DISPOSAL GALERIA KAUFHOF. 15 June 2015

Transcription

1 DISPOSAL GALERIA KAUFHOF 15 June 2015

2 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 risks 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, investments in innovative sales formats, expansion in online and multichannel sales activities, integration of acquired businesses and achievement of anticipated cost savings and productivity gains, and the actions of government regulators. Readers are cautioned not to place too much reliance on these forward-looking statements. See also Risk and Opportunity Report on pages of the METRO GROUP Annual Report 2013/14 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. Financial Year 2012/13 consists of Q4 2012, Q1 2013, Q and Q To enable better comparability following the change of the financial year, Q (original reporting) is referred to in this report as Q4 2012/13. Additionally, the previous year figures are updated according to the new segment structures. 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. June 2015 METRO AG

3 EXECUTING ON OUR STRATEGIC PRIORITIES Transform our business models to enhance value for our customers Make necessary investments into consolidation measures, new capabilities and price competitiveness Protect operational earnings and improve cash flow Focus on our resources to ensure swift and effective implementation Focused expansion in markets with significant potential and returns Enhance our innovation capabilities Our aim: Continuous value creation for our customers Sustainable thinking and economic activity June 2015 METRO AG

4 SUCCESSFUL PORTFOLIO STREAMLINING AND FOCUS ON CORE OPERATIONS & Saturn France MAKRO Cash & Carry UK MAKRO Cash & Carry Egypt & Greece METRO Cash & Carry Morocco Media-Markt China Real Eastern Europe & METRO Cash & Carry Denmark & Vietnam *) Booker stake Real Turkey GALERIA Kaufhof *) Vietnam pending Disposals Freeing up capital to focus on and grow the core business and strengthen the balance sheet June 2015 METRO AG

5 KEY TRANSACTION HIGHLIGHTS (I) Disposal of department store operations in Germany and Belgium together with the related real estate portfolio to Hudson s Bay Company Germany: 103 GALERIA Kaufhof department stores and 16 Sportarena stores Belgium: 16 GALERIA INNO department stores 59 real estate properties 1 in Germany 1 assets under management million Germany Belgium Total FY Sales 2013/14 2, ,098 FY EBIT 2013/14* 193 Stores per 31/3/ *) before special items June 2015 METRO AG

6 KEY TRANSACTION HIGHLIGHTS (II) Enterprise value of billion Significant assurances for around 21,500 employees, HQ and stores Closing expected by end of FY 2014/15 Net book gain on sale of c. 0.7 billion Significant reduction in rating-relevant* net debt by c. 2.7 billion: c. 1.6 billion cash inflow c. 0.4 billion less pensions c. 0.3 billion less bank debt and finance leases c. 0.4 billion less NPV of operating leases and other *Standard & Poor s methodology June 2015 METRO AG

7 A HIGHLY ATTRACTIVE PROPOSITION FOR GALERIA KAUFHOF GALERIA Kaufhof will become part of a leading operator of department stores, who brings together profound retailing and real estate expertise Clear and compelling strategic roadmap to grow and develop GALERIA Kaufhof as HBC s European department store platform Significant investments into store network and multi-channel capabilities planned GALERIA Kaufhof will benefit from HBC s operational excellence, multi-channel retail capabilities and integrated retail and real estate management HBC will build on the experience of GALERIA Kaufhof s workforce, committing to far reaching assurances for employees, store locations and its headquarters Highly attractive proposition for GALERIA Kaufhof and its employees securing a successful future within one of the leading department store operators globally June 2015 METRO AG

8 COMPELLING TRANSACTION RATIONALE Executing on strategic and financial priorities Delivering shareholder value Attractive price at a significant premium to research analyst sum-of-the-parts valuations Net book gain of c. 0.7 billion Focusing financial resources and management attention on core businesses Strengthening of balance sheet and overall financial profile significant reduction of rating-relevant net debt Transforming METRO GROUP into an even stronger and more focussed company June 2015 METRO AG

9 Q&A Olaf Koch CEO Mark Frese CFO June 2015 METRO AG

10 CONTACT Investor Relations Metro-Straße Duesseldorf Germany Tel.: +49 (0) Fax: +49 (0) Internet: investorrelations@metro.de June 2015 METRO AG

11 ABOUT HUDSON S BAY COMPANY Hudson s Bay Company, founded in 1670, is North America s oldest company operating through five key banners Hudson s Bay: 90 full-line department stores and two outlets Lord & Taylor: 50 full-line department stores in the north-eastern and mid-atlantic US and four Lord & Taylor outlet locations Saks Fifth Avenue: Operating through 39 U.S. stores and five international licensed stores Off 5TH: 81 U.S. stores Home Outfitters: Largest kitchen, bed and bath specialty superstore with 67 locations In FY2014, HBC generated retail sales of CAD$ 8.2 billion and EBITDA of CAD$ 847 million June 2015 METRO AG