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Q1 2015/16
RESULTS PRESENTATION 11 February 2016
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 1
DISCLAIMER AND NOTES To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. All forward-looking statements
herein are based on certain expectations and assumptions at the time of publication of this presentation and are subject to risks and uncertainties that could cause actual
results, performance or financial position to differ materially from any future results, performance or financial position expressed or implied in this presentation. Many of
these risks and uncertainties relate to factors that are beyond METRO GROUP’s ability to control or estimate precisely. The r isks and uncertainties to which these forward-
looking statements may be subject include (without limitation) future market and economic conditions, the behaviour of other market participants, invest in innovative sales
formats, expand in online and multichannel sales activities, integrate acquired businesses and achieve anticipated cost savings and productivity gains, and the actions of
government regulators. Readers are cautioned not to place reliance on these forward-looking statements. See also “Risk and Opportunity Report” on pages 121 - 138 of
the METRO GROUP Annual Report 2014/15 for risks as of the date of such Annual Report. METRO GROUP does not undertake any obligation to publicly update any
forward-looking statements or to conform them to events or circumstances after the date of this presentation.
This presentation is intended for information only. It is not intended as an offer for sale, or as a solicitation of an offer to purchase, any securities in any jurisdiction.
This presentation may not be reproduced, distributed or published without prior written consent of METRO AG.
All numbers are before special items, unless otherwise stated. The consolidated financial statements have been prepared in euros. All amounts are stated in million euros
(€ million) unless otherwise indicated. Amounts below €0.5 million are rounded and reported as 0. Since 2012, only the amounts in the income statement, the reconciliation
from profit or loss for the period to total comprehensive income, the balance sheet, the statement of changes in equity and the cash flow statement were rounded to
produce the respective totals. In all other tables, the individual amounts and the totals were rounded separately. This may entail rounding differences.
Activities of Galeria Kaufhof group are disclosed as discontinued operations in Q1 2014/15. Previous year’s figures have been adjusted (with the exception of the balance
sheet).
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 2
Q1 2015/16 HIGHLIGHTS
LfL sales on prior year level despite very high comps; METRO
Cash & Carry and Media-Saturn with LfL sales growth
Strong Christmas business in Germany at METRO Cash & Carry
and Media-Saturn
Market share and position in many countries strengthened
Delivery and online sales with ongoing strong performance
Good EBIT development in local currency at METRO Cash &
Carry and Real
EBIT performance of Media-Saturn impacted by one-time pull-
forward effects in Russia in PY, price investments and
repositioning of Redcoon
Initiatives to create customer value through digital services further
intensified
Q1
0.1
Q4
1.3
Q3
-0.4
Q2
2.7
Q1
2.3
2014/15 2015/16
Like-for-Like Sales Development in %
828
435209
-24
8912014/15 2015/16
EBIT in € million
Q1 Q2 Q3 Q4 Q1
Net debt further reduced by €1.4 billion to all-time low of €0.1 billion
Sale of METRO Cash & Carry Vietnam successfully closed with an
EBIT gain of €427 million
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 3
• Austria
• Belgium
• Bulgaria
• China
• Croatia
• Czech Republic
• Hungary
• India
• Kazakhstan
• Netherlands
• Pakistan
• Russia
• Serbia
• Slovakia
NEW STEERING CLUSTER FOSTERS THE NEW METRO CASH & CARRY
OPERATING MODEL
Strict focus on customer groups to support
▪ Strategic steering
▪ Knowledge sharing
▪ Implementation of best practice approaches
Trader • Moldova
• Poland
• Romania
• Ukraine
Horeca • France
• Germany
• Italy
• Japan
• Portugal
• Spain
• Turkey
• Classic Fine
Foods
10%
42%
48%
Multispecialists
Trader
Horeca
Q1 2015/16 sales share
Multispecialists
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 4
EBIT Q1 2015/16 (BEFORE SPECIAL ITEMS) IMPACTED BY NEGATIVE
CURRENCY EFFECTS
891828
Q1 2015/16
~-40
Q1 2014/15 Q1 2014/15
(Comparable)
~851
Negative
FX Impact
in € million
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 5
Q1 2015/16: SALES AND EBIT BY DIVISION
10th consecutive quarter with LfL sales growth; EBIT adjusted for FX above PY, good development in in Germany, Italy, Spain, Turkey as well as Romania and Ukraine could compensate the expected slow down in Russia 6th consecutive quarter with LfL sales growth despite very strong PY comps; EBIT impacted by one-time pull-forward effects in Russia in PY, price investments and repositioning of Redcoon
LfL performance below previous year level due to the challenging overall environment; EBIT on PY level supported by cost efficiency and new cooperations
€ million
METRO Cash & Carry 8,037 -2.0% 0.2% 481 ~448 458 +10
Media-Saturn 6,889 0.2% 0.4% 349 ~342 309 -33
Real 2,144 -3.9% -1.6% 84 84 83 -1
Others/Consolidation 19 - - -23 -23 -22 +1
METRO GROUP 17,090 -1.3% 0.1% 891 ~851 828 -23
Δ
Q1 2015/16
vs Q1 2014/15
comparable
Sales
Q1 2015/16 Change
Like-for-Like
Change
EBIT
Q1 2014/15
EBIT
comparable
Q1 2014/15
EBIT
Q1 2015/16
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 6
Q1 2015/16: INCOME STATEMENT (EBIT TO EPS)
Net financial result improved due to lower interest level but partially absorbed by FX-losses
Tax rate of 42.4% in line with FY guidance (Q1 2014/15: 46.8%)
€ million
Q1 2014/15
Q1 2015/16
EBIT 891 828
Net financial result -110 -104
EBT 781 724
Income Taxes -365 -307
Profit or loss for the period from continuing operations 416 417
Profit or loss for the period from discontinued operations 85 0
Profit or loss for the period 501 417
EPS in € from continuing operations 1.10 1.12
EPS in € 1.36 1.12
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 7
Q1 2015/16: OTHER KEY FINANCIALS
Net debt further reduced by €1.4 billion to all-time low of €0.1 billion
Net working capital and cash flow from operating activities impacted by changes in business model
(online, services, delivery etc.)
Capex of €337 million mainly invested in lease prolongations, modernization, remodellings and expansion
€ million
Q1 2015/16 Change
Net debt (as at 31/12) 1,509 142 -1,367
Net working capital (as at 31/12)1 4,650 4,017 -633
Change in net working capital
(cash flow impact)2,272 2,015 -257
Cash flow from operating activities 3,316 3,069 -247
Capex1 162 337 175
Number of new store openings 22 11 -11
1 adjusted for Galeria Kaufhof
Q1 2014/15
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 8
METRO CASH & CARRY: HIGHLIGHTS Q1 2015/16
Positive LfL sales growth driven by Christmas business in Germany,
good development mainly in Italy, Spain, Turkey as well as Romania,
Ukraine which could compensate the expected slow down in Russia
Horeca with LfL sales growth of 1.5%; Germany with very positive
development
Multispecialists impacted by high PY comps of Russia, but FX
adjusted with positive sales development
Trader with positive LfL sales development mainly driven by
Romania and Ukraine
Delivery sales increased by 18.6% (10.8% of total sales)
5 new store openings
Sale of METRO Cash & Carry Vietnam successfully closed
Integration of Classic Fine Foods completed
First accelerator for digital business in the hospitality sector launched
together with Techstars and R/GA
Q1
0.2
Q4
1.1
Q3
0.1
Q2
1.1
Q1
1.4
2014/15 2015/16
Like-for-Like Sales Development in %
Q1 Q4
11.8
Q3
10.9
Q2
10.1
Q1
8.6 10.8
2014/15 2015/16
Delivery Sales Share in %
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 9
TECHSTARS METRO ACCELERATOR DEMO DAY IN BERLIN
1st Techstars METRO accelerator successfully concluded
11 start-ups introduced new approaches to generate value in
the hospitality sector
First step in a very sizable sector which until now has not taken
advantage of digital innovation
Very strong cooperation with Techstars and R/GA
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 10
SALE OF METRO CASH & CARRY VIETNAM:
KEY TRANSACTION FACTS
On 6 January 2016 sale of METRO Cash & Carry Vietnam to TCC
was successfully completed
EBIT gain of €427 million in Q1
Positive cash inflow of €441 million in Q2
Further reduction of net debt on balance and rating-relevant net debt
of METRO GROUP by ~€440 million in Q2
METRO Cash & Carry entered the Vietnamese market in 2002,
operated 19 wholesale stores across the country with more than
3,300 employees and generated sales of €507 million in the financial
year 2014/15
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 11
STRATEGIC UPDATE
Operating Model
▪ All countries have started their respective Value Creation Plan
(VCP) process. First countries to finish their plans in Q3
▪ Operating Partner for China and Japan has been hired
▪ Value Creation Team has been extended
Classic Fine Foods: Sound and stable development
▪ Strong sales development
▪ Strategic cooperation with METRO Cash & Carry kicked off in
countries like China and Japan
Setup of new Digital Horeca unit
▪ Small team dedicated to identify and capture value creation
opportunities for our customers and METRO Cash & Carry
▪ New leader hired for the unit
Innovation effort intensified
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 12
MEDIA-SATURN: HIGHLIGHTS Q1 2015/16
Strong LfL sales growth driven by several countries in Western
Europe, especially in Germany
Extraordinary tough sales comps in Russia fully compensated
The Netherlands, Spain and Turkey with good LfL sales
development
Market share increased again in most countries and led to
all-time high market share
Very strong growth in online sales of Media Markt and Saturn
(+34% vs PY)
Redcoon integration on track; discontinuation of wholesale
business
EBIT performance impacted by one-time pull-forward effects in
Russia in PY, price investments and repositioning of Redcoon
6 new store openings
Q1
0.4
Q4
2.9
Q3
0.2
Q2
5.2
Q1
3.8
2014/15 2015/16
Like-for-Like Sales Development in %
574415404436
512
Q3 Q2 Q1 Q1 Q4
2014/15 2015/16
Online Generated Sales in € million
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 13
MEDIA-SATURN’S TECH ACCELERATOR
The IT helpdesk for home users: Remote support service for PC / laptop users
(via hotline / shared screen)
All electronic products on one platform: Supports users to keep an overview of
their CE products and fixed-term contracts; also offers access to product
information and operating manuals and notifies about expiry of warranties/contracts
First aid for smartphones: Online platform offering tutorials, spare-parts & local
repair services for defective mobile phones
The family doctor for technology: Certified technicians provide IT services at
home for all sorts of devices and IT problems
Four companies with strong service focus selected (Expertiger, DTB, Kaputt.de, Myhomeservice)
First pilot cooperations launched in selected Media-Saturn stores
Registration phase for 2nd accelerator batch already initiated; Start in summer 2016
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 14
STRATEGIC UPDATE
Service Business further intensified (sales development ~+10%)
▪ RTS integration on plan, new offerings being prepared
Same-Day-Delivery
▪ Service now offered in 175 cities in Germany (394 stores are connected)
▪ Pilot with 15 stores in Vienna started, further roll-out planned (NL, HU, GR)
Saturn Connect
▪ Saturn Connect Cologne chosen “Store of the Year 2016” by the HDE
▪ Award for an innovative store concept that offers digital lifestyle products and
services in a unique exciting setting
Shop-in-Shop within METRO Cash & Carry
▪ Media Markt piloting shop-in-shop concept at METRO Cash & Carry
▪ 2 pilot stores in Russia and 2 in Turkey
Media Markt Club Card
▪ Media Markt loyalty program piloted in 10 stores in Germany; roll-out to all
stores and online planned. Roll-out in the Netherlands (stores and online)
completed
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 15
-1.6
-3.7
1.1 0.9
-1.6
84
-36
5 35 83
REAL: HIGHLIGHTS Q1 2015/16
LfL sales down 1.6% mainly driven by Non Food development
107 remodeled stores with ongoing positive contribution to
sales development and customer frequency
EBIT on PY level supported by cost efficiency and new
cooperations
Ongoing negotiations with German Trade Union Verdi
Online sales growth of around 70%
Further advanced planned pilot store including an even
stronger differentiation on assortment and service levels
Like-for-Like Sales Development in %
2014/15 2015/16
Q1 Q2 Q3 Q4 Q1
EBIT Development in € million
2015/16 2014/15
Q1 Q2 Q3 Q4 Q1
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 16
OUTLOOK 2015/16: FINANCIAL TARGETS
€ million
Reported
FY 2014/15
Guidance
FY 2015/16
LfL sales growth +1.5% >0%
EBIT before special items 1,511 >1,5111
Capex 1,411 ~2,0002
Number of new store openings 58 ~70
1Based on constant foreign exchange rates
275% going concern and 25% innovation and M&A
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 17
Q&A
Mark Frese
CFO
Olaf Koch CEO
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 18
CONTACT
Investor Relations
Metro-Straße 1
40235 Duesseldorf
Germany
Tel.: +49 (0)211 6886-1051
Fax: +49 (0)211 6886-3759
Email: [email protected]
Internet: www.metrogroup.de
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BACK-UP
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 20
SPECIAL ITEMS
In Q1 2015/16 mainly positive portfolio measures from METRO Cash & Carry Vietnam
€ million
Q1 2014/15
Q1 2015/16
Portfolio Optimisation Measures 0 -427
Restructuring and Efficiency-
Enhancing Measures15 6
Goodwill-Impairments 0 0
Others 1 9
METRO GROUP 16 -412
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 21
STORES BY DIVISION AND COUNTRY
* Including 4 stores in the Others segment
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METRO GROUP, Q1 2015/16 Results Presentation
11 February 2016 | © METRO AG 2016 22
SALES: RECENT QUARTERS ACCORDING TO THE NEW METRO CASH & CARRY
OPERATING MODEL
€ LC LfL € LC LfL € LC LfL € LC LfL € LC LfL € LC LfL
Horeca -0.1% 0.1% 0.3% -0.1% -1.0% -0.1% 0.2% 0.3% 0.1% 0.9% 1.8% 0.4% 0.2% 0.3% 0.4% 2.7% 3.5% 1.5%
Multispecialists -4.1% 5.0% 3.1% -0.9% 5.1% 2.8% 0.6% 0.8% 1.7% -4.2% 2.3% 1.2% -2.3% 3.3% 1.2% -3.5% 0.3% -1.9%
Trader -12.5% -3.5% -0.4% -9.1% 0.6% 1.0% -0.4% 2.2% 1.9% -0.5% 3.8% 2.5% -5.9% 0.6% 2.5% -2.1% 3.4% 3.4%
Others - - - - - - - - - - - - - - - - - -
METRO Cash & Carry -3.6% 1.1% 1.4% -2.5% 0.3% 1.2% -1.3% 1.3% 0.9% -3.2% 0.0% 0.9% -2.7% 0.0% 0.9% -2.0% 0.4% 0.2%
Q4 2014/15 12M 2014/15 Q1 2015/16Q1 2014/15 Q2 2014/15 Q3 2014/15