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    CEC   DE0007257503

CECONOMY AG

(CEC)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 09/22 07:03:14 am
3.656 EUR   +0.83%
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PRESS RELEASE : CECONOMY with strong trading in countries less affected by COVID-19 in the third quarter - German business marked by long lockdown and restrictions

07/19/2021 | 02:03am EDT
DGAP-News: CECONOMY AG / Key word(s): Development of Sales 
CECONOMY with strong trading in countries less affected by COVID-19 in the third quarter - German business marked by 
long lockdown and restrictions (news with additional features) 
2021-07-19 / 08:01 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
CECONOMY WITH STRONG TRADING IN COUNTRIES LESS AFFECTED BY COVID-19 IN THE THIRD QUARTER - GERMAN BUSINESS MARKED BY 
LONG LOCKDOWN AND RESTRICTIONS 
Düsseldorf, 19 July 2021 
 
- Strong trading continued in all countries less affected by COVID-19 restrictions, thanks to continued high customer 
demand for Consumer Electronics 
- German in-store sales impacted by long lockdown period and severe restrictions; slight trend improvement since full 
reopening mid-June 
- Higher customer checkout value and improved conversion rate overcompensated muted store traffic 
- Online sales in Q3 remained on high level and accounted for around 34% of total sales, demonstrating successful 
execution of omnichannel strategy 
- Q3 sales adjusted for currency effects and portfolio changes up +8.0% and adjusted EBIT^1 excl. associates -48 EURm 
below prior year due to normalization of the cost base (especially discontinuation of short-time work) 
- On 9M basis, sales adjusted for currency effects and portfolio changes up +5.4% and adjusted EBIT^1 excl. associates^ 
only slightly below prior year, despite almost 6 months of store closures and restrictions in Germany 
"Almost the entire current financial year so far has been marked by the COVID-19 pandemic and associated temporary 
store closures, particularly in Germany. The third quarter was no exception. The pandemic development coupled with the 
incidence-based regulations in Germany only enabled the full reopening of our German MediaMarkt and Saturn stores at 
the end of the third quarter. Customer frequency following the openings is still below pre-pandemic levels and we see 
more transactional business. Yet, the sales trend in Germany is slightly improving. In countries where we were not or 
less impacted by COVID-19-related restrictions, the high level of buying interest for consumer electronics continued in 
the third quarter. I am also pleased with the sustained strong level of our online sales despite the high comparison 
basis and that demand for Services and Solutions picked up, particularly in the online channel. We therefore continue 
to reap the benefits of our omnichannel approach and the strategy behind it," Bernhard Düttmann, CEO of CECONOMY. 
Q3 2020/21 preliminary results 
- Sales adjusted for currency effects and portfolio changes increased by +8.0% (+8.1% on a like-for-like basis) thanks 
to continued high demand for Consumer Electronics and successful marketing campaigns; April 2020 heavily affected by 
Group-wide lockdowns, leading to low comparison base 
_Countries: All countries except Germany and Portugal posted a year-on-year increase in sales; Spain, Italy and Turkey 
performed particularly well overcompensating sales decline in Germany which suffered from the long lockdown and opening 
restrictions 
_Product categories: Demand was especially strong for new media (computer hardware, telco products and accessories), 
TVs and home appliances, while the entertainment and photo category remained below prior year's level 
- Online sales rose by +3.3% yoy to 1.5 EURbn despite high comparison basis; online sales share reached 33.9% of total 
sales (Q3 2019/20: 35.2%); average bon at sustainable high level and continued uplift in conversion; pick-up ratio came 
in at 43% despite ongoing restrictions 
- Services & Solutions sales increased by +7.9% yoy, accounting for 5.5% of total sales (Q3 2019/20: 5.5%); Services & 
Solutions business supported by strong demand for extended warranties and Smartbar services as well as better adoption 
of online services 
- Gross margin^1with 15.9% roughly on prior-year's level (Q3 2019/20: 16.1%); higher income from Services & Solutions 
and improved stock level and aging during the last quarter largely offset by negative product mix effects and 
promotional market environment 
- OPEX^1 ratio came in at 19.2% due to normalization of cost base (Q3 2019/20: 18.1%); PY heavily supported by 
COVID-19-related cost measures (especially short-time work); continued improvement in underlying operative cost 
performance thanks to new Operating Model and location cost savings 
- Adjusted EBIT^1 excl. associates declined by -48 EURm yoy to -93 EURm (Q3 2019/20: -45 EURm), mainly due to normalization 
of the cost base, while sales development had a positive effect; strong EBIT decline in DACH driven by severe lockdown 
in Germany; Eastern Europe with slight yoy improvement while the segments Western/Southern Europe and Others came in on 
prior year's level 
- Reported EBIT declined by -41 EURm yoy to -106 EURm (Q3 2019/20: -64 EURm); PY included 18 EURm non-recurring expenses 
compared to 12 EURm in CY, roughly equally split for COVID-19-related store closures, the introduction of the new 
Operating Model and transaction costs 
All figures and statements reported herein are preliminary and unaudited. Full financial disclosure for Q3/9M 2020/21 
will be published on 12 August 2021 at 07:00 am CEST. 
^1Excluding non-recurring effects and adjusted for portfolio changes. 
 
Contact 
CECONOMY AG 
Kaistr. 3 
40221 Düsseldorf, Germany 
Investor Relations 
Telephone +49 (0) 211-5408-7222 
Email IR@ceconomy.de 
Website https://www.ceconomy.de/en/investor-relations/ 
Communications, Public Policy & Sustainability 
Telephone +49 (0)151 5822-4202 
Email presse@ceconomy.de 
Website https://www.ceconomy.de/en/press/ 
Disclaimer 
To the extent that statements in this document 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 document 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 including (without limitation) future market and economic conditions, the behaviour of other 
market participants, investments in innovative sales formats, expansion in online and omnichannel sales activities, 
integration of acquired businesses and achievement of anticipated cost savings and productivity gains, and the actions 
of public authorities and other third parties, many of which are beyond our control, 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 document. Accordingly, no representation or warranty (express or implied) is given that 
such forward-looking statements, including the underlying estimates, expectations and assumptions, are correct or 
complete. Readers are cautioned not to place reliance on these forward-looking statements. 
This document is intended for information only, does not constitute a prospectus or similar document and should not be 
treated as investment advice. It is not intended as an offer for sale, or as a solicitation of an offer to purchase or 
subscribe to, any securities in any jurisdiction. Neither this document nor anything contained therein shall form the 
basis of, or be relied upon in connection with, any commitment or contract whatsoever. Historical financial information 
contained in this document is mostly based on or derived from the consolidated (interim) financial statements for the 
respective period. Financial information with respect to the business of MediaMarktSaturn Retail Group is particularly 
based on or derived from the segment reporting contained in these financial statements. Such financial information is 
not necessarily indicative for the operational results, the financial position and/or the cash flow of the CECONOMY 
business on a stand-alone basis neither in the past nor in the future and may, in particular, deviate from any 
historical financial information based on corresponding combined financial statements with respect to the CECONOMY 
business. Given the aforementioned uncertainties, (prospective) investors are cautioned not to place undue reliance on 
any of this information. No representation or warranty is given and no liability is assumed by CECONOMY AG, express or 
implied, as to the accuracy, correctness or completeness of the information contained in this document. 
This document contains certain supplemental financial or operative measures that are not calculated in accordance with 
IFRS and are therefore considered as non-IFRS measures. We believe that such non-IFRS measures used, when considered in 
conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the 
understanding of our business, results of operations, financial position or cash flows. There are, however, material 
limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the 
determination of relevant adjustments. The non-IFRS measures used by us may differ from, and not be comparable to, 
similarly-titled measures used by other companies. Detail information on this topic can be found in CECONOMY's Annual 
Report 2019/20, pages 28-30. All numbers shown are as reported, unless otherwise stated. All amounts are stated in 
million euros (EUR million) unless otherwise indicated. Amounts below EUR0.5 million are rounded and reported as 0. 
Rounding differences may occur. 
=---------------------------------------------------------------------------------------------------------------------- 
Additional features: 
File: CECONOMY Trading Statement Q3 2020/21 
=---------------------------------------------------------------------------------------------------------------------- 

(MORE TO FOLLOW) Dow Jones Newswires

July 19, 2021 02:02 ET (06:02 GMT)

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Financials
Sales 2021 21 236 M 24 912 M 24 912 M
Net income 2021 183 M 214 M 214 M
Net Debt 2021 1 034 M 1 213 M 1 213 M
P/E ratio 2021 7,72x
Yield 2021 1,41%
Capitalization 1 310 M 1 535 M 1 537 M
EV / Sales 2021 0,11x
EV / Sales 2022 0,10x
Nbr of Employees 45 254
Free-Float 42,4%
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 3,63 €
Average target price 5,44 €
Spread / Average Target 50,1%
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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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