12. Profit or loss for the period from discontinued operations after taxes

As a result, profit or loss for the period from discontinued operations after taxes is made up as follows:

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€ million

2014/15

2015/16

Sales

3,021

0

Expenses

−2,868

0

Current earnings from discontinued operations before taxes

153

0

Income taxes on current earnings

−15

0

Current earnings from discontinued operations after taxes

138

0

Gains/losses from the remeasurement or disposal of discontinued operations before taxes

797

49

Income taxes on gains/losses from remeasurement or disposal

0

0

Gains/losses from the remeasurement or disposal of discontinued operations after taxes

797

49

Profit or loss for the period from discontinued operations after taxes

935

49

On 15 June 2015, METRO GROUP signed an agreement with Hudson’s Bay Company, Toronto, Canada, regarding the sale of its entire department store business. This comprised 102 Galeria Kaufhof stores and 16 Sportarena stores in Germany as well as 16 department stores of the subsidiary Galeria Inno in Belgium. In addition, the agreement covered the 59 properties that were owned and/or managed by the Galeria Real Estate group. In financial year 2015/16, lagging effects from this transaction in profit or loss for the period from discontinued operations resulted in income of €49 million. This comprises gains from the dissolution of provisions for risks related to the sale of the department store business in the amount of €36 million as well as proceeds of €13 million from the disposal of minority stakes in several real estate companies of the Galeria Kaufhof group to its buyer.

Profit or loss for the period from discontinued operations after taxes is fully attributable to the shareholders of METRO AG.

In METRO GROUP’s cash flow statement, cash flows from operating, investing and financing activities are shown separately for discontinued operations.