In March 2023, the Group disposed of its 51% shareholding in Gate Gourmet Catering Bolivia S.A. The consideration amounted to USD 0.6m, receivable in installments until June 2026, whereas the net liabilities disposed of were EUR 0.8m, including cash and cash equivalents of EUR 0.2m. A net loss of EUR 1.7m was recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
In addition to the exit in Bolivia, in June 2023 the Group reduced its 50.01% shareholding in Sheltair SA to 49.99% and at the same time changed the management structure, resulting in a loss of control over Sheltair SA. The consideration amounted to EUR 2, whereas the net assets disposed of were EUR 0.0m, including cash and cash equivalents of EUR 0.2m. No gain or loss resulted from this transaction.
in EUR m | Disposal of catering activities in Bolivia |
Cash and cash equivalents, net of overdrafts | (0.2) |
Trade receivables | (1.0) |
Other current receivables and prepayments | (2.8) |
Inventories | (0.3) |
Other non-current receivables | (1.1) |
Trade and other payables | 4.5 |
Current income tax liabilities | 0.2 |
Other current liabilities | 0.4 |
Non-current liabilities | 1.1 |
Net liabilities disposed of | 0.8 |
Consideration received | 0.5 |
Non-controlling interests | (0.4) |
Allowance for pre-existing intragroup financing | (2.9) |
Loss on disposal before reclassification of translation differences | (2.0) |
Reclassification of translation differences | 0.3 |
Loss on disposal | (1.7) |
Consideration received in cash | - |
Less: Cash and cash equivalents disposed of | (0.2) |
Net cash outflow | (0.2) |
Assessment of control and significant influence in connection with investments in subsidiaries, associates and joint ventures, require the exercise of judgment, including the level of Board and Management involvement. Business combinations in particular require the exercise of judgment in establishing the fair values of assets and liabilities at acquisition and recognizing the elements of the transaction with the seller.