Explanations for business combinations

Initial consolidation of Pro à Pro

In accordance with the purchase agreement dated 7 July 2016, METRO Cash & Carry International Holding B.V. acquired 100% of Pro à Pro shares from ETS FR Colruyt SA, Belgium, as of 1 February 2017. The group consists of 11 individual companies grouped under COLRUYT France SAS, France. The purchase price amounted to a low to medium 3-digit million euros amount and was paid in cash. Pro à Pro is an important food delivery service in France. The group specialises in the supply of large-scale food service companies, such as canteens. The acquisition of Pro à Pro will assist METRO in further advancing its food service distribution business. The initial consolidation was carried out in the second quarter of 2016/17. Pro à Pro is part of the segment.

The of the acquired assets and liabilities of the consolidated group at the acquisition date consist of the following:

€ million






Other intangible assets



Property, plant and equipment



Deferred tax assets






Trade receivables



Other financial and non-financial assets (current)



Cash and cash equivalents









Provisions for post-employment benefits plans and similar obligations



Other provisions



Financial liabilities (non-current)



Deferred tax liabilities



Trade liabilities



Financial liabilities (current)



Other financial and non-financial liabilities (current)






The trade receivables included in the above assets are equal to the contractually agreed amounts and are considered fully collectable.

The initial consolidation of Pro à Pro is provisional with respect to the determination of the final purchase price and the valuation of the assets and liabilities in the opening balance sheet.

The acquisition of Pro à Pro results in goodwill of €34 million, mainly due to future earnings potential resulting from anticipated synergy effects between Pro à Pro and METRO's French wholesale organisation.

From the point of initial consolidation on 1 February 2017, Pro à Pro contributed €489 million (€473 million thereof with non-group third parties) and €6 million to profit or loss for the period (net profit or loss). Pro à Pro currently employs 1,826 people.

Assuming that the acquisition had taken place on 1 October 2016, Pro à Pro would have contributed €712 million to METRO's revenue and €9 million to profit or loss for the period.

Wholesale, METRO Wholesale
The METRO Wholesale segment comprises the METRO Cash & Carry sales line of METRO AG with more than 750 wholesale markets across 25 countries worldwide. The delivery business (food service distribution) is also part of this segment, with companies like METRO Delivery Service and the delivery specialists Classic Fine Foods, Pro à Pro and Rungis Express.
Fair value
This refers to the price that would be received to sell an asset or paid to transfer a liability as part of a normal transaction between market participants at the measurement date.