Sale of the business in Belgium
METRO has decided to sell its Belgian business MAKRO Cash & Carry Belgium N.V. (including the METRO and MAKRO sales lines as well as METRO Delivery Service N.V.) to Bronze Properties S.à r.l. after a comprehensive review of various options. The transaction was signed and completed on 15 June 2022. The real estate portfolio of 11 locations (with the exception of the Liège location, which is part of the transaction) will remain with METRO.
METRO AG is providing certain transitional services and licences as part of the transaction to enable the new owner to operate the business.
Based on the monthly financial statements as of 31 May 2022, adjusted for selected material transactions, the assets and liabilities disposed of as part of the deconsolidation consist of the following:
€ million |
|
|---|---|
Assets |
267 |
Other intangible assets |
2 |
Tangible assets |
81 |
Other non-financial assets (non-current) |
1 |
Inventories |
91 |
Trade receivables |
4 |
Other financial assets (current) |
17 |
Other non-financial assets (current) |
3 |
Cash and cash equivalents |
68 |
Liabilities |
189 |
Provisions for post-employment benefits plans and similar obligations |
17 |
Other provisions |
1 |
Borrowings (non-current) |
19 |
Trade liabilities |
98 |
Borrowings (current) |
3 |
Other financial liabilities (current) |
40 |
Other non-financial liabilities (current) |
11 |
The purchase price received for the disposed assets and liabilities amounts to €2 million. Taking into account the outgoing cash, the cash outflow from this transaction amounts to €66 million. The EBIT-effective result including transaction costs arising in the course of the sale of the operational business in Belgium amounts to €−125 million. It is fully attributable to the segment West and is allocated to transformation costs as a portfolio measure.