42. Assets held for sale and liabilities

METRO is entering into a strategic partnership with Wipro Limited

On 22 December 2020, METRO AG entered into a strategic partnership with international IT services provider Wipro Limited (Wipro), a global leader in information technology, consulting and business process services. The goal was to boost the transformation of the group’s IT and to focus more on activities that add diversified value for METRO customers in the future. Under the partnership, more than 1,000 employees in Germany, Romania and India plus additional freelance consultants have transferred to Wipro.

The sale of METRO’s IT companies METRO-NOM GmbH and METRO SYSTEMS Romania S.R.L. as well as the resulting transfer of employees to Wipro was completed on 31 March 2021.

As a result of the classification as assets and liabilities held for sale and after consolidation measures up to the date of deconsolidation were carried out, €108 million was recognised in the consolidated balance sheet into the item assets held for sale and €33 million into the item liabilities related to assets held for sale.

The assets and liabilities held for sale and disposed of as part of the deconsolidation are comprised as follows:

Disposed assets and liabilities

€ million




Other intangible assets


Property, plant and equipment


Deferred tax assets


Other non-financial assets


Cash and cash equivalents






Provisions for post-employment benefits plans and similar obligations


Other provisions


Deferred tax liabilities


Trade liabilities


Borrowings (current)


Income tax liabilities


Other financial liabilities (current)


Other non-financial liabilities (current)


The provisional purchase price received for the assets and liabilities disposed of amounts to €52 million. Taking into account the outgoing cash, the cash inflow from this transaction amounts to €6 million. The -effective result reported under other operating income in the course of the deconsolidation amounts to €1 million. It is attributable in full to the Others segment.

The components included in the equity of METRO SYSTEMS Romania up to the deconsolidation date, which are part of the other comprehensive income attributable to the shareholders of METRO AG from currency translation differences, had a financial result of €1 million on net income from disposals due to their derecognition through profit or loss.

No expenses were incurred in connection with the measurement of the disposal group at less costs to sell.

METRO sells at-equity investments

On 22 December 2020, an agreement was concluded for the sale of our interest in the Mayfair group, which mainly comprises a portfolio of retail properties. The transaction was closed on 15 January 2021; accordingly, the carrying amount of €72 million, which was recognised as assets held for sale as at 31 December 2020, was disposed of. The resulting book profit of €17 million is recognised under other operating income.

EBIT (Earnings Before Interest and Taxes)
Profit or loss before financial result and (income) taxes. Due to its independence from different forms of financing and tax systems, this key figure is also used for international comparison with other companies, among other things.
Fair value
Recognised fair value that would be received in return for the disposal of an asset or paid for the assignment of a debt in an ordinary transaction conducted between market participants on the assessment date.