MADE TO TRADE. FY 2013 (9M) Results Presentation 12 December 2013 MADE TO TRADE. FY 2012 Results Presentation 0 20 March 2013 METRO AG 2013
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, 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 Presentation of the Risk Situation on pages 164-178 of the METRO GROUP Annual Report 2013 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. All pro-forma 2012/13 data is preliminary and unaudited. Please note that new accounting standards have been applied. More information regarding the application of group accounting principles and methods refer to the corresponding chapter in the notes to the Annual Report 2013. 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. In contrast to the practice of past years, 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. 1
Overview 1 Strong Progress Made in 2013 3 2 Financials FY 2013 (9M) 7 3 Strategic Update 19 4 Outlook 42 5 Appendix I: FY 2013 (9M) 47 6 Appendix II: Pro-forma FY 2012/13 70 2
We Have Taken Action Customer Relevance Increased Improved product ranges Extended sales channels Introduced new store formats New services Competitiveness improved Cost Focus Continued Headquarters Operations Active Portfolio Steering / Focus on Cash Flow Sale of non-core / underperforming assets Disciplined capex Sales up by 0.9% 1 EBIT up by 3.0% Net debt down by 2.3billion METRO is today significantly better positioned, both financially as well as strategically 1 Adjusted for portfolio changes and FX 3
Active Portfolio Management Sale of MAKRO Cash & Carry UK concluded in July 2012 Media Markt exit China concluded on 28 February 2013 Disposal of Real Eastern Europe ( ) concluded in RU, RO, UA Selective store closures Review partial IPO of METRO Cash & Carry Russia 1 METRO Cash & Carry 14 Media-Saturn (including 7 closedowns in China) 41 Real (including 39 disposals in Eastern Europe) Freeing up cash to grow the core business and strengthening the balance sheet 4
Management & Organisation METRO AG: New Board member for Media-Saturn, business innovation and IT Continuity: Contract extension of Chief Human Resources Officer (CHRO) until 2017 Management Board of Media-Saturn strengthened: New CFO as of 1 April 2013 New Chief Procurement Officer (CPO) as of 1 July 2013 METRO Cash & Carry: New management structure Establishment of Chief Restructuring Officer (CRO) organisation Significant engagement in leadership culture development Higher level of decentralisation while leveraging group scale Less bureaucracy Organisation effectiveness and management capabilities improved 5
Overview 1 Strong Progress Made in 2013 3 2 Financials FY 2013 (9M) 7 3 Strategic Update 19 4 Outlook 42 5 Appendix I: FY 2013 (9M) 47 6 Appendix II: Pro-forma FY 2012/13 70 6
Financial Priorities 2013 Improvement of cash flow from operating and investing activities and strengthening of balance sheet Assets Balance Sheet Equity Debt Optimisation of opex and capex efficiency Stabilisation and improvement of credit rating Reliable guidance and forecasting towards capital markets 7
2013 All Targets Achieved 9M 2012 FY 2013 (9M) Change Guidance Sales ( million) 47,380 46,321-2.2% Guidance-relevant sales growth 1 - - 0.9% EBIT ( million) 706 728 3.0% Operating & investing cash flow ( million) -2,695-1,021 1,674 Net debt ( million) 7,734 5,391 2,343 Capex ( million) 954 691-27.5% New store openings (number of) 40 34-15.0% EPS ( ) 0.49 0.03-94.3% 1 Adjusted for portfolio changes and FX We GREW our business, IMPROVED our earnings and cash flow and STRENGTHENED our balance sheet 8
Pro-forma 2012/13 EBIT in New Reporting Structure EBIT FY 2012/13 EBIT Margin FY 2012/13 million old new old new METRO Cash & Carry 934 1,379 3.0% 4.4% Media-Saturn 299 299 1.4% 1.4% Real 106 145 1.0% 1.4% Galeria Kaufhof 144 229 4.7% 7.4% Real Estate 696 - - - Others -149-54 - - Consolidation -30 2 - - METRO GROUP 2,000 2,000 3.0% 3.0% New Reporting Changes: Less administrative burden Focus on key real estate value drivers Better comparability with competitors Standardised incentives (WholeCo results) Necessary EBIT adjustments of FY 2012/13: 245 million capital gains from sale and leaseback transactions 75 million from portfolio changes 9
Cost Savings Measures & Discipline Cost savings: Efficient shared service centres Less consultancy fees Reduced IT expenses Permanent cost focus & awareness: METRO Cash & Carry: Country HQs and store base; reduced expansion capex Media-Saturn: Personnel and advertising expenses in particular Real: HQ and store base Galeria Kaufhof: HQ and store base (also from store closures) Strict cost focus part of our DNA 10
Cash Flow Strongly Improved million (after special items) Cash flow from operating activities 9M 2012 FY 2013 (9M) Change -2,095-1,768 15.6% of which: Change in net working capital -2,783-2,395 13.9% Cash flow from investing activities -600 747 - Divestments 14 953 >100% of which: Investments in tangible assets (excl. fin. leases) -940-546 -41.6% Cash flow from operating and investing activities -2,695-1,021 62.1% Operating cash flow improved by more than 300 million also due to better net working capital management Cash flow from investing activities improved by more than 1.3 billion, mainly due to Higher inflow from divestments (Real Eastern Europe) More disciplined cash capex 11
Net Debt Significantly Reduced million 9,000 8,000 7,000 7,398 8,206 7,734 6,477 2,343 6,319 6,000 5,000 5,391 4,000 3,000 4,076 3,245 2,000 ~2,000 E 1,000 0 31.12.2011 31.03.2012 30.06.2012 30.09.2012 31.12.2012 31.03.2013 30.06.2013 30.09.2013 31.12.2013 Reduction driven by sale of Real Eastern Europe and more disciplined capex Expected net debt of c. 2 billion as at 31/12/2013 12
Disciplined Capital Expenditure million 9M 2012 FY 2013 (9M) Change METRO Cash & Carry 219 211-3.4% Media-Saturn 197 183-7.3% Real 128 63-50.6% Galeria Kaufhof 55 60 10.2% Real Estate 276 113-59.1% Others 79 61-22.7% METRO GROUP 954 691-27.5% Expansion capex: c. 150 million 34 new store openings (10 METRO Cash & Carry, 20 Media-Saturn and 4 Real) Cash Committee ensures effective use of funds for METRO Cash & Carry 13
Efficient Inventory Management Inventories Net working capital million 30/09/2012 30/09/2013 Change 9M 2012 FY 2013 (9M) Change METRO Cash & Carry 2,483 2,254-229 -612-858 -246 Media-Saturn 2,383 2,148-235 -1,202-1,193 9 Real 888 622-266 130-9 -141 Galeria Kaufhof 517 515-2 182 152-30 Others 328 316-12 -460-438 28 METRO GROUP 6,599 5,856-743 -1,962-2,346-384 Significant inventory reduction across all sales lines supported net working capital METRO Cash & Carry met its non-food inventory reduction target of 170 million Disposal of Real Eastern Europe led to the strong decrease at Real 14
Low Interest Rate Environment with Positive Impact on Interest Result Homework already done in 2012: Well-balanced maturity profile and refinancing 2013/14 already completed Excellent standing on short and long-term debt capital markets Redemption of high coupon bonds will lead to strongly improved interest result Due Volume Coupon Annual Interest Charge 28/11/2013 500 million 9.375% 46.9 million 14/07/2014 600 million 5.750% 34.5 million 05/03/2015 1,000 million 7.625% 76.3 million 157.7 million 15
Special Items Significantly Reduced million Portfolio Optimisation Measures 9M 2012 FY 2013 (9M) 172-114 Exit Real Eastern Europe (ex TR) 0-162 Galeria Kaufhof 0 15 Misc. 172 1 33 Efficiency-Enhancing Measures 132 41 Others (including Praktiker) -7 98 Total Special Items (EBIT) 297 25 1 Mainly exit MAKRO UK Positive special items relating to disposal of Real Eastern Europe Offset by measures to optimise portfolio, enhance efficiency and provide for the rental shortfall at Praktiker freehold locations 16
Summary FY 2013 Guidance met Sales and EBIT increased despite still challenging market conditions Strengthened Balance Sheet Significant net debt reduction Improved cash flow Disciplined and more focused capital expenditure Better Net Working Capital Management Successful inventory clean-up Refinancing 2013/14 already completed Strategic focus and strengthened balance sheet are preconditions for future success 17
Overview 1 Strong Progress Made in 2013 3 2 Financials FY 2013 (9M) 7 3 Strategic Update 19 4 Outlook 42 5 Appendix I: FY 2013 (9M) 47 6 Appendix II: Pro-forma FY 2012/13 70 18
METRO Cash & Carry Ambition Market Leadership in well defined sectors through unique product ranges and strong focus on B2B solutions that make our customers more competitive Business model To be fully adjusted to most relevant target groups Category strategies tailored to create additional value for customers Services to be enhanced and customer relevance increased Formats to be adjusted accordingly Cost discipline as a mandatory core element Organisational adjustments Managing Director empowered with full authority to adjust local business model Administration streamlined Non-food integrated into a group-wide structure Chief Restructuring Officer organisation installed Shared service centre operations well established and to be extended 19
METRO Cash & Carry Customer Mix While we focus our business on core target groups we still serve a wider customer mix. It is important to remain attractive for SCOs as they represent a significant part of our business 84% 35% Share of LFL sales (9M 2013) HoReCa Trader SCO 16% 27% 38% Food Non-food Total What is needed? More uniqueness more focus - more effectiveness more efficiency 20
Customer Relevance Increased (1) Product Ranges Own brand sales 3.8 billion New products for HoReCa and Trader Focused non-food range Value Added Services / Solutions Delivery grew by nearly 20% to 2.0 billion (8.9% of sales) Number of Trader franchisees increased strongly from 4,014 to 6,023 stores Masterclasses Trader Support Programme METRO Expo Delivery Sales in billion 1.2 +29%CAGR 1.6 2.0 9M 2011 9M 2012 9M 2013 21
Customer Relevance Increased (2) New Store concepts adapted to local and regional market potentials Big box remodellings in Milan, Rome & other big cities Food excellence, selected & compelling complementary offer Product range adjusted New store layout, exclusive METRO lab area for customer engaging activities New in store communication (colour codes) Sales: +3%; +6% vs benchmark Low Cost Cash & Carry METRO Piazza Affari on most critical stores in the South Food excellence, massively reduced range, low cost, offers on palettes Reduced product range by 50% in food and by 70% in non-food Cost competitiveness - digital only leaflets, leaner organization Price competitiveness - rebates of over 10% on more than 2,000 products Sales: +5%; +9% vs benchmark HoReCa SCO HoReCa Trader La Casa dell Horeca (City Store format) Exclusive access for HoReCa professionals Very strong food excellence, high service level, environmental friendly Sales area: 2,700 m² (Ø ECO: 3,500m²) Targeted product range: 5,500 SKUs food; 1,300 SKUs non-food More local products: more than 300 SKUs, 11% of total sales Multichannel: Delivery 15% of total sales, first store in Italy Environmental sustainability focus vertical green outside, electrical cars for sales force HoReCa 22
METRO Cash & Carry Germany Update Business Model Redefined Review of Core Target Groups Focus on HoReCa and Traders (butchers, bakers) Main differentiator is food (unique product ranges, services) Aim to continue to attract SCO through food excellence New Product Ranges Introduced New basket definition for Core Target Groups New Mediterranean product ranges (introduced from France, Spain, Italy) Focused non-food approach SKU range reduced, strategic review process started Cost Restructuring Completed HQs reduction by 30% Store Remodelling Review of all locations regarding commercial structure of catchment area, penetration, required adjustments 23
METRO Cash & Carry Germany: Cologne-Godorf Remodelling Store Facts Opened in 1967, remodelled in 2013 Sales split: 55% SCO, 33% HoReCa, 12% Trader 15,465m² sales area (prev. 16,815m²) Change Process Regular customer panels and employee committees Analyses of competitors and customers 5 promises to the customer: quality, time, regional, price, service Main Changes Larger F+V, fresh fish and meat as well as delivery sales areas New, more customer-friendly and efficient checkout system 5x more space allocated for delivery Reduced non-food product range: -10,000 SKUs Better customer traffic flow management (e.g. wider aisles) Improved attractiveness and in-store visibility (e.g. new façade and range-specific lighting concepts, lower shelf height) New designated sales areas (e.g. clearance, promotional) Showcase Rioba bar Before After 24
METRO Cash & Carry Results: Quarterly Development LFL Sales in % EBIT in million 0.9-1.7-0.9 241 233-31 Q1 2013 Q2 2013 Q3 2013 Q1 2013 Q2 2013 Q3 2013 Strong sequential like-for-like sales improvement in Germany, Western and Eastern Europe EBIT-margin stabilised at 2% (1-9/2013) 25
Strategic Focus Areas Strong differentiation through exceptional food competence New non-food procurement and sales strategy Delivery strategy Further roll-out of new store concepts 50 years METRO Cash & Carry Further stock streamlining Ongoing cost structure review Exploring accelerated growth opportunities 26
Media-Saturn Ambition Media Markt and Saturn: Europe s leading seamless shopping experience in consumer electronics -> no-line commerce Redcoon: Europe s leading consumer electronics online pure player with a big product range and the lowest prices Business model Media Markt and Saturn Large product range online (150,000+ SKUs targeted) with selected products in stores (20,000 SKUs targeted) Hardware and (digital) content Competitive price position Value added services Playing all channels, using the benefit of the store base as an asset Continued effort to improve cost position Organisational adjustment New CFO since April 2013 New Chief Procurement Officer joined in July 2013 Business model Redcoon The new Media Markt -> the positioning of Media Markt in the 90 s: biggest choice, lowest price Large product range online (150,000+ SKUs targeted) -> no department store or market place Lowest costs Sharing purchasing and logistics with Media Markt and Saturn Organisational adjustment New CEO and Chief Procurement Officer since summer 2013 27
Regained Customer Relevance (1) Own Brand Sales in million Product Ranges & Pricing Price competitiveness increased significantly Strong growth in own brands Strong market share gains in smartphone sales (+140bps) Sales Channels Total market share grew in 9 out of 15 countries Share of online sales increased (+75% to 848 million) Online market share increased in all countries 124 +16% 144 Online Sales in million 484 +75% 848 2013 %-points Austria 23.8% 0.1% Belgium 13.4% 1.3% Germany 17.1% 0.8% Greece 10.5% 0.6% Hungary 12.1% -2.0% Italy 13.7% 0.0% Luxembourg 27.8% 1.4% Netherlands 17.7% -0.5% Poland 13.5% -0.1% Portugal 6.7% -0.4% Russia 3.6% 0.1% Spain 13.0% 1.3% Sweden 10.5% 0.8% Switzerland 12.9% -0.8% Turkey 4.2% -0.3% Source: GfK 9M 2012 9M 2013 9M 2012 9M 2013 28
Regained Customer Relevance (2) Market Presence and Store Network review Saturn switched to Media Markt in various countries Two-brand strategy no longer relevant in some countries (ES, CH, TR, BE) 14 stores closed Stores rightsized (i.e. Sweden -30%) Store Format Adjustments Co-operation with Carphone Warehouse started focus on connected world as shop-in-shop solution Pilot with low cost Media Markt in Hungary Currently testing separate area of 1,000m² at Media Markt store 1,200 SKUs at entry price level No cannibalisation effects 29
Media-Saturn Results: Quarterly Development 3.4 LFL Sales in % Germany Total 3.1 EBIT in million 75-1.4-1.8-3.0-1.9-14 -94 Q1 2013 Q2 2013 Q3 2013 Q1 2013 Q2 2013 Q3 2013 Development in Q2 due to lack of major sport events Strong development in Germany Weak economies still impacting business in certain markets Significant progress made in Q3: Margin stabilised Cost position further improved Stronger effectiveness in purchasing 30
Media-Saturn: Consequent Further Development of Governance The further development from a person-oriented towards a capital-based governance structure which was designed by all shareholders of Media- Saturn has been implemented and was confirmed in court Court decisions on the Advisory Board (Beirat) of Media-Saturn-Holding GmbH ( MSH ) Action brought by Kellerhals s company Convergenta challenging the establishment of the Advisory Board finally dismissed by courts Arbitral award (arbitration proceedings initiated by METRO) confirms METRO s view on the Advisory Board s competences concerning MSH and rules on majority requirements: decisions require simple majority (held by METRO) Advisory Board in place Advisory Board commenced its work in December 2012 thus being in practical effect for more than one year 31
Strategic Focus Areas Continue transformation to absolute customer centricity Further enhance Omnichannel approach (Front-end design, additional SKUs, connectivity in the store, online services etc.) Intensification of engagement in digital content Additional cost cutting initiatives Rightsizing wherever necessary Enhanced supplier relationship management 32
Real Ambition Unique choice and quality in food retail complemented by a compelling non-food range. Well-adjusted to serve our key customer groups. Enhanced through multichannel Business model Widest range in the B2C market Leading position in fresh and ultra-fresh categories Very price competitive including aggressive price-entry product range National strength of sizable volume but local adoption of formats to regional needs More decentralised leadership model empowerment of the store manager New marketing approach Organisational adjustments Three regions fully installed (formerly seven regions) Decentralised leadership model initiated (first 30 stores) HQ restructuring broadly completed 33
Customer Relevance Increased Product Ranges Own brand sales: 1.0 billion Launch of new sub-price-entry own brand range >60 new F+V concept modules launched (like-for-like: +5%) Sales Channels New multichannel online model launched New Store Formats Successful flagship store opening in Essen and in Magdeburg Product ranges: new ultra-fresh concepts combined with strong near-food and non-food Marketing: better customer orientation through wider aisles and new visual merchandising concept Pricing: attractive promotional area at the store entrance Placement: implementation of touchscreens to drive multichannel approach 34
Real Results: Quarterly Development LFL Sales in % EBIT in million Germany Total 1.5-0.7-2.5-4.6-0.4-1.9-2 9-7 Q1 2013 Q2 2013 Q3 2013 Q1 2013 Q2 2013 Q3 2013 Satisfactory sales development in Germany EBIT improved by 3 million vs 9M 2012 35
Strategic Focus Areas Further rollout of territorial strategy to better canvas catchment area Strengthening of entrepreneurial store management Strict cost control F+V: Accelerated rollout of concept module to >160 stores Strong meat and sausage competence to be further emphasized Destination category Capture growth potential Clear competitor differentiation Rollout of Essen flagship concept under review Active nationwide location search for Drive concept rollout 36
Galeria Kaufhof Ambition Market and concept leadership for department stores in Germany and Belgium. Absolutely customer-driven providing a meaningful and compelling offer for our customers Business model Product range and formats fully tailored to our core target groups Store remodelling and space allocation to improve attractiveness for core target groups Multichannel presence to allow seamless access for customers Strong service level Decentralised store leadership model Organisational adjustments New Head of Sales as of June 2013 37
Customer Relevance Increased Product Ranges Own Brand sales: 390 million Stronger co-operation with METRO Cash & Carry Integration of premium brands New Store Formats Remodellings with significant impact on customer satisfaction and sales Sales Channels Online: +139% to 24 million Before After +139% Online Sales in million 10 24 9M 2012 9M 2013 38
Galeria Kaufhof: Quarterly Development LFL Sales in % EBIT in million 4 3 0.9 0.6 1.1-23 Q1 2013 Q2 2013 Q3 2013 Q1 2013 Q2 2013 Q3 2013 Sustained strong like-for-like development EBIT improved quarter by quarter vs PY, overall by 8 million vs 9M 2012 39
Strategic Focus Areas Optimising store network and real estate use in Germany Further development of multichannel retailing activities Improving cost structures Introducing new brands New store opening in Belgium and market entry into Luxemburg 40
Overview 1 Strong Progress Made in 2013 3 2 Financials FY 2013 (9M) 7 3 Strategic Update 19 4 Outlook 42 5 Appendix I: FY 2013 (9M) 47 6 Appendix II: Pro-forma FY 2012/13 70 41
Sustainability Climate protection target 2020: Reduce GHG emissions by 20% from 309 kg/m² in 2011 to 247 kg/m² in 2020 Successful step: METRO GROUP achieved top values in the CDP climate performance ranking 2013: 97 out of 100 points; performance A- (2012: 84/100 points; performance C) Long-term incentive for top management: Sustainability targets will account for 25% Our Overall Ambition: The aim of METRO GROUP's sustainability management is to ensure the company's future in an economically responsible way 42
Economic Outlook 2013/14 German retail expected to be weak despite assumed economic recovery in 2014 43
Outlook 2013/14 billlion FY 2012/13 1 FY 2013/14 Sales growth 2,3-1.4% >0% LFL sales growth -1.3% ~0% EBIT before special items 3 2.0 2.0 Adjusted EBIT before special items 3,4 1.7 >1.7 Capex 1.2 <1.6 Net debt 5.4 <5.4 Number of new store openings 91 ~70 1 Pro-forma ² Adjusted for portfolio changes ³ Based on the assumption of virtually unchanged exchange rates 4 Adjusted for significant real estate transactions and portfolio changes 44
Back to Attack : Sustainable Value Creation Absolute and uncompromising focus on Generating incremental value for our customers Optimising product ranges and enhancing services Intensifying our presence in new sales channels Improving continuously our cost structures Strengthen organisational effectiveness and further enhance leadership culture Generating sustained high cash flows and using them in the right way by keeping the right balance between Focused investments Reducing debt Dividends GROW our business, IMPROVE earnings and cash flow, STRENGTHEN our balance sheet; continue to STRENGTHEN our people 45
MADE TO TRADE. Appendix I: FY 2013 (9M) 12 December 2013 MADE TO TRADE. FY 2012 Results Presentation 46 20 March 2013 METRO AG 2013
Stores by Division and Country METRO Cash & Carry Media-Saturn Real Galeria Kaufhof METRO GROUP 30/09/12 30/09/13 30/09/12 30/09/13 30/09/12 30/09/13 30/09/12 30/09/13 30/09/12 30/09/13 Germany 107 107 395 405 312 310 122 122 936 944 Austria 12 12 44 47 56 59 Belgium 12 13 21 22 15 15 48 50 Denmark 5 5 5 5 France 92 93 92 93 Italy 49 49 113 115 162 164 Luxemburg 2 2 2 2 Netherlands 17 17 39 43 56 60 Portugal 10 10 9 9 19 19 Spain 34 37 69 70 103 107 Sweden 25 29 25 29 Switzerland 27 25 27 25 Western Europe (excl. Germany) 231 236 349 362 15 15 595 613 Bulgaria 14 14 14 14 Croatia 7 7 7 7 Czech Republic 13 13 13 13 Greece 9 9 10 10 19 19 Hungary 13 13 21 21 34 34 Kazakhstan 8 8 8 8 Moldova 3 3 3 3 Poland 41 41 62 66 54 57 157 164 Romania 32 32 24 4 56 36 Russia 66 70 39 50 17 1 122 121 Serbia 10 10 10 10 Slovakia 6 6 6 6 Turkey 24 27 25 34 12 12 61 73 Ukraine 32 33 1 33 33 Eastern Europe 278 286 157 181 108 74 543 541 China 58 69 7 65 69 Egypt 2 2 2 2 India 11 15 11 15 Japan 9 9 9 9 Pakistan 9 9 9 9 Vietnam 17 19 17 19 Asia/Africa 106 123 7 113 123 Total 722 752 908 948 420 384 137 137 2,187 2,221 47
Sales Development million Sales Total Like-for-Like Sales Total Like-for-Like Q3 2013 Change ( ) Change (LC) FY 2013 (9M) Change ( ) Change (LC) METRO Cash & Carry 7,765-0.4% 0.9% 22,559-2.0% -0.5% Media-Saturn 4,796-0.1% -1.9% 14,405 0.6% -2.1% Real 2,262-12.4% -1.9% 7,261-8.2% -2.1% Galeria Kaufhof 712 1.1% 1.1% 2,086-0.5% 0.9% Others 4-11.9% - 10-50.3% - METRO GROUP 15,540-2.2% -0.3% 46,321-2.2% -1.2% Q3 MCC: LFL growth with sequential improvement in Southern Europe and Poland in particular M-S: Strong performance in Germany; 75% online sales growth Real: Improved marketing and customer penetration approaches GK: LFL growth and further market share gains in an overall declining textile market 48
Significant Currency Impact +0,9% +2,2% -1,3% -2,2% -0,9% Guidance-relevant Sales Development in LC Portfolio Changes Sales Development in LC FX Impact Sales Development in Negative currency effect on sales of 426 million Predominantly: RUB, TRY, INR, JPY 49
Sales by Quarter Change ( ) Change (local currency) Like-for-like (LC) Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 METRO Cash & Carry -2.8% -3.0% -0.4% -2.3% -1.9% 2.7% -1.7% -0.9% 0.9% Media-Saturn 2.0% -0.3% -0.1% 2.0% -0.1% 1.0% -1.4% -3.0% -1.9% Real -0.9% -11.5% -12.4% -1.0% -11.4% -11.6% -0.7% -4.6% -1.9% Galeria Kaufhof -1.5% -1.0% 1.1% -1.5% -1.0% 1.1% 0.9% 0.6% 1.1% Others -66.4% -51.7% -11.9% -66.4% -51.8% -11.8% - - - METRO GROUP -0.9% -3.6% -2.2% -0.7% -3.0% -0.2% -1.3% -2.0% -0.3% 50
Profitable Growth Thanks to Successful MCC Real Estate Transaction EBIT EBIT EBIT EBIT million Q3 2012 Q3 2013 Change 9M 2012 FY 2013 (9M) Change METRO Cash & Carry 238 233-1.8% 459 442-3.7% Margin 3.1% 3.0% -5bp 2.0% 2.0% -3bp Media-Saturn 73 75 2.4% -6-33 >-100% Margin 1.5% 1.6% 4bp 0.0% -0.2% -19bp Real 2 9 >100% -4-1 87.6% Margin 0.1% 0.4% 32bp -0.1% 0.0% 4bp Galeria Kaufhof -2 3 - -24-16 34.1% Margin -0.2% 0.4% 62bp -1.2% -0.8% 43bp Real Estate 128 179 39.6% 411 455 10.8% Other -35-48 -39.9% -124-105 15.4% Consolidation -5-13 >-100% -5-15 >-100% METRO GROUP 399 437 9.5% 706 728 3.0% Q3 Margin 2.5% 2.8% 30bp 1.5% 1.6% 8bp MCC: German margin stability; margin expansion in Western Europe and Asia / Africa M-S: Despite significant price investments and macro headwind, improved margins in Germany and Eastern Europe Both Real and GK with considerable EBIT growth Real Estate: Successful closing of French MCC sale and leaseback transaction 51
EBIT by Region 2011-2013 (9M) Germany Western Europe Eastern Europe Asia/Africa >-100% 11% -5% >100% 581 511 432 412 309 277 Change vs prior year 1 21 26 million (pre-consolidation) -22-32 -32 1 1 1 1 9M 2011 9M 2012 9M 2013 9M 2011 9M 2012 9M 2013 9M 2011 9M 2012 9M 2013 9M 2011 9M 2012 9M 2013 1 Adjustment resulted from the first-time adoption of the revised IAS 19 52
Income Statement million Q3 2012 Q3 2013 Change 9M 2012 FY2013 (9M) Change Sales 15,887 15,540-2.2% 47,380 46,321-2.2% Cost of sales -12,588-12,251 2.7% -37,678-36,911 2.0% Gross profit on sales 3,299 3,289-0.3% 9,702 9,410-3.0% Other operating income 370 474 28.0% 1,108 1,200 8.3% Selling expenses -2,916-2,952-1.2% -8,958-8,797 1.8% General administrative expenses -337-346 -2.7% -1,104-1,023 7.3% Other operating expenses -17-28 -63.1% -42-62 -48.5% EBIT 399 437 9.5% 706 728 3.0% Net financial result -158-138 12.7% -417-446 -6.6% EBT 241 299 24.1% 289 282-2.3% Income taxes -103-281 - -124-266 - EPS ( ) 0.39-0.02-0.49 0.03-53
EBITDAR Change million 9M 2012 FY 2013 (9M) absolute % METRO Cash & Carry 1,160 1,161 1 0.1% Margin 5.0% 5.1% 11bp - Media-Saturn 686 658-29 -4.2% Margin 4.8% 4.6% -23bp - Real 439 361-78 -17.8% Margin 5.6% 5.0% -58bp - Galeria Kaufhof 242 243 0 0.2% Margin 11.6% 11.6% 8bp - Real Estate -45 21 67 - Others 8 26 18 - Consolidation -3-8 -5 - METRO GROUP 2,488 2,462-26 -1.0% Margin 5.3% 5.3% 6bp - 54
Net Profit Q3 Change million Q3 2012 Q3 2013 abs. % EBIT 399 437 38 9.5% Results from associated companies 0 5 5 - Other investment result 3 7 4 - Net interest result -136-119 17 13.1% Interest income 33 26-7 -19.4% Interest expense -169-145 24 14.3% Other financial result -25-31 -6-26.0% Net financial result -158-138 20 12.7% EBT 241 299 58 24.1% Income taxes -103-281 -178 - Profit or loss for the period 138 18-120 -86.9% attributable to non-controlling interests 11 24 13 - attributable to shareholders of METRO AG 127-6 -133 - EPS ( ) 0.39-0.02-0.41-55
Special Items FY 2013 (9M) by Division As reported Special items Before special items million 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) EBITDA 1,542 1 1,657 127-54 1,669 1 1,603 thereof METRO Cash & Carry 567 1 569 74 65 641 1 634 Media-Saturn 207 152-3 15 204 167 Real 135 205-2 -124 134 82 Galeria Kaufhof 55 47 0 15 55 62 Real Estate 688 723-2 -21 686 702 Others -102-23 61-1 -41-24 Consolidation -9-16 0-3 -9-20 EBIT 409 1 703 297 25 706 1 728 thereof METRO Cash & Carry 259 1 339 200 103 459 1 442 Media-Saturn -3-54 -3 21-6 -33 Real 0 118-4 -119-4 -1 Galeria Kaufhof -24-32 0 16-24 -16 Real Estate 368 447 43 8 411 455 Others -184-104 61-1 -124-105 Consolidation -5-12 0-3 -5-15 Net financial result -439 1-514 21 68-417 1-446 EBT -30 1 189 318 93 289 1 282 Income taxes 16 1-260 -139-6 -124 1-266 Profit or loss for the period -14 1-71 179 87 165 1 16 attributable to non-controlling interests 5 0 0 7 5 7 attributable to shareholders of METRO AG -19 1-71 179 80 160 1 9 EPS ( ) -0.06 1-0.22 0.55 0.25 0.49 1 0.03 1 Adjustment of previous year (see chapter Notes to the Group accounting principles and methods ) 56
Special Items FY 2013 (9M) by Region As reported Special items Before special items million 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) EBITDA 1,542 1 1,657 127-54 1,669 1 1,603 thereof Germany 371 365 110 46 481 411 Western Europe (excl. Germany) 461 1 439 8 49 469 1 488 Eastern Europe 694 772 0-138 694 634 Asia/Africa 8 78 9-11 17 67 Consolidation 8 3 0 0 8 3 EBIT 409 1 703 297 25 706 1 728 thereof Germany -89-76 110 55 21-22 Western Europe (excl. Germany) 97 1 240 180 68 277 1 309 Eastern Europe 435 528-2 -117 432 412 Asia/Africa -41 8 9 18-32 26 Consolidation 8 3 0 0 8 3 Net financial result -439 1-514 21 68-417 1-446 EBT -30 1 189 318 93 289 1 282 Income taxes 16 1-260 -139-6 -124 1-266 Profit or loss for the period -14 1-71 179 87 165 1 16 attributable to non-controlling interests 5 0 0 7 5 7 attributable to shareholders of METRO AG -19 1-71 179 80 160 1 9 EPS ( ) -0.06 1-0.22 0.55 0.25 0.49 1 0.03 1 Adjustment of previous year (see chapter Notes to the Group accounting principles and methods ) 57
Special Items Q3 by Division As reported Special items Before special items million Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 EBITDA 665 1 696 55 44 721 1 740 thereof METRO Cash & Carry 276 1 240 24 54 300 1 295 Media-Saturn 150 122-3 20 147 142 Real 48 63 0-27 48 35 Galeria Kaufhof 26 29 0 1 26 30 Real Estate 215 265-2 5 212 270 Others -43-13 36-6 -6-19 Consolidation -6-12 0-3 -6-15 EBIT 347 1 339 53 99 399 1 437 thereof METRO Cash & Carry 214 1 157 24 77 238 1 233 Media-Saturn 76 50-3 25 73 75 Real 4 36-2 -27 2 9 Galeria Kaufhof -2 2 0 1-2 3 Real Estate 131 147-2 32 128 179 Other s -71-42 36-6 -35-48 Consolidation -5-10 0-3 -5-13 Net financial result -180 1-167 21 28-158 1-138 EBT 167 1 172 74 127 241 1 299 Income taxes -77 1-243 -27-38 -103 1-281 Profit or loss for the period 90 1-71 47 89 138 1 18 attributable to non-controlling interests 11 17-1 7 11 24 attributable to shareholders of METRO AG 79 1-88 48 82 127 1-6 EPS ( ) 0.24 1-0.27 0.14 0.25 0.39 1-0.02 1 Adjustment of previous year (see chapter Notes to the Group accounting principles and methods ) 58
Special Items Q3 by Region As reported Special items Before special items million Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 EBITDA 665 1 696 55 44 721 1 740 thereof Germany 157 169 53 7 210 176 Western Europe (excl. Germany) 233 1 289-1 36 232 1 325 Eastern Europe 274 226 0-3 274 223 Asia/Africa -2 19 4 4 2 23 Consolidation 3-7 0 0 3-7 EBIT 347 1 339 53 99 399 1 437 thereof Germany 3 18 53 14 56 32 Western Europe (excl. Germany) 170 1 221-1 39 168 1 259 Eastern Europe 188 130-2 14 186 144 Asia/Africa -17-24 4 33-14 9 Consolidation 3-7 0 0 3-7 Net financial result -180 1-167 21 28-158 1-138 EBT 167 1 172 74 127 241 1 299 Income taxes -77 1-243 -27-38 -103 1-281 Profit or loss for the period 90 1-71 47 89 138 1 18 attributable to non-controlling interests 11 17-1 7 11 24 attributable to shareholders of METRO AG 79 1-88 48 82 127 1-6 EPS ( ) 0.24 1-0.27 0.14 0.25 0.39 1-0.02 1 Adjustment of previous year (see chapter Notes to the Group accounting principles and methods ) 59
METRO Cash & Carry Sales Change Currency Change LFL million ( ) effects (local currency) (local currency) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) Germany 3,563 3,444-3.0% -3.3% - - -3.0% -3.3% -0.2% -3.4% Western Europe 8,235 7,750-3.9% -5.9% 0.0% -0.2% -3.9% -5.7% -2.1% -1.6% Eastern Europe 8,670 8,587 4.4% -1.0% -1.0% -2.6% 5.4% 1.6% 1.8% -0.2% Asia/Africa 2,561 2,778 28.0% 8.5% 10.9% -4.9% 17.1% 13.3% 6.1% 5.7% TOTAL 23,029 22,559 2.1% -2.0% 0.5% -1.5% 1.6% -0.5% 0.5% -0.5% Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 Q3 2012 Q3 2013 Germany 1,179 1,169-5.1% -0.8% - - -5.1% -0.8% -2.3% -0.8% Western Europe 2,680 2,699-9.3% 0.7% 0.0% -0.2% -9.3% 0.9% -2.6% 0.2% Eastern Europe 3,051 2,976 6.6% -2.5% 1.3% -5.4% 5.3% 2.9% 1.5% 1.1% Asia/Africa 884 920 32.2% 4.1% 13.0% -8.6% 19.2% 12.7% 6.8% 5.0% TOTAL 7,794 7,765 0.8% -0.4% 1.5% -3.1% -0.6% 2.7% -0.1% 0.9% million 9M 2012 FY 2013 (9M) Change Q3 2012 Q3 2013 Change EBITDA 641 634-1.2% 300 295-1.7% 1 1 EBIT 459 442-3.7% 238 233-1.8% 1 1 Capex 219 211-3.4% 88 140 59.4% 9M 2013 Regional Sales Breakdown Asia/Africa Germany 12% 15% 30/09/2012 30/09/2013 Change 30/06/2013 30/09/2013 Change Stores 722 752 +30 746 752 +6 Selling space (1,000 m²) 5,369 5,554 +185 5,539 5,554 +15 Employees (full-time basis) 111,956 109,885-2,071 112,044 109,885-2,159 1 Adjustment of previous year (see chapter "Notes to Group accounting principles and methods") Eastern Europe 38% 35% Western Europe 60
Media-Saturn Sales Change Currency Change LFL million ( ) effects (local currency) (local currency) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) Germany 6,488 6,692 3.4% 3.1% - - 3.4% 3.1% 0.0% 1.6% Western Europe 5,914 5,784-1.5% -2.2% 0.4% -0.1% -1.9% -2.1% -3.8% -5.9% Eastern Europe 1,820 1,908 7.0% 4.8% -1.7% -3.1% 8.8% 7.9% 2.3% -2.9% Asia 100 21 64.7% - 18.6% - 46.1% - - - TOTAL 14,322 14,405 2.0% 0.6% 0.0% -0.4% 2.0% 1.0% -1.4% -2.1% Q3 12 Q3 13 Q3 12 Q3 13 Q3 12 Q3 13 Q3 12 Q3 13 Q3 12 Q3 13 Germany 2,131 2,227-0.6% 4.5% - - -0.6% 4.5% -2.1% 3.1% Western Europe 1,981 1,919 0.5% -3.1% 0.2% -0.4% 0.3% -2.7% -3.8% -6.2% Eastern Europe 658 650 9.6% -1.3% 2.2% -6.9% 7.4% 5.7% 1.3% -5.4% Asia 30-41.3% - 18.0% - 23.3% - - - TOTAL 4,801 4,796 1.4% -0.1% 0.4% -1.1% 0.9% 1.0% -2.4% -1.9% million 9M 2012 FY 2013 (9M) Change Q3 2012 Q3 2013 Change EBITDA 204 167-18.1% 147 142-3.4% EBIT -6-33 >-100% 73 75 2.4% Capex 197 183-7.3% 96 78-18.7% 9M 2013 Regional Sales Breakdown Eastern Europe 14% Asia 0% 30/09/2012 30/09/2013 Change 30/06/2013 30/09/2013 Change Stores 908 948 +40 944 948 +4 Selling space (1,000 m²) 2,940 3,022 +82 3,010 3,022 +12 Employees (full-time basis) 55,967 56,234 +267 56,132 56,234 +102 46% Germany Western Europe 40% 61
Real Sales Change Currency Change LFL million ( ) effects (local currency) (local currency) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) Germany 5,818 5,744 0.0% -1.3% - - 0.0% -1.3% 0.7% -0.5% Eastern Europe 2,094 1,517-1.4% -27.6% -2.7% -0.9% 1.3% -26.6% -1.0% -10.6% TOTAL 7,912 7,261-0.4% -8.2% -0.7% -0.3% 0.3% -7.9% 0.3% -2.1% Q3 12 Q3 13 Q3 12 Q3 13 Q3 12 Q3 13 Q3 12 Q3 13 Q3 12 Q3 13 Germany 1,885 1,866-2.6% -1.0% - - -2.6% -1.0% -1.7% -0.4% Eastern Europe 697 396 1.3% -43.2% 0.7% -2.5% 0.7% -40.7% -1.3% -10.1% TOTAL 2,583 2,262-1.5% -12.4% 0.2% -0.8% -1.7% -11.6% -1.6% -1.9% million 9M 2012 FY 2013 (9M) Change Q3 2012 Q3 2013 Change EBITDA 134 82-38.9% 48 35-25.6% EBIT -4-1 87.6% 2 9 >100% Capex 128 63-50.6% 70 43-38.7% 9M 2013 Regional Sales Breakdown Eastern Europe 21% 30/09/2012 30/09/2013 Change 30/06/2013 30/09/2013 Change Stores 420 384-36 404 384-20 Selling space (1,000 m²) 3,036 2,758-278 2,930 2,758-172 Employees (full-time basis) 49,904 39,337-10,567 47,343 39,337-8,006 79% Germany 62
Galeria Kaufhof Sales million Change 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) 9M 2012 FY 2013 (9M) Germany 1,964 1,955 0.1% -0.5% 0.0% 1.0% Western Europe 132 131 0.7% -0.6% 0.6% -0.6% TOTAL 2,096 2,086 0.1% -0.5% 0.0% 0.9% Q3 12 Q3 13 Q3 12 Q3 13 Q3 12 Q3 13 Germany 661 668 2.1% 1.1% 3.3% 1.1% Western Europe 44 44-3.3% 0.9% -3.7% 0.9% TOTAL 705 712 1.8% 1.1% 2.8% 1.1% ( ) LFL (local currency) million 9M 2012 FY 2013 (9M) Change Q3 2012 Q3 2013 Change EBITDA 55 62 13.9% 26 30 17.5% EBIT -24-16 34.1% -2 3 - Capex 55 60 10.2% 19 43 >100% 9M 2013 Regional Sales Breakdown Western Europe 6% 30/09/2012 30/09/2013 Change 30/06/2013 30/09/2013 Change Stores 137 137 +0 137 137 +0 Selling space (1,000 m²) 1,440 1,439-1 1,438 1,439 +1 Employees (full-time basis) 17,438 17,263-175 17,225 17,263 +38 63 94% Germany
Real Estate and Others Real Estate million 9M 2012 FY 2013 (9M) Change Q3 2012 Q3 2013 Change EBITDA 686 702 2.3% 212 270 27.4% EBIT 411 455 10.8% 128 179 39.6% Capex 276 113-59.1% 105 70-33.6% Others million 9M 2012 FY 2013 (9M) Change Q3 2012 Q3 2013 Change Sales 21 10-50.3% 5 4-12.1% EBITDA -41-24 42.9% -6-19 >-100% EBIT -124-105 15.4% -35-48 -39.9% Capex 79 61-22.7% 20 21 1.1% 64
Real Estate Portfolio Management million 9M 2012 FY 2013 (9M) Change Number of owned stores 653 565-88 Owned selling space (1,000 m²) 5,178 4,744-434 Net rents 731 680-51 EBITDA 686 702 16 EBIT 411 455 44 million 9M 2012 FY 2013 (9M) Change Gains from real estate disposals 73 186 113 Portfolio measures and valuation effects -14-40 -26 Net contribution real estate portfolio management 59 146 87 Pro-forma FY 2012/13: Net contribution: 282 million (cf. 74 million in FY 2011/12) Of which 245 million from sale and leaseback transactions 65
Real Estate: Unique International Asset Base Total Owned 1 Number of stores Selling space (1,000 m²) Number of stores Selling space (1,000 m²) Share of selling space METRO Cash & Carry 752 5,554 436 3,572 64% Media-Saturn 948 3,022 12 55 2% Real 384 2,758 62 456 17% Galeria Kaufhof 137 1,439 55 662 46% METRO GROUP 2,221 12,773 565 4,745 37% Germany 944 5,774 129 1,215 21% Western Europe 613 2,861 96 919 32% Eastern Europe 541 3,400 257 2,078 62% Asia/Africa 123 738 83 533 70% Misc. (leased to third parties, HQ, warehouses, etc.) 1 IAS 16 (incl. IAS 40, IFRS 5 und SPE) Owned 1 Gross floor area (1,000 m²) 1,300 as at 30/09/2013 66
Balance Sheet Assets 30/09/2012 1 30/09/2013 30/09/2012 30/09/2013 million of total million of total Equity and liabilities 1 million of total million of total Non-current assets 18,562 58.7% 16,646 57.8% Equity 5,649 17.9% 5,206 18.1% Goodwill 4,022 12.7% 3,763 13.1% Share capital 835 2.7% 835 2.9% Other intangible assets 418 1.3% 393 1.4% Capital reserve 2,544 8.0% 2,551 8.9% Property, plant and equipment 12,202 38.6% 10,709 37.2% Reserves retained from earnings³ 2,239 7.1% 1,793 6.2% Investment properties 207 0.7% 156 0.5% Non-controlling interests³ 31 0.1% 27 0.1% Financial investments 252 0.8% 319 1.1% Non-current liabilities 9,728 30.8% 8,003 27.8% Investments accounted for using the equity method 2 57 0.2% 132 0.4% Provisions for pensions and similar commitments³ 1,483 4.7% 1,508 5.2% Other financial and non-financial assets 3 327 1.0% 337 1.2% Other provisions 422 1.3% 429 1.5% Deferred tax assets 3 1,077 3.4% 837 2.9% Borrowings 7,052 22.3% 5,763 20.0% Current assets 13,046 41.3% 12,165 42.2% Other financial and non-financial liabilities 615 2.0% 176 0.6% Inventories 6,599 20.9% 5,856 20.4% Deferred tax liabilities 156 0.5% 127 0.5% Trade receivables 532 1.7% 547 1.9% Current liabilities 16,231 51.3% 15,602 54.1% Financial investments 55 0.2% 8 0.0% Trade liabilities 10,430 33.0% 9,805 34.0% Other financial and non-financial assets 2,892 9.1% 2,601 9.0% Provisions 539 1.7% 621 2.2% Entitlements to income tax refunds 662 2.1% 297 1.0% Borrowings 2,762 8.7% 2,200 7.6% Cash and cash equivalents 2,075 6.6% 2,564 8.9% Other financial and non-financial liabilities 2,364 7.5% 2,531 8.8% Assets held for sale 231 0.7% 292 1.0% Income tax liabilities 136 0.4% 181 0.6% Liabilities related to assets held for sale 0 0.0% 264 0.9% Total 31,608 100% 28,811 100% Total 31,608 100% 28,811 100% 1 Unaudited ² New balance sheet item (see chapter "Notes to the Group accounting principles and methods") ³ Adjustement of previous year (see chapter "Notes to the Group accounting principles and methods") 67
Fixed Income Benchmark-Bonds (min. 500 million) with maturities up to 10 years In addition private placements and promissory notes (min. 50 million) Commercial Paper (CP) to cover short-term funding Comfortable undrawn back-up liquidity of 3.1 billion > 1 year Breakdown of funding sources 1) (as at 30/09/2013) billion 6 5 4 3 2 Undrawn Drawn Breakdown of credit facilities (as at 30/09/2013) Syndicated Loans 19% Committed Bank Lines 5% 46% Debt Issuance Programme 1 0 Debt Issuance Programme 1) Uncommitted bilateral lines and notes payable are excluded Commercial Committed Paper Syndicated Programme Loans Bank Loans & Committed bilateral Lines Promissory Notes Funding tool box proves high level of flexibility at all times 68 30% Commercial Paper
MADE TO TRADE. Appendix II: Pro-forma FY 2012/13 12 December 2013 MADE TO TRADE. FY 2012 Results Presentation 69 20 March 2013 METRO AG 2013
METRO Cash & Carry Financials ( million) FY 2012/13 Sales 31,165 EBITDA 1,841 EBITDA margin 5.9% EBIT 1,379 EBIT margin 4.4% Capital Employed 1 7,174 Pre-tax RoCE (lease-adj.) 1 16.0% Capex 1 399 1 According to old reporting structure Operating Statistics FY 2012/13 Number of stores 752 Selling space (1,000 m²) 5,554 Average store size (m²) 7,386 Sales/Øm² ( ) 5,706 70
Media-Saturn Financials ( million) FY 2012/13 Sales 21,053 EBITDA 588 EBITDA margin 2.8% EBIT 299 EBIT margin 1.4% Capital Employed 1 3,239 Pre-tax RoCE (lease-adj.) 1 15.5% Capex 1 276 1 According to old reporting structure Operating Statistics FY 2012/13 Number of stores 948 Selling space (1,000 m²) 3,022 Average store size (m²) 3,188 Sales/Øm² ( ) 7,062 71
Real Financials ( million) FY 2012/13 Sales 10,366 EBITDA 296 EBITDA margin 2.9% EBIT 145 EBIT margin 1.4% Capital Employed 1 4,531 Pre-tax RoCE (lease-adj.) 1 5.6% Capex 1 50 1 According to old reporting structure Operating Statistics FY 2012/13 Number of stores 384 Selling space (1,000 m²) 2,758 Average store size (m²) 7,182 Sales/Øm² ( ) 3,578 72
Galeria Kaufhof Financials ( million) FY 2012/13 Sales 3,082 EBITDA 350 EBITDA margin 11.4% EBIT 229 EBIT margin 7.4% Capital Employed 1 1,770 Pre-tax RoCE (lease-adj.) 1 12.8% Capex 1 95 1 According to old reporting structure Operating Statistics FY 2012/13 Number of stores 137 Selling space (1,000 m²) 1,439 Average store size (m²) 10,504 Sales/Øm² ( ) 2,141 73
Sales Q1 2011/12 Q2 2011/12 Q3 2011/12 Q4 2011/12 FY 2011/12 Q1 2012/13 Q2 2012/13 Q3 2012/13 Q4 2012/13 FY 2012/13 million (Q4 2011) (Q1 2012) (Q2 2012) (Q3 2012) (Q4 2012) (Q1 2013) (Q2 2013) (Q3 2013) METRO Cash & Carry 8,573 7,284 7,952 7,794 31,602 8,606 7,078 7,716 7,765 31,165 Media - Saturn 6,562 4,983 4,538 4,801 20,884 6,648 5,084 4,525 4,796 21,053 Real 3,087 2,664 2,665 2,583 10,999 3,105 2,639 2,360 2,262 10,366 Galeria Kaufhof 1,026 705 686 705 3,122 996 695 679 712 3,082 Others 12 10 6 5 33 3 3 3 4 14 METRO GROUP 19,261 15,647 15,846 15,887 66,641 19,359 15,499 15,282 15,540 65,679 74
EBITDAR Before Special Items FY 2012/13 million old new METRO Cash & Carry 1,883 2,002 Media-Saturn 1,241 1,241 Real 595 581 Galeria Kaufhof 485 480 Real Estate 129 - Others 28 38 Consolidation -16 3 METRO GROUP 4,345 4,345 75
EBITDAR After Special Items FY 2012/13 million old new METRO Cash & Carry 1,825 1,958 Media-Saturn 1,178 1,178 Real 675 705 Galeria Kaufhof 471 465 Real Estate 178 - Others -19-18 Consolidation -15 4 METRO GROUP 4,291 4,291 76
EBITDA Before Special Items Q1 2012/13 Q2 2012/13 Q3 2012/13 Q4 2012/13 (Q4 2012) (Q1 2013) (Q2 2013) (Q3 2013) FY 2012/13 million old new old new old new old new old new METRO Cash & Carry 561 772 34 151 305 409 295 509 1,195 1,841 Media-Saturn 421 421 51 51-26 -26 142 142 588 588 Real 142 161 21 47 25 41 35 47 224 296 Galeria Kaufhof 185 221 3 30 29 53 30 46 248 350 Real Estate 349-204 - 227-270 - 1,051 - Others -15 49-12 20 7 89-19 0-39 159 Consolidation -16 2 0 2-5 -3-15 -5-36 -4 METRO GROUP 1,627 1,627 300 300 563 563 740 740 3,230 3,230 77
EBITDA After Special Items Q1 2012/13 Q2 2012/13 Q3 2012/13 Q4 2012/13 FY 2012/13 (Q4 2012) (Q1 2013) (Q2 2013) (Q3 2013) million old new old new old new old new old new METRO Cash & Carry 567 793 35 153 293 396 240 455 1,136 1,797 Media-Saturn 363 363 52 52-23 -23 122 122 515 515 Real 88 107 18 44 124 185 63 74 293 410 Galeria Kaufhof 185 222 3 30 15 39 29 45 233 335 Real Estate 351-204 - 253-265 - 1,073 - Others -64-12 -12 20 2 66-13 1-86 75 Consolidation -15 3 0 2-5 -3-12 -1-32 1 METRO GROUP 1,476 1,476 301 301 661 661 696 696 3,133 3,133 78
EBIT Before Special Items Q1 2012/13 Q2 2012/13 Q3 2012/13 Q4 2012/13 (Q4 2012) (Q1 2013) (Q2 2013) (Q3 2013) FY 2012/13 million old new old new old new old new old new METRO Cash & Carry 492 654-31 43 241 296 233 387 934 1,379 Media-Saturn 332 332-14 -14-94 -94 75 75 299 299 Real 106 116-7 11-2 6 9 13 106 145 Galeria Kaufhof 160 189-23 -3 4 26 3 16 144 229 Real Estate 241-125 - 151-179 - 696 - Others -44-22 -37-26 -19 44-48 -50-149 -54 Consolidation -15 4 1 3-3 -2-13 -3-30 2 METRO GROUP 1,273 1,273 14 14 276 276 437 437 2,000 2,000 79
EBIT After Special Items Q1 2012/13 Q2 2012/13 Q3 2012/13 Q4 2012/13 (Q4 2012) (Q1 2013) (Q2 2013) (Q3 2013) FY 2012/13 million old new old new old new old new old new METRO Cash & Carry 429 605-30 45 212 267 157 288 768 1,205 Media-Saturn 238 238-13 -13-91 -91 50 50 184 184 Real 25 32-23 -5 106 158 36 39 143 224 Galeria Kaufhof 160 190-23 -3-11 11 2 15 128 214 Real Estate 239-125 - 175-147 - 686 - Others -93-83 -37-27 -24 19-42 -54-197 -145 Consolidation -14 5 1 3-3 -2-10 0-26 6 METRO GROUP 985 985 1 1 362 362 339 339 1,688 1,688 80
RoCE Ø Capital Employed RoCE million FY 2011/12 FY 2012/13 FY 2011/12 FY 2012/13 METRO Cash & Carry 7,325 7,174 17.1% 16.0% Media-Saturn 3,236 3,239 17.6% 15.5% Real 4,924 4,531 5.6% 5.6% Galeria Kaufhof 1,828 1,770 12.2% 12.8% Real Estate 9,680 8,935 6.4% 8.6% Others 1,080 1,015-13.1% -11.9% Consolidation -4,876-4,708 0.0% 0.0% METRO GROUP 23,196 21,956 10.6% 11.1% Lease-adjusted: Net present value of lease obligations = Lease obligations discounted over the average remaining lease term of 7.5 years Capital employed = segment assets + NPV lease obligations + cash & cash equivalents deferred income trade payables other operating liabilities RoCE = EBIT before special items incl. interest portion lease obligations average capital employed METRO GROUP earned more than its cost of capital (pre-tax WACC: 9.6%) 81
Profit & Loss Q4 2012 Q1 2013 Q2 2013 Q3 2013 FY 2012/13 Net sales 19,359 15,499 15,282 15,540 65,679 Cost of sales -15,091-12,419-12,242-12,251-52,002 Gross profit on sales 4,268 3,080 3,040 3,289 13,677 Other operating income 556 334 391 474 1,756 Selling expenses -3,152-3,029-2,815-2,952-11,948 Genal administrative expenses -361-353 -324-346 -1,384 Other operating expenses -38-18 -16-28 -101 EBIT 1,273 14 276 437 2,000 Results from associates and joint ventures 0 0 1 5 6 Other investment result 12 0 0 7 19 Interest income 27 19 16 26 89 Interest expense -178-140 -142-145 -606 Other financial result 13-2 -59-31 -79 Net financial result -126-123 -184-138 -571 EBT 1,147-109 92 299 1,429 Income taxes -582 106-91 -281-849 Profit or loss for the period 565-3 1 18 580 attributable to non-controlling interests 93 1-18 24 99 attributable to shareholders of METRO AG 472-4 19-6 481 EPS ( ) 1.44-0.01 0.06-0.02 1.47 82
Sales by Division and Country METRO Cash & Carry Media-Saturn Real Kaufhof Others METRO GROUP million FY 2012/13 FY 2012/13 FY 2012/13 FY 2012/13 FY 2012/13 FY 2012/13 Germany 4,837 9,839 8,043 2,899 6 25,623 Austria 786 1,116 1,903 Belgium 1,162 682 183 2,027 Denmark 236 4 240 France 4,083 11 4,094 Italy 1,710 2,199 3,909 Luxemburg 54 54 Netherlands 1,118 1,312 2,431 Portugal 350 116 466 Spain 1,206 1,541 2,748 Sweden 612 612 Switzerland 692 692 Western Europe (ex. Germany) 10,668 8,341 183 19,192 Bulgaria 373 373 Croatia 216 216 Czech Republic 1,056 1,056 Greece 301 178 479 Hungary 462 170 632 Kazachstan 131 131 Moldova 81 81 Poland 1,539 940 1,083 3,561 Romania 977 482 1,459 Russia 4,277 1,030 480 5,788 Serbia 189 189 Slovakia 392 392 Turkey 1,216 501 256 1,973 Ukraine 828 22 850 Eastern Europe 12,037 2,819 2,323 17,179 China 2,095 54 8 2,157 Egypt 68 68 India 419 419 Japan 261 261 Pakistan 263 263 Vietnam 516 516 Asia/Africa 3,623 54 8 3,684 TOTAL 31,165 21,053 10,366 3,082 14 65,679 83
Contact Investor Relations Metro-Straße 1 40235 Düsseldorf Germany Tel.: +49 (0)211 6886-1051 Fax: +49 (0)211 6886-3759 Email: investorrelations@metro.de Internet: www.metrogroup.de 84