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MarketScreener Homepage  >  Equities  >  Xetra  >  Metro AG    B4B   DE000BFB0019

METRO AG

(B4B)
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Metro : Quarterly Statement Q1 2019/20

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02/13/2020 | 04:31am EDT

METRO QUARTERLY STATEMENT Q1 2019/20

2Summary

CONTENT

  1. Summary
  2. Overview
  3. Sales, earnings and financial position
  4. METRO Segments
  1. Outlook
  2. Income statement
  3. Balance sheet
  1. Cash flow statement
  2. Segment reporting
  3. Notes
  4. Financial calendar, imprint and disclaimer

METRO QUARTERLY STATEMENT Q1 2019/20

3

METRO'S LIKE-FOR-LIKE SALES

GROW 1.0% IN Q1 2019/20

Unless expressly stated otherwise, all subsequent presentations refer to continuing operations. Furthermore, the quarterly results are reported based on the retrospective adjustments due to IFRS 16.

Like-for-like sales increased by 1.0%; in local currency, sales grew by 1.0%, reported sales increased by 2.2% to €7.5 billion

EBITDA excluding earnings contributions from real estate transactions amounted to €526 million (Q1 2018/19: €530 million). In Q1 2019/20 no transformation costs incurred. The reported EBITDA reached €527 million (Q1 2018/19: €532 million)

EBITDA excluding earnings contributions from real estate transactions adjusted for currency effects was -2.2% lower than previous year

The profit or loss for the period from continuing operations attributable to METRO shareholders amounted to €121 million (Q1 2018/19: €172 million)

The profit or loss for the period from continuing and discontinued operations attributable to METRO shareholders amounted to €-34 million (Q1 2018/19: €224 million). The profit or loss for the period from discontinued operations was influenced by an impairment of the hypermarket business to the sum of €237 million

Earnings per share from continuing operations decreased to €0.33 in Q1 2019/20 (Q1 2018/19: €0.47); including discontinued operations, it reached €-0.09 (Q1 2018/19: €0.62)

Net debt of continuing operations amounted to €5.0 billion (31/12/2018: €5.2 billion)

Sales and EBITDA outlook for the financial year 2019/20 confirmed

METRO QUARTERLY STATEMENT Q1 2019/20

4Overview

OVERVIEW

Q1 2019/20

€ million

Q1 2018/191, 2

Q1 2019/20

Change

Sales

7,388

7,548

2.2%

EBITDA excluding earnings contributions from real estate transactions

530

526

-0.6%

Earnings contributions from real estate transactions

2

1

-52.8%

EBITDA

532

527

-0.8%

EBIT

347

327

-5.7%

Earnings before taxes EBT

285

276

-3.1%

Profit or loss for the period from continuing operations3

172

121

-29.5%

Earnings per Share from continuing operations (€)3

0.47

0.33

-29.5%

Profit or loss for the period2

224

-34

-

Earnings per Share (€)

0.62

-0.09

-

1Adjustment of previous year due to discontinued operations METRO China

2Adjustment of previous year due to full retrospective application of IFRS 16 (leases) 3attributable to METRO shareholders

METRO QUARTERLY STATEMENT Q1 2019/20

Overview

SALES, EARNINGS AND FINANCIAL POSITION

Unless expressly stated otherwise, all subsequent presentations refer to continuing operations. Furthermore, the quarterly results are reported based on the retrospective adjustments due to IFRS 16.

Sales

In Q1 2019/20, METRO's like-for-like sales rose by 1.0%. This growth is mainly attributable to the continuing strong business development in Eastern Europe and Asia. In local currency sales increased by 1.0%. In part supported by positive currency effect developments, total sales at METRO increased by 2.2% to €7.5 billion.

Earnings

Theearnings before depreciation and amortization (EBITDA) excluding earnings contributions from real

estate transactionsreached a total of €526 million in Q1 2019/20 (Q1 2018/19: €530 million), also supported by positive currency effects in Russia and Eastern Europe. In Q1 2019/20 no transformation costs incurred. Adjusted for currency effects, EBITDA decreased by €12 million (-2.2%) compared to the same period last year. The segments mainly developed at previous year's level, while a cost increase in Eastern Europe made an impact.

Earnings contributions from real estate

transactionstotalled €1 million (Q1 2018/19: €2 million).

EBITDAin Q1 2019/20 amounted to €527 million

(Q1 2018/19: €532 million).

The total financial resultamounted to €-51 million in Q1 2019/20 (Q1 2018/19: €-62 million). Among others, due to a more favourable refinancing rate, the interest result improved by €5 million.

Earnings before taxesamounted to €276 million in Q1 2019/20 (Q1 2018/19: €285 million).

In accordance with international accounting standards on interim financial reporting, taxes are reported throughout the year using the so-called integral approach. According to this standard, the reported tax expense or tax income corresponds to the expected group tax rate at the end of the financial year.

For the continuing operations a tax rate before transformation costs of approximately 55% is expected for the financial year 2019/20 (Q1 2018/19: 39%). This results in income tax expensesof €152 million in the reporting period (Q1 2018/19: €110 million). The expected tax rate for continuing operations is significantly higher than the tax rate for the previous

5

year, mainly due to temporarily lower expected income from real estate transactions.

Theprofit or loss for the period from continuing operations attributable to METROshareholders amounted to €121 million in Q1 2019/20 (Q1 2018/19: €172 million).

The profit or loss for the period from continuing and discontinued operations attributable to METRO shareholders amounted to €-34 million in Q1 2019/20 (Q1 2018/19: €224 million). In Q1 2019/20 an impairment of €237 million for the hypermarket business was booked, based on the current status of negotiation as well as the suspended depreciation.

Earnings per share from continuing operations

dropped to €0.33 in Q1 2019/20 (Q1 2018/19: €0.47).

Earnings per share from continuing and

discontinued operationsreached €-0.09 in Q1 2019/20 (Q1 2018/19: €0.62).

Investments

METRO invested€132 million in Q1 2019/20 (Q1 2018/19: €107 million).

Financial position

Net debt, after offsetting cash and cash equivalents as well as financial investments with borrowings (including liabilities from leases), totalled €5.0 billion as of 31 December 2019 (31 December 2018:

€5.2 billion).

Cash flow

In Q1 2019/20, total cash inflow from operating activities amounted to €0.5 billion (Q1 2018/19: €0.5 billion cash inflow).

The cash flow from investing activities amounted to €-0.1 billion (Q1 2018/19: €-0.1 billion cash outflow) and is mainly attributable to investments in property, plant and equipment and investment properties. The other investments include payouts for intangible assets and financial assets.

Cash flow from financing activities totalled €-0.4 billion (Q1 2018/19: €-0.5 billion cash outflow).

METRO QUARTERLY STATEMENT Q1 2019/20

6Overview

METRO Segments1, 2

Change

Like-for-like

Sales (€ million)

Change (€)

Currency effects

(local currency)

(local currency)

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

Total

7,388

7,548

-1.0%

2.2%

-2.8%

1.2%

1.9%

1.0%

2.1%

1.0%

Germany

1,352

1,347

-1.3%

-0.4%

0.0%

0.0%

-1.3%

-0.4%

-0.2%

-0.3%

Western Europe

(excl. Germany)

2,921

2,932

1.2%

0.4%

0.0%

0.0%

1.2%

0.4%

1.0%

0.5%

Russia

801

821

-11.9%

2.5%

-9.2%

7.4%

-2.8%

-4.9%

-2.4%

-5.3%

Eastern Europe

(excl. Russia)

1,861

1,975

0.8%

6.1%

-5.5%

1.0%

6.3%

5.1%

6.4%

5.0%

Asia

443

466

3.0%

5.2%

-6.8%

1.8%

9.8%

3.4%

7.4%

3.2%

Others

11

7

-39.2%

-33.1%

0

0

-39.2%

-33.1%

0

0

  1. Adjustment of previous year due to discontinued operations METRO China
  2. Adjustment of previous year due to full retrospective application of IFRS 16 (leases)

In Germany, like-for-like sales declined slightly by

-0.3% in Q1 2019/20, impacted by a change in tobacco regulations. Reported sales declined by -0.4%.

In Q1 2019/20, like-for-like sales in Western Europe (excl. Germany)rose by 0.5%. Reported sales increased by 0.4% to €2.9 billion. In France, the sales trend was affected by the national general strikes.

In Russia, like-for-like sales in Q1 2019/20 declined by -5.3%, whereby a slight trend improvement was achieved compared to Q4 of 2018/19. In local currency, revenues decreased by -4.9%. Supported by positive currency effects, reported sales increased by 2.5%.

InEastern Europe (excluding Russia),like-for-likesales in the financial year continued to develop positively with an increase of 5.0%. The majority of countries contributed to this trend, especially Turkey, Ukraine, Romania and Poland. In local currency, sales

increased by 5.1%. Due to positive currency effects, reported sales increased by 6.1%.

In Q1 2019/20, like-for-like sales in Asiaincreased by 3.2%. India and Pakistan contributed to this increase, while Classic Fine Foods was affected by the demonstrations in Hong Kong. Sales in local currency increased by 3.4%. Supported by positive currency effects, reported sales increased by 5.2%.

METRO's delivery salescontinued to develop positively, with sales increasing by approximately 10% to €1.2 billion in Q1 2019/20. The delivery business now accounts for 16% of sales.

As of 31 December 2019, the store networkincluded 679 individual stores, 3 stores more than on the same date in the previous year. One store was opened in the Q1 2019/20 (Ukraine).

METRO QUARTERLY STATEMENT Q1 2019/20

Overview

7

Earnings

EBITDA excluding earnings

contributions from

contributions from real estate

real estate

transactions

transactions

EBITDA

EBIT

Investments

Q1

Q1

Change

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

2018/19

2019/20

(€)

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

Total

530

526

-3

2

1

532

527

347

327

107

132

Germany

77

76

0

0

0

77

76

50

50

6

9

Western

Europe (excl.

Germany)

207

205

-3

0

1

207

206

149

143

29

28

Russia

83

87

4

0

0

83

87

68

71

5

1

Eastern Europe

(excl. Russia)

122

117

-4

2

0

124

117

95

84

23

26

Asia

17

12

-5

0

0

17

12

8

2

8

5

Others

24

27

4

0

0

23

27

-24

-24

37

63

Consolidation

0

1

1

0

0

0

1

0

1

0

0

  1. Adjustment of previous year due to discontinued operations METRO China
  2. Adjustment of previous year due to full retrospective application of IFRS 16 (leases)

In Germany, EBITDA excluding earnings contributions from real estate transactions reached €76 million (Q1 2018/19: €77 million).

InWestern Europe (excluding Germany), EBITDA excluding earnings contributions from real estate transactions reached €205 million (Q1 2018/19: €207 million).

In Russia, the EBITDA excluding earnings contributions from real estate transactions reached €87 million (Q1 2018/19: €83 million). The positive currency effect development contributed to this result. Adjusted for currency effects, EBITDA decreased by €-2 million.

InEastern Europe excl. Russia, EBITDA excluding earnings contributions from real estate transactions reached €117 million in Q1 2019/20 (Q1 2018/19: €122 million). This decrease is mainly attributable to the general rise in costs in the region.

In Asia, EBITDA excluding earnings contributions from real estate transactions reached €12 million in Q1 2019/20 (Q1 2018/19: €17 million).

In the Otherssegment, EBITDA excluding earnings contributions from real estate transactions remained at previous year's level of €27 million (Q1 2018/19: €24 million). Last year benefited from low double-digit million damage compensation. This was offset to a large extent by an improved operating result in logistics in Q1 19/20. In addition, EBITDA was supported by initial savings from efficiency measures in the headquarter as a result of an improvement in non personnel costs.

Discontinued operations

Like-for-like sales of discontinued operations in Q1 2019/20 increased by 0.6%. Reported sales increased by 0.1% compared to the previous year.

The EBITDA excluding earnings contributions from real estate transactions reached €120 million (Q1 2018/19: €142 million). The decline is mainly attributable to the earnings development at Real, while earnings at METRO China remained at previous year's level.

As a result of disclosures as discontinued operations and according to IFRS 5, depreciation and amortisation on fixed assets of €95 million

(Q1 2018/19: €74 million) have been suspended. In

Q1 2019/20, an impairment of the hypermarket business to the sum of €237 million was booked based on the current status of negotiation as well as the suspended depreciation.

METRO QUARTERLY STATEMENT Q1 2019/20

8Overview

OUTLOOK

Outlook for METRO

Earnings

The outlook is based on the assumption of stable exchange rates and no further adjustments to the portfolio and only covers METRO's continuing operations. The main opportunities and risks that could influence our outlook are explained in the opportunity and risk report. The achievement of our sales and earnings outlook is further based on our assumptions for 2019/20 regarding macroeconomic developments.

Sales

Due to the advancing and successful focus on the HoReCa and Traders customer groups, the Management Board expects total sales and like-for-like sales to grow by 1.5% to 3% in financial year 2019/20 (2018/19: 2.2% growth to total sales and 2.1% growth of like-for-like sales). As a consequence of this focus, a further trend improvement is expected in Russia. Germany is expected to show a flat sales development, while the Western Europe (excluding Germany), Eastern Europe (excluding Russia) and Asia segments are expected to grow at the previous year's level. Across all segments, the Management Board sees the delivery business in particular and the synergetic interaction of the various channels as well as the focus on HoReCa and Traders customers as growth drivers.

An important focus of METRO is on increasing operating performance and portfolio simplification. Against this background, the Management Board announced to adopt efficiency measures on 19 November 2019. In financial year 2019/20, the Management Board expects this to result in one-time transformation costs of €60 million to €80 million. Before transformation costs for these efficiency measures, the Management Board expects EBITDA excluding earnings contributions from real estate transactions to be roughly at the level of the past financial year (2018/19: € 1,392 million). Earnings in Russia are expected to decline by between €20 million and €30 million as a result of the ongoing repositioning.

Earnings growth in Germany and Western Europe (excluding Germany) is expected to compensate for this. For the remaining segments, EBITDA is expected to remain roughly at the previous years level.

METRO QUARTERLY STATEMENT Q1 2019/20

Income statement

9

INCOME STATEMENT

€ million

Q1 2018/191,2

Q1 2019/20

Sales revenues

7,388

7,548

Cost of sales

-6,095

-6,209

Gross profit on sales

1,293

1,339

Other operating income

290

248

Selling expenses

-992

-996

General administrative expenses

-173

-189

Other operating expenses

-76

-75

Earnings from impairment of financial assets

-5

-3

Earnings share of operating companies recognised at equity

9

5

Earnings before interest and taxes (EBIT)

347

327

Earnings share of non-operating companies recognised at equity

0

0

Other investment result

0

1

Interest income

10

8

Interest expenses

-71

-64

Other financial result

0

4

Financial result

-62

-51

Earnings before taxes EBT

285

276

Income taxes

-110

-152

Profit or loss for the period from continuing operations

175

124

Profit or loss for the period from discontinued operations

53

-154

Profit or loss for the period

228

-30

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

3

4

from continuing operations

3

3

from discontinued operations

1

2

Profit or loss for the period attributable to the shareholders of METRO AG

224

-34

from continuing operations

172

121

from discontinued operations

52

-155

Earnings per share in € (basic = diluted)

0.62

-0.09

from continuing operations

0.47

0.33

from discontinued operations

0.14

-0.43

  1. Adjustment of previous year due to discontinued operations METRO China
  2. Adjustment of previous year due to full retrospective application of IFRS 16 (leases)

METRO QUARTERLY STATEMENT Q1 2019/20

10

Balance sheet

BALANCE SHEET

ASSETS

€ million

31/12/20181, 2

30/09/20191

31/12/2019

Non-current assets

8,774

8,850

8,730

Goodwill

780

785

785

Other intangible assets

506

562

562

Property, plant and equipment

6,598

6,652

6,553

Investment properties

136

127

128

Financial assets

87

97

97

Investments accounted for using the equity method

185

179

180

Other financial assets

158

150

143

Other non-financial assets

24

20

17

Deferred tax assets

301

279

265

Current assets

9,874

8,992

9,429

Inventories

2,068

1,946

2,117

Trade receivables

464

482

497

Financial assets

3

4

4

Other financial assets

606

622

651

Other non-financial assets

394

279

333

Entitlements to income tax refunds

224

190

206

Cash and cash equivalents

871

500

681

Assets held for sale

5,244

4,970

4,940

18,648

17,842

18,160

  1. Adjustment of previous year due to discontinued operations METRO China
  2. Adjustment of previous year due to full retrospective application of IFRS 16 (leases)

METRO QUARTERLY STATEMENT Q1 2019/20

Balance sheet

11

EQUITY AND LIABILITIES

€ million

31/12/20181, 2

30/09/20191

31/12/2019

Equity

2,471

2,357

2,308

Share capital

363

363

363

Capital reserve

6,118

6,118

6,118

Reserves retained from earnings

-4,047

-4,155

-4,202

Non-controlling interests

37

31

28

Non-current liabilities

5,493

5,653

5,592

Provisions for post-employment benefits plans and similar obligations

470

543

517

Other provisions

90

108

120

Financial liabilities

4,737

4,766

4,717

Other financial liabilities

56

55

55

Other non-financial liabilities

25

25

25

Deferred tax liabilities

115

155

159

Current liabilities

10,684

9,832

10,260

Trade liabilities

3,792

3,572

3,825

Provisions

169

158

131

Financial liabilities

1,361

1,164

989

Other financial liabilities

631

728

668

Other non-financial liabilities

384

228

284

Income tax liabilities

231

169

264

Liabilities related to assets held for sale

4,116

3,813

4,099

18,648

17,842

18,160

  1. Adjustment of previous year due to discontinued operations METRO China
  2. Adjustment of previous year due to full retrospective application of IFRS 16 (leases)

METRO QUARTERLY STATEMENT Q1 2019/20

Cash flow statement

12

CASH FLOW STATEMENT

€ million

Q1 2018/191,2

Q1 2019/20

EBIT

347

327

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

financial investments

185

200

Change in provisions for pensions and other provisions

-22

-15

Change in net working capital

140

47

Income taxes paid

-80

-59

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

-9

-2

Other

-79

-47

Cash flow from operating activities of continuing operations

482

452

Cash flow from operating activities of discontinued operations

227

197

Cash flow from operating activities

709

649

Acquisition of subsidiaries

0

0

Investments in property, plant and equipment and in investment property

(without usufructuary rights from leases)

-74

-64

Other investments

-51

-35

Investments in monetary assets

-11

0

Disposals of subsidiaries

0

0

Divestments

40

19

Disposal of financial investments

7

0

Cash flow from investing activities of continuing operations

-88

-81

Cash flow from investing activities of discontinued operations

-60

-3

Cash flow from investing activities

-148

-83

Dividends paid

to METRO AG shareholders

0

0

to other shareholders

-7

-7

Redemption of liabilities from put options of non-controlling interests

0

0

Proceeds from new borrowings

116

1,128

Redemption of borrowings

-589

-1,415

Interest paid

-70

-64

Interest received

9

8

Other financing activities

3

-9

Cash flow from financing activities of continuing operations

-536

-359

Cash flow from financing activities of discontinued operations

-79

-108

Cash flow from financing activities

-615

-468

Total cash flows

-55

98

Currency effects on cash and cash equivalents

6

-5

Total change in cash and cash equivalents

-49

93

Cash and cash equivalents as of 1 October

1,396

1,044

less cash and cash equivalents reported in assets in accordance with IFRS 5

489

544

Cash and cash equivalents as of 1 October

907

500

Total cash and cash equivalents as of 31 December

1,346

1,137

less cash and cash equivalents reported in assets in accordance with IFRS 5

475

456

Cash and cash equivalents as of 31 December

871

681

  1. Adjustment of previous year due to discontinued operations METRO China
  2. Adjustment of previous year due to full retrospective application of IFRS 16 (leases)

METRO QUARTERLY STATEMENT Q1 2019/20

Segment reporting Q1 2019/20

13

SEGMENT REPORTING Q1 2019/20

OPERATING SEGMENTS1, 2

Western Europe

Eastern Europe

Germany

(excl. Germany)

Russia

(excl. Russia)

Asia

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

€ million

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

External sales (net)

1,352

1,347

2,921

2,932

801

821

1,861

1,975

443

466

EBITDA excluding

earnings contributions

from real estate

transactions

77

76

207

205

83

87

122

117

17

12

Earnings contributions

from real estate

transactions

0

0

0

1

0

0

2

0

0

0

EBITDA

77

76

207

206

83

87

124

117

17

12

EBIT

50

50

149

143

68

71

95

84

8

2

Investments

6

9

29

28

5

1

23

26

8

5

METRO continuing

METRO discontinued

Others

Consolidation

operations

operations

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

€ million

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

2018/19

2019/20

External sales (net)

11

7

0

0

7,388

7,548

2,640

2,643

EBITDA excluding

earnings contributions

from real estate

transactions

24

27

0

1

530

526

142

120

Earnings contributions

from real estate

transactions

0

0

0

0

2

1

0

-1

EBITDA

23

27

0

1

532

527

142

119

EBIT

-24

-24

0

1

347

327

126

-118

Investments

37

63

0

0

107

132

59

36

  1. Adjustment of previous year due to discontinued operations METRO China
  2. Adjustment of previous year due to full retrospective application of IFRS 16 (leases)

METRO QUARTERLY STATEMENT Q1 2019/20

Notes

NOTES

Accounting principles

The income statement, balance sheet as of

30 September and 31 December 2019 and cash flow statement have been prepared in accordance with IFRS as adopted for the EU. The income statement, balance sheet and cash flow statement were prepared in accordance with IAS 34 (interim financial reporting). With an exception of IFRS 16 which was applied for the first time and described below, the same accounting view as in consolidated financial statement from

30 September 2019 has been applied.

Since 1 October 2019, METRO has been applying IFRS 16, whereby it made use of the option to apply the fully retrospecitve method. METRO's continuing operations (without the hypermarket business and METRO China) resulted in an increase in non-current assets of approximately €2.0 billion and total liabilities of approximately €2.4 billion as of 1 October 2018.

As of 30. September 2019, the increase of non- current liabilities amount to €2.1 billion and the total liabilities amount to €2.5 billion due to offsetting effects resulting from additions of right of use, depreciation and repayments. Previous year's figures were adjusted accordingly.

In February 2020, METRO published a transition booklet on the effects of IFRS 16, which shows the effects of the transition per quarter and segment for the financial year 2018/19.

14

METRO China has been reported as a discontinued operation respectively disposal group since

30 September 2019. In this quarterly statement, in addition to the balance sheet as at 30 September 2019, a balance sheet as at 31 December 2018 is also provided as a voluntary additional disclosure in order to enable a year-on-year comparison of the current book values taking into account seasonal fluctuations. In contrast to the quarterly statement of the previous year, the assets (€1.7 billion) and liabilities (€1.0 billion) of METRO China are also classified as "held for sale" in the comparable balance sheet as of 31 December 2018 in order to enhance the informative value of these figures.

METRO QUARTERLY STATEMENT Q1 2019/20

FINANCIAL CALENDAR

15

FINANCIAL CALENDAR

Annual General Meeting 2020

Friday

14 February

2020

10.00 a.m.

Half-year Financial Report H1/Q2 2019/20

Thursday

7

May 2020

7.30 a.m.

Quarterly Statement 9M/Q3 2019/20

Friday

7

August 2020

7.30 a.m.

All time specifications are CET

IMPRINT

Investor Relations

Telephone+49 (211) 6886-1280

Fax

+49 (211) 6886-73-3759

METRO AG

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Telephone +49 (211) 6886-1904

P.O. Box 230361

Fax

+49 (211) 6886-1916

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creditorrelations@metro.de

http://www.metroag.de

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Published:

Fax

+49 (211) 6886-2001

13 February 2020

E-Mail

presse@metro.de

Visit our website at www.metroag.de, the primary source for publications and information about

METRO AG.

DISCLAIMER

This quarterly statement contains forward-looking statements. These statements are based on certain assumptions and expectations held at the time this report is published. Forward-looking statements are therefore subject to risks and uncertainties and may significantly deviate from the actual earnings. With regard to forward-looking statements in particular, risks and uncertainties are to a large extent determined by factors that are outside of METRO's sphere of influence and that can currently not be estimated with an adequate degree of certainty. These factors include, among others, future market conditions and economic developments, the actions of other market participants, the full utilisation of anticipated synergy effects as well as legislative and political decisions.

METRO does not consider itself obligated to publish any corrections to these forward-looking statements for the purpose of adjusting them to events or circumstances that eventuate after the publishing date.

METRO QUARTERLY STATEMENT Q1 2019/20

Disclaimer

Metro AG published this content on 13 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2020 09:30:07 UTC

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Sales 2020 27 428 M
EBIT 2020 535 M
Net income 2020 189 M
Debt 2020 3 440 M
Yield 2020 8,47%
P/E ratio 2020 23,8x
P/E ratio 2021 10,0x
EV / Sales2020 0,23x
EV / Sales2021 0,22x
Capitalization 2 797 M
Chart METRO AG
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Metro AG Technical Analysis Chart | MarketScreener
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Technical analysis trends METRO AG
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 11,74  €
Last Close Price 7,69  €
Spread / Highest target 134%
Spread / Average Target 52,8%
Spread / Lowest Target -44,1%
EPS Revisions
Managers
NameTitle
Olaf G. Koch Chairman-Management Board & CEO
Juergen B. Steinemann Chairman-Supervisory Board
Philippe Palazzi Chief Operating Officer
Christian Baier Chief Financial Officer
Florian Funck Member-Supervisory Board
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