Slide 1: FY 2017/18 Results Presentation
FY 2017/18 RESULTS PRESENTATION 13 December 2018
Slide 2: 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
Slide 3: Our Origin Is Wholesale
OUR ORIGIN IS WHOLESALE 2016/17 2017/18 2018/19 3 12/13/2018 © METRO AG.
Slide 4: 2017/18 - A Year of Activation
2017/18 - A YEAR OF ACTIVATION ACTIVATION Becoming a pure Wholesaler 2016/17 2017/18 2018/19 • Adjusted guidance achieved TRANSITION INTENSIFICATION • Disposal process for hypermarket business Year of the demerger Year of Extension started • Positive development in most of the regions driven by Hore
Slide 5: Becoming a Focused Wholesaler
01 BECOMING A FOCUSED WHOLESALER 5 12/13/2018 © METRO AG.
Slide 6: Becoming a Focused Wholesaler
BECOMING A FOCUSED WHOLESALER Revenue composition of METRO: share of sales (in %) 100 wholesale share 80 50% 50 47 48 2012 2014 2015/16 2017 2019 Sale in process Portfolio 1 2 3 exit 1: Eastern Europe; 2: Turkey; 3: Demerger 6 12/13/2018 © METRO AG.
Slide 7: Update on Hypermarket Business
UPDATE ON HYPERMARKET BUSINESS 7 partners on board Commercial model Omni-channel Competitive cost Food Lover/”Markthalle” Online marketplace RTG • Braunschweig reopening • c. 90% GMV growth to c. €380 m • Cooperation platform founded April ‘17 October 2018 with record sales • German retailer Tegut j
Slide 8: Update on Hypermarket Sale Process
UPDATE ON HYPERMARKET SALE PROCESS Last two years • Evaluation of Real’s hypermarket business model in the context of METRO’s overall strategic direction • Implementation of new formats and concepts to set the business up for success Q3 17/18 • Analysis of strategic alternatives (continue stand-alon
Slide 9: The Next Chapter
THE NEXT CHAPTER “old” ‘ “new” ‘ Hypermarket business (discontinued operations) • METRO Wholesale, Real and Others (including METRO • Hypermarket business reported as discontinued operations Properties and H.d) as per 30 September; includes most of the Real segment and a small part of others • Compa
Slide 10: Adjusted Guidance Well Achieved
- ADJUSTED GUIDANCE WELL ACHIEVED1 Sales growth2 LfL sales growth2 EBITDA3 1.1% +1.2% slightly 2 above PY 1,436 0.7% 0.7% ≥0.5% 0.5% >0.5% FY 16/17 Actual FY 17/18 Guidance FY 17/18 Actual FY 16/17 Actual FY 17/18 Guidance FY 17/18 Actual FY 16/17 Actual FY 17/18 Guidance FY 17/18 Actual 1 Financial
Slide 11: Mid-Term Ambition of >3% Total Sales Growth
- MID-TERM AMBITION OF >3% TOTAL SALES GROWTH: SOLID MOMENTUM IN WHOLESALE SALES Consistent Horeca outperformance… …improving Trader development …led to a solid Wholesale LfL growth Consistent Horeca outperformance …and Trader outperformance Horeca LfL sales growth (METRO Wholesale) LfL sales growth
Slide 12: Mid-Term Ambition: Resilient EBITDA Margin and FCF Conversion
- MID-TERM AMBITION: RESILIENT EBITDA MARGIN AND STRONG PROGRESSION OF FCF CONVERSION …coupled with consistent progress on CAPEX efficiency… Capex as % of sales (METRO) Resilient EBITDA margin …leads to ~5%-pts annual throughout transformation… increase of FCF conversion 2.2% Reported EBITDA incl. g
Slide 13: A Sustainable Wholesaler
- A SUSTAINABLE WHOLESALER Goals derived from the UN SDGs Recognized by key institutions Industry leader A- Implementation examples Index-listed • Sustainable sourcing: Global commitment on phasing out single use plastic products from Sep ’18 • Expansion: new store formats reducing carbon footprint
Slide 14: A Strengthened Wholesale Profile
- A STRENGTHENED WHOLESALE PROFILE • Simplified reporting with clear wholesale profile Financial Defining • Growth acceleration and resilient profitability Performance • Solid EPS growth and improved cash generation • Solid momentum in key target groups Horeca and Trader Strategic • Assortment, chan
Slide 15: Financial Performance
02 FINANCIAL PERFORMANCE 15 12/13/2018 © METRO AG.
Slide 16: 2017/18 – A Year of Activation Resulting in a Pure Wholesale Profile
Continuing operations only 2017/18 – A YEAR OF ACTIVATION RESULTING IN A PURE WHOLESALE PROFILE Simplified • Focus on continued operations reporting with • Transparency on operational development clear wholesale profile • Regional reporting; real estate gains reported separately Growth • Solid or ac
Slide 17: Reconciliation of Others
RECONCILIATION OF “OTHERS” “old” ‘ “new” ‘ Used in IR presentations, consensus view, management report (annual report) Hypermarket business Wholesale Wholesale Others Wholesale Others regions others regions Consolidation Consolidation Hypermarket Wholesale business Trading offices others (discontinu
Slide 18: Sales to EBITDA (1/4)
Continuing operations only SALES TO EBITDA (1/4) €m / % FY 2016/17 FY 2017/18 Like-for-like growth • Acceleration of growth rate despite negative development in Like-for-like growth 0.9% 1.3% Russia is driven by improvement in Germany and Eastern thereof Food 2.1% 2.0% Europe Reported growth 2.8% -1
Slide 19: Sales to EBITDA (2/4)
Continuing operations only SALES TO EBITDA (2/4) METRO Wholesale Germany1 METRO Wholesale Western Europe €m / % FY 2016/17 FY 2017/18 €m / % FY 2016/17 FY 2017/18 Sales 4.748 4.761 Sales 10,432 10,609 Like-for-like growth -2,6% 0,9% Like-for-like growth -0.2% -0.4% Reported growth -1,4% 0,3% Reporte
Slide 20: Sales to EBITDA (3/4)
Continuing operations only SALES TO EBITDA (3/4) METRO Wholesale Russia METRO Wholesale Eastern Europe €m / % FY 2016/17 FY 2017/18 €m / % FY 2016/17 FY 2017/18 Sales 3,363 2,815 Sales 6,886 6,952 Like-for-like growth -3.1% -7.0% Like-for-like growth 5.0% 6.1% Reported growth 12.2% -16.3% Reported g
Slide 21: Sales to EBITDA (4/4)
Continuing operations only SALES TO EBITDA (4/4) METRO Wholesale Asia Others1 €m / % FY 2016/17 FY 2017/18 €m / % FY 2016/17 FY 2017/18 Sales 4,360 4,298 Sales 114 41 Like-for-like growth 4.7% 4.0% Reported growth 5.4% -1.4% EBITDA excl. RE gains 162 162 EBITDA excl. RE gains -167 -129 thereof FX -8
Slide 22: EBITDA by Region Excluding Real Estate
Continuing operations only EBITDA BY REGION1 EXCLUDING REAL ESTATE +2.5% to PY 1,267 +3.9% to PY <€10m2 1,242 -56 -46 47 ~30 1,211 +0.1% to PY c.€10m3 EBITDA 16/17 FX Effects EBITDA 16/17 Wholesale EBITDA 17/18 Russia EBITDA 17/18 Others / Cons. EBITDA 17/18 FX-adjusted regions (ex RU) 1Regional EBI
Slide 23: FCF in 2017/18 – Cash Inflows from NWC
Continuing operations only FCF IN 2017/18 – CASH INFLOWS FROM NWC RESULT IN INCREASING FCF CONVERSION €m / % FY 2016/17 FY 2017/18 Change in NWC • Strong improvement against PY driven mainly by EBITDA 1,443 1,370 • Improvements in stock days throughout the group Change in NWC -34 179 • One time nega
Slide 24: EBITDA to EPS
Continuing operations only EBITDA TO EPS €m / % FY 2016/17 FY 2017/18 Depreciation • 2016/17 impacted by goodwill and asset impairments EBITDA 1,443 1,370 D&A -610 -547 Net financial result • Lower financing costs but opposing effect due to dividend EBIT 833 823 paid on a minority interest Interest
Slide 25: EPS Continuing and Discontinued Operations
EPS CONTINUING AND DISCONTINUED OPERATIONS €/% FY 2016/17 FY 2017/18 EPS from discontinued operations • Decrease is driven by operational development but most EPS from continuing 0.99 1.25 significantly by full impairment of remaining goodwill operations • Before goodwill impairment, discontinued EP
Slide 26: Strategic Context: Defined Wholesale Strategy
03 STRATEGIC CONTEXT: DEFINED WHOLESALE STRATEGY 26 12/13/2018 © METRO AG.
Slide 27: 2017/18 – A Year of Activation Resulting in Pure Wholesale Profile
2017/18 – A YEAR OF ACTIVATION RESULTING IN PURE WHOLESALE PROFILE High momentum • Customer-centered purpose, people-driven model in key target • Horeca & Trader ~65% of sales; 3-4% growth in target groups groups Horeca and Trader • Business model defined and clearly matched to customer needs Self-r
Slide 28: Your Success Is Our Business
YOUR SUCCESS IS OUR BUSINESS 28 12/13/2018 © METRO AG.
Slide 29: Horeca and Trader Make Up 2/3 of Sales and Drive Growth
HORECA AND TRADER MAKE UP 2/3 OF SALES AND DRIVE GROWTH Horeca Trader 45% 21% +4.6% LfL growth +3.6%1 Lfl growth Horeca Trader Restaurants, cafés, Traders, kiosks, caterers, hotels, canteens mom-and-pop-shops, kiranas Customer needs Customer needs • Fresh product 34% SCO • Assortment competence in d
Slide 30: Wholesale Activation
WHOLESALE ACTIVATION Key focus areas Rationale 1 Local Value Creation Plans Completely localised business models run by fully 2 3 empowered business units focussed on Horeca and Trader • Common Sourcing 2 Strengthen Growth Drivers 1 • Purchasing alliances Delivery and Franchise as core pillars for g
Slide 31: Our Working Formula
OUR WORKING FORMULA Higher Like-for-like Highly engaged customer employees growth Satisfaction EEI NPS LFL +3.6% with Horeca customers 78 Measured with Net Promotor 72 Industry Score +4.6% with Trader customers 60 average 25 countries rolled-out in focus countries3 excluding 63%4 Russia and -0.2% in
Slide 32: Our Horeca Approach Shows Strong Momentum
OUR HORECA APPROACH SHOWS STRONG MOMENTUM Horeca (45% of LfL sales, 3.6% LfL-growth) Horeca USP Inspiring and localized assortment with superior quality Personalized support across touchpoints (store, delivery, online) Knowledge transfer and training Individual analog and digital services Own brand
Slide 33: Build Recurring Revenues in Horeca: Delivery Enhancement
BUILD RECURRING REVENUES IN HORECA: DELIVERY ENHANCEMENT Horeca (45% of LfL sales, 3.6% LfL-growth) Business model: build recurring revenues Example Italy: omnichannel grows sales/customer • 18% sales share; 14% growth across all countries • ~3% increase in average invoice C&C Introduce Omnichannel
Slide 34: Our Trader Approach Has Been Defined
OUR TRADER APPROACH HAS BEEN DEFINED Trader (21% of LfL sales, 4.6%1 LfL growth) Trader USP Assortment competence in dry and near-food (permanent shelf availability, own brand, food safety) Stores with shortest customer journey, delivery service Franchise / knowledge transfer Price leadership in cat
Slide 35: Build Recurring Revenues in Trader: Franchise Acceleration
BUILD RECURRING REVENUES IN TRADER: FRANCHISE ACCELERATION Trader (21% of LfL sales, 4.6%1 LfL growth) Business model: build recurring revenues Romania: omnichannel grows sales/customer • 10% sales growth Trader Franchise ~10x 11% • 8 countries with trader franchise model2 • ~6,500 franchisees 89% C
Slide 36: Russia: Improved Wholesale USP with 360 Degree Plan
RUSSIA: IMPROVED WHOLESALE USP WITH 360 DEGREE PLAN Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 18/19 New Management New Operating Full strategic New CCCO1 HRD Full management Operations setup Partner review Director and CCO2 confirmed team on board 2 regional Moscow Full roll- Phase I Continuous BMPL store
Slide 37: Russia: Continuous Signs of Traction
RUSSIA: CONTINUOUS SIGNS OF TRACTION Steady underlying top line improvement… …and conscious profitability management EBITDA drivers in 2017/18 (bRUB) Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 -8.9% -8.6% -3.2% -6.6% (incl. Expo support) (incl. proactive reduction of bulk sales) LfL sales growth of BMPL as
Slide 38: Russia: What Drives Underlying Sales Recovery
RUSSIA: WHAT DRIVES UNDERLYING SALES RECOVERY Assortment reengineering Trader Franchise - Fasol Before After Before Fasol stores After Comprehensive upgrade of customer offer 1.400 1.379 Signed contracts through assortment, 1.300 1.200 pricing and 1.100 1.006 Active communication 1.000 900 stores 80
Slide 39: Own Brand as Ingredient for Success
OWN BRAND AS INGREDIENT FOR SUCCESS Strategy and key initiatives Brands and store impressions Achievements so far • Creation of 3 new flagship brands: METRO Chef, METRO Professional, METRO Premium • Brand architecture and design revisited • Packaging and packaging design tailor-made for professional
Slide 40: Sourcing as Ingredient for Success
SOURCING AS INGREDIENT FOR SUCCESS Global sourcing International buying alliance National buying alliances From commodities to differentiation Sweet Innovative potato packaging wedges solutions New project / market trend • One of the top 3 international • Economies of scale and “best of two” allianc
Slide 41: Digitalisation of METRO
DIGITALISATION OF METRO IT unit focusing on METRO’s Digital Transformation Development of the IT Implementation of innovative infrastructure & processes Dedicated business unit in order to offer “long tail” customer-facing solutions assortment. Will “go live” in 2019. • M|SHOP • Driver app • Paperle
Slide 42: Digitalisation of Gastronomy
DIGITALISATION OF GASTRONOMY One of the largest industries… …is still not digitalised • Horeca is a €420 bn industry1 that impacts daily life • Hospitality has been working in the same way for like few others decades while the outside world has changed a lot • 1.8 m entrepreneurs passionate for thei
Slide 43: Digitalisation of Gastronomy: METRO Well Positioned
DIGITALISATION OF GASTRONOMY: METRO WELL POSITIONED Discovery Feasibility Scale 2013-2014 2015-2017 2018 • Analysis of value creation • Support for the development of • Build the community opportunities through digital new digital solutions in and scale solutions tools collaboration with techstars •
Slide 44: Digitalisation of Gastronomy: >500 Restaurants Have Tested 100+ Solutions
DIGITALISATION OF GASTRONOMY: >500 RESTAURANTS HAVE TESTED 100+ SOLUTIONS METROpolitan Pilots Digital solutions landscape 44 12/13/2018 © METRO AG.
Slide 45: Digitalisation of Gastronomy: Proof of Concept
DIGITALISATION OF GASTRONOMY: PROOF OF CONCEPT FOR RESTAURANT OWNERS Actual, tangible demand Actual, tangible benefit1 Original target +40% Ticket -10% COGS increase improvement 50k digital presences in 1 year +10% Sales -15% Decrease in increase food waste First milestone achievement >120k websites
Slide 46: DISH: The Platform for Extension
DISH: THE PLATFORM FOR EXTENSION Efficient channel for customer acquisition Turn METRO’s unique reach into a platform Established and strong relationships with SMEs Powerful REACH 25 Countries 25 Million Customers >60% in Germany & Western Europe 769 stores Digital Best ca. 7,000 Sales
Slide 47: © METRO AG.
A PROFESSIONAL WHOLESALER OFFERING A WIDE VARIETY OF PRODUCTS AND SERVICES, EXPERT SOLUTIONS AND INNOVATIVE IDEAS WITH A SINGLE PURPOSE IN MIND: TO ENSURE OUR CUSTOMERS ACHIEVE SUCCESS IN THEIR BUSINESS. 47 12/13/2018 © METRO AG.
Slide 48: © METRO AG.
48 12/13/2018 © METRO AG.
Slide 49: Real Estate: Solidifying the Real Estate Strategy
04 REAL ESTATE: SOLIDIFYING THE REAL ESTATE STRATEGY 49 12/13/2018 © METRO AG.
Slide 50: 2017/18 – Solidifying the Role of Real Estate
2017/18 – SOLIDIFYING THE ROLE OF REAL ESTATE Defined value • With clear economic value-add crystallization • Enabling stable execution across markets process • Early monitoring of future opportunities 2017/18 gains • Various large development projects predominantly • Gains fairly evenly distributed
Slide 51: Defined Value Crystallization Process
DEFINED VALUE CRYSTALLIZATION PROCESS IN SYNC WITH THE OPERATING BUSINESS Invest Develop / Maintain Value crystallization Continued presence • Existing asset base of • In-house real estate • In-house development • New or existing location 418 owned stores and expertise and/or external in newly devel
Slide 52: Key Real Estate Transactions
KEY REAL ESTATE TRANSACTIONS 2017/18 2018/19 and beyond Spain Germany India1 Mega Cities • Development followed by • Project development • Project development sale & lease back EBITDA gain: ~€50 m EBITDA gain: ~€30 m • • Shanghai, China • EBITDA gain: ~€30 m (closed) (signed / pending) (closed) Mosc
Slide 53: Outlook & Guidance
05 OUTLOOK & GUIDANCE 53 12/13/2018 © METRO AG.
Slide 54: 2018/19 – A Year of Intensification
2018/19 – A YEAR OF INTENSIFICATION • Horeca & Trader focus; 17/18 3-4% LfL growth in target group Becoming a pure • Russia: clear recovery path with consistent improvement wholesaler • Translating the business model into the digital world – across the entire value chain 2017/18 Activation Becoming
Slide 55: Outlook for 2018/19
OUTLOOK FOR 2018/19 Guidance1 Comments P&L FY 2017/18 FY 2018/19 • Delivery: continued double-digit growth at constant FX • Real estate gains: €250-300 m (€128 m in 17/18) Sales growth in 1.5% 1-3% growth • D&A: c. €-590 m (€-547 m in 17/18) local currency • Net financial result: c. €-150 m (€-130 m
Slide 56: Events and Financial Calendar
EVENTS AND FINANCIAL CALENDAR Upcoming Financial events calendar 2018/19 • 17 Dec 2018 Roadshow Frankfurt • 17 Jan 2019 Trading statement Q1 (CEO) – Commerzbank • 12 Feb 2019 Quarterly statement Q1 • 18 Dec 2018 Roadshow London • 15 Feb 2019 AGM (CEO) – JP Morgan • 9 May 2019 Quarterly statement H1
Slide 57: Our Origin Is Wholesale, Wholesale Is Our Future
OUR ORIGIN IS WHOLESALE IS OUR FUTURE 2016/17 2017/18 2018/19 INTENSIFICATION 57 12/13/2018 © METRO AG.
Slide 58: Q&A
Q&A Olaf Koch, CEO Christian Baier, CFO 58 12/13/2018 © METRO AG.
Slide 59: Appendix
06 APPENDIX 59 12/13/2018 © METRO AG.
Slide 60: IFRS 5-Related Reconciliations
IFRS 5-RELATED RECONCILIATIONS METRO Wholesale Germany ANNUAL REPORT / FY RESULTS PRESENTATION • IFRS 5 impacts METRO Wholesale Germany, € million (unless noted otherwise) 2016/17 2017/18 ACT ACT ACT ACT Segments Others and Consolidation before IFRS 5 continued before IFRS 5 continued operations ope
Slide 61: Sales and EBITDA in Q4
SALES1 AND EBITDA IN Q4 €m / % Q4 2016/17 Q4 2017/18 Like-for-like growth 0.5% 1.7% therof Food 1.6% 2.2% Reported growth 1.0% -1.7% Growth in local currency 2.2% 1.5% Sales share Delivery: Wholesale 17% 19% EBITDA excl. RE gains 278 322 thereof FX -14 EBITDA excl. RE gains 3.7% 4.4% Real estate gai
Slide 62: EBITDA to EPS and FCF in Q4
EBITDA TO EPS AND FCF IN Q4 EBITDA to EPS FCF €m / % Q4 2016/17 Q4 2017/18 €m / % Q4 2016/17 Q4 2017/18 EBITDA 327 443 EBITDA 327 443 D&A 192 141 Change in NWC 422 546 EBIT 135 302 Capex1 -241 -231 Interest and investment METRO Wholesale -184 -159 30 38 result Other financial result 15 0 Others/Cons
Slide 63: Sales by Quarter, EBITDAR
SALES BY QUARTER 2017/18 Change (EUR) Change (local currency) Like-for-like % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 METRO Wholesale 0.6% -1.7% -2.8% -1.7% 2.3% 1.7% 0.7% 1.5% 1.0% 1.6% 1.0% 1.7% METRO Wholesale Germany 1.7% 2.6% -2.2% -0.9% 1.7% 2.7% -2.2% -0.9% 2.3% 3.3% -1.4% -0.3% METRO Wholesale W
Slide 64: Sales & Stores by Country
SALES & STORES BY COUNTRY Sales Stores €m FY 2016/17 FY 2017/18 FY 2016/17 FY 2017/18 Germany 4.748 4.761 104 103 Austria 786 768 12 12 Belgium 846 734 16 17 France 4637 4982 97 98 Italy 1759 1741 50 49 Netherlands 800 777 17 17 Portugal 365 379 10 10 Spain 1239 1229 37 37 Western Europe (w/o German
Slide 65: METRO Wholesale – Key Statistics
METRO WHOLESALE – KEY STATISTICS1 Sales Change (EUR) Change (local) Like-for-like €m / % 2016/17 2017/18 2016/17 2017/18 2016/17 2017/18 2016/17 2017/18 METRO Wholesale 29,869 29,462 3.0% -1.4% 2.3% 1.5% 0.9% 1.3% METRO Wholesale Germany 4,748 4,761 -1.4% 0.3% -1.4% 0.3% -2.6% 1.0% METRO Wholesale W
Slide 66: Real – Key Statistics
REAL – KEY STATISTICS Sales Change (EUR) Change (local) Like-for-like % / € million 2016/17 2017/18 2016/17 2017/18 2016/17 2017/18 2016/17 2017/18 Real 7,247 7,077 -3.1% -2.3% -3.1% -2.3% -1.0% -1.7% 2016/17 2017/18 Stores 282 279 Selling space ('000 sqm) 1,941 1,919 Ø store size (sqm) 6,883 6,877
Slide 67: Capex and Capex Allocation
CAPEX AND CAPEX ALLOCATION METRO Wholesale FY 2016/17 FY 2017/18 METRO Wholesale 401 388 Maintenance 211 223 Remodelling 49 42 FSD 35 34 Expansion 106 88 Others 143 193 Digital/IT 88 114 Real estate et al. 54 79 Capex (FCF definition) 544 581 M&A 136 0 Financial Lease 11 20 Investments 690 600 67 12
Slide 68: Real Estate
REAL ESTATE 2017/18 Total Owned 1 1 ('000 sqm) Stores Space ('000 sqm) Stores Space ('000 sqm) METRO Wholesale 769 5.234 418 3.167 METRO Wholesale Germany 103 915 10 88 METRO Wholesale Western Europe 240 1.525 90 780 METRO Wholesale Russia 93 636 89 613 METRO Wholesale Eastern Europe 193 1.384 164 1
Slide 69: Balance Sheet
BALANCE SHEET Assets Equity and liabilities €m 30/9/2017 30/9/2018 30/9/2017 30/9/2018 Non-current assets 9,225 7,540 Equity 3,207 3,130 Goodwill 875 797 METRO AG shareholder interests 3,161 3,089 Other intangible assets 473 499 Non-controlling interests 46 41 Tangible assets 6,822 5,314 Investment
Slide 70: Cash Flow Statement
CASH FLOW STATEMENT € million FY 2016/17 FY 2017/18 EBIT 833 823 Depreciation/amortisation/impairment losses/reversal of impairment losses of assets excl. financial investments 609 547 Change in provisions for post-employment benefits plans and other provisions -158 -201 Change in net working capita
Slide 71: Fact Sheet on External Financing
FACT SHEET ON EXTERNAL FINANCING Interest expense Maturity Profile Net debt at business year end External Funding Mix 71 12/13/2018 © METRO AG.
Slide 72: Contact
CONTACT Investor Relations METRO AG Metro-Straße 1 40235 Düsseldorf Germany T +49 211 6886-1051 F +49 211 6886-490-3759 E investorrelations@metro.de www.metroag.de 72 12/13/2018 © METRO AG.
Slide 73: © METRO AG.
73 12/13/2018 © METRO AG.