The following assets and liabilities were acquired as a result of business combinations in financial year 2023/24:
€ million |
Fisk Idag |
Donier |
Caterite |
---|---|---|---|
Assets |
7 |
6 |
39 |
Other intangible assets |
0 |
0 |
13 |
Property, plant and equipment |
3 |
2 |
10 |
Deferred tax assets |
0 |
0 |
1 |
Inventories |
1 |
1 |
3 |
Trade receivables |
1 |
1 |
5 |
Other financial assets (current) |
0 |
0 |
1 |
Other non-financial assets (current) |
0 |
0 |
2 |
Cash and cash equivalents |
0 |
1 |
4 |
|
|
|
|
Liabilities |
5 |
6 |
13 |
Borrowings (non-current) |
1 |
1 |
2 |
Deferred tax liabilities |
0 |
0 |
4 |
Trade liabilities |
2 |
1 |
5 |
Borrowings (current) |
0 |
1 |
1 |
Other financial liabilities (current) |
1 |
3 |
2 |
Other non-financial liabilities (current) |
2 |
0 |
0 |
Fisk i dag i Göteborg AB (Fisk Idag)
Under the purchase contract dated 20 December 2023, the delivery specialist Johan i Hallen & Bergfalk (JHB), which has been part of METRO since May 2023, acquired 100% of the shares in Fisk i dag i Göteborg AB, Sweden, (merged into JHB) as at 12 February 2024. The purchase price, which was exclusively settled in cash, was in the mid single-digit million-euro range.
Fisk Idag is an established regional fish wholesaler that operates in particular in western Sweden, including the Gothenburg region. With around 50 employees, the company, which has extensive fish and seafood expertise, serves over 500 customers throughout the country. As a result of acquiring Fisk Idag, JHB is well positioned to maintain its growth momentum and enhance its competitiveness in the food service sector in Sweden and Finland.
The initial consolidation was based on the monthly financial statements as of 31 January 2024. Fisk Idag is part of the segment West. The gross amount of trade receivables is €2 million, of which €0 million was assessed as probably uncollectible at the time of the acquisition. Costs of €0 million were incurred in connection with the transaction and are included in administrative expenses. The acquisition of Fisk Idag resulted in preliminary goodwill of €3 million, which is mainly attributable to the future earnings potential as well as the expected synergy effects. The recognised goodwill is not deductible for tax purposes.
Since its initial consolidation, Fisk Idag has contributed €17 million to METRO’s sales and €0 million to profit or loss for the period. Assuming that the acquisition had taken place on 1 October 2023, Fisk Idag would have contributed €25 million to METRO’s group sales and reduced its group profit or loss for the period by €1 million.
Donier Gastronomie (Donier)
Under the purchase contract dated 19 June 2024, JHB acquired 100% of the shares in Thisigma Holding Oy, Finland, and of Donier Gastronomie Oy, Finland, as of 19 June 2024. The purchase price, which was exclusively settled in cash, was in the upper single-digit million-euro range.
Donier is a recognised premium food supplier with a strong presence in Finland’s most important metropolitan regions; it has its own well-developed meat production and cheese expertise as well as growing fish expertise. The company delivers to around 900 local customers countrywide. The acquisition of Donier will strengthen JHB’s market position in Finland considerably and give JHB strong growth momentum. In addition, the acquisition contributes to JHB’s goal to become the leading fresh meat and fish specialist in the Nordic countries.
The initial consolidation was based on the monthly financial statements as of 30 June 2024. Donier is part of the segment West. The gross amount of trade receivables is €1 million, of which €0 million was assessed as probably uncollectible at the time of the acquisition. Costs of €0 million were incurred in connection with the transaction and are included in administrative expenses. The acquisition of Donier resulted in preliminary goodwill of €10 million, which is mainly attributable to the future earnings potential as well as the expected synergy effects. The recognised goodwill is not deductible for tax purposes.
Since its initial consolidation Donier has contributed €3 million to METRO’s sales and €0 million to profit or loss for the period. Assuming that the acquisition had taken place on 1 October 2023, JHB would have contributed €18 million to METRO’s group sales and €1 million to its group profit or loss for the period.
Caterite Food and Wineservice Limited (Caterite)
Under the purchase contract dated 28 August 2024, METRO acquired 100% of the shares in the following companies as of 29 August 2024:
- Caterite Food and Wineservice Limited, Great Britain
- Box Clever Cumbria Limited, Great Britain
- Grapevine, The Wineservice Company Limited, Great Britain
The preliminary purchase price, which was exclusively settled in cash, was in the mid double-digit million-euro range.
Caterite is a British food service specialist that delivers to over 2,000 HoReCa customers in the premium hospitality and mass catering industry. Due to Caterite’s focus on the Lake District, which is popular with tourists, and adjacent regions, the acquisition helps METRO grow its FSD activities in the north of Great Britain and in this way accelerate its countrywide expansion. Within METRO, Caterite will complement the activities of the FSD specialist Classic Fine Foods UK, which delivers to premium customers, especially in Greater London, the south west and the middle of Great Britain, and this will have synergy potential across companies. While Caterite will initially continue to operate under the established brands and in the existing form, the aim is to collaborate with Classic Fine Foods UK in areas such as product range, procurement, knowledge transfer and logistics.
The initial consolidation was based on the monthly financial statements as of 31 August 2024. Caterite is part of the segment West. The licence price analogy method was used to determine the fair values of the acquired brand rights. The acquired customer relationships were measured using the residual value method, with the deduction of such cash flows that are associated with supporting assets. The gross amount of trade receivables is €5 million, of which €0 million was assessed as probably uncollectible at the time of the acquisition. Costs of €1 million were incurred in connection with the transaction and are included in administrative expenses. With regard to the determination of the purchase price, the initial consolidation of Caterite should be considered to be preliminary. The acquisition of Caterite resulted in preliminary goodwill of €7 million, which is mainly attributable to the future earnings potential as well as the expected synergy effects. The recognised goodwill is not deductible for tax purposes.
Since its initial consolidation, Caterite has contributed €5 million to METRO’s sales and €0 million to profit or loss for the period. Assuming that the acquisition had taken place on 1 October 2023, Caterite would have contributed €55 million to METRO’s group sales and €1 million to its group profit or loss for the period.