Depreciation, financial result and taxes
€ million |
2019/20 |
2020/21 |
|---|---|---|
EBITDA |
1,113 |
1,166 |
Depreciation |
857 |
969 |
Reversals of impairment losses |
1 |
0 |
Earnings before interest and taxes EBIT |
257 |
197 |
Earnings share of non-operating companies recognised at equity |
0 |
0 |
Other investment result |
3 |
12 |
Interest income/expenses (interest result) |
−220 |
−194 |
Other financial result |
−72 |
25 |
Net financial result |
−289 |
−157 |
Earnings before taxes EBT |
−32 |
40 |
Income taxes |
−108 |
−85 |
Profit or loss for the period from continuing operations |
−140 |
−45 |
Profit or loss for the period from discontinued operations after taxes |
612 |
0 |
Profit or loss for the period |
471 |
−45 |
Depreciation
Impairment losses increased by €112 million from €857 million to €969 million. This increase is mainly attributable to the fact that impairments were higher than in the previous year. Impairment losses of €95 million were recognised in the financial year; they are mainly attributable to goodwill of METRO Cash & Carry Germany due to expected pandemic-related uncertainties in the hospitality market. Likewise, changes in the logistics chain, an increased focus on availability of goods and further investment activities have consequences for future cash flows. Furthermore, impairments due to transformation projects, mainly country exits in the Asia segment (Japan, Myanmar as well as Classic Fine Foods Philippines) amounting to €49 million as well as impairments at individual locations were incurred.
- Further disclosures about impairment losses are provided in the notes to the consolidated financial statements in no. 15 – Depreciation/amortisation/impairment losses.
Net financial result
The net financial result primarily comprises the interest result of €−194 million (2019/20: €−220 million) and the other financial result of €25 million (2019/20: €−72 million). The net interest result improved significantly as a result of declining interest expenses from leases. The other financial result benefited significantly from a net positive currency effect development of the Eastern European currencies and the Turkish lira. The latter therefore had less of an adverse effect on the valuation of foreign currency lease liabilities than in the previous year.
- For more information about the net financial result, see the notes to the consolidated financial statements in no. 7 – Earnings share of operating/non-operating companies recognised at equity, no. 8 – Other investment result, no. 9 – Net interest income/interest expenses and no. 10 – Other financial result.
Taxes
The decrease of €23 million in the recognised income tax expenses is mainly attributable to opposing effects between effective and deferred taxes in Austria (country exit Japan) and Russia as well as to reversal effects of deferred tax liabilities in Germany.
- For more information about income taxes, see the notes to the consolidated financial statements in no. 12 – Income taxes.
€ million |
2019/20 |
2020/21 |
|---|---|---|
Actual taxes |
133 |
157 |
thereof Germany |
(10) |
(12) |
thereof international |
(123) |
(145) |
thereof tax expenses/income of current period |
(143) |
(102) |
thereof tax expenses/income of previous periods |
(−10) |
(55) |
Deferred taxes |
−25 |
−72 |
thereof Germany |
(24) |
(3) |
thereof international |
(−49) |
(−76) |
|
108 |
85 |