Finance Feeds logo

Metro will write off 450 million EUR from its balance sheet

Noam Stiekema

The German retailer Metro will write off 450 million EUR from its balance sheet. It comes to the value of goodwill arising from acquisitions completed 17 years ago, as part of the repositioning of the hypermarket chain Real. The assets write off will not affect the company’s forecast for annual earnings before interest and taxes. […]

Metro AG

Metro AGThe German retailer Metro will write off 450 million EUR from its balance sheet. It comes to the value of goodwill arising from acquisitions completed 17 years ago, as part of the repositioning of the hypermarket chain Real. The assets write off will not affect the company’s forecast for annual earnings before interest and taxes. The company planned growth of the financial result over 1.727 billion EUR, as Metro won in the previous financial year.

“Our financial results were already seriously affected by changes in the structure of the pay scale in Germany and increased investment to competitiveness”, says CEO of Metro AG Olaf Koch in an official statement. “Against this decline and to preserve freedom of action needed to overcome this effect, now that goodwill write-offs and so removed the tension of the balance sheet”, finished he.

Since Metro seeks sustainable repositioning of Real, the company intends to continue to invest in hypermarkets in the coming years.

Subscribe

Read this next

Fintech

TNS brings full-stack market data management to EMEA

“We are also delighted to have Ben Myers join our London-based TNS Financial Markets team as Head of Strategic Sales for EMEA, to bolster our presence in the region.”

Chainwire

Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Symbol of Ramp network
Executive Moves

INFINOX hires Mayne Ayliffe as Global Head of HR

“I look forward to working with our teams around the world to develop a strategic HR agenda that supports high performance and is centred on human motivation.”

Mayne Ayliffe joins INFINOX
Fintech

Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Journalists interviewing a man with blue and red microphone
Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”

<
✖