German Investment Seminar
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1 German Investment Seminar Dr Eckhard Cordes, CEO New York, 13 January 2010
2 Disclaimer This presentation contains forward-looking statements which 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 to differ materially from those expressed in these materials. Many of these risks and uncertainties relate to factors that are beyond METRO Group s ability to control or estimate precisely, such as future market and economic conditions, the behaviour of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies and the actions of government regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. METRO Group does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials. This presentation merely serves the purpose of providing information. It neither represents an offer for sale nor for subscription of securities in any country including the USA. This presentation does not include an official offer of shares; an offering circular will not be published. This presentation is not allowed to be reproduced, distributed or published without prior agreement of METRO Group. Note This presentation contains preliminary and unaudited sales figures for Q and the financial year All numbers are before special items, unless otherwise stated. Please note that new accounting standards, especially with regard to the segment reporting, have been applied. 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 Trading Statement 2009 Q4 2009: Pre-currency Group sales on prior year s level Good Christmas trading; tangible sales trend improvement in December International sales grew by +0.3% (pre-currency) FY 2009: Group sales grew by 0.2% (pre-currency) EBIT in line with market expectations Outlook 2010: Still challenging environment Capex budget increased to 1.9 billion Store expansion programme significantly ramped up FY 2009 Sales (pre-currency) -0.6% +0.3% Germany 40% Asia/Africa 4% Western Europe 32% Eastern Europe 24% +0.5% +1.4% 7.8 Quarterly Sales Development (pre-currency in %) Q1 Q2 Q3 Q
4 Group Strategy of Profitable Growth Customer orientation Positioning and International Expansion New leadership model Undivided responsibility for the sales divisions in the operational business Streamlined organisational structure for finance and compliance strengthened humanresources focus Real estate portfolio as a profit centre Strict management through central return targets Efficiency 3
5 EBIT Potential of 1.5 billion Implementation of efficiency- and value-enhancing programme Shape 2012 well on track Decentralised organisation structure in place 800 million in cost reductions to be largely effective in 2011 and reflect ~8% of the total cost base excl. depreciation and leases 700 million in productivity gains fully effective in 2012 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 4
6 98% of 2012 Shape Targets Substantiated with Measures until Q Target achievement of 2012 METRO Group Shape targets 100% 98% 29% Implementation Level 1 (Idea) 56% 17% Implementation Level 2 (Evaluated) 30% Implementation Level 3 (Approved) 15% Implementation Level 4 (Implemented) 0% 7% Implementation Level 5 (Effective) 31/03/ /06/ /09/2009 5
7 Metro Cash & Carry Leading global Cash & Carry wholesaler Matchless international expansion: international share of sales above 80% 668 stores in 30 countries worldwide High operating RoCE (2008: >20%) due to capital efficient model Strengthening private label ranges: increase of sales share to 20% targeted Q4 2009: trend improvement in like-for-like sales in Germany and Western Europe; continued pressure on non-food sales in Eastern Europe l-f-lgrowth Local currency sales growth (in %) Q1 Q2 Q3 Q4 6
8 Strategy: Regionally Differentiated and Customer Focused B2B Specialist Emerging Markets Selected expansion for future growth Focus: Asia, Eastern Europe Growth to Mature Markets Differentiated sales approach: Evolve business towards core demand customers Developed Markets Focused B2B specialist 7
9 Format Innovation: Examples P18 Paris, France Inner city location with dedicated HoReCa focus Opened in October ,000 sqm selling space on 3 storeys Metro Drive Rodez, France Rapid expansion model to cover cities without further store potential Opened in October 2009 and managed by Toulouse store Online catalogue for food & non-food assortment Makro Punkt Tarnow, Poland Satellite store supplied mainly by mother store with dedicated Trader focus Opened in October
10 Real Leading player in Germany s hypermarket sector Successfully established in Poland, Turkey, Russia, Romania and Ukraine Q4 2009: Broadly stable like-for-like sales development Positive sales growth in all Eastern European countries (pre-currency) EBIT margin target of 2-3% l-f-lgrowth Local currency sales growth (in %) Q1 Q2 Q3 Q4 9
11 Real s Success Story in Eastern Europe Established in five Eastern European countries Poland Russia Ukraine ~ 320 million Eastern European share of sales amounts to c.25% in 2009 Leading market positions: #1 in Poland within the hypermarket and superstore segment #3 in Romania Sales in million Turkey Romania Real Eastern Europe ,885 Cumulated country population 2009: +12.5% in LC 2, , # of stores 10
12 25% Private Label Share of Food Sales Targeted FY 2008 Share of Sales* FY 2009 Share of Sales* Target Share of Sales Best 0.5% 0.6% ~3% Better 6.5% 7.3% ~14% Good 7.5% 7.8% ~8% * includes private labels still to be replaced 11
13 Media Markt and Saturn Pan-European market leader; largescale, full assortment consumer electronics retailer Entrepreneurial management and incentivisation structure Multi-channel model to complement store business and leverage brand strength Chinese joint venture with Foxconn signed (75:25); first stores to open in 2010 Q4 2009: Pre-currency sales growth in all regions; like-for-like sales growth in Germany and Western Europe l-f-lgrowth Despite difficult market environment strong market share gains Local currency sales growth (in %) Q1 Q2 Q3 Q4 12
14 Market Share Gains across All Countries Market share by country Market Position Jan.-Oct points Austria # % +2.1% Hungary # % +3.7% Germany # % +1.5% Poland # % +1.7% Italy # % +2.4% Netherlands # % +0.3% Luxemburg Newcomer 14.4% +12.4% Switzerland # % +1.0% Spain # % +0.9% Belgium # % +1.2% Sweden Early stage 9.0% +4.0% Greece # 2 8.8% +2.6% Portugal # 4 6.5% +0.6% Turkey Newcomer 2.6% +1.2% Russia Early stage 2.5% +1.0% France Relaunch 2.0% +0.0% Market shares Media Markt and Saturn Source: GfK 13
15 Galeria Kaufhof Qualified mid-market: Focus on customer value and relevant target groups (women aged 35+ & families) Lifestyle orientation: Sharper brand and private label portfolio, with clear trading-up rollout in all areas Q4 2009: good Christmas business in Germany; positive likefor-like sales development in December l-f-lgrowth Local currency sales growth (in %) Good business but a non-core asset Q1 Q2 Q3 Q4 14
16 Key Messages Portfolio of strong retail brands with diversified regional presence Efficiency- and value-enhancing programme Shape 2012 well on track METRO Group well positioned for future profitable growth 15
17 German Investment Seminar Dr Eckhard Cordes, CEO New York, 13 January 2010
18 Appendix
19 Appendix FY/Q4 Sales by Division and Region Q4 Q4 Change FY FY Change billion LC lfl (LC) LC lfl (LC) Metro Cash & Carry % -3.6% -5.6% % -2.5% -4.9% Real % 1.0% -0.3% % 1.3% 0.0% Media Markt and Saturn % 5.1% 0.1% % 5.5% -0.3% Galeria Kaufhof % -0.3% -0.6% % -1.9% -2.2% Other (incl. METRO AG) % % - - METRO Group % -0.1% % 0.2% - Q4 Q4 Change FY FY Change billion LC LC Germany Western Europe (excl. Germany) Eastern Europe Asia/Africa METRO Group % -0.7% % -0.6% % 1.5% % 0.3% % -1.5% % 1.4% % 0.7% % 0.5% % -0.1% % 0.2% 18
20 Appendix Number of Stores by Division and Country Metro Cash & Carry Real Media Markt and Saturn Galeria Kaufhof Other (incl. METRO AG METRO Group Germany ,017 Austria Belgium Denmark 5 5 France Italy Luxemburg 1 1 Netherlands Portugal Spain Sweden Switzerland United Kingdom Western Europe Bulgaria Croatia 6 6 Czech Republic Greece Hungary Kazakhstan 1 1 Moldowa 3 3 Poland Romania Russia Serbia 5 5 Slovakia 5 5 Turkey Ukraine Eastern Europe China India 5 5 Japan 6 6 Morocco 8 8 Pakistan 5 5 Vietnam 9 9 Asia/Africa Total ,127 19
21 Appendix Metro Cash & Carry: Figures at a Glance Sales and EBITDA margin Financials ( million) Sales 21,032 22,726 23,972 25,093 26,442 28,087 29,907 31,698 33,143 Ø +5.8% p.a. Change yoy in % 8.0% 8.1% 5.5% 4.7% 5.4% 6.2% 6.5% 6.0% 4.6% 35, % Change yoy in % - pre-currency 7.2% 8.8% 6.4% 7.7% 5.6% 4.4% 6.2% 5.7% 5.4% Change yoy in % - lfl (LC) % 1.6% 1.1% -0.3% 1.9% 2.2% 2.4% EBITDA ,078 1,200 1,280 1,377 1,510 1,631 1,405*** Change yoy in % 9.9% 11.4% 10.9% 11.2% 6.7% 7.6% 9.6% 8.0% - EBITDA margin 4.2% 4.3% 4.5% 4.8% 4.8% 4.9% 5.0% 5.1% 4.2%*** 30,000 25,000 20, % 4.5% 4.0% 3.5% 3.0% 2.5% EBIT* ,111 1,243 1,138*** Change yoy in % 6.9% 11.7% 12.4% 12.3% 6.5% 5.1% 9.7% 11.9% - EBIT margin 3.0% 3.2% 3.4% 3.6% 3.6% 3.6% 3.7% 3.9% 3.4%*** Nopat ,005 1,076 Operating Capital Employed** 2,264 2,446 2,706 2,743 3,142 4,122 4,148 4,334 4,844 Operating RoCE 22.0% 24.8% 25.6% 25.4% 23.9% 19.9% 21.7% 23.2% 22.2% 15,000 10,000 5, Sales ( million) EBITDA margin 2.0% 1.5% 1.0% 0.5% 0.0% Capex * until 2003: EBITA ** excl. historical goodwill *** According to new segment reporting structure (former segment reporting structure: EBITDA: 1,728 million; EBITDA margin: 5.2%; EBIT: 1,328 million; EBIT margin: 4.0%) 2003 reduction of WACC from 7.3% to 6.5% 2008 regional sales breakdown Asia/Africa 6% 17% Germany 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 Change yoy in % 6.6% 7.1% 7.5% 8.8% 6.1% 6.7% 6.9% 8.2% 6.2% Average store size (sqm) 8,419 8,287 7,832 7,841 7,841 7,754 7,717 7,927 7,902 Sales/Øsqm ( ) 7,304 7,386 7,259 7,021 6,889 6,876 6,856 6,757 6,595 Eastern Europe 39% 38% Western Europe 20
22 Appendix Real: Figures at a Glance Financials ( million) Sales 8,166 8,375 8,198 8,205 8,182 8,192 8,775 11,003 11,636 Change yoy in % 2.4% 2.6% -2.1% 0.1% -0.3% 0.1% 7.1% 25.4% 5.8% Change yoy in % - pre-currency 2.3% 3.0% -1.1% 1.2% 0.0% -1.2% 7.1% 25.0% 5.4% Change yoy in % - lfl (LC) % 0.1% -2.2% -4.7% -2.5% -0.1% 4.4% EBITDA *** Change yoy in % 13.6% 28.0% 5.3% 3.1% -8.3% % -16.7% - EBITDA margin 3.4% 4.2% 4.5% 4.7% 4.3% -1.5% 2.2% 1.5% 1.7%*** 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%*** Nopat Operating Capital Employed** 3,886 3,605 3,430 3,696 3,732 3,684 5,667 4,547 4,273 Operating RoCE 5.1% 7.8% 8.6% 7.0% 6.6% 2.5% 3.6% 2.5% 3.9% Capex * until 2003: EBITA ** excl. historical goodwill *** According to new segment reporting structure (former segment reporting structure: EBITDA: 212 million; EBITDA margin: 1.8%; EBIT: 21 million; EBIT margin: 0.2%) 2003 reduction of WACC from 7.3% to 6.5% 6,000 5,000 4,000 3,000 2,000 1,000 0 Operating CE and EBITDA margin Operating CE ( million) EBITDA margin 2008 regional sales breakdown Eastern Europe 25% 6% 5% 4% 3% 2% 1% 0% -1% -2% 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 Change yoy in % 0.6% 0.5% 0.1% 3.0% 2.7% 5.0% 40.9% -1.7% 1.4% Average store size (sqm) 7,267 7,279 7,262 7,192 6,977 6,835 7,145 7,150 7,171 Sales/Øsqm ( ) 4,058 4,165 4,063 4,005 3,884 3,743 3,250 3,515 3,723 75% Germany 21
23 Appendix Media Markt and Saturn: Figures at a Glance Financials ( million) Sales 7,619 8,341 9,583 10,563 12,210 13,306 15,156 17,444 18,993 Change yoy in % 24.0% 9.5% 14.9% 10.2% 15.6% 9.0% 13.9% 15.1% 8.9% Change yoy in % - pre-currency 23.8% 9.1% 14.8% 11.0% 15.8% 8.5% 13.9% 14.2% 8.4% Change yoy in % - lfl (LC) % 0.9% 4.6% -1.4% 3.0% 2.6% -2.1% EBITDA Change yoy in % 17.9% -1.9% 17.0% 17.6% 20.8% 11.0% 14.4% 5.4% 2.6% EBITDA margin 4.9% 4.4% 4.5% 4.8% 5.0% 5.1% 5.1% 4.7% 4.4% EBIT* Change yoy in % 17.8% -16.1% 27.0% 24.3% 25.5% 12.8% 15.2% 3.9% -1.1% EBIT margin 3.6% 2.7% 3.0% 3.4% 3.7% 3.8% 3.9% 3.5% 3.2% Nopat Operating Capital Employed** ,066 1,198 1,086 1,590 1,844 2,065 2,345 Operating RoCE 31.0% 24.3% 22.9% 22.2% 30.6% 25.0% 24.0% 23.2% 20.0% Capex * until 2003: EBITA ** excl. historical goodwill 2003 reduction of WACC from 7.3% to 6.5% Sales and EBITDA margin Ø +12.1% p.a. 20,000 17,500 15,000 12,500 10,000 7,500 5, Sales ( million) EBITDA margin 2008 regional sales breakdown Eastern Europe 12% 7% 6% 5% 4% 3% 2% 1% 0% Operating Statistics Number of stores Selling space (1,000 sqm) ,129 1,307 1,514 1,704 1,914 2,213 2,439 Change yoy in % 16.9% 14.6% 15.6% 15.8% 15.8% 12.6% 12.3% 15.6% 10.2% Average store size (sqm) 2,714 2,735 2,925 2,999 3,010 3,054 3,082 3,152 3,176 Sales/Øsqm ( ) 9,638 9,126 9,105 8,671 8,656 8,270 8,379 8,454 8,166 Western Europe 42% 46% Germany 22
24 Appendix Galeria Kaufhof: Figures at a Glance Financials ( million) Sales 3,941 3,971 3,900 3,819 3,768 3,575 3,609 3,556 3,516 Change yoy in % -1.5% 0.8% -1.8% -2.1% -1.3% -5.1% 0.9% -1.5% -1.1% Change yoy in % - lfl 0.1% -3.7% -4.5% -2.2% -1.2% -4.8% -0.6% -1.7% -1.4% EBITDA *** Change yoy in % 10.2% 7.9% -16.3% -14.7% -19.9% -5.4% 1.8% 10.0% - EBITDA margin 8.2% 8.8% 7.5% 6.5% 5.3% 5.3% 5.3% 5.9% 6.2%*** EBIT* *** Change yoy in % 10.5% 4.8% -26.8% -28.4% -43.6% 21.8% 18.1% 31.3% - EBIT margin 4.6% 4.8% 3.6% 2.6% 1.5% 1.9% 2.3% 3.0% 3.3%*** Nopat Operating Capital Employed** 2,280 2,256 2,121 1,921 1,733 1,519 1, Operating RoCE 5.9% 6.9% 5.3% 4.5% 4.5% 5.1% 4.9% 7.7% 8.2% Capex * until 2003: EBITA ** excl. historical goodwill *** According to new segment reporting structure (former segment reporting structure: EBITDA: 217 million; EBITDA margin: 6.2%; EBIT: 113 million; EBIT margin: 3.2%) 2003 reduction of WACC from 7.3% to 6.5% EBITDA and Capex EBITDA Capex 2008 regional sales breakdown 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 1,490 Change yoy in % 1.6% 9.1% 1.1% 0.1% 1.0% -0.5% 1.5% -0.1% 0.2% Average store size (sqm) 9,995 9,728 9,706 9,847 10,018 10,318 10,473 10,539 10,567 Sales/Øsqm ( ) 3,011 2,879 2,693 2,622 2,572 2,434 2,445 2,392 2,363 Western Europe 9% 91% Germany 23
25 Sales EBIT (before special items) Outlook Past 2009 ~ 6% 4% - 8% << medium-term target In line with market expectations Medium- Term > 6% > 8% Capex ~ 2.1 billion Max. 1.6 billion ~ 2.2 billion New store openings ~ 20 ~ 10 ~ 50 ~ 40 ~ 15 > capex budget increased to ~ 1.9 billion 24
26 Contact METRO Group Investor Relations Schlueterstrasse Duesseldorf Tel.: +49 (0) Fax: +49 (0) investorrelations@metro.de Internet: 25
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