MADE TO TRADE. METRO GROUP Fixed Income Investor Update 2012 Frankfurt Paris London Helsinki - Copenhagen September 2012 METRO AG 2012
Disclaimer and Notes To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements (including within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended). 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, including (without limitation) future market and economic conditions, the behaviour of other market participants, the ability to successfully 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. 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 GROUP. All numbers are before special items, unless otherwise stated. For more information regarding the application of accounting methods please refer to the notes in the Annual Report 2011. 1
Contents H1/Q2 2012 3 Strategic Priorities 9 Finance Strategy 22 Appendix 30 2
Highlights H1/Q2 2012 Customer relevance increased and priorities met Sales Development ( ) 2011 2012 Priority #1: Sales Growth Sustainable sales growth despite tough trading conditions 0.1% 2.2% 1.8% Priority #1.1: Safeguard EBIT EBIT in Q2 ahead of prior year due to efficiency improvements more than offsetting investments into customer value Significant cash flow and net working capital improvement Net debt reduction -0.1% Q1 Q2-1.3% -2.1% Q3 Q4 Q1 Q2 EBIT in million 2011 2012 1,307 614 306 314 2012 sales and EBIT guidance reiterated 145-9 Q1 Q2 Q3 Q4 Q1 Q2 3
Q2 Sales and EBIT by Division Sales Like-for-Like EBIT Change million Q2 2012 Change Q2 2012 Change Metro Cash & Carry 7,952 2.0% -0.3% 246-16 Real 2,665-1.9% -1.0% 17 5 Media-Saturn 4,538 4.5% 1.7% -59-15 Galeria Kaufhof 686-2.3% -2.8% 1 5 Real Estate - - - 146 8 Other 6-47.0% - -36 17 Consolidation - - - -1 4 METRO GROUP 15,846 1.8% - 314 8 Metro Cash & Carry: EBIT decline much less pronounced than in Q1 as cost saving initiatives are paying off Media-Saturn: Very strong like-for-like sales and EBIT growth in Germany Real, Galeria Kaufhof, Real Estate and Other: Improved EBIT 4
Key Financials 30/06/2011 30/06/2012 Change New store openings 20 28 8 Change in net working capital ( m) -3,617-3,028 589 Cash flow from operating activities ( m) -3,263-2,913 350 Cash Capex ( m) -556-740 -184 Net debt ( m) 8,396 8,206-190 H1 - Net working capital improved significantly - Strong improvement in operating cash flow - Lower net debt despite higher cash capex for expansion Q2 - Net financial result improved by 62 million due to lower interest expenses as well as a better other financial result - EPS before special items increased in Q2 to 0.34 from 0.20 5
Transformation Progresses Sales divisions gain market share in many countries Delivery sales grew by nearly 40% Group-wide own brand sales share grew to nearly 12% Rollout of successful Trader support programme at Metro Cash & Carry and further development of franchise concept Remodellings at Real and Galeria Kaufhof deliver positive customer response in million 230 325 Q1 504 Own brand sales Delivery Sales Share of Total Sales Q2 2012 273 408 Q2 +37% Change y-o-y Metro Cash & Carry 16.9% 100 bps Real 13.1% 50 bps Media-Saturn 0.9% 60 bps Galeria Kaufhof 18.2% -60 bps METRO GROUP 11.7% 70 bps 554 2010 2011 2012 2010 2011 2012 6
Transformation @ Media-Saturn Overall market share gains in 9 countries German sales growth overtook online market growth Number of SKUs significantly increased; general in-store pick-up rate of c.40% Acquisition of Russian e-tailer 003.ru in July Online Sales at Media-Saturn ( million) Select Multichannel KPIs at Media-Saturn 322 197 Webshop visits Q2, in mil. Webshop conversion in %, June In-Store Pick-Up in %, per June SAT.DE 9.4 c.5.670 CE-articles 0.5 43.0 MM.DE 14.4 c.3.850 CE-articles 0.3 36.0 41 125 MM.AT 2.1 c.4.660 CE-articles 0.4 47.0 H1 2011 Multichannel 2012 Multichannel 2012 Redcoon MM.NL 6.8 c.10.750 CE-articles 1.0 9.0 7
Miscellaneous Disposal of Makro UK - Closing on 04/07/2012-9.08% stake in issued share capital of Booker Group plc - 15.8 million cash consideration Media-Saturn corporate governance - Establishment of an Advisory Board that decides about a significant number of key business activities of MSH with a simple majority of the votes was confirmed by the Higher Regional Court* and Court of Arbitration* - No question mark on consolidation Cost savings - July: Conclusion of our assessment on right-sizing central functions - To affect METRO AG, logistics, properties and IT - c. 120m EBIT contribution expected - In addition, the cost structures of our divisional headquarters are undergoing close scrutiny and benchmarking *legal process not yet closed 8
MADE TO TRADE. Strategic Priorities
What are Our Strategic Priorities? 2012 Priority 1: Sales Growth Priority 1.1: Safeguard EBIT Enhance Operating Cash Flow Improve Net Working Capital Maintain financial reliability 10
Metro Cash & Carry is The Backbone of our Business Sales 2011 EBIT* 2011 ROCE 2011 Metro Cash & Carry Metro Cash & Carry Other Sales Divisions 18.8% 47% 53% 44% 31% 11.8% 9% Other Sales Divisions 16% Properties (Metro Cash & Carry) Properties (Other Sales Divisions) Metro Cash & Carry METRO GROUP Owned Stores** 77% 23% Metro Cash & Carry Other Sales Divisions * ex Other ** Total number of property locations 687 11
Strategy Process at Metro Cash & Carry Strategic Target Picture Customer Target Group Management Assortment Services Solutions Operational Excellence COGS OPEX Supply Chain Management Additional Growth New Store Openings Delivery Food Service Delivery Review of our business model and our strategic approach in the focus countries An analysis of additional levers to generate value along the value chain Strict resource allocation following the defined priorities A clear midterm target setting 12
Transforming the Business Model Focussing the Organisation: - Today s profit / sales contribution - Future market growth - Strategic relevance - Need for turnaround Better Product Ranges: - Further strengthening our food competence, especially in ultra-fresh - Regaining non-food competence - Increase own brand share to more than 20% mid-term Better Customer Services: - Increase delivery sales as a major customer value driver to more than 10% mid-term - Enhance solutions offering - New store formats; Franchises Focus Countries CEO China France Germany Italy Poland Russia Kazakhstan Turkey Spain Portugal 425 COO MCC Executive Committee Region West Austria Belgium Czech Rep. Slovakia Denmark Netherlands CAGR: c.58% 597 CCMO Region East Bulgaria Croatia Egypt Greece Hungary Romania Moldova Serbia Ukraine 1,111 2008 2009 2010 COS Region Asia India 1,666 2011 12 20 25 29 Indonesia Japan Pakistan Vietnam CFO CHRO Delivery Sales in million Number of Countries 13
Focussing the Organisation: Makro UK Disposal All shares of Makro UK and 30 freehold properties sold to Booker Group plc Purchase price: 9.08% stake in Booker Group plc 15.8 million cash consideration Strategic partnership with Booker 1 Closed in July 2012 Debt- and cash-free transaction basis Pension liabilities remain within METRO GROUP c. -170 million non-cash, EBIT special item This transaction underscores our: - Focus on performance and earning cost of capital - Portfolio optimisation initiatives - Value creation measures 1 Subject to applicable competition law requirements Makro UK 52 wks ended 31/12/2011 Sales ( million) 766 * Non-tobacco 657 Tobacco 109 Reported EBIT ( million) -42 ** Stores 30 Average store size (sqm) 9,060 SKUs 29,000 Headcount (approx.) 3,000 * excl. other operating income ** incl. real estate and special items; excl. impairments 14
Profitable Growth Ahead Improve Increasing cost efficiencies Negotiating better procurement terms Improving net working capital through optimised inventory management Leveraging shared service centres Grow Strengthening our market positions Driving customer frequency through targeted price investments Increasing field force deployment and effectiveness Improving customer value (e.g. customer-led category management) Expand Opening c.40 new stores Driving densification especially in Turkey, China and Russia 15
Higher Returns from More Attractive & Efficient Hypermarkets Grow Fully remodelling 5 stores, in addition to 15 large concept remodellings Rolling out more than 400 concept modules Optimising our product ranges by better use of customer data Enlarging entrepreneurial store management Improve Continuing cost reduction measures Common sourcing of own brands Improving inventory management 16
Turning Challenges into Opportunities Transform Rolling out multichannel to all relevant markets Increasing number of SKUs online Enlarging Online Only e-commerce (especially Redcoon) Extending own brand offering Grow Gaining market share from implementing competitive EDLP strategy Rolling out competitive pricing strategy further The end of the price confusion. 17
Improved Set-up to Create Customer Value Improve Further reducing costs in headquarters and store back offices Negotiating better procurement terms also from pan-european bundling Achieving higher efficiencies from shifting the marketing mix Expand Shift from pure store-based to online business Shift from home turf expansion to emerging markets Focussing on smaller sized stores Taking the decision on China in 2012 Expansion Focus Home Turf Emerging Markets (TR, RU, CN) 18
A More Attractive and Profitable Department Store Grow Customer-led category management Introduction of new brands New own brand architecture Ramp up multichannel business Improve Continue strict inventory management Close 4 unprofitable stores Reallocate floor space from media to accessories and apparel Higher gross margin through better product mix Sales Space Reallocation (in 1,000 sqm) Decrease Increase 7 4-50 7 6 17 9 Media Shoes, Leather goods Womenswear & Boys- Menswear Lingerie Sports Other 19
Strong Real Estate Assets Worth 11 billion GERMANY 1,392,000 sqm sales area WESTERN EUROPE 1,520,000 sqm sales area EASTERN EUROPE 2,088,000 sqm sales area ASIA / AFRICA 514.000 sqm sales area Gross self-owned floor area MISC (rented to third parties, HQ, department stores) 1,392 sqm sales area METRO GROUP TOTAL 5,514,000 sqm sales area 687 owned stores: Book value of c. 7.1 billion (adj. for finance leases and tenant fittings) per 31/12/2011 20
Outlook 2012 Capex ( billion) 1.8 New store openings ~100 Sales growth (%) >0 EBIT before special items ( billion) ~2.4 21
MADE TO TRADE. Finance Strategy
METRO s Finance Strategy GROWTH PROFITABILITY DEBT Growth is mainly financed via cash flow Focus on debt capital markets Commitment to current BBB/A-2 rating Maintain high financial flexibility at all times Keep rating-relevant net debt roughly stable Focus on stable BBB investment grade rating and financial flexibility 23
Rating-relevant Net Debt Development 2001-2011 billion billion 16.0 14.0 12.0 14.8 14.9 14.2 13.6 13.2 11.7 12.2 12.4 12.5 13.0 75.0 70.0 10.0 8.0 7.9 65.0 60.0 6.0 4.0 2.0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 1.0 1.8 2.3 2011 55.0 50.0 45.0 * S&P methodology NPV Operating Leases* Provisions for pensions Finance Leases Net Debt on balance without Finance Leases Sales Net debt slightly decreased over time despite strong growth 24
METRO GROUP s Rating Rating Agency Long-term Rating* Short-term Rating* BBB A-2 Baa2 P-2 *each rating with negative outlook since 2012 Regular communication with both agencies Impact of major management decisions are communicated at an early stage Rating improvement targeted in the medium term Strong commitment to current credit quality with upside potential 25
Rating Development in the Retail Sector 1998 2012* AAA AA+ AA BBB- AA- A+ A A- BBB+ BBB NR * Standard & Poor s Long Term Issuer Credit Rating Definition Source: Bloomberg; September 2012 METRO Group with stable rating 26
Long-Term Maturity Profile million 1.250 1.000 750 Benchmark - Bonds Issued Maturity Nominal Outstanding ( ) Currency Coupon 28/11/2008 28/11/2013 500,000,000 EUR 9.38% 14/07/2009 14/07/2014 600,000,000 EUR 5.75% 05/03/2009 05/03/2015 1,000,000,000 EUR 7.63% 22/02/2010 22/02/2017 750,000,000 EUR 4.25% 01/03/2012 01/03/2019 500,000,000 EUR 3.38% 02/05/2012 02/05/2016 225,000,000 CHF 1.88% 500 250 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Promissory Notes (Schuldscheindarlehen) Bonds Extended and well-balanced maturity profile 27
METRO s Funding Tool Box 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 30/06/2012) billion 6 5 4 3 2 1 Undrawn Drawn Breakdown of credit facilities (as at 30/06/2012) Syndicated Loans Committed Bank Lines 19% 6% 45% Debt Issuance Programme 0 Debt Issuance Programme Commercial Paper Programme Committed Syndicated Loans Bank Loans & Committed bilateral Lines Promissory Notes 1) Uncommitted bilateral lines and notes payable are excluded Funding tool box gives flexibility during crises and volatile markets 30% Commercial Paper 28
Contact METRO GROUP Creditor Relations Schlueterstrasse 1 40235 Duesseldorf Germany Tel.: +49 (0)211 6886-1904 Fax: +49 (0)211 6886-1916 Email: creditorrelations@metro.de Internet: www.metrogroup.de 29
MADE TO TRADE. Appendix
Number of Stores by Division and Country Metro Cash & Carry Real Media-Saturn Galeria Kaufhof METRO GROUP Q2 H1 30/06/12 Q2 H1 30/06/12 Q2 H1 30/06/12 Q2 H1 30/06/12 Q2 H1 30/06/12 Germany 107-1 -2 314 +1 +4 393-4 -3 122-4 -1 936 Austria 12 44 56 Belgium +1 +1 12 21 15 +1 +1 48 Denmark 5 5 France 92 92 Italy 48 +1 +3 113 +1 +3 161 Luxemburg 2 2 Netherlands 17 +1 +1 39 +1 +1 56 Portugal 11-1 9-1 20 Spain 34 +2 68 +2 102 Sweden +1 25 +1 25 Switzerland 27 27 United Kingdom 30 30 Western Europe +1 +1 261 +4 +4 348 15 +5 +5 624 Bulgaria 14 14 Croatia 7 7 Czech Republic 13 13 Greece 9 10 19 Hungary 13 21 34 Kazakhstan +2 8 +2 8 Moldova 3 3 Poland +1 +2 41 54 61 +1 +2 156 Romania 32-1 -1 24-1 -1 56 Russia +3 +4 66 18 +1 +1 37 +4 +5 121 Serbia 9 9 Slovakia 6 6 Turkey 24 12 25 61 Ukraine 31 1 32 Eastern Europe +4 +8 276-1 -1 109 +1 +1 154 +4 +8 539 China +1 +3 55 7 +1 +3 62 Egypt 2 2 India +1 +2 11 +1 +2 11 Japan 9 9 Pakistan +4 9 +4 9 Vietnam +1 17 +1 17 Asia/Africa +2 +10 103 7 +2 +10 110 Total +7 +19 747-2 -3 423 +6 +9 902-4 -3 137 +7 +22 2.209 31
FY Sales by Division and Country Metro Cash & Carry Real Media-Saturn Galeria Kaufhof Other METRO GROUP million 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 Germany 5,302 5,152 8,441 8,304 9,087 9,266 3,251 3,107 48 35 26,130 25,865 Austria 793 792 1,078 1,083 1,871 1,875 Belgium 1,247 1,207 613 634 333 343 2,193 2,184 Denmark 237 234 2 237 236 France 3,900 3,996 597 233 4,497 4,229 Italy 1,834 1,797 2,524 2,327 4,358 4,124 Luxemburg 40 50 40 50 Netherlands 1,243 1,213 1,206 1,330 2,449 2,543 Portugal 419 391 150 134 569 525 Spain 1,311 1,292 1,793 1,626 3,104 2,918 Sweden 523 531 523 531 Switzerland 757 761 757 761 UK 928 883 928 883 Western Europe 11,912 11,805 9,283 8,712 333 343 21,528 20,859 Bulgaria 416 382 416 382 Croatia 285 250 285 250 Czech Republic 1,162 1,148 1,162 1,148 Greece 352 325 240 204 593 529 Hungary 612 548 192 191 804 739 Kazachstan 37 109 37 109 Moldova 75 77 75 77 Poland 1,970 1,754 1,403 1,273 917 869 4,290 3,895 Romania 1,137 1,059 694 627 1,831 1,686 Russia 2,930 3,422 603 722 695 873 4,228 5,017 Serbia 198 208 198 208 Slovakia 428 417 428 417 Turkey 998 1,003 329 277 371 398 1,698 1,678 Ukraine 807 791 27 28 835 819 Eastern Europe 11,407 11,492 3,058 2,926 2,415 2,534 16,880 16,953 China 1,304 1,535 9 92 238 228 1,551 1,854 Egypt 25 40 25 40 India 201 250 201 250 Japan 207 264 207 264 Morocco 194 0 194 0 Pakistan 128 150 128 150 Vietnam 416 466 416 466 Asia/Africa 2,474 2,706 9 92 238 228 2,720 3,025 TOTAL 31,095 31,155 11,499 11,230 20,794 20,604 3,584 3,450 286 263 67,258 66,702 32
Funding Refinancing 2012 and long-term financing for 2013 already completed million 1.250 Rating metrics within investment grade territory: Standard & Poor s: BBB/A2, negative outlook Moody s: Baa2/P2, negative outlook 1.000 750 500 250 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 30% Rating metrics 2.5x Promissory Notes (Schuldscheindarlehen) Bonds BBB + 2.9x 25% 3.2x 3.1x 3.0x 20% 21.6% 21.9% BBB 3.4x 3.5x BBB- 22.8% 24.2% 22.1% 3.5x Net Debt / EBITDA (RHS) Funds from Operations / Net Debt (LHS) 15% 4.0x 2007 2008 2009 2010 2011 Own calculation according to S&P methodology 33
Metro Cash & Carry Financials ( million) 2001 2002 2003 2004 2005 2006 2007 2008* 2009* 2010* 2011* Sales 22,726 23,972 25,093 26,442 28,087 29,907 31,698 33,143 30,613 31,095 31,155 Change yoy in % 8.1% 5.5% 4.7% 5.4% 6.2% 6.5% 6.0% 4.6% -7.6% 1.6% 0.2% Change yoy in % - LC 8.8% 6.4% 7.7% 5.6% 4.4% 6.2% 5.7% 5.4% -2.5% -0.6% 1.4% Change yoy in % - lfl (LC) - 1.4% 1.6% 1.1% -0.3% 1.9% 2.2% 2.4% -4.9% -1.7% 0.1% EBITDA 972 1,078 1,200 1,280 1,377 1,510 1,631 1,406 1,165 1,374 1,408 Change yoy in % 11.4% 10.9% 11.2% 6.7% 7.6% 9.6% 8.0% - -17.2% 18.0% 2.4% EBITDA margin 4.3% 4.5% 4.8% 4.8% 4.9% 5.0% 5.1% 4.2% 3.8% 4.4% 4.5% EBIT** 716 805 904 963 1,013 1,111 1,243 1,139 936 1,104 1,148 Change yoy in % 11.7% 12.4% 12.3% 6.5% 5.1% 9.7% 11.9% - -17.8% 17.9% 4.0% EBIT margin 3.2% 3.4% 3.6% 3.6% 3.6% 3.7% 3.9% 3.4% 3.1% 3.6% 3.7% Capital Employed - - - - - - - 5,648 6,050 6,368 7,137 Pre-tax RoCE (lease-adj.) - - - - - - - 23.4% 18.9% 20.6% 18.8% Capex 839 750 737 619 900 880 859 336 220 499 799 * New segment reporting structure 35,000 32,500 30,000 27,500 25,000 22,500 20,000 17,500 15,000 12,500 10,000 7,500 5,000 2,500 0 Sales and EBIT Margin 01 02 03 04 05 06 07 08 09 10 11 Sales ( million) EBIT margin 4% 3% 2% 1% 0% ** until 2003: EBITA Operating Statistics 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Number of stores 384 437 475 504 544 584 615 655 668 687 728 Selling space (1,000 sqm) 3,182 3,423 3,725 3,952 4,218 4,507 4,875 5,176 5,291 5,355 5,517 Change yoy in % 7.1% 7.5% 8.8% 6.1% 6.7% 6.9% 8.2% 6.2% 2.2% 1.2% 3.0% Average store size (sqm) 8,287 7,832 7,841 7,841 7,754 7,717 7,927 7,902 7,921 7,795 7,578 Sales/Øsqm ( ) 7,386 7,259 7,021 6,889 6,876 6,856 6,757 6,595 5,849 5,842 5,731 2011 Regional Sales Breakdown Asia/Africa Germany 9% 16% Eastern Europe 37% 38% Western Europe 34
Real Financials** ( million) 2001 2002 2003 2004 2005 2006 2007 2008* 2009* 2010* 2011* Sales 8,375 8,198 8,205 8,182 8,192 8,775 11,003 11,635 11,298 11,499 11,230 Sales and EBIT Margin Change yoy in % 2.6% -2.1% 0.1% -0.3% 0.1% 7.1% 25.4% 5.8% -2.9% 1.8% -2.3% Change yoy in % - LC 3.0% -1.1% 1.2% 0.0% -1.2% 7.1% 25.0% 5.4% 1.3% 0.2% -1.4% 12,000 4% Change yoy in % - lfl (LC) - -1.4% 0.1% -2.2% -4.7% -2.5% -0.1% 4.4% 0.0% 0.1% -0.8% EBITDA 353 372 384 352-121 192 160 191 226 321 321 Change yoy in % 28.0% 5.3% 3.1% -8.3% - 45.4% -16.7% - 18.3% 42.7% -0.3% EBITDA margin 4.2% 4.5% 4.7% 4.3% -1.5% 2.2% 1.5% 1.6% 2.0% 2.8% 2.9% 10,000 8,000 6,000 3% 2% EBIT*** 202 228 242 219-2 19-16 6 52 132 134 Change yoy in % 46.0% 13.5% 5.9% -9.3% - - - - - - 1.2% EBIT margin 2.4% 2.8% 2.9% 2.7% 0.0% 0.2% -0.2% 0.1% 0.5% 1.1% 1.2% Capital Employed - - - - - - - 5,161 5,117 5,213 5,184 Pre-tax RoCE (lease-adj.) - - - - - - - 3.2% 4.1% 5.6% 5.5% Capex 248 160 174 110 255 854 345 250 193 156 166 4,000 2,000 0 01 02 03 04 05 06 Sales ( million) 07 08 09 10 EBIT margin 11 1% 0% * New segment reporting structure ** excluding Extra *** until 2003: EBITA Operating Statistics** 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Number of stores 277 278 289 306 328 442 434 439 441 429 426 Selling space (1,000 sqm) 2,016 2,019 2,078 2,135 2,242 3,158 3,103 3,148 3,184 3,107 3,082 Change yoy in % 0.5% 0.1% 3.0% 2.7% 5.0% 40.9% -1.7% 1.4% 1.1% -2.4% -0.8% Average store size (sqm) 7,279 7,262 7,192 6,977 6,835 7,145 7,150 7,171 7,220 7,242 7,235 Sales/Øsqm ( ) 4,165 4,063 4,005 3,884 3,743 3,250 3,515 3,723 3,569 3,656 3,629 2011 Regional Sales Breakdown Eastern Europe 26% 74% Germany 35
Media-Saturn Financials ( million) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Sales 8,341 9,583 10,563 12,210 13,306 15,156 17,444 18,993 19,693 20,794 20,604 Sales and EBIT Margin Change yoy in % 9.5% 14.9% 10.2% 15.6% 9.0% 13.9% 15.1% 8.9% 3.7% 5.6% -0.9% Change yoy in % - LC 9.1% 14.8% 11.0% 15.8% 8.5% 13.9% 14.2% 8.4% 5.5% 4.3% -1.0% Change yoy in % - lfl (LC) - 3.2% 0.9% 4.6% -1.4% 3.0% 2.6% -2.1% -0.4% -1.2% -4.3% EBITDA 368 431 506 612 679 776 818 839 851 876 809 Change yoy in % -1.9% 17.0% 17.6% 20.8% 11.0% 14.4% 5.4% - 1.4% 2.9% -7.6% 20,000 17,500 15,000 7% 6% 5% 4% EBITDA margin 4.4% 4.5% 4.8% 5.0% 5.1% 5.1% 4.7% 4.4% 4.3% 4.2% 3.9% EBIT* 228 290 360 452 510 587 610 603 608 625 542 Change yoy in % -16.1% 27.0% 24.3% 25.5% 12.8% 15.2% 3.9% - 0.8% 2.8% -13.4% EBIT margin 2.7% 3.0% 3.4% 3.7% 3.8% 3.9% 3.5% 3.2% 3.1% 3.0% 2.6% 12,500 10,000 7,500 3% 2% 1% Capital Employed - - - - - - - 2,790 2,849 3,150 3,556 5,000 0% Pre-tax RoCE (lease-adj.) - - - - - - - 26.8% 27.0% 25.5% 20.2% 01 02 03 04 05 06 07 08 09 10 11 Capex 264 350 229 261 315 370 463 402 353 362 434 Sales ( million) EBIT margin * until 2003: EBITA Operating Statistics 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Number of stores 357 386 436 503 558 621 702 768 818 877 893 Selling space (1,000 sqm) 976 1,129 1,307 1,514 1,704 1,914 2,213 2,439 2,633 2,829 2,880 Change yoy in % 14.6% 15.6% 15.8% 15.8% 12.6% 12.3% 15.6% 10.2% 8.0% 7.4% 1.8% Average store size (sqm) 2,735 2,925 2,999 3,010 3,054 3,082 3,152 3,176 3,219 3,226 3,225 Sales/Øsqm ( ) 9,126 9,105 8,671 8,656 8,270 8,379 8,454 8,166 7,765 7,614 7,218 2011 Regional Sales Breakdown Eastern Europe Asia 1% 12% 45% Germany Western Europe 42% 36
Galeria Kaufhof Financials ( million) 2001 2002 2003 2004 2005 2006 2007 2008* 2009* 2010* 2011* Sales 3,971 3,900 3,819 3,768 3,575 3,609 3,556 3,607 3,539 3,584 3,450 Sales and EBIT Margin Change yoy in % 0.8% -1.8% -2.1% -1.3% -5.1% 0.9% -1.5% -1.1% -1.9% 1.3% -3.7% Change yoy in % - lfl -3.7% -4.5% -2.2% -1.2% -4.8% -0.6% -1.7% -1.4% -2.2% 1.2% -3.4% EBITDA 349 292 249 199 189 192 211 223 223 233 219 Change yoy in % 7.9% -16.3% -14.7% -19.9% -5.4% 1.8% 10.0% - 0.2% 4.7% -5.8% 4,000 3,000 7% 6% 5% EBITDA margin 8.8% 7.5% 6.5% 5.3% 5.3% 5.3% 5.9% 6.2% 6.3% 6.5% 6.4% EBIT** 190 139 99 57 69 82 107 115 119 138 121 Change yoy in % 4.8% -26.8% -28.4% -43.6% 21.8% 18.1% 31.3% - 3.4% 16.5% -12.5% EBIT margin 4.8% 3.6% 2.6% 1.5% 1.9% 2.3% 3.0% 3.2% 3.4% 3.9% 3.5% Capital Employed - - - - - - - 2,066 2,019 1,899 1,928 2,000 1,000 4% 3% 2% 1% Pre-tax RoCE (lease-adj.) - - - - - - - 9.8% 10.2% 11.8% 10.5% 0 0% Capex 202 120 104 120 96 151 107 128 57 104 124 * New segment reporting structure; since 2009 including Dinea 01 02 03 04 05 06 Sales ( million) 07 08 09 10 11 EBIT margin ** until 2003: EBITA Operating Statistics 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Number of stores 148 150 148 147 142 142 141 141 141 138 140 Selling space (1,000 sqm) 1,440 1,456 1,457 1,473 1,465 1,487 1,486 1,489 1,501 1,480 1,475 Change yoy in % 9.1% 1.1% 0.1% 1.0% -0.5% 1.5% -0.1% 0.2% 0.7% -1.4% -0.3% Average store size (sqm) 9,728 9,706 9,847 10,018 10,318 10,473 10,539 10,567 10,645 10,725 10,536 Sales/Øsqm ( ) 2,879 2,693 2,622 2,572 2,434 2,445 2,392 2,363 2,367 2,405 2,335 2011 Regional Sales Breakdown Western Europe 10% 90% Germany 37
Real Estate: Unique International Asset Base Total Owned* Number of stores Selling space (1,000 sqm) Number of stores Selling space (1,000 sqm) Share of selling space Metro Cash & Carry 728 5,517 529 4,107 74% Real 426 3,082 78 605 20% Media-Saturn 893 2,880 16 94 3% Galeria Kaufhof 140 1,475 64 790 54% METRO GROUP 2,187 12,954 687 5,595 43% Germany 937 5,792 141 1,392 24% Western Europe 619 3,030 205 1,517 50% Eastern Europe 531 3,504 262 2,172 62% Asia/Africa 100 628 79 515 82% Misc. (leased to third parties, HQ, warehouses, etc.) Owned* Gross floor area (1,000 sqm) 1,355 * IAS 16 as at 31/12/2011 38