McKesson Europe : Annual Financial Statement 2022 (PDF 0.9 MB)

McKesson Europe AG

Annual Financial Statements

for the 2022 Fiscal Year from 01 April 2021 to 31 March 2022

Statement of financial position as of March 31, 2022

		Note	31/03/2021	31/03/2022
Assets		No.			thsd. EUR			thsd. EUR
Non-current assets
Intangible assets		1		95,813		17,203
Property, plant and equipment		2		4,848		3,033
Financial assets	3	3,027,119	1,676,052
			3,127,780	1,696,288
Current assets
Receivables and other assets		4		329,207		634,945
Cash and cash equivalents	5	694,158	1,895,374
			1,023,365	2,530,319
Prepaid expenses		6		7,548		21,079
Excess of Pension Assets above Liabilities		7		0		2,263
Total Assets				4,158,693		4,249,949
		Note	31.03.2021	31/03/2022
LIABILITIES		No.			Tsd. EUR			thsd. EUR
Equity
Issued capital	8	260,123	260,123
Capital reserve		8		1,762,627		1,762,627
Revenue reserves		8		1,102,781		1,102,781
Net retained profit		9		0		0
Contingent capital				21,773		21,773
			3,125,531	3,125,531
Provisions
Provisions for pensions and similar obligations		10		36,557		39,000
Tax provisions		11		40		3,061
Other provisions	11	20,658	15,951
				57,255		58,012
Liabilities	12	975,907	1,066,406
Total equity and liabilities			4,158,693	4,249,949

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Income statement for the 2022 fiscal year, from 01/04/2021 to 31/03/2022

			01/04/2020		01/04/2021
		Note		until	until
		31/03/2021		31/03/2022
		No.		thsd. EUR	thsd. EUR
Sales		16		93,056		93,358
Own work capitalized		17		3,012		896
Other income		18		139,680		126,763
Service related expenses	19		- 53,306	- 73,691
Personnel expenses		20		- 43,605		- 32,213
Amortization of intangible assets and property, plant and equipment		21		- 10,517		- 87,769
Other expenses	22		- 79,029	- 46,265
Investment result		23		- 139,666		- 300,125
Interest result		24		44,139		- 10,448
Income taxes	25		- 6,915	- 1,579
Earnings after income tax				- 53,151		- 331,073
Gain of loss transfer				53,151		331,073
Net profit for the year				0		0
Retained earnings from the previous year				0		0
Allocation to other revenue reserves				0		0
Net retained profit			0		0

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Annex

General disclosures

The annual financial statements of McKesson Europe AG, Stuttgart, as of March 31, 2022, were compiled in euros (EUR) in accordance with Sections 242 et seqq. and Sections 264 et seqq. of the Handelsgesetzbuch (HGB, German Commercial Code) and the relevant provisions of the Aktiengesetz (AktG, German Stock Corporation Act). The requirements for major corporations apply. The income statement is prepared using the nature of expense method.

The stock corporation is headquartered in Stuttgart, Germany. The address is McKesson Europe AG, Stockholmer Platz 1, D-70173 Stuttgart, local court of Stuttgart, HRB 9517.

The annual financial statements of McKesson Europe AG reflect the activities of a management holding company. There- fore, sales mainly include the services provided to subsidiaries. Income from investments and profit and loss transfer agreements are additional sources of the company's earnings. Furthermore, group financing represents a focus of operations.

Individual items from the balance sheet as well as the income statement are summarized in accordance with Section 265 Paragraph 7 No. 2 HGB and separately listed and explained in these notes. The information on allocation to other items and "thereof" notes are also provided.

As part of the domination and profit and loss transfer agreement, the net profit of McKesson Europe AG is transferred to McKesson Europe Holdings GmbH & Co. KGaA, Stuttgart. The annual financial statements and the management report of McKesson Europe AG for the fiscal year 2022 are published in the Federal Gazette. The management report of McKesson Europe AG is combined with the group management report, as McKesson Europe AG is the management holding company of the group and its risks and opportunities are corresponding to those of its subsidiaries.

Principles of accounting and evaluation

The methods of accounting and valuation of the assets and liabilities are stated in the notes relating to the individual items in the statement of financial position. The applied methods of accounting and valuation are unchanged compared to the previous year. In the event of a deviation, this has been explained under the corresponding financial position.

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Information on the statement of financial position

Development in non-current assets in 2022

							Property, plant and		Financial
		Intangible assets			equipment		assets		Total
		Internally-		Purchased					Other
		developed		conces-					equipment
		capitalized		sions and			Buildings		, furniture
		intangible		industrial			on third-		and
		assets		rights			party land		fixtures
		thsd. EUR		thsd. EUR			thsd. EUR		thsd. EUR		thsd. EUR		thsd. EUR
Accumulated historical cost as of 01/04/2021		144,196	105,509	1,510	13,244	4,163,798	4,428,257
Additions		7,816		0			0		57		0		7,873
Disposals							- 201		- 756		- 1,990,372		- 1,991,329
Reclassifications		0		0			0		0		0		0
Accumulated historical
cost as of 31/03/2022	152,012	105,509	1,309	12,545	2,173,426	2,444,801
Accumulated amortization/ depreciation as of
01/04/2021		59,225		94,667			654		9,252		1,136,679		1,300,477
Additions		78,181		8,245			49		1,294		79,907		167,676
Write-up		0		0		0		0		- 134,564		- 134,564
Disposals		0		0			0		- 428		- 584,648		- 585,076
Accumulated amortization/ depreciation as of
31/03/2022		137,406		102,912			703		10,118		497,374		748,513
Amortized costs as at 31/03/2022		14,606		2,597			606		2,427		1,676,052		1,696,288
Amortized costs as at 31/03/2021		84,971		10,842			856		3,992		3,027,119		3,127,780

Intangible assets include software and trademarks. Tenant fixtures, other equipment and furniture and fixtures are recorded under property, plant and equipment. The development of the financial assets is explained under (3) Financial assets.

1. Intangible assets

Intangible assets acquired are accounted for at acquisition cost. They are amortized on a straight-line basis over three to five years.

In addition, internally developed intangible assets were capitalized during the fiscal year, exercising the option provided in Section 248 Paragraph 2 HGB. This capitalization was valued at development cost in accordance with Section 253 Paragraph 1 Sentence 1 and Section 255 Paragraph 2a HGB. The internally developed intangible assets are development costs for the global ERP software. Costs include the directly attributable individual costs as well as appropriate percentages of overhead and social security costs. Administration costs are not capitalized. Financing costs of EUR 525 thsd (previous year EUR 1,133 thsd) were capitalized. Development costs amounted to EUR 7,816 thsd. in the fiscal year 2022, these are entirely attributable to the global ERP Software.

Due to the signing of the purchase agreement with the PHOENIX group (please refer to Financial Assets for additional information), it was decided to discontinue and not complete the implementation of the global ERP software SAP S/4HANA. On this internally generated intangible asset an impairment loss was recognized at the reporting date in the amount of EUR

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