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2015
Combined Management Report
Combined Financial Statements
REWE-ZENTRALFINANZ EG, COLOGNE AND
REWE - ZENTRAL-AKTIENGESELLSCHAFT, COLOGNE
2015
Combined Management Report
CONTENTS
1
2
5
8
19
27
27
COMBINED MANAGEMENT REPORT
GROUP STRUCTURE
ECONOMIC ENVIRONMENT
PERFORMANCE
RISK AND OPPORTUNITIES REPORT
REPORT ON POST-REPORTING-DATE EVENTS
REPORT ON EXPECTED DEVELOPMENTS
Group Structure
REWE Group is an international trade and tourism group. It consists of two independent corporate groups with the parents, REWE-ZENTRALFINANZ eG, Cologne,
(RZF) and REWE - Zentral-Aktiengesellschaft, Cologne, (RZAG).
The combined financial statements of these two corporate groups as at 31 December 2015 have been combined on a voluntary basis into a single set of financial
statements („Combined Financial Statements“). The information provided below
refers to these Combined Financial Statements. The accounting policies used are
explained in the notes to the Combined Financial Statements.
As at 31 December 2015, the Combined Financial Statements included the parent
companies as well as a total of 369 subsidiaries (previous year: 336).
REWE Group operates in various business segments, some of which are divided into
different strategic business units.
BUSINESS SEGMENTS
The National Full-Range Stores business segment operates 1,732 supermarkets
and consumer stores in Germany under the REWE, REWE CITY, REWE CENTER,
REWE to go and TEMMA brands. There are also 2,034 REWE partner stores and
nahkauf stores supplied by the wholesale business. The National Full-Range Stores
business segment is also active in the online business with REWE online. Furthermore, the wholesale business also supplies REWE partner retailers and third parties.
under the BILLA, MERKUR and ADEG brands. In addition, the wholesale business
supplies 401 ADEG partner stores. The International Full-Range Stores are also represented with the BILLA supermarkets in Bulgaria, Croatia, Russia, Slovakia, the
Czech Republic and Ukraine. In addition, drug stores are also operated in Croatia
and Austria under the BIPA brand.
The National Discount Stores business segment operates 2,134 discount stores in
Germany under the PENNY brand.
The International Discount Stores business segment operates under the PENNY
MARKT, PENNY MARKET and XXL MEGA DISCOUNT brands in a total of 1,360 locations in Italy, Austria, Romania, the Czech Republic and Hungary.
The Travel and Tourism business segment organises and sells travel (stationary and
online) and operates hotels as well as destination agencies. Following the acquisition of the European operator business from Kuoni, the source markets comprise 15
European countries: Austria, Benelux, the Czech Republic, Finland, Germany, Hungary, Poland, Scandinavia, Slovakia, Switzerland and the United Kingdom. It has a
broad portfolio of tour operator brands such as ITS, Jahn Reisen, Travelix, Dertour,
Meier‘s Weltreisen, ADAC Reisen in Germany, EXIM in Eastern Europe, the Kuoni
brands of Kuoni, Helvetic Tours and Apollo, as well as a number of special travel
operators in the various markets. The Travel and Tourism business segment has a total of 753 of its own sales locations.
The National Specialist Stores business segment operates 296 DIY stores in
Germany under the toom Baumarkt and B1 Discount Baumarkt brands. In addition,
46 partner stores and franchisees are also supplied. toom is among the leading
providers in the German DIY sector. The National Specialist Stores business segment also operates an online business with Gartenliebe.de.
The International Full-Range Stores business segment maintains supermarkets and
consumer stores at a total of 2,530 locations. In Austria, the stores are operated
/ Group Structure
www.rewe-group-geschaeftsbericht.de/2015
2
Central services provided by the parent companies and various subsidiaries for
group companies and third parties are combined under the Other business segment. These services are essentially procurement functions (merchandise wholesale
business and warehousing), central settlement, del credere-assumptions,
real estate development and leasing, IT services, energy trading (EHA), online retail trade (ZooRoyal and Weinfreunde) as well as coordination of Group-wide advertising activities. This segment also includes the production sites of bakery products
(Glocken Bäckerei) and meat and sausage products (Wilhelm Brandenburg).
Business Segments
NATIONAL FULL-RANGE STORES
NATIONAL
SPECIALIST STORES
/ Group Structure
TRAVEL AND TOURISM
INTERNATIONAL FULL-RANGE STORES
NATIONAL
DISCOUNT STORES
INTERNATIONAL
DISCOUNT STORES
OTHER
3
Locations as at 31 December 2015
Country
International
Full-Range
Stores
National FullRange Stores
Germany
National
Discount Stores
International
Discount Stores
National
Specialist
Stores**
Travel and
Tourism*
Total
1,732
–
2,134
–
563
296
4,725
Austria
–
1,816
–
288
–
–
2,104
Italy
–
–
–
333
–
–
333
Czech Republic
–
204
–
357
41
–
602
Romania
–
–
–
182
–
–
182
Hungary
–
–
–
200
9
–
209
Russia
–
101
–
–
–
–
101
Slovakia
–
132
–
–
14
–
146
Bulgaria
–
98
–
–
–
–
98
Switzerland
–
–
–
–
80
–
80
Croatia
–
140
–
–
–
–
140
Ukraine
–
39
–
–
–
–
39
Nordic countries***
–
–
–
–
5
–
5
England
–
–
–
–
38
–
38
Poland
–
–
–
–
3
–
3
1,732
2,530
2,134
1,360
753
296
8,805
Total
* Travel sales, package tourism and component tourism strategic business units; Kuoni.
** DIY store strategic business unit.
***Denmark, Finland, Norway and Sweden.
All other business segments are also strategic business units.
Continuing operations only.
/ Group Structure
4
Economic Environment
1. MACROECONOMIC DEVELOPMENT
The economy in Germany barely exceeded expectations in 2015, notwithstanding lower commodities prices, the very low interest rate levels and the weak euro (1.5 per
cent growth of the gross domestic product (GDP) compared to the previousyear).
Consumer spending was the largest growth driver, which benefits from an expansion
of employment and increasing real wages as a result of, among others, the gain in
purchasing power from the reduced price of crude oil. Inflation fell to 0.3 per cent
year on year (previous year: 0.8 per cent). At 4.7 per cent, unemployment was at
a very low level (previous year: 5.0 per cent). The relatively weak global economy,
above all in the emerging markets, slowed a stronger expansion of the German economy.
Growth in GDP in Austria was 0.8 per cent in 2015 (previous year: 0.4 per cent),
1.1 percentage points below the forecast. The favourable development of the economy in Europe, lower oil prices and weaker euro provided stronger economic growth
compared to the previous year. On the other hand, pessimistic consumer confidence, which was exacerbated by the refugee crisis and an unemployment rate that
rose to 5.8 per cent (previous year: 5.6 per cent), induced that the initial growth
forecast was missed. Inflation slowed to 1.0 per cent compared to 1.5 per cent in
the previous year.
/ Economic Environment
After a recession that lasted three years, Italy was able to post a slight growth in
GDP in 2015 of 0.8 per cent (previous year: -0.4 per cent). The economic growth
was stimulated by various factors. These include: the quantitative easing of the European Central Bank by buying bonds, a lessening of bracket creep through income
tax reductions, low inflation combined with growth in real wages as well as low oil
prices and a weak euro. These positive effects outweighed the negative effect that
the continuing high unemployment of 12.2 per cent (previous year: 12.7 per cent)
had on consumer spending; therefore, the remaining recovering domestic demand
carried a significant portion of the growth.
Most of the economies in the Central and Eastern European countries in which the
REWE Group is represented developed better than forecast in 2015. Bulgaria, Croatia, Romania, Slovakia, the Czech Republic and Hungary experienced an upturn
that was carried by growing private demand and increasing capital spending. Consumer spending benefited from increasing real income which, in turn, was aided by
declines in both unemployment and inflation. Russia and Ukraine, on the other
hand, are still in a recession due to the continuing political crisis. The severity of
the recession in Ukraine is illustrated by the 9.0 per cent decline in GDP compared to the previous year and the extremely high rate of inflation of 50.0 per cent
(previous year: 12.1 per cent). Even if the crisis did not hit Russia quite as hard
as Ukraine, there too GDP declined by 3.8 per cent in comparison to the previous
year. The sanctions by Western nations resulting from the Russian-Ukrainian conflict as well as structural weaknesses associated with a declining price of oil were
the primary factors for the declining GDP. The rate of inflation was at a high level of
15.8 per cent (previous year: 7.8 per cent).
5
Changes in economic data for REWE Group countries
IN %1
2014
Germany
Austria
Italy
Czech Republic
Romania
Hungary
Russia
Slovakia
Bulgaria
Croatia
Ukraine
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
2015p*
1.6
0.8
5.0
0.4
1.5
5.6
-0.4
0.2
12.7
2.0
0.4
6.1
2.8
1.4
6.8
3.6
0.0
7.7
0.6
7.8
5.2
2.4
-0.1
13.2
1.7
-1.6
11.4
-0.4
0.2
17.3
-6.8
12.1
9.3
1.3
1.4
5.1
1.9
1.7
5.0
0.4
0.3
12.5
2.5
1.6
6.1
2.5
2.6
7.0
2.3
1.8
8.0
-3.0
7.3
6.5
2.7
0.7
13.3
2.0
1.0
11.1
0.5
1.0
16.5
1.0
14.0
9.8
2015p
1.5
0.3
4.7
0.8
1.0
5.8
0.8
0.2
12.2
3.9
0.4
5.2
3.4
-0.5
6.8
3.0
0.0
7.0
-3.8
15.8
6.0
3.2
-0.1
11.8
1.7
-1.0
9.4
0.8
0.0
15.6
-9.0
50.0
11.5
Source: International Monetary Fund, World Economic Outlook Database October 2015, Update January 2016; Joint forecast (Autumn 2015)
p=projected; p*=project in previous year
¹ Year-on-year GDP change in %
6
2. DEVELOPMENT BY SECTOR
According to GfK, the German market research company (Gesellschaft für Konsumforschung), as well, the overall German food retail sector (excluding tobacco and
non-food sales) increased revenues by 1.3 per cent in nominal terms compared to
the previous year’s nominal decline of 0.3 per cent. The full-range food retailers,
discounters and drug stores posted revenue increases in 2015. In nominal terms,
full-range food retailers grew by 3.3 per cent, discounters by 0.3 per cent and
drug stores by 5.9 per cent. Revenues at self-service stores declined by a nominal
0.8 per cent.
Food Retail Sector
Industry trend: revenue
CHANGE IN %
Retail
2015
nominal
Retail
2014
nominal
Food retail
2015
nominal
Food retail
2014
nominal
Germany
2.9
2.0
3.0
2.3
Austria
1.8
1.1
3.6
2.0
Italy
0.6
-0.2
1.8
-0.4
Czech Republic
3.4
3.3
3.1
3.1
Romania
4.8
7.8
14.7
7.2
Hungary
3.6
5.1
4.1
5.7
Russia*
5.1
10.1
8.7
10.1
Slovakia
1.3
3.4
2.7
1.5
Bulgaria
-1.9
2.5
-1.4
3.9
Croatia
2.5
-1.3
3.2
-2.3
Ukraine*
8.3
2.1
–
–
Sources: Eurostat; Retail Update Russia (Biweekly News Report - Published by PMR)
* Retail Update Russia (Biweekly News Report - Published by PMR) Last update: January 2016
According to information from Eurostat, in 2015, retail sales in Germany rose by
2.9 per cent in nominal terms (2.9 per cent in real terms) compared to the previous year. According to Eurostat, the food retail sector (including non-food) grew by
3.0 per cent in nominal terms (real growth: 2.4 per cent) in the reporting period
and was thus characterised by slightly increasing growth rates compared to 2014,
in which nominal growth was 2.3 per cent (1.2 per cent in real terms).
In 2015, the retail trade in Austria posted a revenue increase of 1.8 per cent in
nominal terms (1.6 per cent in real terms). At 3.6 per cent in nominal terms
(2.3 per cent in real terms), growth in the food retail sector was significantly stronger than overall retail sales.
Retail sales in Italy increased by 0.6 per cent in nominal terms in 2015 (1.8 per
cent in real terms). Although the unemployment rate remains high, consumer
spending increased slightly. Prices for food products increased moderately compared to the previous year. Revenue in the food retail sector increased in nominal
terms by 1.8 per cent (0.7 per cent in real terms).
The trade momentum in the Eastern European countries in which the REWE Group
is represented varied greatly. In the food retail sector, Croatia, Romania, Russia,
Slovakia, the Czech Republic and Hungary posted the largest revenue increases.
Romania, with a nominal revenue increase of 14.7 per cent (18.7 per cent in real
terms), stands out in particular. The drastic reduction of VAT on food products in Romania from 24.0 per cent to 9.0 per cent in June 2015 resulted in declining prices for food products. The first statistical key figures for the subsequent months
indicate volume effects in the food retail sector that contribute decisively to growth.
On the other hand, the food retail sector in Bulgaria was weak with a decline in
revenue of 1.4 per cent in nominal terms. In Russia, revenue increases are essentially attributable to price increases since the beginning of Western sanctions. Sales
volume in 2015 declined sharply vis-à-vis the previous year in both overall retail
and the food retail sector.
7
Travel and Tourism
The positive revenue growth of past two years in the tour operator market continued in the 2014/2015 tourism year with an increase of around 4 per cent. Following strong growth for the winter season, bookings for the summer season levelled
off significantly during the course of 2015. The growth drivers in the year just ended were long-haul travel and cruises. Long-haul travel benefited from the currency
holdings of US dollars purchased at still favourable currency rates in 2014, above
all in the North America, Caribbean and in Indian Ocean destinations. In view of the
Ebola epidemic, tourism stagnated in the African destinations south of the Sahara. Air destinations in the parts of the eastern and southern Mediterranean area declined sharply due to various conflicts, attacks and crises. Destinations in the western Mediterranean (Spain, Portugal) as well as land-based destinations in Central
Europe were in greater demand, but are only somewhat suitable as alternative destinations to the crisis countries mentioned.
Performance
1. C
OMPARISON OF THE FORECAST REPORTED IN THE
PREVIOUS YEAR WITH ACTUAL BUSINESS DEVELOPMENT
Revenue development of the REWE Group was above expectations in 2015. Revenue was impacted positively on the one hand by the integration of Kuoni, while the
changes in foreign exchange rates in Russia and Ukraine had a counter effect. Adjusted for currency translation effects, revenue shows a significant increase compared to the budget to which all business units and almost all countries contributed. EBITA also developed significantly better than forecast for 2015 in all business
units (except Travel and Tourism as a consequence of the Kuoni integration) and
overall.
Revenue development of the stationary travel agencies and online tourism travel
agencies was in about the same growth range as in the tour operator market. Only
revenue of product portals, in particular hotel portals, that broker and handle significant amounts of individual lodging or air components for holiday and other private
travel, as well as business travel grew at near double-digit rates as in previous years.
The online direct sales of tourism service providers (including airlines, rail, hotels)
posted significantly stronger growth, particularly since they charge fees to online
and offline outside sales channels or undercut outside prices in their direct sales. In
business travel, the slight increase in revenue continued compared to 2014. However, revenue development of competitors varied widely as a result of significant budget shifts by corporate customers.
The National Full-Range Stores exceeded the 2015 forecast EBITA despite the
charges from start-up costs for online activities and the tight price situation.
Specialist Stores
The International Discount Stores were burdened by the expenses for the closure of
Penny Bulgaria. Adjusted for this effect, the International Discount Stores exceeded
the EBITA expected for 2015. The primary contributors to this were the positive developments in Hungary and Romania.
According to information published by the German Association of DIY and Gardening Stores in Cologne (BHB - Handelsverband Heimwerken, Bauen und Garten e. V.),
the DIY retail sector posted revenue growth of 2.4 per cent in 2015. Based on adjusted sales area, DIY sales generated a slight revenue increase of 0.2 per cent. The
warm and dry weather in July and August boosted demand by DIY customers such
that the DIY market posted significant revenue increases in those two months.
/ ECONOMIC ENVIRONMENT / Performance
EBITA for the International Full-Range Stores was characterised by the positive development in Austria, where expectations for revenue and earnings performance
were exceeded. Considering operating development in Eastern Europe adjusted for
currency effects, all countries reached or exceeded the forecast target. In the aggregate, the International Full-Range Stores exceeded the EBITA expected for 2015.
The National Discount Stores far exceeded the 2015 EBITA forecast through excellent development. Despite the strained price trends, the positive growth in revenue
and gross profit contributed to this success.
8
The results for Travel and Tourism were encumbered primarily by the integration of
Kuoni. Adjusted for the integration effects, the Travel and Tourism segment exceeded the expected EBITA.
The National Specialist Stores reached their EBITA target for 2015.
The Combined Groups’ net debt developed significantly better than planned.
Contributing factors here were the operating performance in continuing operations,
which exceeded expectations, lower capital expenditures, the acquisition of the
cash positive Kuoni units, a net result from the closure of BILLA Italy that significantly exceeded plans, and the unplanned sale of DZ Bank shares.
Revenue Development
IN MILLION €
2015
2014
Change in
absolute
figures
Change
(%)
17,674.2
16,936.2
738.0
4.4
International Full-Range Stores
8,345.7
8,325.8
19.9
0.2
National Discount Stores
7,041.9
6,847.3
194.6
2.8
International Discount Stores
4,076.0
3,903.4
172.6
4.4
Travel and Tourism
3,843.9
3,401.1
442.8
13.0
2. RESULTS OF OPERATIONS
National Specialist Stores
2,120.4
2,097.3
23.1
1.1
Other
597.2
651.8
-54.6
-8.4
In accordance with the provisions of IFRS 5, the prior period amounts in the income
statement were adjusted so that the following remarks on the results of operations
for the financial year and the previous year refer only to the continuing operations.
The income and expenses allocable to the discontinued operations are presented in
a separate line in the income statement. In that regard, please see note 5 “Divestitures” in the notes to the Combined Financial Statements.
Total
43,699.3
42,162.9
1,536.4
3.6
/ Performance
National Full-Range Stores
Revenue increased by a total of 3.6 per cent in 2015.
The National Full-Range Stores, the business segment with the largest volume, generated a revenue increase of 4.4 per cent (previous year: 3.4 per cent), thus developing significantly better than the food retail sector according to Eurostat (3.0 per
cent) and GfK (1.3 per cent). The positive development in revenue was generated
by both the own store business as well as the wholesale business.
9
The International Full-Range Stores, with revenue of 8.3 billion euros, is the second largest business segment in the REWE Group. Adjusted for currency translation
effects, all countries posted an aggregate revenue growth of 2.8 per cent (0.2 per
cent including currency translation effects). Bulgaria, Russia and Ukraine generated especially high increases in revenues; in Russia and Ukraine due to the negative
changes in foreign exchange rates. The positive revenue development continued in
its core market in Austria as well, borne in particular by the food retail sector.
Despite the planned closure of retail stores as part of repositioning, the National
Discount Stores business segment achieved a 2.8 per cent revenue gain. The positive development is primarily attributable to the expansion of the core product line
and greater expansion of sales campaigns. In addition, the conversion of locations
to the new store concept had a positive impact on revenue development in 2015.
The International Discount Stores business segment closed 2015 with a revenue
increase of 4.4 per cent. All countries posted a positive development in revenues.
Business development in Romania and Hungary was particularly dynamic, where expansions as well as the positive development of the established retail stores led to
significant revenue growth. Additionally, business in Romania benefited from the reduction in VAT that went into effect as at 1 June 2015.
/ Performance
The Travel and Tourism business segment posted a significant increase in revenue
of 13.0 per cent. This positive development is attributable primarily to the acquisition of the Kuoni companies (see Note 4 “Acquisitions” in the notes to the Combined Financial Statements). Moreover, revenue increases were posted in the component tourism (2.0 per cent) and travel sales (0.7 per cent) strategic business
units, as opposed to a slight decline in revenue in the package tourism strategic
business unit (-1.4 per cent). The overall positive revenue development was characterised by the significant increase in long-haul travel. The incoming business, which
comprises primarily transfer and hospitality services at destinations, also generated
revenue increases.
The National Specialist Stores business segment includes revenues of the DIY
stores strategic business unit exclusively. Revenue from DIY stores increased by
1.1 per cent year on year. Due to the mild climate, significant revenue increases were generated in particular by the garden hardware and garden leisure product
lines. In addition, the internal transfer of a plant warehouse from the Other business segment entailed a corresponding revenue transfer to the National Specialist
Stores business segment.
The decline in revenue in the Other business segment (-8.4 per cent) resulted essentially from the disposal of Bekleidungshaus Kressner GmbH & Co KG in Wissen
in January 2015 as well as from the transfer of the Glocken Bäckerei stores to
the National Full-Range Stores business segment. Positive revenue development
was posted in particular at -EHA-Energie-Handels-Gesellschaft mbH & Co. KG,
Hamburg, and in the REWE digital business.
10
Stores and Sales Areas
Results
At the end of the year, the REWE Group’s retail business segments operated
8,805 retail outlets with a total sales area of 8.6 million square metres.
Results
Stores and Sales Areas
IN MILLION €
NUMBER OF STORES
Change in
absolute
figures
Change in
per cent
31 Dec. 2015
31 Dec. 2014
1,732
1,756
-24
-1.4
2,530
2,494
36
1.4
2,134
2,168
-34
-1.6
1,360
1,323
37
2.8
Travel and Tourism
753
573
180
31.4
296
304
-8
-2.6
8,805
8,618
187
2.2
Total
SALES AREA IN M² *
31 Dec. 2015
31 Dec. 2014
Change in
absolute
figures
Change in
per cent
2,532.562
2,545.071
-12,509
-0.5
1,665.376
1,632.025
33,351
2.0
1,517.221
1,522.284
-5,063
-0.3
943,647
915,229
28,418
3.1
1,955.839
1,992.792
-36,953
-1.9
Total
8,614.645
8,607.401
7,244
0.1
* No sales area is calculated in Travel and Tourism.
/ Performance
Change in
absolute
figures
Change in
per cent
2015
2014
Revenue
43,699.3
42,162.9
1,536.4
3.6
Gross profit
11,166.1
10,710.9
455.2
4.2
25.6 %
25.4 %
1,482.4
1,353.3
129.1
9.5
-895.8
-829.7
-66.1
-8.0
586.6
523.6
63.0
12.0
Gross profit ratio
EBITDA
Depreciation, amortisation
and impairments/reversals of
impairment losses and impairment losses (excl. goodwill)
EBITA
Goodwill impairments
-12.6
0.0
-12.6
–
EBIT
574.0
523.6
50.4
9.6
Financial result
-54.1
-25.2
-28.9
-114.7
EBT
519.9
498.4
21.5
4.3
-133.8
-125.6
-8.2
-6.5
386.1
372.8
13.3
3.6
-2.7
-57.8
55.1
-95.3
383.4
315.0
68.4
21.7
Taxes on income
Results from continuing
operations
Results from discontinued
operations
EAT/net income for the year
The increase in EBITDA resulted primarily from the increase in gross profit and a
slight improvement in the gross profit margin of 0.2 percentage points. Other operating income rose by 168.4 million euros (excluding consideration of reversals
of impairment losses), which was offset by an increase in other operating expenses
11
(224.6 million euros) and personnel expenses (269.9 million euros).
3. FINANCIAL POSITION AND NET ASSETS
The increase in other operating income relates primarily to the income from advertising services in the National Full-Range Stores and National Discount Stores
business segments. Rental income increased from leasing to REWE partner stores
in the National Full-Range Stores business segment. Positive effects here stemmed
from the increase in the number of partner stores and the higher sales-based rents
due to increased revenue. The income from other services also increased, among
other reasons, due to the increased provision of services to the REWE partner
stores in the National Full-Range Stores business segment and the Travel and Tourism business segment due to the initial inclusion of the Kuoni companies.
Financial Position
Correspondingly to the increases in income from advertising services and rental income, the related expenses also rose.
The increase in personnel expenses (4.9 per cent) is essentially attributable to the
higher headcount from the acquisition of Kuoni and the 2015 pay-scale increase.
EBITA, including from discontinued operations, was 584.7 million euros in 2015,
which is 117.0 million euros or 25.0 per cent higher than the previous year
(467.7 million euros). Taking into account only continuing operations, EBITA was
586.6 million euros (previous year: 523.6 million euros).
The decline in the financial result essentially resulted from an 8.5-million-euro decrease in the results from companies accounted for using the equity method and an
11.7 million euro drop in other financial result. The other financial result worsened
primarily due to impairment losses on equity investments and exchange rate effects.
The REWE Group’s financing is primarily organised by REWE International Finance
B.V., Venlo, Netherlands (RIF), a fully consolidated company that is included in the
Combined Financial Statements. The aim of liquidity management is to ensure that,
through RIF, the corporate groups always have sufficient liquidity available through
adequate lines of credit so that there is no liquidity risk if unexpected events have a
negative financial impact on liquidity.
Through RIF, companies of the groups essentially have access to the following debt
capital funds currently available:
Debt capital funds
IN MILLION €
31 Dec. 2015
31 Dec. 2014
1,750.0
1,750.0
18 September 2020
Promissory note loan
300.0
300.0
28 November 2017
175.0
175.0
2 September 2024
0.0
100.0
30 September 2016*
2,225.0
2,325.0
Syndicated loan
Total
Maturity
* Promissory note loan was repaid early during the financial year.
Taxes on income resulted in an expense of 133.8 million euros (previous year:
125.6 million euros). This amount consists of deferred tax income of 23.8 million euros (previous year: expense of 39.1 million) as well as current tax expense of
157.6 million euros (previous year: 86.5 million). The current tax expense includes
expenses of 14.1 million euros (previous year: income of 20.9 million euros) from
taxes for previous years.
/ Performance
12
The term of the syndicated loan was extended until 18 September 2020 by exercise
of the second option. It had not been utilised either as at the previous year’s closing date or as at 31 December 2015. A promissory note loan of 100.0 million euros
was repaid early during the financial year. In addition to the debt capital funds listed, there are additional lines of credit at various banks.
Internal cash pooling is aimed at reducing the amount of debt financing and at optimising cash and capital investments. Cash pooling allows the use of individual companies’ excess liquidity in the groups for internal financing.
Net Assets
Assets
IN MILLION €
16,937.0
16,027.8
Non-current assets
Other non-current
assets
Net Debt
9,336.5
+470.1
8,866.4
1,105.7
+29.1
1,076.6
Net Debt
3,475.1
+172.9
3,302.2
IN MILLION €
3,019.7
+237.1
2,782.6
Net debt increased in 2015 by 38.7 million euros compared to 2014, primarily as
part of an increase in liabilities from finance leases in connection with the expansion.
31 Dec. 2015
Financial liabilities*
Cash and cash equivalents
Net debt
* Included under other financial liabilities.
/ Performance
31 Dec. 2014
1,275.9
1,293.9
-636.0
-692.7
639.9
601.2
31 Dec. 2015
Inventories
Other current assets
31 Dec. 2014
Total assets increased in the financial year by 909.2 million euros to 16,937.0 million
euros.
In 2015, the REWE Group invested 1,306.0 million euros (previous year:
1,363.5 million euros) in intangible assets, property, plant and equipment and in
investment property. The capital expenditures were aimed primarily at modernising
the existing retail network and the warehouse locations and production companies.
Reductions in non-current assets were primarily caused by disposals and the reclassification to assets held for sale in the corresponding balance sheet items.
13
Internally generated intangible assets in use amounting to 88.7 million euros are
presented in the financial year (previous year: 72.3 million euros). In addition, there
are internally generated intangible assets still in development. The internally generated intangible assets primarily concern software products. In addition, research
and development costs amounting to 58.0 million euros were incurred (previous
year: 49.0 million euros) that were recognised as expenses.
of the central settlement business at RZF. The discontinuance of the BILLA Romania business unit during the financial year led to the increase in assets held for sale
and disposal groups. Please see note 4 “Performance indicators” with respect to the
change in cash and cash equivalents.
The increase in other non-current assets primarily concerns deferred tax assets
(33.7 million euros), other assets (16.9 million euros) and current income tax assets (14.0 million euros). By contrast, other financial assets declined by 19.6 million euros and the carrying amount of companies accounted for using the equity
method fell by 15.9 million euros.
Equity and Liabilities
IN MILLION €
16,937.0
16,027.8
Equity
The carrying amount of companies accounted for using the equity method declined,
among other reasons, due to an impairment of an associate.
Trade payables
Other non-current
+346.5
5,303.5
Inventories increased primarily due to an increase in finished goods and merchandise. The increase is attributable, among others things, to an adjustment of the
warehouses structures as well as to greater goods purchases. Work in progress and
prepayments also contributed to the increase in inventories. This concerned in particular the Travel and Tourism business segment and resulted primarily from the
new consolidated Kuoni companies.
The increase in other current assets is primarily attributable to the increase in trade
receivables (137.0 million euros), other assets (66.5 million euros) and non-current
assets and disposal groups held for sale (92.9 million euros). By contrast, cash and
cash equivalents declined (-56.7 million euros). The increase in trade receivables
primarily concerned the National Full-Range Stores and Other business segments. In
the National Full-Range Stores, trade receivables from associates increased due to
increased wholesale revenues with the REWE partner companies. In the Other business segment, the increase in trade receivables resulted from the increased amount
/ Performance
4,957.0
liabilities
Other current liabilities
5,621.0
+29.6
5,591.4
2,694.7
-136.8
2,831.5
3,317.8
+669.9
2,647.9
31 Dec. 2015
31 Dec. 2014
The balance sheet shows equity of 5,303.5 million euros as at 31 December 2015
(previous year: 4,957.0 million euros), which corresponds to an equity ratio of
31.3 per cent (previous year: 30.9 per cent). The return on equity of continuing operations was 7.8 per cent as in the previous year.
14
Retained earnings increased by 402.3 million euros to 5,305.1 million euros. Substantial components of this increase were the net income generated for the financial
year attributable to the shareholders of the parent in the amount of 378.5 million
euros (previous year: 312.7 million euros) and the result from the remeasurement of
defined benefit plans in the amount of 25.3 million euros (previous year: -108.7 million euros). The 35.8 million euro decrease in other reserves to -94.6 million euros
resulted primarily from the reserve for cash flow hedges and the reserve for deferred
taxes. Non-controlling interests declined to 41.2 million euros primarily due to dividend distributions of 20.0 million euros.
The decline in other non-current liabilities essentially concerns other financial liabilities (-94.0 million euros) due to the early repayment of a promissory note loan of
100.0 million euros and other provisions (-36.3 million euros). The decline in other
provisions essentially concerns expected losses on onerous contracts in the National
Discount Stores business segment and the DIY store strategic business unit as a result of improved earnings forecasts and the reduced remaining terms of the affected
rental agreements.
4. PERFORMANCE INDICATORS
Financial Performance Indicators
The most significant performance indicators of the REWE Group’s operating units are
revenue and EBITA. Net debt is included at the Group level. These key figures are reported under notes 2 and 3.
The cash flow statement shows changes in cash and cash equivalents less overdraft
facilities during the financial year. A distinction is drawn between changes resulting
from operating activities, investing activities and financing activities.
The overview “Change in cash and cash equivalents” can be found on page 16
Other current liabilities increased primarily from the increase in other liabilities
(317.7 million euros) as a result of the acquisition of Kuoni. The acquisition primarily increased payments received on account of orders and liabilities from advance travel services. The increase in current income tax liabilities (105.4 million
euros) and other financial liabilities (101.3 million euros) also contributed to the increase in other current liabilities. A greater use of borrowings from fixed-term deposits and overnight money compared to the previous year as well as higher liabilities
from derivative financial instruments, among other items, resulted in an increase in
current other financial liabilities.
In addition, there were contingent liabilities of 214.5 million euros as at the balance sheet date (previous year: 180.9 million euros).
/ Performance
15
Non-financial Performance Indicators
Change in cash and cash equivalents
Employees
On an annual average, the REWE Group had 215,134 employees in 2015 (previous
year: 216,414), of which 5,772 (previous year: 5,488) were trainees.
IN MILLION €
2015
Cash funds at beginning of period
2014*
692.7
813.5
Cash flows from operating activities, continuing operations
1,081.1
1,142.7
Cash flows from investing activities, continuing operations
-1,010.3
-1,212.5
Cash flows from financing activities, continuing operations
-197.4
-95.8
Cash flows from continuing operations
-126.6
-165.6
34.4
48.6
Change in cash funds related to changes in the
scope of consolidation
0.0
1.3
Currency translation differences
6.0
-4.7
606.5
693.1
6.7
0.4
Cash funds at the end of the period, continuing operations
599.8
692.7
of which: cash and cash equivalents
636.0
692.7
of which: bank overdrafts
-36.2
0.0
Cash flows from discontinued operations
Cash funds at end of period
Cash funds at the end of the period, discontinued operations
* Prior-year amounts adjusted in accordance with the provisions relating to reporting discontinued operations (IFRS 5).
The decline in the number of employees is attributable primarily to the discontinuation of BILLA Italy and additional business segments. The acquisition of Kuoni had
the opposite impact. Adjusted for additions and disposals of business segments, the
number of employees increased.
As an international trading and tourism group we rely on qualified employees. So
that we continue to be considered an attractive employer in the competition for
qualified employees, the REWE Group makes targeted investments in its current
and future employees. The following action areas play a central role:
Fair work conditions
The REWE Group wants long-term commitments from its employees and offers them
a motivating work environment. This includes fair work conditions, attractive social
benefits and offers that are adapted to the different phases of the employee’s life.
Fair work environments are based on valuing diversity and a commitment to equal
opportunity – these are core values for the REWE Group’s corporate culture. The appreciation of employees through appropriate compensation is also a material component of a fair work environment. That is why the Company welcomed and supported the increase in the legal minimum wage approved by the German Bundestag in
2014.
For additional explanations, please see note 38 “Cash Flow Statement” in the notes
to the Combined Financial Statements.
/ Performance
16
Human resources development
In order to promote the potential and individual development of employees in the
best manner possible, the REWE Group continuously expands its personnel development measures and offers all its employees and executives an extensive offering of
internal training and continuing education. As part of this effort, the Company endeavours to recruit as many as possible specialists and managers from its own ranks
and to retain qualified and motivated employees long-term.
Health and occupational safety
Occupational health management is an improved element of the REWE Group’s internal social policy: it motivates our employees to improve their health by becoming
active and enhances working conditions. Following the principle “demand and promote”, we offer internal initiatives and health-promotion programmes.
Be it ergonomic work stations or accident prevention, the safety and health of our
employees has the highest priority for us. Important topics for us include the prevention of robberies, skin protection and the avoidance of musculoskeletal disorders.
Work-life balance
Be it adult care for family members or childcare: we help our employees to balance their careers and families. Specifically, with work time models that fit all life
phases.
A family-friendly HR policy is important to the REWE Group in order to gain and retain employees. That is why we offer on-site kindergartens or parent-child offices,
for example. A good work-life balance is becoming a decisive factor for many people
when selecting an employer. That is why many divisions of the REWE Group have
been certified by undergoing the “career and family” audit by berufundfamilie Service GmbH. Numerous work time models are used in the REWE Group that allow
employees to design individual and flexible work hours.
/ Performance
Grievous moments in life such as the death of a close relative, or difficult periods in
life such as caring for relatives often have a major impact on an employee’s performance and ability to work. To that end the LoS! (Life phase-oriented Self-help competence; “Lebensphasenorientierte Selbsthilfekompetenz”) programme was developed, which helps employees going through difficult and critical phases in life.
Sustainability
Sustainability at the REWE Group is firmly anchored in both the Company’s strategy
and the corporate organisation. Since 2008 the REWE Group’s sustainability activities have been managed by the sustainability strategy group, which is staffed by the
highest management level in the Company.
The REWE Group’s sustainability activities are grouped into four pillars. Action areas and key performance indicators (KPIs) are defined in these pillars for management in accordance with internal and external stakeholder requirements.
a) Green Products
The goal of the Green Products pillar is to make more sustainable product ranges
available and to sensitise consumers to sustainable consumption. The “Green Products” pillar’s action areas therefore include “Expanding sustainable product ranges”
and the demand for “Social standards in the supply chain”. Focus is also placed on
“Product quality and safety” and “Biodiversity”.
The REWE Group consistently follows its objective of increasing the share of sustainable store brands and brand-name products by using the PRO PLANET label for
store brand products which, in addition to high quality, also have positive ecological
and/or social characteristics, by expanding the organic product line and through its
product line of regional products as well as various raw materials-related guidelines.
Additionally, the REWE Group set a goal of increasing the revenue share of goods
purchased by REWE Far East Ltd., Hong Kong, China, from production sites with
social audits to 85 per cent by 2015. With a revenue share of 99.4 per cent at the
end of 2015, the goal was exceeded.
17
b) Energy, Climate and the Environment
d) Social Involvement
Three action areas have been identified in “Energy, Climate and the Environment”
pillar: “Increasing energy efficiency”, “Reducing atmospheric emissions” and “Conserving resources”.
As a major corporate group and in its cooperative tradition, the REWE Group feels
obligated to be engaged socially and supports numerous national and international
social projects. The pillar’s action areas are “Supporting non-profit organisations and
projects”, “Promoting healthy nutrition and exercise”, “Promoting the education and
development of children and young people”, “Combating child prostitution and violence against children” and “Consumer education and training”.
By 2022, the REWE Group aims to reduce greenhouse gas emissions per square
metre of sales area by half compared to 2006 levels. The 2014 carbon footprint report shows that a reduction of 36 per cent has already been attained. In addition,
electricity consumption per square metre of sales area will be reduced by 7.5 per
cent between 2012 and 2022. The coolant-related greenhouse gas emissions per
square metre of sales area will be reduced by 35 per cent between 2012 and 2022.
As part of the “Social Involvement” pillar, an objective was set to increase the share
of long-term projects and initiatives (minimum term of two years) to 65 per cent. The
results are evaluated regularly in order to measure the effectiveness of initiatives in
the interest of the project partners and the jointly-set targets.
c) Employees
The satisfaction and performance capability of employees are a core element of the
REWE Group’s strategic human resources management. Accordingly, the following
action areas have been identified for the Employees pillar: “Fair work conditions”,
“Human resources development”, “Health management and occupational safety”,
“Life-phase oriented HR policy” and “Diversity and equal opportunity”.
Various initiatives have been implemented in all action areas in order to increase employee satisfaction and dedication. This includes promoting the potentials of employees across all hierarchy levels and fostering a good work-life balance. In addition, the
following objectives were defined:
Reduction in accidents
Reduction in absenteeism
Increase in share of trainees, and
Increase in share of management appointments from within
/ Performance
Sustainability Activities
The core of the REWE Group’s sustainability activities is the active integration and
sensitisation of all relevant stakeholder groups, consumers in particular. Therefore,
Sustainability Weeks have been held several times a year since 2011 in the REWE,
PENNY, toom Baumarkt and DER Touristik sales lines. During these activities, customers are informed about more sustainable consumption and specific sustainable
products using a variety of campaigns, advertising and informational material. Manufacturers of brand-name products are also motivated to make their offerings more
sustainable. The most compelling product of the REWE Group Sustainability Weeks
is selected by consumers. The winners receive the German Sustainability Award that
is awarded in November together with Die Welt Group and the German Sustainability Award Foundation.
In order to discuss important specific topics with stakeholders, the REWE Group
has organised dialogue forums since 2010. For example, on 1 October 2015, more
than 250 participants from policy, science, industry, non-governmental organisations (NGOs) as well as media representatives discussed the prospects for more sustainable consumption in Germany with the REWE Group. (More information about
the dialogue forum may be found at www.dialog.rewe-group.com.) Smaller dialogue
forums on selected topics were also held during the year.
18
Risk and Opportunities Report
RISK MANAGEMENT ORGANISATION
THE VALUE OF RISK MANAGEMENT
The general conditions, guidelines and processes for uniform corporate risk management are created centrally by Corporate Development & Controlling and the corporate Compliance Department.
As an internationally active trade and tourism group, we are exposed to a wide variety risks, some with short reaction times, as part of our business operations.
Risks are uncertain company-external and internal influential factors that impair the
potential profit areas (assets, profit and liquidity) and thus hinder or threaten to hinder the realisation of planned goals or may negatively impact further business development. On the other hand, opportunities are company-external and internal influential factors that create the potential profit areas (assets, profit and liquidity) and
thus positively impact the planned goals or further business development.
We employ a uniform risk management system throughout the Group to counter this
risk potential successfully and ensure our opportunities potential in the long term.
In so doing, we understand risk management as a continual process that is firmly
integrated as a regular step in our operating practices.
At the REWE Group, all risks are subject to mandatory management and are mitigated in their effect and probability through operational initiatives. The scope of the
related need for action and the initiation of appropriate actions are based on the urgency (probability of materialising) as well as the threat potential (potential damage
determined from the monetary, reputational, and legal impact) of the risk. We document and manage existing needs for action in our risk areas using action plans and
schedules.
/ Risk and Opportunities Report
Under the groups’ prescribed guidelines concerning the defined risk areas, it is the
responsibility of the groups to locally organise the establishment and procedural
flow of the operational risk management process.
Risk managers identify risks early in our risk areas using a bottom-up approach and
these risks are then classified and measured uniformly throughout the Group.
Risk checklists in the form of Group recommendations are developed by our corporate departments and provided to the risk areas regularly to support their risk identification and analysis. This ensures the Group-wide consideration of possible risk
events as seen by headquarters.
The risk analysis covers a three-year planning horizon, analogous to the period of
our mid-term plan.
Risks with relevant significance for the groups are managed and monitored by selected corporate departments based on their technical competence. In addition to
operational business risks with significant threat potential, the focus is also on significant risks from finance, compliance and financial reporting. The corporate departments discuss and reconcile the varying risk assessments with the risk areas.
19
Risk management system of the REWE Group:
Management Board of the REWE Group
Overall responsibility for group-wide risk management
Corporate Development & Controlling
Responsible for establishing, enhancing and coordinating the group-wide risk management process
Selected Group departments with specific areas of responsibility
Controlling and monitoring risks relevant to the Group
Corporate Development &
Controlling
Governance &
Compliance
Finance
Monitoring the Group’s operating risks
in order to ensure the effectiveness
and profitability of its operations
Monitoring the Group’s compliance risks
in order to ensure compliance with all
provisions and internal guidelines applicable
to the Company
Monitoring the Group’s financing and
credit risks in order to ensure the
Company’s long-term liquidity
Business Administration
and Taxes
Monitoring the Group’s financial reporting
risks in order to ensure that internal
and external financial reports are prepared
properly and are reliable
Risk Areas
• Independent Implementing, coordinating and enhancing the risk management processes in accordance with corporate guidelines in the risk area
• Continuous Handling, controlling, analysing, assessing and communicating identified risks in the risk area and to the Group
Risk area group:
Risk area group:
Risk area group:
“Strategic business units”
“Other”
“Corporate functions”
20
We measure and manage opportunities as part of our regularly scheduled operational and strategic planning. Opportunities and risks are not offset at the level of the
groups.
2015 Risk portfolio
High
Overall risk
Our management and supervisory boards are informed of the groups’ current risk
situation in standardised form on an annual basis. To that end, the risk managers
send risk reports to the groups. These reports contain inventories of relevant individual risks from the risk areas as of a given closing date. Risks with similar content and causes are subsequently aggregated at the level of the groups into risk categories and classified as high, medium or low with regard to their relevance to the
groups based on the threat potential to our business activities, financial position, results of operations, cash flows and our reputation (high: monetary impact in specific
cases > 100 million euros or considerable significance with regard to business activities, cash flows, financial position, and results of operations and reputation; medium and low: if at all moderate significance with regard to business activities, cash
flows, financial business activities, and results of operations and reputation).
Image
Assets
Personnel
Rental Agreements
Price trends
Catastrophes
IT & data security
Goods procurement
Competitors
Energy supplies
Medium
Low
In addition, binding provisions were made under which newly identified, significant
risks or existing risks with material changes in their development in the risk areas
must be reported directly to our management bodies.
As independent bodies, external auditors and the Auditing department assess the
quality and functionality of our risk management system at regular intervals. Nevertheless, we cannot guarantee with complete certainty that all relevant risks are recognised early and the controls and processes function in the desired scope. Human
error can never be ruled out completely.
0 %
29 %
Low
50 %
Medium
79 %
High
100 %
Very high
Probability of occurence
The size of the circles is based on the monetary effect
PRESENTATION OF RISKS
The risk assessment is made based on given or realistically assumable circumstances. Changes in the risk environment, the initiation of actions and changes to planning approaches result in changes to the risk portfolio. Therefore, the risk exchange
rate, default and logistical risk types are no longer included in the top risks. The IT
and data security, catastrophes and customer marketing and image risk types were
added.
21
a) Top Risks
Legal Risks
Compliance
Valuation Risks
Impairment
A Compliance Management System (CMS) was implemented in the REWE Group in
2010 to ensure adherence with statutory and internal Company directives. Since
then, the CMS has been continuously enhanced and includes in particular preventive measures to avoid compliance risks, with a focus on antitrust and corruption
risks. The decentrally-structured compliance organisation has on a direct link to the
chairman of the Management Board.
Unexpected budget or forecast deviations as well as changes in general economic conditions may result in having to remeasure assets such as real estate and goodwill. This can materially impact the earnings development of the groups. Changes
in input factors can result in either charges to earnings through impairment writedowns and/or to increases in earnings through reversals of impairment losses. Regular reviews of the recoverability of assets, the examination and plausibility check of
the mid-term plan as well as monitoring of the current development of earnings and
values give us a current picture of our valuation portfolio and future valuation risks
at all times. Necessary strategic measures for reducing the impairment risk can be
taken in a timely manner.
Rent Obligations
Budget deviations may similarly influence the measurement of rental agreements
(onerous contracts). For example, a degradation of retail earnings can result in a
higher measurement adjustment that weighs down earnings. The monitoring of current earnings and a regular earnings forecast allow for the early countering of possible risks from existing rental agreements.
Risks Related to Personnel Expenses
Due to the dominance of personnel expenses in the retail business, personnel risks
are also a primary focus of risk reporting. The development of pay scales, social security contributions and the flexible employment of outside staffing are therefore of
major importance. Should cost developments be over those previously known or expected, this results in a greater burden on retail earnings and can therefore weigh
down the long-term earnings development of the REWE Group. Cost increases can
be partially compensated for by continually reviewing our processes and optimising
our procedures. This requires strict and consistent cost management.
As in previous years, the compliance programme was further expanded in 2015 as
well. A Group-wide, standardised reporting system and an IT-supported process for
recording and assessing compliance risks, including surveying risk management
measures, was developed, trained and implemented. In addition, processing procedures related to compliance were optimised and revised substantively and for technical reasons. In addition, numerous on-site training sessions and workshops were
again conducted in which employees were also taught subject-specific behaviour
conforming to compliance requirements. Furthermore, relevant employees completed interactive online training sessions on anti-trust law and compliance basics.
Among other topics, the “compliance basics” online training sessions teach proper conduct with regard to conflicts of interest, the handling of company property
and data, and in particular the handling of gratuities (anti-corruption), and is a fixed
component of mandatory compliance training. The topic of compliance was also
supported by various internal communications campaigns. Many managers and employees also took advantage of the individual compliance consultations offered.
Employees have access to material and current compliance information on our intranet. The REWE Group’s compliance reporting system is also available on the intranet and the contact data for whistleblower notifications is published there. Material information about the CMS as well as the REWE Group’s code of conduct are
also available on the REWE Group’s website.
22
Legal Affairs
Catastrophes
As an international company, the REWE Group is confronted with changes in the legal framework of its business activities as well as legal disputes and official proceedings, some of which could significantly impact on the Group’s business. A team
of legal experts observes such changes continually and coordinates the Group’s key
legal steps.
The current uncertain situations in some travel and tourist destinations, primarily
from terrorist attacks in Tunisia and Egypt as well as the refugee problem in Greece,
increases the risk of declining numbers of guests and therefore declines in revenue
and earnings as well. More severe weather situations and natural disasters can lead
to restrictions in tourist traffic and therefore to increased costs.
Price Trend Risks
A well organised crisis management system, contingency plans and sufficient alternative offers should reduce the effects and thus the financial risk.
An intensification of the competitive environment can negatively impact price
trends and be contained by initiatives only with difficulty. Negative price developments slow sustainable growth in revenue and gross profit and lead to profit erosion.
The situation is aggravated by discounters adding brand-name products to their
shelves. Since these are essentially high revenue items, long-term price reductions
on these items have a significant impact on the development of gross profit.
We are able to react quickly to price adjustments and adapt to the new price situation by monitoring the competition and prices. Innovative products and brands as
well as competitive cost structures assist us in containing or reducing erosions of
gross margins.
IT and data security
Due to the high dependence of trading processes on IT systems, including of
stored data, the security of these systems represents an important foundation for
the Company’s success. Risk gaps will be closed by a high level of expenditures
and investments in the security and performance capability of systems as well as
ongoing monitoring of key processes. Data security is ensured by the introduction
of new, state-of-the art technologies, thus reducing possible abuse to a minimum.
Documenting processes, setting rules and instructions as well as contractual safeguards form the basis for securing the Company’s IT processes and systems.
A residual risk cannot be excluded entirely despite the necessary security measures.
Optimised advance payments to hotels are intended to reduce the risk of necessary
financial commitments and the risk of defaults.
Image and customer marketing risks
Flawed communication with customers and stakeholders, first and foremost on the
topic of sustainability, can lead to image risks for the Company. Because the REWE
Group takes a leading position in the field of sustainability, correct and transparent
communication, e.g. on issues relating to products and employees, plays an important role. Due to the high sustainability requirements and continual observation by
stakeholders, flawed communication can have severe adverse effects on customers
and stakeholders.
Sustainability communications are therefore subject to a careful examination and
are reviewed by the necessary specialist departments. Campaigns are centrally supported by market research. A clearing office has been established to review communications media and statements.
In the area of customer marketing there are risks of flawed communication with advertising media, production and the distribution of flyers. Erroneous price and item
information could lead to lost revenue and earnings. Production and service provider failures in advertising media could lead to advertising losses and therefore to
revenue and earnings risks. Errors in promotional campaigns contain an additional
potential risk.
23
The aim of highly-developed quality controls and a structured and transparent sales
communication system are to reduce the risk of erroneous information. The option
of being able to have additional printing and distribution capacities available is intended to reduce the impact of a production and service provider failure.
The budgeted demand for jet fuel by Nova Airlines AB, which was acquired
in 2015, is secured in coordination with the responsible managers within
DER Touristik using derivative financial instruments with terms up to 18 months.
Loans, fixed-term deposits and overnight money are used as financial instruments.
b) Other Risks
Financial Risks
The corporate groups are exposed to various financial risks by their business activities, in particular to liquidity risk, interest rate risk and commodity risks (jet fuel).
The liquidity and interest rate risks are managed systematically pursuant to the financial guidelines. Financial risks are identified, assessed and hedged in close
co-operation with the operating units. A central Treasury Committee consults and
decides on the risk policy and risk strategy. The permissible range of actions, responsibilities, financial reporting and control mechanisms for financial instruments
are defined in detail in the corporate guidelines. These guidelines call in particular
for a clear functional separation between trading and settlement activities.
Comprehensive management of financial risks focuses on the unpredictability of developments on the financial markets and aims to minimise the potential for negative
impact on the financial position of the groups. Mitigating risk generally takes precedence over considerations of profitability.
Energy Cost Risks
Energy costs have risen significantly in recent years, in particular by revised policies
on taxes and levies, which negatively impacts the long-term results of the REWE
Group. Risks arise from possible additional cost increases but also from fluctuations
in energy prices on the procurement markets. The REWE Group reacts to this in
various ways: Ongoing observations and estimates of energy prices on the procurement markets, structured energy procurement and investments in energy conservation. The Group’s internal energy provider, EHA, the central Real Estate and Capital
Goods division and the operating units collaborate with their energy managers.
Tax Risks
Tax risks result primarily from ongoing and upcoming tax audits. These risks and
possible legal risks are always taken into account by recognising provisions or allowances for claims in the statement of financial position. Tax risks are minimised by
engaging qualified tax experts to closely monitor and collect information on the operating areas, by involving such experts in change projects and contractual matters
and by the internal control system.
A treasury management system is used to limit interest rate risks so that they are always within the scope stipulated by financial guidelines. Derivative financial instruments are used to hedge risks; their use is coordinated by the Treasury Committee.
The aim of liquidity management is to ensure that, through RIF the consolidated
companies always have access to sufficient liquidity on the basis of adequate undrawn lines of credit so that no liquidity risk exists should unexpected events have a
24
Market and Competitive Risks
Socio-political Risks
It is important for a retail company to recognise market trends early and to develop characteristics distinguishing it from the competition using new store concepts. Changes in customers’ lifestyles affect their purchasing behaviour and thus
the market requirements. Therefore, it is important to recognise market trends and
changes in behaviour early in order to offer the store concepts to customers that
meet their needs. If trends or market changes are identified too late, especially in
the saturated markets, this results in a long-term competitive disadvantage and
thus in revenue and earnings declines.
As an international corporate group, the REWE Group is dependent on the political
and economic situation in the countries in which it operates. The general conditions the individual countries can change rapidly. Changes or instability in the political leadership, strikes, civil unrest, attacks, embargos or changes in regulations,
laws or levies can lead to risks.
The growing online business poses new challenges for both over-the-counter retailing and travel and tourism. The increasing activities in the online retail trade will
lead to future changes in the trade landscape. It is therefore particularly important to closely observe and actively follow this trend. As an example, REWE Group
established an internal corporate department for coordinating online activities and
further strengthened its online activities, above all in the German food retail sector.
We plan to expand the segment further and take a leading role in online business
in the German food retail sector. Strengthening activities and bundling the coordination of online activities in a central office, will allow trends to be recognised early and online activities to be pushed and managed in a targeted manner.
We continually analyse the buying patterns and needs of our customers in order to
be able to react to changes in a timely manner. Constant observation of the market
and an efficient information management system allow us to react quickly to market changes and initiate alternative actions in sufficient time. Our variety of concepts and orientation on both the over-the-counter as well as the online business
allows us to react quickly to market changes. This enables us to limit risks and utilise opportunities.
We continuously monitor the development of socio-political risks in the countries
relevant to us. In particular, we are closely monitoring the current developments in
Ukraine and the prevailing uncertainty about the future of the country, their effect
on our stores in the country and on the European economy.
We are following very intensely the development of the Russian economy, which is
greatly impacted by the economic sanctions imposed by the EU and USA as well as
the development in oil prices. Despite the continuing strained situation, there are
no significant recognisable risks that could cause us to initiate additional actions.
The actions already initiated pertain essentially to the capital tied up in the country.
Should additional measures be necessary due to a change in the situation, our permanent observation of the situation enables us to react as quickly as possible.
We are also closely monitoring the current situation in Europe and the intensive
discussions on immigration and asylum policies. We closely analyse risks or opportunities that arise from the social and political situation and initiate measures if
necessary.
25
PRESENTATION OF OPPORTUNITIES
Markets and Customers
The REWE Group is represented in the Western and Eastern Europe countries with
successful brands and distribution strategies. The REWE Group can utilise its opportunities on the market by further developing innovative sales concepts and consistently aligning its actions to the customers’ needs.
Economic Environment
The financial crises of recent years have significantly weighed on results, above all
in Eastern Europe. Economic growth in Eastern Europe is again estimated to be low
and a rapid recovery is hardly expected. Should the economic conditions in Eastern
Europe develop better than we anticipate, this can result in a substantial improvement of the earnings situation in individual countries.
Prices
As such, the customer is the focal point of the Group’s actions. By expanding the
product lines of regional and sustainable products, the REWE Group is taking a
leading role in the food retail sector, which is distinguishing it significantly from the
competition.
In international business, the REWE Group signifies strong brands such as BILLA,
MERKUR, BIPA and PENNY that have a high degree of name recognition. Our
strength is an innovative product line which is tailored to specific countries and is
continually improved and expanded. Improvements in quality and freshness lead to
a positive customer perception and strengthen our competitive position.
We are in a position to strengthen our market share through investments in a modern and extensive branch network and by focusing on strong brands and sales concepts.
We want to exploit the opportunities to profit from the growth of online sales and
online business by expanding our online activities. At the same time, we can further
expand our market position by sensibly linking of our strong over-the-counter retail
and service activities in travel and tourism with the advantages of online retail and
business activities.
The currently prevailing strong competition in the food retail sector and the continuing price wars, in particular in the discount sector, are sharply reducing margins in
the food retail sector. In addition, deflationary trends in the key merchandise groups
are weighing down the development of revenue and margins. Should the price wars,
competitive pressure or deflationary trends abate, this can lead to increasing revenues and margins and therefore to positive growth of gross margins.
The success of our retail companies is dependent to a considerable extent on the
purchase prices. In order to meet the growing challenges of the competition in retailing and the increasing internationalisation of the food retail sector, in 2015 we,
along with three other European retail companies, founded the strategic alliance
COOPERNIC with its registered office in Brussels. We left the CORE strategic alliance in 2015. We can counter the risk of purchasing price volatility and leverage international purchasing potentials through joint purchasing and by negotiating terms
and conditions.
Costs
Continuous optimisations of processes and costs lead to improvements in productivity which positively impacts costs, and in turn, earnings.
26
Taxes
In 2014, based on decision by the European Court of Justice (ECJ), the Bundesfinanzhof (Federal Finance Court) abandoned the previous rulings on the VAT treatment of compensation between central payers and their network customers. We are
currently discussing possible VAT refund claims on the part of companies in the
REWE Group with the tax authorities and are pursuing a mutual agreement.
Management’s Overall Assessment of the Risk Situation
Due to our activity in the retail and tourism sectors, we are particularly dependent
on demand for consumer goods and the competitive situation. The economic crises
of recent years have shown that economic development in the countries of Western,
Southern and Eastern Europe sharply impacts purchasing power and therefore demand. Even if the food retail sector is not as strongly affected by the economic crisis as other retail sectors, a degradation of general conditions still has a negative influence on the Company’s success.
A substantial degradation of general economic conditions and an intensification of
the global economic crisis will greatly increase potential risks, above all in Eastern
Europe. Developments in Greece and their impact on the euro zone harbour an additional risk. In the Travel and Tourism business segment, the booking behaviour of
customers is significantly influenced by general economic conditions and external
factors. Political events, natural disasters, epidemics or terrorist attacks influence
the demand for travel in certain destination areas. The market risks are increasing
through the entry of additional market participants and new business models.
Overall, the assessment of the present risk situation shows that there are currently
no identifiable risks that threaten the continued existence of the groups.
Report on Post-Reporting-Date Events
REWE-Zentral-Handelsgesellschaft mbH, Cologne, and COOP-Gruppe Genossenschaft, Basel, Switzerland, each hold 50.0 per cent of the shares of EUROGROUP
S.A., Haren, Belgium. By share purchase agreement dated 7 October 2015, the
parties agreed that REWE-Zentral-Handelsgesellschaft mbH acquired all shares of
COOP-Gruppe Genossenschaft. By share purchase agreement dated 8 December
2015, REWE-Zentral-Handelsgesellschaft mbH sold its previous 50.0 per cent share
to REWE Deutscher Supermarkt AG & Co. KGaA. Additionally, REWE Deutscher
Supermarkt AG & Co. KGaA replaced REWE-Zentral-Handelsgesellschaft mbH in the
share purchase agreement with COOP-Gruppe Genossenschaft. Based on the contractual terms and conditions, the shares were transferred as of 4 January 2016.
By decision dated 18 February 2016, the Austrian Federal Competition Authority (Bundeswettbewerbsbehörde, “BWB”) issued the approval to Billa Aktiengesellschaft, Wiener Neudorf, Austria, and BIPA Perfumeries Gesellschaft m.b.H.,
Wiener Neudorf, Austria, to take over a total of 25 locations of Zielpunkt GmbH,
Vienna, Austria, (in insolvency) under regulatory requirements.
No other significant events became known between the end of the reporting period
and the time of approval of the consolidated financial statements.
Report on Expected Developments
1. FUTURE MACRO-ECONOMIC DEVELOPMENT
The report on expected developments considers the relevant facts and events known
as at the date the report was prepared, which could influence future business development. The forecasts are based primarily on the analyses of the International Monetary Fund (IMF) and the ifo Institute.
/ RISK AND OPPORTUNITIES REPORT / Report on Post-Reporting-Date Events / Report on Expected Developments www.rewe-group-geschaeftsbericht.de/2015
27
Forecast economic data for REWE Group countries
IN %1
2015p
Germany
Austria
Italy
Czech Republic
Romania
Hungary
Russia
Slovakia
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
1.5
0.3
4.7
0.8
1.0
5.8
0.8
0.2
12.2
3.9
0.4
5.2
3.4
-0.5
6.8
3.0
0.0
7.0
-3.8
15.8
6.0
3.2
-0.1
11.8
2016p
1.7
1.1
4.6
1.6
1.6
5.7
1.3
1.0
11.8
2.6
1.6
5.0
3.9
1.1
6.7
2.5
1.6
6.8
-1.0
8.6
6.5
3.6
1.0
11.0
2015p
Bulgaria
Croatia
Ukraine
Switzerland
United Kingdom
Sweden
Norway
Denmark
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
GDP
Inflation
Unemployment
1.7
-1.0
9.4
0.8
0.0
15.6
-9.0
50.0
11.5
0.9
-1.1
4.4
2.5
0.1
5.5
2.7
0.7
7.5
1.3
1.9
4.1
1.6
0.4
6.2
2016p
1.9
0.5
9.0
1.0
0.7
14.8
2.0
14.2
11.0
1.2
-0.2
4.5
2.4
1.2
5.2
2.6
1.3
7.2
1.4
2.0
4.3
1.7
1.3
6.0
Source: International Monetary Fund, World Economic Outlook Database October 2015, Update January 2016; Joint forecast (Autumn 2015); p=projected
¹ Year-on-year GDP change in %
/ Report on Expected Developments
28
Germany’s economy will continue to be strong compared to the rest of Europe but
develop less dynamically. Growth will largely be carried by consumer spending, aided by positive growth in real income. Given weaker development of the emerging markets and high volatility in the financial markets, the pressure on the export
economy will continue to increase.
The number of workers will increase during the course of the year. However, the unemployment rate will decrease only slightly to approximately 4.6 per cent due to the
migration of refugees and the related increase in registered unemployed.
For Austria, we expect growth similar to that in Germany, which will also be driven
primarily by domestic demand. The 2016 income tax reform will have a positive impact on consumer spending, above all those with lower incomes.
In line with development in Germany, the number of employed in Austria will increase further and the unemployment rate will fall slightly to approximately 5.7 per
cent. Consumer prices will increase in 2016 by approximately 1.6 per cent, due
mainly to the development of commodities prices. Oil prices will again have a
dampening effect on the price trend in the first half of 2016. We expect consumer
prices in the food retail sector to also increase slightly.
Economic development in Italy for 2016 shows a substantial upward trend. We
expect GDP growth of approximately 1.3 per cent. The first structural reform initiatives in Italy are showing positive developments. Employment will further increase
in 2016 and the unemployment figures will decline. The high level of government
debt remains a risk to further growth.
The economic recovery in the Eastern European countries in which the REWE Group
is represented will continue. In most countries we expect growth rates above those
of 2015; a slower pace of growth compared to the high level of 2015 is forecast for
Hungary and the Czech Republic only.
/ Report on Expected Developments
Economic growth in Switzerland in 2016 will improve slightly compared to 2015
but still at a low level of 1.2 per cent. The weak growth is primarily attributable to
the development of the Swiss franc. Consumer demand will positively support the
economy.
Economic development in the United Kingdom is characterised first and foremost
by the pending vote on remaining in the European Union. We see economic growth
at 2.4 per cent, slightly below the 2015 level, primarily due to restrained growth
prospects and higher government debt.
We forecast stable economic growth in Scandinavia for 2016. For Norway and Denmark, we expect a slightly better development than in 2015. Sweden will grow at
2.6 per cent, slightly below the previous year but at a higher level than Norway and
Denmark. We expect price development in all countries at not more than 2.0 per
cent, probably less.
2. EXPECTED REVENUE AND EBITA DEVELOPMENT
For 2016, the REWE Group plans on a further slight increase in revenue with lower earnings. The planned earnings development will be burdened above all by greater capital expenditures (online and over-the-counter) and heightened competition as
well as non-recurring effects that had a positive impact on earnings in 2015. There
will be a structural shift in the earnings of the divisions in 2016 compared to 2015
because the earnings attributable from the real estate companies (reported in the
Other usiness segment up through 2015) will be allocated to the operating business
segments as at 2016.
In the National Full-Range Stores business segment, the expansion of delivery service and the strengthening of price-performance perception in the over-the-counter
business will be at the forefront in 2016. Earnings of the Full-Range Stores will be
encumbered by start-up costs from the addition of new warehouse locations in Germany and the expansion of delivery service. Capital spending on the existing store
network and the expansion will lead to an increase in revenue, but will weigh down
earnings in the year of the conversion and expansion. Added services and stronger
29
price negotiations lead temporarily to erosions of gross profit margins and additional
costs, but secure earnings over the long-term. Overall for 2016, we expect slight increases in revenue with lower earnings.
In the International Full-Range Stores business segment, revenue – adjusted for
BILLA Romania – is expected to increase in 2016 as compared to 2015. The modernisation measures conducted and still planned for the BILLA sales channel in
Austria will continue to result in revenue and earnings growth. Higher revenues and
earnings are expected in Eastern Europe as well, despite the somewhat difficult
economic and competitive environment. The situations in Russia and Ukraine remain challenging.
In the National Discount Stores business segment, we expect continued positive
revenue development. Decisive here is the further modernisation of the existing
store network, the optimisation of the product ranges as well as an increasing number of stores. The heightened competitive situation and resultant high price pressure will reduce revenue. The strengthened price pressure and additional expenses
for capital spending on the store network will weigh down the 2016 budgeted earnings compared to 2015.
In the International Discount Stores business segment, revenue is forecast to increase as compared to 2015. This is attributable first and foremost to the expected
positive development in Italy, Romania and the Czech Republic. The changes in the
legal and political conditions in Hungary require higher levies however, which will
weigh down earnings in 2016. Overall, we expect earnings at the 2015 level.
The National Specialist Stores business segment plans on stable earnings with a
slight increase in revenue in 2016. The expenses for the rollout of a new merchandise management system will be offset by better growth in revenue and gross profit.
Management’s Overall Assertion on
Revenue, EBITA and Debt Development
We expect further increases in revenue and slightly higher or stable price levels for
the business units for the 2016 financial year. Revenue development of travel and
tourism in 2016 will be characterised by the integration of Kuoni. Additional expansions and renovation activities will support long-term revenue development.
The development of the EBITA of the groups will be affected by the moderate economic development, increasing costs and a continuing high level of investment. The
restrained price trend, greater activities in the domestic and international online
business as well as the elimination of positive non-recurring effects of the prior year
will result in a substantial decrease of EBITA in 2016 as compared to 2015.
As a result of high capital expenditures, the Group’s net debt will increase slightly by
the end of 2016. Sufficient provisions have been made for this in connection with
the current credit facilities.
Cologne, 31 March 2016
For 2016, the Travel and Tourism business segment plans a significant revenue increase and a slight earnings improvement – characterised in particular by the Kuoni
integration. The integration of the Kuoni units in the Group network and the rollout
of the new reservation system remain important work priorities for the new financial
year. Following the successful introduction of Phoenix Unlimited in component tourism in 2015, the system will be rolled out to package tourism and the Kuoni units
in Switzerland in 2016. This will result in a charge against earnings of the affected
units.
/ REPORT ON EXPECTED DEVELOPMENTS
30
2015
CONTENTS
31
31
32
33
35
37
COMBINED FINANCIAL STATEMENTS
INCOME STATEMENT
STATEMENT OF COMPREHENSIVE INCOME
BALANCE SHEET
CASH FLOW STATEMENT
STATEMENT OF CHANGES IN EQUITY
Income Statement
FOR THE FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER 2015
IN MILLION €
Note no.
2015
2014*
9
43,699.3
42,162.9
31.1
18.4
Other operating income
10
2,861.7
2,697.2
Cost of materials
11
-32,564.3
-31,470.4
Personnel expenses
12
-5,757.0
-5,487.1
Depreciation, amortisation and impairments
13
-925.0
-850.2
Other operating expenses
14
-6,771.8
-6,547.2
574.0
523.6
Revenue
Change in inventory
Operating result
Results from companies accounted for using the equity method
15
25.6
34.1
Results from the measurement of derivative financial instruments
16
-3.8
-0.8
20.3
42.8
Interest and similar income
-75.1
-91.9
Interest result
17
-54.8
-49.1
Other financial income
18
-21.1
-9.4
Financial result
-54.1
-25.2
Earnings before taxes
519.9
498.4
-133.8
-125.6
386.1
372.8
-2.7
-57.8
383.4
315.0
378.5
312.7
4.9
2.3
Interest and similar expenses
Taxes on income
19
Results from continuing operations
Results from discontinued operations
Net income for the year
Net income for the year attributable to shareholders of the parent companies
Net income for the year attributable to non-controlling interests
5
/ INCOME STATEMENT
31
Statement of Comprehensive Income
IN MILLION €
1 Jan. –
31 Dec. 2015
1 Jan. –
31 Dec. 2014
383.4
315.0
-3.1
-86.4
-3.3
-86.4
0.2
0.0
0.5
0.3
of which: recognised directly to equity
0.5
0.3
of which: recognised in profit or loss
0.0
0.0
Gains and losses from cash flow hedges
-46.9
82.9
-41.0
81.1
-5.9
1.8
Gains and losses from the translation of the financial statements of foreign subsidiaries
Gains and losses from the remeasurement of available-for-sale financial assets
Other comprehensive income of associates and joint ventures
1.3
-0.1
1.3
-0.1
0.0
0.0
14.7
-22.4
14.7
-21.9
0.0
-0.5
-33.5
-25.7
Gains and losses from the remeasurement of defined-benefit pension commitments
36.8
-146.9
-0.2
-0.2
-11.4
37.8
25.2
-109.3
Deferred taxes on aforementioned gains or losses reported under other comprehensive income
Other comprehensive income attributable to items to be recycled to the income statement at
a later date if certain conditions are met
Deferred taxes on aforementioned gains or losses reported under other comprehensive income
Other comprehensive income attributable to items which will never be
recycled to the income statement
Other comprehensive income
Comprehensive income
Comprehensive income attributable to shareholders of the parent companies
Comprehensive income attributable to non-controlling interests
-8.3
-135.0
375.1
180.0
368.3
179.5
6.8
0.5
(For disclosures, see note 32 “Equity”)
/ STATEMENT OF COMPREHENSIVE INCOME
32
Balance Sheet
AS AT 31 DECEMBER 2015
IN MILLION €
ASSETS
Note no.
31 Dec. 2015
31 Dec. 2014
Intangible assets
21
1,623.4
1,392.1
Property, plant and equipment
22
7,665.7
7,423.0
Investment properties
23
47.4
51.3
Companies accounted for using the equity method
25
199.7
215.6
Other financial assets
26
294.3
313.9
Other assets
28
82.6
65.7
Current income tax assets
30
28.1
14.1
Deferred tax assets
30
501.0
467.3
10,442.2
9,943.0
3,475.1
3,302.2
Non-current assets
Inventories
29
Other financial assets
26
570.5
568.9
Trade receivables
27
1,076.4
939.4
Other assets
28
440.8
374.3
Current income tax assets
30
137.9
142.1
31
Sub-total of current assets
Non-current assets held for sale and disposal groups
Current assets
Total assets
/ BALANCE SHEET
5
636.0
692.7
6,336.7
6,019.6
158.1
65.2
6,494.8
6,084.8
16,937.0
16,027.8
33
Balance Sheet
IN MILLION €
EQUITY AND LIABILITIES
Subscribed capital
Note no.
31 Dec. 2015
31 Dec. 2014
32
38.7
38.7
Capital reserves
32
30.8
30.8
Retained earnings
32
5,305.1
4,902.8
Other reserves
32
-94.6
-58.8
Treasury shares
32
-17.7
-17.7
5,262.3
4,895.8
41.2
61.2
5,303.5
4,957.0
Equity attributable to shareholders of the parent companies
Non-controlling interests
32
Equity
Employee benefits
33
764.5
771.7
Other provisions
34
686.3
722.6
Other financial liabilities
35
1,052.4
1,146.4
Trade payables
36
4.5
5.7
Other liabilities
37
51.4
42.7
Deferred tax liabilities
30
140.1
148.1
Non-current liabilities
2,699.2
2,837.2
Employee benefits
33
618.2
534.2
Other provisions
34
663.7
633.9
35
295.3
194.0
Trade payables
36
5,616.5
5,585.7
Other liabilities
37
1,483.9
1,166.2
Current income tax liabilities
30
211.0
105.6
8,888.6
8,219.6
45.7
14.0
Sub-total current liabilities
Liabilities from non-current assets held for sale and disposal groups
Current liabilities
Total equity and liabilities
/ BALANCE SHEET
5
8,934.3
8,233.6
16,937.0
16,027.8
34
Cash Flow Statement
IN MILLION €
2015
2014*
386.1
372.8
54.1
25.2
Income tax expense
133.8
125.6
Depreciation/amortisation and retroactive capitalisations on
intangible assets, property, plant and equipment and financial assets
890.3
830.0
-8.7
151.6
Results from continuing operations
Financial result
Decrease/increase in provisions
-12.3
-7.1
83.5
-155.4
-385.3
-163.1
Decrease in trade payables and
other liabilities not attributable to investing or financing activities
-28.1
-14.3
Income taxes paid
-59.4
-35.1
Dividends received
60.1
30.4
1,114.1
1,160.6
22.3
42.8
Gains on the disposal of intangible assets, property, plant and equipment and financial assets
Other non-cash expenses
Increase in inventories, trade receivables and
other assets not attributable to investing or financing activities
Sub-total
Interest received
Interest paid
Cash flows from operating activities, continuing operations
Cash flows from operating activities, discontinued operations
Proceeds from disposals of intangible assets, property, plant and equipment and investment properties
Proceeds from disposals of financial assets and companies accounted for using the equity method
Proceeds from the disposal of shares in consolidated companies
-55.3
-60.7
1,081.1
1,142.7
6.6
-32.7
95.5
76.0
222.8
304.4
2.8
12.0
/ CASH FLOW STATEMENT
35
Cash Flow Statement
IN MILLION €
2015
Purchase of intangible assets, property, plant and equipment and investment properties
Purchase of financial assets and companies accounted for using the equity method
Excess proceeds from business combinations and the acquisition of shares in consolidated companies
Payments for business combinations and the acquisition of shares in consolidated companies
Cash flows from investing activities, continuing operations
Cash flows from investing activities, discontinued operations
Paid dividends and other interests
Proceeds from equity contributions
2014*
-1,306.0
-1,363.5
-200.7
-274.9
178.7
47.5
-3.4
-14.0
-1,010.3
-1,212.5
30.5
81.4
-30.8
-6.0
0.0
0.5
-1.6
-1.2
Cash proceeds from borrowings
118.7
614.6
Cash repayments of borrowings
-250.2
-678.8
-33.5
-24.9
-197.4
-95.8
Payments from changes in non-controlling interests
Cash payments of finance lease liabilities
Cash flows from financing activities, continuing operations
Cash flows from financing activities, discontinued operations
Net change in cash funds
-2.7
-0.1
-92.2
-117.0
Change in cash funds related to changes in the scope of consolidation
0.0
1.3
Currency translation differences
6.0
-4.7
Net change in cash funds
-86.2
-120.4
Cash funds at beginning of period
692.7
813.5
Cash funds at end of period
606.5
693.1
Cash funds at the end of the period, discontinued operations
Cash funds at the end of the period, continuing operations
6.7
0.4
599.8
692.7
(For disclosures, see note 38 “Cash Flow Statement”)
/ CASH FLOW STATEMENT
36
Statement of Changes in Equity
FOR THE FINANCIAL YEAR 2015
IN MILLION €
Subscribed
capital
As at 1 Jan. 2014
Currency translation adjustments
Capital
reserves
Retained
earnings
38.7
30.8
4,716.1
0.0
0.0
0.0
Available-for-sale securities
0.0
0.0
0.0
Cash flow hedges
0.0
0.0
0.0
Remeasurement of defined-benefit pension commitments
0.0
0.0
-108.7
0.0
0.0
0.0
0.0
0.0
-108.7
0.0
0.0
312.7
0.0
0.0
204.0
Capital increase/decrease
0.0
0.0
0.0
Dividend distribution
0.0
0.0
-4.7
Changes in equity by shareholders
0.0
0.0
-4.7
Changes in the scope of consolidation
0.0
0.0
11.5
Acquisitions of non-controlling interests
0.0
0.0
-3.9
Transfer between reserves
0.0
0.0
0.5
Other changes in equity
0.0
0.0
-20.7
38.7
30.8
4,902.8
Ending balance as at 31 Dec. 2014
/ STATEMENT OF CHANGES IN EQUITY
37
IN MILLION €
Other reserves
Reserve
for cash
flow
hedges
As at 1 Jan. 2014
Reserve for
available-forsale financial
assets
Revaluation
reserve
Reserve for atDifference
equity accounfrom curren- ting components
cy translation taken directly to
equity
Reserve
for deferred taxes
Treasury
shares
Equity
parent
company
Noncontrolling
interests
Total
-26.8
-0.3
2.4
-15.9
-0.1
6.9
-17.7
4,734.1
36.6
4,770.7
0.0
0.0
0.0
-86.3
0.0
0.0
0.0
-86.3
-0.1
-86.4
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.3
0.0
0.3
84.5
0.0
0.0
0.0
0.0
-22.7
0.0
61.8
-1.3
60.5
Remeasurement of defined-benefit
pension commitments
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-108.7
-0.4
-109.1
Other comprehensive income of
associates and joint ventures
0.0
0.0
0.0
0.0
-0.3
0.0
0.0
-0.3
0.0
-0.3
84.5
0.3
0.0
-86.3
-0.3
-22.7
0.0
-133.2
-1.8
-135.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
312.7
2.3
315.0
84.5
0.3
0.0
-86.3
-0.3
-22.7
0.0
179.5
0.5
180.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-4.7
-1.3
-6.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-4.7
-0.8
-5.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11.5
22.2
33.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-3.9
2.7
-1.2
0.0
0.0
-0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-20.7
0.0
-20.7
57.7
0.0
1.9
-102.2
-0.4
-15.8
-17.7
4,895.8
61.2
4,957.0
Cash flow hedges
38
IN MILLION €
Subscribed
capital
As at 1 Jan. 2015
Capital
reserves
Retained
earnings
38.7
30.8
4,902.8
0.0
0.0
0.0
0.0
0.0
0.0
Cash flow hedges
0.0
0.0
0.0
Remeasurement of defined-benefit pension commitments
0.0
0.0
25.3
0.0
0.0
-0.2
0.0
0.0
25.1
0.0
0.0
378.5
0.0
0.0
403.6
0.0
0.0
0.0
0.0
0.0
-4.7
0.0
0.0
-4.7
0.0
0.0
0.0
0.0
0.0
-1.7
0.0
0.0
0.5
0.0
0.0
4.6
38.7
30.8
5,305.1
39
IN MILLION €
Other reserves
Reserve
for cash
flow
hedges
As at 1 Jan. 2015
Reserve for
available-forsale financial
assets
Revaluation
reserve
Reserve for atDifference
equity accounfrom curren- ting components
cy translation taken directly to
equity
Reserve
for deferred taxes
Treasury
shares
Equity
parent
company
Noncontrolling
interests
Total
57.7
0.0
1.9
-102.2
-0.4
-15.8
-17.7
4,895.8
61.2
4,957.0
0.0
0.0
0.0
-4.5
0.0
0.0
0.0
-4.5
1.4
-3.1
0.0
0.5
0.0
0.0
0.0
0.0
0.0
0.5
0.0
0.5
-47.4
0.0
0.0
0.0
0.0
14.8
0.0
-32.6
0.4
-32.2
Remeasurement of defined-benefit
pension commitments
0.0
0.0
0.0
0.0
0.0
0.0
0.0
25.3
0.1
25.4
Other comprehensive income of
associates and joint ventures
0.0
0.0
0.0
0.0
1.3
0.0
0.0
1.1
0.0
1.1
-47.4
0.5
0.0
-4.5
1.3
14.8
0.0
-10.2
1.9
-8.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
378.5
4.9
383.4
-47.4
0.5
0.0
-4.5
1.3
14.8
0.0
368.3
6.8
375.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-4.7
-26.1
-30.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-4.7
-26.1
-30.8
Cash flow hedges
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.7
-0.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1.7
0.0
-1.7
0.0
0.0
-0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.6
0.0
4.6
10.3
0.5
1.4
-106.7
0.9
-1.0
-17.7
5,262.3
41.2
5,303.5
(For disclosures, see note 32 “Equity”)
40
2015
Notes to the Financial Statements
CONTENTS
41GENERAL ACCOUNTING PRINCIPLES OF THE
COMBINED FINANCIAL STATEMENTS
41 1. BASIC PRINCIPLES
42 2. APPLICATION AND EFFECTS OF NEW OR
REVISED ACCOUNTING STANDARDS
46 3. CONSOLIDATION
51 4. ACQUISITIONS
52
55
58
71
5.
6.
7.
8.
DIVESTITURES
CURRENCY TRANSLATION
ACCOUNTING POLICIES
S
IGNIFICANT ACCOUNTING JUDGEMENTS,
ESTIMATES AND ASSESSMENTS
General Accounting Principles of the
1. Basic Principles
These combined financial statements are a summary of the consolidated financial statements of REWE-ZENTRALFINANZ eG, Cologne (hereinafter referred to as
“RZF” for short), and REWE - Zentral-Aktiengesellschaft, Cologne (hereinafter referred to as “RZAG” for short), for the financial year ended on 31 December 2015,
and were prepared voluntarily. The consolidated financial statements of the companies identified above were prepared in accordance with International Financial Reporting Standards, as applicable in the European Union (hereinafter referred to as
“IFRSs” for short), the supplemental provisions of the German Commercial Code
(Handelsgesetzbuch, “HGB”), as well as the supplemental provisions of the articles of association of RZAG and RZF, and were audited by PricewaterhouseCoopers
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Cologne. The Combined Financial Statements were also combined following IFRSs and were subject to the premise that the two companies are considered to be joint parent companies of their
consolidated subsidiaries.
year. Unless otherwise indicated, all disclosures are in millions of euros (€ million).
Rounding may result in differences of ± one unit (€, %, etc.).
These financial statements were released for publication by the Management Boards
on 31 March 2016.
RZF’s registered office is at Domstraße 20 in Cologne, Germany, and is registered in
the Register of Cooperative Societies at the Local Court of Cologne under GnR 631.
RZAG’s registered office is also at Domstraße 20 in Cologne, Germany, and is registered in the Commercial Register of the Local Court of Cologne under HRB 5281.
The groups’ business activities are divided into seven “business segments”, which
are subdivided further into divisions and business units. The main focus of the business activities is on the chain food retail sector, in both the full-range stores and
discount segments.
The Combined Financial Statements fully comply with all IFRSs as applicable in
the European Union. All accounting standards and interpretations requiring application for financial years starting 1 January 2015 have been taken into account.
The National Full-Range Stores business segment operates the chain food retail
sector in Germany under the REWE, REWE CITY, REWE CENTER, REWE to go and
TEMMA brands. It also supplies independent retail dealers, group companies and
REWE partner retailers in the merchandise wholesale business. The business segment is operated primarily by REWE Markt GmbH, Cologne.
The financial statements of the companies included in the Combined Financial
Statements have been prepared pursuant to uniform accounting principles. The
income statement in the Combined Financial Statements was prepared using the
nature of expense method. The financial years of RZF and RZAG and their subsidiaries (hereinafter referred to as the “groups” for short) correspond to the calendar
The International Full-Range Stores business segment operates supermarkets and
consumer markets in Austria under the BILLA, MERKUR and ADEG brands. The
BILLA supermarket format also represents the business segment in Bulgaria, Croatia, Russia, Slovakia, the Czech Republic and Ukraine. In addition, drug stores
are operated under the BIPA brand in Austria and Croatia. The business segment’s
/ GENERAL ACCOUNTING PRINCIPLES
41
key companies are Billa Aktiengesellschaft, Wiener Neudorf, Austria, and Merkur
Warenhandels-AG, Wiener Neudorf, Austria.
The National Discount Stores business segment operates the chain food retail sector
in Germany under the PENNY sales brand. Penny-Markt GmbH, Cologne, operates
the stores.
The International Discount Stores business segment operates the food retail sector
in Italy, Austria, Romania, the Czech Republic and Hungary via separate sales
and distribution companies in each country operating under the PENNY MARKET,
PENNY MARKET and XXL MEGA DISCOUNT brands.
The Other business segment provides corporate services for REWE Group companies. This segment handles goods procurement through REWE Group Buying
GmbH, deliveries to wholesale customers through RZAG, and centralised settlement
through RZF. Additional activities include the production and sale of baked goods
by Glockenbrot Bäckerei GmbH & Co. oHG, Cologne, under the Glocken Bäckerei
brand, as well as the production of meat and sausage products by Wilhelm Brandenburg GmbH & Co. oHG, Cologne, under the Wilhelm Brandenburg brand. In addition to its own real estate management companies, the business segment’s other
key companies are the financing company REWE International Finance B.V., Venlo,
Netherlands (hereinafter referred to as “RIF” for short), and REWE Digital GmbH,
Cologne, which bundles its online activities.
The Travel and Tourism business segment operates the travel sales, package tourism and component tourism divisions under the DER Touristik umbrella brand. Travel
sales are operated primarily by DER Deutsches Reisebüro GmbH & Co. OHG, Frankfurt am Main, under the DER Reisebüro, DERPART and DER.COM brands as well as
by cooperation partners under the umbrella of DER Touristik Partner-Service. Package tourism is operated primarily by DER Touristik Köln GmbH, Cologne, and comprises tour operators such as ITS, Jahn Reisen, TRAVELIX and EXIM Tours. Component tourism is operated primarily by DER Touristik Frankfurt GmbH & Co. KG,
Frankfurt am Main; it organises travel under the DERTOUR, Meier’s Weltreisen and
ADAC REISEN brands. In the second half of 2015, Kuoni’s European tour organiser business was acquired to expand the international business. The transaction comprises the special organisers, travel agencies and online sales in the Swiss, UK,
Scandinavian, and Benelux geographical markets (see note 4 “Acquisitions”).
For an exhaustive overview of the Group’s subsidiaries, please refer to the List of
Shareholdings appended to the notes.
The National Specialist Stores business segment operates DIY stores under the
toom Baumarkt and B1 Discount Baumarkt brands. The business segment is operated primarily by toom Baumarkt GmbH, Cologne.
NEW OR REVISED ACCOUNTING STANDARDS PUBLISHED, BUT NOT
YET APPLIED DURING THE 2015 FINANCIAL YEAR
2. A
pplication and Effects of New or
Revised Accounting Standards
IFRIC 21 “Levies” as well as the Annual Improvements to the IFRS (2011-2013
cycle) were applied for the first time in financial year 2015. The amendments had
no material effects on the presentation of net assets, financial position, or results of
operations. Accordingly, a detailed description of the amendments is not provided.
The new standards and interpretations listed below, as well as amendments to existing standards, were issued by the IASB, but – if adopted as European law – did not
yet require application in the 2015 financial year. Any option for voluntary early application was not exercised for these accounting standards.
42
New or Revised Accounting Standards Published, but not yet Applied During the 2015 Financial Year
Mandatory application
expected in financial year
2016
2017
2018
Name of standard, amendment or interpretation
Standard has already been
adopted as European law
IAS 1
Amendments: Presentation of Financial Statements
Yes
IAS 16, IAS 38
Amendments: Clarification of Acceptable Methods of Depreciation and Amortisation
Yes
IAS 16, IAS 41
Amendments: Bearer Plants
Yes
IAS 19
Amendments: Defined Benefit Plans – Employee Contributions
Yes
IAS 27
Amendments: Application of the Equity Method in Separate Financial Statements
Yes
IFRS 11
Amendments: Accounting for Acquisitions of Interests in Joint Operations
Yes
IFRS 10, IFRS 12, IAS 28
Amendments: Investment Entities – Applying the Consolidation Exception
No*
IFRS 14
Regulatory Deferral Accounts
No**
Miscellaneous
Amendments: Annual Improvements: 2010 – 2012 cycle
Yes
Miscellaneous
Amendments: Annual Improvements: 2012 – 2014 cycle
Yes
IAS 7
Amendments: IAS 7 Statement of Cash Flows
No*
IAS 12
Amendments: IAS 12 Income Taxes – Recognition of Deferred Tax Assets for Unrealised Losses
No*
IFRS 9
Financial Instruments, including Amendments to this Standard
No*
IFRS 15
Revenue from Contracts with Customers
No*
2019
IFRS 16
Leases
No*
TBD
IFRS 10, IAS 28
Amendments: Sales or Contributions of Assets between an Investor and its Associate/Joint Venture
No
*S
ince the standard, amendment or interpretation has not yet been adopted as European law, there is no mandatory application date within the European Union.
Consequently, the date of initial application as planned by the IASB, on which the allocation to financial years is based, is subject to change.
** The European Commission did not recommend that the standard be adopted into EU law
The various amendments resulting from the Annual Improvements of IFRSs normally contain minor clarifications or changes to the wording, so that the initial application of these amendments is not expected to have any material effect on the presentation of net assets, financial position and results of operations.
43
The first-time application of the following new standards or amendments is not expected to effect the presentation of net assets, financial position and results of operations:
Amendments
Amendments
Amendments
Amendments
IFRS 14 and
Amendments
to
to
to
to
IAS 16 and IAS 38
IAS 16 and IAS 41
IAS 27
IFRS 10, IFRS 12 and IAS 28
to IAS 7.
Accordingly, a detailed description of these new standards and amendments is not
provided.
The effects expected from the initial application of the other standards and interpretations as well as amendments to standards are presented below.
AMENDMENTS TO IAS 1: PRESENTATION OF FINANCIAL STATEMENTS
The amendments clarify that disclosures that are not material need not be presented, even if they are a minimum requirement of a standard. Furthermore, the amendments clarify the aggregation and disaggregation of line items in the balance sheet
and the statement of comprehensive income and clarify the presentation of an entity’s share of other comprehensive income of entities accounted for using the equity
method. Moreover, the notes no longer need to be presented in a specific order and
irrelevant and unhelpful explanations of accounting policies may be removed. The
amendments are not anticipated to have any material effects on the presentation of
net assets, financial position and results of operations.
AMENDMENTS TO IAS 19: DEFINED BENEFIT PLANS –
EMPLOYEE CONTRIBUTIONS
The amendments to IAS 19 introduce an option in the standard regarding the accounting treatment of defined benefit pension commitments in which employees or
third parties participate through mandatory contributions. Employee contributions
that are independent of the number of years of service, but linked to the employee’s
service, may be recognised in full in the period in which the related service is rendered. The projected unit credit method must continue to be applied to employee
contributions linked to the length of service. The effects of these clarifications are
being analysed. However, based on what is known at present, no material effects on
the presentation of net assets, financial position and results of operations are anticipated.
AMENDMENTS TO IFRS 11: ACCOUNTING FOR ACQUISITIONS OF
INTERESTS IN JOINT OPERATIONS
Accordingly, acquisitions of interests in joint operations that constitute a business
as defined in IFRS 3 must be accounted for in accordance with the provisions of
IFRS 3, provided those provisions do not conflict with the provisions for joint operations. The amendments would only have an effect on the presentation of net assets,
financial position and results of operations if going forward a business were to be
acquired by a joint operation.
AMENDMENTS OF IAS 12 INCOME TAXES – RECOGNITION OF
DEFERRED TAX ASSETS FOR UNREALISED LOSSES
The amendments to IAS 12 clarify that write-downs to a lower fair value of debt instruments, that are measured at fair value and resulting from a change in market interest rates, lead to deductible temporary differences. The amendments refer specifically to the case when the loss is unrealised and will reverse in the future if held to
maturity because the debt instrument will be repaid at the nominal amount. This is
regardless of whether the holder expects to hold the debt instrument until maturity
44
and therefore receive the full nominal amount. It is also clarified that all deductible
temporary differences must generally be assessed in combination as to whether sufficient future taxable income will be generated in order to use these differences and
thus be able to recognise them. A separate assessment shall be made if and to the
extent that the tax law distinguishes between various types of taxable profits. The
effects of the amendments are being analysed. However, based on what is known at
present, no material effects on the presentation of net assets, financial position or
results of operations are anticipated.
IFRS 9: FINANCIAL INSTRUMENTS, INCLUDING AMENDMENTS TO
THIS STANDARD
This standard will replace the previous provisions on accounting for financial instruments set forth in IAS 39. The new standard will replace the measurement categories in IAS 39 with the two categories “at amortised cost” and “at fair value”. The
classification of an instrument in the “amortised cost” category depends both on its
product characteristics and on the entity’s business model. If an instrument is allocated to the “fair value” category, it can either be remeasured through profit or
loss or remeasured with changes in fair value recognised in other comprehensive income and therefore in equity, similar to the way it was accounted for under IAS 39.
Exceptions are in place for changes in the fair value of financial liabilities due to
changes in own credit. Furthermore, the new standard incorporates new guidance
on calculating loss impairments. The previous model for accounting for losses was
replaced by a model for accounting for expected loss impairments. In addition, the
provisions of IFRS 9 provide greater flexibility for recognising hedges. Moreover, the
extent of notes disclosures is significantly higher. The new standard is anticipated to have effects on the presentation of net assets, financial position and results of
operations which are currently still being analysed.
IFRS 15: REVENUE FROM CONTRACTS WITH CUSTOMERS
The new standard provides uniform, principle-based guidance on the revenue recognition for all industries and all categories of transactions and replaces a number of individual provisions. The date and amount of revenue is based on a five-step
model. Under this model, an entity must recognise revenue to depict the transfer
of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Control can still be passed either at a point in time or over time. Furthermore,
the standard clarifies a number of technicalities such as how changes to contracts
should be handled and how variable consideration such as rebates, rights of return
and performance-based compensation should be measured. Moreover, the standard
includes new guidance on principal versus agent considerations and costs of obtaining a contract. The revenue disclosure requirements in the notes were also expanded significantly. The effects of the new standard on the presentation of net assets,
financial position and results of operations are currently being analysed.
IFRS 16: LEASES
The goal of the new standard is in future to generally recognise all leases and the
related contractual rights and obligations in the lessee’s balance sheet. The previously required classification between finance and operating leases will no longer apply in the future. For all leases, the lessee recognises a lease liability in its balance
sheet for the obligation for the future lease payments to be made. At the same time,
the lessee capitalises a usage right to the underlying asset, which generally corresponds to the fair value of the future lease payments plus directly allocable costs.
During the term of the lease the lease liability is adjusted using a model, while the
usage right is amortised. There are exemptions when accounting for leases with
terms of less than 12 months and leased assets of low value. At the lessor, however,
the provisions of the new standard do not differ from the previous standards of IAS
17. The criteria of IAS 17 are taken over for the classification pursuant to IFRS 16.
The new standard is anticipated to have significant effects on the presentation of
net assets, financial position and results of operations.
45
AMENDMENTS TO IFRS 10 AND IAS 28: SALES OR CONTRIBUTIONS OF
ASSETS BETWEEN AN INVESTOR AND ITS ASSOCIATE/JOINT VENTURE
The amendments remove inconsistencies between the provisions of IFRS 10 and
IAS 28. The gain or loss resulting from the sale or contribution of assets to an associate or a joint venture must be recognised in full if the assets that were sold or
contributed constitute a business as defined in IFRS 3. However, if the transferred
assets do not constitute a business, then only part of the gain or loss must be recognised. The amendments would only have an effect on the presentation of net assets, financial position and results of operations if going forward a business were to
be transferred to an associate or joint venture. The IASB has deferred the initial application of the above amendments indefinitely due to planned additional amendments to IAS 28.
3. Consolidation
CONSOLIDATION PRINCIPLES
The Combined Financial Statements are prepared in accordance with the consolidation methods presented below.
a) Subsidiaries
Generally, subsidiaries are all companies at which RZF or RZAG, or both together, that
on account of substantial direct or indirect rights have the ability to control key business activities of these companies so as to generate variable returns (controlled companies). The existence and effect of potential voting rights which are currently exercisable or convertible are taken into account when evaluating whether control exists.
Subsidiaries are generally included in the Combined Financial Statements (full consolidation) from the date on which control has been transferred, directly or indirectly, to
RZF or RZAG or both together. They are deconsolidated when control is lost. Subsidiaries classified as held for sale are recognised pursuant to the provisions for non-current
assets, disposal groups and discontinued operations held for sale.
Acquired subsidiaries are recognised using the acquisition method. The acquisition cost corresponds to the fair value of the assets acquired, the equity instruments issued and the liabilities incurred or assumed as at the transaction date.
Costs related to the business combination are always treated as expenses, regardless of whether they are directly allocable to the acquisition. Upon initial consolidation, the assets, liabilities and contingent liabilities identifiable in connection
with a business combination are measured at their fair value as at the acquisition
date, irrespective of the extent of any non-controlling interest.
The excess of the acquisition cost over the interest in the net fair value of the assets acquired is recognised as goodwill. If the acquisition cost is less than the net
fair value of the assets of the acquired subsidiary after reassessing the measurement, the difference is recognised in the income statement under “other operating
income”.
Intercompany transactions and any resulting gains that are included in the Combined Financial Statements are eliminated. Losses are also eliminated unless the
transaction indicates an impairment of the transferred asset.
The separate financial statements of the domestic and foreign subsidiaries consolidated are prepared according to uniform accounting policies.
46
b) Joint Ventures and Joint Operations
Joint operations, over which RZF or RZAG, or both together, directly or indirectly, exercise joint control with one or more partners by virtue of a contractual agreement, are included in the Combined Financial Statements as joint ventures or joint
operations. Currently, no joint operations are included in the Combined Financial
Statements. Joint ventures are included in the Combined Financial Statements using the equity method. Please see the explanatory notes with regard to associates
for the general accounting treatment using the equity method. They are recognised
from the date on which joint control can be exercised until the date on which joint
control is lost. Joint ventures classified as held for sale are recognised pursuant to
the provisions for non-current assets held for sale, disposal groups and discontinued operations. Entities over which joint control cannot be exercised despite a corresponding share of voting rights are classified as associates or as other equity investments.
c) Associates
An entity at which the groups have the ability to significantly influence financial and
operating decisions, and in which the groups regularly hold 20 to 50 per cent share
of voting rights, directly or indirectly, is classified as an associate and recognised in
the Combined Financial Statements using the equity method. The equity method is
not used if an associate has been classified as held for sale. An entity in which the
share of voting rights is 20 per cent or more, but whose financial and operating policy cannot be significantly influenced, is classified as an other investment. In that
event, the entity is treated as a financial asset held for sale and measured at the fair
value, or at amortised cost if the fair value cannot be measured reliably.
An entity is generally included in the group of associates accounted for using the
equity method from the date on which significant influence over the entity can first
be exercised. An entity is no longer included in the Combined Financial Statements
using the equity method as at the date on which significant influence can no longer
be exercised. An associate classified as held for sale is recognised in accordance
with the provisions for non-current assets held for sale, disposal groups and discontinued operations.
Investments in associates are initially recognised at cost. In addition to the interest
in net assets, cost reflects the disclosed hidden reserves and liabilities and a premium paid in the form of goodwill. A gain on a bargain purchase is recognised immediately in profit or loss. If there are indications of an impairment of the entity accounted for using the equity method, the entire carrying amount of the investment
is subjected to an impairment test. A subsequent reversal of impairment also applies to the entire carrying amount.
The groups’ interest in an associate includes the goodwill identified upon acquisition, subsequent effects from the adjustment of hidden reserves and liabilities and
pro-rata profits and losses of the associated company as at the acquisition date, less
the cumulative impairment losses from impairment testing of the carrying amount
of the equity-accounted investment.
During subsequent consolidation, the carrying amount recognised in the balance
sheet increases or decreases in accordance with the groups’ share of the associate’s
net income/loss for the period. Changes recognised directly in the associate’s equity
are also recognised directly in equity in the Combined Financial Statements in the
amount of the groups’ interest. If the carrying amount of the investment and other
unsecured receivables of the groups are written down in full due to pro-rata losses
of the associate, the groups do not recognise any additional losses unless they have
entered into a legal or constructive obligation or have made payments for the associate.
Significant transactions and resulting profits between the companies of the groups
as well as those between an associate or joint venture are eliminated. Significant
losses are also eliminated unless the transaction indicates an impairment of the
transferred asset.
The accounting policies of associates are adjusted as required to ensure uniform accounting treatment.
47
CONSOLIDATION PRINCIPLES IN CONNECTION WITH
STEP-UPS AND STEP-DOWNS
a) Control Obtained in Stages
For a business combination achieved in stages, there is an upward consolidation as
at the acquisition date when control is obtained for the first time. First, the previously held interest is measured at fair value through profit or loss. Then, a first-time
consolidation is recognised based on the fair values of all acquired shares. Together with the consideration transferred for the recently acquired shares, the amount of
non-controlling interests and the net fair value of the subsidiary’s assets, the remeasured interest forms the basis for calculating goodwill or a bargain purchase.
If the previously held interests were treated as financial instruments in the “available for sale” category and the fair value changes were recognised directly in equity,
then the equity reserve is reversed to profit and loss. The adjustments reflect deferred taxes.
Upon a transition from the equity method to full consolidation, the interest previously recognised using the equity method is also remeasured to fair value through
profit or loss. Reserves recognised directly in equity are reversed as if the previously held interest had been sold. Upon disposal, these reserves are reversed in accordance with the individual standards under which they were recognised.
b) Loss of Control with Retention of an Interest
Upon loss of control, the interest disposed of is deconsolidated through profit or
loss. At the same time, amounts related to this interest recognised directly in equity are either recognised through profit or loss or reclassified to other retained earnings depending on the provisions of the individual standards under which these reserves were recognised. Any remaining interest in the entity is measured at fair
value through profit or loss in the Combined Financial Statements as at the date of
the step-down. The accounting treatment of this remaining interest in subsequent
periods is made in accordance with the provisions for financial instruments, for associates or for joint ventures.
c) Step-ups or Step-downs in Interests Without Loss of Control
i) Step-ups in Interests in Controlled Companies
Acquisitions of interests in a subsidiary, whose direct or indirect control by the
groups was possible prior to the acquisition, are accounted for as equity transactions between owners. A difference between the purchase price and the interest of
the non-controlling interests in the net assets resulting from such an acquisition is
recognised directly in equity in the Combined Financial Statements.
ii) Step-downs of Interests in Controlled Companies
The disposal of interests in a subsidiary without loss of control is treated analogously to an increase in controlling interests – as a pure equity transaction. As a result,
for sales to non-controlling interests, differences between the disposal proceeds and
the corresponding interest in the net carrying amount of the subsidiary’s assets are
also recognised directly to equity in the Combined Financial Statements.
48
SCOPE OF CONSOLIDATION
DISCLOSURES ON CHANGES IN THE SCOPE OF CONSOLIDATION
The Combined Financial Statements for the financial year include 219 domestic
subsidiaries (previous year: 212) and 150 foreign subsidiaries (previous year: 124).
Changes to the Scope of Consolidation in
Financial Year 2015
No.
As at 1 Jan. 2015
Company Name, Registered Office
Germany
FULLY-CONSOLIDATED SUBSIDIARIES
Germany
Companies Included in the Scope of Consolidation for the
First Time During the Financial Year
International
Total
1
Fruchthof Gleichmann Gesellschaft mit beschränkter Haftung, Koblenz*
2
Gartenliebe GmbH, Cologne*
3
HD Handelsdienstleistungs GmbH, Cologne
4
Kuoni Specialists GmbH, Oberhausen*
212
124
336
5
REWE Digital Fulfilment Services GmbH, Cologne*
13
33
46
6
REWE LOG 7 GmbH, Cologne
of which: new formations or initial consolidations
of companies already under control
8
3
11
7
8
of which: acquisitions
5
30
35
9
REWE Märkte 17 GmbH, Cologne
6
7
13
10
11
12
REWE-ZENTRALFINANZ eG and REWE-Zentral AG GbR, Cologne
13
Willi Gleichmann GmbH & Co. KG., Koblenz*
Additions
Disposals
of which: mergers, accretions or liquidations
4
5
9
of which: disposals
2
2
4
219
150
369
As at 31 Dec. 2015
* Acquisitions
No.
International
1
ACS Reisen AG, Zurich*
2
Allib Rom S.R.L., Bucharest*
3
Apollo Travel Group AB, Stockholm*
4
AVM Immobilien GmbH, Wiener Neudorf*
5
Carrier International Limited, Cheadle*
6
Carrier Limited, Cheadle*
7
Carrier Transport Limited, Cheadle*
8
commercetools Inc., New York
49
No.
International
9
Corfu Villas Limited, Dorking*
10
Different World limited, Dorking*
11
Emileon AB, Stockholm*
12
Falk Lauristen Rejser A/S, Herning*
Companies that were Deconsolidated in the Financial Year
due to Mergers, Accretions, Liquidations or Disposals
No.
Germany
13
FT Aviation AB, Stockholm*
14
Golf Plaisir Resebyrå Aktiebolag, Stockholm*
1
Bekleidungshaus Kressner Gesellschaft mit beschränkter Haftung, Dillenburg*
15
Journeys of Distinction Limited, Cheadle*
2
Bekleidungshaus Kressner GmbH & Co. KG, Wissen*
16
Kirker Travel Limited, London*
3
Blautal-Center Ulm GmbH & Co Kauf KG, Ulm
17
Kirker Travel Services Limited, London*
4
Mühlhof Brot- und Südfrüchte-Vertriebs GmbH, Cologne
18
KS Holding Danmark AS, Copenhagen*
5
toom Baumarkt Vermietungs GmbH & Co. KG, Cologne
19
Kuoni Reisen AG, Zurich*
6
toom Baumarkt Vermietungsverwaltungs GmbH, Cologne
20
Kuoni Specialists B.V., Amsterdam*
21
Kuoni Travel Belgium BVBA, Ghent*
22
Kuoni Travel Limited, Dorking*
23
Kuoni Travel Transport Limited, Dorking*
24
Lime Travel AB, Stockholm*
25
lti Kaiserfels Hotelbetriebs GmbH, St. Johann*
26
MAXXI S.R.L., Milan
27
Nova Airlines AB, Stockholm*
28
Novair AS, Oslo*
29
Railtour (Suisse) SA, Bern*
30
REWE NEDVISHIMOSTI EOOD, Sofia
31
Serenissima Travel Limited, London*
32
Sotavento S.A.U., Fuerteventura*
33
Voyages Jules Verne Limited, London*
* Acquisitions
No.
International
1
BILLA DOO BEOGRAD, Belgrade
2
BILLA SUPERMARKET d.o.o., Ljubljana*
3
DER (Transport) Ltd., London
4
DER Travel Service Limited, London
5
MERKUR Gastro GmbH, Wiener Neudorf
6
REWE NEDVISHIMOSTI EOOD, Sofia
7
Sapor Polska Sp. z o.o., Posen*
* Disposals
The company, DER Travel Service Limited, London, is no longer consolidated due to
immateriality. The company, Go Vacation Lanka Co (Pvt) Ltd, Colombo, is no longer
reported as a joint venture, also for reasons of immateriality.
Four joint ventures (previous year: five) and 16 associates (previous year: 17) were
included using the equity method in the financial year.
50
PT Pergi Berlibur Indonesia Ltd., Bali, previously recognised as an associate, is no
longer included at equity due to immateriality.
In addition, the groups have interests in a total of 1,080 REWE partner companies
(previous year: 1,039) which are also included as associates using the equity method.
4. Acquisitions
By purchase agreement dated 19 June 2015 RZF directly and indirectly acquired a
total of 28 entities of Kuoni Travel Investments Ltd., Zurich, Switzerland. The transaction comprised the tour operators, special organisers as well as the travel agencies and online sales. The companies service the Swiss, UK, Scandinavian, Finnish
and Benelux markets and offer mainly individually tailored and package tours for end
customers. The acquisition continues the internationalisation of the Travel and Tourism business segment and brings a significant increase in revenue volume. Generally, 100 per cent of the shares in the entities were acquired with the exception of a
Swiss company in which a 6.64 per cent non-controlling interest remains. The original purchase price in the amount of 120 million euros is reduced by a receivable of
the buyer due from the seller to 110 million euros. The goodwill as of the date of initial consolidation in the amount of 138.7 million euros essentially reflects the synergy potentials for the tourism business as well as the buyer’s strategic considerations.
It also factors in the incoming employees and their know-how. The goodwill is not tax
deductible. Acquisition-related costs of 8.2 million euros were reported in the income
statement under other operating expenses.
Furthermore, by purchase agreement dated 31 July 2015, REWE Digital GmbH,
Cologne, acquired Gleichmann Verwaltungs GmbH (since 29 November 2015 doing business as REWE Digital Fulfilment Services GmbH, Cologne), Willi Gleichmann
GmbH & Co. KG and Fruchthof Gleichmann Gesellschaft mit beschränkter Haftung,
which will contribute to the strengthening of trading and logistics. The purchase
price paid was 2.7 million euros, which is less than the remeasured net assets, giving rise to a gain on a bargain purchase of 1.7 million euros. This gain was recognised
through profit and loss in other operating income. Acquisition-related costs of 0.1 million euros were reported in the income statement under other operating income.
The assumed receivables from both acquisitions do not include any receivables that
are expected to be uncollectible.
Fair Value of the Identified Assets and Liabilities as at the
Respective Date of Acquisition
IN MILLION €
Kuoni
Intangible assets
Gleichmann
52.5
0.1
40.5
10.7
104.8
0.1
Trade receivables
30.2
1.0
Other assets
43.8
10.8
297.1
3.6
34.6
0.0
603.5
26.3
Employee benefits
68.2
0.1
Other provisions
50.0
0.6
Trade payables
48.8
1.1
Inventories
Deferred tax assets
Total assets
3.2
7.8
440.2
12.3
21.5
0.0
Total liabilities
631.9
21.9
Fair value of net assets
-28.4
4.4
0.3
0.0
Cost
110.0
2.7
Negative goodwill (-)/Goodwill (+)
138.7
-1.7
Other liabilities
Deferred tax liabilities
51
Since the dates of their initial consolidation, the business combinations have led to
an increase of 433.5 million euros in revenue and to a decrease of 25.6 million euros in combined earnings. Had the business combinations been effected as early as
1 January 2015, revenue would have been 1,335.4 million euros higher than reported and combined earnings 12.7 million euros lower.
Additional companies were also acquired during the financial year. The total cost
was 4.0 million euros. The acquisitions resulted essentially in additions to property,
plant and equipment of 6.9 million euros and to cash and cash equivalents in the
amount of 0.8 million euros.
5. Divestitures
FULL-RANGE STORES – ITALY
The Management Board of RZF resolved in 2014 to pull back from the full-range
business in Italy and sold the BILLA Italy business unit. Accordingly, this business
unit was therefore classified as a discontinued operation.
Of the stores existing as at 31 December 2014, 48 were sold. Of the remaining
eleven stores originally intended for closure, eight have been sold. A disposal option
is still being actively sought for the remaining stores; a final decision on this is currently open.
The assets and liabilities classified as held for sale are recognised pursuant to the
rules for non-current assets and disposal groups held for sale. They are aggregated
in the balance sheet and reported separately from other assets and liabilities.
Composition of Non-current Assets and
Disposal Groups Held for Sale
IN MILLION €
As at
31 Dec. 2014
Change
As at
31 Dec. 2015
2.3
-2.3
0.0
28.0
-14.5
13.5
Inventories
16.2
-16.2
0.0
6.7
-5.4
1.3
53.2
-38.4
14.8
Employee benefits
7.2
-4.5
2.7
Other liabilities
0.1
-0.1
0.0
Total liabilities
7.3
-4.6
2.7
Intangible assets
Other assets and cash-in-hand
Total assets
Composition of Results from the Discontinued Operation
IN MILLION €
2015
2014
Income
73.0
618.0
Expenses
47.4
672.9
25.6
-54.9
The result of this discontinued operation is attributable exclusively to the shareholders of the parent company.
52
CONSUMER ELECTRONICS (PROMARKT)
The assets and liabilities held for sale have been presented in combined form in the
balance sheet and separately from the other assets and liabilities.
In financial year 2013, the consumer electronics business unit was discontinued
and the associated assets and liabilities were classified as held for sale. In the previous year, the remaining assets and liabilities for which a disposal was no longer
expected were no longer reported as held for sale. These assets and liabilities were
liquidated during the financial year.
Composition of Non-current Assets and
Disposal Groups Held for Sale
IN MILLION €
31 Dec. 2015
IN MILLION €
Intangible assets
2015
2014
11.3
20.7
Expenses
4.2
12.7
7.1
8.0
Income
Inventories
1.7
104.8
20.5
Other assets
7.7
6.7
Total assets
141.4
Trade payables
34.3
Other liabilities
8.7
Total liabilities
43.0
BILLA ROMANIA
In Romania, the Management Board of RZF resolved for strategic considerations to
focus on the discount business with PENNY going forward and to divest itself of the
Romanian supermarkets. Therefore, 86 of the BILLA sales line’s stores were sold
in this connection. The takeover is subject to approval by the responsible competition authorities. The final disposal price can only be determined after the transfer of
ownership is completed. As a consequence, a disclosure is not currently possible.
As at 31 December 2015 this business unit was classified as a discontinued operation.
53
IN MILLION €
IN MILLION €
2015
2014
2015
Income
303.9
284.5
Income
Expenses
294.7
284.1
9.2
0.4
2014
89.6
106.1
Expenses
134.2
117.4
-44.6
-11.3
PENNY BULGARIA
KRESSNER
On 15 September 2015 the Management Board of RZF resolved to pull back
from the discount business in Bulgaria. Of the 49 stores, 6 were transferred to
the BILLA Bulgaria business unit in 2015; all of the rest were closed during the
financial year. In addition to stores, individual assets were also transferred to
BILLA Bulgaria. As at the reporting date, buyers have already been found for assets
in the amount of 0.2 million euros. The remaining discount business in Bulgaria
is anticipated to be disposed of and wound down in 2016.
Under an agreement dated 17 December 2014, all shares in Kressner GmbH & Co.
KG, Wissen, and Bekleidungshaus Kressner GmbH, Dillenburg, were sold and transferred for 4.0 million euros. The sale was subject to the condition precedent that
the Federal Cartel Office (Bundeskartellamt) did not prohibit the acquisition. Following its approval, the shares were transferred on 12 January 2015.
With the decision to exit the market and thus close PENNY Bulgaria, this business
unit was classified as a discontinued operation. The income statement items for the
financial year and the previous period have been reclassified in accordance with the
provisions of IFRS 5.
54
REAL ESTATE
Composition of the Assets and Liabilities Sold
IN MILLION €
31.12.2014
2.6
Inventories
4.7
Other assets
2.2
0.6
Deferred tax assets
0.2
Total assets
10.3
Other liabilities
6.7
Total liabilities
6.7
The property classified as held for sale as at 31 December 2014 was sold at the
carrying amount in the financial year. A property with a carrying amount of 1.7 million euros was classified as a non-current asset held for sale during the financial
year. This property has been measured pursuant to the provisions of IFRS 5.
6. Currency Translation
The Combined Financial Statements are prepared in euros. This corresponds to the
currency of the groups’ primary economic environment (functional currency).
The items of each entity included in the financial statements are measured using the currency of the primary economic environment in which the entity operates
(functional currency).
The disposal gain is presented under other operating income and is calculated as follows:
TRANSLATION OF TRANSACTIONS IN THE SEPARATE FINANCIAL
STATEMENTS
Composition of Deconsolidation Gain
Transactions in foreign currency in the financial statements of the groups’ combined
companies are translated into the functional currency using the exchange rate applicable as at the transaction date. Gains and losses resulting from the settlement of
such transactions as well as from the translation of monetary assets and liabilities
maintained in foreign currency at the closing rate are recognised in profit or loss.
IN MILLION €
2015
Consideration received
Net assets divested
4.0
-3.6
0.7
Deconsolidation gain
1.1
55
TRANSLATION OF FINANCIAL STATEMENTS OF SUBSIDIARIES WITH
DIFFERENT FUNCTIONAL CURRENCIES INTO THE REPORTING CURRENCY (EUROS)
Financial statements of subsidiaries which were prepared in a functional currency other than the euro reporting currency are translated pursuant to the concept of
functional currency translation. Assets and liabilities are translated using the closing rate for each balance sheet date. For the sake of simplification, the income and
expense items in the income statement are translated at the average rate for the period.
Differences from the translation of financial statements prepared in a different functional currency are recognised directly in equity. A translation difference recognised
directly in equity will not be realised until the corporate unit is deconsolidated.
Financial statements that are accounted for using the equity method and prepared
in a different functional currency are also translated pursuant to the functional currency concept when adjusting equity.
56
Exchange Rates of Countries not Participating in the
European Monetary Union
ISO
code
Country
Currency
Closing rate per €
31 Dec. 2015
31 Dec. 2014
Average rate per €
2015
2014
AED
United Arab Emirates
Dirham
4.013
4.465
4.078
4.882
AUD
Australia
Dollar
1.499
1.488
1.478
1.472
BGN
Bulgaria
Lew
1.956
1.956
1.956
1.956
CAD
Canada
Dollar
1.517
1.413
1.418
1.466
CHF
Switzerland
Franc
1.081
1.203
1.068
1.215
CNY
China
Yuan
7.091
7.544
6.975
8.189
CZK
Czech Republic
Koruna
27.029
27.728
27.282
27.535
DKK
Denmark
Koruna
7.463
7.444
7.459
7.455
GBP
United Kingdom
Pound Sterling
0.738
0.782
0.726
0.806
HKD
Hong Kong
Dollar
8.469
9.434
8.605
10.307
HRK
Croatia
Kuna
7.637
7.660
7.614
7.634
HUF
Hungary
Forint
313.150
314.980
309.994
308.634
MAD
Morocco
Dirham
10.800
11.005
10.826
11.178
NOK
Norway
Krone
9.616
9.042
8.947
8.352
NZD
New Zealand
Dollar
1.596
1.554
1.593
1.600
PLN
Poland
Zloty
4.240
4.310
4.184
4.184
RON
Romania
Lei
4.530
4.485
4.445
4.444
RUB
Russia
Rouble
79.754
69.132
68.039
50.846
SEK
Sweden
Krona
9.188
9.475
9.354
9.096
SGD
Singapore
Dollar
1.545
1.609
1.526
1.683
THB
Thailand
Baht
39.334
40.019
38.030
43.168
TND
Tunisia
Dinar
2.212
2.264
2.178
2.252
UAH
Ukraine
Hryvnia
24.894
19.252
24.243
15.851
USD
USA
Dollar
1.093
1.216
1.110
1.329
ZAR
South Africa
Rand
16.885
14.149
14.161
14.406
57
7. Accounting Policies
The significant provisions presented below on recognition and measurement have
been applied uniformly for all accounting periods presented in these financial statements.
INTANGIBLE ASSETS
With the exception of goodwill, intangible assets are recognised at cost when acquired. If their useful life can be determined, they are generally amortised on a
straight-line basis over their contractual term or their shorter economic useful life.
Favourable contracts are amortised over the individual contractual term.
this also encompasses internal personnel costs. Capitalised development expenses are amortised over the expected useful life of the newly developed software. Research costs are expensed in the period in which they arise.
Goodwill represents the excess of the cost of an acquisition over the acquirer’s share
of the net fair value of the net assets on the acquisition date. Such goodwill is allocated to intangible assets and is not amortised. Goodwill is measured at its original
cost less cumulative impairments and assessed at least annually as part of an impairment test. Goodwill attributable to foreign entities is recognised in local currency and subject to currency translation. No reversals of impairment are carried out on
goodwill.
Goodwill from the acquisition of an associate or a joint venture is included in the
carrying amount of the investment in associates or joint ventures.
Economic Useful Lives Underlying Amortisation
PROPERTY, PLANT AND EQUIPMENT
IN YEARS
Useful life
Software
3–5
Trademarks
5 – 30
Customer relationships
4 – 21
Licenses
under 1 – 45
Leasehold rights
1 – 25
Permanent rights of use
2 – 30
Property, plant and equipment is measured at cost less accumulated depreciation
and cumulative impairment losses. The cost includes the expenses directly attributable to the acquisition. Borrowing costs are capitalised solely when material assets
are produced which require more than twelve months of preparation for their intended use or sale. In the groups, this concerns warehouses and administrative buildings
in particular. All other borrowing costs are expensed in the period in which they are
incurred. Investment subsidies received and free investment grants are considered
by reducing the cost of the corresponding asset by the amount of the subsidy.
Internally generated intangible assets must be capitalised only if certain precisely
defined prerequisites are met. In the Combined Financial Statements, this applies
to internally developed software. Cost comprises all directly allocable costs necessary to prepare and produce the software products. In addition to external costs,
58
Depreciation is generally taken on a straight-line basis over the respective economic useful life. Residual carrying amounts and economic useful lives are reviewed at
each balance sheet date and adjusted if necessary.
Economic Useful Lives Underlying Amortisation
IN YEARS
Useful life
Buildings
25 – 50
Investment properties
25 – 50
Leasehold improvements
7 – 15
Technical equipment and machinery
8 – 20
Motor vehicles
Other equipment, operating and office equipment
5–8
3 – 23
Restoration obligations are included in the cost in the amount of the discounted settlement. These capitalised restoration costs are depreciated pro-rata over the
useful life of the asset. Maintenance expenses are recognised only if the recognition criteria for property, plant and equipment are satisfied. Gains and losses from
disposals of assets are determined as the difference between the disposal proceeds
and the carrying amounts and are recognised in profit or loss.
cumstances indicate that the carrying amount may no longer be recoverable. An impairment loss is recognised in the amount by which the carrying amount exceeds
the recoverable amount. The recoverable amount is determined as the higher of the
asset’s fair value less costs to sell and its value in use. For impairment testing, assets are aggregated at the lowest level for which separate cash flows can be identified. As a rule, the individual store is the cash-generating unit (CGU) for impairment
testing of the assets identified here, unless a smaller CGU could be determined or
the asset was not allocable to a store.
Impairments of tangible and intangible assets, with the exception of goodwill, are
reversed if the reasons for an impairment recognised in previous years no longer apply. For assets subject to depreciation/amortisation, impairments are reversed up to
the carrying amount – less depreciation/amortisation – that would have been determined if no impairment loss had been recognised in previous years. For assets with
indeterminable useful lives, impairments are reversed up to a maximum of the carrying amount that would have been determined if no impairment loss had been recognised in previous years.
The carrying amount of an interest in an entity recognised using the equity method is always tested for impairment if there are objective indications that the interest
could be impaired.
The impairment described in this section does not apply to recognised inventories,
assets from employee benefits, financial assets under the scope of IAS 39 or deferred taxes.
IMPAIRMENT OF ASSETS
Impairment of Goodwill
Intangible assets with an indeterminable useful life are not amortised, but instead
tested at least annually for impairment. Intangible and tangible assets with a determinable useful life are tested for impairment if pertinent events or changes in cir-
Goodwill is regularly tested for impairment once a year or more often if there are indications of impairment. The goodwill allocated to a CGU is impaired if the recoverable amount is less than the carrying amount. An impairment may not be reversed if
the reason for an impairment recognised in previous years no longer exists.
59
Goodwill is allocated by considering the units that should benefit from the synergies
resulting from the business combination.
CGUs are formed at the lowest level at which goodwill is monitored for internal
management purposes.
The recoverable amount of the CGU is determined based on the fair value less costs
to sell using the discounted cash flow method. These calculations are generally based on forecast cash flows derived from the three-year plan approved by management. This three-year plan was prepared on the basis of internal Company experience and expectations regarding future market development and is also used for
internal purposes. Country-specific parameters, such as economic growth, consumer prices, private consumption and the unemployment rate, are considered in the
three-year plan. The last planning year in the three-year plan is generally used as a
basis for cash flows beyond the detailed planning period.
A growth discount in the discount rate is used for calculating the perpetual annuity following the detailed planning period. Growth rates forecast by international organisations for gross domestic product up to 2020 were used when determining
the country-specific growth discounts. The discount rates used are pre-tax discount
rates and reflect the special risks of the corresponding CGU. The pre-tax discount
rates were derived from discount rates after taxes using before and after-tax calculations. Capital charges (WACC) are determined based on fair values. The specific
beta coefficients were derived from capital market data for several comparable companies.
The key measurement parameters used to calculate the fair value of CGUs are the
capital charges (WACC) used to calculate the discount rate, the growth discount in
the discount rate used for calculating the perpetual annuity and the change in EBIT
in the planning period as the basis for forecasting the cash flows of the CGUs.
Comparison of Discount Rates and Growth Discounts
Group of cashgenerating units
Discount rate per year
before taxes
2015
Growth discount
2014
2015
2014
8.2 %
8.4 %
0.75 %
1.0 %
14.8 %
13.8 %
2.5 %
3.0 %
BILLA Czech Republic
5.6 %
5.4 %
1.25 %
2.0 %
Digital
5.5 %
–
0.75 %
–
EHA
5.8 %
5.9 %
0.75 %
1.0 %
Package tourism
8.2 %
8.4 %
0.75 %
1.0 %
PENNY Italy
7.3 %
7.1 %
1.0 %
1.0 %
PENNY Czech Republic
5.6 %
5.4 %
1.25 %
2.0 %
Travel sales
8.2 %
7.9 %
0.75 %
1.0 %
toom Baumarkt DIY stores
6.1 %
6.8 %
0.75 %
1.0 %
5.9 %
6.6 %
0.75 %
1.0 %
Component tourism
BILLA Russia
The budget plans for internal management purposes are used for the forecast of future cash flows of the CGU groups. In contrast to the previous year, the detailed
planning period was shortened from five years to three years. The detailed planning
period was expanded for some CGU groups. This is done if the most recent budget year of the budget plan does not represent long term results as a basis for the
perpetual annuity. This is primarily due to restructuring and expansion plans in the
CGU groups.
The following assumptions were made in the detailed planning period with respect
to the future development of EBIT and revenue for the individual CGU groups:
60
Trend Indications for the Development of EBIT and Revenue
Forecast development
EBIT/Revenue
EBIT
Revenue
Detailed planning
period
2015
2014
A mixed-use property is classified based on the portion of owner occupation. If this
is more than five percent, it is not classified as an investment property.
Component tourism
solid growth
slight growth
3 years
5 years
BILLA Russia
solid growth
solid growth
3 years
5 years
slight growth
slight growth
3 years
5 years
Digital
strong growth
solid growth
8 years
–
EHA
stable
slight growth
3 years
–
Package tourism
solid growth
slight growth
3 years
5 years
PENNY Italy
slight growth
slight growth
3 years
5 years
slight growth
slight growth
3 years
5 years
Travel sales
solid growth
slight growth
5 years
5 years
toom Baumarkt
DIY stores
solid growth
stable
6 years
5 years
National Full-Range
Stores
solid growth
slight growth
10 years
5 years
INVESTMENT PROPERTIES
Investment properties comprise real estate (land, buildings or parts of buildings)
held for generating rental income or to realise capital appreciation,
Investment properties are measured in accordance with the cost model at cost less
accumulated depreciation and impairments. They are depreciated on a straight-line
basis over their expected useful life and subjected to impairment testing if there are
indications of impairment. Please see the notes on property, plant and equipment
with respect to useful lives.
OTHER FINANCIAL ASSETS
Other financial assets within the scope of IAS 39 are assigned to one of the following categories depending on their intended use:
“financial assets at fair value through profit or loss”,
“loans and receivables”, or
“available-for-sale financial assets”.
The “financial investments held to maturity” category is not used.
Other financial assets are generally initially recognised at fair value. In the case of
a financial asset that is not measured at fair value through profit or loss, the transaction costs that are directly attributable to the acquisition of the financial asset
are included in the measurement. For financial assets in the “financial assets at fair
value through profit or loss” category, associated transaction costs are recognised in
profit or loss. Regular way purchases and sales of financial assets are measured at
fair value as at the trade date.
which is not used for production or administrative purposes and
The recognised value corresponds to the maximum credit risk.
is also not to be sold in connection with ordinary business activities.
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Subsequent measurement depends on the classification of the financial assets:
a) Financial Assets at Fair Value Through Profit or Loss
Financial assets are assigned to this category if they were principally acquired with
a short-term intent to sell or if they were designated as such by management. Derivatives belong to this category to the extent they do not qualify as hedges.
b) Loans and Receivables
Loans and other financial receivables (e.g. trade receivables) are classified as “loans
and receivables”. They are non-derivative financial assets with fixed or determinable
payments that are not quoted on an active market. They are counted as current assets if their maturity is within twelve months of the balance sheet date. Otherwise,
they are presented as non-current assets. Subsequent measurement is made at amortised cost using the effective interest method.
Financial assets in this category are recognised as current assets if they are either
held for trading or will likely be realised within twelve months of the balance sheet
date.
Gains and losses from financial assets recognised at amortised cost are recognised
as amortisations or impairments in the net income/loss for the period.
The fair value option has not been exercised.
c) Available-for-sale Financial Assets
Gains and losses from financial assets in this category, including interest and dividend income, are recognised in profit or loss in the period in which they arise.
Financial assets measured at fair value through profit or loss, such as derivatives
with a positive fair value, are subsequently measured at fair value.
Available-for-sale financial assets are non-derivative financial assets that were either
allocated directly to this category or could not be allocated to any other category
presented. Available-for-sale financial assets are generally subsequently measured
at the fair value directly to equity. If no quoted price listed on an active market is
available or the fair value cannot be measured reliably, these financial assets are
measured at amortised cost.
Gains and losses from a change in the fair value of available-for-sale financial assets
are recognised directly to equity, taking deferred taxes into account. Gains and losses are recognised only when the financial asset is derecognised or if the asset is impaired. Interest calculated using the effective interest method is recognised in the
income statement.
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d) Impairment of Financial Assets
e) Derecognition of Financial Assets
At each balance sheet date, a test is carried out to see if there are objective indications of impairment to a financial asset or a group of financial assets. A need to
recognise an impairment is considered to exist if the carrying amount of the financial asset or of a group of financial assets exceeds the future recoverable amount
expected. For financial assets or a group of financial assets measured at amortised
cost, the impairment is the difference between the carrying amount of the asset or
group of financial assets and the present value of the expected future cash flows
discounted at the original effective interest rate. An impairment results in a direct
reduction of the carrying amount of all affected financial assets, with the exception
of trade receivables, the carrying amount of which is reduced indirectly using an adjustment account. Changes in the carrying amount are recognised in profit or loss
in the “other operating expenses” item. If a trade account receivable is classified as
uncollectible, the impairment recognised in the adjustment account is eliminated
against the gross receivable.
A financial asset is derecognised if the contractual rights to cash inflows from the
asset expire or if the financial asset is transferred. The latter is the case if all substantial risks and rewards of ownership of the asset are transferred or if control over
the asset is lost.
If the fair value of an available-for-sale financial asset is significantly or permanently below the asset’s cost, this is considered an indicator that the asset is impaired.
In such an event, the cumulative loss is reclassified from equity to profit or loss.
This cumulative loss is the difference between the cost and the current fair value less previously recognised impairment losses. If the causes for impairment on a
debt instrument (e.g. government bonds) no longer exist, the impairment is reversed
through profit or loss. In contrast, for equity instruments (e.g. equity investments),
the impairment is not reversed through profit or loss when the reasons for an impairment no longer exist.
TRADE RECEIVABLES
Trade receivables fall into the “loans and receivables” measurement category. They
are initially recognised at fair value and subsequently measured at amortised cost
using the effective interest method. Trade receivables are written down to the lower
present value of the expected future cash flows if there are objective indications that
the outstanding amounts receivable are not fully recoverable. Indicators of the existence of an impairment include a borrower with significant financial difficulties, an
increased probability that a borrower will enter insolvency or other restructuring proceedings, as well as a breach of contract, such as default or delinquency in interest
or principal payments.
Non-interest bearing or low-interest-bearing receivables with fixed terms of more than
one year are discounted.
Receivables from other long-term investments, joint ventures and associates fall in
the “loans and receivables” category and are measured at fair value on the acquisition date and subsequently measured at amortised cost using the effective interest
method.
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OTHER ASSETS
CASH AND CASH EQUIVALENTS
All other claims are recognised under other assets. All other assets are recognised at
cost and written down to the lower recoverable amount when indications of impairment exist.
Cash includes cash, cheques received and bank balances. Cash equivalents are
short-term, highly liquid financial investments that can be converted into certain
cash amounts at all times or within a maximum period of three months and that are
subject to insignificant risk of changes in value.
INVENTORIES
Cash and cash equivalents are measured at the fair value when added and at amortised cost in subsequent periods.
Inventories of raw materials, consumables and supplies as well as merchandise are
generally measured at cost or the lower net realisable value. For the branch business, they are measured retrospectively using an appropriate discount on the selling
prices.
Inventories in warehouses are measured at cost less all subsequent cost reductions.
Direct administrative costs of merchandise procurement and central settlement are
added to the cost. Allowances for inventory risks are determined as at the balance
sheet date and accounted for on an individual basis.
The net realisable value used is calculated as the realisable sale proceeds anticipated less the completion and selling costs incurred up to sale. Merchandise is written
down to the lower net realisable value item by item. If the reason for the write-down
ceases to exist or the net realisable value increases, the write-down is reversed.
Work in progress and finished goods are recognised at cost or at the lower net realisable value. They include all costs directly allocable to the production process as well
as appropriate portions of the production-related overheads. This includes production-related depreciation, pro-rata administrative costs and pro-rata social security
costs. Borrowing costs are not normally recognised as part of cost because long-term
production processes are necessary to produce inventories only in exceptional cases.
CURRENT AND DEFERRED TAXES
Current tax expense and income are determined based on the respective domestic
taxable earnings of the year (taxable income) using the domestic tax provisions applicable to the company. The liabilities or receivables of the groups’ companies from
current taxes are calculated based on the applicable tax rates of the countries in
which the companies included in the Combined Financial Statements are domiciled.
Uncertain income tax assets and liabilities are recognised as soon as their level of
probability exceeds 50 per cent. Uncertain income tax positions are recognised using
their most probable value.
Deferred taxes are determined using the liability method (balance sheet liabilities
method). Accordingly, temporary differences in the carrying amounts of assets and liabilities recognised under IFRS in the Combined Financial Statements and the carrying amounts for tax purposes are generally recognised. In addition, deferred tax assets are also recognised for tax loss carryforwards (taking into account a minimum
taxation provision) and for unused tax credits and interest carryforwards.
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Deferred taxes are measured using the respective country-specific tax rates and
tax laws that have been enacted or substantively enacted as at the balance sheet
date and whose applicability is expected as at the date the deferred tax assets will
be recovered or the deferred tax liabilities will be settled.
Deferred tax assets are recognised only to the extent to which it is probable that
future taxable income of the same taxable entity at the level of the same taxation
authority will be available, against which the temporary differences can be offset.
Expected future tax reductions from loss carryforwards, interest carryforwards and
tax credits are capitalised if it is probable that sufficient taxable income will be
generated in the foreseeable future or taxable temporary differences that will reverse in the future are available and against which the tax loss carryforwards and
tax credits can be offset in the period in question.
Changes in deferred taxes in the balance sheet are recognised as deferred tax expense/income if the underlying item is not accounted for directly in equity. Deferred tax assets and tax liabilities are recognised directly in equity for the effects
presented in equity.
Deferred tax assets and liabilities are not discounted.
Deferred tax assets and deferred tax liabilities are offset if these income tax assets and liabilities apply to the same taxation authority and to the same taxable
entity.
NON-CURRENT ASSETS, DISPOSAL GROUPS AND DISCONTINUED OPERATIONS HELD FOR SALE
Non-current assets or groups of assets and liabilities are classified as held for sale
if their carrying amount will largely be realised through a highly probable sale within the next twelve months or through an already completed sales transaction instead
of continued business use. They are measured at the lower of the carrying amount
and fair value less costs to sell. If non-current assets with a determinable useful life
are to be sold, they are no longer depreciated/amortised as at the date they are classified as held for sale.
These assets and liabilities are presented in the balance sheet separately in the
items “non-current assets and disposal groups held for sale” or “liabilities from
non-current assets and disposal groups held for sale”. Related expenses and revenues are included in the result from continuing operations until disposal unless the
disposal group qualifies for reporting as a discontinued operation.
The results of an entity’s component are presented as a discontinued operation if
this component represents a material business line or includes all activities in a
geographical region. Results from discontinued operations are recognised in the period in which they arise and are presented separately in the income statement as
“results from discontinued operations”. The previous period’s income statement is
adjusted accordingly.
EMPLOYEE BENEFITS
Consolidated companies have both defined contribution and defined benefit pension
plans.
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Consolidated companies contribute to defined contribution plans on the basis of a
statutory or contractual obligation, or make voluntarily contributions to public or private external pension insurance plans. The consolidated companies have no additional payment obligations beyond the payment of the contributions. The contributions are recognised in personnel expenses when due. Prepayments of contributions
are recognised as assets in that there is a right to repayment or reduction of future
contribution payments.
The other components of pension expenses are reported under personnel expenses.
A defined benefit plan is a pension scheme that stipulates the amount of pension
benefits an employee will receive upon retirement. The amount is normally dependent on one or more factors such as age, length of service and salary. The provision for defined benefit plans recognised in the balance sheet (net pension obligation) corresponds to the present value of the defined benefit obligation (DBO) as at
the balance sheet date less the fair value of plan assets. The DBO is calculated annually by independent actuarial experts using the projected unit credit method. The
DBO is calculated by discounting the expected future cash outflows using the interest rate for the most highly rated corporate bonds denominated in the currency
in which the benefits will also be paid, and whose terms correspond to those of the
pension obligation.
Retirement allowances are employee benefits that are paid under certain conditions
when employees retire. Survivor benefits are payments based on length of service,
which are made to the heirs of an employee upon the death of that employee. Since
retirement allowances and survivor benefits are defined benefit plans, they are recognised in accordance with the above principles for accounting for defined benefit
plans.
Actuarial gains and losses based on experience adjustments and changes to actuarial assumptions are recognised in other comprehensive income and in retained earnings in the statement of comprehensive income.
Past service cost is recognised in profit or loss as soon as it is incurred.
The interest portion contained in the pension expenses consists of the interest cost
on the DBO and the interest on plan assets. They are aggregated into a net interest
component, which is presented in the financial result. The net interest component
is determined by using the above interest rate.
Severance payments and similar payments in Italy (“Trattamento di Fine Rapporto” or “TFR”) are non-recurring payments that must be paid due to labour law provisions in Austria and Italy upon termination of an employee as well as regularly upon
retirement. As defined benefit pension plans, they are recognised in accordance
with the above principles for accounting for such plans.
The provision for German partial and early retirement obligations is measured in accordance with the expert actuarial opinion of Hamburger Pensionsverwaltung e.G.,
Hamburg, based on the 2005 G actuarial tables of Prof. Klaus Heubeck, based on a
reasonable discount rate. The refund claims for additional retirement contributions
against the German Federal Employment Agency (Bundesagentur für Arbeit) are recognised under other assets. The provisions for additional retirement contributions
from partial retirement obligations are allocated over the vesting period.
The provision for service anniversary bonuses corresponds to the full amount of the
obligation and was determined using actuarial principles reflecting a reasonable
fluctuation discount and discount rate. It is measured based on the 2005 G actuarial tables of Prof. Klaus Heubeck for the earliest possible retirement age for German
statutory pension insurance.
The provision for holiday entitlements is measured at the daily rates or the average
hourly rate, including the incurred social security contributions.
The expected income from reimbursement rights against the trust associations is
also reported under the financial result. It is likewise determined by using the above
interest rate.
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OTHER PROVISIONS
OTHER FINANCIAL LIABILITIES
Other provisions are recognised if there is a present legal or constructive obligation
against third parties as a result of past events, whose settlement is expected to entail an outflow of resources embodying economic benefits and whose amount can be
estimated with sufficient reliability.
Other financial liabilities within the scope of IAS 39 are assigned to one of the following categories in the groups, depending on their intended use:
They are measured using the best estimated value of the settlement amount. They
are not offset against reimbursement claims. If the amount of the provision could
be influenced by several possible events, the amount is estimated by weighting all
potential events with their respective probabilities (calculation of an expected value). Non-current provisions are recognised using the discounted settlement amount
as at the balance sheet date.
For rented properties, each location is analysed based on the following principles
as to whether and in what amount another provision must be recognised from the
lease:
A provision for rental obligations is recognised for rented properties not used by
the groups and for rented properties that are not subleased or are subleased below cost. For residual rental agreement terms of up to one year, the provision is
measured using the nominal amount of the rent shortfall. For longer-term rental
agreements, the provision is measured at the present value of the expected rent
shortfall.
provision for onerous contracts is recognised for rented properties used by the
A
groups if the location shows a sustained negative contribution margin. For residual rental agreement terms of up to one year, the provision is measured using the
lower amount between negative contribution margins and expected rent shortfall taking into account future subleasing of the property. For longer-term rental agreements, the provision is measured at the present value of the nominal
amount.
“financial liabilities held for trading”,
“financial liabilities at fair value through profit or loss” or
“other financial liabilities”.
Other financial liabilities in the “financial liabilities held for trading” and “financial
liabilities at fair value through profit or loss” categories are initially recognised at
fair value. Subsequent measurement is also at fair value.
Other financial liabilities in the “other financial liabilities” category, including borrowings, are initially recognised at fair value, including such transaction costs that
are directly attributable to the issuance of the financial liability. During subsequent
measurement, they are measured at amortised cost using the effective interest
method, with the interest expense recognised using the effective interest rate.
Liabilities to banks and liabilities to other long-term investments are assigned to the
“other financial liabilities” category.
The membership capital of RZF is presented under other financial liabilities because the members have the right to demand redemption of the shares.
Financial guarantee contracts are initially measured at fair value. The higher of the
two following amounts is recognised based on the subsequent measurement: either
the amount determined pursuant to the provisions governing provisions or the original amount less cumulative amortisation.
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A financial liability is derecognised if its underlying obligation is satisfied, terminated or expired. If an existing financial liability is exchanged for another financial liability of the same creditor with substantially different contractual terms, or if the
terms of an existing liability are changed significantly, such an exchange or change
is treated as a derecognition of the original liability and a recognition of a new liability. The difference between the respective carrying amounts is recognised in net
income/loss for the period.
TRADE PAYABLES
Trade payables are initially measured at fair value. Subsequent measurement is
made at amortised cost using the effective interest method.
LEASES
Lease agreements that transfer all substantial risks and rewards incidental to ownership of an asset are recognised as finance leases. Property, plant and equipment rented on the basis of finance leases is recognised at fair value or at the lower present
value of the minimum lease payments as at the acquisition date. Such assets are depreciated on a straight-line basis over the expected useful life or over the shorter lease
term if the transfer of ownership at the end of the lease term is not sufficiently certain. The present value of the payment obligations resulting from the future lease payments is presented under financial liabilities.
All other lease transactions in which the risks and rewards incidental to ownership
of an asset are not substantially transferred are recognised as operating leases. Payments made or received in connection with an operating lease are generally recognised in the income statement on a straight-line basis over the term of the lease.
OTHER LIABILITIES
Other liabilities are recognised at the repayment amount.
Sale and leaseback transactions encompass the disposal of assets and their leaseback. The accounting treatment of any disposal gain or loss depends on whether the
lease agreement from this transaction must be classified as a finance lease or an
operating lease.
CONTINGENT LIABILITIES AND ASSETS
A contingent liability is a possible obligation that arises from past events and whose
existence will be confirmed only by the occurrence or non-occurrence of future
events not wholly within the control of the entity. Contingent liabilities also include
present obligations that arise from past events for which no provision has been recognised because the outflow of resources embodying economic benefits is not probable or cannot be measured with sufficient reliability. If the chance of a possible
outflow of resources embodying economic benefits is not remote, a disclosure is
made in the notes to the financial statements. Contingent liabilities are recognised
solely in connection with business combinations.
Contingent assets are not recognised, but instead only explained in the notes.
If a sale and leaseback transaction results in a finance lease with a disposal gain,
such a gain is not recognised immediately in full in profit or loss, but instead deferred and amortised on a straight-line basis over the term of the lease agreement.
If a sale and leaseback transaction results in an operating lease with a disposal gain
or loss, this gain or loss is generally recognised immediately if this transaction was
made at fair value. If the sale price is below the fair value, the gain or loss from
the sale of the leased asset is also recognised immediately except that, if the loss
is compensated for by future lease payments below market price, it is deferred and
amortised through profit or loss in proportion to the lease payments over the period
for which the asset is expected to be used. If the sale price exceeds the fair value,
this difference is deferred and amortised through profit or loss over the lease term.
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ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS
Among other items, derivative financial instruments are presented under financial
assets and financial liabilities in the Combined Financial Statements.
The changes in the fair value of derivatives that were designated for hedging the fair
value of certain assets or liabilities and that must be classified as a fair value hedge
are recognised in the income statement together with the changes to the fair value
of this asset or liability attributable to the hedged risk.
Derivative financial instruments are initially recognised at fair value as at the date
the contract is concluded and measured at fair value in subsequent periods. The effect of changes in the fair value on profit or loss generally depends on whether the
derivative was designated as a hedging instrument, and if so, on the hedged item.
If an off-balance-sheet firm commitment is designated as a hedged item, the subsequent cumulative changes in the fair value of the firm commitment attributable to
the hedged risk are recognised as an asset or liability with a corresponding gain or
loss recognised in profit or loss for the period.
The consolidated companies designate certain derivatives either as:
A fair value hedge ceases to be recognised if the hedging instrument expires, is
sold, becomes due or is exercised, or if the hedging transaction no longer satisfies
the requirements for hedge accounting. Any adjustment to the carrying amount of a
hedged financial instrument is amortised to profit and loss using the effective interest method.
hedges of the fair value of a recognised asset, liability or a fixed company obligation (fair value hedge) or
hedges of the cash flows of a recognised asset, liability or a highly probable forecast transaction (cash flow hedge).
At the inception of the transaction, the hedging relationship between the hedging
instrument and the underlying hedged item as well as the risk management objective and the underlying strategy for undertaking the hedge are documented. In addition, the effectiveness of the derivative is continually determined and documented
from the inception of the hedging relationship.
a) Fair Value Hedge
Replacing or continuing a hedging instrument through another hedging instrument
will in this case not constitute the expiration or termination of the hedging relationship if such a replacement or continuation is a part of the previously documented hedging strategy. The novation of a hedging instrument to a central counterparty
also does not constitute an end to the hedging relationship if the hedging instrument was novated due to statutory requirements, on account of the novation the
central counterparty becomes the contracting partner of all parties of a derivative
agreement, and there are no changes (except for those necessitated by the novation)
to the terms of the agreement underlying the original derivative.
The groups hedge against changes in the fair value of recognised assets, recognised liabilities, off-balance-sheet firm commitments and precisely defined portions of such assets, liabilities or firm commitments, if the change is attributable to
a specific risk and can impact the profit or loss for the period. For fair value hedges, the carrying amount of a hedged item is adjusted by the gain or loss from the
hedged item attributable to the hedged risk and the derivative financial instrument
is remeasured at its fair value.
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b) Cash Flow Hedge
c) Derivatives that do not Qualify for Hedge Accounting
A hedge is classified as a cash flow hedge when it hedges against the risk of cash
flow fluctuations that are attributable to a risk related to a recognised asset, a recognised liability or a highly probable forecast transaction, and that could have an effect on profit or loss for the period. The effective portion of changes in the fair value of derivatives that are designated to hedge the cash flow and represent qualified
hedges is recognised in equity.
Certain derivative financial instruments are not hedging instruments within the
meaning of a cash flow or fair value hedge. Changes in the fair value of these derivatives are recognised directly in the income statement.
In contrast, the ineffective portion of the changes in value is recognised directly in
the income statement.
The fair value of a specific asset or liability is the sale price of a hypothetical transaction (sale/transfer) conducted at arm’s length between market participants on the
primary or most advantageous market as at the measurement date.
Amounts recognised in equity are reclassified to profit or loss and reported as income or expenses in the period in which the hedged item has an effect on profit or
loss (e.g. when the hedged future sale takes place).
If a hedging instrument expires, is sold, or the hedge no longer satisfies the requirements for a cash flow hedge, the cumulative gains or losses remain in equity and
are recognised in the income statements only once the underlying transaction has
occurred. If the forecast transaction is no longer expected to occur, the cumulative
gain or loss that was recognised directly in equity must be recognised immediately
in profit or loss.
Under the terms for fair value hedges mentioned in paragraph a) above, the replacement or continuation of a hedging instrument through another hedging instrument and the novation of a hedging instrument to a central counterparty as a result
of existing or newly enacted statutory or regulatory provisions also do not constitute
the expiration or termination of the hedging relationship in the case of cash flow
hedges.
DETERMINATION OF FAIR VALUE
Fair value is calculated using market, cost and revenue-based measurement models. The three-level measurement hierarchy is used for the underlying input factors: Level 1 inputs are unadjusted quoted prices and market prices in the primary
or most advantageous active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 inputs are market data that can be
observed, either directly or indirectly, over the full term of the asset or liability. Level 3 inputs are unobservable parameters (not market-based) and shall only be used
if observable parameters are not available.
The fair value of derivatives traded in an active market is based on the quoted market price on the balance sheet date.
The fair value of interest rate swaps is calculated based on the present value of the
estimated future cash flows.
The fair value of currency forwards is determined using the forward exchange rates
as at the balance sheet date and discounted.
For trade receivables and payables, it is assumed that the nominal amount less allowances and any necessary discounting corresponds to the fair value.
The influence of credit risk is always taken into account when determining fair
value.
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Recognised capital market valuation techniques are used to determine the fair value
of investment properties.
REVENUE AND EXPENSE RECOGNITION
Revenue from the sale of goods to wholesalers, retailers and individual customers is
recognised once products have been delivered to a customer, the customer has accepted the goods, and the collectability of the resulting receivable is deemed sufficiently certain. Revenue is recognised net of trade discounts and rebates.
8. S
ignificant Accounting Judgements,
Estimates and Assessments
The preparation of the Combined Financial Statements in compliance with IFRS as
adopted into European law requires that judgements be made and estimates and
assessments be used, which impact on the amount and presentation of recognised
assets, liabilities, income, expenses and contingent liabilities.
JUDGEMENTS WHEN APPLYING ACCOUNTING POLICIES
If there are customer loyalty programmes, the revenue is reduced by the fair value
of the award credits expected to be redeemed. This deferred revenue is recognised
when awards are provided.
Income from the rendering of services is recognised in accordance with the stage
of completion in the ratio of the service provided to the service to be provided in the
financial year the service is provided.
Revenue for travel extending beyond the balance sheet date is recognised pro-rata
and accounted for accordingly in the pro-rata expenses.
Dividend income is recognised when the legal claim arises.
Interest income and expenses are recognised periodically using the effective interest method.
Preparing the financial statements in conformity with IFRS requires judgements.
All judgements are continually reassessed and are based on historical experience
and expectations with regard to future events that appear reasonable under the
given circumstances.
This applies in particular to the following circumstances:
hen determining the scope of consolidation, it was decided that 1,080 REWE
W
partner companies (previous year: 1,039) would be included as associates using the equity method due to lack of control. Control was negated despite certain opportunities to exert influence because the groups cannot determine these
companies’ relevant activities.
hen determining the scope of consolidation, it was decided that certain comW
panies would be included in the Combined Financial Statements as subsidiaries,
even absent the existence of an equity investment, because the groups exercise
control over these companies on account of special contractual relationships.
he groups hold equity investments in various real estate funds, which are in the
T
German legal form of a limited partnership (Kommanditgesellschaft), as limited
partners. Due to lack of control, it was decided that the interests in these funds
would be reported as shares in associates or as equity investments, depending
on the extent to which influence could be exerted.
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ESTIMATES AND ASSESSMENTS
Preparing the financial statements in conformity with IFRS requires estimates. All
estimates and assessments are updated continually and are based on historical experiences and additional factors, including expectations in terms of future events
that appear reasonable under the given circumstances. Naturally, estimates derived
in this way will very rarely correspond to the actual circumstances to come. Changes
are recognised in profit or loss when better knowledge is available.
Areas where assumptions and estimates are of decisive significance for the Combined Financial Statements are listed below:
Estimates of the economic useful lives of assets must be made when determining depreciation/amortisation.
Assets and liabilities must be identified in connection with purchase price allocations for business combinations and measured at fair value, which requires
that assumptions be made.
Goodwill acquired in connection with business combinations is allocated to
cash-generating units. An estimate of whether the goodwill is recoverable must
be made at least annually. The recoverable amount is calculated to determine
this, which requires assumptions to be made.
he carrying amount of a deferred tax asset is checked at each balance sheet
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date to determine whether it is still recoverable, i.e. whether future tax relief
can be realised. This requires making assumptions. The amount of provisions for
risks from expected tax audits and for litigation risks is also based on estimates
by management.
hen measuring provisions for expected losses from onerous contracts, the unW
derlying negative contribution margins are determined using planning data. In
that respect, forward-looking assumptions and estimates are inputs into the calculation. The subletting ratio is calculated using weighted actual subleases.
he annual financial statements of the associated REWE partner companies
T
were not yet available in final form when the Combined Financial Statements
were prepared. An estimate of the annual results of the REWE partner companies was made based on the preliminary annual financial statements, whereby
any necessary additional adjustments pursuant to IFRS provisions will be made.
he measurement of the fair values of investment properties requires estimates
T
with respect to the allocation between portions for buildings and land. The land
value is separated from the building portion for accounting treatment. The allocation ratio for the land and the building portion therefore affects the present
value of future earnings from the building.
hen measuring the liabilities from customer loyalty programmes, the fair value
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of the award credits and the proportion of unredeemed bonus points must be estimated. These estimates are made based on previously observed customer behaviour and are updated regularly.
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2015
CONTENTS
73 INCOME STATEMENT DISCLOSURES
73 9. REVENUE
74 10. OTHER OPERATING INCOME
75 11. COST OF MATERIALS
75 12. PERSONNEL EXPENSES
76 13. DEPRECIATION, AMORTISATION AND IMPAIRMENTS
77 14. OTHER OPERATING EXPENSES
78 15. RESULTS FROM COMPANIES ACCOUNTED FOR USING THE
EQUITY METHOD
78 16. R
ESULTS FROM THE MEASUREMENT OF
DERIVATIVE FINANCIAL INSTRUMENTS
78 17. INTEREST RESULT
79 18. OTHER FINANCIAL RESULT
79 19. TAXES ON INCOME
82 20. P
ROFIT OR LOSS ATTRIBUTABLE TO
NON-CONTROLLING INTERESTS
Income Statement Disclosures
The income and expenses of the discontinued operations presented under note 5
“Divestitures” are presented in a separate line in the income statement. For this
reason, the prior-year figures in the income statement were restated in accordance
with IFRS 5. Consequently, the disclosures of expenses and income for the financial
year and the previous year relate only to continuing operations.
Adjusted for currency effects, the International Full-Range Stores business segment
posted revenue growth in all countries in 2015, which amounted to 2.8 per cent
overall (0.2 per cent including currency translation effects). Russia, Bulgaria and
Ukraine generated especially high revenue increases. However, the revenue development in Russia and Ukraine is attributable primarily to the strong effect of inflation
arising from the currency decline and supply shortages. International Full-Range
Stores also saw continued positive revenue development in its core Austrian market,
driven in particular by the food retail sector.
9. Revenue
Revenue increased year-on-year by a total of 3.6 per cent.
Classification of Revenue by Business Segments
IN MILLION €
2015
2014
17,674.2
16,936.2
8,345.7
8,325.8
7,041.9
6,847.3
4,076.0
3,903.4
Travel and Tourism
3,843.9
3,401.1
2,120.4
2,097.3
Other
597.2
651.8
Total
43,699.3
42,162.9
Virtually all business segments recorded increases in revenue.
/ Income Statement Disclosures
In the National Full-Range Stores business segment revenue increased by 4.4 per
cent. This development was driven by REWE’s retail business and wholesale business, which primarily comprises supplying the REWE partner stores. It reflects in
particular the organic growth of the REWE partner stores.
Despite the planned closure of retail stores as part of the realignment, the National
Discount Stores business segment achieved a 2.8 per cent revenue gain. The positive development is primarily attributable to the expansion of the core product line
and greater expansion of sales campaigns. Positive effects were also generated from
the changeover of locations to the new store concept completed in 2015.
The International Discount Stores business segment closed 2015 with a revenue
increase of 4.4 per cent. All countries posted a positive development in revenues.
Business development in Romania and Hungary was particularly dynamic, where expansion activities as well as the positive development of the established retail stores
led to significant revenue growth. Additionally, business in Romania benefited from
the reduction in VAT that went into effect as at 1 June 2015.
The Travel and Tourism business segment posted a significant increase in revenue of 13.0 per cent. This positive development is attributable essentially to the
acquisition of the Kuoni companies (see Note 4 “Acquisitions”). Moreover, reve-
73
nue increases were posted in the component tourism (2.0 per cent) and travel sales
(0.7 per cent) strategic business units, as opposed to a slight decline in revenue in
the package tourism strategic business unit (-1.4 per cent). The overall positive revenue development was characterised by the significant increase in long-haul travel,
in particular in the Caribbean, North American and Indian Ocean destination areas.
The incoming business, which comprises primarily transfer and hospitality services
at destinations, also generated revenue increases.
The National Specialist Stores business segment only comprises revenue of the DIY
store strategic business unit. Revenue from DIY stores increased by 1.1 per cent
year on year. Due to the mild climate, significant revenue increases were generated
in particular by the garden hardware and garden leisure product lines. In addition,
the internal transfer of a plant warehouse at the end of 2014 from the Other business segment resulted in a corresponding revenue transfer to the National Specialist Stores business segment.
The decline in revenue in the Other business segment (8.4 per cent) resulted essentially from the disposal of Bekleidungshaus Kressner GmbH & Co KG in Wissen in
January 2015 as well as from the transfer of the Glocken Bäckerei stores to the National Full-Range Stores business segment. Positive revenue development was posted in particular at -EHA-Energie-Handels-Gesellschaft mbH & Co. KG, Hamburg,
and in the REWE digital business.
10. Other Operating Income
Breakdown of Other Operating Income
IN MILLION €
2015
2014
Income from additional services for goods traffic
735.2
696.5
Income from advertising services
647.6
576.9
Rental income
623.0
587.8
Income from other services
385.5
353.0
Income from the reversal of provisions
168.3
178.2
Income from the reversal of provisions with the nature of a liability
65.6
49.9
Income from the disposal of non-current assets
49.2
42.4
Income from reversals of impairment losses on non-current assets
16.6
20.5
Income from bad debts previously written off
14.3
16.3
Income from damage claims
10.8
12.6
Income from the collection of liabilities
9.3
12.0
Income from exchange rate changes
6.5
5.6
129.8
145.5
2,861.7
2,697.2
Miscellaneous other operating income
Total
The increase in other operating income essentially resulted from an increase in income
from advertising services, income from additional services for goods traffic, rental income and income from other services, all of which are closely linked to corresponding
other operating expenses, however.
The increase in advertising services is attributable to, among other items, increased
advertising activities in radio and television, print media, outdoor advertising and
increased use of advertising material in the National Full-Range Stores and National
Discount Stores business segments.
74
The increase in rental income is due primarily to the increase in rental income from
REWE partner stores in the National Full-Range Stores business segment. Positive effects here stemmed from the increase in the number of partner stores and the
higher sales-based rents due to increased revenue.
The increase in income from other services is attributable to, among other items,
the increased income from the provision of services to the REWE partner stores in
the National Full-Range Stores business segment. In addition, revenue in the Travel
and Tourism business segment increased due to the first-time consolidation of the
Kuoni companies.
The increase in income from the reversal of provisions with the nature of a liability resulted from, among other things, the greater reversal of provisions for risks from
tax audits for other taxes in the International Full-Range Stores business segment.
The income from the disposal of non-current assets resulted primarily from the disposal of shares in DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt
am Main, as well as from the disposal of property, plant and equipment in the International Full-Range Stores and Other business segments.
The income from write-ups of non-current assets comprise essentially reversals
of impairment losses on land and buildings of the International Full-Range Stores
business segment in the amount of 14.0 million euros. Please see the remarks
under note 13 “Depreciation, Amortisation and Impairment” for the determination
basis.
11. Cost of Materials
Breakdown of Cost of Materials
IN MILLION €
Cost of raw materials, consumables and supplies, and of
purchased goods
Cost of purchased services
Total
2015
2014
29,265.8
28,505.6
3,298.5
2,964.8
32,564.3
31,470.4
Including changes in inventories, the cost of materials rose by 3.4 per cent, slightly slower than revenue. The gross margin thus increased by 0.2 percentage points to
25.6 per cent.
12. Personnel Expenses
Breakdown of Personnel Expenses
IN MILLION €
2015
2014
Wages and salaries
4,682.5
4,462.3
Social security, pension plans and other employee benefit costs
1,074.5
1,024.8
Total
5,757.0
5,487.1
75
The increase in personnel expenses is essentially attributable to the 2015 pay-scale
increase and the acquisition of the Kuoni companies.
13. D
epreciation, Amortisation and
Impairments
The interest cost on provisions for employee benefits (see note 33 “Employee Benefits”) is not reported under expenses for pension plans, but under interest result as
the net interest expense from defined benefit plans.
Breakdown of Depreciation, Amortisation and Impairments
Expenses of 437.8 million euros (previous year: 414.7 million euros) were incurred
for defined contribution plans in the financial year. The employer’s contribution to
statutory pension insurance totalled 427.4 million euros (previous year: 401.0 million euros).
IN MILLION €
2015
Depreciation and amortisation
859.9
805.6
Depreciation of property, plant and equipment
809.0
766.3
49.6
37.8
1.3
1.5
Impairments
65.1
44.6
Impairments of property. plant and equipment
48.5
44.2
Goodwill impairments
Amortisation of intangible assets
Average Number of Employees
Depreciation of investment properties
AVERAGE NUMBER
2015
Full-time employees
Part-time employees and marginal part-time workers
Trainees
Total
2014
96,378
97,085
112,984
113,841
5,772
5,488
215,134
216,414
Of the number of employees mentioned above, 3,179 (previous year: 7,559) are attributable to business units that have been classified as discontinued operations.
The number of employees increased in continuing operations through both a slight
increase as well as the addition of a total of 1,022 employees of the consolidated
Kuoni companies.
2014
12.6
0.0
Impairments of investment properties
2.6
0.1
Impairments of intangible assets
1.4
0.3
925.0
850.2
Total
The impairments of property, plant and equipment concern real estate in particular. They were mainly taken in the International Full-Range Stores business segment
at BILLA Croatia (13.4 million euros). Impairments on real estate were taken in the
Other business segment in the amount of 18.3 million euros.
The properties’ value in use was determined based on property-based cash flow budgets and country-specific capital charges. Market-price-based processes and capital
market valuation techniques were used to determine the fair values less costs to sell.
The measurement included appraisals, knowledge from sale negotiations and other
market assessments. As far as possible, the fair values were derived from prices directly or indirectly observed in the market. In all other cases, the fair values were determined on the basis of inputs that were not based on data observable in the market.
76
The goodwill impairments solely concern the Travel Sales CGU group (also see in this regard Note 21 “Intangible assets”).
14. Other Operating Expenses
Breakdown of Other Operating Expenses
Advertising expenses increased, as in the previous year, primarily in the National Full-Range Stores business segment due to the participation in a customer loyalty programme.
IN MILLION €
2015
Expenses for rents and leases
1,677.3
2014
1,654.7
Advertising expenses
928.1
860.0
Other occupancy costs
814.1
827.7
Expenses from supplementary payments for goods traffic
735.2
696.5
Expenses for maintenance and consumables
681.2
674.0
Vehicle fleet, freight
551.4
532.9
Expenses for third-party services
427.1
384.6
General and administrative expenses
278.6
247.9
Voluntary social benefits
89.6
86.1
Addition to provision for contingent losses from onerous contracts
54.5
60.2
Travel expenses
42.8
39.6
Losses on the disposal of non-current assets
36.9
35.1
Losses on writedowns on receivables
35.7
32.6
CRS communication, IT (Travel and Tourism)
35.5
31.0
Contributions, fees and duties
29.4
25.7
Other taxes
27.7
29.2
Insurance
24.7
24.1
Other personnel expenses
18.6
15.6
283.4
289.7
6,771.8
6,547.2
Miscellaneous other operating expenses
Total
The increase in other operating expenses essentially resulted from an increase in
advertising expense, the expense for third-party services, the expense from additional services for goods traffic and for administration. Some of these services are closely related to the corresponding items of other operating income. In contrast, there
was a decrease in expenses for other occupancy costs as well as the addition to the
provision for expected losses from onerous contracts.
For third-party services, expenses for outside staffing in the Other and National FullRange Stores business segments saw the primary increases. The Other business
segment made greater use of outside staffing, especially for IT. In the National FullRange Stores business segment, external service providers were increasingly used
for logistics in particular.
The increase in administrative expenses essentially resulted from the increase of
project costs for internal restructuring measures in the National Full-Range Stores
and Travel and Tourism business segments as well as from the first-time consolidation of the Kuoni companies.
The decline of other occupancy costs primarily concerns the National Full-Range
Stores and National Discount Stores business segments and resulted, among other items, from reduced energy prices, energy conservation measures as well as lower prices for heating oil.
The decline in additions to the provision for expected losses from onerous contracts
is primarily attributable to the International Full-Range Stores and National Discount Stores business segments.
77
15. Results from Companies Accounted for
Using the Equity Method
The measurement of stand-alone currency derivatives in the financial year led to a
loss of 1.7 million euros (previous year: gain of 0.2 million euros) and the measurement of stand-alone interest rate swaps resulted in a gain of 0.4 million euros (previous year: loss of 0.8 million euros).
Of the results from companies accounted for using the equity method in the financial year, an amount of 1.7 million euros was attributable to companies classified
as joint ventures (previous year: 3.9 million euros). The decline essentially resulted
from the lower results of a company in Switzerland due to exchange rate effects.
Moreover, the measurement of currency derivatives designated as hedging instruments in fair value hedges resulted in a loss of 0.3 million euros (previous year: loss
of 0.2 million euros).
The companies classified as associates contributed 23.9 million euros (previous
year: 30.2 million euros) to the results from companies accounted for using the equity method. The decline is primarily attributable to an impairment loss of 17.7 million euros (previous year: 0.0 million euros). The improved results of the partner
companies compared to the previous year had a slightly offsetting effect on the results from companies accounted for using the equity method.
16. Results from the Measurement of
Derivative Financial Instruments
Derivative financial instruments are used to hedge interest rate, foreign exchange,
and commodities price risks. These derivative financial instruments are explained in
note 41 “Disclosures of Financial Instruments”.
The measurement of the derivative financial instruments resulted in a loss of
3.8 million euros in the financial year (previous year: loss of 0.8 million euros). The
negative result was due mainly from the fair value measurement of currency derivatives in the cash flow hedge. The results from that totalled -2.2 million euros (previous year: 0.0 million euros). Of that amount, expenses in the amount of 3.3 million euros (previous year: 0.0 million euros) are from the ineffective portion of the
hedge.
17. Interest Result
Breakdown of Interest Result
IN MILLION €
2015
Interest and similar income
20.3
42.8
Interest income from taxes
11.7
33.7
Interest income from financing activities
2.5
1.8
Other interest income
6.1
7.3
Interest and similar expenses
-75.1
-91.9
Interest expense from financing activities
-28.7
-28.3
Interest expense from taxes
-21.4
-20.5
Interest expense from additions to defined-benefit pension provisions
-11.2
-17.8
Interest expense from finance leases
-5.1
-3.8
Interest expense from discounting assets and
compounding liabilities
-2.2
-16.2
Interest expense from derivative financial instruments
-0.6
-0.6
Other interest expense
-5.9
-4.7
-54.8
-49.1
Total
2014
78
The interest result declined by 5.7 million euros. Specifically, there were the following significant changes:
in associates, which, for reasons of immateriality, are not accounted for using the
equity method.
Interest income from taxes declined by 22.0 million euros. It relates primarily to interest on corporate income tax, trade tax and VAT reimbursement claims as well as
income from the reversal of provisions for interest on tax audit risks.
The increase of other expenses compared to the previous year is essentially attributable to higher write-downs of equity investments and exchange rate effects during
the financial year.
The net interest expense from defined benefit pension plans essentially resulted
from the compounding of obligations for pensions and similar post-employment obligations. For the changes in the measurement parameters and of the net interest
expense from defined benefit pension plans, see note 33 “Employee Benefits”.
19. Taxes on Income
Interest expense from discounting assets and compounding liabilities decreased by
14.0 million euros year on year. In the previous year, the high amount resulted essentially from changes in interest rates for compounding personnel provisions.
Breakdown of Total Taxes on Income
IN MILLION €
2015
18. Other Financial Result
Current tax expense
of which: taxes on income for the financial year
of which: taxes on income for previous years
Breakdown of Other Financial Result
Deferred taxes
Total taxes on income
2014
-157.6
-86.5
-143.5
-107.4
-14.1
20.9
23.8
-39.1
-133.8
-125.6
IN MILLION €
2015
Income from equity investments
2014
5.6
6.3
0.7
3.6
Other income and expenses
-27.4
-19.3
Total
-21.1
-9.4
Income from loans
Income from equity investments resulted mainly from dividends from DZ BANK AG
Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, and distributions by
real estate funds. Income from equity investments also includes income from shares
79
Source of Deferred Tax Assets and Liabilities on Temporary
Differences due to Different Carrying Amounts of Balance
Sheet Items
Deferred tax assets on tax loss carryforwards and temporary differences were recognised based on medium-term planning approved by management, reflecting tax
adjustments.
IN MILLION €
31 Dec. 2015
Deferred
tax assets
31 Dec. 2014
Deferred
tax liabilities
Deferred
tax assets
Deferred
tax liabilities
ASSETS
140.8
180.4
125.0
159.1
97.7
313.0
71.5
287.4
Non-current financial assets
20.6
29.5
20.3
16.0
Intangible assets
Inventories
64.0
4.7
73.0
3.2
Receivables and other assets
23.4
21.3
50.8
61.2
135.2
0.0
115.2
0.0
Interest carryforwards
6.5
0.0
0.6
0.0
Other off-balance sheet
transactions
1.3
0.0
1.3
0.0
Provisions
392.1
45.8
401.9
45.4
Liabilities
106.4
32.4
89.8
57.9
988.0
627.1
949.4
630.2
-487.0
-487.0
-482.1
-482.1
501.0
140.1
467.3
148.1
Loss carryforwards
To the extent that the realisation of the deferred tax asset depends on future taxable profits exceeding the earnings impact from the reversal of existing taxable temporary differences, deferred tax assets were recognised only if there were sufficient
substantial indications for their realisation in future periods.
The increase of deferred tax assets essentially resulted from the first-time consolidation of the Kuoni companies and a higher recognition of deferred tax assets on loss
carryforwards of RZF due to an improved use forecast.
Total deferred tax assets/
liabilities
Offsetting
Amount recognised in the
balance sheet
80
Composition of Loss Carryforwards for Which No Deferred
Taxes Were Recognised
IN MILLION €
2015
2014
The increase in corporate income tax loss carryforwards essentially resulted from the
loss carryforwards of the Kuoni companies. The decline of trade tax loss carryforwards resulted primarily from utilization during the financial year. The unrecognised
trade tax loss carryforwards declined as a result of the profit planning and the resulting forecast on future use.
Change in Deferred Tax Assets and Liabilities
Corporate income tax (KSt)
KSt – loss carryforwards as at 31 Dec.
KSt – unrecognised loss carryforwards as at 31 Dec.
1,298.9
1,180.7
839.9
779.6
IN MILLION €
KSt – unrecognised loss carryforwards – expiration within 1 year
15.3
0.0
KSt – unrecognised loss carryforwards – expiration within 2 years
11.1
10.2
14.9
39.3
Deferred taxes
14.9
14.6
Year-on-year change
10.3
14.0
773.4
701.5
Change in deferred taxes on items recognised directly in equity
(IAS 39, IAS 19)
KSt – unrecognised loss carryforwards – expiration after 5 years or no
expiration
Trade tax (GewSt)
2015
2014
360.9
319.3
41.7
-25.6
3.3
15.4
13.1
-1.7
Change in deferred taxes from exchange rate changes recognised
directly in equity
0.5
0.6
Change in deferred taxes due to temporary differences recognised
through profit and loss
-2.1
-59.4
Change in deferred taxes from acquisitions/divestments recognised
directly in equity
GewSt – loss carryforwards as at 31 Dec.
735.4
813.6
GewSt – unrecognised loss carryforwards as at 31 Dec.
352.9
529.8
GewSt – unrecognised loss carryforwards – no expiration
352.9
529.8
Losses pursuant to § 15a EStG as at 31 Dec.
31.3
18.2
Change in deferred taxes due to loss and interest carryforwards
recognised through profit and loss
25.9
19.5
Losses pursuant to § 15a EStG – unrecognised loss carryforwards as
at 31 Dec.
28.1
16.8
Change in deferred tax liabilities from discontinued operations
1.0
0.0
Losses pursuant to § 15a EStG – unrecognised loss carryforwards –
no expiration
28.1
16.8
31.5
4.9
Interest carryforward pursuant to § 4h EStG unrecognised as
at 31 Dec.
5.3
1.6
Interest carryforward pursuant to § 4h EStG – unrecognised –
no expiration
5.3
1.6
Losses pursuant to § 15a German Income Tax Act (EStG)
Interest carryforward pursuant to § 4h EStG
Interest carryforward pursuant to § 4h EStG as at 31 Dec.
The change in deferred taxes recognised directly in equity resulted primarily from
the change in financial instruments measured pursuant to IAS 39 and in pension
commitments measured pursuant to IAS 19. In addition to the tax effects reported in the statement of comprehensive income, the change in deferred taxes recognised directly in equity also includes the effects from the increase/decrease in deferred taxes recognised directly in equity as a result of acquisitions or disposals, as
well as currency translation effects for the tax items. The change in deferred taxes
81
recognised directly in equity in connection with acquisitions and divestitures during
the financial year primarily concerns the acquisition of the Kuoni companies.
Reconciliation of the Expected Income Tax to the
Actual Income Tax Expense
The effective tax rate in the financial year was 26.0 per cent (previous year: 28.8
per cent). The change in the tax rate compared to the previous year essentially resulted from permanent tax effects as a result of unrecognised taxable earnings adjustments and different carrying amounts for tax purposes, as well as from the opposing effect on earnings from tax charges for previous years.
IN MILLION €
2015
Earnings before taxes, continuing operations
2014
519.9
498.4
Earnings before taxes, discontinued operations
-1.8
-55.9
Profit before taxes on income: profit (+)/loss (-)
518.1
442.5
Anticipated tax rate
30.0 %
30.0 %
Anticipated tax expense
-155.4
-132.7
Effects of different tax rates on the tax rate
15.5
0.8
Effects from tax rate changes
-1.6
4.8
-47.8
16.0
-1.8
-1.4
-29.7
-35.3
6.8
6.8
-23.8
-22.5
Effects of permanent effects
71.9
2.4
Effects from transfers of assessment bases from/to
non-consolidated companies
-5.7
-1.2
Effects from recognition adjustments and write-downs of
deferred tax assets
40.1
29.5
Effects from equity consolidation
-3.2
5.3
Total tax income (+)/tax expense (-) as per reconciliation
-134.7
-127.5
of which: from continuing operations
-133.8
-125.6
-0.9
-1.9
Effects from taxes from previous years recognised in the
financial year
Effects of non-allowable income taxes
(withholding and foreign taxes)
Effects from non-deductible operating expenses
Effects of tax-free income
Effects from trade tax add-backs/reductions
of which: from discontinued operations
The Group tax rate for 2015 remains unchanged at 30.0 per cent, consisting of the
corporate income tax with a tax rate of 15.0 per cent and the solidarity surcharge,
which is levied at 5.5 per cent on the corporate income tax, in addition to the trade
income tax.
As at 31 December 2015, as on the previous year’s balance sheet date, almost no
deferred tax liabilities on undistributed profits of subsidiaries, joint ventures or associates were recognised because a distribution of these profits in the foreseeable
future is not intended or discernible. Instead, these profits are continually reinvested.
The temporary differences in connection with investments in subsidiaries, joint ventures and associates, for which no deferred tax liabilities were recognised, were
616.9 million euros (previous year: 512.2 million euros) as at the balance sheet
date. The increase in temporary differences essentially resulted from the continued
development of the consolidated carrying amounts for Austrian Group companies.
20. Profit or Loss Attributable to
Non-controlling Interests
The profit attributable to non-controlling interests was 4.9 million euros (previous
year: 2.3 million euros).
82
2015
CONTENTS
83
83
88
90
91
94
95
97
98
99
BALANCE SHEET DISCLOSURES
21. INTANGIBLE ASSETS
22. PROPERTY, PLANT AND EQUIPMENT
23. INVESTMENT PROPERTIES
24. LEASES
25. COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD
26. OTHER FINANCIAL ASSETS
27. TRADE RECEIVABLES
28. OTHER ASSETS
29. INVENTORIES
99
99
100
102
114
117
119
120
121
30.
31.
32.
33.
34.
35.
36.
37.
38.
CURRENT AND DEFERRED TAXES
CASH AND CASH EQUIVALENTS
EQUITY
EMPLOYEE BENEFITS
OTHER PROVISIONS
OTHER FINANCIAL LIABILITIES
TRADE PAYABLES
OTHER LIABILITIES
CASH FLOW STATEMENT
Balance Sheet Disclosures
21. Intangible Assets
Change in Intangible Assets
IN MILLION €
Concessions, favourable
contracts, industrial
property rights and similar
rights as well as licenses
to such rights
Customer
relationships
Prepayments
and assets under
development
Goodwill
Total
Cost
As at 1 Jan. 2014
702.5
6.9
1,671.7
19.5
2,400.6
Currency translation
-0.2
0.0
-23.7
0.0
-23.9
Additions to/disposals from scope of consolidation
-0.3
0.0
1.5
0.0
1.2
-167.2
0.0
-44.2
0.0
-211.4
Reclassifications of assets held for sale
Additions from acquisitions
22.2
1.8
10.0
0.0
34.0
Additions
43.3
0.0
3.3
26.0
72.6
Disposals
-16.3
0.0
-3.2
-0.3
-19.8
-5.1
0.0
0.0
-8.1
-13.2
578.9
8.7
1,615.4
37.1
2,240.1
1.5
0.1
-8.2
0.0
-6.6
0.6
0.0
0.4
0.0
1.0
-2.3
0.0
0.0
0.0
-2.3
51.6
0.9
138.7
0.0
191.2
Additions
92.7
0.0
2.5
31.9
127.1
Disposals
-39.1
0.0
-1.3
-4.2
-44.6
37.0
0.0
0.0
-36.0
1.0
720.9
9.7
1,747.5
28.8
2,506.9
Reclassifications
As at 31 Dec. 2014/1 Jan. 2015
Reclassifications
As at 31 Dec. 2015
/ Balance Sheet Disclosures
Part 1
83
Change in Intangible Assets
IN MILLION €
Concessions, favourable
contracts, industrial
property rights and similar
rights as well as licenses
to such rights
Customer
relationships
Prepayments
and assets under
development
Goodwill
Total
As at 1 Jan. 2014
517.6
0.0
493.6
0.3
1,011.5
-0.3
0.0
0.0
0.0
-0.3
-136.4
0.0
-44.2
0.0
-180.6
37.2
1.2
0.0
0.1
38.5
0.0
0.0
0.0
0.3
0.3
-15.4
0.0
-0.8
0.0
-16.2
Reversals of impairment losses
-1.7
0.0
0.0
0.0
-1.7
Reclassifications
-3.6
0.0
0.0
0.1
-3.5
397.4
1.2
448.6
0.8
848.0
0.8
0.0
0.0
0.0
0.8
-0.6
0.0
0.0
0.0
-0.6
Additions
48.3
1.3
0.0
0.0
49.6
1.4
0.0
12.6
0.0
14.0
Additions
Impairments
Disposals
As at 31 Dec. 2014/1 Jan. 2015
Impairments
-26.8
0.0
0.0
-0.5
-27.3
-1.1
0.0
0.0
0.0
-1.1
0.1
0.0
0.0
0.0
0.1
As at 31 Dec. 2015
419.5
2.5
461.2
0.3
883.5
Carrying amount as at 1 Jan. 2014
184.9
6.9
1,178.1
19.2
1,389.1
Carrying amount as at 31 Dec. 2014/1 Jan. 2015
181.5
7.5
1,166.8
36.3
1,392.1
Carrying amount as at 31 Dec. 2015
301.4
7.2
1,286.3
28.5
1,623.4
Disposals
Reclassifications
Part 2
84
Favourable contracts were recognised as intangible assets if contracts were taken
over in connection with a business combination whose terms and conditions were
more favourable than the market conditions at the date of the business combination.
Internally generated intangible assets in use amounting to 88.7 million euros are
presented in the financial year (previous year: 72.3 million euros). In addition, there
are internally generated intangible assets still in development. The internally generated intangible assets primarily concern software products. Additional research
and development expenses of 58.0 million euros (previous year: 49.0 million euros)
were incurred in the financial year. These expenses were not capitalised as internally generated intangible assets because the recognition requirements were not satisfied.
The cumulative cost and/or cumulative depreciation was reclassified if it was attributable to assets that were recognised under other items of non-current assets and
that must now be presented in other items.
With regard to the impairment losses during the financial year, please see the remarks under note 13 “Depreciation, Amortisation and Impairments”.
Collateral of 0.7 million euros was given for liabilities for intangible assets. In addition, purchase commitments in the amount of 0.3 million euros (previous year:
0.7 million euros) were entered into for intangible assets.
GOODWILL
Breakdown of Goodwill by CGU Groups
IN MILLION €
Group of cash-generating units
31 Dec. 2015
31 Dec. 2014
427.3
426.2
Component tourism
243.8
243.8
187.7
182.9
Kuoni
139.0
0.0
toom Baumarkt DIY stores
79.9
79.5
Travel sales
62.1
74.7
51.8
50.5
BILLA Russia
47.0
61.6
Package tourism
27.4
27.3
EHA
7.1
7.1
Digital
7.0
7.0
PENNY Italy
6.2
6.2
1,286.3
1,166.8
Total goodwill
The first-time consolidation of the Kuoni companies resulted in goodwill in the
amount of 139.0 million euros as of the reporting date. The purchase price allocation is not yet completed due to the proximity in time to the closing date. In addition, the acquisition of the Kuoni companies entails an extensive restructuring and
realignment of the Travel and Tourism business segment, which will finally be completed in 2016. The goodwill has not yet been allocated to a CGU group for these
reasons. The increase compared to the acquisition date in the amount of 0.3 million euros resulted from changes in foreign exchange rates (also see in this regard
Note 4 “Acquisitions”).
85
The lower goodwill of the travel sales CGU group resulted from two offsetting effects. On the one hand, a completed asset deal within the CGU group led to a minor
increase in goodwill of 0.1 million euros. On the other hand, a recoverable amount
of 40.1 million euros was calculated in connection with the interim impairment
test for the travel sales CGU group. As the carrying amount of the CGU group as of
the measurement date in the amount of 52.7 million euros exceeded the recoverable amount, an impairment loss on goodwill in the amount of the 12.6 million euros was recognised.
At the BILLA Russia CGU group, the negative exchange rate changes resulted in
a decrease in goodwill of 14.6 million euros. Advantageous changes in foreign exchange rates at the PENNY Czech Republic and BILLA Czech Republic CGU groups
led to an increase in goodwill of 4.8 million euros and 1.3 million euros, respectively.
Potential Impairment Risk with a Change to a
Significant Parameter
The increase of 0.4 million euros in goodwill allocated to the toom Baumarkt DIY
stores CGU group resulted from the acquisition of shares during the financial year.
Impairments
in million €
Component tourism
1.0
0.0
Travel sales
0.5
16.4
Component tourism
There was an increase in goodwill in the amount of 1.1 million euros at the National
Full-Range Stores CGU group due to additional acquisitions in the financial year. Of
that amount, 0.2 million euros is attributable to the acquisition of the merchandise
business of Gleichmann-Verwaltungsgesellschaft mbH and an additional 0.9 million
euros to individual acquisitions in connection with partners.
WACC
Change in
percentage points
Travel sales
Growth discount
Change in
percentage points
Impairments
in million €
-0.75
0.0
-0.5
15.8
EBIT perpetual
annuity
Change in %
Impairments
in million €
Component tourism
-20.0
0.0
Travel sales
-10.0
16.6
As part of sensitivity analyses, the potential effects from changes in the weighted
cost of capital, country-specific growth discounts or in the EBIT for the last planning year are analysed, as are combinations of these significant measurement parameters to future cash flows.
At the component tourism CGU group, the sensitivity analyses showed the potential
impairments of goodwill presented in the table below:
86
Potential Impairment Risk with a Change to Two
Significant Parameters
WACC
Change in
percentage points
Growth discount
Change in
percentage points
Impairments
in million €
Component tourism
1.0
-0.5
8.3
Travel sales
0.5
-0.5
19.0
WACC
Change in
percentage points
EBIT perpetual
annuity
Change in %
Impairments
in million €
Component tourism
1.0
-10.0
13.9
Travel sales
0.5
-10.0
19.9
For the remaining CGU groups, realistic changes did not reveal any potential need
to recognise an impairment.
87
22. Property, Plant and Equipment
Change in Property, Plant and Equipment
IN MILLION €
Land and
buildings
Leasehold
improvements
Technical equipment and
machinery
Other equipment, operating
and office equipment
Prepayments
and assets under
construction
Total
Cost
As at 1 Jan. 2014
5,694.8
1,747.2
417.0
5,642.3
296.1
13,797.4
-92.6
-15.6
-2.1
-32.0
-4.4
-146.7
-16.9
0.4
-6.1
-5.6
3.8
-24.4
-53.2
-137.8
-3.2
-122.6
-1.7
-318.5
0.9
0.0
0.0
0.6
0.0
1.5
Additions
309.2
164.5
55.9
726.9
99.0
1,355.5
Disposals
-72.3
-73.5
-4.0
-453.2
-10.4
-613.4
61.3
18.7
18.9
23.6
-175.8
-53.3
5,831.2
1,703.9
476.4
5,780.0
206.6
13,998.1
-12.0
-1.6
-1.4
-2.6
-0.5
-18.1
5.6
0.0
0.0
0.0
2.5
8.1
-116.5
0.7
-38.2
-21.8
0.0
-175.8
27.8
7.2
1.1
14.7
0.5
51.3
Additions
396.3
140.2
39.0
618.3
96.6
1,290.4
Disposals
-68.7
-99.9
-12.8
-447.0
-24.3
-652.7
59.1
17.4
3.2
5.5
-96.9
-11.7
6,122.8
1,767.9
467.3
5,947.1
184.5
14,489.6
Reclassifications
As at 31 Dec. 2014/1 Jan. 2015
Reclassifications
As at 31 Dec. 2015
Part 1
88
Change in Property, Plant and Equipment
IN MILLION €
Land and
buildings
Carried forward: As at 31 Dec. 2015
Leasehold
improvements
Technical equipment and
machinery
Other equipment, operating
and office equipment
Prepayments
and assets under
construction
184.5
14,489.6
Total
6,122.8
1,767.9
467.3
5,947.1
1,876.4
1,056.9
160.2
3,488.3
1.0
6,582.8
-20.1
-5.2
-0.5
-14.6
-0.2
-40.6
-8.8
0.0
-5.7
-5.7
0.0
-20.2
-19.9
-132.1
-2.4
-93.1
0.0
-247.5
Additions
152.4
93.6
36.7
505.7
0.0
788.4
45.8
28.8
0.0
2.6
0.0
77.2
Disposals
-39.7
-61.2
-2.7
-425.5
0.0
-529.1
-22.7
0.0
0.0
-0.5
0.0
-23.2
Reclassifications
-14.0
1.9
-5.8
5.2
0.0
-12.7
1,949.4
982.7
179.8
3,462.4
0.8
6,575.1
-2.4
0.3
-0.6
0.0
-0.1
-2.8
-0.1
0.0
0.0
0.0
0.0
-0.1
-34.5
0.7
-21.4
-13.7
0.0
-68.9
Additions
161.9
93.7
38.9
526.6
0.0
821.1
72.3
0.1
0.4
4.9
0.5
78.2
Disposals
-34.8
-91.8
-11.7
-416.9
0.0
-555.2
-14.7
-1.2
0.0
-0.2
0.0
-16.1
-9.0
2.7
0.5
-1.6
0.0
-7.4
As at 31 Dec. 2015
2,088.1
987.2
185.9
3,561.5
1.2
6,823.9
3,818.4
690.3
256.8
2,154.0
295.1
7,214.6
3,881.8
721.2
296.6
2,317.6
205.8
7,423.0
4,034.7
780.7
281.4
2,385.6
183.3
7,665.7
As at 1 Jan. 2014
Impairments
As at 31 Dec. 2014/1 Jan. 2015
Impairments
Reclassifications
Part 2
89
The additions to the scope of consolidation in the 2015 financial year essentially
concern AVM Immobilien GmbH, domiciled in Wiener Neudorf, Austria and Allib
Rome S.R.L., domiciled in Bucharest, Romania. The companies presented under
the item “Reclassification of assets held for sale” are essentially those of the BILLA
Romania business unit (see note 5 “Divestitures”). The additions from acquisitions
are described under Note 4 “Acquisitions”. The other additions comprise in particular investments for expanding the store network as well as capital expenditures for
replacements and expansions at retail stores, warehouse sites and production companies. The majority of the disposals resulted from the disposal or scrapping of operating and office equipment.
The cumulative cost and/or cumulative depreciation was reclassified if it was attributable to assets that were recognised under other items of non-current assets and
that must now be presented in other items. With regard to the impairment losses
taken on property, plant and equipment during the financial year, please see the remarks under note 13 “Depreciation, Amortisation and Impairments”. With regard
to the reversals of impairment losses, please see the remarks under note 10 “Other
Operating Income”.
No borrowing costs were capitalised in the financial year (previous year: 0.5 million
euros).
23. Investment Properties
Change in Investment Properties
IN MILLION €
Cost
As at 1 Jan. 2014
59.7
Reclassification as discontinued operations
-2.1
Additions
0.1
Disposals
-14.8
Reclassifications
55.7
As at 31 Dec. 2014/1 Jan. 2015
98.6
Additions
3.3
Disposals
-21.0
Reclassifications
10.8
As at 31 Dec. 2015
91.7
Part 1
Property, plant and equipment in the amount of 585.3 million euros (previous year:
520.2 million euros) serves as collateral for financial liabilities. Purchase commitments of 105.0 million euros (previous year: 127.6 million euros) were entered
into for property, plant and equipment. Compensation of 0.4 million euros (previous
year: 1.9 million euros) was received and recognised in net profit or loss for property, plant and equipment that was impaired, lost or removed from operation.
90
0.4 million euros (previous year: 0.1 million euros) of operating expenses are attributable to properties without rental income.
Change in Investment Properties
The fair value of investment properties is 64.1 million euros (previous year:
74.7 million euros).
IN MILLION €
As at 1 Jan. 2014
35.5
Reclassification as discontinued operations
-1.4
Additions
1.6
Impairments
0.1
Disposals
-4.6
Reclassifications
16.1
As at 31 Dec. 2014/1 Jan. 2015
47.3
Additions
1.3
Impairments
2.6
Disposals
Reclassifications
Part 2
-14.2
7.3
As at 31 Dec. 2015
44.3
24.2
51.3
47.4
The carrying amount of investment properties declined primarily through disposals.
This decline in the carrying amount was lessened by compensating effects from additions of new properties. Changes in the rental agreements during the year resulted
in reclassifications of properties from property, plant and equipment to investment
properties. Almost all of these reclassified properties were sold during the financial
year however.
Recognised valuation techniques (discounted value of future earnings method) are
used to determine the fair value. Based on the inputs to the valuation techniques
used, fair value measurement is categorised to level 3 in accordance with the measurement hierarchy used to measure fair value. In addition to reasonable management costs and market rents, rental income from current rental agreements was also
used as a key measurement parameter. The discount rate for properties factors in
the individual situation and condition of each property. More information on determining fair value can be found in note 13 “Depreciation, Amortisation and Impairments”. Appraisals are made by independent experts in some cases.
24. Leases
Real estate from finance leases is also presented under property, plant and equipment. It is included in the “Land and buildings” item in an amount of 238.2 million euros (previous year: 164.0 million euros).
Many of the leased properties are partially or fully subleased. A majority of the subleasing is made to companies in connection with the REWE partnership model. The
lease agreements have varying terms and conditions, rent increase clauses and renewal options. Purchase options are not normally included.
In addition, assets classified as other operating and office equipment are leased in
connection with operating leases with short-term termination clauses.
The rental income from these properties during the financial year was 5.3 million
euros (previous year: 6.4 million euros). The operating expenses for these properties amounted to 2.4 million euros (previous year: 2.4 million euros). An additional
91
FINANCE LEASES AS LESSEE
Reconciliation of Minimum Lease Payments to be Paid to
the Recognised Present Value of the Obligation
Allocation of the Minimum Lease Payments, the Discounting and Present Value of the Minimum Lease Payments by
Residual Maturity
IN MILLION €
IN MILLION €
31 Dec. 2015
31 Dec. 2014
Total minimum lease payments from finance leases
293.1
202.0
Discounting
-49.7
-30.3
Present value of liabilities from finance leases
243.4
171.7
Up to 1 year
1 to 5 years
More than
5 years
31 Dec. 2015
Total minimum lease payments
from finance leases
27.2
73.4
192.5
293.1
Discounting
-5.7
-19.2
-24.8
-49.7
Present value of liabilities from
finance leases
21.5
54.2
167.7
243.4
Up to 1 year
1 to 5 years
More than
5 years
31 Dec. 2014
Total minimum lease payments
from finance leases
21.2
66.4
114.4
202.0
Discounting
-4.1
-12.6
-13.6
-30.3
Present value of liabilities from
finance leases
17.1
53.8
100.8
171.7
The change in the present value of lease commitments arises in particular from new
properties under finance leases as well as through scheduled repayments of lease
commitments.
92
OPERATING LEASES AS LESSEE
OPERATING LEASES AS LESSOR
Total Future Minimum Lease Payments to be Paid
Resulting from Non-cancellable Operating Leases
Total Future Expected Lease Payments Resulting from
Non-cancellable Operating Leases
IN MILLION €
IN MILLION €
31 Dec. 2015
31 Dec. 2014
Up to 1 year
1,649.0
1,627.8
1 to 5 years
5,052.5
More than 5 years
Future payments on operating leases
31 Dec. 2015
31 Dec. 2014
Up to 1 year
584.8
522.5
4,913.1
1 to 5 years
1,714.2
1,534.7
4,499.6
4,344.2
More than 5 years
1,467.4
1,305.5
11,201.1
10,885.1
Future payments expected from operating leases
3,766.4
3,362.7
The principal amount of minimum lease payments that the groups will receive in future from subleasing properties leased under operating leases is 3,713.4 million
euros (previous year: 3,280.0 million euros). Some of the subleasing income is secured through security deposits and payment guarantees. The increase in future
subleasing income to be received and in expected future total leasing income resulted primarily from the conclusion of new sublease agreements.
93
25. Companies Accounted for Using the
Equity Method
Information Regarding Associates
Information Regarding Joint Ventures
IN MILLION €
IN MILLION €
31 Dec. 2015
31 Dec. 2014
23.9
30.2
0.0
0.1
Group’s share of comprehensive income
23.9
30.3
Carrying amount of shares in associates
166.0
183.3
Group’s share of results from continuing operations
Group’s share of other comprehensive income
31 Dec. 2015
31 Dec. 2014
Group’s share of results from continuing operations
1.7
3.9
Group’s share of other comprehensive income
1.3
-0.2
Group’s share of comprehensive income
3.0
3.7
33.7
32.3
Carrying amount of shares in joint ventures
The associates are primarily 1,080 REWE partner companies (previous year:
1,039).
The sole associate with a different financial year is Campina Verde Ecosol, S.L.,
Córdoba, Spain, whose financial year ends on 30 September.
94
26. Other Financial Assets
Breakdown of Other Financial Assets
IN MILLION €
Remaining term
Up to
1 year
31 Dec. 2015
More than
1 year
Total
Remaining term
Up to
1 year
31 Dec. 2014
More than
1 year
Total
Trade payables with debit balances
238.1
0.0
238.1
203.8
0.0
203.8
Claims from supplier compensation
181.6
0.0
181.6
170.6
0.0
170.6
Loans to associates
64.3
106.7
171.0
70.6
101.5
172.1
Other loans
28.9
58.3
87.2
8.9
57.8
66.7
0.0
70.7
70.7
0.0
97.8
97.8
31.1
0.0
31.1
58.1
0.0
58.1
0.0
30.7
30.7
0.0
29.6
29.6
Other equity investments
Receivables from derivative financial instruments
Shares in associates
18.0
2.4
20.4
22.0
2.6
24.6
Shares in affiliated companies
0.0
8.3
8.3
0.0
8.4
8.4
Other receivables from financial transactions
8.5
17.2
25.7
34.9
16.2
51.1
570.5
294.3
864.8
568.9
313.9
882.8
Loans to joint ventures
Total
95
Claims from supplier compensation relate to retrospective compensation claims from
suppliers. The increase is attributable to the positive revenue development and the related increase in the volume of centralised settlements.
Loans to associates include primarily shareholder and start-up loans to REWE partner
companies, as well as a loan to a real estate fund.
Other loans relate to, among other things, merchandise credits, loans to lessors
and to loans to hoteliers in the package tourism division. In addition, RIF granted a
line of credit of 12.0 million euros to a cooperative development association. As at
31 December 2015 an amount of 10.9 million euros had been drawn down under
this facility. In the previous year, corresponding receivables in current intercompany transactions in the amount of 11.3 million euros were presented under the item
“Other receivables from financial transactions”.
The receivables from derivative financial instruments concern solely currency derivatives. They essentially resulted from currency hedges of the Travel and Tourism business segment. Further explanations of changes in derivative financial instruments can
be found in note 41 “Disclosures of Financial Instruments”.
Shares in associates, which for reasons of immateriality were not accounted for using
the equity method in the Combined Financial Statements, were reported under shares
in associates.
The loans to joint ventures include loans to REWE PETZ GmbH, Wissen, and to
Wasgau Food Beteiligungsgesellschaft mbH, Annweiler am Trifels.
The shares in other equity investments are measured at amortised cost because their
fair values cannot be reliably determined due to the unavailability of detailed financial data.
The other equity investments item is used mainly to report the shares in DZ BANK
AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, shares in Home24
GmbH, Berlin, as well as units in various real estate funds. The decline was essentially attributable to the disposal of shares in DZ BANK AG Deutsche Zentral-Genossenschaftsbank.
96
27. Trade Receivables
Due to the large number of customers at different locations, there is no concentration of credit risk.
Breakdown of Trade Receivables
Change in Allowances on Trade Receivables
IN MILLION €
IN MILLION €
31 Dec. 2015
31 Dec. 2014
Trade receivables from third parties
717.8
678.3
Trade receivables from associates
341.0
247.9
Trade receivables from joint ventures
Trade receivables from affiliated companies
Total
17.5
12.8
0.1
0.4
1,076.4
939.4
2015
As at 1 Jan.
Additions
Reversals/utilisations
Changes in scope of consolidation
Exchange rate effects and other changes
Of the increase in trade receivables from third parties, an amount of 38.8 million
euros concerns the Other business segment and essentially resulted from RZF’s
central settlement business. Most of the trade receivables from associates resulted from the National Full-Range Stores business segment and are due from REWE
partner companies. The increase in receivables is, among other reasons, attributable
to the increased volume of wholesale revenues with the REWE partner companies.
As at 31 Dec.
2014
126.3
114.8
12.7
20.5
-14.3
-10.3
0.0
-2.4
-0.2
3.7
124.5
126.3
97
28. Other Assets
Breakdown of Other Assets
IN MILLION €
Remaining term
Up to
1 year
Receivables from other taxes
Deferred assets
31 Dec. 2015
More than
1 year
Total
Remaining term
Up to
1 year
31 Dec. 2014
More than
1 year
Total
117.5
0.0
117.5
108.6
1.2
109.8
33.9
37.2
71.1
32.6
23.2
55.8
Deferred discounts from central settlement
47.2
0.0
47.2
51.2
0.0
51.2
Interest on corporate income tax and trade tax reimbursements
39.3
0.0
39.3
26.9
0.0
26.9
0.9
31.2
32.1
0.8
24.3
25.1
Deferred commissions from travel agencies
25.1
0.0
25.1
27.8
0.0
27.8
Receivables from prepayments and security deposits
16.1
7.9
24.0
12.3
8.0
20.3
Receivables from third-party credit memos
12.2
0.0
12.2
8.4
0.0
8.4
6.2
0.0
6.2
5.9
0.0
5.9
Miscellaneous
142.4
6.3
148.7
99.8
9.0
108.8
Total
440.8
82.6
523.4
374.3
65.7
440.0
Reimbursement rights against trust associations
Receivables from former partners from partnership model
The increase in other assets is attributable to, among other items, the acquisition
of the Kuoni companies (see note 4 “Acquisitions”). This concerns in particular the
receivables from other taxes, the receivables from prepayments and security deposits and miscellaneous other assets.
Receivables from other taxes relate primarily to value-added tax.
The deferred assets include, among other items, prepaid rents, service fees, flat-rate
maintenance fees, as well as prepaid tourism payments.
Details of the changes in reimbursement rights against trust associations can be
found in note 33 “Employee Benefits”.
Miscellaneous other assets include an amount of 10.0 million euros (previous year:
0.0 million euros) for a receivable from the subsequent purchase price adjustment
for the acquisition of the Kuoni companies (see note 4 “Acquisitions”).
Allowances of 0.9 million euros were recognised on receivables from former partners of REWE partner companies in the financial year (previous year: 0.5 million
euros).
98
29. Inventories
30. Current and Deferred Taxes
For information on current and deferred taxes, see note 19 “Taxes on Income”.
Breakdown of Inventories
31. Cash and Cash Equivalents
IN MILLION €
31 Dec. 2015
31 Dec. 2014
3,118.6
3,047.9
Prepayments
191.3
144.3
Work in progress
113.6
64.2
51.6
45.8
3,475.1
3,302.2
Finished goods and merchandise
Raw materials, consumables and supplies
Total
Inventories increased in 2015 primarily due to an increase in finished goods and
merchandise. Among other things, the increase is attributable to the adjustment of
warehouse structures in the National Full-Range Stores business segment as well as
to greater goods purchases by RZAG, brokered through REWE Far East Ltd., Hong
Kong, China.
Work in progress and prepayments also contributed to the increase in inventories.
This concerned in particular the Travel and Tourism business segment and resulted
primarily from the newly consolidated Kuoni companies (see note 4 “Acquisitions”).
Allowances for slow-moving merchandise and for individual risks amounted to
259.9 million euros as at the balance sheet date (previous year: 235.9 million euros). Reversals of impairment losses on inventories amounted to 0.4 million euros
in the financial year (previous year: 0.5 million euros); they were recognised as a reduction in material expenses.
Breakdown of Cash and Cash Equivalents
IN MILLION €
31 Dec. 2015
31 Dec. 2014
Cash-in-hand and cash holdings in stores
416.3
266.2
Bank balances
219.6
426.4
0.1
0.1
Total
636.0
692.7
Bank overdrafts
-36.2
0.0
Funds according to cash flow statement
599.8
692.7
Cheques received
The cash-in-hand and cash holdings in stores essentially presented cash-in-hand at
stores and funds in transit at cash transportation companies.
The bank balances include both current account balances and demand and time
deposits.
The cash and cash equivalents, less the overdraft facilities presented under liabilities to banks, shown here comprise the cash funds within the meaning of the cash
flow statement. The change in cash funds is presented in the cash flow statement
(see note 38 “Cash Flow Statement”).
In the financial year just ended, no inventories were pledged as collateral for financial liabilities (previous year: 4.7 million euros).
99
32. Equity
The changes in equity are presented in the statement of changes in equity. The
co-operative shares in RZF are shown as debt capital under financial liabilities. The
changes in this item between reporting dates are explained in note 35 “Other Financial Liabilities”.
SUBSCRIBED CAPITAL
As in the previous year, the subscribed capital of RZAG is divided into 1,512,000
registered no-par-value shares with restricted transferability; it amounted to 38.7
million euros as at the balance sheet date. The subscribed capital is fully paid up.
Each share carries one vote.
25.3 million euros from the remeasurement of defined benefit pension plans including
the corresponding deferred taxes (previous year: loss of -108.7 million euros) and a dividend distribution of 4.7 million euros (previous year: 4.7 million euros). In the previous year an amount of 11.5 million euros was recognised under retained earnings from
the first-time consolidation of immaterial, previously-controlled companies. Furthermore, the change in retained earnings was due, among other reasons, to acquisitions of
non-controlling interests (-1.7 million euros; previous year: -3.9 million euros) and acquisitions of non-controlling interests due to rights of tender issued (4.6 million euros;
previous year: -20.7 million euros). The compensation paid to non-controlling interests
expected from the future exercise of the other remaining rights of tender is reported under other financial liabilities (see note 35 “Other Financial Liabilities”).
OTHER RESERVES
The capital reserves relate to the premiums from the capital increases RZAG implemented in 1987 and 1990.
Other reserves include the reserve for cash flow hedges, the reserve for available-forsale financial assets, the revaluation reserve, currency translation differences, the
reserve for income components of equity-accounted companies recognised directly in equity and the deferred tax reserve. The statement of comprehensive income
shows how changes in these reserves impact on profit or loss.
RETAINED EARNINGS
The reserve for cash flow hedges includes the measurement gains or losses on cash
flow hedges taken directly to equity, which are discussed in note 41.
CAPITAL RESERVES
Retained earnings include the legal reserves, other revenue reserves, the unappropriated
profit and the reserves from adjustment entries made for the transition from local GAAP
to IFRS accounting. A total of 455.1 million euros (previous year: 400.0 million euros)
of retained earnings is attributable to the legal reserve of RZF and 38.7 million euros
(previous year: 38.7 million euros) to the legal reserve of RZAG. These amounts are not
eligible for distribution as dividends.
The change in retained earnings is due primarily to the net income generated in the
financial year amounting to 378.5 million euros (previous year: 312.7 million euros), which is attributable to the shareholders of the parent companies, the result of
The reserve for available-for-sale financial assets includes measurement gains or
losses, taken directly to equity, on non-derivative financial assets classified as available for sale.
The revaluation reserve results from after-tax remeasurement gains or losses, taken
directly to equity, on shares held before control was obtained in companies acquired
in stages. If such companies are sold, the revaluation reserve is reclassified directly to retained earnings; otherwise it is transferred to retained earnings on a pro-rata
basis.
100
The reserve for currency translation differences is the result of translating other
currencies into euros (see note 6 “Currency Translation”).
The reserve for income components of equity-accounted companies recognised directly in equity contains the accumulated other comprehensive income of associates
and joint ventures.
NON-CONTROLLING INTERESTS
Non-controlling interests comprise third-party interests in the equity of consolidated
subsidiaries. They amounted to 41.2 million euros as at 31 December 2015 (previous year: 61.2 million euros). The changes in non-controlling interests between reporting dates are detailed in the statement of changes in equity. The change essentially resulted from a dividend paid to a shareholder of EXIM Group.
The deferred tax reserve includes the accumulated deferred taxes recognised in
equity on the items recognised in other reserves, as explained above.
APPROPRIATION OF PROFITS
TREASURY SHARES
Treasury shares relate to shares in RZAG that are directly or indirectly held by RZF
companies.
The Management Board and the Supervisory Board of RZAG will propose to the Annual General Meeting on 27 June 2016 to use the unappropriated commercial law
profit of RZAG totalling 14.5 million euros (previous year: 10.5 million euros) to pay
dividends of 5.8 million euros (previous year: 5.8 million euros), corresponding to
3.84 euros per share (previous year: 3.84 euros per share), and to allocate 8.7 million euros (previous year: 4.7 million euros) to retained earnings.
After the payment of interest on the co-operative shares and the statutory allocation
of 22.1 million euros (previous year: 14.2 million euros) to legal reserves, the Management Board and the Supervisory Board of RZF will propose to the general meeting on 27 June 2016 to allocate, from the unappropriated commercial law profit for
financial year 2015 totalling 125.4 million euros (previous year: 80.2 million euros), an amount of 51.7 million euros (previous year: 33.0 million euros) to legal reserves and an amount of 73.7 million euros (previous year: 47.2 million euros) to
other revenue reserves.
101
33. Employee Benefits
Breakdown of Employee Benefits
IN MILLION €
Remaining term
Up to
1 year
31 Dec. 2015
More than
1 year
Total
Remaining term
Up to
1 year
31 Dec. 2014
More than
1 year
Total
90.0
395.1
485.1
38.0
414.7
452.7
Special annual bonuses
210.5
12.2
222.7
188.4
10.2
198.6
Severance pay and TFR
1.2
212.6
213.8
10.9
220.3
231.2
Service anniversary bonuses
9.4
122.4
131.8
5.1
103.8
108.9
Pensions
Liabilities from employee benefits
101.2
0.0
101.2
95.8
0.0
95.8
Holiday provisions
100.1
0.0
100.1
98.9
0.0
98.9
Employee termination benefits
33.1
0.8
33.9
32.4
1.3
33.7
Overtime and performance bonuses
21.2
0.0
21.2
21.3
0.0
21.3
Partial and early retirement
4.8
9.1
13.9
8.2
8.1
16.3
Retirement allowances
0.7
5.3
6.0
0.7
5.3
6.0
Survivors’ benefits
0.1
5.9
6.0
0.0
5.8
5.8
3.9
0.0
3.9
3.7
0.0
3.7
Other
42.0
1.1
43.1
30.8
2.2
33.0
Total
618.2
764.5
1,382.7
534.2
771.7
1,305.9
Holiday/Christmas bonuses
DISCLOSURES OF DEFINED BENEFIT PENSION PLANS
Depending on the respective national law, different retirement benefit systems are
available to the employees of the consolidated companies. These pension plans can
be defined contribution or defined benefit plans. Significant defined benefit pension
plans are currently in place for consolidated companies in Germany, Switzerland,
the United Kingdom, Austria and Italy.
a) Description of Defined Benefit Pension Plans
The defined benefit obligations consist of pensions and similar obligations, such as
end-of-service and Trattamento di Fine Rapporto (TFR) benefits, survivor benefits
and retirement allowances.
102
Breakdown of Present Value of Defined Benefit
Obligations by Country
IN MILLION €
2015
Pensions
2014
Similar
obligations
Pensions
Similar
obligations
Germany
448.9
12.0
465.8
11.8
Switzerland
285.5
0.0
163.6
0.0
35.8
0.0
0.0
0.0
Austria
2.3
206.3
2.9
213.3
Italy
0.0
7.2
0.0
17.7
Other
0.9
0.3
0.1
0.2
773.4
225.8
632.4
243.0
United Kingdom
Present value of defined benefit
obligation as at 31 December
The pension plans break down into growing and fixed (closed) commitments as follows.
The acquisition of the Kuoni companies during the financial year brought in defined
benefit pension plans in Switzerland, the UK and Norway. For reasons of materiality, a detailed description of the commitments under the Norwegian plan is not provided below.
Germany
The major part of the obligations results from two different types of pension commitment: firstly there is an active defined contribution commitment, whose volume
is set to increase further in the future, and secondly there is a pension commitment that was closed in 2008. Both commitments are subject to guaranteed inter-
est rates. For the consolidated companies, this entails the risk of not generating the
guaranteed interest rate of the pension commitment in the long term. The old pension commitment was financed exclusively on the basis of deferred compensation.
To reduce the longevity risk, a lump-sum option was introduced for this commitment. The new pension commitment is no longer financed exclusively, but still predominantly by deferred compensation as well as by employer contributions. Risk is
minimised by arranging it as a defined contribution commitment. The longevity risk
is reduced by granting generous lump-sum options at the start of pension payments.
In addition, the inflation risk for this pension commitment is minimised by specifying the pension adjustments in advance. For the pension commitment, there are secured trust assets (recognised as reimbursement rights against trust associations),
which are allocated to individual commitments and the pension commitment described here. The assets invested in the trust association are conservatively-invested
cash and cash equivalents.
The other pension commitments made by consolidated German companies are exposed to inflation risk because, pursuant to section 16 of the Company Pensions
Act (Gesetz zur Verbesserung der betrieblichen Altersversorgung, “BetrAVG”), pension adjustments must be made in line with the consumer price index.
In addition, a large portion of the defined benefit obligations results from an overall benefit commitment fixed back in 1992 and a pension commitment closed in
1997. Since most of the beneficiaries already receive retirement benefits, these defined benefit commitments only represent a small risk for the consolidated companies.
In the Travel and Tourism business segment, there are moreover commitments that
depend on salary and length of service. Most of them are pension commitments,
but some are overall benefit commitments. Here the number of active beneficiaries
means the consolidated companies are exposed to the risk of a disproportionate increase in the obligation due to salary increases. Since the payment of the commitments is planned exclusively in the form of pensions, there is also a longevity risk.
103
In addition, there are pension commitments based on length of service in Travel and
Tourism; these commitments were closed to new joiners in 2004. Since payments
are planned in the form of pensions, they are also exposed to a longevity risk. Plan
assets are available to secure these pension commitments. The plan assets available to Travel and Tourism in Germany are composed of approximately two-thirds
real estate and one-third cash and cash equivalents.
Furthermore, a large portion of the defined benefit obligations of the consolidated companies consists of a direct pension commitment assumed as the result of a
business acquisition; it relates primarily to the National Discount Stores business
segment and is, at a low level, dependent on length of service. The commitment
was financed by a once-off payment by the seller as at the transfer date and thereafter by employer contributions from the consolidated companies. To mitigate the financing risk from salary adjustments, it has been agreed to fix the commitment as
at a specified date in the past by entering into individual agreements with a large
number of employees.
In addition, there are defined benefit obligations with different pension commitments from other company acquisitions. In most cases, they are financed by the
employer and employees making equal contributions. A large proportion of the commitment is funded by a support fund with back-to-back reinsurance, which represents plan assets.
Finally, there are pension-related benefit commitments in the form of retirement allowances and survivor benefits. The levels of these once-off payments depend on
the length of service of the employees concerned.
Switzerland
Retirement provisions, survivor benefits and loss of earnings provisions in Switzerland are based on a three-pillar system, which is financed in different ways. In accordance with the Swiss Occupational Pensions Act (Gesetz über die berufliche Vorsorge, “BVG”), the second pillar ensures disability benefits or survivor benefits (in
case of the insured person’s death) for all employed persons of legal age with an annual income of at least 21,060 Swiss francs. From the age of 25, there is also an
obligatory retirement pension component. This retirement provision is financed by
the employer and the employee on a funded basis as a percentage of the income insured. The Act prescribes minimum benefits. At the consolidated Swiss companies,
occupational benefit provisions are arranged through the BonAssistus pension fund,
PAX BVG, the PAX Foundation and PVS Kuoni Reisen AG. This plan is run jointly by
several employers. The above pension funds and foundations may amend their financing system (contributions and benefits) at any time. If there is a shortfall, recovery contributions may be levied on the employer. The plan assets deposited with
the pension fund and the collective foundations cover most of the obligations arising from the benefit obligations that exist under the BVG. The assets the consolidated companies have contributed to the pension fund and the foundations are determined in the same way as for a partial liquidation incorporating value fluctuation
reserves: by allocating the individual provisions to the beneficiaries and then assigning the assets of all insured persons in active service to the respective companies in
proportion to their retirement assets, while the assets of retired employees are allocated to them directly. The pension funds and foundations have taken out reinsurance to ensure they can meet the legal benefit obligations.
United Kingdom
There is an employer’s pension commitment in the Travel and Tourism business segment that has been closed for new hires since 2002, but which continues to accumulate for the existing beneficiaries. The commitment is based on salary and length
of service and is currently covered by plan assets. Upon retirement, up to 25.0 per
cent of the pension entitlement may be paid out as a one-off payment. However,
there is a longevity risk due to the foreseen lifetime pension payments of at least
75.0 per cent.
In the United Kingdom the plan assets in the trusts are remeasured at least every
three years. As part of this remeasurement, the trustees of the corresponding trusts
use mostly very conservative parameters and thereby determine any existing financing surplus or shortfall and thus the future payments by the employer.
104
Austria
Italy
In Austria, labour law requires all employment contracts that were entered into by
31 December 2002 and lasted for an uninterrupted period of at least three years
to be included in a defined benefit plan (old end-of-service benefit model), which
provides for a once-off payment if an employee’s contract is terminated (except in
cases of voluntary resignation) or upon retirement at the latest. The amount of the
once-off payment depends on the employee’s average monthly remuneration and
length of service and varies between two and twelve times the monthly remuneration. The payment arrangements range from immediate payment to payment in
half-monthly instalments.
Similar to Austria, employees in Italy have a right to a severance payment if the employment contract is terminated. This payment if referred to as “Trattamento di Fine
Rapporto” (TFR). This is an additional pension entitlement granted under public
law. The entitlement is comparable to deferred compensation and is based on the
level of income and the number of years in service.
The above model was amended with effect from 1 January 2003 and every employer is now obliged to contribute 1.5 per cent of the employee’s monthly remuneration to a statutory end-of-service benefit fund. The new end-of-service benefit model
therefore takes the form of a defined contribution benefit model.
Before the TFR was reformed in 2005, it was a defined benefit plan. With effect
from 1 January 2007, all existing plans were closed and transferred to a defined
contribution benefit system. The amendment applied to both new joiners and to future years of service of beneficiaries in active service. The defined benefit obligation
of consolidated Italian companies therefore reflects the extent of the obligation for
beneficiaries’ years in active service up to 2007.
Since the benefit models in Switzerland, Austria and Italy are statutory benefit systems, there are no company-specific risks.
b) Significant Actuarial Assumptions
The defined benefit obligations reported in the balance sheet are based on expert
actuarial opinions.
105
Country-specific Parameters for Measuring Significant Defined Benefit Obligations
Key measurement
parameters
2015
2014
Discount rate
Expected
future salary
increases
Rate of
pension
increases
Germany
2.5 %
2.8 %
1.9 %
Discount rate
Expected
future salary
increases
16 years
2.0 %
2.8 %
1.9 %
16 years
Duration
Rate of
pension
increases
Duration
Switzerland
0.7 %
1.2 %
–
16 years
1.1 %
1.0 %
–
12 years
United
Kingdom
3.9 %
3.4 %
3.4 %
21 years
–
–
–
–
Austria
2.0 %
2.8 %
–
10 years
1.3 %
2.8 %
–
10 years
Italy
2.0 %
–
–
9 years
1.3 %
–
–
9 years
The calculations of the German commitments are based on basic biometric values
(probabilities of death and disability) contained in the 2005 G mortality tables of
Prof. Klaus Heubeck. The death and disability probabilities contained in “Technische Grundlagen BVG 2010” were used for Switzerland, the AVÖ 2008 P tables
of Pagler & Pagler were used for Austria, and the Tavole IPS55 and Tavole INPS
2000 were used for Italy.
106
c) Changes in the Net Defined Benefit Obligation and the Reimbursement Rights Against Trust Associations
Calculation of Net Obligation Recognised in the
Balance Sheet
Of the other assets, an amount of 0.4 million euros resulted from surpluses of defined benefit plans of the consolidated Kuoni companies, and an amount of 0.2 million euros from the overall benefit commitments of RZAG made indirectly through
REWE-Unterstützungskasse e.V., Hamburg.
IN MILLION €
2015
Pensions
2014
Similar
obligations
Pensions
Similar
obligations
Present value of
unfunded obligations
361.6
225.8
375.4
243.0
Present value of obligations
funded in whole or in part
411.8
0.0
257.0
0.0
Present value of defined
benefit obligations
773.4
225.8
632.4
243.0
Fair value of plan assets
288.9
0.0
179.9
0.0
Net liability from defined benefit
pension plans as at 31 December
484.5
225.8
452.5
243.0
of which: reported as
provision for pensions and
similar obligations
485.1
225.8
452.7
243.0
0.6
0.0
0.2
0.0
of which: reported as other assets
The net liability from pensions and similar obligations reported under provisions
includes obligations for end-of-service and TFR benefits of 213.8 million euros
(previous year: 231.2 million euros), obligations for survivor benefits of 6.0 million
euros (previous year: 5.8 million euros) and obligations for retirement allowances
of 6.0 million euros (previous year: 6.0 million euros).
107
Change in Net Obligation from Defined Benefit Plans in the Financial Year
IN MILLION €
2015
Pensions
Net liability from defined benefit pension plans as at 1 January
2014
Similar
obligations
Pensions
Similar
obligations
452.5
243.0
331.9
209.2
14.0
11.8
8.3
11.3
8.9
2.9
12.0
6.7
-23.9
-13.9
104.9
40.3
of which: effects from plan assets excl. amounts reported under net interest cost
-4.3
0.0
-9.5
0.0
of which: effects from change to demographic assumptions
-1.4
0.2
-0.1
0.0
-21.2
-13.7
110.4
41.5
3.0
-0.4
4.1
-1.2
-6.4
0.0
-0.6
0.0
Current service cost
Net interest cost
Effects from remeasurements
of which: effects from change to financial assumptions
of which: effects from experience adjustments
Past service cost
of which: from plan settlements
-7.3
0.0
-0.1
0.0
Effects from exchange rate changes
1.9
0.0
0.3
0.0
Contributions to pension plan
6.6
0.0
8.0
0.0
-2.8
0.0
-1.0
0.0
9.4
0.0
9.0
0.0
-12.3
-18.0
-12.7
-24.5
-0.2
0.0
-0.4
0.0
43.2
0.0
0.4
0.0
484.5
225.8
452.5
243.0
of which: employer contributions
of which: plan participant contributions
Benefits paid
of which: benefits paid in the context of plan settlements
Effects from business combinations and disposals
Net liability from defined benefit pension plans as at 31 December
The impacts from business combinations in the financial year relate essentially to
the acquisition of the Kuoni companies (see note 4 “Acquisitions”).
108
Change in the Present Value of Defined Benefit Obligation in the Financial Year
IN MILLION €
2015
Pensions
Present value of defined benefit obligation as at 1 January
2014
Similar
obligations
Pensions
Similar
obligations
632.4
243.0
505.2
209.2
14.0
11.8
8.3
11.3
Interest cost
12.1
2.9
16.1
6.7
-19.6
-13.9
114.4
40.3
-1.4
0.2
-0.1
0.0
-21.2
-13.7
110.4
41.5
3.0
-0.4
4.1
-1.2
-38.1
0.0
-0.6
0.0
-39.0
0.0
-0.1
0.0
of which: effects from change to demographic assumptions
of which: effects from change to financial assumptions
of which: effects from experience adjustments
Past service cost
of which: from plan settlements
16.4
0.0
3.0
0.0
10.7
0.0
9.1
0.0
0.0
0.0
0.0
0.0
10.7
0.0
9.1
0.0
-28.9
-18.0
-24.7
-24.5
-0.2
0.0
-0.4
0.0
174.4
0.0
1.6
0.0
Present value of defined benefit obligation as at 31 December
773.4
225.8
632.4
243.0
Benefits paid
Plan assets consist primarily in connection with pension obligations in Germany,
Switzerland and the United Kingdom.
109
Change in Fair Value of Plan Assets in the Financial Year
Composition of Plan Assets of the Consolidated Companies
IN MILLION €
IN MILLION €
2015
Fair value of plan assets as at 1 January
2014
2015
Fair value of plan assets as at 31 December
179.9
173.3
Interest income
3.2
4.1
4.3
9.5
Equity instruments
Effects from plan settlements
-31.7
0.0
14.5
2.7
4.1
1.1
2.8
1.0
Securities funds
2014
288.9
179.9
18.4
22.7
101.2
39.3
Debt instruments
76.0
51.6
Real estate
51.7
39.4
1.6
1.6
0.0
5.7
of which: owner-occupied
1.3
0.1
Reinsurance policies
22.3
21.2
-16.6
-12.0
Other
19.3
0.0
-16.5
-12.0
213.3
113.0
-0.1
0.0
of which: measured using the quoted market price
on an active market
131.2
1.2
12.3
11.4
Fair value of plan assets as at 31 December
288.9
179.9
Equity instruments
98.1
39.3
Debt instruments
76.1
47.8
Real estate
20.6
8.8
Securities funds
0.0
5.7
Other
6.2
0.0
Benefits paid
of which: benefits paid from plan assets
110
d) E
ffects of Defined Benefit Plans Recognised Directly in Equity and
Effects Recognised in the Income Statement
Change in Reimbursement Rights from the Trust Assets
of the Consolidated Companies Used to Secure the Pension
Obligations in the Course of the Financial Year
Effects from the Remeasurement of the Net Obligation
from Defined Benefit Obligations and Reimbursement
Rights Against Trust Associations on Retained Earnings.
IN MILLION €
2015
Fair value of reimbursement rights as at 1 January
2014
25.1
24.1
0.6
0.9
-0.6
-0.9
7.0
1.0
7.0
1.0
32.1
25.1
Interest income
Fair value of reimbursement rights as at 31 December
The reimbursement rights exist against the trust associations REWE-Zentral AG
Pension Trust e. V., Cologne, and REWE-Zentralfinanz eG Pension Trust e.V.,
Cologne. They are responsible for the trust management of the assets used to finance pension obligations. The reimbursement rights against the trust associations are reported under other financial assets (see note 28 “Other Financial Assets”).
IN MILLION €
2015
Pensions
Remeasurement of present value
of defined benefit obligations
2014
Similar
obligations
Pensions
Similar
obligations
19.6
13.9
-114.4
-40.3
4.3
0.0
9.5
0.0
Remeasurement of
reimbursement rights
-0.6
0.0
-0.9
0.0
Total
23.3
13.9
-105.8
-40.3
Remeasurement of plan assets
All expenses from defined benefit plans, except the interest component, are recognised under personnel expenses; the interest expense is reported under the financial result.
111
Composition of Expenses from Defined Benefit Plans
Effects of Significant Actuarial Assumptions on Pensions
IN MILLION €
IN MILLION €
2015
Pensions
2014
Similar
obligations
Pensions
2015
Similar
obligations
14.0
11.8
8.3
11.3
Past service cost and effects from
plan settlements
-6.4
0.0
-0.6
0.0
Net interest cost
8.3
2.9
11.1
6.7
Pension expense
15.9
14.7
18.8
18.0
e) E
ffects of Significant Actuarial Assumptions on the Present Value
of the Defined Benefit Obligation
The tables below show the effects of an isolated change to the significant actuarial
parameters on the present value of the defined benefit obligations for pensions and
similar obligations. In each of these scenarios, a change of 0.5 percentage points is
assumed in the discount rate, in expected future wage and salary increases and in
expected future pension increases. In addition, a change in the life expectancy of
all beneficiaries, regardless of age, is simulated by shifting the review date by one
year.
Increase
2014
Decrease
Increase
Decrease
Increase/decrease in discount
rate by 0.5 percentage points
720.3
832.7
586.5
674.3
776.8
769.0
633.4
630.5
812.0
759.6
662.4
614.3
797.8
747.7
651.4
612.3
Increase/decrease in rate of
expected future salary increases
by 0.5 percentage points
pension increases by
0.5 percentage points
Increase/decrease in life
expectancy by 1 year
112
The expected payments under the defined benefit plans for the following financial year are 38.6 million euros (previous year: 18.7 million euros) for pensions and
12.5 million euros (previous year: 12.6 million euros) for similar obligations.
Effects of Significant Actuarial Assumptions on Similar
Obligations
IN MILLION €
DISCLOSURES OF OTHER EMPLOYEE BENEFITS
2015
Increase
2014
Decrease
Increase
Decrease
Increase/decrease in discount
rate by 0.5 percentage points
217.4
234.7
232.0
252.4
234.4
217.6
251.5
235.0
225.7
225.7
243.0
243.0
expected future salary increases
by 0.5 percentage points
pension increases by
0.5 percentage points
Increase/decrease in life
expectancy by 1 year
225.7
225.7
243.0
243.0
In the same way as for the calculation of the present value of the defined benefit
obligation in the balance sheet, the projected unit credit method is also used to determine the changes in the defined benefit obligation in relation to the above measurement parameters.
Liabilities from employee benefits include 53.2 million euros (previous year:
51.4 million euros) in liabilities to statutory social insurance funds. In addition,
this item primarily comprises liabilities from wages and salaries still to be settled
as well as liabilities from merchandise vouchers to employees.
The consolidated companies have committed themselves to paying service anniversary bonuses on the basis of a works agreement. The liability of 131.8 million euros
(previous year: 108.9 million euros) corresponds to the full amount of the obligation; it was determined in Germany in accordance with financial engineering principles, assuming a discount rate appropriate to the maturity of 1.4 per cent (previous
year: 1.3 per cent), based on the 2005 G mortality tables of Prof. Klaus Heubeck.
The increase in service anniversary bonuses is primarily due to the increase in the
amounts granted as a result of including the financial year just concluded. The
slightly higher discount rate had an opposing effect on the amount of the provision.
The provisions for partial retirement obligations amounting to 13.9 million euros (previous year: 16.3 million euros) are based on actuarial reports of Hamburger
Pensionsverwaltung e.G., Hamburg. They were measured on the basis of the 2005
G mortality tables of Prof. Klaus Heubeck, assuming a discount rate appropriate to
the maturity of 0.4 per cent (previous year: 0.5 per cent). The reimbursement rights
for top-up payments against the German Federal Employment Agency have been
recognised under other assets. The decline in the provision amount is primarily the
result of the expiry of the partial retirement models of the consolidated companies.
113
Other employee benefits include, as in the previous year, provisions for redundancy
plan costs and continued remuneration in the context of restructuring.
34. Other Provisions
Development of Other Provisions
IN MILLION €
As at
1 Jan. 2015
Reclassifications
Changes
in scope of
consolidation
Utilisations
Reversals
Additions
Compounding
Currency
differences
Reclassifications as
liabilities from
disposal
groups and
reclassifications
As at
31 Dec. 2015
Expected losses from onerous contracts
650.7
-12.1
0.0
0.0
-77.7
55.0
0.0
-0.5
-1.7
613.7
Expected losses from lease obligations
167.3
12.1
0.2
-44.0
-18.4
35.4
0.8
0.0
0.0
153.4
Compensation to customers
139.2
0.0
0.1
-125.2
-7.9
136.0
0.0
0.0
0.0
142.2
Interest on taxes
38.3
15.3
0.0
-7.8
-3.6
16.5
0.0
0.0
0.0
58.7
Restoration costs
36.5
0.0
2.7
-1.1
-1.2
3.5
0.0
0.0
0.0
40.4
Court, litigation, legal consulting costs
40.6
0.0
0.2
-8.1
-6.9
11.5
0.0
0.1
0.0
37.4
Other taxes
41.7
-0.2
0.3
-6.6
-5.6
8.9
0.0
-1.4
0.0
37.1
9.4
0.0
11.5
-11.8
-2.9
22.0
0.0
0.1
0.0
28.3
18.1
0.0
0.0
0.0
-11.5
7.7
0.0
0.0
0.0
14.3
Provisions for guarantees and courtesy services
6.9
0.0
0.8
-5.5
-0.2
5.6
0.0
0.0
0.0
7.6
Rental risks
7.4
0.0
0.0
-2.5
-1.1
2.6
0.0
0.0
0.0
6.4
200.4
0.0
34.6
-80.1
-45.0
100.1
0.1
0.6
-0.2
210.5
1,356.5
15.1
50.4
-292.7
-182.0
404.8
0.9
-1.1
-1.9
1,350.0
Other expected losses
Expected losses from equity accounting
Miscellaneous other provisions
Total
114
A provision for location-specific onerous contracts was recognised in the amount of
the current contractual obligation. In this context, contracts are classified as onerous contracts if the unavoidable costs of meeting the obligations under the contract exceed the expected economic benefits. In 2015, provisions for onerous contracts in Germany were discounted at an interest rate of 0.05 per cent (previous
year: 0.22 per cent). Country-specific interest rates were used abroad. If the interest rate had remained unchanged compared with the previous year, provisions would
have been 5.4 million euros lower (previous year: 19.8 million euros higher) (interest rate sensitivity). The decline in provisions essentially concerns the National Discount Stores and DIY store business units. Among other reasons, it resulted from an
improved competitive situation following market shakeouts and store modernisation.
In addition, provisions for onerous contracts declined due to reclassifications to provisions for expected losses from lease obligations attributable to store closings.
Provisions for expected losses from lease obligations relate to lease deficits that
arise because leased properties could not be subleased or could only be subleased
at rates that do not cover costs.
Provisions for compensation to customers include compensation agreements not yet
settled as at the balance sheet date.
115
Breakdown of Expected Maturities of Other Provisions
IN MILLION €
31 Dec. 2015
Expected maturity
Up to 1 year
Between 1
and 5 years
31 Dec. 2014
After more
than 5 years
Total
Up to 1 year
Between 1
and 5 years
After more
than 5 years*
Total
105.1
359.1
149.5
613.7
110.9
310.9
228.9
650.7
40.8
55.6
57.0
153.4
54.6
54.8
57.9
167.3
142.2
0.0
0.0
142.2
139.2
0.0
0.0
139.2
Interest on taxes
57.8
0.9
0.0
58.7
36.3
2.0
0.0
38.3
Restoration costs
7.2
9.1
24.1
40.4
5.7
8.0
22.8
36.5
Court, litigation, legal consulting costs
31.7
5.7
0.0
37.4
35.9
4.5
0.2
40.6
Other taxes
37.1
0.0
0.0
37.1
41.7
0.0
0.0
41.7
Other expected losses
26.4
1.9
0.0
28.3
8.4
0.9
0.1
9.4
Expected losses from equity accounting
Expected losses from onerous contracts
Expected losses from lease obligations
Compensation to customers
14.3
0.0
0.0
14.3
18.1
0.0
0.0
18.1
Provisions for guarantees and courtesy services
6.9
0.7
0.0
7.6
4.6
2.3
0.0
6.9
Rental risks
6.4
0.0
0.0
6.4
7.4
0.0
0.0
7.4
Miscellaneous other provisions
187.8
12.2
10.5
210.5
171.1
21.3
8.0
200.4
Total
663.7
445.2
241.1
1,350.0
633.9
404.7
317.9
1,356.5
116
35. Other Financial Liabilities
Breakdown of Other Financial Liabilities
IN MILLION €
Remaining term
Up to 1 year
31 Dec. 2015
More than
1 year
Total
Remaining term
Up to 1 year
31 Dec. 2014
More than
1 year
Total
126.4
599.9
726.3
66.9
757.6
824.5
Liabilities from finance leases
21.5
221.9
243.4
17.1
154.6
171.7
Liabilities from other loans
44.0
195.0
239.0
32.2
195.0
227.2
Loans from associates
20.1
0.0
20.1
18.9
0.0
18.9
Loans from affiliated companies
Liabilities to banks
16.4
0.0
16.4
14.2
0.0
14.2
Liabilities to associates from intercompany transactions
8.3
0.0
8.3
8.0
0.0
8.0
Interest rate swaps
0.0
3.2
3.2
0.0
4.2
4.2
Other liabilities from financial transactions
3.2
16.0
19.2
4.5
20.7
25.2
239.9
1,036.0
1,275.9
161.8
1,132.1
1,293.9
Liabilities from derivative financial instruments
27.8
0.0
27.8
1.9
0.0
1.9
Accounts receivable with a credit balance
27.6
0.0
27.6
30.3
0.0
30.3
0.0
16.4
16.4
0.0
14.3
14.3
295.3
1,052.4
1,347.7
194.0
1,146.4
1,340.4
Financial liabilities
Non-controlling interest in the net assets of companies
Total
Of the reported liabilities to banks, 363.2 million euros (previous year:
442.2 million euros) are secured by land charges.
117
Interest Rate Structure of Fixed-interest Liabilities to Banks
Financing
Liabilities to banks (excluding current account)
Total
The interest rate lock-in of short and medium-term financial liabilities to banks and
the interest rate adjustment dates of all fixed-interest financial liabilities to banks
correspond to the interest lock-in periods shown. Interest rate adjustment dates for
variable interest rates occur within one year.
The consolidated companies have access to a syndicated line of credit in the
amount of 1.75 billion euros through RIF. The term was extended until 18 September 2020 by exercising the second renewal option. The interest rate is based on EURIBOR. As at 31 December 2015, the line of credit had not been drawn down.
In addition, two additional promissory note loans totalling 475.0 million euros are
available through RIF for capital expenditures. Due to the fact that different lenders had granted the loans, an amount of 281.0 million euros was recognised under
non-current liabilities to banks and 194.0 million euros under non-current liabilities
from other loans.
In addition to promissory note loans, liabilities to banks include other long-term
loans to finance real estate.
Interest terms
Fixed-interest
Currency
million €
Weighted
interest rate
as a % of original
borrowing
Interest rate
lock-in
Volume
as at balance
sheet date
Up to 1 year
4.74
30.8
1 to 5 years
3.25
158.3
More than 5 years
2.13
171.7
360.8
The decline of liabilities to banks resulted first and foremost from the early repayment of an additional fixed-rate promissory note loan in the amount of 100.0 million euros.
Please see note 24 “Leases” for notes on the development of liabilities from finance leases.
The loans from associates relate primarily to current loan liabilities to REWE partner retailers.
Other liabilities from financial transactions include 16.0 million euros (previous
year: 20.7 million euros) for possible compensation obligations to minority shareholders, which were granted temporary conditional rights of tender by the groups for
acquiring controlling interests.
The liabilities from derivative financial instruments essentially concern currency derivatives. Further explanations of changes in derivative financial instruments can be
found in note 41 “Disclosures of Financial Instruments”.
118
Non-controlling interests in the net assets of companies relate to shares in consolidated companies that guarantee the holder the right to return them to the issuer for
cash or cash equivalents or other financial assets. They include shares in partnerships and the co-operative shares in RZF. As in the previous year, the total of 482
co-operative shares were held by 16 members as at the balance sheet date. The par
value of each co-operative share is 800.00 euros. As in the previous year, the total uncalled liability of all members totalled 0.4 million euros as at 31 December
2015.
36. Trade Payables
Trade payables amounting to 5,611.9 million euros (previous year: 5,589.0 million
euros) were due to unrelated third parties. The other trade payables essentially resulted from goods and services traded with joint ventures and associates.
All financial liabilities, with the exception of liabilities from derivative financial instruments and liabilities from finance leases (see note 24 “Leases”) are recognised
at the amount repayable.
119
37. Other Liabilities
Breakdown of Other Liabilities
IN MILLION €
Remaining term
Up to 1 year
31 Dec. 2015
More than
1 year
Total
Remaining term
Up to 1 year
31 Dec. 2014
More than
1 year
Total
Prepayments received on account of orders
490.0
0.0
490.0
279.0
0.0
279.0
Liabilities from other taxes
232.0
0.0
232.0
259.0
0.0
259.0
Liabilities from advance travel services
222.3
0.0
222.3
128.9
0.0
128.9
Provisions with the nature of a liability
125.4
0.0
125.4
112.0
0.3
112.3
Liabilities from merchandise/gift vouchers
76.0
0.0
76.0
62.2
0.0
62.2
Occupancy costs
70.7
0.0
70.7
71.2
0.0
71.2
Liabilities from customer loyalty programmes
59.6
0.4
60.0
38.4
0.7
39.1
Onerous contracts
11.4
27.8
39.2
9.1
32.6
41.7
Mutual indemnity society
34.6
0.0
34.6
34.1
0.0
34.1
Deferred income
14.4
19.6
34.0
9.6
9.1
18.7
Liabilities from prepayments and security deposits
9.0
0.0
9.0
11.3
0.0
11.3
Liabilities to cities and municipalities (excluding taxes)
6.2
0.0
6.2
4.1
0.0
4.1
132.3
3.6
135.9
147.3
0.0
147.3
1,483.9
51.4
1,535.3
1,166.2
42.7
1,208.9
Miscellaneous
Total
The increase in other liabilities is attributable to, among other items, the acquisition of the Kuoni companies (see note 4 “Acquisitions”). This concerns in particular
payments received on account of orders, liabilities from advance travel services, liabilities from merchandise/gift vouchers and various provisions with the nature of a
liability.
Prepayments received on account of orders are primarily recorded in the Travel and
Tourism business segment. They comprise deferred services by tour operators for
travel to be completed after the balance sheet date.
Liabilities from other taxes relate primarily to value-added tax as well as payroll and
church tax.
120
Liabilities from advance travel services relate primarily to outstanding invoices for
third-party services that the tour operators use for their own travel products and that
had not been billed by the service providers as at the balance sheet date.
The various provisions with the nature of a liability were recognised for, among other
things, agent commissions, lease obligations, administrative expenses and deferred
income for power and gas invoices.
Liabilities from contracts are recognised for contracts taken over in the context of a
business combination, if their contractual conditions were less favourable than the
market conditions at the time of acquisition. Liabilities for onerous contracts are
paid down on a straight-line basis over the remaining term of the underlying contract.
Deferred income liabilities contain, among others, building cost subsidies and deferred service fees.
38. Cash Flow Statement
The cash flow statement shows changes in cash and cash equivalents less overdraft
facilities during the financial year. A distinction is drawn between changes resulting
from operating activities, investing activities and financing activities. The discontinued operations’ cash flows from operating activities, investing activities and financing activities are reported separately from those of continuing operations in accordance with IFRS 5. These concern the Consumer Electronics (ProMarkt), BILLA
Italy, BILLA Romania and PENNY Bulgaria discontinued operations (see note 5 “Divestitures”).
The disclosures below relate to the cash flows of continuing operations.
CASH FLOW FROM OPERATING ACTIVITIES
During the period under review, the cash provided by operating activities decreased
from 1,142.7 million euros to 1,081.1 million euros. The decline of 61.6 million
euros is essentially attributable to the increase in working capital. This primarily
concerns the increase in inventories of 172.9 million euros and in trade receivables
of 137.0 million euros. Adjusted for working capital effects, the cash flow from operating activities was 1,494.5 million euros, following 1,320.1 million euros in the
previous year.
In addition to the working capital effects, the increase in income taxes paid of
24.3 million euros and the decline in interest received of 20.5 million euros had a
negative impact on the cash flow from operating activities.
Other non-cash transactions amounting to 83.5 million euros (previous year:
-155.4 million euros) in the financial year related to, among other things, the recognition directly within equity of 37.2 million euros (previous year: -146.1 million euros) for the remeasurement of pensions and similar obligations.
No borrowing costs were capitalised in the financial year. In the previous year, in addition to the interest paid in the amount of 60.7 million euros, interest payments of
0.5 million euros were made (see note 22 “Property, Plant and Equipment”).
CASH FLOW FROM INVESTING ACTIVITIES
The cash used in investing activities amounted to -1,010.3 million euros in the financial year, compared with -1,212.5 million euros in the previous year. The decline in cash used in investing activities is essentially attributable to the 131.2-million-euro increase in excess proceeds from business combinations and the
acquisition of shares in consolidated companies.
The proceeds from disposals of financial assets and companies accounted for using the
equity method included an amount of 94.5 million euros (previous year: 101.5 million
euros) that arose from the repayment of loans. Of this figure, 81.1 million euros (previous year: 77.6 million euros) related to loans to associates.
121
In addition, loans granted to joint ventures, which amounted to 56.0 million euros (previous year: 159.5 million euros) and repayments of 60.0 million euros (previous year: 149.5 million euros) made in the course of the financial year led to outflows for purchases and proceeds from disposals of financial assets and companies
accounted for using the equity method.
The proceeds from the disposal of shares in consolidated companies in the amount
of 2.8 million euros (previous year: 12.0 million euros) arose essentially from the
sale of shares in Kressner GmbH & Co. KG, Wissen, and Bekleidungshaus Kressner
GmbH, Dillenburg (see note 5 “Divestitures”).
Investments in non-current assets amounted to 1,306.0 million euros, (previous
year: 1,363.5 million euros). They related mainly to expansion investments in the
store network and replacement and expansion investments at stores, warehouse locations and manufacturing companies.
Under purchases of financial assets, an amount of 104.4 million euros (previous
year: 106.3 million euros) related to loans granted. Of this figure, an amount of
81.3 million euros (previous year: 93.0 million euros) was granted to associates.
Of the 178.7 million euros in excess proceeds from business combinations and the
acquisition of investments in consolidated companies, an amount of 177.1 million
euros resulted from the acquisition of the Kuoni companies, 0.9 million euros from
the acquisition of the Gleichmann Group, and 0.7 million euros from the acquisition of the shares in lti Kaiserfels Hotelbetriebs GmbH, St. Johann, Austria (see
note 4 “Acquisitions”).
Payments for business combinations and the acquisition of shares in consolidated
companies during the financial year resulted from the acquisition of the shares in
AVM Immobilien GmbH, Wiener Neudorf, Austria, in the amount of 3.0 million euros, and from the acquisition of the shares in Gartenliebe GmbH, Cologne, in the
amount of 0.4 million euros.
CASH FLOW FROM FINANCING ACTIVITIES
The cash flow from financing activities was -197.4 million euros. The 101.6-million-euro increase in cash outflows compared to the previous year essentially resulted from the repayment of a fixed-rate promissory note loan in the amount of
100.0 million euros, while the two promissory note loans raised in the previous year
totalling 475.0 million euros remained unchanged, and the syndicated line of credit, as in the previous year, remained unutilised.
Countering the repayment of the promissory note loan by RIF, its raising of demand
and time deposits at banks led to cash inflows in the amount of 50.0 million euros.
In addition to the change in the promissory note loans and demand and time deposits, cash proceeds of 36.7 million euros (previous year: 49.1 million euros) and
cash repayments of 40.1 million euros (previous year: 45.1 million euros) from the
raising and repayment of loans to affiliated companies and associates overall contributed to the increase in cash used in financing activities.
In addition, other loans amounting to 31.7 million euros (previous year: 79.7 million euros) were raised and 77.1 million euros (previous year: 87.3 million euros) of
other loans were repaid.
The payments from the change in non-controlling interests in the amount of
1.6 million euros (previous year: 1.2 million euros) include cash outflows of
1.4 million euros for the acquisition of the remaining shares in Zoo-Royal GmbH,
Cologne.
For details on cash repayments of finance lease liabilities amounting to 33.5 million euros (previous year: 24.9 million euros), see note 24 “Leases”.
122
2015
CONTENTS
123
123
124
130
138
OTHER DISCLOSURES
39. CAPITAL MANAGEMENT DISCLOSURES
40. FINANCIAL RISK MANAGEMENT
41. FINANCIAL INSTRUMENT DISCLOSURES
42. CONTINGENT LIABILITIES/RECEIVABLES AND
OTHER FINANCIAL OBLIGATIONS
139 43. EVENTS AFTER THE BALANCE SHEET DATE
139 44. RELATED PARTY DISCLOSURES
142 45. F
EES FOR SERVICES PROVIDED BY THE AUDITOR
143 46. M
ANAGEMENT BOARD AND SUPERVISORY BOARD
147OVERVIEW OF THE SHAREHOLDINGS OF THE GROUP COMPANIES
AND OTHER LONG-TERM INVESTEES AND INVESTORS AS AT
31 DECEMBER 2015
Other Disclosures
39. Capital Management Disclosures
The purpose of financial management in the groups is to ensure a maximum degree of
financial flexibility as well as sufficient scope for action regarding the operational, financial and strategic business development of the groups at all times. REWE Group is
committed to maintaining a strong financial profile and a solid credit rating. In maintaining the financial profile, REWE Group focuses on internationally accepted, rating-relevant financial ratios. All strategic business decisions are reviewed with regard
to their impact on these key figures.
A financial policy has been defined for REWE Group that specifies its most important key figure as follows:
Leverage factor* =
Net financial debt +
Net annual rental expense x 5
EBITDA + Net annual rental expense
* Leverage is not defined under IFRS; therefore, its definition and calculation may vary by company.
The leverage factor is the ratio of net debt to adjusted EBITDA (EBITDAR) of REWE
Group. The definition of this key figure takes into account the liabilities recognised
on the balance sheet and net rental obligations, multiplied by five. This factor implies
the net present value of rental obligations. A maximum leverage factor of three has
been specified for REWE Group. Should extraordinary market conditions force man-
/ Other Disclosures
agement to exceed this debt limit, measures must be developed to return the key ratio
to the tolerance level. As at 31 December 2015, this key figure stood at 2.3 (previous
year: 2.5). The financing structure, liquidity and financial risk positions are managed
centrally at REWE Group.
Based on capital market principles, long-range capital management is also guided
by the decision with respect to variable and fixed-rate borrowing.
Short-term liquidity management for REWE Group is conducted on a monthly basis
for the subsequent year and is updated continuously. The medium-term liquidity requirement is calculated for each calendar year based on the medium-term plan and
thus serves as the basis for the financing strategy.
REWE Group has assigned a treasury committee to manage financial risks (e.g. foreign exchange risks, interest rate risks and credit risks). This body is particularly instrumental in furthering the mutual exchange of information, shaping opinions and
encouraging close consultation among the different corporate units on issues and
strategies of overall importance.
Moreover, the expertise concentrated in REWE Group is used to advise and support
domestic and international REWE Group companies in all relevant financial matters.
Relevant issues range from fundamental considerations concerning the financing of
acquisition and investment projects to on-site support for local financial officers of
individual group companies in discussions with banks and financial services providers.
123
40. Financial Risk Management
The groups are exposed to various financial risks through their operating activities,
particularly foreign exchange risk, liquidity risk, interest rate risk, commodity risk
and credit risk.
The foreign exchange, liquidity and interest rate risk to which the groups are exposed is systematically managed in accordance with financial guidelines. Financial risks are identified, assessed and hedged in close co-operation with the operating units. A central treasury committee discusses and decides on risk policy and
strategy.
FOREIGN EXCHANGE RISK
The groups have international operations and are therefore exposed to potential foreign exchange risks.
Foreign exchange risks (i.e. potential impairment losses on financial instruments
due to exchange rate fluctuations) exist in particular where assets and liabilities
are denominated or will routinely arise in a currency other than the groups’ functional currency. In accordance with the financial guidelines, receivables and liabilities denominated in foreign currency must be hedged in full using derivatives. The
group companies’ counterparties in transactions involving derivative financial instruments are top-rated banks.
The operational framework, lines of responsibility, financial reporting and control
mechanisms for financial instruments are defined in detail in the respective guidelines. These guidelines call in particular for a clear functional separation between
trading and settlement activities.
Foreign exchange risks may be hedged using only marketable derivative financial instruments whose correct financial engineering and accounting treatment must be
assured in the groups’ treasury systems.
Comprehensive management of financial risks focuses on the unpredictability of developments on the financial markets and aims to minimise the potential for negative
impact on the financial position of the groups. Mitigating risk generally takes precedence over considerations of profitability.
In the Travel and Tourism business segment and at RZAG, future payments from foreign currency and commodity transactions are hedged through derivatives and reported as cash flow hedges. Hedging ensures that currency fluctuations do not have
any material impact on earnings.
Derivative financial instruments are used to hedge financial risks.
The equity from currency transactions would be approximately 112.7 million euros lower (previous year: 68.6 million euros) if the euro had been ten percentage
points stronger against the key foreign currencies on the balance sheet date. If the
euro had been ten percentage points weaker against the key foreign currencies, equity from currency transactions would have been approximately 112.7 million euros
higher (previous year: 68.6 million euros). Of this figure, 55.6 million euros (previous year: 46.8 million euros) are attributable to changes in the euro exchange rate
against the dollar. Interest rate effects have not been taken into account.
/ Other Disclosures
124
LIQUIDITY RISK
The aim of liquidity management is to ensure that, through RIF the consolidated
companies always have access to sufficient liquidity on the basis of adequate undrawn lines of credit so that no liquidity risk exists should unexpected events have a
Loans, fixed-term deposits and overnight money are used as financial instruments.
The consolidated companies have access to a syndicated line of credit in the
amount of 1.75 billion euros through RIF. The term was extended until 18 September 2020 by exercising the second renewal option. The interest rate is based on EURIBOR. As at 31 December 2015, the line of credit had not been drawn down.
Internal cash pooling is aimed at reducing the amount of debt financing and at optimising cash and capital investments. Cash pooling allows the use of the excess liquidity of individual companies to internally finance the cash requirements of other consolidated companies. The financial control system ensures the optimal use of
the group companies’ financial resources.
The groups did not significantly offset financial assets and financial liabilities with
non-group companies. There are global netting agreements in connection with the
central settlement business.
The following tables provide information on the contractually agreed, undiscounted
interest and principal payments for financial liabilities. Where there is a right to terminate a loan agreement, a cash outflow on the earliest possible termination date
has been assumed.
In addition, two promissory note loans were raised by RIF for financing purposes:
Overview of Promissory Note Loans Raised
Term
Volume (in million €)
22 Aug. 2014 – 2 Sep. 2024
175.0
21 Nov. 2014 – 28 Nov. 2017
300.0
In addition, there are other bilateral lines of credit between individual companies
and banks.
/ Other Disclosures
125
a) Liquidity Analysis of Financial Liabilities
IN MILLION €
Primary financial instruments
Other non-current financial liabilities
31 Dec. 2015
Carrying
amount
2016
2017
2018
2019
2020
2021 ff.
Contractually
agrees cash
flows
Less than
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
More than
5 years
1,049.2
Primary financial instruments
Other non-current financial liabilities
65.0
79.6
453.0
0.0
1.8
1.9
0.7
1.1
5.2
278.4
0.0
0.0
0.0
0.0
0.0
5,616.5
5,616.9
0.0
0.0
0.0
0.0
0.0
31 Dec. 2014
Carrying
amount
2015
2016
2017
2018
2019
2020 ff.
Contractually
agrees cash
flows
Less than
1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
More than
5 years
1,142.2
16.2
181.7
389.2
100.9
116.8
441.0
5.7
0.0
1.5
2.6
0.3
0.9
4.4
192.1
202.6
0.0
0.0
0.0
0.0
0.0
5,585.7
5,586.0
0.0
0.0
0.0
0.0
0.0
Other current financial liabilities
Cash outflows from primary financial instruments include the interest component in
addition to the principal repayment, so that the sum of the cash outflows may exceed the carrying amount in the financial year under review.
/ Other Disclosures
159.7
4.5
Non-current trade payables
Current trade payables
374.5
267.5
9.2
All financial liabilities in the liquidity analysis relate to primary financial instruments. In addition, derivative financial instruments amounting to 31.0 million euros
(previous year: 6.1 million euros) are reported on the balance sheet.
126
b) Liquidity Analysis of Derivatives
IN MILLION €
Derivative financial instruments
2016
2017
2018
2019
2020
Cash flows
Cash flows
Cash flows
Cash flows
Cash flows
2021 and
beyond
Cash flows
Currency derivatives
Financial assets
Proceeds
969.1
62.1
0.0
0.0
0.0
0.0
Payments
957.7
60.7
0.0
0.0
0.0
0.0
Proceeds
735.3
58.0
0.0
0.0
0.0
0.0
Payments
746.1
57.4
0.0
0.0
0.0
0.0
Proceeds
0.2
0.2
0.3
0.0
0.0
0.0
Payments
1.4
1.3
1.1
0.0
0.0
0.0
Interest rate derivatives
Derivative financial instruments
2015
2016
2017
2018
2019
Cash flows
Cash flows
Cash flows
Cash flows
Cash flows
2020 and
beyond
Cash flows
Financial assets
Proceeds
931.2
41.5
0.0
0.0
0.0
0.0
Payments
768.7
39.5
0.0
0.0
0.0
0.0
Proceeds
255.2
13.3
0.0
0.0
0.0
0.0
Payments
251.6
12.9
0.0
0.0
0.0
0.0
Interest rate derivatives
Proceeds
0.2
0.3
0.3
0.3
0.0
0.0
Payments
1.5
1.4
1.3
1.1
0.0
0.0
/ Other Disclosures
127
INTEREST RATE RISK
CREDIT RISK
Interest rate risk is generally caused by fluctuations in market interest rates for interest-bearing assets and interest-bearing liabilities. All assets and liabilities with
variable interest rates or short-term interest rates that are fixed for no more than
three months expose the groups to cash flow risk. Fixed interest-bearing liabilities
with extended fixed interest periods result in a fair-value interest-rate risk. At the
end of the year, 49.7 per cent (previous year: 65.7 per cent) of liabilities to banks
had fixed interest rates.
Credit risk from financial assets arises from the potential failure of a counterparty to
meet its obligations in whole or in part, thereby causing financial losses to the other party.
Interest-bearing assets and liabilities may impact earnings and equity as a result of
interest rate fluctuations. These risks are reported on the basis of a sensitivity analysis, which shows the effects that would result from changes in the relevant risk variables – in particular interest rates. These changes are determined on the balance
sheet date, using reasonable discretion.
In terms of interest rate hedging transactions entered into as part of cash flow
hedge accounting, equity would have been approximately 1.6 million euros higher (previous year: 2.0 million euros) if the interest rate level had been 100 basis
points higher at the balance sheet date. If the interest rate level had been 100 basis points lower, equity would have been approximately 1.8 million euros lower (previous year: 0.6 million euros).
In terms of interest rate hedging transactions involving stand-alone derivatives,
net income would have been approximately 0.7 million euros higher (previous year:
1.0 million euros) if the interest rate level had been 100 basis points higher at
the balance sheet date. If the interest rate level had been 100 basis points lower,
net income would have been approximately 0.8 million euros lower (previous year:
1.1 million euros).
Potential credit risk exists in relation to trade receivables, loans, other receivables,
loans to customers under the REWE partnership model, joint liability risks from a position as partner in REWE partner companies and derivative financial instruments
with positive fair values.
Possible default risks were taken into account by recognising individually determined
specific valuation allowances and aggregated valuation allowances as well as adequate provisions (see note 27 “Trade Receivables”). There are also some sureties received in the form of bank guarantees.
Minimum credit rating requirements and individual caps on financial exposure have
been established as part of accounts receivable management, operational monitoring
of debtors and ongoing receivables monitoring.
Business dealings with large corporate customers are subject to a separate solvency monitoring system. Compared with the overall exposure to credit risk, receivables
from these counterparties are not so large individually that they would create an exceptional concentration of risk. Sales to retail customers are settled in cash or with
EC cash cards or conventional credit cards. Cash logistics in the retail trade are subject to a separate monitoring system.
In addition, there is an interest rate risk from primary, variable-rate financial instruments. If interest rate levels had been 100 basis points higher, the interest result
would have been 3.0 million euros lower (previous year: 2.2 million euros). If interest rate levels had been 100 basis points lower, the interest result would have been
3.0 million euros higher (previous year: 2.2 million euros).
/ Other Disclosures
128
Breakdown of the Age Structure of Overdue Receivables on Which no Allowances Have Been Recognised
IN MILLION €
31 Dec. 2015
Carrying
amount
Of which past due as at the balance sheet date
and not impaired
Less than 90
days
Between 90
and 180 days
Between 180
and 360 days
More than
360 days
Non-current other financial assets
294.3
0.0
0.0
0.1
0.0
Current other financial assets
570.5
10.0
5.6
0.4
1.1
1,076.4
29.5
1.9
0.8
1.7
Current trade receivables
31 Dec. 2014
Carrying
amount
Of which past due as at the balance sheet date
and not impaired
Less than 90
days
Between 90
and 180 days
Between 180
and 360 days
More than
360 days
313.9
1.7
0.0
0.1
0.0
568.9
11.2
5.6
0.2
1.4
939.4
36.1
2.2
0.8
1.9
Credit risk related to cash deposits, derivative contracts and financial transactions
are mitigated by entering into such transactions subject to fixed limits and only with
banks that have a good credit rating. Payment transactions are also settled exclusively through such banks. The credit rating and risk-bearing capacity of the partner
banks is monitored systematically on an ongoing basis. The functions of setting and
monitoring the limits are separated for trading and settlement operations.
/ Other Disclosures
129
41. Financial Instrument Disclosures
The groups’ business operations are exposed to various risks. Derivative financial instruments are used to hedge interest rate and foreign exchange risks.
On the basis of agreements dated 14 December 2011, REWE Projektentwicklung
Kft., Budapest, Hungary, I+R Projektentwicklung Kft., Alsónémedi, Hungary, and
T+R Projektentwicklung Kft., Alsónémedi, Hungary, entered into interest rate swaps
with a bank to hedge variable-rate interest on external loans. The nominal volume
of the swaps was 16.0 million euros, 10.2 million euros and 4.9 million euros. The
interest rate swaps mature on 31 October 2018. Under those interest rate swaps,
fixed-rate interest of 2.2 per cent is paid or received. These interest rate swaps are
reported as stand-alone derivatives. The measurement of these interest rate swaps
resulted in income of 0.4 million euros in the financial year.
On the basis of agreements dated 5 October 2012, C+R Projekt spol. s r.o., Prague,
Czech Republic, and K+R Projekt s.r.o., Prague, Czech Republic, entered into interest rate swaps with a bank to hedge variable-rate interest on external loans. The
nominal volume of the swaps was 968.5 million Czech korunas and 807.0 million
Czech korunas. The interest rate swaps mature on 31 October 2018. Under those
interest rate swaps, fixed-rate interest of 1.1 per cent is paid or received. These interest rate swaps are accounted for using cash-flow hedge accounting.
/ Other Disclosures
In the context of managing foreign exchange risks associated with the tourism business, liabilities denominated in foreign currency (hedged items) resulting from hotel procurement are hedged by using exchange rate hedges to mitigate the risk of
exchange rate factors negatively impacting earnings. These foreign exchange transaction risks arise on the date on which the calculation rates for the various seasonal
classifications are set. The hedged transactions on these dates are planned foreign
exchange liabilities that are realised only as the corresponding account entries are
subsequently made. As part of currency hedging, the hedged transactions are offset
against forward exchange contracts and currency options intended to hedge the underlying transaction against exchange rate movements recognised in profit or loss.
Hedge accounting is applied if the requirements of IAS 39 are met.
In addition, forward exchange contracts and currency swaps are used to hedge
against exchange rate fluctuations arising from merchandise management contracts.
These contracts have a term of up to 19 months. These currency derivatives are accounted for as cash flow hedges.
Moreover, short-term forward exchange contracts and currency swaps were entered
into to hedge the foreign exchange risk arising from foreign-currency receivables
and liabilities already recognised.
130
Nominal Volumes of the Currency Derivatives for each Currency
ISO code
Country
Currency
31 Dec. 2015
Nominal volume
in million units
31 Dec. 2014
Nominal volume
in million units
213.9
95.9
37.7
30.5
0.9
10.1
30.6
28.0
158.1
144.1
56.6
37.5
Krone
1,670.5
2,697.6
Denmark
Krone
67.0
0.0
GBP
United Kingdom
Pfund
77.7
16.0
HKD
Hong Kong
Dollar
15.5
16.8
HRK
Croatia
Kuna
678.2
763.0
AED
United Arab Emirates
Dirham
AUD
Australia
Dollar
BRL
Brazil
Real
CAD
Canada
Dollar
CHF
Switzerland
Franken
CNY
China
Yuan
CZK
Czech Republic
DKK
HUF
Hungary
Forint
24,048.0
19,188.5
INR
India
Rupie
414.8
0.0
JPY
Japan
Yen
95.0
0.0
MAD
Morocco
Dirham
53.0
55.1
NOK
Norway
Krone
302.7
16.9
NZD
New Zealand
Dollar
33.5
25.5
RON
Romania
Lei
739.9
779.2
RUB
Russia
Rubel
4.0
0.0
SEK
Sweden
Krone
1,370.5
28.9
SGD
Singapore
Dollar
7.7
6.6
THB
Thailand
Baht
4,188.8
2,690.0
TND
Tunisia
Dinar
14.8
21.0
USD
USA
Dollar
783.5
651.2
ZAR
South Africa
Rand
622.2
476.0
/ Other Disclosures
131
In the financial year, derivatives in the form of commodity futures were also used for
price hedging of aviation fuel. By using the commodity derivatives a total volume of
24,900 metric tons of aviation fuel was hedged over a period from January 2016
until May 2017. The hedge is accounted for as a cash flow hedge.
Fair Values of the Derivative Financial Instruments
IN MILLION €
Fair value
– Assets –
Fair value
– Liabilities –
31 Dec. 2015
31 Dec. 2014
31 Dec. 2015
31 Dec. 2014
0.0
0.0
3.2
4.2
31.1
58.1
23.3
1.9
of which: within cash flow hedges
26.0
52.6
18.4
0.7
of which: within fair value hedges
2.4
2.3
1.6
0.0
of which: outside a hedging relationship
2.7
3.2
3.3
1.2
Commodity derivatives
0.0
0.0
4.5
0.0
31.1
58.1
31.0
6.1
Interest rate swaps
Total
The fair values of the above derivative financial instruments are determined on the
basis of market information as at the balance sheet date.
For an explanation of the effects of cash flow hedges on the equity attributable to the
shareholders of the parent companies, please refer to the changes in the reserve for
cash flow hedges presented in the statement of changes in equity. In addition, the
statement of comprehensive income presents for all shareholders the amounts recognised in the income statement and those taken directly to equity and thus the impact of cash flow hedges on other comprehensive income and on net income for the
year.
/ Other Disclosures
132
FINANCIAL INSTRUMENTS BY CLASS AND MEASUREMENT CATEGORY
The classes of financial instruments were based on the structure of the balance
sheet.
Reconciliation of the Individual Classes and Measurement Categories of IAS 39 to the Balance Sheet Items
IN MILLION €
Carrying amount pursuant to IAS 39
Carrying amount
pursuant to
IAS 17
Carrying amount
31 Dec. 2015
(Amortised) cost
Fair value
recognised
directly in equity
294.3
283.7
10.6
0.0
0.0
Financial assets available for sale
124.5
113.9
10.6
0.0
0.0
Loans and receivables
169.8
169.8
0.0
0.0
0.0
Current financial assets
570.5
539.4
26.0
5.1
0.0
Financial assets held for trading
2.7
0.0
0.0
2.7
0.0
0.1
0.1
0.0
0.0
0.0
539.3
539.3
0.0
0.0
0.0
28.4
0.0
26.0
2.4
0.0
1,076.4
1,076.4
0.0
0.0
0.0
1,076.4
1,076.4
0.0
0.0
0.0
636.0
636.0
0.0
0.0
0.0
636.0
636.0
0.0
0.0
0.0
2,577.2
2,535.5
36.6
5.1
0.0
Fair value
through
profit and loss
ASSETS
Financial assets in hedge accounting*
Total ASSETS
/ Other Disclosures
Part 1
133
IN MILLION €
Carrying amount
pursuant to
IAS 17
Carrying amount
31 Dec. 2015
(Amortised) cost
Fair value
recognised
directly in equity
1,052.4
827.3
1.3
1.9
221.9
1.9
0.0
0.0
1.9
0.0
827.3
827.3
0.0
0.0
0.0
Fair value
through
profit and loss
Non-current financial liabilities
Financial liabilities held for trading
1.3
0.0
1.3
0.0
0.0
221.9
0.0
0.0
0.0
221.9
4.5
4.5
0.0
0.0
0.0
4.5
4.5
0.0
0.0
0.0
295.3
246.0
22.9
4.9
21.5
3.3
0.0
0.0
3.3
0.0
246.0
246.0
0.0
0.0
0.0
Financial liabilities in hedge accounting*
24.5
0.0
22.9
1.6
0.0
Liabilities from finance leases*
21.5
0.0
0.0
0.0
21.5
5,616.5
5,616.5
0.0
0.0
0.0
5,616.5
5,616.5
0.0
0.0
0.0
Total LIABILITIES
6,968.7
6,694.3
24.2
6.8
243.4
2.7
0.0
0.0
2.7
0.0
Current financial liabilities
Of which: aggregated by measurement categories pursuant to IAS 39:
124.6
114.0
10.6
0.0
0.0
2,421.5
2,421.5
0.0
0.0
0.0
5.2
0.0
0.0
5.2
0.0
6,694.3
6,694.3
0.0
0.0
0.0
Financial assets in hedge accounting
28.4
0.0
26.0
2.4
0.0
Financial liabilities in hedge accounting
25.8
0.0
24.2
1.6
0.0
Of which: in hedge accounting pursuant to IAS 39:
Part 2
* Not a measurement category pursuant to IAS 39
/ Other Disclosures
134
FINANCIAL INSTRUMENTS BY CLASS AND MEASUREMENT CATEGORY
IN MILLION €
Carrying amount
pursuant to
IAS 17
Carrying amount
31 Dec. 2014
(Amortised) cost
Fair value
recognised
directly in equity
313.9
303.8
10.1
0.0
0.0
149.3
139.2
10.1
0.0
0.0
164.6
164.6
0.0
0.0
0.0
Current financial assets
Fair value
through
profit and loss
ASSETS
568.9
510.8
52.6
5.5
0.0
3.2
0.0
0.0
3.2
0.0
0.1
0.1
0.0
0.0
0.0
510.7
510.7
0.0
0.0
0.0
Financial assets in hedge accounting*
54.9
0.0
52.6
2.3
0.0
939.4
939.4
0.0
0.0
0.0
939.4
939.4
0.0
0.0
0.0
692.7
692.7
0.0
0.0
0.0
692.7
692.7
0.0
0.0
0.0
2,514.9
2,446.7
62.7
5.5
0.0
Total ASSETS
/ Other Disclosures
Part 1
135
IN MILLION €
Carrying amount
pursuant to
IAS 17
Carrying amount
31 Dec. 2014
(Amortised) cost
Fair value
recognised
directly in equity
1,146.4
987.6
1.8
2.4
154.6
2.4
0.0
0.0
2.4
0.0
987.6
987.6
0.0
0.0
0.0
Fair value
through
profit and loss
Non-current financial liabilities
1.8
0.0
1.8
0.0
0.0
154.6
0.0
0.0
0.0
154.6
5.7
5.7
0.0
0.0
0.0
5.7
5.7
0.0
0.0
0.0
194.0
175.0
0.7
1.2
17.1
1.2
0.0
0.0
1.2
0.0
175.0
175.0
0.0
0.0
0.0
Current financial liabilities
0.7
0.0
0.7
0.0
0.0
17.1
0.0
0.0
0.0
17.1
5,585.7
5,585.7
0.0
0.0
0.0
5,585.7
5,585.7
0.0
0.0
0.0
Total LIABILITIES
6,931.8
6,754.0
2.5
3.6
171.7
3.2
0.0
0.0
3.2
0.0
Of which: aggregated by measurement categories pursuant to IAS 39:
149.4
139.3
10.1
0.0
0.0
2,307.4
2,307.4
0.0
0.0
0.0
3.6
0.0
0.0
3.6
0.0
6,754.0
6,754.0
0.0
0.0
0.0
54.9
0.0
52.6
2.3
0.0
2.5
0.0
2.5
0.0
0.0
Of which: in hedge accounting pursuant to IAS 39:
Financial assets in hedge accounting
Financial liabilities in hedge accounting
Part 2
* Not a measurement category pursuant to IAS 39
/ Other Disclosures
136
IFRS 7 requires financial instruments measured at fair value to be assigned to a
fair value hierarchy. There are three hierarchy levels. Level 1 comprises financial
instruments whose fair values can be derived from quoted prices. Level 2 comprises financial instruments whose fair values cannot be derived from quoted prices,
but whose measurement-related inputs are directly or indirectly observable on the
market. Financial instruments that cannot be assigned to either level 1 or level 2
are assigned to level 3. Fair value in this case is determined using factors that are
not based on observable market data.
FAIR VALUE DISCLOSURES
Comparison of the Carrying Amounts and Fair Values
of the Financial Instruments for each Class
IN MILLION €
31 Dec. 2015
Available-for-sale financial assets also include financial instruments measured at
fair value. An amount of 10.6 million euros (previous year: 10.1 million euros),
which is reported under non-current financial assets, relates to securities traded on
a regulated market and must therefore be assigned to level 1.
The interest rate swaps, currency and commodity derivatives of 31.1 million euros
(previous year: 58.1 million euros) under current financial assets and of 31.0 million euros (previous year: 6.1 million euros) under financial liabilities are financial
instruments measured at fair value that are assignable to level 2 of the fair value
hierarchy.
Carrying
amount
31 Dec. 2014
Fair value
Carrying
amount
Fair value
ASSETS
Non-current
294.3
294.7
313.9
314.7
294.3
294.7
313.9
314.7
2,282.9
2,283.2
2,201.0
2,201.0
570.5
570.8
568.9
568.9
1,076.4
1,076.4
939.4
939.4
636.0
636.0
692.7
692.7
Non-current
1,056.9
1,115.0
1,152.1
1,220.1
Other non-current
financial liabilities
1,052.4
1,110.5
1,146.4
1,214.4
4.5
4.5
5.7
5.7
5,911.8
5,912.4
5,779.7
5,779.9
295.3
295.9
194.0
194.2
5,616.5
5,616.5
5,585.7
5,585.7
Current
LIABILITIES
Current
Due to the short maturities, the carrying amounts of current trade receivables and
trade payables as well as of cash and cash equivalents approximate their fair values.
/ Other Disclosures
137
Non-current trade receivables and trade payables are discounted to present value.
In this case, the carrying amounts largely reflect the fair values.
Market prices are generally used to measure other financial assets and liabilities. In
the absence of a market price, approved discounted cash flow methods are used to
calculate the fair value. The valuation model is based on the yield curves and exchange rates that apply on the balance sheet date.
Interest income on financial instruments not measured at fair value through profit or loss amounted to 8.0 million euros (previous year: 8.4 million euros), while
corresponding interest expenses amounted to 32.8 million euros (previous year:
30.6 million euros).
42. C
ontingent Liabilities/Receivables
and Other Financial Obligations
NET RESULT FROM FINANCIAL INSTRUMENTS
Contingent Liabilities as at the Balance Sheet Date
Breakdown of Income and Expenses from Financial
Instruments According to IAS 39 Measurement Categories
IN MILLION €
31 Dec. 2015
31 Dec. 2014
Contingent liabilities from warranties
9.6
10.8
Contingent liabilities from guarantees
127.6
5.3
77.3
164.8
214.5
180.9
IN MILLION €
Income (+)/expenses (-)
2015
2014
30.3
10.2
-1.6
7.1
Financial assets and liabilities held for trading
-1.7
0.1
-80.2
-66.1
Income on loans and receivables mainly comprises exchange gains and losses, income from receivables previously written down, losses from allowances and interest income from financial receivables. Furthermore, income from financial assets
available for sale mainly comprises income from equity investments. Gains or losses
from financial assets and liabilities held for trading result from the measurement
of derivative financial instruments. Expenses from other financial liabilities relate
primarily to interest expense on financial liabilities and exchange gains or losses.
/ Other Disclosures
Other contingent liabilities
Total
Contingent liabilities from guarantee agreements include primarily letters of comfort
to financial institutions for possible use by REWE partner investment companies as
general partners of the associated REWE partner companies taking out the loans.
138
Contingent liabilities from guarantees essentially concern payment guarantees to financial institutions, insurance companies, municipalities and banks. The increase
is primarily attributable to the Kuoni companies in the Travel and Tourism business
segment. In some countries in which the companies operate local laws require that
travel guarantees and payment guarantees to governmental authorities be given in
order to reduce the default risks of the organizer vis-à-vis the customer.
The other contingent liabilities relate to, among other things, contingent liabilities from del credere-assumptions. They arose from the joint assumption of liabilities from goods purchased from member operations and invoiced only in the subsequent year. Recourse obligations are offset by recourse claims in the same amount.
The decline in other contingent liabilities essentially concerns the trade tax risks
in the Travel and Tourism business segment identified in the previous year in the
amount of 87.8 million euros. The risks from this item have now been sufficiently
recognised using provisions.
Anti-trust investigations were conducted in some countries, the majority of which
have been completed. Provisions were appropriated for the risks during the financial
year.
In addition, there are obligations in the Travel and Tourism business segment
amounting to 254.9 million euros (previous year: 252.1 million euros) from guaranteed quota contracts with hotels and various airlines as well as prepayment obligations agreed with hotels.
In 2014, based on a decision by the European Court of Justice (ECJ), the Bundesfinanzhof (Federal Finance Court) abandoned the previous rulings on the VAT treatment of compensation between central payers and their network customers. We are
currently discussing possible VAT refund claims on the part of companies in the
REWE Group with the tax authorities and are pursuing a mutual agreement.
/ Other Disclosures
43. Events after the Balance Sheet Date
REWE-Zentral-Handelsgesellschaft mbH, Cologne, and COOP-Gruppe Genossenschaft, Basel, Switzerland, each hold 50.0 per cent of the shares of EUROGROUP
S.A., Haren, Belgium. By share purchase agreement dated 7 October 2015, the
parties agreed that REWE-Zentral-Handelsgesellschaft mbH acquired all shares of
COOP-Gruppe Genossenschaft. By share purchase agreement dated 8 December
2015, REWE-Zentral-Handelsgesellschaft mbH sold its previous 50.0 per cent share
to REWE Deutscher Supermarkt AG & Co. KGaA. Additionally, REWE Deutscher Supermarkt AG & Co. KGaA replaced REWE-Zentral-Handelsgesellschaft mbH in the
share purchase agreement with COOP-Gruppe Genossenschaft. Based on the contractual terms and conditions, the shares were transferred as of 4 January 2016.
By decision dated 18 February 2016 the Austrian Federal Competition Authority
(Bundeswettbewerbsbehörde) issued the approval to Billa Aktiengesellschaft, Wiener Neudorf, Austria and BIPA Parfümerien Gesellschaft m.b.H., Wiener Neudorf,
Austria, to take over a total of 25 locations of Zielpunkt GmbH, Vienna, Austria, (in
insolvency) under regulatory requirements.
No other significant events became known between the end of the reporting period
and the time of approval of the Combined Financial Statements.
44. Related Party Disclosures
In accordance with IAS 24, parties related to the groups are non-consolidated subsidiaries, joint ventures and associates, including their subsidiaries, as well as other
entities and persons defined as follows: Management Board and Supervisory Board
of RZAG and RZF and entities controlled, jointly controlled or significantly influenced by these persons or close members of their families.
139
Other related parties include primarily companies belonging to Für Sie Handels
genossenschaft eG Food – Non Food, Cologne, REWE DORTMUND Großhandel eG,
Dortmund, and companies of Dohle Handelsgruppe Holding GmbH & Co. KG, Siegburg, which form part of the group of other related parties because they provide Supervisory Board members to RZF and RZAG. In addition to subsidiaries included in
the Combined Financial Statements, RZF and RZAG have direct or indirect relations
with a large number of non-consolidated companies and associates in the course
of their normal business activities; these companies are considered related parties
of RZF and RZAG. RZF and RZAG maintain significant business relations with the
REWE partner companies, which are associates in which RZF has an indirect interest under the REWE partnership model. The supply of goods and services conducted as part of normal business activities primarily comprises the delivery of goods,
leasing and services.
IN MILLION €
Joint ventures
Associates
Other related parties
Total
/ Other Disclosures
Goods and services supplied to associates are attributable mainly to deliveries of
goods amounting to 5,306.3 million euros (previous year: 4,906.1 million euros) and to leases and services amounting to 499.8 million euros (previous year:
455.8 million euros) provided to the REWE partner companies.
The goods and services provided to other related parties relates mainly to goods deliveries amounting to 421.3 million euros (previous year: 401.5 million euros). The
remaining amount for goods and services is due almost exclusively to leasing services and services provided to companies taking part in central settlement.
The goods and services received from associates primarily comprise expenses for
services used and rental expenses. The goods and services received from other related parties are attributable almost entirely to expenses from leasing services.
Goods and Services Received from or to Related Parties
Subsidiaries (non-consolidated)
The volume of goods and services provided to joint ventures relates mainly to goods
deliveries amounting to 167.6 million euros (previous year: 162.8 million euros).
Composition of Receivables from Related Parties
Volume of goods and
services provided
Volume of goods and
services provided
2015
2015
2014
IN MILLION €
2014
0.3
0.3
0.5
1.3
182.5
177.7
0.9
1.6
5,948.2
5,497.6
5.1
5.7
435.5
530.3
13.6
14.1
6,566.5
6,205.9
20.1
22.7
Joint ventures
31 Dec. 2015
31 Dec. 2014
0.3
0.7
40.3
39.9
Associates
532.2
441.3
211.2
216.4
Total
784.0
698.3
140
Receivables from non-consolidated subsidiaries are included in other receivables
from financial transactions and trade receivables from affiliated companies (see
note 26 “Other Financial Assets” and note 27 “Trade Receivables”).
Receivables from associates relate to goods supplied to REWE partner companies
amounting to 313.0 million euros (previous year: 229.0 million euros) as well as
loans to associates amounting to 184.5 million euros (previous year: 187.5 million). The loans mainly comprise shareholder loans and start-up loans to REWE
partner companies (see note 26 “Other Financial Assets”).
Receivables from other related parties are attributable mainly to central settlement
receivables of 162.6 million euros (previous year: 177.1 million euros).
The increase in liabilities to other related parties resulted from the addition of companies that are considered related through the Supervisory Board members of RZF
and RZAG.
REMUNERATION FOR KEY MANAGEMENT PERSONNEL
Total Remuneration for Key Management Personnel at
RZF and RZAG as well as for Supervisory Board Members
IN MILLION €
2015
Composition of Liabilities to Related Parties
Management Board
Supervisory Board
IN MILLION €
Total
Joint ventures
Associates
Total
31 Dec. 2015
31 Dec. 2014
17.2
15.1
6.2
0.9
41.7
37.1
8.6
2.7
73.7
55.8
2014
16.2
20.9
1.1
0.9
17.3
21.8
Liabilities to non-consolidated subsidiaries are included in liabilities to affiliated
companies and trade payables to affiliated companies (see note 35 “Other Financial
Liabilities” and note 36 “Trade Payables”).
/ Other Disclosures
141
Breakdown of Remuneration for Key Management Personnel
IN MILLION €
2015
The overview below shows the total fee for PricewaterhouseCoopers Aktiengesell
schaft Wirtschaftsprüfungsgesellschaft, Cologne, the auditor of the Combined Financial Statements, recognised as an expense during the financial year.
2014
Short-term benefits due
14.0
12.0
Post-employment benefits
-0.7
6.1
4.0
3.7
17.3
21.8
Other long-term benefits due
Total
45. Fees for services provided by
the auditor
Total Fee for the Auditor in the Financial Year
IN MILLION €
A short-term and long-term performance-based profit-sharing and bonus programme is in place for the Management Board. As at 31 December 2015, a total
of 12.8 million euros (previous year: 9.4 million euros) for this programme was recognised as liability.
Employee representatives elected to the Supervisory Board of RZF and RZAG continue to be entitled to a regular salary under their employment contract. The
amount of remuneration is based on provisions agreed in the employment contract.
PENSION OBLIGATIONS FOR CURRENT KEY MANAGEMENT
PERSONNEL
Pension obligations of 19.1 million euros were recognised for Management Board
members (previous year: 19.8 million euros).
2015
2014
Fees for financial statement audit services
4.4
4.2
Fees for tax consulting services
0.2
0.1
Fees for other services
0.7
0.7
Total
5.3
5.0
The fees for financial statement audit services include in particular the fees for the
audit of the Combined Financial Statements, the consolidated financial statements
and the annual financial statements of the consolidated companies.
Tax consulting fees include fees for consultation provided in connection with the filing of tax returns, the presentation of tax structuring options and ad hoc information.
Fees for other services mainly include audit-related consulting and other consulting
services.
/ Other Disclosures
142
46. Management Board and
Supervisory Board
The composition of the Management Boards of REWE-ZENTRALFINANZ eG, Cologne, and REWE - Zentral-Aktiengesellschaft, Cologne, is identical. The Management Board had the following members in the period under review:
Alain Caparros
(Chairman)
Chairman of the Management Board of
REWE-ZENTRALFINANZ eG, Cologne, and
REWE - Zentral-Aktiengesellschaft, Cologne
International Full-Range Stores, Corporate Development & Controlling, Corporate
Responsibility and Marketing Public, Corporate Affairs, Executive Development,
Corporate Internal Auditing, Human Resources/Group Human Resources Development, Legal Entity and Cooperative
Manfred Esser
Member of the Management Board of
International Discount Stores, Production, Shopper Marketing, Coopernic,
Strategic Purchasing
Jan Kunath
/ Other Disclosures
143
The Supervisory Boards had the following members in the period under review:
Erich Stockhausen
(Chairman, RZF
and RZAG, from
22 June 2015)
REWE West eG, Hürth
Heinz-Bert Zander
(Chairman, RZF and
RZAG, until
22 June 2015)
Chief Executive of REWE DORTMUND Großhandel eG,
Dortmund
Fritz Aupperle
REWE Süd/Südwest eG, Fellbach
Klaus Dohle
(RZAG only)
Managing partner of Dohle Handelsgruppe
Holding GmbH & Co. KG, Siegburg
Günther Filips
General partner of G. Filips Einzelhandels KG,
Dortmund, and Chairman of the Supervisory Board of
REWE DORTMUND Großhandel eG, Dortmund
Michael Fricke
(from 22 June 2015)
Businessman and member of the Management
Board of REWE Handels eG Hungen, Hungen
Gudrun Glock
(until 22 June 2015)
REWE Handels eG Hungen, Hungen
Peter Hornbach
(from 22 June 2015,
RZAG only)
Managing Director of Wasgau Food Beteiligungsgesellschaft mbH and of DELTA HORNBACH GmbH
Jürgen Lang
Member of the Management Board of REWE Süd/
Südwest eG, Fellbach
/ Other Disclosures
Frank Morgenstern
(until 31 May 2015)
Member of the Management Board of FÜR SIE Handelsgenossenschaft eG Food – Non Food, Cologne
Bruno Naumann
Chairman of the Supervisory Board of REWE Handels eG
Hungen, Hungen
Matthias Peikert
Member of the Management Board of REWE Nord-Ost eG,
Teltow
Heinz-Werner Satter
(from 22 June 2015)
Managing Director of SCHWÄLBCHEN Frischdienst
GmbH, Mainz, and Chairman of the Supervisory Board
(from 31 May 2015) of FÜR SIE Handelsgenossenschaft
eG Food – Non Food, Cologne
Robert Schäfer
REWE West eG, Hürth
Andreas Schmidt
(from 22 June 2015)
REWE DORTMUND Großhandel eG, Dortmund
144
The members of the Supervisory Board of RZAG and of RZF also included the
following employee representatives in the period under review:
Klaus Norhausen
(RZAG only)
Technical Director,
Reinhard Brenner
(RZF only)
Works Council chairman exempted from regular duties,
REWE Markt GmbH, branch Südwest, Wiesloch
Stefanie Nutzenberger
(RZF only)
Member of the national executive board of
the ver.di union
Bernhard Brettschneider
(RZF only)
REWE Markt GmbH, region Mitte
Andreas Ratzmann
(Deputy Chairman, RZF)
REWE Markt GmbH, Penny-Markt GmbH and REWE
Deutscher Supermarkt AG & Co. KGaA, Cologne
Josef Czok
(RZF only)
REWE Markt GmbH, branch West II, Hürth
Monika Stach
(RZAG only)
Works Council member exempted from regular duties,
REWE-ZENTRALFINANZ eG, Cologne
Alfred Daubenmerkl
(RZF only)
REWE Markt GmbH, branch Süd
Angelika Winter
(RZF only)
Works Council deputy chairman exempted from regular
duties, REWE Markt GmbH, branch West, Hürth
Berndfried Dornseifer
(RZF only)
Head of Holding Human Resources/Group Human
Resources Development,
REWE Deutscher Supermarkt AG & Co. KGaA, Cologne
Thomas Wolters
(RZF only)
Works Council deputy chairman exempted from regular duties, REWE Markt GmbH and Penny-Markt GmbH,
REWE Markt GmbH, branch Norderstedt
Maik Esser
(RZAG only)
REWE Systems GmbH, Cologne
Jürgen Faust
(RZAG only)
Bernd Goerissen
(Deputy Chairman, RZAG) REWE - Zentral-Aktiengesellschaft, Cologne
Toni Kiel
(RZAG only)
Administrative employee,
Horst Margner
(RZF only)
Secretary at the ver.di union, GBR
/ Other Disclosures
145
The preparation of these Combined Financial Statements was concluded on
31 March 2016.
The Management Board
Alain Caparros
Manfred Esser
Jan Kunath
Dr. Christian Mielsch
Lionel Souque
Frank Wiemer
/ Other Disclosures
146
Overview of the Shareholdings of the Group
Companies and Other Long-term Investees and Investors as at 31 December 2015
A) CONSOLIDATED COMPANIES
Percentage share
No.
Company name and registered office
Country
31 Dec. 2015
%
31 Dec. 2014
%
100.0
–
51.1
51.1
1.
ACS Reisen AG, Zurich
Switzerland
2.
AD Clubreisen Gesellschaft mit beschränkter Haftung, Munich
Germany
3.
Adeg-Invest Zentrale Realitätenverwertung Gesellschaft mit beschränkter Haftung,
Wiener Neudorf
Austria
100.0
100.0
4.
ADEG Logistik GmbH, Wiener Neudorf
Austria
100.0
100.0
5.
ADEG Markt GmbH, Wiener Neudorf
Austria
100.0
100.0
6.
Adeg Österreich Handelsaktiengesellschaft, Wiener Neudorf
Austria
100.0
100.0
7.
ADEG Verbrauchermärkte GmbH, Wiener Neudorf
Austria
100.0
100.0
8.
Ademus Grundstücksverwaltungsgesellschaft mbH & Co. KG, Cologne
Germany
100.0
100.0
9.
akzenta GmbH & Co. KG, Wuppertal
Germany
100.0
100.0
10.
akzenta Immobilien GmbH, Cologne
Germany
100.0
100.0
11.
akzenta Verwaltungs GmbH, Wuppertal
Germany
100.0
100.0
12.
Allib Rom S.R.L., Bucharest
Romania
100.0
–
13.
Amero Grundstücksverwaltungsgesellschaft mbH & Co. KG, Cologne
Germany
100.0
100.0
14.
Amtliches Allgäuer Reisebüro, Gesellschaft mit beschränkter Haftung, Kaufbeuren
Germany
100.0
100.0
15.
Apollo Travel Group AB, Stockholm
Sweden
100.0
–
16.
A+R s.r.o., Jirny
Czech Republic
100.0
100.0
17.
ATLAS REISEN GmbH, Cologne
Germany
100.0
100.0
18.
ATLASREISEN GmbH, Wiener Neudorf
Austria
100.0
100.0
/ Other Disclosures
147
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
19.
ATLAS/RVS Reisebüro Verwaltungs Service GmbH, Berlin
Germany
100.0
100.0
20.
AVM Holding GmbH, Wiener Neudorf
Austria
100.0
100.0
21.
AVM Immobilien GmbH, Wiener Neudorf
Austria
100.0
–
22.
Bäckerei & Konditorei Rothermel GmbH, Östringen
Germany
100.0
100.0
23.
BALDU Verwaltungsgesellschaft mbH, Cologne
Germany
100.0
100.0
24.
Becker Projektierungsgesellschaft mbH, Cologne
Germany
100.0
100.0
25.
bestkauf SB Warenhäuser GmbH, Cologne
Germany
100.0
100.0
26.
Billa Aktiengesellschaft, Wiener Neudorf
Austria
100.0
100.0
27.
BILLA Bulgaria EOOD, Sofia
Bulgaria
100.0
100.0
28.
BILLA d.o.o., Zagreb
Croatia
100.0
100.0
29.
BILLA Immobilien GmbH, Wiener Neudorf
Austria
100.0
100.0
30.
BILLA Import EOOD, Sofia
Bulgaria
100.0
100.0
31.
BILLA INVEST CONSTRUCT S.R.L., Bucharest
Romania
100.0
100.0
32.
BILLA Nedvizhimosti EOOD, Sofia
Bulgaria
100.0
100.0
33.
BILLA NEKRETNINE d.o.o., Zagreb
Croatia
100.0
100.0
34.
Billa Realitäten GmbH, Wiener Neudorf
Austria
100.0
100.0
35.
BILLA REALITY SLOVENSKO spol.s.r.o., Bratislava
Slovakia
100.0
100.0
36.
Billa Reality spol. s r.o., Ricany u Prahy
Czech Republic
100.0
100.0
37.
BILLA Romania SRL, Bucharest
Romania
100.0
100.0
38.
BILLA Russia GmbH, Wiener Neudorf
Austria
100.0
100.0
39.
BILLA Service EOOD, Sofia
Bulgaria
100.0
100.0
40.
BILLA, spol. s r. o., Ricany u Prahy
Czech Republic
100.0
100.0
41.
BILLA s.r.o., Bratislava
Slovakia
100.0
100.0
42.
BILLA Ukraine Gesellschaft mit 100% ausländischen Anteilen, Kiev
Ukraine
100.0
100.0
43.
Billa Warenhandelsgesellschaft mit beschränkter Haftung, Munich
Germany
100.0
100.0
44.
BIPA d.o.o., Zagreb
Croatia
100.0
100.0
45.
BIPA Parfumerien Gesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
46.
Blautal-Center Ulm Verwaltungs-GmbH, Cologne
Germany
100.0
100.0
/ Other Disclosures
148
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
47.
BML-REWE Einkaufsgesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
48.
Carrier International Limited, Cheadle
United Kingdom
100.0
–
49.
Carrier Limited, Cheadle
United Kingdom
100.0
–
50.
Carrier Transport Limited, Cheadle
United Kingdom
100.0
–
51.
C & C Abholgroßmärkte Gesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
52.
Centor-Warenhandels-GmbH, Cologne
Germany
100.0
100.0
53.
clevertours.com GmbH, Cologne
Germany
100.0
100.0
54.
Club Calimera Fuerteventura Playa S.L.U., Palma de Mallorca
Spain
100.0
100.0
55.
commercetools GmbH, Munich
Germany
100.0
100.0
56.
commercetools Inc., New York
USA
100.0
–
57.
Corfu Villas Limited, Dorking
United Kingdom
100.0
–
58.
"Cosmetica" Parfumeriewaren-Handels- und Erzeugungs-Gesellschaft m.b.H.,
Wiener Neudorf
Austria
100.0
100.0
59.
C+R Projekt spol. s r.o., Prague
Czech Republic
100.0
100.0
60.
DEGOR Grundbesitzverwaltung GmbH & Co. KG, Pullach i. Isartal
Germany
94.0
94.0
61.
"Delikatessa" Lebensmittel-Handels- und Erzeugungs-Gesellschaft m.b.H., Wiener
Neudorf
Austria
100.0
100.0
62.
DELUS GmbH & Co. Objekt Frankfurt KG, Pullach i. Isartal
Germany
94.0
94.0
63.
DELUS Verwaltung GmbH & Co. Objekt Buttenheim KG, Pullach i. Isartal
Germany
100.0
100.0
64.
DELUS Verwaltung GmbH & Co. Objekt Dreieich KG, Pullach i. Isartal
Germany
100.0
100.0
65.
DELUS Verwaltung GmbH & Co. Objekte Dietzenbach KG, Pullach i. Isartal
Germany
100.0
100.0
66.
DELUS Verwaltung GmbH & Co. Objekt Gießen KG, Pullach i. Isartal
Germany
100.0
100.0
67.
DELUS Verwaltung GmbH & Co. Objekt Großbeeren KG, Pullach i. Isartal
Germany
100.0
100.0
68.
DELUS Verwaltung GmbH & Co. Objekt Köln-Langel KG, Pullach i. Isartal
Germany
98.5
98.5
69.
DELUS Verwaltung GmbH & Co. Objekt Neuhausen KG, Pullach i. Isartal
Germany
100.0
100.0
70.
DELUS Verwaltung GmbH & Co. Objekt Norderstedt oHG, Pullach i. Isartal
Germany
99.0
99.0
71.
DELUS Verwaltung GmbH & Co. Objekt Rosbach oHG, Pullach i. Isartal
Germany
99.0
99.0
72.
DELUS Verwaltung GmbH & Co. Objekt Rüsseina KG, Pullach i. Isartal
Germany
100.0
100.0
73.
DELUS Verwaltung GmbH & Co. Objekt Steinheim KG, Pullach i. Isartal
Germany
100.0
100.0
/ Other Disclosures
149
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
74.
DELUS Verwaltung GmbH & Co. Objekt Stelle KG, Pullach i. Isartal
Germany
100.0
100.0
75.
DELUS Verwaltung GmbH & Co. Objekt Wiesloch KG, Pullach i. Isartal
Germany
100.0
100.0
76.
DELUS Verwaltung GmbH & Co. Vermietungs-KG, Pullach i. Isartal
Germany
100.0
100.0
77.
Denner Gesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
78.
DER Asia Tours Ltd., Bangkok
Thailand
100.0
100.0
79.
DER Deutsches Reisebüro GmbH & Co. OHG, Frankfurt am Main
Germany
100.0
100.0
80.
DERPART Reisevertrieb GmbH, Frankfurt am Main
Germany
50.0
50.0
81.
DER Reisebüro Beteiligungs GmbH, Frankfurt am Main
Germany
100.0
100.0
82.
DER Reisebüro Göbel GmbH, Schweinfurt
Germany
66.0
66.0
83.
DER Reisebüro OTTO GmbH, Hof
Germany
100.0
100.0
84.
DER Reisebüro Service GmbH, Berlin
Germany
100.0
100.0
85.
DERTOUR America Inc., Miami
USA
100.0
100.0
86.
DERTOUR Austria GmbH, Salzburg
Austria
100.0
100.0
87.
DERTOUR BULGARIA OOD, Sofia
Bulgaria
75.0
75.0
88.
DERTOUR Cesko s. r. o., Prague
Czech Republic
100.0
100.0
89.
DERTOUR d.o.o., Belgrade
Serbia
75.0
75.0
90.
DERTOUR Hungária Kft., Budapest
Hungary
75.0
75.0
91.
DER Touristik Airport Services GmbH, Düsseldorf
Germany
100.0
100.0
92.
DER Touristik Destination Service AG, Wilen
Switzerland
100.0
100.0
93.
DER Touristik Frankfurt GmbH & Co. KG, Frankfurt am Main
Germany
100.0
100.0
94.
DER Touristik Geschäftsführungs GmbH, Frankfurt am Main
Germany
100.0
100.0
95.
DER Touristik GmbH, Berlin
Germany
100.0
100.0
96.
DER Touristik Hotel & Investment Hellas AE, Rhodos
Greece
100.0
100.0
97.
DER Touristik Hotels & Investments GmbH, Cologne
Germany
100.0
100.0
98.
DER Touristik Hotels Spain S.L., Palma de Mallorca
Spain
100.0
100.0
99.
DER Touristik Köln GmbH, Cologne
Germany
100.0
100.0
100.
DER Touristik Online GmbH, Frankfurt/Main
Germany
100.0
100.0
101.
DER Touristik Partner-Service Verwaltungs GmbH, Cologne
Germany
100.0
100.0
/ Other Disclosures
150
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
100.0
100.0
102.
DER Touristik Services, S.L.U., Palma de Mallorca
Spain
103.
DERTOUR Polska Sp.z.o.o., Warsaw
Poland
75.0
75.0
104.
DERTOUR Romania S.R.L, Bucharest
Romania
75.0
75.0
105.
DERTOUR Slovakia s.r.o., Bratislava
Slovakia
75.0
75.0
106.
Destination Touristic Services OOD, Varna
Bulgaria
90.0
90.0
107.
Destination Touristic Services S.A.R.L., Tunis
Tunisia
50.0
50.0
108.
Destination Touristik Service S.A.E., Hurghada
Egypt
60.0
60.0
109.
Destination Turistik Hizmetleri Ticaret Limited Sirketi, Muratpasa
Turkey
100.0
100.0
110.
Deutsches Reisebüro S.r.l., Rome
Italy
100.0
100.0
111.
Dienstleistungszentrum Südmarkt GmbH & Co. oHG, Starbach
Germany
100.0
100.0
112.
Different World limited, Dorking
United Kingdom
100.0
–
113.
DIY Union GmbH, Cologne
Germany
100.0
100.0
114.
Dr. Holiday AG, Sinzing
Germany
100.0
100.0
115.
DTS INCOMING HELLAS TOURISTIC SERVICES SOCIETE ANONYME, Heraklion
Greece
70.0
70.0
116.
EHA Austria Energie-Handelsgesellschaft mbH, Wiener Neudorf
Austria
100.0
100.0
117.
-EHA- Energie-Handels-Geschäftsführungs-Gesellschaft mbH, Hamburg
Germany
100.0
100.0
118.
-EHA- Energie-Handels-Gesellschaft mbH & Co. KG, Hamburg
Germany
100.0
100.0
119.
Emileon AB, Stockholm
Sweden
100.0
–
120.
Entsorgungsgesellschaft Handel "Pro Umwelt" mbH, Cologne
Germany
100.0
100.0
121.
"EUROGROUP" Ein- und Ausfuhrhandel Gesellschaft mit beschränkter Haftung,
Cologne
Germany
100.0
100.0
122.
EXIM HOLDING a.s., Prague
Czech Republic
51.0
51.0
123.
EXIM S.A., Warsaw
Poland
100.0
100.0
124.
EXIM TOURS a.s., Prague
Czech Republic
100.0
100.0
125.
Falk Lauristen Rejser A/S, Herning
Denmark
100.0
–
126.
Ferd. Rückforth Nachfolger Aktiengesellschaft, Cologne
Germany
100.0
100.0
127.
Fruchthof Gleichmann Gesellschaft mit beschränkter Haftung, Koblenz
Germany
100.0
–
128.
FT Aviation AB, Stockholm
Sweden
100.0
–
129.
Gartenliebe GmbH, Cologne
Germany
75.0
–
/ Other Disclosures
151
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
130.
GBI Gesellschaft für Beteiligungs- und Immobilienverwaltung mbH, Cologne
Germany
100.0
100.0
131.
Gebrüder Mayer Produktions- und Vertriebs GmbH, Wahrenholz
Germany
100.0
100.0
132.
Globus Immobilien GmbH, Cologne
Germany
100.0
100.0
133.
Glockenbrot Bäckerei GmbH & Co. Immobilien KG, Pullach i. Isartal
Germany
100.0
100.0
134.
Glockenbrot Bäckerei GmbH & Co. oHG, Cologne
Germany
100.0
100.0
135.
Glockenbrot Bäckerei Verwaltungs GmbH, Cologne
Germany
100.0
100.0
136.
GO CARIBIC, S.R.L., Puerto Plata
Dominican
Republic
100.0
100.0
137.
Golf Plaisir Resebyrå Aktiebolag, Stockholm
Sweden
100.0
–
138.
GO!Reisen GmbH, Bremen
Germany
60.1
60.1
139.
Go Vacation Spain S.L.U., Palma de Mallorca
Spain
60.0
60.0
140.
GPS Reisen GmbH, Frankfurt am Main
Germany
100.0
100.0
141.
Grundstücksgesellschaft Herborn mbH, Cologne
Germany
100.0
100.0
142.
Grundstücksgesellschaft Kahl mit beschränkter Haftung, Cologne
Germany
100.0
100.0
143.
Grundstücksverwaltung Hasenkaule Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
144.
Grundstücksverwertungs-Gesellschaft Schwerte-Ost mit beschränkter Haftung, Cologne
Germany
100.0
100.0
145.
GVS-Grundstücksverwaltungs-Gesellschaft Stolberger Str.mbH., Cologne
Germany
100.0
100.0
146.
Hanseat Reisebüro GmbH, Berlin
Germany
100.0
100.0
147.
HD Handelsdienstleistungs GmbH, Cologne
Germany
100.0
–
148.
Heiliger & Kleutgens Gesellschaft mit beschränkter Haftung, Cologne
Germany
75.0
75.0
149.
Heimo Handelsgesellschaft mbH, Cologne
Germany
100.0
100.0
150.
Heinr. Hill Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
151.
Heinz Wille Fleischwarenfabrik Verwaltungs GmbH, Cologne
Germany
100.0
100.0
152.
Hellweg-Lager Huchting-Blumenthal Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
153.
Hellweg-Lager Selbstbedienungs-Großhandels-G.m.b.H., Cologne
Germany
100.0
100.0
154.
HLS Handel und Lager Service Gesellschaft mbH, Cologne
Germany
100.0
100.0
155.
ICK Immobilienconsult Köln GmbH, Cologne
Germany
100.0
100.0
156.
IMPULS Grundstücksverwaltungsgesellschaft Objekte Nord mbH, Cologne
Germany
100.0
100.0
/ Other Disclosures
152
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
157.
IMPULS Grundstücksverwaltungsgesellschaft Objekte Süd mbH, Cologne
Germany
100.0
100.0
158.
Intubit AG, Zug
Switzerland
100.0
100.0
159.
I+R Projektentwicklung Kft., Alsónémedi
Hungary
100.0
100.0
160.
ITS BILLA TRAVEL s.r.o., Prague
Czech Republic
100.0
100.0
161.
ITS Reisen GmbH, Cologne
Germany
100.0
100.0
162.
IVONA Property Omega GmbH, Wiener Neudorf
Austria
100.0
100.0
163.
IVP-Bau Hungaria Ipari és Szolgáltáto Kft., Alsónémedi
Hungary
100.0
100.0
164.
ja-Lebensmittelvertriebsgesellschaft mbH, Cologne
Germany
100.0
100.0
165.
"JA! NATÜRLICH" Naturprodukte Gesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
166.
Journeys of Distinction Limited, Cheadle
United Kingdom
100.0
–
167.
Jump Zentral GmbH, Cologne
Germany
100.0
100.0
168.
KARTAGO TOURS a.s., Bratislava
Slovakia
100.0
100.0
169.
KARTAGO TOURS Zrt., Budapest
Hungary
100.0
100.0
170.
Kirker Travel Limited, London
United Kingdom
100.0
–
171.
Kirker Travel Services Limited, London
United Kingdom
100.0
–
172.
KLEE-Garten-Fachmarkt GmbH, Cologne
Germany
100.0
100.0
173.
Koban Grundbesitzverwaltung GmbH & Co. Objekt Egelsbach KG, Cologne
Germany
94.0
94.0
174.
KOBAN Grundbesitzverwaltung GmbH & Co. Vermietungs KG, Cologne
Germany
94.0
94.0
175.
Kontra Warenhaus-Einkaufs- und Verwaltungs GmbH, Cologne
Germany
100.0
100.0
176.
K+R Projekt s.r.o., Prague
Czech Republic
100.0
100.0
177.
KS Holding Danmark AS, Copenhagen
Denmark
100.0
–
178.
Kuoni Reisen AG, Zurich
Switzerland
100.0
–
179.
Kuoni Specialists B.V., Amsterdam
Netherlands
100.0
–
180.
Kuoni Specialists GmbH, Oberhausen
Germany
100.0
–
181.
Kuoni Travel Belgium BVBA, Ghent
Belgium
100.0
–
182.
Kuoni Travel Limited, Dorking
United Kingdom
100.0
–
183.
Kuoni Travel Transport Limited, Dorking
United Kingdom
100.0
–
184.
Latscha Filialbetriebe Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
/ Other Disclosures
153
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
185.
Lime Travel AB, Stockholm
Sweden
100.0
–
186.
LoMa Commercio S.r.l., Vallese di Oppeano
Italy
100.0
100.0
187.
lti Kaiserfels Hotelbetriebs GmbH, St. Johann
Austria
51.0
–
188.
LUPOS GmbH & Co. KG, Cologne
Germany
100.0
100.0
189.
MAREAL Immobilienverwaltungs GmbH, Wiener Neudorf
Austria
100.0
100.0
190.
Marian & Co. Gesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
191.
Masters for Hotels and Touristic Services S.A.E., Hurghada
Egypt
60.0
60.0
192.
Masters Transport Service S.A.E., Hurghada
Egypt
60.0
60.0
193.
Masters Travel Service S.A.E., Hurghada
Egypt
60.0
60.0
194.
MAXXI S.R.L., Milan
Italy
100.0
–
195.
Merkur Warenhandels-Aktiengesellschaft, Wiener Neudorf
Austria
100.0
100.0
196.
MINACO d.o.o., Zagreb
Croatia
100.0
100.0
197.
Miracle Tourism LLC, Dubai
United
Arab Emirates
60.0
60.0
198.
Motorhome Bookers Limited, Munich
Germany
100.0
100.0
199.
NeuMarkt Lebensmittel GmbH, Cologne
Germany
100.0
100.0
200.
NeuMarkt Lebensmittel-Vertriebsgesellschaft mbH & Co. KG, Cologne
Germany
100.0
100.0
201.
NORIL Verwaltung GmbH & Co. Vermietungs-KG, Pullach i. Isartal
Germany
98.0
98.0
202.
Nova Airlines AB, Stockholm
Sweden
100.0
–
203.
Novair AS, Oslo
Norway
100.0
–
204.
NWT New World Travel Inc., New York
USA
100.0
100.0
205.
OOO BILLA, Moscow
Russia
100.0
100.0
206.
OOO BILLA Realty, Moscow
Russia
100.0
100.0
207.
OOO BIOP, Moscow
Russia
100.0
100.0
208.
OOO DMOS, Moscow
Russia
100.0
100.0
209.
OOO Mitra, Khimki
Russia
100.0
100.0
210.
OVO Vertriebs GmbH, Cologne
Germany
100.0
100.0
211.
Penny Dienstleistung GmbH, Cologne
Germany
100.0
100.0
/ Other Disclosures
154
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
212.
Penny GmbH, Wiener Neudorf
Austria
100.0
100.0
213.
Penny Immobilien EINS GmbH, Cologne
Germany
100.0
100.0
214.
Penny Market Bulgaria EOOD, Stolnik
Bulgaria
100.0
100.0
215.
PENNY Market Italia S.r.l., Milan
Italy
100.0
100.0
216.
Penny-Market Kft, Budapest
Hungary
100.0
100.0
217.
Penny Market s.r.o., Radonice
Czech Republic
100.0
100.0
218.
Penny-Markt Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
219.
Penny Spedition GmbH, Cologne
Germany
100.0
100.0
220.
PRONTO Energieberatung GmbH & Co. KG, Wiener Neudorf
Austria
100.0
100.0
221.
Pronto Projektentwicklung GmbH, Wiener Neudorf
Austria
100.0
100.0
222.
Pro Tours GmbH, Cologne
Germany
100.0
100.0
223.
Radio Max GmbH, Wiener Neudorf
Austria
100.0
100.0
224.
Railtour (Suisse) SA, Bern
Switzerland
93.4
–
225.
RCE Reisebüro-Centraleinkauf GmbH, Cologne
Germany
100.0
100.0
226.
REC Finance AG, Volketswil
Switzerland
100.0
100.0
227.
Reisebüro Rominger Bodenseereisebüro GmbH, Konstanz
Germany
62.5
62.5
228.
Reisebüro ROMINGER SÜDLAND GmbH, Biberach an der Riß
Germany
68.0
68.0
229.
REISEWELT GmbH, Frankfurt am Main
Germany
100.0
100.0
230.
REMUS Grundbesitzverwaltung GmbH & Co. KG, Pullach i. Isartal
Germany
94.0
94.0
231.
Repros S.r.l., Milan
Italy
100.0
100.0
232.
REWE - Aktiengesellschaft, Cologne
Germany
80.0
80.0
233.
Rewe Austria Fleischwaren GmbH, Wiener Neudorf
Austria
100.0
100.0
234.
REWE Austria Touristik GmbH, Wiener Neudorf
Austria
100.0
100.0
235.
REWE Beteiligungs-Holding Aktiengesellschaft, Cologne
Germany
100.0
100.0
236.
REWE-Beteiligungs-Holding International GmbH, Cologne
Germany
100.0
100.0
237.
REWE-Beteiligungs-Holding National GmbH, Cologne
Germany
100.0
100.0
238.
REWE-Beteiligungs-Verwaltungs-GmbH, Cologne
Germany
100.0
100.0
239.
REWE BUYING GROUP SRL, Bucharest
Romania
100.0
100.0
/ Other Disclosures
155
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
240.
Rewe Buying Group s.r.o., Jirny
Czech Republic
100.0
100.0
241.
REWE Card GmbH, Cologne
Germany
100.0
100.0
242.
REWE-Centermanagement und Verwaltungs GmbH, Cologne
Germany
100.0
100.0
243.
REWE-Computer Vertriebs GmbH, Cologne
Germany
100.0
100.0
244.
REWE Deutscher Supermarkt AG & Co. KGaA, Cologne
Germany
100.0
100.0
245.
REWE Digital Fulfilment Services GmbH, Cologne
Germany
100.0
–
246.
REWE Digital GmbH, Cologne
Germany
100.0
100.0
247.
REWE Far East Limited, Hong Kong
Hong Kong
99.9
99.9
248.
REWE Finanz-Kontor GmbH, Cologne
Germany
100.0
100.0
249.
REWE-Finanz-Service GmbH, Cologne
Germany
100.0
100.0
250.
REWE Großflächengesellschaft mbH, Cologne
Germany
100.0
100.0
251.
REWE Group Buying GmbH, Cologne
Germany
100.0
100.0
252.
REWE Group Card Service GmbH, Cologne
Germany
100.0
100.0
253.
REWE Group Fruchtlogistik GmbH, Cologne
Germany
100.0
100.0
254.
REWE Group Marketing GmbH, Cologne
Germany
100.0
100.0
255.
REWE Grundstücks-Verwaltungsgesellschaft mbH, Cologne
Germany
100.0
100.0
256.
REWE Handelsgesellschaft Weser-Harz mbH, Cologne
Germany
100.0
100.0
257.
REWE-HANDELSGRUPPE GmbH, Cologne
Germany
80.0
80.0
258.
REWE-Immobilien-Beteiligungs-Verwaltungs GmbH, Cologne
Germany
100.0
100.0
259.
REWE Immobilienconsult GmbH, Cologne
Germany
100.0
100.0
260.
REWE International AG, Wiener Neudorf
Austria
100.0
100.0
261.
REWE International Dienstleistungsgesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
262.
REWE Internationale Beteiligungs Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
263.
REWE International Finance B.V., Venlo
Netherlands
100.0
100.0
264.
REWE International Lager- und Transportgesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
265.
REWE-Internet Media GmbH, Cologne
Germany
100.0
100.0
266.
REWE ITALIA SRL, Carmignano di Brenta
Italy
100.0
100.0
267.
Germany
100.0
100.0
/ Other Disclosures
156
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
268.
Germany
100.0
100.0
269.
Germany
100.0
100.0
270.
Germany
100.0
100.0
271.
Germany
100.0
100.0
272.
Germany
100.0
–
273.
Germany
100.0
100.0
274.
Germany
100.0
100.0
275.
Germany
100.0
100.0
276.
Germany
100.0
100.0
277.
Germany
100.0
100.0
278.
Germany
100.0
–
279.
Germany
100.0
–
280.
REWE Markt GmbH, Cologne
Germany
100.0
100.0
281.
Germany
100.0
100.0
282.
Germany
100.0
100.0
283.
Germany
100.0
100.0
284.
Germany
100.0
100.0
285.
Germany
100.0
100.0
286.
Germany
100.0
100.0
287.
Germany
100.0
100.0
288.
Germany
100.0
100.0
289.
Germany
100.0
100.0
290.
Germany
100.0
100.0
291.
Germany
100.0
100.0
292.
Germany
100.0
100.0
293.
Germany
100.0
100.0
294.
Germany
100.0
100.0
295.
Germany
100.0
100.0
/ Other Disclosures
157
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
296.
Germany
100.0
–
297.
Germany
100.0
100.0
298.
Germany
100.0
100.0
299.
Germany
100.0
–
300.
Germany
100.0
100.0
301.
Germany
100.0
100.0
302.
Germany
100.0
100.0
303.
Germany
100.0
–
304.
REWE Partner GmbH, Cologne
Germany
100.0
100.0
305.
REWE-Projektentwicklung GmbH, Cologne
Germany
100.0
100.0
306.
REWE Projektentwicklung Kft., Budapest
Hungary
100.0
100.0
307.
REWE PROJEKTENTWICKLUNG ROMANIA S.R.L., Stefanestii de Jos
Romania
100.0
100.0
308.
REWE Regiemarkt GmbH, Cologne
Germany
100.0
100.0
309.
REWE Romania SRL, Stefanestii de jos
Romania
100.0
100.0
310.
REWE RZ GmbH, Cologne
Germany
100.0
100.0
311.
REWE Schweiz AG, Volketswil
Switzerland
100.0
100.0
312.
REWE Services (Shanghai) Co., Limited, Shanghai
China
100.0
100.0
313.
REWE Südmarkt GmbH, Cologne
Germany
100.0
100.0
314.
Germany
100.0
100.0
315.
REWE Unterhaltungselektronik Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
316.
REWE Verkaufsgesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
317.
Rewe-Verlag Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
318.
REWE-Versicherungsdienst-Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
319.
REWE Verwaltungs- und Vertriebs GmbH, Hürth
Germany
50.1
50.1
320.
REWE Warenhandelsgesellschaft mbH, Cologne
Germany
100.0
100.0
321.
REWE Wein online GmbH, Cologne
Germany
100.0
100.0
322.
REWE-Zentrale-Dienstleistungsgesellschaft mbH, Cologne
Germany
100.0
100.0
323.
REWE-Zentralfinanz Beteiligungsgesellschaft mbH, Cologne
Germany
100.0
100.0
/ Other Disclosures
158
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
324.
REWE-ZENTRALFINANZ eG and REWE-Zentral AG GbR, Cologne
Germany
100.0
–
325.
REWE-Zentral-Handelsgesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
326.
REWENTA Immobilien Verwaltung GmbH, Cologne
Germany
100.0
100.0
327.
RG Verlag GmbH, Wiener Neudorf
Austria
100.0
100.0
328.
Rheika Lebensmittel Alois Sans GmbH & Co., Cologne
Germany
100.0
100.0
329.
Rila Projekt EOOD, Stolnik
Bulgaria
100.0
100.0
330.
R-Kauf Märkte Gesellschaft mit beschränkter Haftung & Co. REWE-VertriebsKommanditgesellschaft, Cologne
Germany
100.0
100.0
331.
R-Kauf-Märkte-Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
332.
Roll-Container-Shuttle GmbH, Lehrte
Germany
100.0
100.0
333.
SANS-Verwaltungs-GmbH & Co. KG, Cologne
Germany
94.0
94.0
334.
Sapor Beteiligungsverwaltungs GmbH, Vienna
Austria
0.0
0.0
335.
Sapor Polen Beteiligungen Ges.m.b.H., Wiener Neudorf
Austria
100.0
100.0
336.
Schmidt & Co. GmbH, Cologne
Germany
100.0
100.0
337.
Schwarzwald Reisebüro Freiburg, Gesellschaft mit beschränkter Haftung, Freiburg
im Breisgau
Germany
81.8
81.8
338.
SEKANS Grundstücks-Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
339.
SELGROS Verwaltung GmbH & Co. Vermietungs-KG, Pullach i. Isartal
Germany
94.0
94.0
340.
Serenissima Travel Limited, London
United Kingdom
100.0
–
341.
Smart People GmbH, Cologne
Germany
100.0
100.0
342.
Sotavento S.A.U., Fuerteventura
Spain
100.0
–
343.
S+R Projektentwicklung Kft., Alsónémedi
Hungary
100.0
100.0
344.
STANDA COMMERCIALE SRL, Milan
Italy
100.0
100.0
345.
SÜDEMA Grundbesitz GmbH & Co. KG, Pullach i. Isartal
Germany
0.0
0.0
346.
Südmarkt Olching GmbH & Co.oHG, Cologne
Germany
100.0
100.0
347.
Südmarkt Olching Verwaltungs GmbH, Cologne
Germany
100.0
100.0
348.
today GmbH, Cologne
Germany
100.0
100.0
349.
toom Baumarkt Beteiligungsgesellschaft mbH, Cologne
Germany
100.0
100.0
350.
toom Baumarkt GmbH, Cologne
Germany
100.0
100.0
/ Other Disclosures
159
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
351.
toom Baustoff-Fachhandel GmbH, Cologne
Germany
100.0
100.0
352.
"toom"-Markt Gesellschaft mit beschränkter Haftung, Cologne
Germany
100.0
100.0
353.
TourContact Reisebüro Cooperation Verwaltung GmbH, Cologne
Germany
100.0
100.0
354.
T+R Projektentwicklung Kft., Alsónémedi
Hungary
100.0
100.0
355.
Ultimate Tours LLC, New York
USA
70.0
70.0
356.
VOBA-Reisebüro Rominger GmbH, Aalen
Germany
60.0
60.0
357.
Voyages Jules Verne Limited, London
United Kingdom
100.0
–
358.
Wegenstein Gesellschaft m.b.H., Wiener Neudorf
Austria
100.0
100.0
359.
WHZ Beteiligungs- und Grundstücksgesellschaft mbH, Cologne
Germany
100.0
100.0
360.
Wilhelm Brandenburg GmbH & Co. oHG, Cologne
Germany
100.0
100.0
361.
Wilhelm Brandenburg Verwaltungs GmbH, Cologne
Germany
100.0
100.0
362.
Willi Gleichmann GmbH & Co. KG., Koblenz
Germany
100.0
–
363.
WISUS Beteiligungs GmbH & Co. Sechste Vermietungs-KG, Pullach i. Isartal
Germany
0.0
0.0
364.
WISUS Beteiligungs GmbH & Co. Vierte Vermietungs-KG, Pullach i. Isartal
Germany
0.0
0.0
365.
WISUS Beteiligungs GmbH & Co. Zweite Vermietungs-KG, Pullach i. Isartal
Germany
0.0
0.0
366.
WISUS Objekt Wangen GmbH & Co. KG, Pullach i. Isartal
Germany
0.0
0.0
367.
WTS Grundstücksverwaltung GmbH & Co Vermietungs KG, Pullach i. Isartal
Germany
0.0
0.0
368.
Württ. Reisebüro Otto Schmid GmbH & Co. KG., Ulm
Germany
60.0
60.0
369.
Zoo-Royal GmbH, Cologne
Germany
100.0
83.4
B) JOINT VENTURES
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
1.
COOP-ITS-TRAVEL AG, Volketswil
Switzerland
50.0
50.0
2.
PETZ REWE GmbH, Wissen
Germany
50.0
50.0
3.
Reisebüro Rominger actionade GmbH, Baden-Baden
Germany
51.0
51.0
4.
Wasgau Food Beteiligungsgesellschaft mbH, Annweiler am Trifels
Germany
51.0
51.0
/ Other Disclosures
160
C) ASSOCIATES
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
1.
ACCON-RVS Accounting & Consulting GmbH, Berlin
Germany
50.0
50.0
2.
ADEG Zell am See GmbH, Maishofen
Austria
33.4
33.4
3.
Campina Verde Ecosol, S.L., Cordoba
Spain
49.1
49.1
4.
DER Reisecenter TUI GmbH, Berlin
Germany
50.0
50.0
5.
DER Touristik Partner-Service GmbH & Co. KG, Cologne
Germany
50.0
50.0
6.
EKF Finanz Frankfurt GmbH, Hofheim am Taunus
Germany
24.9
24.9
1
7.
EKZ-HERMSDORF Objektverwaltungs GmbH & Co. Beteiligungs KG, Cologne
Germany
49.0
49.0
1
8.
EKZ-HERMSDORF Objektverwaltungs GmbH, Cologne
Germany
49.0
49.0
1
9.
EMIL e-Mobility Sharing GmbH, Wiener Neudorf
Austria
49.0
49.0
10.
EUROGROUP
Belgium
50.0
50.0
1
11.
Go Vacation Lanka Co (Pvt) Ltd, Colombo
Sri Lanka
40.0
40.0
1
12.
HÜTER Einkaufszentrum GmbH & Co. KG, Wirges
Germany
24.8
24.8
13.
IfH Institut für Handelsforschung GmbH, Cologne
Germany
20.0
20.0
1
14.
Karstadt Feinkost GmbH & Co. KG, Cologne
Germany
25.1
25.1
1
15.
Karstadt Feinkost Verwaltungs GmbH, Cologne
Germany
25.2
25.2
1
16.
Klee Gartenfachmarkt Andrea Froese OHG, Göttingen
Germany
20.0
20.0
17.
Klee Gartenfachmarkt Christian Kempkes OHG, Chemnitz
Germany
20.0
20.0
18.
Klee Garten Fachmarkt Martin Podorf oHG, Düsseldorf
Germany
19.9
19.9
19.
Klee Gartenfachmarkt Olaf Gey OHG, Leipzig
Germany
20.0
20.0
20.
Klee Gartenfachmarkt Petra Gentsch OHG, Jena
Germany
20.0
20.0
21.
Klee Gartenfachmarkt Thomas Gemein OHG, Braschwitz
Germany
20.0
20.0
22.
Kontra Goffart GmbH & Co. KG, Stolberg
Germany
62.5
62.5
23.
KONTRA Lindenlauf GmbH & Co.KG, Würselen-Bardenberg
Germany
60.0
60.0
24.
MEDITERRANEAN TRAVEL SERVICES - INCOMING PORTUGAL S.A., Faro
Portugal
35.0
35.0
25.
Michael Brücken GmbH, Hagen
Germany
20.0
20.0
/ Other Disclosures
S.A., Brussels
1
161
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
26.
Münchener Stadtrundfahrten oHG Arbeitsgemeinschaft der Firmen DER Deutsches
Reisebüro GmbH & Co. OHG. Automobilgesellschaft Rudolf Schönecker GmbH.
Math. Holzmair & Söhne, GmbH. Taxi München eG Genossenschaft der Münchner
Taxiunternehmen, Munich
Germany
25.0
25.0
27.
Oberammergau und DER Reisebüro oHG, Oberammergau
Germany
50.0
50.0
28.
Park Hotel SNC, Levallois Perret
France
50.0
50.0
1, 2
29.
Prijsvrij Holding B.V., ´s-Hertogenbosch
Netherlands
50.0
50.0
1
30.
PT Pergi Berlibur Indonesia Ltd., Bali
Indonesia
49.0
49.0
1
31.
REWE Acar oHG, Salzgitter
Germany
20.0
20.0
32.
REWE Achenbach oHG, Bammental
Germany
20.0
20.0
33.
REWE Achim Huss oHG, Hanover
Germany
20.0
20.0
34.
REWE Adam OHG, Stromberg
Germany
20.0
20.0
35.
REWE Adnan Mayhoub oHG , Weyhe
Germany
20.0
20.0
36.
REWE Adrian OHG, Bonn
Germany
20.0
20.0
37.
REWE Adrian Sperlich oHG, Willingen
Germany
20.0
20.0
38.
REWE Aleksander Trivanovic oHG, Munich
Germany
20.0
20.0
39.
REWE Alexander Goßmann oHG, Schmiedefeld
Germany
20.0
20.0
40.
REWE Alexander Heiden oHG, Königs Wusterhausen
Germany
20.0
20.0
41.
REWE Alexander Kersten oHG, Fürstenfeldbruck
Germany
20.0
–
42.
REWE Alexander Weigelt oHG, Sachsenheim
Germany
20.0
20.0
43.
REWE Ali Sahin oHG, Frankfurt/Main
Germany
20.0
–
44.
REWE Andrea Ahrendt oHG, Teterow
Germany
20.0
20.0
45.
REWE Andrea Flammuth oHG, Cologne
Germany
20.0
20.0
46.
REWE Andrea Fritz oHG, Lorch
Germany
20.0
20.0
47.
REWE Andrea Genz oHG, Riesa
Germany
20.0
20.0
48.
REWE Andreas Bortar oHG, Cham
Germany
20.0
20.0
49.
REWE Andreas Friesen oHG, Hanover
Germany
20.0
–
50.
REWE Andreas Heilek oHG, Hamburg
Germany
20.0
20.0
51.
REWE Andreas Klautke oHG, Hanover
Germany
20.0
20.0
/ Other Disclosures
162
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
52.
REWE Andreas Kühnast oHG, Nahe
Germany
20.0
–
53.
REWE Andreas Kurz oHG, Abtsgmünd
Germany
20.0
20.0
54.
REWE Andreas Schmid oHG, Burglengenfeld
Germany
20.0
20.0
55.
REWE Andreas Spangl oHG, Hamburg
Germany
20.0
–
56.
REWE Angelika Ber oHG, Ottersweier
Germany
20.0
20.0
57.
REWE Antje Fack oHG, Arnstadt
Germany
20.0
20.0
58.
REWE Anton Krieger oHG, Weitnau
Germany
20.0
20.0
59.
REWE Arina Becker oHG, Berlin
Germany
20.0
–
60.
REWE Arkadius Jodlowiec oHG, Langenhagen
Germany
20.0
20.0
61.
REWE Arndt OHG, Wegberg
Germany
20.0
20.0
62.
REWE Arthur Boos oHG, Niederkassel-Mondorf
Germany
20.0
–
63.
REWE Arthur Sattler oHG, Ebersberg
Germany
20.0
20.0
64.
REWE Aupperle OHG, Fellbach
Germany
20.0
20.0
65.
REWE Axel Flentje oHG, Hamburg
Germany
20.0
–
66.
REWE Azhari OHG, Mülheim-Kärlich
Germany
20.0
20.0
67.
REWE Baisch OHG, Bobelshausen
Germany
20.0
20.0
68.
REWE Bartholomaeus OHG, Neuwied
Germany
20.0
20.0
69.
REWE Beate Sader oHG, Cottbus
Germany
20.0
20.0
70.
REWE Beatrix Heynckes OHG, Mönchengladbach
Germany
20.0
20.0
71.
REWE Becker oHG, Karlsdorf-Neuthard
Germany
20.0
20.0
72.
REWE Bellinger OHG, Schelklingen
Germany
20.0
20.0
73.
REWE Bell oHG, Blankenheim
Germany
20.0
20.0
74.
REWE Benedikt Kirschner oHG, Lenting
Germany
20.0
20.0
75.
REWE Benjamin Adam oHG, Werther
Germany
20.0
20.0
76.
REWE Benjamin Schober oHG, Berlin
Germany
20.0
20.0
77.
REWE Berdnik OHG, Munich
Germany
20.0
20.0
78.
REWE Bernd + Frank Lindenlauf GmbH & Co. OHG, Hückelhoven-Hilfarth
Germany
20.0
20.0
79.
REWE Bernd Huber oHG, Neckartenzlingen
Germany
20.0
20.0
/ Other Disclosures
163
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
80.
REWE Bernd-Josef Hoffmann OHG, Höhr-Grenzhausen
Germany
20.0
20.0
81.
REWE Bernd Kaffenberger oHG, Bad Vilbel
Germany
20.0
20.0
82.
REWE Bernd Schoeneck oHG, Berlin
Germany
20.0
20.0
83.
REWE Bernd Sorgalla oHG, Stade
Germany
20.0
20.0
84.
REWE Bernd Uderhardt oHG, Dormagen
Germany
20.0
20.0
85.
REWE Bernhard Scheller oHG, Dassendorf
Germany
20.0
20.0
86.
REWE Bert Heinrich oHG, Neuenhagen bei Berlin
Germany
20.0
20.0
87.
REWE Bertram Pestinger oHG, Bad Buchau
Germany
20.0
–
88.
REWE Besser OHG, Weinheim
Germany
20.0
20.0
89.
REWE Beu oHG, Sittensen
Germany
20.0
20.0
90.
REWE Binnemann oHG, Harzgerode
Germany
20.0
20.0
91.
REWE Birgitt Ziems oHG, Schönebeck
Germany
20.0
20.0
92.
REWE Björn Keyser oHG, Radebeul
Germany
20.0
20.0
93.
REWE Björn Rohe OHG, Cologne
Germany
20.0
20.0
94.
REWE Bleh oHG, Dudenhofen
Germany
20.0
20.0
95.
REWE Bluhm oHG, Walsrode
Germany
20.0
20.0
96.
REWE Böckler OHG, Waldfeucht
Germany
20.0
20.0
97.
REWE Bock OHG, Königswinter
Germany
20.0
20.0
98.
REWE Bock OHG, Schwegenheim
Germany
20.0
20.0
99.
REWE Bödicker oHG, Ratekau
Germany
20.0
20.0
100.
REWE Boie oHG, Harsefeld
Germany
20.0
20.0
101.
REWE Bojkow oHG, Guetersloh
Germany
20.0
20.0
102.
REWE Bolte oHG, Langenhagen
Germany
20.0
20.0
103.
REWE Bombe oHG, Neuerburg
Germany
20.0
20.0
104.
REWE Boris Safonov oHG, Hainburg
Germany
20.0
20.0
105.
REWE Bornemann oHG, Isenbüttel
Germany
20.0
20.0
106.
REWE Borowicz OHG, Bötzingen
Germany
20.0
20.0
107.
REWE Brehmer OHG, Essingen
Germany
20.0
20.0
/ Other Disclosures
164
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
108.
REWE Buchauer OHG, Oberau
Germany
20.0
20.0
109.
REWE Büchele OHG, Stühlingen
Germany
20.0
20.0
110.
REWE Buhlmann OHG, Hahnstätten
Germany
20.0
20.0
111.
REWE Buhrandt OHG, Cologne
Germany
20.0
20.0
112.
REWE Burmeister oHG, Rosengarten/Klecken
Germany
20.0
20.0
113.
REWE Cammann OHG, Harsum
Germany
20.0
20.0
114.
REWE Carmelina Papa oHG, Gottmadingen
Germany
20.0
20.0
115.
REWE Celal Erdem oHG, Niederaula
Germany
20.0
20.0
116.
REWE-Center Höfling OHG, Duderstadt
Germany
20.0
20.0
117.
REWE-Center Rothamel OHG, Schmalkalden
Germany
40.0
40.0
118.
REWE Cevahir oHG, Bad Mergentheim
Germany
20.0
20.0
119.
REWE Christian Bergmann oHG, Arnstadt
Germany
20.0
20.0
120.
REWE Christian Krüger oHG, Teltow
Germany
20.0
20.0
121.
REWE Christian Schmidt oHG, Hoyerswerda
Germany
20.0
20.0
122.
REWE Christian Schuster OHG, Daaden
Germany
20.0
20.0
123.
REWE Christian Seidel oHG, Oyten
Germany
20.0
20.0
124.
REWE Christian Stecher oHG, Gau-Odernheim
Germany
20.0
20.0
125.
REWE Christian Stelzer oHG, Reichenbach
Germany
20.0
20.0
126.
REWE Christina Zauske oHG, Wittingen
Germany
20.0
20.0
127.
REWE Christof Wenglorz oHG, Kassel
Germany
20.0
20.0
128.
REWE Christoph Albrecht oHG, Schöppenstedt
Germany
20.0
20.0
129.
REWE Christoph Bechter oHG, Babenhausen
Germany
20.0
20.0
130.
REWE Christopher Lannert oHG, Karlsruhe
Germany
20.0
20.0
131.
REWE Cindy Wilgotzki oHG, Magdeburg
Germany
20.0
20.0
132.
REWE City Center Troisdorf GmbH & Co. oHG, Troisdorf
Germany
20.0
20.0
133.
REWE Constanze Huppert oHG, Heilbad Heiligenstadt
Germany
20.0
20.0
134.
REWE Craemer OHG, Euskirchen
Germany
20.0
20.0
135.
REWE Daehnhardt oHG, Hanover
Germany
20.0
20.0
/ Other Disclosures
165
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
136.
REWE Daniela Fischer oHG, Berlstedt
Germany
20.0
20.0
137.
REWE Daniela Paeplow oHG, Falkensee
Germany
20.0
20.0
138.
REWE Daniel Bänsch oHG, Kassel
Germany
20.0
20.0
139.
REWE Daniel Bunzeck oHG, Burg
Germany
20.0
–
140.
REWE Daniel Dugandzic oHG, Swisttal-Heimerzheim
Germany
20.0
20.0
141.
REWE Daniel Freund oHG, Blankenhain
Germany
20.0
20.0
142.
REWE Daniel Gehweiler oHG, Riedenburg
Germany
20.0
20.0
143.
REWE Daniel Kühn oHG, Berlin
Germany
20.0
–
144.
REWE Daniel Petrat oHG, Bremen
Germany
20.0
–
145.
REWE Daniel Rössing oHG, Willebadessen
Germany
20.0
–
146.
REWE Daniel Sturm oHG, Reichelsheim
Germany
20.0
20.0
147.
REWE Danny Kögler oHG, Selbitz
Germany
20.0
20.0
148.
REWE Danny Söllner oHG, Heldrungen
Germany
20.0
–
149.
REWE David Latta oHG, Schauenburg-Hoof
Germany
20.0
20.0
150.
REWE David Pohle oHG, Schwielowsee
Germany
20.0
20.0
151.
REWE David Stigler oHG, Munich
Germany
20.0
–
152.
REWE Deininger OHG, Diedorf
Germany
20.0
20.0
153.
REWE Dell oHG, Munich
Germany
20.0
20.0
154.
REWE Dennis Maul oHG, Hameln
Germany
20.0
–
155.
REWE Dettling OHG, Bad Schussenried
Germany
20.0
20.0
156.
REWE Deussen OHG, St. Goarshausen
Germany
20.0
20.0
157.
REWE De Witt OHG, Mönchengladbach
Germany
20.0
20.0
158.
REWE Diana Michalik oHG, Lonsee
Germany
20.0
20.0
159.
REWE Diedrichs oHG, Neustadt
Germany
20.0
20.0
160.
REWE Dieter Schneider OHG, Denzlingen
Germany
20.0
20.0
161.
REWE Dietmar Hirsch oHG, Sprendlingen
Germany
20.0
–
162.
REWE Dimitrij Herhold oHG, Hanover
Germany
20.0
20.0
163.
REWE Di Prospero oHG, Grafenau
Germany
20.0
20.0
/ Other Disclosures
166
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
164.
REWE Dirk Pfleger oHG, St. Augustin
Germany
20.0
20.0
165.
REWE Dirk Schachtschneider oHG, Leipzig
Germany
20.0
20.0
166.
REWE Dirr OHG, Dettingen unter Teck
Germany
20.0
20.0
167.
REWE Dominic Mayer oHG, Gräfenberg
Germany
20.0
20.0
168.
REWE Doreen Debert oHG, Potsdam
Germany
20.0
20.0
169.
REWE Douglas Toll oHG, Berlin
Germany
20.0
20.0
170.
REWE Dreschmann OHG, Langenfeld
Germany
20.0
20.0
171.
REWE Dreysse GmbH & Co. KG, Wilnsdorf
Germany
28.6
28.6
172.
REWE Drietchen oHG, Bad Sooden-Allendorf
Germany
20.0
20.0
173.
REWE Dustin Hofmann oHG, Bad Langensalza
Germany
20.0
20.0
174.
REWE Ebeling oHG, Goslar
Germany
20.0
20.0
175.
REWE Eberhardt oHG, Pfullendorf
Germany
20.0
20.0
176.
REWE Eckert OHG, Vaihingen an der Enz
Germany
20.0
20.0
177.
REWE Eddie Buder oHG, Weimar
Germany
20.0
20.0
178.
REWE Ederer oHG, Roding
Germany
20.0
20.0
179.
REWE Eduard Schulz oHG, Lemgo
Germany
20.0
–
180.
REWE Efkan Özkan oHG, Schwäbisch Gmünd
Germany
20.0
20.0
181.
REWE Ehlert oHG, Ulm
Germany
20.0
20.0
182.
REWE EinsA GmbH & Co. oHG, Herborn
Germany
20.0
20.0
183.
REWE Ercan oHG, Höchst im Odenwald
Germany
20.0
20.0
184.
REWE Eroglu OHG, Bergisch Gladbach
Germany
20.0
20.0
185.
REWE Eugen Wolf oHG, Biedenkopf
Germany
20.0
20.0
186.
REWE Eveline Duck oHG, Pforzen
Germany
20.0
–
187.
REWE Faust OHG, Eichstetten
Germany
20.0
20.0
188.
REWE F. Buhlmann OHG, Cologne
Germany
20.0
20.0
189.
REWE Feselmayer oHG, Kümmersbruck
Germany
20.0
20.0
190.
REWE Fickeis oHG, Königswinter
Germany
20.0
20.0
191.
REWE Fili oHG, Waiblingen
Germany
20.0
20.0
/ Other Disclosures
167
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
192.
REWE Fischer oHG, Bous
Germany
20.0
20.0
193.
REWE Fischer OHG, Übach-Palenberg
Germany
20.0
20.0
194.
REWE Flemke oHG, Barmstedt
Germany
20.0
20.0
195.
REWE Florian Kunkel oHG, Augsburg
Germany
20.0
20.0
196.
REWE-Fördergesellschaft Rhein-Lahn mbH, Hürth
Germany
50.0
50.0
197.
REWE-Fördergesellschaft Rhein-Sieg mbH, Hürth
Germany
33.6
33.6
198.
REWE-Fördergesellschaft West mbH, Hürth
Germany
20.0
20.0
199.
REWE Franco Battistin oHG, Nandlstadt
Germany
20.0
–
200.
REWE Frank Burkhardt oHG, Asperg
Germany
20.0
20.0
201.
REWE Frank Fritsch oHG, Hanover
Germany
20.0
20.0
202.
REWE Frank Lindenlauf OHG, Heinsberg
Germany
20.0
20.0
203.
REWE Frank Mohaupt oHG, Bad Herrenalb
Germany
20.0
20.0
204.
REWE Frank Schneider oHG, Johanngeorgenstadt
Germany
20.0
20.0
205.
REWE Frank Trebeljahr oHG, Schkeuditz
Germany
20.0
20.0
206.
REWE Fuchs OHG, Prüm
Germany
20.0
20.0
207.
REWE Funk OHG, Runkel
Germany
20.0
20.0
208.
REWE-FÜR SIE Eigengeschäft GmbH, Cologne
Germany
80.0
80.0
209.
REWE-FÜR SIE Warenvertriebsgesellschaft mbH, Cologne
Germany
78.7
78.7
210.
REWE Garry Simshäuser oHG, Guxhagen
Germany
20.0
–
211.
REWE Gärtner oHG, Bergisch Gladbach
Germany
20.0
20.0
212.
REWE Gayer oHG, Feldafing
Germany
20.0
20.0
213.
REWE Gehringer OHG, Renningen
Germany
20.0
20.0
214.
REWE Geissler OHG, Wolfschlungen
Germany
20.0
20.0
215.
REWE Genschel oHG, Ibbenbüren
Germany
20.0
20.0
216.
REWE Georg Szedlak oHG, Gehrden
Germany
20.0
20.0
217.
REWE Gerhards OHG, Windeck-Dattenfeld
Germany
20.0
20.0
218.
REWE Gesell oHG, Augsburg
Germany
20.0
20.0
219.
REWE Gesine Hiekel oHG, Dresden
Germany
20.0
20.0
/ Other Disclosures
168
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
220.
REWE Gierke oHG, Buxtehude
Germany
20.0
20.0
221.
REWE Giese oHG, Springe-Eldagsen
Germany
20.0
20.0
222.
REWE Gnädig oHG, Bad Pyrmont
Germany
20.0
20.0
223.
REWE Goce Jandreoski oHG, Gütersloh
Germany
20.0
20.0
224.
REWE Goerke oHG, Duingen
Germany
20.0
20.0
225.
REWE Grafl oHG, Ulm Wiblingen
Germany
20.0
20.0
226.
REWE Greuloch OHG, Kirn
Germany
20.0
20.0
227.
REWE Gritzner OHG, Cologne
Germany
20.0
20.0
228.
REWE-Gruber oHG, Aßling
Germany
20.0
20.0
229.
REWE Grühn oHG, Lübeck
Germany
20.0
20.0
230.
REWE Guido Hörle oHG, Vallendar
Germany
20.0
20.0
231.
REWE Gülke oHG, Salzhemmendorf
Germany
20.0
20.0
232.
REWE Günay oHG, Bad Saulgau
Germany
20.0
20.0
233.
REWE Gunther Schnell OHG, Mainz
Germany
20.0
20.0
234.
REWE Güntner OHG, Filderstadt
Germany
20.0
20.0
235.
REWE Gutschendies oHG, Apensen
Germany
20.0
20.0
236.
REWE Gutzelnig oHG, Tegernheim
Germany
20.0
20.0
237.
REWE Haberkorn OHG, Mainburg
Germany
20.0
20.0
238.
REWE Hakan Özgüz oHG, Bremen
Germany
20.0
–
239.
REWE Halbich oHG, Emmering
Germany
20.0
20.0
240.
REWE Hansen oHG, Flensburg
Germany
20.0
20.0
241.
REWE Hans-Jürgen Schnitzer oHG, Oberstdorf
Germany
20.0
20.0
242.
REWE Hartges OHG, Mönchengladbach
Germany
20.0
20.0
243.
REWE Hartmann OHG, Daun
Germany
20.0
20.0
244.
REWE Hasenöhrl OHG, Sindelfingen
Germany
20.0
20.0
245.
REWE Hauber oHG, Wiesloch
Germany
20.0
20.0
246.
REWE Hegedüs oHG, Hamburg
Germany
20.0
20.0
247.
REWE Heide Drotleff oHG, Straubing
Germany
20.0
20.0
/ Other Disclosures
169
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
248.
REWE Heike Knappe oHG, Fredersdorf-Vogelsdorf
Germany
20.0
–
249.
REWE Heinz Schmitz oHG, Gangelt-Birgden
Germany
20.0
20.0
250.
REWE Hendryk Kania oHG, Berlin
Germany
20.0
–
251.
REWE Hennigs oHG, Hildesheim
Germany
20.0
20.0
252.
REWE Herbel OHG, Rommerskirchen
Germany
20.0
20.0
253.
REWE Heribert Alschbach oHG, Viersen
Germany
20.0
–
254.
REWE Heynckes OHG, Mönchengladbach
Germany
20.0
20.0
255.
REWE Höcker OHG, Herrsching
Germany
20.0
20.0
256.
REWE Hodyra oHG, Kreuzau
Germany
20.0
20.0
257.
REWE Hofheinz oHG, Nideggen
Germany
20.0
20.0
258.
REWE Holger Gaul oHG, Berlin/Schmöckwitz
Germany
20.0
20.0
259.
REWE Holger Rohe OHG, Cologne
Germany
20.0
20.0
260.
REWE Holy oHG, Ulm
Germany
20.0
20.0
261.
REWE Homes oHG, Braunschweig
Germany
20.0
20.0
262.
REWE Höne oHG, Fallingbostel
Germany
20.0
20.0
263.
REWE Huber oHG, Horneburg
Germany
20.0
20.0
264.
REWE Hufnagl OHG, Fürstenzell
Germany
20.0
20.0
265.
REWE Ilka Schilling oHG, Berlin
Germany
20.0
20.0
266.
REWE Ilona El Beshawi oHG, Gersthofen
Germany
20.0
20.0
267.
REWE Ines Wolf oHG, Falkenberg
Germany
20.0
20.0
268.
REWE Ioannis Mouratidis oHG, Munich
Germany
20.0
20.0
269.
REWE Izzet Türköz oHG, Altusried
Germany
20.0
–
270.
REWE Jacqueline Orschel oHG, Großengottern
Germany
20.0
20.0
271.
REWE Jahn oHG, Hilders
Germany
20.0
20.0
272.
REWE Jakubek OHG, Bergisch Gladbach
Germany
20.0
20.0
273.
REWE Jana Giessler oHG, Bad Berka
Germany
20.0
20.0
274.
REWE Jana Hoch oHG, Hohenmölsen
Germany
20.0
20.0
275.
REWE Janet Pomian oHG, Guben
Germany
20.0
20.0
/ Other Disclosures
170
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
276.
REWE Janine Matthes oHG, Berlin
Germany
20.0
20.0
277.
REWE Jan Kaiser oHG, Uslar
Germany
20.0
20.0
278.
REWE Jan Müller oHG, Bitburg
Germany
20.0
20.0
279.
REWE Janssen oHG, Nordenham
Germany
20.0
20.0
280.
REWE Janzen oHG, Oldenburg
Germany
20.0
20.0
281.
REWE Jasmin Wahl oHG, Burghaun
Germany
20.0
20.0
282.
REWE Jens Föllner oHG, Halberstadt
Germany
20.0
20.0
283.
REWE Jens Heimbrodt oHG, Dallgow-Doeberitz
Germany
20.0
20.0
284.
REWE Jochen Widmann oHG, Ehingen
Germany
20.0
20.0
285.
REWE Jochen Ziegler GmbH & Co. OHG, Cologne
Germany
20.0
20.0
286.
REWE Jonuscheit oHG, Lengede
Germany
20.0
20.0
287.
REWE Jörg Schäfer OHG, Bad Neuenahr-Ahrweiler
Germany
20.0
20.0
288.
REWE Josephine Weigl oHG, Erfurt/Rieth
Germany
20.0
20.0
289.
REWE Jürgen Maziejewski oHG, Cologne-Braunsfeld
Germany
20.0
20.0
290.
REWE Jürgen Mück oHG, Haßfurt
Germany
20.0
20.0
291.
REWE Jürgen Müller oHG, Röttenbach
Germany
20.0
20.0
292.
REWE Jürgen Pouwels oHG, Lingen
Germany
20.0
–
293.
REWE Käfer OHG, Wüstenrot
Germany
20.0
20.0
294.
REWE Kai Stumhöfer oHG, Oelsnitz
Germany
20.0
20.0
295.
REWE Kai Uwe Grasmück oHG, Fulda
Germany
20.0
20.0
296.
REWE Kai Windmüller oHG, Hoppegarten
Germany
20.0
20.0
297.
REWE Karaaslan oHG, Heidelberg
Germany
20.0
20.0
298.
REWE Karen Laute OHG, Brandenburg
Germany
20.0
20.0
299.
REWE Karl Kieseler oHG, Sassnitz
Germany
20.0
20.0
300.
REWE Katharina Schell oHG, Hanover
Germany
20.0
20.0
301.
REWE Kathrin Balcke oHG, Kaufungen
Germany
20.0
20.0
302.
REWE Katja Ißleib oHG, Eisenach
Germany
20.0
–
303.
REWE Katrin May oHG, Lauterbach
Germany
20.0
20.0
/ Other Disclosures
171
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
304.
REWE Keckstein oHG, Arnstein
Germany
20.0
20.0
305.
REWE Kelterbaum oHG, Troisdorf
Germany
20.0
20.0
306.
REWE K. Esser oHG, Aachen
Germany
20.0
20.0
307.
REWE Kessler OHG, Eberbach
Germany
20.0
20.0
308.
REWE Kiezko oHG, Hildesheim
Germany
20.0
20.0
309.
REWE Kim Ide oHG, Elmshorn
Germany
20.0
–
310.
REWE Klaus-Dieter Scholz oHG, Hanover
Germany
20.0
–
311.
REWE Klaus Eßwein oHG, Hagenbach
Germany
20.0
20.0
312.
REWE Klein oHG, Erlangen
Germany
20.0
20.0
313.
REWE Kleinschmidt OHG, Lindlar
Germany
20.0
20.0
314.
REWE Kleudgen OHG, Adelsheim
Germany
20.0
20.0
315.
REWE Klingenberg oHG, Gaggenau
Germany
20.0
20.0
316.
REWE Klings oHG, Helmstedt
Germany
20.0
20.0
317.
REWE Knichel OHG, Morbach
Germany
20.0
20.0
318.
REWE Knoepffler oHG, Magdeburg
Germany
20.0
20.0
319.
REWE Koch oHG, Kirchseeon
Germany
20.0
20.0
320.
REWE Koc oHG, Eching am Ammersee
Germany
20.0
20.0
321.
REWE Koll OHG, Kürten
Germany
20.0
20.0
322.
REWE Kornelius Golbik oHG, Mömbris
Germany
20.0
20.0
323.
REWE Körner oHG, Cremlingen
Germany
20.0
20.0
324.
REWE Kortmann oHG, Nienburg
Germany
20.0
20.0
325.
REWE Köstermann oHG, Gnarrenburg
Germany
20.0
20.0
326.
REWE Kost OHG, Spraitbach
Germany
20.0
20.0
327.
REWE Krause oHG, Uelzen
Germany
20.0
20.0
328.
REWE Kriegel oHG, Erolzheim
Germany
20.0
20.0
329.
REWE Kroppen OHG, Grefrath
Germany
20.0
20.0
330.
REWE Kubicki oHG, Weilheim an der Teck
Germany
20.0
20.0
331.
REWE Kubinski oHG, Hanover
Germany
20.0
20.0
/ Other Disclosures
172
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
332.
REWE Kühme OHG, Extertal
Germany
20.0
20.0
333.
REWE Kunkel oHG, Kempten
Germany
20.0
20.0
334.
REWE Kurz OHG, Aalen
Germany
20.0
20.0
335.
REWE Lamm OHG, Siegen-Weidenau
Germany
20.0
20.0
336.
REWE Lang OHG, Korb
Germany
20.0
20.0
337.
REWE Lankenau oHG, Bremen
Germany
20.0
20.0
338.
REWE Lars Markus oHG, Bad Driburg
Germany
20.0
20.0
339.
REWE Lars Meyer oHG, Bremen
Germany
20.0
–
340.
REWE Last oHG, Edewecht
Germany
20.0
20.0
341.
REWE Laugs OHG, Selfkant
Germany
20.0
20.0
342.
REWE Legner OHG, Bretten
Germany
20.0
20.0
343.
REWE Leitenstorfer OHG, Markt Indersdorf
Germany
20.0
20.0
344.
REWE Lienert OHG, Backnang
Germany
20.0
20.0
345.
REWE Lindenlauf OHG, Hückelhoven
Germany
20.0
20.0
346.
REWE Luisa Bühl oHG, Hirschaid
Germany
20.0
20.0
347.
REWE Lukas OHG, Stephanskirchen
Germany
20.0
20.0
348.
REWE Lutterbach oHG, Paderborn
Germany
20.0
20.0
349.
REWE Lutz Ahlers oHG, Pattensen
Germany
20.0
20.0
350.
REWE Lutz OHG, Sinsheim
Germany
20.0
20.0
351.
REWE Maik Bahr oHG, Berlin / Buckow
Germany
20.0
20.0
352.
REWE Majorow oHG, Hanover
Germany
20.0
20.0
353.
REWE Mändle oHG, Neu-Ulm-Pfuhl
Germany
20.0
20.0
354.
REWE Mandy Bronsert oHG, Leipzig
Germany
20.0
20.0
355.
REWE Mandy Moeller oHG, Schleusingen
Germany
20.0
20.0
356.
REWE Manja Baer oHG, Schkeuditz
Germany
20.0
20.0
357.
REWE Manuela Greger oHG, Chemnitz
Germany
20.0
20.0
358.
REWE Manuela Renic oHG, Meßkirch
Germany
20.0
20.0
359.
REWE Manuel Pfeffer oHG, Merkendorf
Germany
20.0
20.0
/ Other Disclosures
173
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
360.
REWE Marc Adams oHG, Nonnweiler-Otzenhausen
Germany
20.0
20.0
361.
REWE Marcel Claus oHG, Chemnitz
Germany
20.0
20.0
362.
REWE Marcel Doeveling oHG, Paderborn
Germany
20.0
20.0
363.
REWE Marcel Fiebig oHG, Nordhausen
Germany
20.0
20.0
364.
REWE Marcos Schiersch oHG, Tostedt
Germany
20.0
20.0
365.
REWE Marco Sterna oHG, Berlin
Germany
20.0
20.0
366.
REWE Marco Weiß oHG, Bremen
Germany
20.0
–
367.
REWE Marcus Günther oHG, Pössneck
Germany
20.0
–
368.
REWE Marcus Morrone oHG, Aschaffenburg
Germany
20.0
–
369.
REWE Marén Hünecke oHG, Bad Nenndorf
Germany
20.0
–
370.
REWE Mario Kachel oHG, Tambach-Dietharz
Germany
20.0
–
371.
REWE-Markt Adolph OHG, Katlenburg
Germany
20.0
20.0
372.
REWE-Markt Ahmer OHG, Diemelstadt
Germany
20.0
20.0
373.
REWE-Markt Alberts OHG, Harsewinkel
Germany
20.0
20.0
374.
REWE-Markt Alexander Beinecke oHG, Erfurt
Germany
20.0
20.0
375.
REWE Markt Alexander Pohl oHG, Halle (Saale)
Germany
20.0
20.0
376.
REWE-Markt Altergott OHG, Bevern
Germany
20.0
20.0
377.
REWE-Markt Amrell OHG, Suhl
Germany
20.0
20.0
378.
REWE-Markt Anderlik OHG, Neustadt b. Coburg
Germany
20.0
20.0
379.
REWE-Markt Andrae OHG, Ohrdruf
Germany
20.0
20.0
380.
REWE-Markt Andrea Hasenau OHG, Großenlüder
Germany
20.0
20.0
381.
REWE Markt Andrea Retzler oHG, Bad Liebenwerda
Germany
20.0
20.0
382.
REWE Markt Andreas Fleischer oHG, Wustermark
Germany
20.0
20.0
383.
REWE Markt Andreas Gommlich oHG, Heidenau
Germany
20.0
20.0
384.
REWE Markt Andreas Lück oHG, Oranienburg
Germany
20.0
20.0
385.
REWE Markt Angela Krauße oHG, Erfurt
Germany
20.0
20.0
386.
REWE Markt Anja Wirker oHG, Dresden
Germany
20.0
20.0
387.
REWE Markt Anke Baumeister oHG, Zehdenick
Germany
20.0
20.0
/ Other Disclosures
174
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
388.
REWE Markt Annett Drieschner oHG, Oelsnitz
Germany
20.0
20.0
389.
REWE Markt Annett Peuser oHG, Halle (Saale)
Germany
20.0
20.0
390.
REWE-Markt Bakalla OHG, Olsberg
Germany
20.0
20.0
391.
REWE-Markt Bauer oHG, Wilhelmsthal-Steinberg
Germany
20.0
20.0
392.
REWE-Markt Baum OHG, Ilmenau
Germany
20.0
20.0
393.
REWE-Markt Baum OHG, Schwabach
Germany
20.0
20.0
394.
REWE-Markt Becker OHG, Bad Rodach
Germany
20.0
20.0
395.
REWE-Markt Becker OHG, Paderborn
Germany
20.0
20.0
396.
REWE Markt Beinecke oHG, Erfurt
Germany
20.0
20.0
397.
REWE-Markt Bergmann OHG, Großbreitenbach
Germany
20.0
20.0
398.
REWE-Markt Bernhardt-Schäfer OHG, Wetzlar-Nauborn
Germany
20.0
20.0
399.
REWE Markt Berszinski OHG, Kassel
Germany
20.0
20.0
400.
REWE-Markt Beume OHG, Kassel
Germany
20.0
20.0
401.
REWE Markt Bianka Bonesky oHG, Chemnitz
Germany
20.0
20.0
402.
REWE Markt Bianka Hesse oHG, Schwarzheide
Germany
20.0
20.0
403.
REWE Markt Bierwirth OHG, Schöllkrippen
Germany
20.0
20.0
404.
REWE-Markt Bierwirth OHG, Seesen
Germany
20.0
20.0
405.
REWE-Markt Binder OHG, Hersbruck
Germany
20.0
20.0
406.
REWE-Markt Bleifuß OHG, Kleinheubach
Germany
20.0
20.0
407.
REWE - Markt Bobsien OHG, Zarrentin
Germany
20.0
20.0
408.
REWE-Markt Borkmann oHG, Kaltennordheim
Germany
20.0
20.0
409.
REWE-Markt Bosen oHG, Brühl
Germany
20.0
20.0
410.
REWE-Markt Brähler OHG, Eiterfeld
Germany
20.0
20.0
411.
REWE-Markt Brendel oHG, Kronach
Germany
20.0
20.0
412.
REWE Markt Brigitte Hausen oHG, Leipzig
Germany
20.0
20.0
413.
REWE-Markt Bruch OHG, Breidenbach
Germany
20.0
20.0
414.
REWE-Markt Brückner oHG, Mücke
Germany
20.0
20.0
415.
REWE-Markt Bunke OHG, Apolda
Germany
20.0
20.0
/ Other Disclosures
175
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
416.
REWE-Markt Burkard OHG, Hirschaid-Sassanfahrt
Germany
20.0
20.0
417.
REWE-Markt Burkhardt OHG, Niederorschel
Germany
20.0
20.0
418.
REWE-Markt Busche OHG, Einbeck
Germany
20.0
20.0
419.
REWE Markt Carmen Jänisch OHG, Berlin
Germany
20.0
20.0
420.
REWE Markt Carola Rautenberg oHG, Freital
Germany
20.0
20.0
421.
REWE Markt Christina Kühne oHG, Leipzig
Germany
20.0
20.0
422.
REWE-Markt Christine Arnold oHG, Sangerhausen
Germany
20.0
20.0
423.
REWE Markt Christine Kutrieb oHG, Templin
Germany
20.0
20.0
424.
REWE Markt Claudia Fischer oHG, Nuthetal
Germany
20.0
20.0
425.
REWE Markt Cornelia Awischus oHG, Leipzig/Lausen
Germany
20.0
20.0
426.
REWE Markt Daniela Ketzscher oHG, Dresden
Germany
20.0
20.0
427.
REWE Markt Daniel Reiche oHG, Leipzig
Germany
20.0
20.0
428.
REWE-Markt Dathe oHG, Bad Blankenburg
Germany
20.0
20.0
429.
REWE-Markt Dennis Henke oHG, Brieselang
Germany
20.0
20.0
430.
REWE Markt Detlef Schumacher oHG, Görlitz
Germany
20.0
20.0
431.
REWE Markt Diana Martens oHG, Grimmen
Germany
20.0
20.0
432.
REWE-Markt Dicke oHG, Wünnenberg
Germany
20.0
20.0
433.
REWE Markt Dieter Gabrich oHG, Velten
Germany
20.0
20.0
434.
REWE Markt Dietmar Palm oHG, Neuhardenberg
Germany
20.0
20.0
435.
REWE-Markt Dietzel oHG, Kahla
Germany
20.0
20.0
436.
REWE-Markt Dönch oHG, Allendorf (Eder)-Battenfeld
Germany
20.0
20.0
437.
REWE Markt Doreen Urban oHG, Forst
Germany
20.0
20.0
438.
REWE Markt Doris Nerlich OHG, Cottbus
Germany
20.0
20.0
439.
REWE-Markt Eckart OHG, Biebergemünd
Germany
20.0
20.0
440.
REWE-Markt Effmert OHG, Gerbrunn
Germany
20.0
20.0
441.
REWE-Markt Ehlert OHG, Fuldatal-Rothwesten
Germany
20.0
20.0
442.
REWE-Markt Ehlert OHG, Grebenstein
Germany
20.0
20.0
443.
REWE-Markt Eigner oHG, Schwarzenfeld
Germany
20.0
20.0
/ Other Disclosures
176
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
444.
REWE-Markt Eisenhuth OHG, Künzell
Germany
20.0
20.0
445.
REWE Markt Elke Holzer oHG, Hoppegarten
Germany
20.0
20.0
446.
REWE Markt Elvira Richter oHG, Bad Düben
Germany
20.0
20.0
447.
REWE-Markt Elvira Walter oHG, Neusorg
Germany
20.0
20.0
448.
REWE-Markt Engelhardt OHG, Hüttenberg-Rechtenbach
Germany
20.0
20.0
449.
REWE - Markt Engelhaupt oHG, Memmelsdorf-Lichteneiche
Germany
20.0
20.0
450.
REWE Markt Eric Wildenhain oHG, Dessau-Roßlau
Germany
20.0
20.0
451.
REWE-Markt Esser OHG, Rheinbach
Germany
20.0
20.0
452.
REWE-Markt Fackelmann OHG, Sömmerda
Germany
20.0
20.0
453.
REWE-Markt Faulhammer OHG, Herborn
Germany
20.0
20.0
454.
REWE-Markt Fix oHG, Neunkirchen am Sand
Germany
20.0
20.0
455.
REWE-Markt Förster OHG, Mücheln
Germany
20.0
20.0
456.
REWE Markt Frank Jähnel oHG, Jessen
Germany
20.0
20.0
457.
REWE Markt Frank Scharschuh OHG, Radebeul
Germany
20.0
20.0
458.
REWE Markt Frank Zander oHG, Leipzig
Germany
20.0
20.0
459.
REWE-Markt Franz oHG, Giebelstadt
Germany
20.0
20.0
460.
REWE-Markt Fricke OHG, Homberg (Ohm)
Germany
20.0
20.0
461.
REWE-Markt Fröhlich OHG, Nuremberg
Germany
20.0
20.0
462.
REWE-Markt Fröhlich-Wehner OHG, Maßbach
Germany
20.0
20.0
463.
REWE-Markt Fuchs OHG, Karben
Germany
20.0
20.0
464.
REWE-Markt Fürst oHG, Wiesau
Germany
20.0
20.0
465.
REWE Markt Gabriele Pfeiffer OHG, Halle
Germany
20.0
20.0
466.
REWE-Markt Geißler oHG, Neuhaus a. Rennweg
Germany
20.0
20.0
467.
REWE-Markt Gerd Carl oHG, Plech
Germany
20.0
20.0
468.
REWE-Markt Gert oHG, Paderborn
Germany
20.0
20.0
469.
REWE-Markt Gippert GmbH & Co. oHG, Moringen
Germany
20.0
20.0
470.
REWE-Markt Glaser oHG, Weimar
Germany
20.0
20.0
471.
REWE-Markt Glemser oHG, Würzburg
Germany
20.0
20.0
/ Other Disclosures
177
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
472.
REWE-Markt Glock GmbH & Co. OHG, Suhl
Germany
20.0
20.0
473.
REWE-Markt Glück OHG, Rudolstadt
Germany
20.0
20.0
474.
REWE-Markt Göbel GmbH & Co. OHG, Teistungen
Germany
20.0
20.0
475.
REWE-Markt Götzelmann oHG, Gerolzhofen
Germany
20.0
20.0
476.
REWE-Markt Graf OHG, Markt Erlbach
Germany
20.0
20.0
477.
REWE Markt Grit Melka oHG, Neubrandenburg
Germany
20.0
20.0
478.
REWE-Markt Groß OHG, Bad Karlshafen
Germany
20.0
20.0
479.
REWE Markt Gudrun Richter oHG, Leipzig
Germany
20.0
20.0
480.
REWE-Markt Gürntke oHG, Bad Lausick
Germany
20.0
20.0
481.
REWE-Markt Guth OHG, Bad Laasphe
Germany
20.0
20.0
482.
REWE-Markt Häber oHG, Röthenbach a.d. Pegnitz
Germany
20.0
20.0
483.
REWE-Markt Hagemeier OHG, Bad Arolsen
Germany
20.0
20.0
484.
REWE-Markt Hanel OHG, Hofheim
Germany
20.0
20.0
485.
REWE Markt Hannelore Hoffmann oHG, Pegau
Germany
20.0
20.0
486.
REWE Markt Hans-Georg Möller oHG, Borsdorf
Germany
20.0
20.0
487.
REWE-Markt Harbig OHG, Nabburg
Germany
20.0
20.0
488.
REWE-Markt Hartmann oHG, Gera
Germany
20.0
20.0
489.
REWE-Markt Hauke OHG, Wildflecken
Germany
20.0
20.0
490.
REWE-Markt Hebestreit OHG, Weimar
Germany
20.0
20.0
491.
REWE-Markt Heidrich OHG, Erndtebrück
Germany
20.0
20.0
492.
REWE Markt Heike Kaiser OHG, Auerbach
Germany
20.0
20.0
493.
REWE Markt Heike Kockejei oHG, Großräschen
Germany
20.0
20.0
494.
REWE Markt Heike Winter oHG, Leipzig
Germany
20.0
20.0
495.
REWE-Markt Heimann OHG, Waischenfeld
Germany
20.0
20.0
496.
REWE-Markt Heinisch oHG, Himmelkorn
Germany
20.0
20.0
497.
REWE - Markt Heinze OHG, Edermünde
Germany
20.0
20.0
498.
REWE-Markt Hellrung oHG, Ebeleben
Germany
20.0
20.0
499.
REWE - Markt Helmetag OHG, Marsberg
Germany
20.0
20.0
/ Other Disclosures
178
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
500.
REWE-Markt Helmreich OHG, Ebelsbach
Germany
20.0
20.0
501.
REWE-Markt Hempel GmbH & Co oHG, Erfurt
Germany
20.0
20.0
502.
REWE Markt Henkel OHG, Gründau
Germany
20.0
20.0
503.
REWE-Markt Hennrich OHG, Wächtersbach
Germany
20.0
20.0
504.
REWE-Markt Hensel oHG, Niestetal
Germany
20.0
20.0
505.
REWE-Markt Hentzel OHG, Georgensgmünd
Germany
20.0
20.0
506.
REWE-Markt Herrmann OHG, Heinersreuth
Germany
20.0
20.0
507.
REWE-Markt Herröder oHG, Freigericht
Germany
20.0
20.0
508.
REWE-Markt Herzberg OHG, Hauneck-Unterhaun
Germany
20.0
20.0
509.
REWE-Markt Herzing OHG, Gedern
Germany
20.0
20.0
510.
REWE-Markt Hess oHG, Fuldabrück
Germany
20.0
20.0
511.
REWE - Markt Hetzer oHG, Leuna
Germany
20.0
20.0
512.
REWE-Markt Hinderer OHG, Hünfeld
Germany
20.0
20.0
513.
REWE-Markt Hinz OHG, Kölleda
Germany
20.0
20.0
514.
REWE-Markt Hoffmann OHG, Treffurt
Germany
20.0
20.0
515.
REWE-Markt Hofmann OHG, Ebensfeld
Germany
20.0
20.0
516.
REWE-Markt Hofmann OHG, Gera
Germany
20.0
20.0
517.
REWE-Markt Hofmann oHG, Linsengericht
Germany
20.0
20.0
518.
REWE-Markt Hofmann OHG, Ochsenfurt
Germany
20.0
20.0
519.
REWE-Markt Höhne OHG, Nordhausen
Germany
20.0
20.0
520.
REWE-Markt Hoh oHG, Scheßlitz
Germany
20.0
20.0
521.
REWE-Markt Hollweg OHG, Helmbrechts
Germany
20.0
20.0
522.
REWE-Markt Holtz OHG, Dörentrup
Germany
20.0
20.0
523.
REWE-Markt Höppner OHG, Küps
Germany
20.0
20.0
524.
REWE-Markt Hosang OHG, Hattorf am Harz
Germany
20.0
20.0
525.
REWE-Markt Hünecke OHG, Hungen
Germany
20.0
20.0
526.
REWE Markt Immo Grollmisch oHG, Quedlinburg
Germany
20.0
20.0
527.
REWE Markt Ines Gelbrich oHG, Brand-Erbisdorf
Germany
20.0
20.0
/ Other Disclosures
179
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
528.
REWE Markt Ines Hoppe OHG, Meissen
Germany
20.0
20.0
529.
REWE Markt Ines Sackel oHG, Brandenburg an der Havel
Germany
20.0
20.0
530.
REWE Markt Ingo Prehn oHG, Gadebusch
Germany
20.0
20.0
531.
REWE Markt Ingrid Stein oHG, Penig
Germany
20.0
20.0
532.
REWE Markt Iris Schmidt oHG, Berlin
Germany
20.0
20.0
533.
REWE-Markt Jacobitz oHG, Ruhla
Germany
20.0
20.0
534.
REWE Markt Jana Büttner oHG, Schwerin
Germany
20.0
20.0
535.
REWE Markt Jan Radke OHG, Lübbenau
Germany
20.0
20.0
536.
REWE-Markt Jansen oHG, Herzebrock-Clarholz
Germany
20.0
20.0
537.
REWE-Markt Jaqueline Podschun oHG, Braunsbedra
Germany
20.0
20.0
538.
REWE Markt Jens Geidel oHG, Delitzsch
Germany
20.0
20.0
539.
REWE-Markt Johannes Hösch OHG, Freudenberg
Germany
20.0
20.0
540.
REWE-Markt Judas OHG, Maxhütte-Haidhof
Germany
20.0
20.0
541.
REWE Markt Juliane Hoff oHG, Berlin
Germany
20.0
20.0
542.
REWE-Markt Jürgens oHG, Willingen
Germany
20.0
20.0
543.
REWE Markt Jutta Reiher oHG, Lutherstadt Wittenberg
Germany
20.0
20.0
544.
REWE-Markt Kahle OHG, Groß-Schneen
Germany
20.0
20.0
545.
REWE-Markt Kaiser OHG, Fronhausen
Germany
20.0
20.0
546.
REWE-Markt Kalbhenn OHG, Uder
Germany
20.0
20.0
547.
REWE-Markt Kanne OHG, Steinheim
Germany
20.0
20.0
548.
REWE-Markt Karsubke OHG, Göttingen
Germany
20.0
20.0
549.
REWE-Markt Katja Irrgang oHG, Roßleben
Germany
20.0
20.0
550.
REWE Markt Katrin Huppert oHG, Leipzig
Germany
20.0
20.0
551.
REWE-Markt Kehr OHG, Bad Zwesten
Germany
20.0
20.0
552.
REWE-Markt Kellner OHG, Heringen
Germany
20.0
20.0
553.
REWE-Markt Kellner oHG, Speichersdorf
Germany
20.0
20.0
554.
REWE-Markt Kelm OHG, Kassel
Germany
20.0
20.0
555.
REWE-Markt Kerkau OHG, Lauenförde
Germany
20.0
20.0
/ Other Disclosures
180
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
556.
REWE-Markt Kerschensteiner oHG, Langenzenn
Germany
20.0
20.0
557.
REWE Markt Kerstin Daedelow oHG, Berlin
Germany
20.0
20.0
558.
REWE Markt Kerstin Holz oHG, Neubrandenburg
Germany
20.0
20.0
559.
REWE Markt Kerstin Neuhäußer oHG, Berlin
Germany
20.0
20.0
560.
REWE Markt Kerstin Radke oHG, Senftenberg
Germany
20.0
20.0
561.
REWE Markt Kerstin Schumacher oHG, Cottbus
Germany
20.0
20.0
562.
REWE Markt Kerstin Vogel oHG, Cottbus
Germany
20.0
20.0
563.
REWE-Markt Kieffer GmbH & Co. oHG, Camburg
Germany
20.0
20.0
564.
REWE-Markt Kirsch OHG, Geisa
Germany
20.0
20.0
565.
REWE-Markt Kiwitt oHG, Detmold
Germany
20.0
20.0
566.
REWE-Markt Klatt oHG, Marktrodach
Germany
20.0
20.0
567.
REWE-Markt Klocke oHG, Lage
Germany
20.0
20.0
568.
REWE-Markt Knapp OHG, Frielendorf
Germany
20.0
20.0
569.
REWE Markt Knapp OHG, Neukirchen
Germany
20.0
20.0
570.
REWE Markt Knut Schulz oHG, Jüterbog
Germany
20.0
20.0
571.
REWE-Markt Kobsar OHG, Seukendorf
Germany
20.0
20.0
572.
REWE-Markt Koch OHG, Dautphetal
Germany
20.0
20.0
573.
REWE-Markt Koch OHG, Vacha
Germany
20.0
20.0
574.
REWE-Markt Köhler oHG, Hildesheim
Germany
19.9
19.9
575.
REWE-Markt Kohl OHG, Fernwald
Germany
20.0
20.0
576.
REWE-Markt König OHG, Kassel
Germany
20.0
20.0
577.
REWE-Markt König oHG, Niederschmalkalden
Germany
20.0
20.0
578.
REWE-Markt Köppl oHG, Bamberg-Gaustadt
Germany
20.0
20.0
579.
REWE - Markt Korte oHG, Brakel
Germany
20.0
20.0
580.
REWE-Markt Krämer oHG, Eschenburg-Wissenbach
Germany
20.0
20.0
581.
REWE-Markt Kramer OHG, Löhnberg
Germany
20.0
20.0
582.
REWE-Markt Kranich OHG, Wetter
Germany
20.0
20.0
583.
REWE-Markt Krause oHG, Herzogenaurach
Germany
20.0
20.0
/ Other Disclosures
181
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
584.
REWE-Markt Krause OHG, Stadtoldendorf
Germany
20.0
20.0
585.
REWE-Markt Krauße OHG, Erfurt
Germany
20.0
20.0
586.
REWE-Markt Kraußer OHG, Apolda
Germany
20.0
20.0
587.
REWE Markt Kristina Feibig oHG, Berlin
Germany
20.0
20.0
588.
REWE-Markt Krodel OHG, Pressath
Germany
20.0
20.0
589.
REWE-Markt Krumbach OHG, Augustdorf
Germany
20.0
20.0
590.
REWE-Markt Krüper OHG, Reinhardshagen
Germany
20.0
20.0
591.
REWE-Markt Kubitza oHG, Leopoldshöhe
Germany
20.0
20.0
592.
REWE-Markt Lauterbach oHG, Gräfenroda
Germany
20.0
20.0
593.
REWE-Markt Leifholz OHG, Lügde
Germany
20.0
20.0
594.
REWE-Markt Lemp OHG, Heuchelheim
Germany
20.0
20.0
595.
REWE-Markt Lengersdorf oHG, Saalfeld/Saale
Germany
20.0
20.0
596.
REWE-Markt Lichtenberg GmbH & Co. OHG, Heilbad Heiligenstadt
Germany
20.0
20.0
597.
REWE Markt Linß OHG, Steinach
Germany
20.0
20.0
598.
REWE-Markt Löhner oHG, Schwarzenbach/Wald
Germany
20.0
20.0
599.
REWE-Markt Lohse OHG, Weimar
Germany
20.0
20.0
600.
Rewe-Markt Lütge oHG, Lamspringe
Germany
19.9
19.9
601.
REWE-Markt Lüttmann OHG, Rauschenberg
Germany
20.0
20.0
602.
REWE Markt Lutz Hovest oHG, Berlin
Germany
20.0
20.0
603.
REWE-Markt Lutz oHG, Würzburg
Germany
20.0
20.0
604.
REWE Markt Lutz Spickermann oHG, Leipzig
Germany
20.0
20.0
605.
REWE - Markt Maenz oHG, Herleshausen
Germany
20.0
20.0
606.
REWE Markt Maik Böttger oHG, Dresden
Germany
20.0
20.0
607.
REWE Markt Manuela Böhme OHG, Leipzig
Germany
20.0
20.0
608.
REWE-Markt Manuela Busche oHG, Einbeck
Germany
20.0
20.0
609.
REWE Markt Manuela Rottgardt oHG, Dippoldiswalde
Germany
20.0
20.0
610.
REWE Markt Marcel Bartsch oHG, Berlin
Germany
20.0
20.0
611.
REWE Markt Marcel Engels oHG, Berlin
Germany
20.0
20.0
/ Other Disclosures
182
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
612.
REWE Markt Marcin Paczek oHG, Berlin
Germany
20.0
20.0
613.
REWE Markt Marion Ludwig oHG, Ballenstedt
Germany
20.0
20.0
614.
REWE Markt Marko Krämer oHG, Hettstedt
Germany
20.0
20.0
615.
REWE Markt Marlene Kramer oHG, Berlin
Germany
20.0
20.0
616.
REWE Markt Martina Witt oHG, Trebbin
Germany
20.0
20.0
617.
REWE-Markt Martin OHG, Flieden
Germany
20.0
–
618.
REWE Markt Mathias Lehmann oHG, Neubrandenburg
Germany
20.0
20.0
619.
Rewe Markt Matthias Becker oHG, Prenzlau
Germany
20.0
20.0
620.
REWE Markt Matthias Görlitz oHG, Berlin
Germany
20.0
20.0
621.
REWE-Markt Matthias Jacobs OHG, Rosdorf
Germany
20.0
20.0
622.
REWE Markt Matthias Peikert oHG, Dresden
Germany
20.0
20.0
623.
REWE-Markt Matthias Schneider oHG, Bischofsheim
Germany
20.0
20.0
624.
REWE - Markt Mayer oHG, Ebermannstadt
Germany
20.0
20.0
625.
REWE-Markt Meserjakov OHG, Altenstadt-Oberau
Germany
20.0
20.0
626.
REWE-Markt Messerschmidt OHG, Kirchheim
Germany
20.0
20.0
627.
Rewe-Markt Meyer OHG, Bad Münster am Stein
Germany
20.0
20.0
628.
REWE Markt Michael Batz oHG, Potsdam
Germany
20.0
20.0
629.
REWE Markt Michael Günther oHG, Dresden
Germany
20.0
20.0
630.
REWE Markt Michael Siebert oHG, Basdorf
Germany
20.0
20.0
631.
REWE Markt Michael Wörner oHG, Berlin
Germany
20.0
20.0
632.
REWE Markt Mike Gabrich oHG, Leegebruch
Germany
20.0
20.0
633.
REWE-Markt Mischke oHG, Bad Staffelstein
Germany
20.0
20.0
634.
REWE-Markt Möhring OHG, Bodenwerder
Germany
20.0
20.0
635.
REWE-Markt Mohr OHG, Homberg/Efze
Germany
20.0
20.0
636.
REWE-Markt Mörl oHG, Saalfeld/Saale
Germany
20.0
20.0
637.
REWE-Markt Möser oHG, Rabenau
Germany
20.0
20.0
638.
REWE-Markt Möwes OHG, Göttingen
Germany
20.0
20.0
639.
REWE-Markt Müller oHG, Neustadt an der Orla
Germany
20.0
20.0
/ Other Disclosures
183
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
640.
REWE-Markt Müller OHG, Stadtsteinach
Germany
20.0
20.0
641.
REWE-Markt Mumme oHG, Bielefeld
Germany
20.0
20.0
642.
REWE-Markt Nagler oHG, Greifenstein
Germany
20.0
20.0
643.
REWE-Markt Naumann GmbH & Co. OHG, Cölbe
Germany
20.0
20.0
644.
REWE-Markt Neitzel OHG, Bestwig
Germany
20.0
20.0
645.
REWE-Markt Neubauer OHG, Eisfeld
Germany
20.0
20.0
646.
REWE-Markt Nicolas Heiderich oHG, Anröchte
Germany
20.0
20.0
647.
REWE Markt Nico Schwiteilo oHG, Dresden
Germany
20.0
20.0
648.
REWE-Markt Nies OHG, Hungen
Germany
20.0
20.0
649.
REWE-Markt Pape oHG, Naumburg
Germany
20.0
20.0
650.
REWE-Markt Peetz OHG, Fürth
Germany
20.0
20.0
651.
REWE Markt Peter Koppenhagen oHG, Brandenburg an der Havel
Germany
20.0
20.0
652.
REWE Markt Peter Lehmann oHG, Potsdam
Germany
20.0
20.0
653.
REWE Markt Petra Götz oHG, Greifswald
Germany
20.0
20.0
654.
REWE Markt Petra Luda oHG, Brandenburg
Germany
20.0
20.0
655.
REWE-Markt Pfennig oHG, Felsberg
Germany
20.0
20.0
656.
REWE-Markt Pippel OHG, Medebach
Germany
20.0
20.0
657.
REWE-Markt Plank OHG, Erlangen
Germany
20.0
20.0
658.
REWE-Markt Plötz OHG, Weilburg
Germany
20.0
20.0
659.
REWE-Markt Popplow oHG, Florstadt
Germany
20.0
20.0
660.
REWE-Markt Preisner OHG, Hardegsen
Germany
20.0
20.0
661.
REWE-Markt Prieto-Pacheco oHG, Volkach
Germany
20.0
20.0
662.
REWE-Markt Raber OHG, Wutha-Farnroda
Germany
20.0
20.0
663.
REWE Markt Rädel oHG, Bestensee
Germany
20.0
20.0
664.
REWE-Markt Rademacher OHG, Warburg
Germany
20.0
20.0
665.
REWE-Markt Rainer Lapp oHG, Büdingen
Germany
20.0
20.0
666.
REWE Markt Ramona Kratochwill oHG, Berlin
Germany
20.0
20.0
667.
REWE Markt Ramona Reiche oHG, Berlin
Germany
20.0
20.0
/ Other Disclosures
184
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
668.
REWE-Markt Rauhe OHG, Bleicherode
Germany
20.0
20.0
669.
REWE Markt Regina Keller oHG, Naunhof
Germany
20.0
20.0
670.
REWE Markt Regina Nowack oHG, Neubukow
Germany
20.0
20.0
671.
REWE-Markt Reh-Zaufel oHG, Linden
Germany
20.0
20.0
672.
REWE-Markt Remmert-Bobe oHG, Steinheim
Germany
20.0
20.0
673.
REWE Markt René Schneider oHG, Bernau bei Berlin
Germany
20.0
20.0
674.
REWE-Markt Renger OHG, Bayreuth
Germany
20.0
20.0
675.
REWE Markt Ricardo Steinbrück oHG, Berlin
Germany
20.0
20.0
676.
REWE - Markt Richter oHG, Burgebrach
Germany
20.0
20.0
677.
REWE Markt Rico Rappmann oHG, Könnern
Germany
20.0
20.0
678.
REWE Markt Ridders OHG, Cologne
Germany
20.0
20.0
679.
REWE Markt Rocco Bräsemann oHG, Berlin
Germany
20.0
20.0
680.
REWE-Markt Röher OHG, Eckersdorf
Germany
20.0
20.0
681.
REWE Markt Ronny Jarius oHG, Berlin
Germany
20.0
20.0
682.
REWE-Markt Roppelt OHG, Kitzingen
Germany
20.0
20.0
683.
REWE-Markt Rösel oHG, Kleinostheim
Germany
20.0
20.0
684.
REWE-Markt Roßbach oHG, Adelebsen
Germany
20.0
20.0
685.
REWE-Markt Rößling OHG, Warburg-Scherfede
Germany
20.0
20.0
686.
REWE-Markt Roth oHG, Veitshöchheim
Germany
20.0
20.0
687.
REWE Markt Rouven Sadlowski oHG, Wismar
Germany
20.0
20.0
688.
REWE-Markt Rudel OHG, Bamberg
Germany
20.0
20.0
689.
REWE-Markt Rudelsberger OHG, Herrieden
Germany
20.0
20.0
690.
REWE-Markt Rüthing OHG, Büren-Steinhausen
Germany
20.0
20.0
691.
REWE-Markt Saal OHG, Paderborn
Germany
20.0
20.0
692.
REWE Markt Sabine Ratz oHG, Markranstädt
Germany
20.0
20.0
693.
REWE Markt Sabine Schürer oHG, Werdau
Germany
20.0
20.0
694.
REWE Markt Sandra Lehmann oHG, Berlin
Germany
20.0
20.0
695.
REWE-Markt Schäfer GmbH & Co. OHG, Hofgeismar
Germany
20.0
20.0
/ Other Disclosures
185
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
696.
REWE-Markt Schelper OHG, Dransfeld
Germany
20.0
20.0
697.
REWE-Markt Schenkl OHG, Kemnath
Germany
20.0
20.0
698.
REWE-Markt Schmidt oHG, Lage-Müssen
Germany
20.0
20.0
699.
REWE-Markt Schmidt OHG, Lich
Germany
20.0
20.0
700.
REWE-Markt Schmidt OHG, Waldkappel
Germany
20.0
20.0
701.
REWE Markt Schnell OHG, Bad Tennstedt
Germany
20.0
20.0
702.
REWE-Markt Schöttler OHG, Schlangen
Germany
20.0
20.0
703.
REWE-Markt Schott oHG, Langenwolschendorf
Germany
20.0
20.0
704.
REWE-Markt Schrempf OHG, Ebern
Germany
20.0
20.0
705.
REWE-Markt Schünke oHG, Heringen (Werra)
Germany
20.0
20.0
706.
REWE-Markt Schwalb oHG, Adelsdorf
Germany
20.0
20.0
707.
REWE-Markt Schwamberger oHG, Hammelburg
Germany
20.0
20.0
708.
REWE Markt Sebastian Schubert oHG, Zwickau
Germany
20.0
20.0
709.
REWE-Markt Seidler OHG, Goldbach
Germany
20.0
20.0
710.
REWE-Markt Siegel oHG, Dassel-Markoldendorf
Germany
20.0
20.0
711.
REWE Markt Siegfried Grube oHG, Potsdam
Germany
20.0
20.0
712.
REWE Markt Silke Thorhauer oHG, Pasewalk
Germany
20.0
20.0
713.
REWE Markt Silke Wiese oHG, Parchim
Germany
20.0
20.0
714.
REWE Markt Silvia Geiger oHG, Teltow
Germany
20.0
20.0
715.
REWE-Markt Simon OHG, Staufenberg
Germany
20.0
20.0
716.
REWE-Markt Siveke OHG, Bodenwerder
Germany
20.0
20.0
717.
REWE Markt Sonja Schaefer oHG, Leipzig
Germany
20.0
20.0
718.
REWE Markt Soran Ahmed oHG, Berlin
Germany
20.0
20.0
719.
REWE Markt Stefan Köckeritz oHG, Dresden
Germany
20.0
20.0
720.
REWE-Markt Stefan Stahl oHG, Schwetzingen
Germany
20.0
20.0
721.
REWE-Markt Steinbach OHG, Breuna
Germany
20.0
20.0
722.
REWE-Markt Steiner oHG, Pressig-Rothenkirchen
Germany
20.0
20.0
723.
REWE Markt Stein oHG, Obersuhl
Germany
20.0
20.0
/ Other Disclosures
186
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
724.
REWE-Markt Stephan Fink OHG, Borken (Hesse)
Germany
20.0
20.0
725.
REWE-Markt Sternberger OHG, Fladungen
Germany
20.0
20.0
726.
REWE-Markt Stoll GmbH & Co oHG, Langenselbold
Germany
20.0
20.0
727.
REWE-Markt Stoll OHG, Lahntal-Sterzhausen
Germany
20.0
20.0
728.
REWE-Markt Stoll OHG, Zirndorf
Germany
20.0
20.0
729.
REWE-Markt Stolpowski OHG, Heilsbronn
Germany
20.0
20.0
730.
REWE-Markt Stotko oHG, Pohlheim-Garbenteich
Germany
20.0
20.0
731.
REWE-Markt Streng oHG, Ebersdorf b. Coburg
Germany
20.0
20.0
732.
REWE-Markt Ströer OHG, Gotha
Germany
20.0
20.0
733.
REWE Markt Studer OHG, Bad Endbach
Germany
20.0
20.0
734.
REWE Markt Susanne Hube OHG, Sperenberg
Germany
20.0
20.0
735.
REWE - Markt Susemichel OHG, Schlitz
Germany
20.0
20.0
736.
REWE Markt Sven Böttcher oHG, Chemnitz
Germany
20.0
20.0
737.
REWE Markt Sylvia Sauer OHG, Strausberg
Germany
20.0
20.0
738.
REWE-Markt Tanz OHG, Gotha
Germany
20.0
20.0
739.
REWE-Markt Tätzner oHG, Breitengüßbach
Germany
20.0
20.0
740.
REWE-Markt T. Dunker oHG, Einbeck
Germany
20.0
20.0
741.
REWE-Markt Theiss OHG, Hallenberg
Germany
20.0
20.0
742.
REWE Markt Thomas Asmussen oHG, Berlin
Germany
20.0
20.0
743.
REWE Markt Thomas Berges oHG, Cottbus
Germany
20.0
20.0
744.
REWE-Markt Thomas Höfling oHG, Gleichen
Germany
20.0
20.0
745.
REWE Markt Thomas Höppner oHG, Berlin
Germany
20.0
20.0
746.
REWE-Markt Thomas Kassel GmbH & Co. oHG, Obermichelbach
Germany
20.0
20.0
747.
REWE Markt Thomas Pausch oHG, Berlin
Germany
20.0
20.0
748.
REWE Markt Thomas Wietasch oHG, Halle
Germany
20.0
20.0
749.
REWE-Markt Tietz OHG, Kassel
Germany
20.0
20.0
750.
REWE Markt Tino Renner oHG, Chemnitz
Germany
20.0
20.0
751.
REWE-Markt Tino Stützer oHG, Jena
Germany
20.0
20.0
/ Other Disclosures
187
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
752.
REWE-Markt Tobias Krause oHG, Forchheim
Germany
20.0
20.0
753.
REWE-Markt Torben Dunker oHG, Dassel
Germany
20.0
20.0
754.
REWE-Markt Träger oHG, Fuldatal
Germany
20.0
20.0
755.
REWE-Markt Travaci OHG, Langgöns
Germany
20.0
20.0
756.
REWE Markt Treude OHG, Bad Berleburg
Germany
20.0
20.0
757.
REWE-Markt Treutlein OHG, Euerdorf
Germany
20.0
20.0
758.
REWE-Markt Udo Natusch oHG, Berlin
Germany
20.0
20.0
759.
REWE Markt Undine Handke oHG, Golßen
Germany
20.0
20.0
760.
REWE Markt Undine Ludwig oHG, Magdeburg
Germany
20.0
20.0
761.
REWE-Markt Uras oHG, Buseck
Germany
20.0
20.0
762.
REWE Markt Ute Pahnke oHG, Greifswald
Germany
20.0
20.0
763.
REWE Markt Uwe Andreß oHG, Zwenkau
Germany
20.0
20.0
764.
REWE Markt Uwe Zschorn oHG, Leipzig
Germany
20.0
20.0
765.
Rewe Markt Viertel oHG, Lichtenau
Germany
20.0
20.0
766.
REWE-Markt Vogt OHG, Bad Frankenhausen
Germany
20.0
20.0
767.
REWE Markt Volker Brand oHG, Magdeburg
Germany
20.0
20.0
768.
REWE-Markt Wakup OHG, Nieheim
Germany
20.0
20.0
769.
REWE-Markt Weh GmbH & Co oHG, Erfurt
Germany
20.0
20.0
770.
REWE-Markt Weht OHG, Heroldsberg
Germany
20.0
20.0
771.
REWE-Markt Weidling oHG, Nidda-Eichelsdorf
Germany
20.0
20.0
772.
REWE-Markt Weigel oHG, Sondershausen
Germany
20.0
20.0
773.
REWE-Markt Weiß oHG, Jena
Germany
20.0
20.0
774.
REWE-Markt Weiß OHG, Weilrod
Germany
20.0
20.0
775.
REWE-Markt Weitzel OHG, Bad Lauterberg im Harz
Germany
20.0
20.0
776.
REWE-Markt Wenning OHG, Bischoffen-Niederweidbach
Germany
20.0
20.0
777.
REWE - Markt Wenzel oHG, Wanfried
Germany
20.0
20.0
778.
REWE-Markt Widmer OHG, Paderborn
Germany
20.0
20.0
779.
REWE-Markt Wieber OHG, Petersberg
Germany
20.0
20.0
/ Other Disclosures
188
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
780.
REWE-Markt Wild oHG, Wertheim
Germany
20.0
20.0
781.
REWE-Markt Wilhelm OHG, Waldbrunn
Germany
20.0
20.0
782.
REWE-Markt Wilkens OHG, Habichtswald-Ehlen
Germany
20.0
20.0
783.
REWE-Markt Winkler OHG, Hof
Germany
20.0
20.0
784.
REWE- Markt Wittl oHG, Kammerstein
Germany
20.0
20.0
785.
REWE-Markt Wittmann oHG, Neunkirchen am Brand
Germany
20.0
20.0
786.
REWE Markt Wolfgang Hornung oHG, Halle
Germany
20.0
20.0
787.
REWE-Markt Wolf oHG, Michelau
Germany
20.0
20.0
788.
REWE-Markt Wolfschmitt OHG, Wiesentheid
Germany
20.0
20.0
789.
REWE-Markt Worofsky OHG, Uttenreuth
Germany
20.0
20.0
790.
REWE-Markt Wutzler OHG, Weida
Germany
20.0
20.0
791.
REWE Markt Yvonne Berkefeld oHG, Zwickau
Germany
20.0
20.0
792.
REWE-Markt Zachmann OHG, Roth
Germany
20.0
20.0
793.
REWE-Markt Zahovsky OHG, Auerbach
Germany
20.0
20.0
794.
REWE-Markt Zieten oHG, Dillenburg
Germany
20.0
20.0
795.
REWE-Markt Zipfel oHG, Hermsdorf
Germany
20.0
20.0
796.
REWE-Markt Zwingel OHG, Bubenreuth
Germany
20.0
–
797.
REWE Markus Brzezina oHG, Ingelheim
Germany
20.0
20.0
798.
REWE Markus Lischka oHG, Landsberg
Germany
20.0
20.0
799.
REWE Markus Martin oHG, Buttenheim
Germany
20.0
–
800.
REWE Markus Meyer OHG, Ransbach-Baumbach
Germany
20.0
20.0
801.
REWE Martina Büchner oHG, Bürgel
Germany
20.0
20.0
802.
REWE Martin Altenburg oHG, Kiel
Germany
20.0
20.0
803.
REWE Martin Bornemann oHG, Meine
Germany
20.0
20.0
804.
REWE Martin Eideloth oHG, Mistelgau
Germany
20.0
–
805.
REWE Martin Hellmiß oHG, Cologne
Germany
20.0
20.0
806.
REWE Martin Kolbe oHG, Altenkunstadt
Germany
20.0
20.0
807.
REWE Matthes oHG, Alfeld (Leine)
Germany
20.0
20.0
/ Other Disclosures
189
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
808.
REWE Matthias Fröhlich oHG, Bamberg
Germany
20.0
20.0
809.
REWE Matthias Hinz oHG, Weimar
Germany
20.0
20.0
810.
REWE Matthias Schäm oHG, Gardelegen
Germany
20.0
20.0
811.
REWE Meczurat oHG, Langenhagen
Germany
20.0
20.0
812.
REWE Melanie Tolk-Spaar oHG, Berlin
Germany
20.0
20.0
813.
REWE Melanie Tonn oHG, Seelze
Germany
20.0
20.0
814.
REWE Metin Kanbur oHG, Waibstadt
Germany
20.0
20.0
815.
REWE Michael Birnbreier oHG, Laupheim
Germany
20.0
–
816.
REWE Michael Ermer OHG, Jüchen
Germany
20.0
20.0
817.
REWE Michael Kuhnke oHG, Goldberg
Germany
20.0
–
818.
REWE Michael Lind oHG, Berlin
Germany
20.0
20.0
819.
REWE Michael Lohnert oHG, Sand am Main
Germany
20.0
–
820.
REWE Michael Meige oHG, Echzell
Germany
20.0
20.0
821.
REWE Michael Reinartz oHG, Aachen
Germany
20.0
20.0
822.
REWE Michael Reising oHG, Erlensee
Germany
20.0
20.0
823.
REWE Michael Schmatloch oHG, Großkrotzenburg
Germany
20.0
20.0
824.
REWE Michalik OHG, Dornstadt
Germany
20.0
20.0
825.
REWE Michel Fritzsche oHG, Weißenfels
Germany
20.0
20.0
826.
REWE Michel Reimer oHG, Radebeul
Germany
20.0
20.0
827.
REWE Mihael Stojkovic oHG, Ketsch
Germany
20.0
–
828.
REWE Mike Baer oHG, Berlin
Germany
20.0
20.0
829.
REWE Mike Hüttenrauch oHG, Wolfsburg
Germany
20.0
20.0
830.
REWE Minet OHG, Rastatt
Germany
20.0
20.0
831.
REWE Mockenhaupt OHG, Mudersbach
Germany
20.0
20.0
832.
REWE Mölders oHG, Neuffen
Germany
20.0
20.0
833.
REWE Monika Rauhe oHG, Sollstedt
Germany
20.0
20.0
834.
REWE Müller oHG, Nußloch
Germany
20.0
20.0
835.
REWE Nancy Wetzstein oHG, Waltershausen
Germany
20.0
20.0
/ Other Disclosures
190
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
836.
REWE Neda Musura oHG, Berlin
Germany
20.0
20.0
837.
REWE Nehring OHG, Gechingen
Germany
20.0
20.0
838.
REWE Nepomuck GmbH & Co. KG, Alsdorf
Germany
50.0
50.0
839.
REWE Neuroth GmbH & Co.OHG, Wallmerod
Germany
20.0
20.0
840.
REWE Nicolai Kauferstein oHG, Elz
Germany
20.0
20.0
841.
REWE Nicolaos Pagoulatos oHG, Munich
Germany
20.0
20.0
842.
REWE Nicole Köhler oHG, Blankenfelde-Mahlow
Germany
20.0
–
843.
REWE Nicole Labudde oHG, Dresden
Germany
20.0
20.0
844.
REWE Nieß oHG, Gundelfingen a.d. Donau
Germany
20.0
20.0
845.
REWE Nieth OHG, Bad Waldsee
Germany
20.0
20.0
846.
REWE Nord-Ost Immobilien GmbH, Teltow
Germany
26.0
26.0
1
847.
REWENTA Immobilien Verwaltung Fonds 5 KG, Cologne
Germany
38.3
38.3
1
848.
REWENTA Immobilien Verwaltung Fonds 6 KG, Cologne
Germany
52.0
52.0
1
849.
REWENTA Immobilien Verwaltung GmbH & Co. Fonds 7 KG, Cologne
Germany
75.0
75.0
1
850.
REWE Oberle oHG, Stockach
Germany
20.0
20.0
851.
REWE Oelgeschläger oHG, Nordstemmen
Germany
20.0
20.0
852.
REWE Oel OHG, Nistertal
Germany
20.0
20.0
853.
REWE Özgür Ögünc oHG, Lauenburg
Germany
20.0
20.0
854.
REWE Pascal Kneuer oHG, Nuremberg
Germany
20.0
20.0
855.
REWE Passinger oHG, Günzburg
Germany
20.0
20.0
856.
REWE Patricia Ahrens oHG, Kiel
Germany
20.0
20.0
857.
REWE Patrick Lukowsky oHG, Munich
Germany
20.0
20.0
858.
REWE Pauling OHG, Montabaur
Germany
20.0
20.0
859.
REWE Peggy Trinkl oHG, Eisenberg
Germany
20.0
20.0
860.
REWE Peter Arnold oHG, Mosbach
Germany
20.0
–
861.
REWE Peter Erichsen oHG, Klein Nordende
Germany
20.0
20.0
862.
REWE Peter Knakowski oHG, Cologne
Germany
20.0
–
863.
REWE Peter Kotlarski oHG, Meerbusch-Osterath
Germany
20.0
20.0
/ Other Disclosures
191
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
864.
REWE Peter Schüller oHG, Eschweiler
Germany
20.0
20.0
865.
REWE Pfeffel OHG, Neuss
Germany
20.0
20.0
866.
REWE Philipp Dreisvogt oHG, Bad Hersfeld
Germany
20.0
20.0
867.
REWE Philipp Fischer oHG, Werder
Germany
20.0
20.0
868.
REWE Philipp Smith oHG, Baunach
Germany
20.0
20.0
869.
REWE Ponzer oHG, Karlsruhe
Germany
20.0
20.0
870.
REWE Porombka oHG, Bad Sachsa
Germany
20.0
20.0
871.
REWE Post oHG, Kaarst
Germany
20.0
20.0
872.
REWE Prinz oHG, Katzenelnbogen
Germany
20.0
20.0
873.
REWE Rahmati OHG, Cologne
Germany
20.0
20.0
874.
REWE Raik Groth oHG, Alling
Germany
20.0
–
875.
REWE Ralf Hermann oHG, Cologne-Dellbrück
Germany
20.0
–
876.
REWE Ralf Lorenz oHG, Buchholz
Germany
20.0
20.0
877.
REWE Ralf Peters oHG, Düren
Germany
20.0
20.0
878.
REWE Ralf Rieger oHG, Süderbrarup
Germany
20.0
20.0
879.
REWE Ramazan Zor oHG, Wiesbaden
Germany
20.0
–
880.
REWE Ramona Roscher oHG, Jena
Germany
20.0
20.0
881.
REWE Regina Karge oHG, Barth
Germany
20.0
–
882.
REWE Regina Widmer oHG, Paderborn-Sennelager
Germany
20.0
20.0
883.
REWE Reinartz OHG, Aachen
Germany
20.0
20.0
884.
REWE Reinhold Haumeier oHG, Bruckmühl
Germany
20.0
20.0
885.
REWE Rene Giese oHG, Pulheim
Germany
20.0
20.0
886.
REWE Rene Scholz oHG, Gera
Germany
20.0
20.0
887.
REWE Richber oHG, Neustadt
Germany
20.0
20.0
888.
REWE Rico Adolph oHG, Fürstenwalde
Germany
20.0
20.0
889.
REWE Riethmüller oHG, Goettingen
Germany
20.0
20.0
890.
REWE Rimmler oHG, Reilingen
Germany
20.0
20.0
891.
REWE Ritterescu oHG, Sulzbach/Rosenberg
Germany
20.0
20.0
/ Other Disclosures
192
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
892.
REWE Rizzi OHG, Winnenden
Germany
20.0
20.0
893.
REWE Rizzo oHG, Munich
Germany
20.0
20.0
894.
REWE Robert Freund oHG, Kerpen
Germany
20.0
20.0
895.
REWE Robert Heß oHG, Dornburg-Camburg
Germany
20.0
20.0
896.
REWE Robert Ortlepp oHG, Waltershausen
Germany
20.0
–
897.
REWE Robin Hohl oHG, Weimar/Schöndorf
Germany
20.0
20.0
898.
REWE Rodriguez OHG, Worms
Germany
20.0
20.0
899.
REWE Rohde oHG, Hanover
Germany
20.0
20.0
900.
REWE Roland Farnhammer oHG, Tittling
Germany
20.0
–
901.
REWE Rolf Weiland oHG, Vechta
Germany
20.0
20.0
902.
REWE Roman Kesselring oHG, Herbertingen
Germany
20.0
–
903.
REWE Romy Kühn oHG, Lauchhammer
Germany
20.0
–
904.
REWE Röttcher oHG, Kaarst
Germany
20.0
20.0
905.
REWE Rudat oHG, Algermissen
Germany
20.0
20.0
906.
REWE Ruf oHG, Rheinhausen
Germany
20.0
20.0
907.
REWE Rusche oHG, Pulheim
Germany
20.0
20.0
908.
REWE Sabine Klitsch oHG, Gräfenhainichen
Germany
20.0
20.0
909.
REWE Sabrina Fischer oHG, Berlin
Germany
20.0
–
910.
REWE Salvatore Bitto oHG, Münstertal
Germany
20.0
20.0
911.
REWE Samuel Schönle oHG, Isny
Germany
20.0
–
912.
REWE Sander oHG, Gronau
Germany
20.0
20.0
913.
REWE Sandra Burkhardt oHG, Dahlen
Germany
20.0
20.0
914.
REWE Sascha Ullah oHG, Sehnde
Germany
20.0
–
915.
REWE Sauerbach OHG, Rösrath
Germany
20.0
20.0
916.
REWE Sbikowski oHG, Freiburg im Breisgau
Germany
20.0
20.0
917.
REWE Scala oHG, Holle
Germany
20.0
20.0
918.
REWE Schäfer OHG, Niederkassel- Lülsdorf
Germany
20.0
20.0
919.
REWE Schauer oHG, Euskirchen
Germany
20.0
20.0
/ Other Disclosures
193
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
920.
REWE Schenkelberg OHG, Waldbreitbach
Germany
20.0
20.0
921.
REWE Schimpf OHG, Nattheim
Germany
20.0
20.0
922.
REWE Schiposch oHG, Schwäbisch-Hall
Germany
20.0
20.0
923.
REWE Schmailzl OHG, Berching
Germany
20.0
20.0
924.
REWE Schmitt OHG, Idar-Oberstein
Germany
40.0
40.0
925.
REWE Schneeberger OHG, Sulzbach an der Murr
Germany
20.0
20.0
926.
REWE Schnell OHG, Speicher
Germany
20.0
20.0
927.
REWE Schön oHG, Wernberg-Köblitz
Germany
20.0
20.0
928.
REWE-Schönwälder oHG, Schönau a. Königssee
Germany
20.0
20.0
929.
REWE Schorn oHG, Bergheim - Niederaußem
Germany
20.0
20.0
930.
REWE Schuck OHG, Herzogenrath-Merkstein
Germany
20.0
20.0
931.
REWE Schulz OHG, Cologne
Germany
20.0
20.0
932.
REWE Schütt oHG, Laatzen
Germany
20.0
20.0
933.
REWE Scosceria OHG, Koblenz
Germany
20.0
20.0
934.
REWE Sebastian Sommer oHG, Schöffengrund-Schwalbach
Germany
20.0
20.0
935.
REWE Sedat Tekin oHG, Heusenstamm
Germany
20.0
–
936.
REWE Seidler OHG, Augsburg
Germany
20.0
20.0
937.
REWE Serkan Ergül oHG, Hargesheim
Germany
20.0
20.0
938.
REWE Sevdaim Terzija oHG, Munich
Germany
20.0
20.0
939.
REWE Sievering OHG, Plochingen
Germany
20.0
20.0
940.
REWE Sigrun Ulrich oHG, Schlossvippach
Germany
20.0
20.0
941.
REWE Silke Hürten oHG, Cologne
Germany
20.0
20.0
942.
REWE Silke Ullrich oHG, Leipzig
Germany
20.0
20.0
943.
REWE Silvana Springer oHG, Auma
Germany
20.0
20.0
944.
REWE Simone Dietzler oHG, Lahnstein
Germany
20.0
–
945.
REWE Simone Lehmann oHG, Berlin-Charlottenburg
Germany
20.0
20.0
946.
REWE Simone Nieß oHG, Schönebeck (Elbe)
Germany
20.0
20.0
947.
REWE Simon Kashanna oHG, Memmingen
Germany
20.0
20.0
/ Other Disclosures
194
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
948.
REWE Sittig oHG, Wunstorf
Germany
20.0
20.0
949.
REWE Skowronnek OHG, Cologne
Germany
20.0
20.0
950.
REWE S. Krämer OHG, Düsseldorf
Germany
20.0
20.0
951.
REWE Smajli OHG, Mössingen
Germany
20.0
20.0
952.
REWE Sommer oHG, Magdeburg
Germany
20.0
20.0
953.
REWE Sören Prokop oHG, Beverungen
Germany
20.0
–
954.
REWE Sören Schmidt oHG, Jork
Germany
20.0
20.0
955.
REWE Spodat OHG, Stadtkyll
Germany
20.0
20.0
956.
REWE Spreen oHG, Bremen
Germany
20.0
20.0
957.
REWE Sprenger oHG, Uetze
Germany
20.0
20.0
958.
REWE Stanisic OHG, Freising
Germany
20.0
20.0
959.
REWE Stanislawski & Laas GmbH & Co. oHG , Hamburg
Germany
20.0
20.0
960.
REWE Stefan Fritz oHG, Böblingen
Germany
20.0
20.0
961.
REWE Stefanie Voigt oHG, Brandenburg an der Havel
Germany
20.0
20.0
962.
REWE Stefan Klotz oHG, Marktbreit
Germany
20.0
20.0
963.
REWE Stefan Link oHG, Munich
Germany
20.0
–
964.
REWE Stefan Riedl oHG, Freyung
Germany
20.0
20.0
965.
REWE Stefan Rösch oHG, Glauburg
Germany
20.0
20.0
966.
REWE Stefan Schneider oHG, Gera
Germany
20.0
20.0
967.
REWE Stefan Weber oHG, Bad Homburg v.d.H.
Germany
20.0
20.0
968.
REWE Stefan Weinrowsky oHG, Drochtersen
Germany
20.0
20.0
969.
REWE Steffen Krickow oHG, Ottersberg
Germany
20.0
–
970.
REWE Steffi Trinkl oHG, Stadtroda
Germany
20.0
20.0
971.
REWE Steininger OHG, Wassenberg
Germany
20.0
20.0
972.
REWE Stenger OHG, Bornheim
Germany
20.0
20.0
973.
REWE Stephan Hilmes oHG, Hausham
Germany
20.0
–
974.
REWE Stephanie Güntner oHG, Stuttgart
Germany
20.0
20.0
975.
REWE Stephan Kansy oHG, Winkelhaid
Germany
20.0
–
/ Other Disclosures
195
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
976.
REWE Stephan Matthies oHG, Lütjenburg
Germany
20.0
20.0
977.
REWE Stockhausen OHG, Erkrath
Germany
20.0
20.0
978.
REWE Ströhmann oHG, Sulzfeld
Germany
20.0
20.0
979.
REWE Strud OHG, Weilerswist
Germany
20.0
20.0
980.
REWE Stücken OHG, Brüggen
Germany
20.0
20.0
981.
REWE-Supermarkt Goffart OHG, Eschweiler
Germany
20.0
20.0
982.
REWE-Supermarkt Grundhöfer OHG, Elsdorf
Germany
20.0
20.0
983.
REWE-Supermarkt Hamacher OHG, Bornheim
Germany
20.0
20.0
984.
REWE-Supermarkt Hannen OHG, Geilenkirchen
Germany
20.0
20.0
985.
REWE Supermarkt Rippers OHG, Grevenbroich
Germany
20.0
20.0
986.
REWE-Supermarkt Steffens OHG, Erkelenz
Germany
20.0
20.0
987.
REWE Susanne Krainhöfner oHG, Naumburg
Germany
20.0
20.0
988.
REWE Susann Hoßfeld oHG, Berka/Werra
Germany
20.0
20.0
989.
REWE Susan Tscheschlog oHG, Schildow
Germany
20.0
–
990.
REWE Sven Pilaske oHG, Potsdam
Germany
20.0
20.0
991.
REWE Sven Thietz oHG, Neu-Ulm
Germany
20.0
–
992.
REWE Tamara Hegedüs oHG, Hamburg
Germany
20.0
20.0
993.
REWE Tanja Schiller oHG, Gefrees
Germany
20.0
20.0
994.
REWE Tarek Anbari oHG, Altlußheim
Germany
20.0
20.0
995.
REWE Tetzlaff OHG, Neustadt
Germany
20.0
20.0
996.
REWE Theis GmbH & Co.KG, Wissen
Germany
44.4
44.4
997.
REWE Thieme OHG, Frechen
Germany
20.0
20.0
998.
REWE Thilo Zorbach oHG, Nierstein
Germany
20.0
–
REWE Thomas Frey oHG, Walldürn
Germany
20.0
20.0
1000.
999.
REWE Thomas Kessler oHG, Gladenbach
Germany
20.0
–
1001.
REWE Thomas Lutz oHG, Dusslingen
Germany
20.0
20.0
1002.
REWE Thomas Narzynski OHG, Nettetal
Germany
20.0
20.0
1003.
REWE Thomas Vorhauer oHG, Ottobeuren
Germany
20.0
20.0
/ Other Disclosures
196
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
1004.
REWE Thorsten Jahn oHG, Bad Orb
Germany
20.0
20.0
1005.
REWE Thorsten Krause oHG, Barsinghausen
Germany
20.0
20.0
1006.
REWE Thorsten Marcordes oHG, Twistringen
Germany
20.0
20.0
1007.
REWE Thorsten Mölders oHG, Donzdorf
Germany
20.0
20.0
1008.
REWE Tim Michalik oHG, Illertissen
Germany
20.0
–
1009.
REWE Tim Mohr oHG, Rotenburg
Germany
20.0
–
1010.
REWE Tina Goebel oHG, Hessisch Lichtenau
Germany
20.0
20.0
1011.
REWE Tino Dinter oHG, Feldkirchen
Germany
20.0
20.0
1012.
REWE Tipit OHG, Leingarten
Germany
20.0
20.0
1013.
REWE Tobias Faustmann oHG, Volkmarsen
Germany
20.0
20.0
1014.
REWE Tobias Kurbjuhn oHG, Bayreuth
Germany
20.0
20.0
1015.
REWE Tobias Mück oHG, Regenstauf
Germany
20.0
20.0
1016.
REWE Tobias Nölker oHG, Puchheim
Germany
20.0
20.0
1017.
REWE Tobias Popp oHG, Heubach
Germany
20.0
–
1018.
REWE Tobias Schwarz oHG, Stegaurach
Germany
20.0
–
1019.
REWE Tolksdorf oHG, Ulm
Germany
20.0
20.0
1020.
REWE Toni Zach oHG, Potsdam
Germany
20.0
20.0
1021.
REWE Tönnies OHG, Odenthal
Germany
20.0
20.0
1022.
REWE Torben Osterode oHG, Lensahn
Germany
20.0
20.0
1023.
REWE Torsten Meyer oHG, Sulingen
Germany
20.0
20.0
1024.
REWE Torsten Stützer oHG, Magdeburg
Germany
20.0
20.0
1025.
REWE Tutlewski oHG, Schwarzenbek
Germany
20.0
20.0
1026.
REWE Uhrich OHG, Osterhofen
Germany
20.0
20.0
1027.
REWE Ulrich Pebler oHG, Nassau
Germany
20.0
20.0
1028.
REWE Ulrike Igler oHG, Sonneberg
Germany
20.0
20.0
1029.
REWE Uta Möller oHG, Noervenich
Germany
20.0
20.0
1030.
REWE Ute Petriccione oHG, Karlsruhe
Germany
20.0
20.0
1031.
REWE Ute Podschun oHG, Kranichfeld
Germany
20.0
20.0
/ Other Disclosures
197
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
1032.
REWE Utsch OHG, Cologne
Germany
20.0
20.0
1033.
REWE Uwe Angl oHG, Füssen
Germany
20.0
20.0
1034.
REWE Uwe Höhl oHG, Lugau
Germany
20.0
20.0
1035.
REWE Uwe Reisch oHG, Bad Abbach
Germany
20.0
–
1036.
REWE Uwe Ströbel oHG, Heilbronn
Germany
20.0
20.0
1037.
REWE van Bürck OHG, Dinkelsbühl
Germany
20.0
20.0
1038.
REWE Vaupel OHG, Neuss
Germany
20.0
20.0
1039.
REWE Venera Aliberti oHG, Bad Urach
Germany
20.0
20.0
1040.
REWE Veronika Stüwe oHG, Heidenau
Germany
20.0
20.0
1041.
REWE Viehmann OHG, Kassel
Germany
20.0
20.0
1042.
REWE Viktor Adler oHG, Osterholz-Scharmbeck
Germany
20.0
–
1043.
REWE Viktor Likej oHG, Hainburg
Germany
20.0
–
1044.
REWE Vitali Wenzel oHG, Hilter
Germany
20.0
20.0
1045.
REWE Volker Jonuscheit oHG, Gifhorn
Germany
20.0
20.0
1046.
REWE Vuthaj OHG, Ilvesheim
Germany
20.0
20.0
1047.
REWE Waldmann oHG, Stuttgart
Germany
20.0
20.0
1048.
REWE Weber OHG, Hohenlinden
Germany
20.0
20.0
1049.
REWE Weber OHG, Münsingen
Germany
20.0
20.0
1050.
REWE Weich OHG, Bamberg
Germany
20.0
20.0
1051.
REWE Weimper OHG, Weissenhorn
Germany
20.0
20.0
1052.
REWE Weller OHG, Bad Hönningen
Germany
20.0
20.0
1053.
REWE Wendt oHG, Leezen
Germany
20.0
20.0
1054.
REWE Werner Burkhardt oHG, St. Georgen
Germany
20.0
20.0
1055.
REWE Wilbur OHG, Weikersheim
Germany
20.0
20.0
1056.
REWE Willi Schäfer oHG, Mönchengladbach
Germany
20.0
20.0
1057.
REWE Windl OHG, Urbach
Germany
20.0
20.0
1058.
REWE Wintgens OHG, Bergisch Gladbach
Germany
20.0
20.0
1059.
REWE Wirthgen oHG, Burg
Germany
20.0
20.0
/ Other Disclosures
198
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
1060.
REWE Wüst OHG, Regen
Germany
20.0
20.0
1061.
REWE Xhevat Nrecaj oHG, Munich
Germany
20.0
–
1062.
REWE Yasar Yavuz oHG, Stadthagen
Germany
20.0
–
1063.
REWE Yilmaz Tezcanli oHG, Kelheim
Germany
20.0
20.0
1064.
REWE Zec oHG, Altshausen
Germany
20.0
20.0
1065.
REWE Zerjatke OHG, Hilchenbach-Dahlbruch
Germany
20.0
20.0
1066.
REWE Zessner oHG, Hessisch Oldendorf
Germany
20.0
20.0
1067.
REWE Zielke OHG, Tönisvorst
Germany
20.0
20.0
1068.
REWE Zwingmann oHG, Wedemark/Mellendorf
Germany
20.0
20.0
1069.
R-Kauf Alois Völler GmbH & Co. KG, Hellenthal
Germany
50.0
50.0
1070.
R - Kauf - Märkte Gesellschaft mit beschränkter Haftung & Co.KG, Oestrich-Winkel
Germany
50.0
50.0
1071.
R-Kauf Märkte GmbH & Co. KG, Gebhardshain
Germany
20.0
20.0
1072.
R-Kauf Morak GmbH. & Co, Nienburg
Germany
50.0
50.0
1073.
Sutterlüty Handels GmbH, Egg
Austria
24.9
24.9
1074.
toom Baumarkt Albert Soltziem OHG, Fürstenberg
Germany
20.0
20.0
1075.
toom Baumarkt Armin Hoffmann OHG, Hoyerswerda
Germany
20.0
20.0
1076.
toom Baumarkt Arne Heyer OHG, Wismar
Germany
40.0
40.0
1077.
toom Baumarkt Bernd Brückner OHG, Fürstenwalde/Spree
Germany
20.0
20.0
1078.
toom Baumarkt Bernd Schuster OHG, Michelstadt
Germany
20.0
20.0
1079.
toom Baumarkt Christoph Sugg OHG, Schorndorf
Germany
20.0
20.0
1080.
toom Baumarkt Claus Stögbauer OHG, Bad Mergentheim
Germany
20.0
20.0
1081.
toom Baumarkt Detlef Peter OHG, Weisswasser
Germany
20.0
20.0
1082.
toom Baumarkt Dirk Braatz OHG, Spremberg
Germany
20.0
20.0
1083.
toom Baumarkt Frank Mast OHG, Schleswig
Germany
20.0
20.0
1084.
toom Baumarkt Hans-Werner Schweigel OHG, Fürstenwalde/Spree
Germany
20.0
20.0
1085.
toom Baumarkt Hartmut Trocha oHG, Brandenburg an der Havel
Germany
20.0
20.0
1086.
toom Baumarkt Hendrik Papenroth OHG, Jüterbog
Germany
20.0
20.0
1087.
toom Baumarkt Iris Pschan OHG, Magdeburg
Germany
20.0
20.0
/ Other Disclosures
199
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
1088.
toom Baumarkt Jens Heimann oHG, Ehingen Donau
Germany
20.0
20.0
1089.
toom Baumarkt Jörg Grosser OHG, Geesthacht
Germany
20.0
20.0
1090.
toom Baumarkt Jürgen Heinrich OHG, Öhringen
Germany
20.0
20.0
1091.
toom Baumarkt Karsten Krüger OHG, Bergen auf Rügen
Germany
20.0
20.0
1092.
toom Baumarkt Maik Krüger OHG, Ribnitz-Damgarten
Germany
20.0
20.0
1093.
toom Baumarkt Marco Sicuro OHG, Stuttgart
Germany
20.0
20.0
1094.
toom Baumarkt Martin Düwell OHG, Remagen
Germany
20.0
20.0
1095.
toom Baumarkt Martin Skerwiderski oHG, Bernau bei Berlin
Germany
20.0
20.0
1096.
toom Baumarkt Michael Hauth oHG, Bernkastel-Kues
Germany
20.0
20.0
1097.
toom Baumarkt Michael Keber OHG, Burglengenfeld
Germany
20.0
20.0
1098.
toom Baumarkt Michael Thies OHG, Norden
Germany
20.0
20.0
1099.
toom Baumarkt Mike Helbig OHG, Radeberg
Germany
20.0
20.0
1100.
toom Baumarkt Mike Melzer OHG, Marienberg
Germany
20.0
20.0
1101.
toom Baumarkt Mirko Lessing OHG, Freital
Germany
20.0
20.0
1102.
toom Baumarkt Norbert Gehrke OHG, Anklam
Germany
20.0
20.0
1103.
toom Baumarkt Olaf de Waal OHG, Duisburg
Germany
20.0
20.0
1104.
toom Baumarkt Otto Dressel oHG, Lübbenau/Spreewald
Germany
20.0
20.0
1105.
toom Baumarkt Stefan Kampen OHG, Naumburg
Germany
20.0
20.0
1106.
toom Baumarkt Thomas Baran OHG, Ludwigslust
Germany
20.0
20.0
1107.
toom Baumarkt Thomas Mai OHG, Bad Saulgau
Germany
20.0
20.0
1108.
toom Baumarkt Tobias Bender OHG, Gelsenkirchen
Germany
20.0
20.0
1109.
toom Baumarkt Torsten Melzer OHG, Meißen
Germany
20.0
20.0
1110.
toom Baumarkt Ute Helbig OHG, Senftenberg
Germany
19.9
19.9
1111.
toom Baumarkt Werner Schlosser OHG, Ratingen
Germany
20.0
20.0
1112.
UAB Palink, Vilnius
Lithuania
44.4
44.4
Not included in accordance with the equity method due to immateriality
In liquidation
1
2
/ Other Disclosures
200
D) NON-CONSOLIDATED AFFILIATES
Percentage share
No.
Country
31 Dec. 2015
%
31 Dec. 2014
%
1.
akzenta Beteiligungs-GmbH, Wuppertal
Germany
100.0
100.0
2.
B-B-B Verwaltungs- und Vertriebsgesellschaft für Lebensmittel und Non- Food mit
beschränkter Haftung, Cologne
Germany
100.0
100.0
3.
DERTOUR France Hotellerie Holding SARL, Suresnes
France
100.0
100.0
4.
DER Touristik Hotels Bulgaria EOOD, Sofia
Bulgaria
100.0
–
5.
DER Travel Service Limited, London
United Kingdom
100.0
100.0
1
6.
fd Großeinkauf Aktiengesellschaft Fleisch- und Lebensmittelgroßhandel, Cologne
Germany
99.9
99.9
1
7.
GFI-Gesellschaft für Industriebedarf mbH, Hürth
Germany
100.0
100.0
8.
GIM Betriebs- und Beteiligungsgesellschaft mbH, Cologne
Germany
100.0
100.0
9.
INSEL IMMOBILIENMANAGEMENT- UND
INVESTMENTBERATUNGSGESELLSCHAFT MBH, Cologne
Germany
100.0
100.0
10.
ITC International Tourist Club Hellas S.A., Crete
Greece
100.0
100.0
11.
LoMa III Aktiengesellschaft, Cologne
Germany
100.0
100.0
12.
REWE-FÜR SIE Getränkevermarktungs- und Einkaufsgesellschaft mbH, Cologne
Germany
51.0
51.0
13.
REWE-Handelsgesellschaft Rhein-Schwarzwald mit beschränkter Haftung, Cologne
Germany
100.0
100.0
14.
REWE IBERIA S.L., Barcelona
Spain
100.0
100.0
15.
Société de Gestion de l’Hôtel Yati Beach S.a.r.l., Djerba
Tunisia
98.0
98.0
1
In liquidation
1 / Other Disclosures
201
To REWE-ZENTRALFINANZ eG,
Cologne, and REWE - Zentral-Aktien
gesellschaft, Cologne
We have audited the Combined Financial Statements, comprising the balance sheet,
the income statement, the statement of comprehensive income, the statement of
changes in equity, the cash flow statement and the notes to the financial statements,
and the Combined Management Report prepared by REWE-ZENTRALFINANZ eG,
Cologne, and REWE - Zentral-Aktiengesellschaft, Cologne, for the financial year from
1 January to 31 December 2015. The preparation of the Combined Financial Statements in accordance with International Financial Reporting Standards (IFRSs), as applicable in the EU, and the Combined Management Report in accordance with § 315
HGB (Handelsgesetzbuch, “HGB”) and the supplemental provisions of the articles of
association as well as the principles presented in the notes with regard to the scope
of consolidation and consolidation are the responsibility of the management boards of
the companies. Our responsibility is to express an opinion on the Combined Financial
Statements and the Combined Management Report based on our audit.
We conducted our audit of the Combined Financial Statements in accordance with
§ 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the audit
such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the Combined Financial Statements in accordance with IFRSs, as applicable in the EU, and the Combined Management Report are detected with reasonable assurance. Knowledge of the business activities
and the economic and legal environment of the consolidated companies and expectations as to possible misstatements are taken into account in the determination of
audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the Combined Financial Statements and the Combined Management Report are examined primarily on a test basis
within the framework of the audit. The audit includes assessing the annual financial
statements of the consolidated companies included in the Combined Financial Statements, the determination of the scope of consolidation in accordance with the prin-
/ Other Disclosures
ciples described in the notes to the financial statements, the accounting and consolidation policies applied and significant estimates made by the management boards, as
well as evaluating the overall presentation of the Combined Financial Statements and
the Combined Management Report. We believe that our audit provides a reasonable
basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the Combined Financial Statements comply with IFRSs, as applicable in the EU, and the supplementary provisions
of the articles of association, and in compliance with these provisions give a true and
fair view of the net assets, financial position and results of the consolidated companies included in the Combined Financial Statements. The Combined Management
Report is consistent with the Combined Financial Statements and as a whole provides
a suitable view of the positions of the companies included in the Combined Financial
Statements and suitably presents the opportunities and risks of future development.
We issue this Auditors’ Report on the basis of the engagement entered into with the
companies, which is governed by the General Engagement Terms for Wirtschaftsprüfer
and Wirtschaftsprüfungsgesellschaften (German Public Auditors and Public Audit
Firms) as amended on 1 January 2002, including vis-à-vis third parties. Our liability is determined in accordance with No. 9 of the General Engagement Terms. Our liability towards third parties is defined in No. 1 (2) and No. 9 of the General Engagement Terms.
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Jörg Sechser
Norbert Linscheidt
WirtschaftsprüferWirtschaftsprüfer
(German Public Auditor) (German Public Auditor)
202

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