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    CEC   DE0007257503


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Ceconomy : Quarterly Statement Q3/9M 2020/21

08/12/2021 | 01:11am EDT

Q3/9M 2020/21


12 August 2021

CECONOMY Q3/9M 2020/21



Q3 2020/21


-93 €m

Sales growth1 thanks to

Adjusted EBIT2 €48 million

sustained high demand for

below prior year due to

consumer electronics

normalization of cost base

  1. Sales adjusted for currency effects and portfolio changes
  2. Adjusted EBIT before non-recurring effects, associates and portfolio changes

CECONOMY Q3/9M 2020/21



9M 2020/21


106 €m

Sales growth1 thanks to

Adjusted EBIT2 only

sustained high demand for

€7 million below previous

consumer electronics and

year's level despite severe

despite ongoing temporary

impacts of the

store closures in response to

COVID-19 pandemic


  1. Sales adjusted for currency effects and portfolio changes
  2. Adjusted EBIT before non-recurring effects, associates and portfolio changes

CECONOMY Q3/9M 2020/21




The third quarter of 2020/21 was again characterized by the pandemic and the

accompanying restrictions on our business. Footfall remained below pre-pandemic level after the opening in Germany in mid-June. Overall, we managed to increase sales. Despite the already high comparison basis of the previous year, we also saw slight growth in the online business due to slightly larger baskets and an improved conversion rate. In the Services & Solutions business, demand for our online services increased in particular.

Our omnichannel approach provided resilience during the crisis. By consistently implementing our strategy, we aim to and will successfully harness the further economic potential offered by our omnichannel approach.


Dr Karsten Wildberger,

Chief Executive Officer


Many countries saw strong sales performance in the third quarter of 2020/21 thanks to high customer demand for consumer electronics. In Germany, however, the extensive lockdown closures and their consequences remained noticeable and led to a decline in earnings. However, we are looking ahead. For example, we have reorganized our financing structure in a sustainable way. This includes the conclusion of a new credit facility with an ESG component and the issuance of an unsecured bond. This provides us with

financial flexibility for the time after the "KfW loan", which we have not used at any time.


Florian Wieser,

Chief Financial Officer

CECONOMY Q3/9M 2020/21



  1. Financial figures at a glance
  2. Outlook
  3. Events in the third quarter
  1. Events after the reporting date
  2. Results in detail

11 Earnings position

17 Financial and asset position

19 Condensed consolidated interim financial statements

  1. Income statement
  2. Statement of financial position
  3. Cash flow statement

22 Financial calendar and general information

This document is a quarterly statement according to Section 53 Frankfurt Stock Exchange Regulations.

CECONOMY is generally steered on the basis of performance indicators derived from IFRS (International Financial Reporting Standards). In ad- dition, the following key performance indicators apply: total sales growth adjusted for currency effects and portfolio changes and EBIT adjusted for portfolio changes and earnings effects from companies accounted for using the equity method. The transaction closed on 29 November 2019 relating to the MediaMarkt Greece business constitutes a portfolio change, as it involves the disposal of a country organi- zation. For the forecast key figures, the previous year's figures are adjusted accordingly. In financial year 2020/21, an adjusted EBIT also applies; the adjustment relates to non-recurring earnings effects in connection with (1) COVID-19-related store closures, (2) the introduction of a harmonized group-wide organizational structure ("Operating Model") and (3) the transaction announced on 14 December 2020 regarding the acquisition of the minority shareholding in MediaMarktSaturn as well as reorganization and simplification of the corporate structure. Details of the programs are explained below:

  1. The COVID-19-related store closures relate to the permanent closures of MediaMarkt and Saturn stores in several European countries which have lower footfall as a result of the COVID-19 pandemic and cannot be brought back into the profit zone from the company's point of view.
  2. The Operating Model focuses in particular on the harmonization of struc- tures and standardized, efficient processes and procedures for the admin- istrative functions in the country organizations of MediaMarktSaturn. In ad- dition, the management structures in the stores will be unified throughout Europe and the relief from administrative tasks will enable employees to focus on the customer experience to the greatest extent possible.
  3. The transaction relates to CECONOMY AG's acquisition of the 21.62 per cent minority stake in Media-Saturn-Holding GmbH ("MediaMarktSaturn") held by Convergenta Invest GmbH. The parties thereby intend to reorganize their shareholdings in MediaMarktSaturn and to achieve, among other things, a stronger focus on the operating business and the realization of considerable synergies based on a simplified company structure and governance.

The adjustment also affects the previous year's figures, which in addition to (1) and (2) also include non-recurring earnings effects in connection with the reorganization and efficiency program announced on 29 April 2019.

For more details on the management-relevant key performance indica- tors, please refer to pages 28 to 30 of CECONOMY's Annual Report 2019/20.

Recognized tax expenses were calculated in accordance with the regulations governing interim financial reporting using the so-called integral approach. Commercial rounding is used for the figures shown in this quarterly statement. This may result in some individual figures not adding up to the totals shown.

This is an excerpt of the original content. To continue reading it, access the original document here.


CECONOMY AG published this content on 12 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 05:10:10 UTC.

© Publicnow 2021
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EPS Revisions
Managers and Directors
Karsten Wildberger Chief Executive Officer
Florian Wieser Chief Financial Officer
Thomas Dannenfeldt Chairman-Supervisory Board
Karin Dohm Independent Member-Supervisory Board
Julia Goldin Independent Member-Supervisory Board
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