MADE TO TRADE. Goldman Sachs 18 th Annual Global Retailing Conference. Dr Eckhard Cordes, CEO 8 September 2011 METRO AG 2011

Transcription

1 MADE TO TRADE. Goldman Sachs 18 th Annual Global Retailing Conference Dr Eckhard Cordes, CEO 8 September 2011 METRO AG 2011

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 (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. Please note that new accounting standards have been applied. More information regarding the application of accounting methods refer to the notes to the Annual Report Extra s activities are disclosed as discontinued operations in 2007 and Figures at Other are adjusted for Adler s activities in 2007, 2008 and The figures in this presentation are rounded to provide a better overview. The calculation of deviations is based on figures incl. fractions. Therefore rounding differences can occur. 1

3 METRO GROUP at a Glance: 67bn Sales & 2.4bn EBIT Sales billion 11.5 billion 20.8 billion 3.6 billion - EBIT million 132 million 625 million 138 million 698 million Stores* Countries* Profile Worldwide market leader in B2B self-service wholesaling Leading hypermarket retailer in Germany and select Eastern European countries Europe s No. 1 in consumer electronics retailing Concept and systems leader in Germany s department store segment Strong international real estate portfolio *As at 30/06/2011 2

4 Our Five Value Drivers Customer orientation Internationalisation Efficiency Innovation Sustainability 3

5 Leading Global Cash & Carry Wholesaler Customer Orientation Delivery Building customer target group management via strengthened field force Extending own brand assortments Profitably growing the delivery service offering in all countries (already more than 1 billion in sales) Increasing customer proximity Developing inner-city stores, Drive-ins, Satellite stores Growing international share of sales (already over 80%) Opening around 40 new stores Entering into Indonesia in 2012 Generating high RoCE (already >20%) due to capital efficient model Innovation New Store Formats Internationalisation Efficiency MADE TO TRADE. Goldman Sachs 18th Global Retailing Conference 8 September 2011 METRO AG

6 Leading Hypermarket Player Customer Orientation Rolling out new customer-centric concept modules Introducing more own brands Improving shelf space allocation, assortment, product placement, store layout Efficiency Trialling entrepreneurial management with store managers as partners Improving staff planning and energy efficiency Targeting 2-3% EBIT margin Innovation Developing and enlarging the webshop further Testing the Real Drive (online ordering and pick-up at warehouse location) 5

7 European Market Leader in Consumer Electronics Retailing Multichannel Innovation Online only Launching Saturn s webshop in October (Mediamarkt: January 2012) Rolling out to all other countries in 2012 Gaining further online market share (Redcoon acquisition etc.) and tapping new customer groups Customer Orientation Reducing prices and optimising marketing to drive frequency Introducing own brand ranges into more countries across Europe Internationalisation Tapping the huge potential in China Opening around 70 new stores p.a Efficiency Introducing further cost savings measures to sharpen price profile 6

8 Best-in-Class German & Belgian Department Store Customer Orientation Increasing marketing effectiveness by optimising customer data analysis Improving space allocation in favour of high-margin product categories, especially accessories, clothing and shoes Efficiency Optimising ordering and markdown processes Achieving negative net working capital Improving energy efficiency Localising department stores Innovation Re-launching the webshop to include fashion Introducing a new lifestyle-orientated outdoor concept ("Wanderzeit") 7

9 Key Messages Best-in-class formats Unique international footprint Clear focus on returns and capital efficiency Greener, more sustainable and responsible going forward METRO GROUP well positioned for future profitable growth 8

10 MADE TO TRADE. Goldman Sachs 18 th Annual Global Retailing Conference Dr Eckhard Cordes, CEO 8 September 2011 METRO AG 2011

11 Appendix

12 Outlook * Medium-Term Capex ( billion) > 2.2 New store openings 38 > 40 > 40 2 ~ 5 > ~ 60 > ) - Sales growth (%) 2.6 > 0 > 6 EBIT before special items ( million) 2,415 Increase ~ 10% Increase > 10% 1) Sportarena * For full particulars please refer to H1/Q2 Half-Year Financial Report, p. 9 11

13 Shape Targets 1.5 billion EBIT Potential Efficiency- and value-enhancing programme Shape 2012 well on track Decentralised organisation structure set up 800 million in cost reductions to be largely effective in 2011 Focus now on productivity gains (gross margin and sales enhancing measures) million 700 Metro Cash & Carry 400 Real 250 Media Markt and Saturn 50 Galeria Kaufhof 50 Real Estate Productivity Gains 800 Cost Reductions Other 1,500 EBIT effect Shape 2012 GER ~40% WE ~30% EE Asia ~30% Indicative regional split Market conditions, price investments Net EBIT effect 2012 illustrative 12

14 527m Already Delivered since Launch million 2,222 Shape Contribution of 527 million ,415 Achievement of 2012 METRO GROUP Shape Targets 98% 29% 108% 21% 14 % 116% 16 % 13 % 112% 4% 111% 15% 12 % 5% 117% 8% 111% 5% 7% 4% 30% 28% 108% 3% 3% 20% % 17% 40% 42% 44% 39% 37% 23% 31% 21% 30% 17% 26% 30% 10 % 15% 51% 51% 0% 13 % 9% 3% 15% 7% 18% 28% 23% 25% 34% EBIT 2008 Expansion Market conditions, price investments Surplus real estate contribution Shape contribution EBIT /03/09 30/06/09 30/09/09 31/12/09 31/03/10 30/06/10 30/09/10 31/12/10 31/03/11 30/06/11 1 Idea 2 Evaluated 3 Approved 4 Implemented 5 Effective 13

15 Expected Shape Special Items Shape Special Items Special Items by Division [ ] million (EBIT) 343 Other 27% Metro Cash & Carry 27% Galeria Kaufhof 11% Media Markt and Saturn 28% Real 7% ~150 Special Items by Type [ ] Other Concept 10% adjustments 17% 34% Personnel E 39% Closures 14

16 Sales by Region million CAGR '02 - '10 Germany 27,691 28,300 26,541 25,948 24,824 26,133 26,665 26,511 26, % Western Europe (excl. Germany) 15,308 16,264 17,148 17,976 19,439 20,532 20,993 20,932 21, % Eastern Europe 7,524 8,053 8,707 10,614 12,592 15,680 18,084 15,766 16, % Asia/Africa 1, ,079 1,184 1,424 1,865 2,213 2,320 2, % METRO GROUP 51,526 53,595 53,475 55,722 58,279 64,210 67,955 65,529 67, % 15

17 Sales and EBIT by Region Germany Western Europe Eastern Europe Asia / Africa METRO GROUP Countries No. of stores (Δ YTD) 939 (-3) 598 (-29) 499 (+21) 87 (+3) 2,123 (-8) H1 Sales ( million) Δ H1 Δ Q2 11,969 Δ: -1.7% Δ: -0.8% 9,813 Δ : -1.7%; ΔLC:-2.3% Δ : -1.4%; ΔLC:-1.8% 7,977 Δ : +2.9%; ΔLC:+3.5% Δ : +3.2%; ΔLC:+5.2% 1,496 Δ : +14.3%; ΔLC:+17.7% Δ :+4.7%;ΔLC:+15.7% 31,255 Δ : +0.1%; ΔLC:+0.2% Δ : +0.2%; ΔLC:+1.0% Share of sales 38% 31% 26% 5% 100% H1 EBIT* ( m) (Δ YoY) Q2 EBIT* ( m) (Δ YoY) -26 (-18) 3 (-34) 194 (-19) 131 (-4) 291 (+19) 183 (+3) -12 (+1) -10 (+7) 452 (-18) 306 (-28) * pre-consolidation As at 30 June

18 EBIT by Region Germany Western Europe Eastern Europe Asia/Africa -11% +45% +20% -47% 1,026 1, Change vs vs million (pre-consolidation) 17

19 Sales by Division and Country Metro Cash & Carry Real Media Markt and Saturn Galeria Kaufhof Other METRO GROUP million Germany 5,454 5,302 8,593 8,441 9,114 9,087 3,217 3, ,511 26,130 Austria ,078 1,759 1,871 Belgium 1,280 1, ,144 2,193 Denmark France 3,908 3, ,491 4,497 Italy 1,857 1,834 2,354 2,524 4,212 4,358 Luxemburg Netherlands 1,259 1,243 1,098 1,206 2,356 2,449 Portugal Spain 1,321 1,311 1,758 1,793 3,078 3,104 Sweden Switzerland UK Western Europe 12,072 11,912 8,538 9, ,932 21,528 Bulgaria Croatia Czech Republic 1,223 1,162 1,223 1,162 Greece Hungary Kazachstan Moldova Poland 1,830 1,970 1,316 1, ,102 4,290 Romania 1,226 1, ,897 1,831 Russia 2,594 2, ,436 4,228 Serbia Slovakia Turkey ,328 1,698 Ukraine Eastern Europe 11,020 11,407 2,705 3,058 2,041 2,415 15,766 16,880 China 1,087 1, ,340 1,551 Egypt India Japan Morocco Pakistan Vietnam Asia/Africa 2,067 2, ,320 2,720 TOTAL 30,613 31,095 11,298 11,499 19,693 20,794 3,539 3, ,529 67,258 18

20 Number of Stores by Division and Country Metro Cash & Carry Real Media Markt and Saturn Galeria Kaufhof METRO GROUP Q2 H1 30/06/11 Q2 H1 30/06/11 Q2 H1 30/06/11 Q2 H1 30/06/11 Q2 H1 30/06/11 Germany Austria Belgium Denmark 5 5 France Italy Luxemburg 2 2 Netherlands Portugal Spain Sweden Switzerland United Kingdom Western Europe Bulgaria Croatia 6 6 Czech Republic Greece Hungary Kazakhstan 5 5 Moldova 3 3 Poland Romania Russia Serbia Slovakia 6 6 Turkey Ukraine Eastern Europe China Egypt 2 2 India 6 6 Japan 9 9 Pakistan 5 5 Vietnam Asia/Africa Total ,123 19

21 Metro Cash & Carry Financials ( million) * 2009* 2010* Sales 21,032 22,726 23,972 25,093 26,442 28,087 29,907 31,698 33,143 30,613 31,095 Change yoy in % 8.0% 8.1% 5.5% 4.7% 5.4% 6.2% 6.5% 6.0% 4.6% -7.6% 1.6% Change yoy in % - LC 7.2% 8.8% 6.4% 7.7% 5.6% 4.4% 6.2% 5.7% 5.4% -2.5% -0.6% Change yoy in % - lfl (LC) % 1.6% 1.1% -0.3% 1.9% 2.2% 2.4% -4.9% -1.7% EBITDA ,078 1,200 1,280 1,377 1,510 1,631 1,406 1,165 1,374 Change yoy in % 9.9% 11.4% 10.9% 11.2% 6.7% 7.6% 9.6% 8.0% % 18.0% EBITDA margin 4.2% 4.3% 4.5% 4.8% 4.8% 4.9% 5.0% 5.1% 4.2% 3.8% 4.4% EBIT** ,013 1,111 1,243 1, ,104 Change yoy in % 6.9% 11.7% 12.4% 12.3% 6.5% 5.1% 9.7% 11.9% % 17.9% EBIT margin 3.0% 3.2% 3.4% 3.6% 3.6% 3.6% 3.7% 3.9% 3.4% 3.1% 3.6% Capital Employed ,648 6,050 6,368 Pre-tax RoCE (lease-adj.) % 18.9% 20.6% Capex * New segment reporting structure 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Sales Sales ( million) ** until 2003: EBITA Operating Statistics Number of stores Selling space (1,000 sqm) 2,972 3,182 3,423 3,725 3,952 4,218 4,507 4,875 5,176 5,291 5,355 Change yoy in % 6.6% 7.1% 7.5% 8.8% 6.1% 6.7% 6.9% 8.2% 6.2% 2.2% 1.2% Average store size (sqm) 8,419 8,287 7,832 7,841 7,841 7,754 7,717 7,927 7,902 7,921 7,795 Sales/Øsqm ( ) 7,304 7,386 7,259 7,021 6,889 6,876 6,856 6,757 6,595 5,849 5, Regional Sales Breakdown Asia/Africa Germany 8% 17% Eastern Europe 37% 38% Western Europe 20

22 Real Financials** ( million) * 2009* 2010* Sales 8,166 8,375 8,198 8,205 8,182 8,192 8,775 11,003 11,635 11,298 11,499 Sales and EBIT Margin Change yoy in % 2.4% 2.6% -2.1% 0.1% -0.3% 0.1% 7.1% 25.4% 5.8% -2.9% 1.8% Change yoy in % - LC 2.3% 3.0% -1.1% 1.2% 0.0% -1.2% 7.1% 25.0% 5.4% 1.3% 0.2% 12,000 4% Change yoy in % - lfl (LC) % 0.1% -2.2% -4.7% -2.5% -0.1% 4.4% 0.0% 0.1% EBITDA Change yoy in % 13.6% 28.0% 5.3% 3.1% -8.3% % -16.7% % 42.7% EBITDA margin 3.4% 4.2% 4.5% 4.7% 4.3% -1.5% 2.2% 1.5% 1.6% 2.0% 2.8% 10,000 8,000 6,000 3% 2% EBIT*** Change yoy in % 15.2% 46.0% 13.5% 5.9% -9.3% EBIT margin 1.7% 2.4% 2.8% 2.9% 2.7% 0.0% 0.2% -0.2% 0.1% 0.5% 1.1% Capital Employed ,161 5,117 5,213 Pre-tax RoCE (lease-adj.) % 4.1% 5.6% Capex ,000 2, Sales EBIT margin 1% 0% * New segment reporting structure ** excluding Extra *** until 2003: EBITA Operating Statistics** Number of stores Selling space (1,000 sqm) 2,006 2,016 2,019 2,078 2,135 2,242 3,158 3,103 3,148 3,184 3,107 Change yoy in % 0.6% 0.5% 0.1% 3.0% 2.7% 5.0% 40.9% -1.7% 1.4% 1.1% -2.4% Average store size (sqm) 7,267 7,279 7,262 7,192 6,977 6,835 7,145 7,150 7,171 7,220 7,242 Sales/Øsqm ( ) 4,058 4,165 4,063 4,005 3,884 3,743 3,250 3,515 3,723 3,569 3, Regional Sales Breakdown Eastern Europe 27% 73% Germany 21

23 Media Markt and Saturn Financials ( million) Sales 7,619 8,341 9,583 10,563 12,210 13,306 15,156 17,444 18,993 19,693 20,794 Change yoy in % 24.0% 9.5% 14.9% 10.2% 15.6% 9.0% 13.9% 15.1% 8.9% 3.7% 5.6% Change yoy in % - LC 23.8% 9.1% 14.8% 11.0% 15.8% 8.5% 13.9% 14.2% 8.4% 5.5% 4.3% Change yoy in % - lfl (LC) % 0.9% 4.6% -1.4% 3.0% 2.6% -2.1% -0.4% -1.2% EBITDA Change yoy in % 17.9% -1.9% 17.0% 17.6% 20.8% 11.0% 14.4% 5.4% - 1.4% 2.9% 20,000 17,500 15,000 Sales and EBITDA Margin Ø +10.6% p.a. 7% 6% 5% 4% EBITDA margin 4.9% 4.4% 4.5% 4.8% 5.0% 5.1% 5.1% 4.7% 4.4% 4.3% 4.2% EBIT* Change yoy in % 17.8% -16.1% 27.0% 24.3% 25.5% 12.8% 15.2% 3.9% - 0.8% 2.8% EBIT margin 3.6% 2.7% 3.0% 3.4% 3.7% 3.8% 3.9% 3.5% 3.2% 3.1% 3.0% 12,500 10,000 7,500 3% 2% 1% Capital Employed ,790 2,849 3,150 5,000 0% Pre-tax RoCE (lease-adj.) % 27.0% 25.5% Capex Sales ( million) EBITDA margin * until 2003: EBITA Operating Statistics Number of stores Selling space (1,000 sqm) ,129 1,307 1,514 1,704 1,914 2,213 2,439 2,633 2,829 Change yoy in % 16.9% 14.6% 15.6% 15.8% 15.8% 12.6% 12.3% 15.6% 10.2% 8.0% 7.4% Average store size (sqm) 2,714 2,735 2,925 2,999 3,010 3,054 3,082 3,152 3,176 3,219 3,226 Sales/Øsqm ( ) 9,638 9,126 9,105 8,671 8,656 8,270 8,379 8,454 8,166 7,765 7, Regional Sales Breakdown Eastern Europe 11% 44% Germany Western Europe 45% 22

24 Media Markt and Saturn: Market Share Gains Continue in a Challenging Environment Media Markt and Saturn Online Market position Jan.-June 2010 Jan.-June points Jan.-June 2010 Jan.-June points Austria # % 26.8% -0.5% 9.8% 10.4% 0.6% Luxemburg # % 25.7% 9.9% n.a. n.a. - Germany # % 17.7% -1.0% 15.9% 17.4% 1.4% Hungary # % 17.2% -2.3% 7.5% 11.3% 3.9% Netherlands # % 16.7% 1.3% 15.4% 16.6% 1.2% Poland # % 15.4% -1.3% 9.3% 11.8% 2.5% Italy # % 13.8% 0.7% 4.8% 5.2% 0.3% Switzerland # % 13.5% -1.1% 14.5% 14.7% 0.2% Spain # % 12.6% 0.6% 2.1% 2.5% 0.4% Belgium # % 12.1% 0.8% 3.8% 4.1% 0.3% Greece # 2 9.2% 10.6% 1.4% n.a. n.a. - Sweden # 2 7.9% 7.5% -0.4% n.a. n.a. - Portugal # 4 6.7% 6.8% 0.1% 2.3% 2.3% 0.0% Turkey # 3 4.0% 4.7% 0.7% n.a. n.a. - Russia # 6 3.7% 3.4% -0.3% n.a. n.a. - China new 0.0% 1.4% 1.4% n.a. n.a. - Source: GfK, own research 23

25 Galeria Kaufhof Financials ( million) * 2009* 2010* Sales 3,941 3,971 3,900 3,819 3,768 3,575 3,609 3,556 3,607 3,539 3,584 Change yoy in % -1.5% 0.8% -1.8% -2.1% -1.3% -5.1% 0.9% -1.5% -1.1% -1.9% 1.3% Change yoy in % - lfl 0.1% -3.7% -4.5% -2.2% -1.2% -4.8% -0.6% -1.7% -1.4% -2.2% 1.2% EBITDA Change yoy in % 10.2% 7.9% -16.3% -14.7% -19.9% -5.4% 1.8% 10.0% - 0.2% 4.7% EBITDA margin 8.2% 8.8% 7.5% 6.5% 5.3% 5.3% 5.3% 5.9% 6.2% 6.3% 6.5% EBIT** Change yoy in % 10.5% 4.8% -26.8% -28.4% -43.6% 21.8% 18.1% 31.3% - 3.4% 16.5% EBIT margin 4.6% 4.8% 3.6% 2.6% 1.5% 1.9% 2.3% 3.0% 3.2% 3.4% 3.9% Capital Employed ,066 2,019 1,899 Pre-tax RoCE (lease-adj.) % 10.2% 11.8% Capex * New segment reporting structure; since 2009 including Dinea ** until 2003: EBITA Operating Statistics Number of stores Selling space (1,000 sqm) 1,319 1,440 1,456 1,457 1,473 1,465 1,487 1,486 1,489 1,501 1,480 Change yoy in % 1.6% 9.1% 1.1% 0.1% 1.0% -0.5% 1.5% -0.1% 0.2% 0.7% -1.4% Average store size (sqm) 9,995 9,728 9,706 9,847 10,018 10,318 10,473 10,539 10,567 10,645 10,725 Sales/Øsqm ( ) 3,011 2,879 2,693 2,622 2,572 2,434 2,445 2,392 2,363 2,367 2, EBITDA and EBIT Margin EBIT margin Western Europe 9% EBITDA 2010 Regional Sales Breakdown 5% 4% 3% 2% 1% 0% 91% Germany 24

26 Real Estate Financials ( million) EBITDA ,087 Change yoy in % - 2.8% 14.1% 2010 Owned Stores by Region Asia/Africa Germany 11% 20% EBIT Change yoy in % - 2.4% 26.8% Capital Employed 10,019 9,944 9,862 Pre-tax RoCE (lease-adj.) 6.3% 6.4% 7.9% Capex 1, Eastern Europe 36% 33% Western Europe Number of owned stores

27 Dividend Payments Financial Year Dividend per Ordinary Share ( ) Payout Ratio Dividend per Preference Share ( ) Payout Ratio AGM Resolution dated Payment date % % 20/06/ /06/ % % 23/05/ /05/ % % 22/05/ /05/ % % 04/06/ /06/ % % 18/05/ /05/ % % 18/05/ /05/ % % 23/05/ /05/ % % 16/05/ /05/ % % 13/05/ /05/ % % 05/05/ /05/ % % 06/05/ /05/2011 Dividend payments on ordinary and preference shares will be made through Clearstream Banking AG by the depository institution; as prescribed by law, each payment will be reduced by a 25% final withholding tax on dividends (Kapitalertragsteuer/Abgeltungsteuer) plus solidarity surcharge (Solidaritätszuschlag) thereon (= 5.5% of the final withholding in dividends the latter under deduction by the German shareholder s depository institution) 26

28 Long-Term Maturity Profile million 1,250 1, Issued Maturity Nominal Outstanding ( ) Currency Coupon 29/05/ /05/ ,000,000 EUR 4.75% 23/07/ /07/ ,800,000 RON 11.55% 28/11/ /11/ ,000,000 EUR 9.38% 14/07/ /07/ ,000,000 EUR 5.75% 05/03/ /03/2015 1,000,000,000 EUR 7.63% 22/02/ /02/ ,000,000 EUR 4.25% Promissory Notes (Schuldscheindarlehen) Bonds As at 30/06/

29 Contact METRO GROUP Investor Relations Schlueterstrasse Duesseldorf Germany Tel.: +49 (0) Fax: +49 (0) investorrelations@metro.de Internet: 28