Depreciation, financial result and taxes

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 . 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.

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 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.

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

Previous year
Period of 12 months that is usually cited as a reference for statements in the annual report and refers to the financial year preceding the reporting year.
Glossary
Currency effects
Currency effects arise when the same number of currency units is converted into another currency at different exchange rates.
Glossary