 12.9 5, 7 11.1 5 13.5 5 13.3 5
Earnings per share (basic = diluted)8, 10 1.17 2.60 1.93 0.05 7 0.11 0.39 2.06
thereof from continuing operations 1.17 2.60 1.93 0.05 7 0.11 0.18 0.80
thereof from discontinued operations 0.00 0.00 0.00 0.00 0.00 0.57 2.86
Dividend
Dividend per ordinary share 1.18 1.35 1.35 1.00 0.90 1.00 11
Dividend per preference share 1.298 1.485 1.485 1.06 1.13 12 1.06 11
Operating data
Employees (annual average by headcount) 286,329 283,280 280,856 278,811 272,867 233,584 226,895
Locations 2,127 2,131 2,187 13 2,243 2,221 2,063 2,068
Selling space (1,000 m2) 12,629 12,771 12,954 13,003 12,773 10,790 10,563
1 Only continuing operations (discontinued operations in 2009 Adler, in 2013/14 and 2014/15 Galeria Kaufhof group)
2 Adjustment due to revised disclosure in financial year 2010
3 Unaudited
4 Adjustment due to revised disclosure in financial year 2012
5 Before special items; special items for 2013/14 and 2014/15 are displayed on pages 114 and 115
6 Adjustment due to netting of recognition and reversal of impairment loss in EBITDA totalling 9 million (Real), 6 million (Real Estate) and 6 million
(Consolidation) in financial year 2010

7 Adjustment due to a revised IFRS in the short financial year 2013
8 Including discontinued operations
9 Adjustment of previous years figures (see notes to the consolidated financial statements notes to the group accounting principles and methods)
10 After non-controlling interests
11 Subject to the resolution of the Annual General Meeting
12 The dividend proposal contains a preference dividend of 0.17 per preference share to cover the dividend that was not paid in the short financial year 2013
and that must be subsequently paid in accordance with the Articles of Association of METRO AG
13 Including first-time inclusion of METRO Cash & Carry satellite stores opened in 2009 and 2010 (total of 14)
in f o r m at i o n financial calenDar 2015/16
Publisher Certifications
12 January 2016
METRO AG This annual report is printed on FSC-certified
Metro-Strae 1 paper. By purchasing FSC products, we foster
40235 Dsseldorf, Germany responsible forest management that is monitored
PO Box 23 03 61 according to strict social, ecological and economic t r a D i n G s tat e m e n t
40089 Dsseldorf, Germany criteria. cHristmas Quarter
METRO GROUP 2 015
on the internet
w w w.metrogroup.de
Investor Relations
Phone: +49 (211) 6886-1051

Fax: +49 (211) 6886-3759
11 february 2016
investorrelations@metro.de Q u a r t e r lY f i n a n c i a l
Corporate Communications r e P o r t Q1 2 015 / 16
Peter Wbben
Phone: +49 (211) 6886-4252
Fax: +49 (211) 6886-2001
Disclaimer
presse@metro.de
Project lead,
This annual report contains for ward-looking
statements that are based on certain assumptions 19 february 2016
concept and editorial and expectations at the time of its publication. These
statements are therefore subject to risks and
annual Gener al
Katharina Meisel
uncertainties, which means that actual results may m e e t i n G 2 016
Project management differ substantially from the future-oriented
Malte Hendriksen statements made here. Many of these risks and

uncertainties relate to factors that are beyond
Inga Reske
METRO GROUPs ability to control or estimate
Viktoria Wedel
11 may 2016
precisely. This includes future market conditions
Kenneth Gildner
and economic developments, the behaviour of other
Graphic design market participants, the achievement of expected
Strichpunkt GmbH,
synergy effects as well as legal and political H a l f-Y e a r f i n a n c i a l
Stuttgar t/Berlin, Germany
decisions. METRO GROUP does not undertake any r e P o r t H1/ Q 2 2 015 / 16
obligation to publicly correct or update these
Editorial support for ward-looking state ments to reflect events or
and realisation circumstances that have occurred after the

publication date of this material.
Ketchum Pleon GmbH,
Dsseldorf, Germany
Printing
The trade names and trademarks used in the annual
repor t, which may be protected by third par ties,
2 august 2016
Elanders Germany GmbH,
are subject without restriction to the regulations
Q u a r t e r lY r e P o r t
associated with the applicable trade mark laws and
Waiblingen, Germany ownership rights of their respective registered
9m / Q 3 2 015 / 16
owners. The copyright for any published objects
Photography
created by METRO AG remains the proper ty of
Urban Zintel: cover METROAG. Any duplication or use of such graphics,
Boris Zorn: pp. 8, 1015 (3D models video sequences and texts in other elec tronic or
DOOB Dsseldorf)
Andreas Pohlmann: p. 30
printed publications is prohibited without the
explicit permission of METRO AG. 19 october 2016
Photo credits tr a DinG s tatement
METRO AG Published on 15 December 2015 fin a nci a l Y e a r 2015/16
You can al so find the Annual Repor t 2014/15
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a nnUa L rePorT 2014/15 ConSoLIdaTed FIn a nCI a L STaTemenTS oF me Tro ag

Key financial figures

orientation and product differentiation. All in all, this gener-

risks and turbulences, we have with many new ideas and

At METRO GROUP, were always open

OL AF KOCH PIETER C. BOONE PIETER HA AS

Perspectives We can only

financial stantly look for ways to strive for the best

Responsibilities: Corporate Communications, Group Strategy,

Profile: Olaf Koch took over as Chairman of the Management

We at METRO PIETER C. BOONE

Cash & Carry aim

Responsibilities: METRO Cash & Carry (as part of the manage-

Profile: Pieter C. Boone has been a member of the Manage-

We had set out Mark Frese

Responsibilities: Group Finance (Corporate Planning &

the balance sheet Controlling, Corporate Treasury, Corporate Group Financial

Profile: Mark Frese was named Chief Financial Officer of

as well as human resources on precisely

The fur ther develop-

Profile: Heiko Hutmacher has been a member of the Management Board of

THE YEAR IN REVIEW

Selected events International purchasing partnership

Express delivery service expanded Q2 2014/15

Q3 2014/15 Online job network for

New Operating Model

Extension of contract Changes to the

Media-Saturn pools digital activities Strategic partnership with Alibaba

Change on the Supervisory Board II

Development of the METRO share price (%)

120 Dow Jones

METRO GROUP DAX Dow Jones Euro STOXX Retail

5.3 % 2.0 % 16.7 %

Closing price Ordinary shares 26.08 24.69

1Subject to the resolution of the Annual General Meeting

Information about the METRO shares

Code number 725 750 725 753

Following METRO AGs inclusion in the FTSE4Good sustainability

Consultation and supervision of executives

Profile: Franz M. Haniel was appointed Chairman of the Supervisory Board

see the website www.metrogroup.de in the section Company Supervisory Board.

Key issues covered by Supervisory Board meetings

Accounting and Audit Committee:

Mediation Committee pursuant to 27 Section 3 of the German Co-determination Act (MitbestG):

Last updated: 9 December 2015

Annual and consolidated financial statements,

After our due audit and assessment, we confirm that

1. the factual information in the report is correct,

Dsseldorf, 9 December 2015

The Supervisory Board

CORPORATE GOVERNANCE REPORT

lished by the Federal Ministry of Justice in the official section of

For more information about members of the Management Board and

www.metrogroup.de in the section Company Corporate Governance.

Compliance and risk management

GOALS AND STRATEGY

METRO GROUP Transform

Expand product sales into a partner who is systemically important to its

rePort 56 PrinciPles of tHe GrouP