Metro AG · VIE:MEO2

Metro — Q1 2021/22 Earnings Presentation

28 slides from Metro's earnings presentation, Feb 10, 2022

  1. Slide 1: Q1 2021/22 Results Presentation

    Q1 2021/22 RESULTS PRESENTATION 10 February 2022

  2. Slide 2: With You Today

    Bitte Design WITH YOU TODAY und Fotos vom CMD WITH YOU TODAY DR STEFFEN GREUBEL CHRISTIANChristian Dr. Steffen Greubel BAIER Baier CHIEF EXECUTIVE OFFICER CEO CFO CHIEF FINANCIAL OFFICER 2 10 Feb 2022 © METRO AG. Q1 2021/22

  3. Slide 3: Overview

    O1 OVERVIEW

  4. Slide 4: Solid 21/22 Start

    SOLID 21/22 START 1. sCore STRATEGY DEFINED: Wholesale & multichannel enable growth with ambitious 2030 targets 2. EXECUTION PROGRESS: Investments in FSD space, sales force & digital roll-out 3. MOMENTUM CONTINUES: Q1 sales exceed 19/20, NPS grows, market outperformance continues 4 10 Feb 2022 © MET

  5. Slide 5: sCore Ambition: Growth with Multichannel

    sCore AMBITION: GROWTH WITH MULTICHANNEL 2030 >€3bn Marketplace MARKETPLACE sales Customer Online ~1.2x App Ordering >3x DIGITAL STORES sales SOLUTIONS FOR Wholesale CUSTOMERS Stores FSD FSD sales Out-of- Store 5 10 Feb 2022 © METRO AG. Q1 2021/22

  6. Slide 6: sCore: Priorities Defined

    sCore: PRIORITIES DEFINED VALUE PROPOSITION MULTICHANNEL ENABLER SUSTAINABILITY DRIVE NETWORK DIGITAL TOOLS GROW TRANSFORMATION PENETRATION OWN BRAND FOCUS WHOLESALE INVEST IN CLIMATE- NEUTRALITY EXPAND DIGITAL ROLL-OUT MARKETPLACE GROW SOLUTIONS FOR SALES FORCE CUSTOMER 6 10 Feb 2022 © METRO AG. Q1

  7. Slide 7: Q1 Progress: Network, Sales Force, Digital

    Q1 PROGRESS: NETWORK, SALES FORCE, DIGITAL Drive network transformation: +6 out-of-store locations (RU, UA, DE) Grow sales force: ~+250 FTE METRO Companion Roll-out marketplace1: +90% GERMANY traffic, +1%p conversion rate, 102 ~ +300% # of orders Expand digital solutions for WEST customers: new Dish

  8. Slide 8: Sales Momentum Continued in Q1

    SALES MOMENTUM CONTINUED IN Q1 Q4 Oct Nov Dec Jan +10% +14% +30% +17% ~+20% Q1 21/22: +19.4% to €7,604m sales >2% -2% to +2% <-2% HORECA TRADER SCO Sales at constant FX (reported view). 8 10 Feb 2022 © METRO AG. Q1 2021/22

  9. Slide 9: NPS Increases

    NPS INCREASES 1. STRATEGIC CUSTOMER NPS GROWS: HoReCa +6%p, Trader +1%p 2. AVAILABILITY MATTERS: Slight increase despite operational challenges 3. MULTICHANNEL APPRECIATED: FSD NPS +8%p Comparison Q1 21/22 to previous quarter (Q4 20/21). 9 10 Feb 2022 © METRO AG. Q1 2021/22

  10. Slide 10: Financial Performance

    O2 FINANCIAL PERFORMANCE

  11. Slide 11: Measuring Strategy Execution

    MEASURING STRATEGY EXECUTION Slide from Capital Markets Day on 26 January 2022 COMMERCIAL PROGRESS • Channel sales development (store, FSD, marketplace) • Network development SIMPLE AND CLEAR REPORTING • Sales: Focus on total sales, LfL sales provided for the last time (appendix) • Adj. EBITDA: adju

  12. Slide 12: Q1: Momentum Continues

    Total sales growth1 FSD growth Q1: MOMENTUM CONTINUES 19% 64% METRO Markets Adj. EBITDA2 (€m) sales ~3x 521 (PY: 376) EPS (€)3 FCF (€m)4 0.54 283 (PY: 0.27) (PY: -75) 1 At constant currency. 2 Adj. EBITDA - EBITDA pre transformation costs, real estate gains. 3 Attributable to METRO shareholders. 4 T

  13. Slide 13: Growth Driven by West and East

    GROWTH DRIVEN BY WEST AND EAST Sales Adj. EBITDA3 Δ to PY1 €m Δ to PY1 €m +19% €7,604m +€140m €521m +1% €1,297m GERMANY +€16m €83m +36% €3,043m WEST +€108m €202m +8% €798m RUSSIA +€6m €81m +17% €2,447m EAST2 +€29m €140m - €20m OTHERS -€17m €15m 1 At constant currency. 2 From the financial year 2021/

  14. Slide 14: Continuous Market Outperformance

    CONTINUOUS MARKET OUTPERFORMANCE ITALY SPAIN FRANCE %-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 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY19/20 FY20/21 FY21/22 FY19/20 FY20/21 FY21/22 FY19/20 FY20/21 FY21/22 G

  15. Slide 15: Q1 Performance Above 19/20 Level

    Q1 PERFORMANCE ABOVE 19/20 LEVEL Q1 SALES GROWTH €m / % 20/21 21/22 • Strong recovery: Q1 above pre-pandemic level; Total sales 6,337 7,604 all segments contributed Growth in local currency -11.2% 19.4% • Multichannel: store, FSD and marketplace Reported growth -16.0% 20.0% contributed Store sales 5

  16. Slide 16: EBITDA Translates into EPS Growth

    EBITDA TRANSLATES INTO EPS GROWTH Q1 €m 20/21 21/22 DEPRECIATION EBITDA1 399 528 • Stable, in line with PY D&A -199 -196 NET FINANCIAL RESULT EBIT 200 333 • Interest and investment result: stable, in line with PY Interest and investment result -42 -40 • Other financial result: decreased due to an Ot

  17. Slide 17: Solid FCF Supported by Seasonal Effects

    SOLID FCF SUPPORTED BY SEASONAL EFFECTS 496 -98 OPERATING CASH FLOW 14 -136 • Strong growth driven by EBITDA and NWC • Change in NWC: positive development especially -11 18 283 based on increased trade payables INVESTMENTS AND DIVESTMENTS • Stable development vs PY • Divestments due to sale of prope

  18. Slide 18: Good Q1 in Line with FY Expectations

    GOOD Q1 IN LINE WITH FY EXPECTATIONS Q1 ACTUAL FY GUIDANCE3 0% SALES1 -11% +19% -12% +15% +10% +3-7% Q1 Q2 Q3 Q4 FY +72 EBITDA2 -114 +140 Adj. -5 +144 +48 ON PY LEVEL FY 19/20 FY 20/21 Q1 Q2 Q3 Q4 FY FY 21/22 1 At constant currency. 2 Adj. EBITDA – in €m, EBITDA pre transformation costs, real estate

  19. Slide 19: Q&A

    Bitte Design Q&A und Fotos vom CMD WITH YOU TODAY DR STEFFEN GREUBEL CHRISTIANChristian Dr. Steffen Greubel BAIER Baier CHIEF EXECUTIVE OFFICER CEO CFO CHIEF FINANCIAL OFFICER 19 10 Feb 2022 © METRO AG. Q1 2021/22

  20. Slide 20: Contact

    CONTACT METRO AG METRO AG Investor Relations Corporate Communications Metro-Straße 1 Metro-Straße 1 40235 Düsseldorf, Germany 40235 Düsseldorf T +49 211 6886-1280 T +49 211 6886-4252 F +49 211 6886-73-3759 F +49 211 6886-2001 E investorrelations@metro.de E presse@metro.de W www.metroag.de W www.metr

  21. Slide 21: Events and Financial Calendar

    EVENTS AND FINANCIAL CALENDAR Upcoming Financial events calendar 2021/22 29 - 31 Mar 22 Jefferies Pan-European 11 Feb 22 AGM1 Mid-Cap Virtual 11 May 22 Q2 2021/22 Conference (Report: 6.30 pm) 12 May 22 Q2 2021/22 (Call: 8.45 am) 1 Due to the spread of COVID-19 in Germany and the contact bans mandate

  22. Slide 22: Portfolio Adjusted Guidance Basis

    PORTFOLIO ADJUSTED GUIDANCE BASIS 20/21: reporting 20/21: guidance 21/22: guidance Exits1 P P O Japan and Myanmar JP/MM included JP/MM included JP/MM excluded Acquisitions2 P O P Aviludo and Davigel incl. since consolidation excluded included Sales and adj. EBITDA 0.0% to €24.8 bn -0.4% to €24,7 bn

  23. Slide 23: Free Cash Flow Details

    FREE CASH FLOW DETAILS Cash flow statement € millio n Q 1 2 02 0/ 2 1 Q 1 20 21/ 2 2 EBIT 200 333 Deprec iation/amortisation/impairment losses/reversal of impairment losses of fixed assets excl. financ ial investments 199 196 Change in provisions for pensions and other provisions -9 -4 Change in net

  24. Slide 24: Segments: Sales to EBITDA 1/3

    SEGMENTS: SALES TO EBITDA 1/3 METRO Germany METRO West €m / % Q1 20/21 Q1 21/22 €m / % Q1 20/21 Q1 21/22 Sales 1,287 1,297 Sales 2,237 3,043 Like-for-like growth -4.5% 1.7% Like-for-like growth -23.7% 34.1% Growth in local currency -4.5% 0.7% Growth in local currency -23.7% 36.1% Reported growth -4.

  25. Slide 25: Segments: Sales to EBITDA 2/3

    SEGMENTS: SALES TO EBITDA 2/3 METRO Russia METRO East €m / % Q1 20/21 Q1 21/22 €m / % Q1 20/21 Q1 21/22 Sales 677 798 Sales 2,132 2,447 Like-for-like growth 6.6% 7.7% Like-for-like growth -4.0% 19.5% Growth in local currency 6.3% 7.8% Growth in local currency -3.8% 16.6% Reported growth -17.5% 17.9%

  26. Slide 26: Segments: Sales to EBITDA 3/3

    SEGMENTS: SALES TO EBITDA 3/3 Others METRO €m Q1 20/21 Q1 21/22 €m / % Q1 20/21 Q1 21/22 Sales 4 20 Sales 6,337 7,604 Like-for-like growth -11.3% 19.8% Growth in local currency -11.2% 19.4% Reported growth -16.0% 20.0% Adj. EBITDA 1 33 15 Adj. EBITDA 1 376 521 thereof FX 0 thereof FX 5 Adj. EBITDA m

  27. Slide 27: Overview One-Time EBITDA Gains in 20/21

    OVERVIEW ONE-TIME EBITDA GAINS IN 20/21 €m Q1 20/21 Q2 20/21 Q3 20/21 Q4 20/21 FY 20/21 COMMENTS GERMANY - - - - - - WEST - ~7 - - ~7 Davigel badwill RUSSIA - - - - - - Mid single- Mid single- EAST - - - Legal dispute digit digit Arbitration Low double- 9M total OTHER ~10 - ~30 proceedings, digit ~3

  28. Slide 28: Disclaimer and Notes

    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 pres

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