47. Events after the closing date

Between the closing date (30 September 2014) and the preparation of the consolidated financial statements (24 November 2014), the following events of material importance to an assessment of the earnings, financial and asset position of METRO AG and METRO GROUP occurred:

As part of its decision in the reporting period to withdraw from the wholesale business in Denmark, METRO GROUP signed an agreement in October on the partial sale of METRO Cash & Carry Denmark to Euro Cater, a leading grocery wholesaler in Denmark and Sweden. Subject to approval by Danish antitrust authorities, Euro Cater will take over the wholesale stores in Glostrup and Aarhus. In addition, METRO GROUP will close the remaining three wholesale stores in Denmark on 31 December 2014 and thus withdraw from the Danish market. The anticipated financial effects of the disposal and closure were recognised in the annual financial statements for 2013/14 by means of asset impairments and the creation of provisions for expected closure costs. For this reason, these events should have only a minimal impact on the financial result in coming financial years.

On 21 October 2014, METRO GROUP successfully issued a benchmark bond in the corporate Eurobond market, thus optimising its financing maturity profile. The seven-year bond has a volume of €500 million and a coupon of 1.375 per cent. The issue was priced at 75 basis points above the seven-year swap rate.

In November 2014, 100 per cent of shares in MAKRO Cash & Carry Wholesale S.A., Greece, were sold to INO S.A., a company 70 per cent owned by the Greek retail company I. & S. Sklavenitis Trade S.A. The sale comprises all assets and liabilities from the operating business and real estate. MAKRO Cash & Carry Greece generated sales of €289 million in financial year 2013/14. The sale was concluded at a company value of €65 million and will likely result in revenue of a similar amount. The transaction is still subject to the approval of the Supervisory Board of METRO AG as well as the responsible antitrust authorities. It will likely be concluded in the first half of the 2015 calendar year.