THE NICE CONFERENCE 2021 - METRO AG company presentation 26 May 2021 - METRO Newsroom
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THE NICE
CONFERENCE 2021
METRO AG company presentation
26 May 2021
01
COMPANY
PROFILE
2 26/05/2021
Company structure
Discontinued operations in FY 2019/20
Hypermarket METRO China
Closed on 25.06.2020 closed on 23.04.2020
3 26/05/2021 © METRO AG.
METRO – YOUR SUCCES IS OUR BUSINESS
HoReCa Trader SCO
42% 23% 35%
Diversified customer portfolio
Cash & Carry + Delivery with strategic focus on
Hospitality & Convenience
Operating in 24 countries
with 678 wholesale stores
under METRO/ MAKRO brand
FSD Franchise
8k Trader Franchise partners
in 9 countries
exemplary
Wholesale 360 Wholesale 360 as competitive
advantage through development
of true customer partnerships
~98k strong METRO
employees who are champions
for independent businesses
Sales1 % of total 1 LfL sales FY 2019/20
4 26/05/2021 © METRO AG.
WE 4 YOU
We are for our Employees We are for our Customers We are for our Society
We invest in our employees and this year We pay tribute to independent business With METRO Sustainable and our work on
we are named one of the Top Employers by owners and celebrate their success with the basis of our focus areas we contribute
the “Top Employers Institute”1 Own Business Day across METRO countries to sustainable communities worldwide
17 METRO national subsidiaries and 6 service companies received the renowned certification by the Top Employers Institute.
5 26/05/2021 © METRO AG.
Sustainability – focus areas
Within 8 focus areas, we concentrate on the following 3 topics:
Food waste Organic and
Conscious proteins
responsible products
We are a member of Innovation and
Consumer Goods We have a wide range transformation with next
Forum (CGF) and part policies and a generation food to drive
of 10x20x30 initiative respective wide range of change towards more
to reduce food waste organic and responsible sustainable consumption
along the supply chain products on our shelves and production
Cooperating in 9 METRO Extending functionalities Product development in
countries with Too Good of traceability system Own Brand range well in
To Go (TGTG) PROTrace to reduce progress
illegal fishing
Find our latest report below: https://reports.metroag.de/corporate-responsibility-report/2019-2020/
6 26/05/2021 © METRO AG.
Management Board
As of 1 May 2021
Steffen Greubel Christian Baier Andrea Euenheim Rafael Gasset Eric Poirier
Chief Executive Officer Chief Financial Officer Chief Human Resources Officer Chief Operating Officer Chief Operating Officer
and Labour Director (Convenience Cluster) (Hospitality Cluster)
Chairman of the Management Member of the Management Member of the Management Member of the Member of the
Board of METRO AG since Board of METRO AG since Board and Labour Director of Management Board of Management Board of
1 May 2021 and appointed 11 November 2016 and METRO AG since 1 November METRO AG since 1 April METRO AG since 1 April
appointed for a term ending 2019 and appointed for a term 2020 and appointed 2020 and appointed for a
for a term ending
30 September 2025. ending 31 October 2022. for a term ending term ending 31 March
30 April 2024.
31 March 2023. 2023.
7 26/05/2021 © METRO AG.
02
Q2 20/21
RESULTS
8 26/05/2021
Focus on a strong and robust long-term position
HoReCa restrictions Performance above Seizing
across country HoReCa market opportunities and
portfolio preparing for the
reopening
Germany Italy
Up to 6% pp Up to 12% pp
Strong financial Cash on balance H1 in line with
position with sheet expectations, guidance
ample flexibility >€1 bn updated due to prolonged
COVID-19 restrictions
9 26/05/2021 © METRO AG.
Resilient sales, further efficiency gains
Sales growth
€m / % Q2 2019/20 Q2 2020/21
• Sales development stable on Q1 20/21 level; still driven by
Total sales 6,006 5,050 governmental restrictions
• No material calendar impact: additional Feb ‘20 trading day
Growth in local currency 2.1% -11.9% (leap year) compensated by earlier Easter in ‘21
Reported growth 1.8% -15.9% • Reported sales growth affected by negative currency
development, mainly in Russia and Turkey
Delivery sales share 16% 15%
Adj. EBITDA
1
133 114 EBITDA and EBITDA margin
thereof FX -14 • EBITDA was impacted by volume reduction; improved
performance vs. previous COVID-19 affected quarters
Adj. EBITDA margin 2.2% 2.3% • Efficiency gains across countries driven by a range of measures
from short-term work to digital process optimization
Transformation costs -45 -11
• Adj. EBITDA further benefited from roughly €30 m one-off
Real estate gains 0 17 effects3 and savings from last year’s HQ restructuring
• Transformation costs: closure of a multicenter and store
Reported EBITDA2 87 121
restaurants in Germany
• Real estate gains: sale of an equity investment in a German
property portfolio and remaining Real property
1Adj. EBITDA - EBITDA pre transformation costs and real estate gains 2 Reported EBITDA – Including transformation costs and real estate gains 3 One-off effects include acquisition of Davigel Spain (provisional negative difference (badwill)
of €7 million), release of risk provisions for resolved legal disputes and the reassessment of transaction-related provisions (low-double-digit million euro effect)
10 26/05/2021 © METRO AG.Resilient sales – spotlight on Spain
Robust market Quick recovery
Pandemic management
outperformance (once restrictions are loosened)
“PROTECT” Makro Spain sales Makro Spain HoReCa sales
%-change vs. FY 18/19 %-change vs. FY 18/19
40 20
15th Jan
20 0
“PRESERVE” 0 -20
-20 -40
-40 -60
-60 -80
-80 -100
Q1- Q2- Q3- Q4- Q1- Q2- CW CW CW CW CW CW CW
“ GROW” 19/20 19/20 19/20 19/20 20/21 20/21 01 03 05 07 09 11 13
3 pillars of how we have been navigating METRO HoReCa Food Horeca allowed to operate in most regions
through the pandemic .. with capacity limits since 15th Jan
11 26/05/2021 © METRO AG.Resilient sales – market outperformance
ITALY SPAIN FRANCE
%-change vs. FY 18/19 %-change vs. FY 18/19 %-change vs. FY 18/19
40 40 40
20 20 20
0 0 0
-20 -20 -20
-40 -40 -40
-60 -60 -60
-80 -80 -80
Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2-
19/20 19/20 19/20 19/20 20/21 20/21 19/20 19/20 19/20 19/20 20/21 20/21 19/20 19/20 19/20 19/20 20/21 20/21
GERMANY RUSSIA1
%-change vs. FY 18/19 %-change vs. FY 18/19
40 40
20 20
0 0 • Many more examples of
-20
market outperformance
-20
-40 -40
-60 -60
-80 -80 METRO HoReCa Food
Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2-
19/20 19/20 19/20 19/20 20/21 20/21 19/20 19/20 19/20 19/20 20/21 20/21 ..
1) Market only including largest 8 cities (Moscow (incl Moscow region), St.Petersburg, Nizhniy Novgorod, Samara, Kazan, Rostov-na-Donu, Ekaterinburg, Novosibirsk)
Sources: NPD Group CREST Panel, Eurostat, Perform
12 26/05/2021 © METRO AG.Reading the regional numbers
Customer groups … with different intensity …and different
impacted differently… across regions… COVID starting points
Customer split March 2020
(rounded, in %, FY19/20)3
CW 9-11 CW 12-14
HoReCa: almost complete
Russia
lockdown, with sporadic Russia 14 % 31 %
loosening of restrictions in
-29% selected countries Eastern
Eastern
Europe
31 % 33 % Europe
Trader: robust performance
against a high comparison base Asia 34 % 36 %
Asia
in the PY China
-1%
and +4%2 Germany 13 % Germany
42 %
SCO: robust performance Western
60 % 17 %
Western
against a high comparison base Europe Europe
in the PY
+1%
Sales to PY 1 HoReCa Trader Rough dates for the start of the national lockdown affecting
Hospitality
1 Total statistical sales Q2 2020/21 (excl. discounts, vouchers etc.) 2 Trader countries (Bulgaria, Czech Republic, India, Pakistan, Poland, Romania, Russia, Serbia, Slovakia) 3 FY19/20 based on LFL
stat. adj. sales
13 26/05/2021 © METRO AG.Regional performance
HoReCa Trader SCO 1 1
42%
60%
Germany Western Europe 17%
13%
€m / % Q2 2020/21 €m / % Q2 2020/21
Sales 966 Sales 1,714
Growth in local currency -10.0% Growth in local currency -21.5%
Reported growth -10.0% Reported growth -21.5%
Adj. EBITDA2 9 Adj. EBITDA2 -12
EBITDA margin 0.9% EBITDA margin -0.7%
Constant FX to PY 13 Constant FX to PY -35
1 1 1
14%
31% 34%
Russia 31% Eastern Europe Asia 36%
33%
€m / % Q2 2020/21 €m / % Q2 2020/21 €m / % Q2 2020/21
Sales 533 Sales 1,459 Sales 363
Growth in local currency 1.1% Growth in local currency -7.3% Growth in local currency -0.7%
Reported growth -16.4% Reported growth -14.3% Reported growth -9.4%
2
Adj. EBITDA 32 Adj. EBITDA2 54 Adj. EBITDA2 3
EBITDA margin 6.1% EBITDA margin 3.7% EBITDA margin 0.7%
Constant FX to PY 1 Constant FX to PY -4 Constant FX to PY 4
1FY19/20 based on LFL stat. adj. sales 2Adj. EBITDA - EBITDA pre transformation costs and real estate gains
Note: Transformation costs affect segment “Germany” in Q2 2020/21
14 26/05/2021 © METRO AG.Better net financial result, EPS roughly on PY
Depreciation
€m Q2 2019/20 Q2 2020/21
• PY included goodwill impairment for CFF (€25 m)
Reported EBITDA 87 121
Net financial result
D&A -230 -205 • Improvement in the interest and investment result is mainly
due to lower interest from finance leases
EBIT -143 -85
Interest and investment • Other financial result benefited from a more stable currency
-55 -42 development
result
Other financial result -54 -4 Tax
Net financial result -109 -46 • Tax expense for the quarter is calculated based on expected tax
expense for FY20/21 (expected to be roughly on FY19/20 level
EBT -252 -130 of €-108 m)
Tax expense 135 0 EPS
• EPS is roughly on PY level, as the reduced sales volume was
Net income -116 -131
partially compensated by resilient EBITDA, lower net financial
EPS in € -0.32 -0.36 result and higher real estate gains
15 26/05/2021 © METRO AG.Strong financial position
Leases
• Improvement is due to lease income from Real, as well as lower
lease payouts resulting from expired contracts
€m Q2 2019/20 Q2 2020/21
Change in NWC
Adj EBITDA1 133 114
• Western Europe as key positive contributor, mainly driven by
Leases -136 -125 lower Trade payables in PY
Adj EBITDA1 after leases -3 -11 • NWC trails sales development, hence PY was significantly
impacted by unprecedented lockdown measures coming from
Change in NWC -618 -340 COVID-19
Cash Investments2 -74 -61
Cash Investments
FCF -696 -412 • Savings due to reduced investment in light of COVID-19
Net debt (31 March) 6,170 4,453 Net debt
• €1.7 bn improvement in net debt as a result of disposal of the
majority stake in METRO China and the hypermarket business
in Q3 2019/20
• Continuously strong liquidity position
1Adj. EBITDA - EBITDA pre transformation costs and real estate gains. 2 Cash Investments = Capex (excl. M&A) - Right of Use Assets + Financial Assets + Down payments/Prepayments. Cash investments
definition has been changed due to IFRS 16 to reflect the cash view.
16 26/05/2021 © METRO AG.Updated outlook: resilient H1 & longer lockdowns
Comments on guidance
Guidance1 FY 2019/20 FY 2020/21
• Restrictions: highest impact in HoReCa regions i.e. Western Europe
Sales • Russia and Asia are expected to perform better than the group
growth in local -4.0% -3% to -6%
currency • Based on HoReCa reopening from June to August
• Positive long-term view on sector unchanged
LfL growth -3.9% -3% to -6%
Further P&L expectations
• Real estate gains: mid-high double digit €m (€3 m in FY19/20)
• Transformation costs: low-double digit €m (€-47m in FY19/20)
€-50 m to
Adj.EBITDA2 €1,158 m • D&A: c. €-850 m (€-856 m in FY19/20)
€-175 m to PY
• Update: Net financial result3: c. €-200 m (€-289 m in FY19/20)
• Tax expense: roughly on FY19/20 (€-108 m in FY19/20)
1 At constant FX and before transformation costs, portfolio measures. Furthermore, the outlook is based on the updated assumption of hospitality re-openings broadly between June and August
2 Adj. EBITDA - EBITDA pre transformation costs and real estate gains
3 Net financial result estimate based on fx-rates per end of March 2021 and therefore factoring in stable fx-rates in H2 2020/21
17 26/05/2021 © METRO AG.03
STRATEGY
UPDATE
18 26/05/2021Strong in long-term: Growing loyalty & revenues
“Protect” “Preserve” “Grow”
makro Spain METRO Romania
Loyalty program pays-off Focus on customer proposition pays-off
-25% -19% +31% +11%pp +4% +10% +22% >1,500 +4%pp
HoReCa makro Makroplus2 HoReCa NPS1 Trader METRO LaDoiPasi3 Franchise Trader NPS1
partners
market2 HoReCa2 market3 Trader3
1 NPS Q2 Selective (up to 13th March) for respective customer group across countries 2 Sales development Q2 vs PY 3. Sales development vs PY (Jan and Feb only, March data for the market is not yet available]
19 26/05/2021 © METRO AG. Sources: NPD Group for Spain and Nielsen reports for RomaniaStrong in long-term: Advancing our ESG agenda
Sustainable raw
Conscious proteins materials / Organic & Packaging and plastic
responsible products
NX-Food1 invests into Next 100% deforestation-free soy in Reducing the use of single-use
Gen, a food tech start-up, own brand salmon products plastic with our partner Loop/
pioneering plant based foods Introducing reusable packaging in
the Loop initiative with Terracycle
1 NX Food – A hub of METRO, operating in the field of food innovation and food tech https://nx-food.com/
20 26/05/2021 © METRO AG.Products
Expanding our role to a 360° partner Marketplace
Supporting our customers with Supporting our customers
new trends digitally
Sustainable disposable ranges for
takeaway
HD DISH
Order
>1,500 restaurants since
22% Horeca January in 6 countries
Own brand
Sales Share1
Meeting long-term expectations
Offering ranges that meet changed
dietary requirements (ie. Organic) HD DISH Weblisting
HD DISH Website
Pro
~200,000 accounts in
16 countries use up to
18 DISH digital solutions
1 March Cum, incl. FSD companies
21 26/05/2021 © METRO AG.In a nutshell
1 2 3
Focus Resilient sales Market consolidation
Manage for strong and Focused management of the Closed bolt-on FSD
robust long-term position pandemic & agile recovery at acquisitions in Portugal and
reopening lead to Horeca Spain
market outperformance
4 5 6
Customer loyalty 20/21 Outlook Long term view
High sales traction with Guidance adapted to expected Positive long-term view on
HoReCa loyalty programs, HoReCa reopening sector unchanged
Trader franchise and
digital tools
22 26/05/2021 © METRO AG.Events and financial calendar
Upcoming
events Financial
calendar
2020/21
Flagship Conference SocGen
26 May ‘21
(virtual)
Consumer Conference Erste
08 June ‘21
Group (virtual)
28 July ‘21 Q3 2020/21 (Report: 6.30 pm)
Global Consumer Conference
09 June ‘21
Dt. Bank (virtual)
29 July ‘21 Q3 2020/21 (Call: 8.45 am)
29 June ‘21 ESG Conference UBS
20 Oct ‘21 Trading statement
23 26/05/2021 © METRO AG.APPENDIX
Dr. Steffen Greubel
Dr. Steffen Greubel (47) is an experienced executive who spent two decades in the
B2B, Retail and Consumer sectors.
In his latest post, he was member of the Central Management Board of Würth
Group, a world market leader that offers its products and services to B2B
customers in more than 80 countries and sales revenues of EUR 14bn. Dr. Steffen
Greubel joined Würth in 2014 and was responsible for its core business
internationally.
Before his executive role at Würth, Dr. Steffen Greubel was a Partner at
management consultant McKinsey & Company. Having worked there from 2000 to
2014, he was a lead Partner with responsibility of the European Retail/consumer
goods Practice.
Dr. Steffen Greubel holds a PhD from University of Magdeburg and studied
business administration and economics at the University Witten-Herdecke. After
he finished school (Abitur), he completed a professional apprenticeship as bank
clerk at Hypovereinsbank.
He is a keen sportsman who loves cycling, running, fishing, football, and
kickboxing. Dr. Steffen Greubel is married and has a daughter.
25 26/05/2021 © METRO AG.Market: Indexed rolling year view vs FY 18/19
ITALY SPAIN FRANCE
Indexed Rolling year view. 100 = FY 18/19 Indexed Rolling year view. 100 = FY 18/19 Indexed Rolling year view. 100 = FY 18/19
120 120 120
100 100 100
80 80 80
60 60 60
40 40 40
20 20 20
0 0 0
Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2-
19/20 19/20 19/20 19/20 20/21 20/21 19/20 19/20 19/20 19/20 20/21 20/21 19/20 19/20 19/20 19/20 20/21 20/21
GERMANY RUSSIA1
Indexed Rolling year view. 100 = FY 18/19 Indexed Rolling year view. 100 = FY 18/19
120 120
100 100
80 80 • Many more examples of
60
market outperformance
60
40 40
20 20
0 0 METRO HoReCa Food
Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2-
19/20 19/20 19/20 19/20 20/21 20/21 19/20 19/20 19/20 19/20 20/21 20/21 Market (NPD Group)
1) Market only including largest 8 cities (Moscow (incl Moscow region), St.Petersburg, Nizhniy Novgorod, Samara, Kazan, Rostov-na-Donu, Ekaterinburg, Novosibirsk)
2) Eurostat data only available for EU countries, typically data is available with ~8 weeks delay (hence no data for Q2 available as of reporting date)
Sources: NPD Group CREST Panel, Eurostat, Perform
26 26/05/2021 © METRO AG.Sales to EBITDA
1/3
METRO Germany METRO Western Europe
€m / % Q2 2019/20 Q2 2020/21 €m / % Q2 2019/20 Q2 2020/21
Sales 1,074 966 Sales 2,185 1,714
Like-for-like growth 4.8% -9.4% Like-for-like growth -6.3% -21.8%
Growth in local currency 4.8% -10.0% Growth in local currency -6.3% -21.5%
Reported growth 4.9% -10.0% Reported growth -6.3% -21.5%
1
Adj. EBITDA -4 9 Adj. EBITDA
1
23 -12
EBITDA margin -0.4% 0.9% EBITDA margin 1.0% -0.7%
Transformation costs -10
Real estate gains 0 0
Real estate gains 0 0 2
Reported EBITDA 23 -12
2
Reported EBITDA -4 -1
1Adj. EBITDA - EBITDA pre transformation costs and real estate gains 2 Reported EBITDA – Including transformation costs and real estate gains
27 26/05/2021 © METRO AG.Sales to EBITDA
2/3
METRO Russia METRO Eastern Europe
€m / % Q2 2019/20 Q2 2020/21 €m / % Q2 2019/20 Q2 2020/21
Sales 637 533 Sales 1,703 1,459
Like-for-like growth 9.8% 1.3% Like-for-like growth 11.2% -7.3%
Growth in local currency 10.4% 1.1% Growth in local currency 11.2% -7.3%
Reported growth 11.3% -16.4% Reported growth 9.9% -14.3%
1 1
Adj. EBITDA 37 32 Adj. EBITDA 64 54
thereof FX -5 thereof FX -6
EBITDA margin 5.8% 6.1% EBITDA margin 3.7% 3.7%
Real estate gains 0 0 Real estate gains 0 0
2 2
Reported EBITDA 37 32 Reported EBITDA 64 54
1Adj. EBITDA - EBITDA pre transformation costs and real estate gains 2 Reported EBITDA – Including transformation costs and real estate gains
28 26/05/2021 © METRO AG.Sales to EBITDA
3/3
METRO Asia Others
€m / % Q2 2019/20 Q2 2020/21 €m Q2 2019/20 Q2 2020/21
Sales 401 363 Sales 7 15
Like-for-like growth 0.2% -2.2%
Growth in local currency 0.5% -0.7%
Reported growth 0.0% -9.4% 1
Adj. EBITDA 14 29
1
Adj. EBITDA -1 3 thereof FX -2
thereof FX 0 Transformation costs -45 0
EBITDA margin -0.3% 0.7%
Real estate gains 0 17
Real estate gains 0 0 2
Reported EBITDA -31 46
2
Reported EBITDA -1 3
1Adj. EBITDA - EBITDA pre transformation costs and real estate gains 2 Reported EBITDA – Including transformation costs and real estate gains
29 26/05/2021 © METRO AG.Cash flow statement
€ million Q2 19/20 Q2 20/21
EBIT -143 -85
Depreciation/amortisation/impairment losses/reversal of impairment losses of
230 205
assets excl. financial investments
Change in provisions for post-employment benefits plans and other provisions 27 -24
Change in net working capital -618 -340
Income taxes paid -27 7
Reclassification of gains (-) / losses (+) from the disposal of fixed assets 0 -17
Lease payments received 9 14
Other -215 -87
Cash flow from operating activities of continuing operations -736 -327
Cash flow from operating activities of discontinued operations 94 0
Cash flow from operating activities -643 -327
Acquisition of subsidiaries 0 -22
Investments in property. plant and equipment and in investment property
-42 -21
(excl.usufructuary rights from leases)
Other investments -42 -34
Investments in monetary assets 0 0
Disposals of subsidiaries 0 6
Divestments 91 117
Disposal of financial investments 0 0
Cash flow from investing activities of continuing operations 8 47
Cash flow from investing activities of discontinued operations -28 0
Cash flow from investing activities -20 47
Dividends paid -254 -254
Redemption of liabilities from put options of non-controlling interests 0 0
Proceeds from new borrowings 4,168 42
Redemption of borrowings -3,007 -295
Lease Payments -145 -139
Interest paid -22 -42
Interest received 3 4
Other financial activities 2 3
Cash flow from financing activities of continuing operations 746 -682
Cash flow from financing activities of discontinued operations -70 0
Cash flow from financing activities 676 -682
Total cash flows 18 -962
30 26/05/2021 © METRO AG.METRO acquires Davigel and strengthens its
presence in Spain
Spain
Davigel Spain is a well-established Food Service Distribution (FSD) company in Active market presence since 1980
Spain with a strong presence in the Canary and Balearic Islands
The company holds exclusive rights in Spain to certain products from Sysco € 1,033m 13% oS
France’s product assortment which predominantly consists of elaborate or ready- sales 2019/20 Delivery share
to-eat frozen products
Operating in Spain since 1988 stores: 37
# delivery locations: 32
€ 35m >4,000 >650
Sales FY 20191 Cu. Nationwide2 SKUs in raw and With the acquisition of Davigel Spain and resulting
elaborate assortment access to complementary HoReCa customer groups
while strengthening product proposition, METRO
The transaction3 includes the operational business, warehouses, truck fleet and reinforces its position in FSD while creating an
a long-term supply agreement which provides a continued access to Davigel’s additional offer for local customers
unique product catalogue.
The acquisition price was less than €1m and was paid in cash.
METRO AG is actively participating in the consolidation of a highly fragmented
wholesale market and aims to continue driving sustainable and profitable
growth in the Spanish market Elaborate categories
1 FY 2019 - July 2018 to June 2019 2 70% are chained Hotels and 30% are independent HoReCa 3 Transaction is not subject to
regulatory approval. The company is reported in the segment “Western Europe” as of Q2 2020/21
31 26/05/2021 © METRO AG.METRO acquires Aviludo and strengthens its
presence in Portugal
Portugal
The Aviludo Group is the second largest Food Service Distributor (FSD) in Active market presence since 1990
Portugal. The group has a strong presence in Lisbon and the tourism-oriented
south, has expertise in meat processing and stands for consistent quality and € 398m 15% oS
service level standards sales 2018/19 Delivery share
Operating in Portugal since 1984 # stores: 10
# delivery locations: 7
€ 152m 13,500 >3,500
sales 2019 Cu. nationwide SKUs in Dry, Fresh and
With the acquisition of Aviludo and resulting access
Frozen
The transaction1 includes the operational business, distribution platforms of to complementary HoReCa customer groups, METRO
Aviludo, as well as truck fleet and the whole real estate portfolio which includes strengthens its position in the growing FSD segment
sizeable plots in strategic areas. while creating an additional offer for local customers
The purchase price was in the low double-digit million euro range and was paid
in cash.
METRO AG is actively participating in the consolidation of a highly fragmented
wholesale market and aims to continue driving sustainable and profitable
growth in the Portuguese market Owned fleet Own Brand
1 The transaction closed on 1.03.2021. The company is consolidated in the segment “Western Europe”, under makro Portugal
32 26/05/2021 © METRO AG.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's ability 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 AG does 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. 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 million are rounded and reported as 0. Rounding differences
may occur.
33 26/05/2021 © METRO AG.Contact METRO AG Investor Relations Metro-Straße 1 40235 Düsseldorf, Germany T +49 211 6886-1280 F +49 211 6886-73-3759 E investorrelations@metro.de W www.metroag.de
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