FY 2018/19

RESULTS PRESENTATION

12 December 2019

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 estimates, expectations and assumptions at the time of publication of this presentation and there can be no assurance that these estimates, expectations and assumptions are or will prove to be accurate. Furthermore, the forward-looking statements 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 AG'sability to control or estimate precisely. The risks and uncertainties which these forward-looking statements may be subject to include (without limitation) future market and economic conditions, the behavior 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. METRO AGdoes 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 and should not be treated as investment advice or recommendation. It is not, and nothing in it should be construed as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of METRO AG.

Not all figures included in this presentation have been audited and certain figures may also deviate substantially from information in the consolidated financial statements of METRO AG, thus, may not be fully comparable to such financial statements. The hypermarket business for sale is reported as a discontinued operation as of 30 September 2018 due to the ongoing sales process. Following the signing of the contract for the disposal of a majority stake in METRO China to Wumei Technology Group, METRO China has been reported as discontinued operation as of 30 September 2019. METRO will retain only 20% stake in METRO China. The discontinued segment primarily includes Real, majority of METRO China and some other individual companies or assets. All following explanations of the business development will focus on the continued operations unless stated otherwise

This presentation includes supplemental financial measures which are or may be non-GAAP financial or operative measures. These measures should not be viewed in isolation as alternatives to financial measures presented in accordance with IFRS. Other companies that disclose similarly titled measures may calculate them differently. All amounts are stated in million euros (€ million)unless otherwise indicated. Amounts below €0.5 millionare rounded and reported as 0. Rounding differences may occur.

2 12/12/2019 © METRO AG.

RECAP: CONTINUOUS JOURNEY TO SIMPLIFY AND REPOSITION METRO AS A WHOLESALER

METRO is transforming into afully focused Wholesale company

We steadily optimize our portfolioto further strengthen our B2B profile

Intensified focus has lead torising LFL momentum, strongly driven bysales growth with Horeca and Trader

Building a wholesaler 360°provides the potential for even stronger differentiationand further growth

Today's results show progressand deliver proofacross all of these dimensions

3 12/12/2019 © METRO AG.

OUR ORIGIN IS WHOLESALEIS OUR FUTURE

INTENSIFICATION

Year of Extension

2017/18

2018/19

1.Business model extension further strengthened customer focus

ACTIVATION

2.Sustainability priorities for us and our customers sharpened

Becoming a pure Wholesaler

3.All financial targets achieved or outperformed

4.Significant progress on portfolio simplification and

funds for further acceleration unlocked

4 12/12/2019 © METRO AG.

Guidance view (continuing operations incl. China)

SUCCESSFUL EXTENSION OF BUSINESS MODEL…

Horeca

+4.5%

Trader1

+5.1%

Customer focus drives repeated

like-for-like growth with target

groups

Store

+0.7%

LfL

Delivery

~+10%

Total

Franchise

+15%

Franchise partners

Additional channels solidify

customer loyalty andrevitalize

the store

Products

Marketplace

Addressingall customer needs through a full suite of wholesale products, services and solutions

constitutes our USP

1:Trader countries: Bulgaria, Czech Republic, India, Pakistan, Poland, Romania, Serbia, Slovakia (excl. Russia)

5 12/12/2019 © METRO AG.

… BASED ON DEEP AND SUSTAINABLE RELATIONSHIPS

Market Size 1

301

294

60

Western

Eastern

Asia

Europe

Europe

452

207

174

Western

Eastern

Asia

Europe

Europe

>125kdaily Horeca visits in our stores

>65kdaily Trader visits

>50kdaily customer contacts with our sales force employees

Operating in fragmented,

Benefiting from recurring revenues

Makingsustainable operations

growing markets, offering further

throughcontract-like customer

apriority for us and our

opportunities for growth

relationships

operations

Source: own data based on internal management system

1. EURb, sell-out value 2018, MCC countries. Note: WE incl. DE, EE incl. RU, Asia without CN; MCC countries excl. countries with pure play FSD operations (e.g. CFF) HoReCa market according to Euromonitors definition excluding social foodservice. Trader market including traditional grocery retailers, forecourt and CVS. Source: Euromonitor

6 12/12/2019 © METRO AG.

SUSTAINABILITY PRIORITIES DEFINED AND RECOGNIZED

Clear priorities for us & our customers

impact on customer's businesses

Prio 1:Partnering for Food Waste solutions

  • Partnership with Too Good To Go. Helping to tackle food waste for restaurants and canteens

Prio 2:Conscious proteins

  • Insect pasta to support conscious protein consumption and decrease of conventional meat intake, supported by NX Food1
  • Roll-outof Beyond Meat Burger in 15 countries

Prio 3:Organic and Responsible Products

  • Offering a sustainable assortment to our customers
  • Sustainable raw material sourcing policies (fish & seafood, paper & wood in place, while palm oil, soy, social standards in implementation); meat and fruit & vegetable under development

Find our latest report below: reports.metroag.de

1NX Food - A hub of METRO, operating in the field of food innovation and food tech https://nx-food.com/

…repeatedly recognized by institutions

Industry

Prime Status C+

Index member

Leader Europe

(Rank D- to A+)

Climate

Water

Forest

Rating A-

Rating B-

To come in

(Rank F to A)

(Rank F to A)

2020

7 12/12/2019 © METRO AG.

Guidance view (continuing operations incl. China)

GUIDANCE ACHIEVED IN UPPER END OF RANGE

Sales growth1

P

1-3%

2.5%

1.5%

FY 17/18

FY 18/19

FY 18/19

Guidance

  • Upper end of guidance range
  • Growth driven by Eastern Europe (excl. Russia) and Asia
  • Western Europewith solid growth

1At constant FX and before portfolio measures

LfL sales growth1P

1-3%

2.4%

1.3%

FY 17/18

FY 18/19

FY 18/19

Guidance

  • Upper end of guidance range,highest Wholesale LfL growth in a decade
  • Western Europe, Eastern Europe, Asiawith growth above PY
  • Russia with trend improvement

EBITDA P

€1,242 m

-2.6%

excl. VTO costs

- 4.2%

2-6%

decline1

FY 17/18

FY 18/19

FY 18/19

Guidance

  • Upper end of guidance rangeif adjusted for ~€20 m EUR VTO costs
  • Germany, Western Europe, Asiawith EBITDA growth
  • "Others" below PY due to cost of digitalization / IT

8 12/12/2019 © METRO AG.

Guidance view Pre IFRS 5

ACCELERATING AND RELIABLE MOMENTUM CLEARLY VISIBLE IN LONG-TERM SALES TRENDS

Consistently positive Wholesale LfL growth

LfL sales growth (METRO Wholesale)

Mid-term ambition

3.0%2

3%

2,4%

Horeca outperforming…

Horeca LfL sales growth (METRO Wholesale)

4.2% Excl. CN

3,5%3,9% 4,1%3,7% 4,5%

FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19

…rapidly increasing Delivery3sales…

Delivery as % of sales (METRO Wholesale)

18%

Excl. CN

11% 13%16%18% 20%

FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19

0,9%

0,6%

0,9%

1,3%

FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19

…consistently improved Trader development…

LfL sales growth (METRO Wholesale) Trader Countries1

4,5% 4,6% 5,1%

-0,1%

-1,7%

FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19

…growing Food sales

LfL food sales growth (METRO Wholesale)

2.8%

Excl. CN

3,1%

2,1%

1,7%

2,1%

1,9%4

FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19

  1. Trader LfL excl. Russia: Bulgaria, Czech Republic, India, Pakistan, Poland, Romania, Serbia, Slovakia
  2. Excluding Russia3Delivery definition has been changed in the Annual report to exclude transportation after checkout and pick up, for this slide it is still included 4Financial view before IFRS 5

9 12/12/2019 © METRO AG.

ACHIEVEMENT OR OUTPERFORMANCE OF ALL FINANCIAL TARGETS - €0.70 DPS PROPOSED

Sales growth and EBITDA - upper end of guidance

P

Real estate gains- ~€100 m better than originally expected

P

D&A, net financial result, tax rate - better than expected

P

EPS~€0.20 better than expected (mostly real estate)

P

Cash flow- NWC, capex savings, real estate gains drive growth

P

€0.70 dividend

proposed

(€0.70 17/18)

10 12/12/2019 © METRO AG.

MILESTONE TRANSACTIONS REAL AND CHINA

Transaction summary

- sale of hypermarket business

  • Entered into MoU and exclusive negotiations for the sale of Hypermarket business with SCP Group and x+bricks
  • 100% stake to be sold
  • Transaction expected to be signed end of January 2020

- sale of majority stake in METRO China

  • Sale of majority stake in METRO China to Wumei signed
  • Values METRO China at €1.9 bn EV (>12x EV/EBITDA)
  • METRO to retain 20% stake and participate in valuation upside
  • Closing expected Q2 calendar year 2020

1as per Sep 19 accounts.

Key benefits

Portfolio simplification - one sales line

P

Wholesale focus- 70% Horeca & Trader sales P

Grow Horeca & Trader- accelerate momentum P

Unlock >€1.5 bn1- grow business, reduce

P

leverage

11 12/12/2019 © METRO AG.

FY 2018/19 IN A NUTSHELL - SOLID YEAR

Business model

Focus drives repeated growth with target groups

extension

Omnichannel revitalizes the store and drives loyalty

strengthened

Wholesale 360: Addressing all customer needs

customer focus

constitutes our USP

Sustainability

Clear priorities: food waste,

organic & responsible products, conscious proteins

priorities

Recognized through top ratings by key institutions,

sharpened

e.g. DJSI, CDP, ISS Oekom

2018/19

Intensification

Extension of our wholesale model

1as per Sep 19 accounts.

All financial

Sales and EBITDA in upper end of guidance range

targets

achieved or

€1.44 EPS; €0.70 DPS proposed to shareholders

outperformed

Significant

Majority stake in METRO China sold to Wumei

progress on

Real - expected signing end of January 2020

portfolio

>€1.5 bn proceeds1expected to be unlocked to grow

simplification

business

12 12/12/2019 © METRO AG.

02FINANCIAL PERFORMANCE

13 12/12/2019 © METRO AG.

Guidance view (continuing operations incl. China)

SALES TO EBITDA - 9M TRENDS CARRY OVER INTO

FULL YEAR

€m / %

Q4

Q4

FY

FY

2017/18

2018/19

2017/18

2018/19

Like-for-like growth

1.7%

2.5%

1.3%

2.4%

thereof Food

2.2%

3.4%

2.0%

3.1%

Reported growth

-1.7%

3.9%

-1.4%

1.5%

Growth in local currency

1.5%

2.7%

1.5%

2.5%

Delivery Sales Share1

18%

19%

17%

18%

EBITDA excl. RE gains

322

304

1,242

1,173

thereof FX

6

-17

EBITDA margin excl. RE gains

4.4%

4.0%

4.2%

3.9%

Real estate gains

121

323

128

388

Total EBITDA

443

627

1,370

1,561

Like-for-like growth

  • Acceleration oflike-for-like growth driven by most regions

Reported growth

  • Negative FX effects predominantly from Turkey and Russia
  • Sales grew by 2.5% in local currency

EBITDA excl. real estate

  • EBITDA well within guidance range
  • Operational improvement in France, Pro à Pro and Germany
  • Negatively affected by ~€20 m VTO costs in Q4

Real estate gains

  • FY 18/19 expectation ofc.€250-300 m in real estate gains has been overachieved due to earlier execution of two projects in China

1.Including METRO China. New definition of delivery, which excludes transportation after check out and pick up .

14 12/12/2019 © METRO AG.

Guidance view (continuing operations incl. China)

MAJORITY OF REGIONS GROW SALES AND EBITDA

Germany

€m / %

FY

FY

2017/18

2018/19

3,1%

Sales

4,761

4,735

2,0%

2,4%

Like-for-like growth

0.9%

0.3%

1,3%

Reported growth

0.3%

-0.5%

EBITDA excl. RE gains

91

95

FY 2017/18

FY 2018/19

EBITDA margin

1.9%

2.0%

Constant FX to PY

4

Like-for-like growth

Thereof: Food

Russia

Eastern Europe

€m / %

FY

FY

€m / %

FY

FY

2017/18

2018/19

2017/18

2018/19

Sales

2,815

2,662

Sales

6,952

7,191

Like-for-like growth

-7.0%

-4.3%

Like-for-like growth

6.1%

6.3%

Reported growth

-16.3%

-5.4%

Reported growth

1.0%

3.4%

EBITDA excl. RE gains1

256

220

EBITDA excl. RE gains

363

344

EBITDA margin

9.1%

8.3%

EBITDA margin

5.2%

4.8%

Constant FX to PY

-301

Constant FX to PY

-11

1Adjusted for c. €10m one-time gain from Ceconomy in 2017/18

Western Europe

€m / %

FY

FY

2017/18

2018/19

Sales

10,609

10,752

Like-for-like growth

-0.4%

1.3%

Reported growth

1.7%

1.3%

EBITDA excl. RE gains

491

499

EBITDA margin

4.6%

4.6%

Constant FX to PY

8

Asia

€m / %

FY

FY

2017/18

2018/19

Sales

4,298

4,543

Like-for-like growth

4.0%

5.1%

Reported growth

-1.4%

5.7%

EBITDA excl. RE gains

162

176

EBITDA margin

3.8%

3.9%

Constant FX to PY

14

15 12/12/2019 © METRO AG.

Guidance view (continuing operations incl. China)

REAL ESTATE - EXCEPTIONALLY STRONG YEAR; PARTLY DUE TO EARLIER EXECUTION OF PROJECTS IN CHINA

2018/19 (€388 m gains)

2019/20 and beyond

India

Germany, Spain,

Eastern Europe

China

2019/20

Thereafter

  • Spillover from 2017/18
  • Project development
  • EBITDA gain ~€38 m
  • Project development in Germany
  • Sale-and-leasebackin Spain and Eastern Europe
  • EBITDA gain ~€230 m

Early execution of two

Preponed transactions

Sustainable level of

project development

and value

real estate gains (post

transactions out of

crystallization of China

IFRS 16 application) of

M&A scope with

portfolio in transaction

~€100 m p.a.

Wumei1

with Wumei

Various projects in

EBITDA gain ~€120 m

Preponement

Europe and Asia in

significantly decreased

preparation

2019/20 pipeline to

~€10 m

1One real estate property is excluded from the SPA with Wumei, the price will be paid directly to METRO Group. The second location is within the transaction scope with Wumei, whereby the sales price of the property will be paid to the company, but cash flow of the property sale will be included in the sales price from Wumei

16 12/12/2019 © METRO AG.

Guidance view (continuing operations incl. China)

EPS INCREASE DRIVEN BY EBITDA GROWTH AND

BETTER REFINANCING

€m / %

Q4

Q4

FY

FY

2017/18

2018/19

2017/18

2018/19

EBITDA

443

627

1,370

1,561

D&A

-141

-155

-547

-577

EBIT

302

472

823

985

Interest and investment result

-38

-27

-128

-112

Other financial result

0

4

-2

2

Net financial result

-38

-23

-130

-111

EBT

264

449

693

874

Tax rate

-35%

-39%

Net income

199

266

4431

523

EPS in €

0.55

0.73

1.22

1.44

1Lease contracts previously based on Euro had to be converted into Turkish Lira, resulting in retrospective adjustment of deferred taxes assets and liabilities

D&A

  • Increase in D&A driven by higher IT- investments with shorter useful life

Net financial result

  • Improvement in interest and investment result due to better refinancing

Tax

  • In line with expected37-39%
  • Last year exceptionally good tax rate due toone-time effects coming from tax law changes and revised risk evaluation
  • Current year positively impacted by high real estate gains in low tax rate countries, compensated bywrite-off of deferred tax assets related to planned efficiency measures

EPS

  • Significant EPS increase due to earlier execution of two real estate transactions in China and better net financial result

17 12/12/2019 © METRO AG.

€0.70 DPS PROPOSED; REPORTED EPS IMPACTED BY IMPAIRMENT IN DISCONTINUED OPERATIONS

€ / %

Q4

Q4

FY

FY

2017/18

2018/19

2017/18

2018/19

EPS from continuing operations

0.55

0.73

1.22

1.44

incl. METRO China

Proposed DPS

0.70

0.70

EPS from disc. Operations incl.

-0.28

-0.59

-0.30

-1.79

real

Reported EPS

0.27

0.14

0.92

-0.35

Reported EPS pre impairment

1.05

0.76

EPS from continuing operations

  • Significant EPS increase due to earlier execution of two transactions in China and better net financial result

Proposed DPS

  • Proposed dividend of €0.70 based on continuing operations EPS, resulting in 49% payout ratio

EPS from discontinued operations

  • Decrease is predominantly driven by impairment on hypermarket business

Reported EPS

  • Decrease in reported EPS only due to development of EPS from discontinued operations
  • Before impairment, reported EPS is at €0.76

18 12/12/2019 © METRO AG.

Guidance view (continuing operations incl. China)

SALES AND EBITDA GROWTH REFLECTED IN SOLID

CASH GENERATION

€m / %

Q4

Q4

FY

FY

2017/18

2018/19

2017/18

2018/19

EBITDA

443

627

1,370

1,561

Change in NWC

546

469

179

45

Capex1

-208

-182

-5522

-455

FCF

781

914

997

1,152

FCF Conversion in %

73%

74%

Net Debt

2,710

2,382

Net Debt Continuing operations

3,102

2,858

(METRO China in IFRS5)

Change in NWC

  • Last year was supported by seasonal tailwinds and a one time negative impact the year before
  • Positive result this year has been driven once again by stock optimization

Capex

  • Continuous investment into IT and digitalization together with decreased number of store openings (NSOs CY: 6 and PY: 14)

FCF

  • Overall increase by €155 m to 74% conversion, also supported by real estate gains

Net debt

  • Year-on-yearimprovement due to operating and investing cash flow development
    • Higher real estate gains
    • NWC optimization
    • Focused investments

1Capex excl. M&A and finance leases 2Capex definition has been adjusted to fully exclude finance leases, previously this only excluded finance lease extensions

19 12/12/2019 © METRO AG.

REFLECTING THE PENDING SALE OF METRO CHINA IN FINANCIAL REPORTING

Impacts on financial reporting

IFRS 5 (discontinued operations)

  • China reported as disc. operations from 30 Sep 19 onwards
  • Stop of regular depreciation from 1 Oct 2019 onwards
  • Detailed reconciliation in appendix as well as on homepage

Group view

  • Impacts all group financial statements
  • Balance sheet 17/18 not adjusted; all other statements both years adjusted

Segment view

  • METRO Asia, 'Others' and Consolidation affected
  • Remaining segments unchanged

Key financials excl. China

Guidance

Cont.

FY 2018/19

view

Operations

(incl. China)

(excl. China)

Sales

29,928

27,082

Sales growth (LC)

2.4%

2.2%

Sales growth (like-for-like)

2.5%

2.1%

EBITDA

1,173

1,021

Real estate gains

388

338

Depreciation

-577

-531

Net financial result

-111

-119

Tax rate (12M)

39%

42%

EPS

1.44

1.12

20 12/12/2019 © METRO AG.

FY 2018/19 IN A NUTSHELL - SOLID FINANCIAL PERFORMANCE

2018/19 good

Solid 9M trends carryover into FY

Majority of regions grow sales and EBITDA

financial year

Sales & EBITDA growth reflected in cash generation

Exceptionally

Partially driven by earlier execution of China projects

Sale of China preponed crystallization of pipeline

strong year for

real estate

Nonetheless, €100 m sustainable level of earnings

from FY2020/21

2018/19

Intensification

Extension of our wholesale model

EPS growth

EPS increase driven by EBITDA and refinancing

€0.70 DPS proposed; in line with dividend policy

and stable DPS

Reported EPS impacted by impairment in disc. ops.

Solid

China reported as discontinued operations

underlying

Underlying operational trends are solid, irrespective

business

of the reporting view

21 12/12/2019 © METRO AG.

Continuing operations only (METRO China in IFRS 5)

FINANCIAL AND NON FINANCIAL IMPACTS IN 2019/20

China

Real

Real estate gains

Efficiency measures

IFRS 16 (leases)

1as per Sep 19 accounts.

  • Closing expected in Q2 2020 with~€3 EPS gain

METRO to retain 20% stake; effects not accounted for in outlook

>€1.5 bn1in

net

proceeds

Sale of 100% of Hypermarket business

expected

  • Expected signing end of January 2020; closing expected in FY 2019/20
  • 19/20 pipeline€10 mpost value crystallization in China transaction
  • Sustainable level of real estate gains (post IFRS 16 application) of~€ 100m from 20/21
  • Organizational rightsizing:€60 to 80 millionone-timeexpensesin 2019/20
  • Long-termannual savings in the mid-double-digitmillion range
  • IFRS 16 replaces current applicable standards IAS 17 and IFRIC 4
  • METRO applies'full retrospective method'with adaption of previous year starting in 19/20
  • Expected effects continuing business: c. €2.6 bn net debt increase; c. €0.4 bn EBITDA increase
  • METRO will provide booklet with restated FY18/19 financials ahead of Q1 FY19/20

22 12/12/2019 © METRO AG.

Continuing operations only (METRO China in IFRS 5)

UNDERLYING OPERATIONAL MOMENTUM TO CONTINUE

EBITDA share

Sales1,2

EBITDA2

(rounded, in %)

2018/19

2019/20

2018/19

2019/20

+2.1%

+1.5-3.0%

€ 1,021m

Western Europe

Reap

60

Germany

benefits

Eastern Europe

Gain

35

market

Asia

share

Russia

Reposition

20

Others

-15

  1. Figures shown relate tolike-for-like sales growth.
  2. At constant FX and before portfolio measures and transformation costs.

23 12/12/2019 © METRO AG.

03STRATEGIC UPDATE

24 12/12/2019 © METRO AG.

HORECA AND TRADER MAKE UP 70% OF SALES AND DRIVE GROWTH

Horeca

+4.2%1LfL growth

Restaurants, cafés, caterers, hotels, canteens

Customers are predominantly

independent with single or locations

Customer sales shares FY 2018/194

Western Europe

Germany

46%

16% 65%

13%

48% Horeca

22% Trader

30% SCO

Asia3

40%

31%

Trader

+5.1% LfL growth

Traders, kiosks, mom-and-pop-shops, kiranas

independent entrepreneur

running his own retail business. Supplying consumers nearby

Eastern Europe

Russia

16%

37%

30%

31%

1Like-for-like sales FY 2018/19 excluding China 2Trader countries (Bulgaria, Czech Republic, India, Pakistan, Poland, Romania, Russia, Serbia, Slovakia) excl. Russia 3Excluding China 4Like for like sales FY 2018/19. Number of countries reviewed the customer branches, hence the sales shares have changed in Germany, Eastern Europe and Russia

25 12/12/2019 © METRO AG.

WE DRIVE LASTING SUCCESS WITH CLEAR PRIORITIES FOR HORECA CUSTOMERS

+1%p NPS

improvement1

Activate passionate and purpose driven teams

Salesforce

~6,500sales force employees

~10customer contacts

  • sales force employee
  • day

Own business day

Celebrates business owners by advertising them on an online platform with special ideas & offers

>300kbusinesses >650kspecials

Lead in assortment relevance

Own brand

Cooperation with chefs, customers & suppliers

17%sales share3

+6%2growth ~24%share in FSD3

Local products

Close collaboration with regional suppliers to fulfil local needs and address trend to buy local products

Lead in product quality

Quality assurance

>600people working daily to ensure on the quality of the assortment

Traceability

Transparency along the entire value chain

Turkey, Germany and other countries

Please scan QR code for demonstration

1NPS score with Horeca customers compound growth over quarters FY 2018-19, excluding China 2Like-for-like sales FY 2018/19 for Horeca excl. China 3Like-for-like sales FY 2018/19, excl. China and acquisitions

26 12/12/2019 © METRO AG.

WE DRIVE LASTING SUCCESS WITH CLEAR PRIORITIES FOR TRADER CUSTOMERS

+9%p NPS

improvement1

Customer success focus

Equip customers to differentiate from competition

  • Core assortment
  • Specialized range & local products
  • Generating footfall through dedicated solutions

Becoming the wholesale price

and cost leader

Low price, 3 mechanics

  • EDLP3on regular articles
  • BMPL4to reward price per volume approach
  • 25% margin guarantee on Own Brand2

Strip down to sell up

  • Processes are optimized: easy in - easy through - easy out
  • No frills - low cost
  • Massification, pallet presentation & shelf ready boxes

Achieve recurring revenues

through partnership

Trader Franchise

~7,500stores in 18/19 +15%vs 17/18

3-4xmore visits with up to 2.5xhigher basket than non- franchisees

~€ 490msales in 18/19

One of the fastest growingstrategic pillars for METRO

1NPS score with Trader customers compound growth over quarters FY 2018-19 , excluding China 2As a reference from our Own Brand approach in Poland. 3Every Day Low Prices 4.Buy More Pay Less

27 12/12/2019 © METRO AG.

WHOLESALE 360 - BROADENING THE BUSINESS TO BECOME THE SERVICE AND SOLUTION PARTNER

Allocation of spend in Hospitality SME

Clear andtruly unique selling proposition of generating significant value for our customers

More insightsenabled by data will lead to unbeatable sector knowledge

Partnering upwith our customers at such a strong level will implant METROinto their business

METRO as signature brandthat stands for true & honest contribution to the successof SMEs

1Other includes e.g. Marketing, Transportation

9%

Other1

35%

25%

Goods

Utilities

&

Leases

Staff

31%

Source: Eurostat

28 12/12/2019 © METRO AG.

WE ADDRESS ALL CUSTOMER NEEDS WITH A SUITE OF PRODUCTS, SERVICES AND SOLUTIONS

Strategic cooperation

allows integrated

solutions - for example,

professional kitchen

appliances on preferential

terms

To help our customers achieve their goals, we are breaking new ground

  • and offering financial support, for example

Food and non-food products that make restaurateurs and retailers successful. With 100% quality and local focus

Products

Marketplace

Everything restaurateurs need, on 1 platform. From drinking straws to dining sets. METRO MARKETS makes it possible

Prerequisite for good advice: understanding. We know the challenges of our customers and respond with individualized consulting

For us, more than just a nice 'extra'. Useful tools increase efficiency and create added value. For retailers, restaurateurs

and guests

29 12/12/2019 © METRO AG.

WE HAVE ADDED MANY LOCAL OFFERINGS IN 2018/19

Products

Marketplace

MENU KIT

30 12/12/2019 © METRO AG.

FY 2018/19 IN A NUTSHELL - SUCCESSFUL EXTENSION OF BUSINESS MODEL

2018/19

Intensification

Extension of our wholesale model

Customer focus pays off

Clear priorities for Horeca customers

(mostly Western Europe and Germany)

Clear priorities for Trader customers

(mostly Eastern Europe, Russia, parts of Asia)

Wholesale 360 business model extension

  • Horeca and Trader: 70% of sales and drive growth
  • Horeca: +4.2% in 18/191
  • Trader: +5.1% in 18/192
  • Activate passionate andpurpose-driven teams
  • Lead in assortment relevance and product quality
  • +1%p improvement of NPS score
  • Becoming the wholesale price leader and cost leader
  • Achieve recurring revenues through trader franchise
  • +9%p improvement of NPS score
  • Broaden the business; become the #1 partner
  • We address all customer needs and have successfully launched many offerings in 2018/19, e.g. Gourvenience, Pentagast, METRO Markets

1Like-for-like sales FY 2018/19 excluding China 2Trader countries (Bulgaria, Czech Republic, India, Pakistan, Poland, Romania, Russia, Serbia, Slovakia) excl. Russia

31 12/12/2019 © METRO AG.

04OUTLOOK & GUIDANCE

32 12/12/2019 © METRO AG.

OUTLOOK FOR 2019/20

Guidance1

FY 2018/19

FY 2019/20

Sales

growth in local 2.2%1.5-3%growthcurrency

LfL growth

2.1%

1.5-3% growth

On PY level

EBITDA excl.

Russia to decline

real estate

€1,021m

€20-30m;

gains

compensated by

Western Europe

and Germany

Topics on our agenda for next year

Finalize milestone transactions

  • Real: closing FY 2019/20
  • METRO China: closing expected by Q2 2020, ~€3 EPS gain
  • Jointly >€1.5bn proceeds2expected

Adjust HQ structures accordingly

  • Lean and efficient holding structure to reflect portfolio rationalization and wholesale purification

Accelerate operational momentum

  • Further sharpen Horeca & Trader value proposition
  • Wholesale 360roll-out

1At constant FX and before transformation costs, portfolio measures and IFRS16. Continuing operations only (METRO China in IFRS 5). 2as per Sep 19 accounts.

33 12/12/2019 © METRO AG.

TRANSACTION PROCEEDS TO ACCELERATE GROWTH OF CORE…

Horeca3

+4.2%

Trader1

>€1.5 bn

expected net proceeds from transactions2

+5.1%

Consistent high growth

…to be acceleratedby expected

momentum in target

net proceedsfrom two milestone

customer groups…

transactions…

  1. Investment in business
    Goal: accelerate sales growth, drive sustainable EBITDA growth
  2. Returns to shareholders
    Goal: sound shareholder return in balance with operational needs
  3. Deleverage
    Goal: funds from operations (FFO) / Adj. net debt ≥ 21%4

…in line with our

capital allocation framework

1Trader countries: Bulgaria, Czech Republic, India, Pakistan, Poland, Romania, Serbia, Slovakia (excl. Russia) 2Preliminary, based on Sep 19 accounts; subject to closing accounts 3Like for like sales FY 2018/19 , excl. China 4S&P threshold; at minimum required to be in line with expectations to maintain credit rating.Funds from operations (FFO) as per S&P methodology mainly includes: EBITDA + fictitious depreciation share of operating lease expense + interest expense + income taxes + minor further adjustments. Adjusted net debt as per S&P methodology mainly includes: financial debt - cash & cash equivalents (after a haircut on trapped cash) + NPV of operating leases (at 7.0%) + pensions (net of deferred taxes applicable) + minor further adjustments

34 12/12/2019 © METRO AG.

…WITH AMBITION TO CLOSE THE GAP TO PREVIOUS EBITDA LEVELS IN NEXT 3 YEARS

Organic growth

Acquisitions

Cost savings

  • Reap benefits of successful and establishedHoreca-focused strategy
  • Capitalize on market share gains inTrader-focused countries
  • Realize return on wholesale 360 and related digital activities
  • Operating in growing but highly fragmented markets, benefiting from favorable consumer trends
  • Acquisition of Pro à Pro resulted in both organic growth and realization of synergies
  • Serves as blueprint for further densification inHoreca-focused markets
  • Administrative structures already repeatedly adjusted during 10 years of transformation
  • Currently reviewing holding structures with the ambition to generatelong-term annual savings in the mid-double-digit million range

35 12/12/2019 © METRO AG.

TO SUM IT UP

Portfolio simplification leading to apure wholesale profile

Horeca and Trader focus lead to LFL growth withrising momentum

All financial targetshave been achieved or outperformed

  • METRO China sold to Wumei; sale of hypermarket business well advanced
  • Announcement of efficiency measures to right size structures
  • HighestLfL-growth in a decade1; Horeca +4.5%2, Trader +5.1%3
  • Extension of business model to'360-approach' to address all customer needs
  • Sales and EBITDA growth in upper end of guidance range
  • €1.44 EPS; €0.70 DPS proposed to shareholders

Next financial year 2019/20will continue in similar fashion

We gear up to further accelerate growth and earnings momentum

  • Operational trends continue4: 1.5-3% sales growth, EBITDA stable
  • Expected >€1.5 bn net proceeds5one-time gain from China and real and roughly ~€3 EPS from China
  • Investing proceeds in line with capital allocation framework to grow momentum
  • Compensate EBITDA dilution with cost savings, organic growth and acquisitions

METRO made considerable progress in transforming into a focused Wholesale company

The sale of METRO China and real will provide the fundsto accelerate the growth and earnings momentum

1Wholesale like-for-like growth. 2Guidance view (continuing operations incl. China)

3Trader countries: Bulgaria, Czech Republic, India, Pakistan, Poland, Romania, Serbia, Slovakia (excl. Russia) 4At constant FX and before portfolio measures and transformation costs. 5as per Sep 19 accounts.

36 12/12/2019 © METRO AG.

EVENTS AND FINANCIAL CALENDAR

Upcoming

Financial

events

calendar

2019/20

17 Dec 2019 Roadshow Frankfurt

15

Jan 2020

Trading statement Q1

13

Feb 2020

Quarterly statement Q1

(CFO) - Commerzbank

14

Feb 2020

AGM

7 May 2020

Quarterly report H1

7 Aug 2020

Quarterly statement Q3

Conferences

2019/20

15 Jan 2020 German Investment

seminar -

New York, Commerzbank

22 Jan 2020 German Corporate

conference - Frankfurt,

UniCredit/Kepler

Cheuvreux

37 12/12/2019 © METRO AG.

Q&A

Olaf Koch, CEO

Christian Baier, CFO

38 12/12/2019 © METRO AG.

05APPENDIX

39 12/12/2019 © METRO AG.

APPENDIX OVERVIEW

Quarterly performance

Full year 2018/19

Others

Guidance view and continuing operations for:

  • Sales to EBITDA
  • EBITDA to EPS
  • FCF
  • METRO Asia and "others"
  • Sales by quarter (group currency, local currency andLike-for-like)

Key financials from reconciliation file

  • Reginal view
    Continuing operations
  • Profit and loss statement
  • Balance Sheet
  • Cash Flow

Guidance view and continuing operations for:

  • Operational metric - Sales share, FSD and Own Brand shares
    Continuing operations
  • Key statistics - Sales, stores, selling space and employees numbers
  • Capex and capex allocation
  • Real estate
  • External financing

40 12/12/2019 © METRO AG.

01QUARTERLY PERFORMANCE

41 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

Continuing operations only

SALES AND EBITDA IN Q4

€m / %

Q4 2017/18

Q4 2018/19

Like-for-like growth

1.7%

2.5%

thereof Food

2.2%

3.4%

Reported growth

-1.7%

3.9%

Growth in local currency

1.5%

2.7%

Delivery Sales Share

18%

19%

€m / %

Q4 2017/18

Q4 2018/19

Like-for-like growth

1.3%

2.1%

thereof Food

1.8%

3.0%

Reported growth

-2.3%

3.3%

Growth in local currency

1.1%

2.2%

Delivery Sales Share

17%

18%

EBITDA excl. RE gains

322

304

thereof FX

6

EBITDA margin excl. RE gains

4.4%

4.0%

Real estate gains

121

323

Total EBITDA

443

627

EBITDA excl. RE gains

278

261

thereof FX

5

EBITDA margin excl. RE gains

4.2%

3.8%

Real estate gains

121

273

Total EBITDA

399

533

42 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

Continuing operations only

EBITDA TO EPS IN Q4

€m / %

Q4 2017/18

Q4 2018/19

€m / %

Q4 2017/18

Q4 2018/19

EBITDA

443

627

EBITDA

399

533

D&A

-141

-155

D&A

-131

-144

EBIT

302

472

EBIT

269

389

Interest and investment result

-38

-27

Interest and investment result

-40

-29

Other financial result

0

4

Other financial result

1

4

Net financial result

-38

-23

Net financial result

-38

-24

EBT

264

449

EBT

230

365

Tax rate

23%

40%

Tax rate

23%

43%

Net income

199

266

Net income

176

206

EPS in €

0.55

0.73

EPS in €

0.48

0.57

43 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

Continuing operations only

FCF IN Q4

€m / %

Q4 2017/18

Q4 2018/19

€m / %

Q4 2017/18

Q4 2018/19

EBITDA

443

627

EBITDA

399

533

Change in NWC

546

469

Change in NWC

NA

NA

Capex1

-208

-182

Capex1

190

168

FCF

780

914

FCF

NA

NA

1Capex excl. M&A and finance leases

44 12/12/2019 © METRO AG.

Continuing operations only

SALES TO EBITDA

(1/4)

METRO Germany

METRO Western Europe

€m / %

Q4 2017/18

Q4 2018/19

€m / %

Q4 2017/18

Q4 2018/19

Sales

1,154

1,154

Sales

2,659

2,714

Like-for-like growth

-0.3%

0.6%

Like-for-like growth

-0.7%

2.2%

Reported growth

-0.9%

0.0%

Reported growth

-0.1%

2.0%

EBITDA excl. RE gains

16

18

EBITDA excl. RE gains

156

150

EBITDA margin

1.4%

1.6%

EBITDA margin

5.9%

5.5%

Real estate gains

0

0

Real estate gains

38

0

Total EBITDA

16

18

Total EBITDA

194

150

45 12/12/2019 © METRO AG.

Continuing operations only

SALES TO EBITDA

(2/4)

METRO Russia

METRO Eastern Europe

€m / %

Q4 2017/18

Q4 2018/19

€m / %

Q4 2017/18

Q4 2018/19

Sales

604

618

Sales

1,809

1,935

Like-for-like growth

-6.6%

-6.3%

Like-for-like growth

6.5%

5.2%

Reported growth

-16.1%

2.2%

Reported growth

-1.9%

7.0%

EBITDA excl. RE gains

52

55

EBITDA excl. RE gains

107

102

thereof FX

5

thereof FX

1

EBITDA margin

8.6%

8.9%

EBITDA margin

5.9%

5.3%

Real estate gains

0

0

Real estate gains

11

179

Total EBITDA

52

55

Total EBITDA

118

281

46 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

Continuing operations only

SALES TO EBITDA

(3/4)

METRO Asia

METRO Asia

€m / %

Q4 2017/18

Q4 2018/19

€m / %

Q4 2017/18

Q4 2018/19

Sales

1,089

1,179

Sales

399

426

Like-for-like growth

7.3%

5.7%

Like-for-like growth

10.3%

4.9%

Reported growth

5.2%

8.2%

Reported growth

5.6%

7.0%

EBITDA excl. RE gains

41

50

EBITDA excl. RE gains

-2

0

thereof FX

0

thereof FX

-1

EBITDA margin

3.8%

4.3%

EBITDA margin

-0.5%

0.1%

Real estate gains

5

127

Real estate gains

5

77

Total EBITDA

47

177

Total EBITDA

3

77

47 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

Continuing operations only

SALES TO EBITDA

(4/4)

Others

Others

€m

Q4 2017/18

Q4 2018/19

€m

Q4 2017/18

Q4 2018/19

Sales

9

9

Sales

9

9

EBITDA excl. RE gains

-49

-71

EBITDA excl. RE gains

-49

-65

thereof FX

thereof FX

0

Real estate gains

66

17

Real estate gains

66

17

Total EBITDA

17

-54

Total EBITDA

17

-48

48 12/12/2019 © METRO AG.

SALES BY QUARTER

2018/19

Change (EUR)

Change (local currency)

Like-for-like

%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

METRO

-1.0%

-0.4%

2.4%

3.3%

1.9%

1.3%

3.2%

2.2%

2.1%

1.0%

3.1%

2.1%

METRO Wholesale Germany

-1.3%

-4.1%

3.0%

0.0%

-1.3%

-4.1%

3.0%

0.0%

-0.2%

-3.1%

3.6%

0.6%

METRO Wholesale Western Europe

1.2%

-0.3%

2.2%

2.0%

1.2%

-0.3%

2.2%

2.0%

1.0%

-0.3%

2.2%

2.2%

METRO Wholesale Russia

-11.9%

-8.3%

-0.8%

2.2%

-2.8%

-2.3%

-3.2%

-5.2%

-2.4%

-4.0%

-4.8%

-6.3%

METRO Wholesale Eastern Europe

0.8%

2.4%

3.4%

7.0%

6.3%

6.8%

7.3%

5.4%

6.4%

6.8%

7.1%

5.2%

METRO Wholesale Asia

3.0%

6.7%

4.5%

7.0%

9.8%

7.6%

5.4%

6.4%

7.4%

5.1%

3.8%

4.9%

METRO Guidance view (Pre IFRS 5 China)

METRO

-0.6%

0.2%

2.8%

3.9%

2.1%

1.6%

3.6%

2.7%

2.3%

1.2%

3.4%

2.5%

METRO Wholesale Asia

3.3%

5.5%

5.7%

8.2%

6.9%

4.7%

6.8%

7.0%

5.9%

3.6%

5.5%

5.7%

49 12/12/2019 © METRO AG.

02FULL YEAR 2018/19

50 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

KEY FINANCIALS

GUIDANCE 2018/19(including METRO China, excluding Real)

BEFORE IFRS 5

BEFORE IFRS 5

€ million (unless noted otherwise)

ACT

Guidance/

Outlook

17/18

18/19

18/19

before IFRS 5

before IFRS 5

before IFRS 5

Annual Report Guidance

Sales growth (constant fx and before portfolio measures)

1.3%

2.4%

1 to 3%

LfL sales growth (constant fx and before portfolio measures)

1.5%

2.5%

1 to 3%

EBITDA excl. Real Estate gains (constant fx and before portfolio measures)

1,242

-4,2%1

-2 to -6%

Comments on outlook

Real estate gains

128

388

250 to 300m€

D&A

-547

-577

~-590m€

Net financial result2

-130

-111

~-150m€

Tax rate (in %)

35.4%

39.0%

37 to 39%

EPS

1.22

1.44

Roughly stable

Capex3

-552

-455

~-0,6bn€

FCF conversion

71%

74%

50 to 60%

Continuing operations only

CONTINUING OPERATIONS

ACT

17/18

18/19

continuing

continuing

operations

operations

1.3%

2.2%

1.3%

2.1%

1,088

1,021

128

338

-503

-531

-137

-119

37.5%

42.0%

0.98

1.12

-517

-429

69%

70%

51 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

REGIONAL VIEW

Key financials METRO - pre IFRS 5

Key financials METRO - continuing operations

(incl. METRO China, excl. Real)

(excl. METRO China, excl. Real)

€ million unless noted otherwise

Q1 18/19 Q2 18/19 Q3 18/19 Q4 18/19 FY 18/19

Q1 18/19 Q2 18/19 Q3 18/19 Q4 18/19 FY 18/19

Sales - External sales

METRO Germany

1,352

1,024

1,205

1,154

4,735

1,352

1,024

1,205

1,154

4,735

METRO Western Europe excl. Germany

2,921

2,333

2,784

2,714

10,752

2,921

2,333

2,784

2,714

10,752

METRO Russia

801

573

671

618

2,662

801

573

671

618

2,662

METRO Eastern Europe excl. Russia

1,861

1,550

1,846

1,935

7,191

1,861

1,550

1,846

1,935

7,191

METRO Asia

1,072

1,255

1,037

1,179

4,543

443

401

427

426

1,696

Changes after IFRS 5

Others

10

18

7

9

44

11

18

8

9

46

Changes after IFRS 5

Consolidation

METRO

8,017

6,752

7,551

7,608

29,928

7,388

5,898

6,940

6,856

27,082

Changes after IFRS 5

METRO China (informative)

629

854

610

752

2,846

Sales growth (%, €)

METRO Germany

-1.3%

-4.1%

3.0%

0.0%

-0.5%

-1.3%

-4.1%

3.0%

0.0%

-0.5%

METRO Western Europe excl. Germany

1.2%

-0.3%

2.2%

2.0%

1.3%

1.2%

-0.3%

2.2%

2.0%

1.3%

METRO Russia

-11.9%

-8.3%

-0.8%

2.2%

-5.4%

-11.9%

-8.3%

-0.8%

2.2%

-5.4%

METRO Eastern Europe excl. Russia

0.8%

2.4%

3.4%

7.0%

3.4%

0.8%

2.4%

3.4%

7.0%

3.4%

METRO Asia

3.3%

5.5%

5.7%

8.2%

5.7%

3.0%

6.7%

4.5%

7.0%

5.2%

Changes after IFRS 5

Others

Consolidation

METRO

-0.6%

0.2%

2.8%

3.9%

1.5%

-1.0%

-0.4%

2.4%

3.3%

1.1%

Changes after IFRS 5

METRO China (informative)

3.6%

4.9%

6.6%

8.9%

6.0%

Sales growth (%, local currency)

METRO Germany

-1.3%

-4.1%

3.0%

0.0%

-0.6%

-1.3%

-4.1%

3.0%

0.0%

-0.6%

METRO Western Europe excl. Germany

5.7%

-0.3%

2.2%

2.0%

1.3%

5.7%

-0.3%

2.2%

2.0%

1.3%

METRO Russia

-2.8%

-2.3%

-3.2%

-5.2%

-3.3%

-2.8%

-2.3%

-3.2%

-5.2%

-3.3%

METRO Eastern Europe excl. Russia

6.3%

6.8%

7.3%

5.4%

6.4%

6.3%

6.8%

7.3%

5.4%

6.4%

METRO Asia

6.9%

4.7%

6.8%

7.0%

6.3%

9.8%

7.6%

5.4%

6.4%

7.3%

Changes after IFRS 5

Others

Consolidation

METRO

2.1%

1.6%

3.6%

2.7%

2.5%

1.9%

1.3%

3.2%

2.2%

2.2%

Changes after IFRS 5

METRO China (informative)

5.0%

3.4%

7.8%

7.3%

5.7%

Like-for-like growth (%)

METRO Germany

-0.2%

-3.1%

3.6%

0.6%

0.3%

-0.2%

-3.1%

3.6%

0.6%

0.3%

METRO Western Europe excl. Germany

1.0%

-0.3%

2.2%

2.2%

1.3%

1.0%

-0.3%

2.2%

2.2%

1.3%

METRO Russia

-2.4%

-4.0%

-4.8%

-6.3%

-4.3%

-2.4%

-4.0%

-4.8%

-6.3%

-4.3%

METRO Eastern Europe excl. Russia

6.4%

6.8%

7.1%

5.2%

6.3%

6.4%

6.8%

7.1%

5.2%

6.3%

METRO Asia

5.9%

3.6%

5.5%

5.7%

5.1%

7.4%

5.1%

3.8%

4.9%

5.3%

Changes after IFRS 5

Others

Consolidation

METRO

2.3%

1.2%

3.4%

2.5%

2.4%

2.1%

1.0%

3.1%

2.1%

2.1%

Changes after IFRS 5

METRO China (informative)

5.0%

2.9%

6.7%

6.1%

5.0%

EBITDA excl. Earnings contributions from real estate transactions

METRO Germany

68

-23

31

18

95

68

-23

31

18

95

METRO Western Europe excl. Germany

175

20

154

150

499

175

20

154

150

499

METRO Russia

79

30

56

55

220

79

30

56

55

220

METRO Eastern Europe excl. Russia

113

42

86

102

344

113

42

86

102

344

METRO Asia

36

48

42

50

176

10

0

1

0

11

Changes after IFRS 5

Others

-2

-34

-54

-71

-161

-2

-30

-50

-65

-148

Changes after IFRS 5

Consolidation

0

0

0

-1

0

0

0

0

0

0

Changes after IFRS 5

METRO

470

83

316

304

1,173

444

38

279

261

1,021

Changes after IFRS 5

METRO China (informative)

26

45

37

44

152

METRO

335

-29

207

472

985

320

-63

181

389

828

Changes after IFRS 5

Net financial result

-40

-23

-26

-23

-111

-42

-26

-26

-24

-119

Changes after IFRS 5

Earnings before taxes (EBT)

296

-52

181

449

874

278

-89

155

365

709

Changes after IFRS 5

Income taxes1

-112

20

-69

-180

-341

-108

29

-62

-157

-298

Changes after IFRS 5

Tax rate (%, cum.)

38%

38%

38%

39%

39%

39%

42%

41%

42%

42%

Changes after IFRS 5

Profit or loss for the period1

184

-32

113

269

533

171

-60

93

208

411

Changes after IFRS 5

Profit or loss for the period attributable to non-controlling int

-3

-2

-3

-3

-10

-3

1

-1

-2

-6

Changes after IFRS 5

Profit or loss for the period attributable to the shareholders o

181

-34

110

266

523

168

-60

92

206

405

Changes after IFRS 5

Total No. of shares (million)

363.1

363.1

363.1

363.1

363.1

363.1

363.1

363.1

363.1

363.1

Changes after IFRS 5

Earnings per share (€)1

0.50

-0.09

0.30

0.73

1.44

0.46

-0.16

0.25

0.57

1.12

Changes after IFRS 5

Continuing operations only

Link:

https://www.metroag.de/en/newsroom/publications?q=mcf_investors

#Financial Statement

52 12/12/2019 © METRO AG.

Continuing operations only

PROFIT AND LOSS STATEMENT

P&L

CONTINUING OPERATIONS

€ million (unless noted otherwise)

continuing operations

17/18

18/19

continuing

continuing

operations

operations

Sales revenues

26,792

27,082

Cost of sales

-22,278

-22,476

Gross profit on sales

4,514

4,606

Other operating income

1,271

1,405

Selling expenses

-4,021

-4,092

General administrative expenses

-773

-822

Other operating expenses

-293

-279

Earnings from impairment of financial assets

0

-14

Earnings share of operating companies recognised at equity

14

24

EBIT

713

828

Earnings share of non-operating companies recognised at equity

0

0

Other investment result

0

-1

Interest income

27

29

Interest expenses

-163

-148

Other financial result

-2

1

Net financial result

-137

-119

EBT

576

709

Income taxes

-216

-298

tax rate (in %)

37.5%

42.0%

Profit or loss for the period from continuing operations

359

411

Profit or loss for the period from discontinued operations after taxes

Profit or loss for the period

Profit or loss for the period attributable to NCI

from continuing operations

3

6

from discontinued operations

Profit or loss for the period attributable to shareholders of METRO

357

405

from continuing operations

from discontinued operations

EPS (in €)

from continuing operations (in €)

0.98

1.12

from discontinued operations (in €)

EBITDA excl. Real Estate gains

1,088

1,021

Real Estate gains

128

338

EBITDA

1,216

1,359

D&A

-503

-531

EBIT

713

828

53 12/12/2019 © METRO AG.

Continuing operations only

BALANCE SHEET1

Assets

Equity and Liabilities

€ million

FY 17/18

FY 18/19

FY 17/18

FY 18/19

Non-current assets

7,503

6,736

Equity

3,074

2,735

Goodwill

797

785

METRO AG Shareholder interest

3,033

2,703

Other intangible assets

499

562

Non-controlling interests

41

32

Tangible assets

5,314

4,760

Non-current liabilities

3,427

3,419

Investment properties

97

82

Financial assets

88

97

Provisions for post employment benefits plans and similar obligat

468

543

Investments accounted for using the equity method

178

179

Other provisions

126

132

Other financial assets

39

37

Borrowings

2,590

2,498

Other non-financial assets

163

43

Other financial liabilities

56

56

Deferred tax assets

329

191

Other non-financial liabilities

67

71

Current assets

7,703

7,761

Deferred tax liabilities

120

119

Current liabilities

8,705

8,343

Inventories

2,108

1,946

Trade receivables

571

482

Trade liabilities

3,993

3,572

Financial assets

1

4

Provisions

274

168

Other financial assets

561

603

Borrowings

1,420

871

Other non-financial assets

353

279

Other financial liabilities

744

728

Entitlements to income tax refunds

206

190

Other non-financial liabilities

392

233

Cash and cash equivalents

1,298

500

Income tax liabilities

191

169

Assets held for sale

2,605

3,758

Liabilities related to assets held for sale

1,691

2,601

Total

15,206

14,497

15,206

14,497

1Continuing operations, 2018/18 excluding METRO China and 2017/18 including METRO China

54 12/12/2019 © METRO AG.

Continuing operations only

CASH FLOW STATEMENT

€ million

FY 17/18

FY 18/19

EBIT

713

828

Depreciation/amortisation/impairment losses/reversal of impairment losses of assets excl.

503

532

financial investments

Change in provisions for post-employment benefits plans and other provisions

-202

-47

Change in net working capital

141

27

Income taxes paid

-193

-215

Reclassification of gains (-) / losses (+) from the disposal of fixed assets

-137

-356

Other

-59

28

Cash flow from operating activities of continuing operations

766

796

Cash flow from operating activities of discontinuing operations

139

157

Cash flow from operating activities

905

953

Acquisition of subsidiaries

0

-1

Investments in property, plant and equipment and in investment property (excl. finance leases)

-408

-258

Other investments

-165

-198

Investments in monetary assets

-1

-9

Disposals of subsidiaries

-3

0

Disposal of fixed assets

285

505

Disposal of financial assets

0

7

Cash flow from investing activities of continuing operations

-292

46

Cash flow from investing activities of discontinuing operations

-89

-136

Cash flow from investing activities

-381

-90

Dividends paid

-254

-254

Redemption of liabilities from put options of non-controlling interests

0

-2

Proceeds from new borrowings

2,772

6,122

Redemption of borrowings

-2,983

-6,844

Interest paid

-141

-161

Interest received

20

28

Profit and loss transfers and other financing activities

8

-4

Cash flow from financing activities of continuing operations

-587

-1122

Cash flow from financing activities of discontinuing operations

-74

-109

Cash flow from financing activities

-661

-1231

Total cash flows

-137

-368

Cash flow

  • Theoperating cash flow came in at €0.8 bn, above last year. Mainly driven by higher real estate gains, positive contribution from net working capital
  • Theinvesting cash flow came down from-€0.3bn to 0.05bn EUR driven by higher real estate gains
  • Thefinancing cash flow changed from-€0.6bn to-€1.1bn due to higher repayment of debt

55 12/12/2019 © METRO AG.

FINANCIAL REPORTING AFFECTED BY ACCOUNTING CHANGES & TRANSACTIONS

IFRS 5

(discontinued operations)

IFRS 15

(revenue from contracts

with customers)

  • METRO Chinareported as discontinued operations from 30 Sep 19 onwards
  • Impacts all financial statements as well as thesegments 'Asia' and 'Others'
    • Adjustment of PY balance sheet is visible only in the combined management report
    • Stop of regular depreciation for China from 1 Oct 2019 onwards
  • Hypermarket businesscontinues to be reported as discontinued operations
  • IFRS 5 impacts METRO Wholesale Asia, Segments Others and Consolidation
  • Other regions are not affected
  • Please refer to our homepage and appendix for additional details
  • IFRS 15 replaces IAS 18 and IAS 11
  • Applied since1 Oct 2018; no adjustment to previous year's figures
  • Application affected some reclassifications in balance sheet and triggered a€33 m sales reduction(mainly Germany, LFL view has been adjusted)

56 12/12/2019 © METRO AG.

03OTHERS

57 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

Continuing operations only

OPERATIONAL METRICS

METRO Guidance (Pre IFRS 5 Chin

Continuing operations

2017/18

2018/19

2017/18

2018/19

Food Share in Total sales

88%

89%

88%

89%

Non food share in Total sales

12%

11%

12%

11%

FSD (excl. TAC/PU) in Total sales

17%

18%

16%

17%

Own Brand Share in Like-for-like sales1

17%

17%

17%

17%

1Share in like-for-like sales, excluding acquisitions

58 12/12/2019 © METRO AG.

Continuing operations only

METRO WHOLESALE - KEY STATISTICS

Sales

Stores

€m

FY 2017/18

FY 2018/19

FY 2017/18

FY 2018/19

Germany

4,761

4,735

103

103

Austria

768

760

12

12

Belgium

734

737

17

17

France

4982

5114

98

98

Italy

1741

1722

49

49

Netherlands

777

767

17

17

Portugal

379

398

10

10

Spain

1229

1253

37

37

Western Europe (w/o Germany)

10,609

10,752

240

240

Russia

2,815

2,662

93

94

Bulgaria

379

395

11

11

Croatia

221

226

9

10

Czech Republic

1,073

1,062

13

13

Hungary

470

471

13

13

Kazachstan

73

80

6

6

Moldova

91

102

3

3

Poland

1,406

1,385

29

29

Romania

1,083

1,190

30

30

Serbia

205

195

9

9

Slovakia

427

432

6

6

Turkey

1,000

1,027

33

34

Ukraine

523

627

31

31

Eastern Europe (w/o Russia)

6,952

7,191

193

195

India

776

848

27

27

Japan

265

287

10

10

Pakistan

339

310

9

9

Myanmar

0

2

Classic Fine Food

232

250

0

Asia (incl. CFF)

1,612

1,696

46

46

Others

43

46

0

METRO

26,792

27,082

675

678

2017/18

2018/19

Stores

675

678

Selling space ('000 sqm)

5,234

4,728

Ø store size (sqm)

6,806

6,973

Ø Sales / sqm (EUR)

5,629

5,729

Employees (FTE)

104,912

101,654

59 12/12/2019 © METRO AG.

Guidance view (Pre IFRS 5 China)

CAPEX AND CAPEX ALLOCATION

€m

FY 2017/18

FY 2018/19

Expansion

88

20

Remodelling

60

25

FSD

38

31

Maintenance

157

159

Digital/IT

178

204

Others

31

18

Capex (FCF definition)

552

455

M&A

0

1

Financial Lease

47

69

Investments

600

525

60 12/12/2019 © METRO AG.

Continuing operations only

REAL ESTATE1

2018/19

Total

Owned

('000 sqm)

Stores

Space ('000 sqm)

Stores

Space ('000 sqm)

METRO

678

4.728

355

2.739

METRO Wholesale Germany

103

915

10

88

METRO Wholesale Western Europe

240

1.531

84

745

METRO Wholesale Russia2

94

688

90

665

METRO Wholesale Eastern Europe

195

1.391

153

1.164

METRO Wholesale Asia

46

202

18

77

12018/19 figures on space in stores refers to selling space operated by METRO Wholesale i.e. excluding selling space operated by third parties 2For METRO Russia, shop-in-shop has been included into the stores space

61 12/12/2019 © METRO AG.

Continuing operations only

FACT SHEET ON EXTERNAL FINANCING

Interest expense

Maturity Profile

1

Net debt at business year end

External Funding Mix

1

1Continuing operations, 2017/18 excluding METRO China and 2017/18 including METRO China

62 12/12/2019 © METRO AG.

CONTACT

Investor Relations

METRO AG

Metro-Straße 1

40235 Düsseldorf

Germany

T +49 211 6886-1280

F +49 211 6886-73-3759

  1. investorrelations@metro.de
    www.metroag.de

63 12/12/2019 © METRO AG.

64 12/12/2019 © METRO AG.

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Metro AG published this content on 12 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 December 2019 08:50:12 UTC