Ceconomy Ag · XETR:CEC
Ceconomy — Ceconomy Ag Ord — FY2019/20 Earnings Presentation
89 slides from Ceconomy's earnings presentation, Dec 15, 2020
Slide 1: FY 2019/20 Results + Strategy Update
FY 2019/20 Results + Strategy Update 15 December 2020 Date: 15 Dec 2020 // 1
Slide 2: Disclaimer and Notes
Disclaimer and Notes This disclaimer shall apply in all respects to the entire presentation (including all to purchase or subscribe to, any securities in any jurisdiction. Neither this Historical financial information contained in this presentation is mostly based slides of this document), the oral
Slide 3: Today's presenters
Today’s presenters Dr Bernhard Düttmann Karin Sonnenmoser Ferran Reverter CEO CFO CEO // 3 Date: 15 Dec 2020 // 3
Slide 4: Unlocking Value: Reorganizing shareholding in MediaMarktSaturn
0 UNLOCKING VALUE Reorganizing shareholding in MediaMarktSaturn // 4
Slide 5: Transaction highlights
Transaction highlights CECONOMY to acquire 21.62% stake in Convergenta will roll up and become anchor MediaMarktSaturn from Convergenta by way shareholder of CECONOMY of contribution-in-kind Tailored financing via mix of new shares and Unlocking value creation potential leads to Transaction subject
Slide 6: Key benefits of the transaction for CECONOMY shareholders
Key benefits of the transaction for CECONOMY shareholders MediaMarktSaturn becomes a wholly-owned subsidiary of CECONOMY Simplify structure Reduces complexity of corporate structure Convergenta becomes anchor shareholder of CECONOMY Unify shareholding Common interests of all shareholders to
Slide 7: Simplified governance & structure with MediaMarktSaturn as a wholly-owned subsidiary
Simplified governance & structure with MediaMarktSaturn as a wholly-owned subsidiary and Convergenta as an anchor shareholder of CECONOMY Post-closing situation based on voting rights Meridian Haniel freenet Beisheim Free float Stiftung 22.5% 14.2% 9.1% 6.6% 47.6% Convergenta Meridian Convergenta Ha
Slide 8: Unlocking value creation potential leads to EPS accretive transaction from year 1
Unlocking value creation potential leads to EPS accretive transaction from year 1 Use of existing tax-loss carry-forwards at CECONOMY level in the new structure, amounting to c. 1.2 €bn1 Tax savings Further tax optimization through tax deductibility of Around 50 €m p.a. on average over next thre
Slide 9: Key parameters of transaction and consideration components
Key parameters of transaction and consideration components Designed to limit cash-out and debt, complying with Consideration components CECONOMY’s conservative financing strategy c. 5251 €m 125.8m new ordinary CECONOMY shares to be issued Reflects Convergenta’s intention to be a long-term anchor sha
Slide 10: Envisaged timeline of the transaction
Envisaged timeline of the transaction December 2020 January 2021 February 2021 March 2021 Signing Convocation of the Annual General Meeting Closing Annual General Meeting 14 December 2020 Early January 2021 17 February 2021 – Earliest at the end of Q1 2021 – Capital increase and convertible Timing i
Slide 11: Review, Strategy Update, Summary
1 REVIEW FY 2019/20 2 Results & Outlook STRATEGY UPDATE 3 Becoming the first choice 4 SUMMARY // 11
Slide 12: Review
1 REVIEW 2 3 4 // 12
Slide 13: We have put the company on a clear path with a reset in 19
We have put the company on a clear path with a “reset” in 2019 Consolidation Focus RESET Operations Focus 2019 OMNI- SERVICES & CATEGORY & ORGANIZATION & DEMERGER FNAC DARTY RUSSIA CHANNEL SOLUTIONS SUPPLY CHAIN COST STRUCTURES STAKE TRANSACTION MANAGEMENT // 13 Date: 15 Dec 2020 // 13
Slide 14: Relentless execution has delivered tangible results: omnichannel
This focus on relentless execution has delivered tangible results OMNI- SERVICES & CATEGORY & ORGANIZATION & CHANNEL SOLUTIONS SUPPLY CHAIN COST STRUCTURES MANAGEMENT Consolidated six different webshop platforms to one common IT platform Improved webshop front-end in Germany and new app with improve
Slide 15: Relentless execution has delivered tangible results: services & solutions
This focus on relentless execution has delivered tangible results OMNI- SERVICES & CATEGORY & ORGANIZATION & CHANNEL SOLUTIONS SUPPLY CHAIN COST STRUCTURES MANAGEMENT Implemented harmonized service offering at Smartbars across all stores Tendered, refined & rolled out new insurances and warranties p
Slide 16: Relentless execution has delivered tangible results: category management
This focus on relentless execution has delivered tangible results OMNI- SERVICES & CATEGORY & ORGANIZATION & CHANNEL SOLUTIONS SUPPLY CHAIN COST STRUCTURES MANAGEMENT Launched category management pilot store including new systems in Spain Introduced standardized assortment and supplier framework for
Slide 17: Relentless execution has delivered tangible results: organization and costs
This focus on relentless execution has delivered tangible results OMNI- SERVICES & CATEGORY & ORGANIZATION & CHANNEL SOLUTIONS SUPPLY CHAIN COST STRUCTURES MANAGEMENT Centralized support functions in Germany Started implementation of new Operating Model 5.3% 23 €m Personnel expense Savings2 p.a. fro
Slide 18: We stabilized the business in FY 18/19 and made further progress in FY 19/20
We stabilized the business in FY 18/19 and made further progress in FY 19/20… until COVID-19 emerged Adj. EBIT1 margin 2.3% 1.9% 1.9% COVID-19 1.1% FY 16/17 FY 17/18 FY 18/19 FY 19/202 1Adj. EBIT from continuing operations and excl. non-recurring effects and associates. 2 Incl. IFRS 16. // 18 Date:
Slide 19: Navigating COVID-19 and recovery after the first lockdown
We have successfully navigated through this challenging time and the business recovered quickly after the first COVID-19 lockdown OCT - FEB MAR - MAY JUN - SEP Pre-COVID Lockdown Phase Post-Lockdown Profitable Black Friday period Immediate mitigation measures Strong sales momentum Progress o
Slide 20: Robust performance in FY 19/20 despite COVID-19 disruptions
We have shown a robust performance in FY 19/20 despite the COVID-19 disruptions -1.8% Sales1 development 236 €m Adj. EBIT2 excl. associates 1Adj. for currency & portfolio change effects. 2Adj. for portfolio changes and excl. non-recurring effects in connection with (1) the Reorganization & Efficienc
Slide 21: Progress towards our ESG ambitions
We also keep making progress towards our ESG ambitions Ambition Selected Highlights in FY 19/20 Make our operations sustainable – 75% Environmental reduce carbon footprint reduction of direct carbon emissions1 vs. 2015 baseline 80% green electricity usage across the Group Be a responsible partne
Slide 22: FY 2019/20 Results & Outlook
1 2 FY 2019/20 Results & Outlook 3 4 // 22
Slide 23: Robust performance in FY 19/20 despite COVID-19 disruptions
We have shown a robust performance in FY 19/20 despite the COVID-19 disruptions -1.8% Sales1 development 236 €m Adj. EBIT2 excl. associates 1Adj. for currency & portfolio change effects. 2Adj. for portfolio changes and excl. non-recurring effects in connection with (1) the Reorganization & Efficienc
Slide 24: Sales only slightly below prior year despite store closures
Sales in FY 19/20 only slightly below prior year despite more than six weeks of COVID-19-related store closures Total sales Sales1 by segment (in €m) (yoy change) -1.8%1 -2.9% 9.7% 21,455 20,831 -1.9% -3.4% -9.4% FY 18/19 FY 19/20 DACH W. & S. E. EUROPE OTHERS EUROPE 1Adj. for currency and portfolio
Slide 25: Accelerated growth in online business driven by COVID-19
Accelerated growth in online business driven by COVID-19 Online sales1 Online sales1 vs. total sales2 growth (in €m) (yoy change) Online sales Total sales +44.1% 209% 4,198 133% 2,913 58% 50% 6% 1% 3% 9% -28% 13.7% in % of sales 20.2% -43% FY 18/19 FY 19/20 PRE-COVID MAR APR MAY POST- LOCKDOWN Note:
Slide 26: Outperformed the market in online sales growth
We have outperformed the market in terms of online sales growth Online growth in Germany in 2020 (yoy change) MediaMarktSaturn Online market 200% 150% 100% 50% 0% JAN - MAR APR - JUN JUL - SEP Source: Online market development for Technical Consumer Goods (TCG) based on GfK Retail Panel. // 26 Date:
Slide 27: Services & Solutions sales faced COVID-19-related headwinds
Services & Solutions sales faced COVID-19-related headwinds Services & Solutions sales1 (in €m) -7.6% CLOSED COVID-19-related store closures weighed on Services & Solutions 1,220 sales 1,127 Warranty extensions with strong growth, also due to new offering Financing impacted by COVID-19- 5.7% in % of
Slide 28: Gross margin impacted by channel shift, delivery costs and stock effects
Gross margin mainly impacted by COVID-19-induced channel shift, higher delivery costs and stock-related effects Gross margin1 Gross margin development1 19/20 vs. PY (in % of sales) (in % of sales) -1.2%p. -0.1%p. 19.4% -1.0%p. 18.2% FY 18/19 FY 19/20 PRE-COVID MAR APR MAY POST- LOCKDOWN Note: Pre-CO
Slide 29: Mitigating measures resulted in significant cost savings
Mitigating measures and operational efficiency resulted in significant cost savings OPEX1,2 (in % of sales) 212 €m Absolute cost savings 227 €m COVID-19-related OPEX -0.6%p. savings 18.4% 17.8% Operational cost savings in personnel, marketing and location Non-recurring items and right-of- use asset
Slide 30: Adj. EBIT excl. associates, total and by segment
COVID-19-related sales and gross margin decline partially compensated by significant cost savings Adj. EBIT1 excl. associates Adj. EBIT1 excl. associates by segment (in €m) (in €m) FY 18/19 FY 19/20 incl. IFRS 16 -167 320 297 403 147 236 41 10 -37 -74 -66 FY 18/19 FY 19/20 DACH W. & S. E. EUROPE OTH
Slide 31: Non-cash impairment of Fnac Darty stake impacted reported EBIT
Non-cash impairment of Fnac Darty stake substantially impacted reported EBIT Adj. EBIT1 excl. associates to reported EBIT in FY 19/20 (in €m) Essentially related to Fnac Darty impairment 236 (268 €m) -49 -267 -80 ADJ. EBIT NON-RECURRING OTHER ADJ. ITEMS REPORTED EBIT EFFECTS (PORTFOLIO, ASSOCIATES)
Slide 32: Strong Free Cash Flow improvement
Strong Free Cash Flow improvement, supported by NWC inflow and COVID-19-related tax effects Free Cash Flow in FY 19/20 (in €m) 17 Tax refunds for FY -138 297 18/19 and lower 991 prepayments -184 983 Reflecting COVID-19-related +586 €m exceptional Q4 suspension of non- yoy sales performance essential
Slide 33: Assumptions for our outlook for FY 20/21
We have the following assumptions for our outlook for FY 20/21 No further extensive temporary closures of the stationary business No serious deterioration of consumer confidence Supply chains remain largely intact // 33
Slide 34: Our outlook for FY 20/21
Our outlook for FY 20/21 Slight increase 320 – 370 €m Sales1 development Adj. EBIT2 excl. associates 1Adj. for currency & portfolio change effects. 2Adj. for portfolio changes and excl. non-recurring effects in connection with (1) COVID-19-related store closures and (2) the introduction of the new O
Slide 35: Strategy Update: Becoming the first choice
1 2 3 STRATEGY UPDATE Becoming the first choice 4 // 35
Slide 36: How the CE market is evolving, our way forward, financial ambition
HOW THE CE MARKET 3.1 IS EVOLVING 3.2 OUR WAY FORWARD 3.3 FINANCIAL AMBITION // 36
Slide 37: How the CE Market Is Evolving
HOW THE CE MARKET 3.1 IS EVOLVING 3.2 3.3 // 37
Slide 38: CECONOMY operates in an attractive market
CECONOMY operates in an attractive market 162 €bn Market opportunity in FY 22/23 in CECONOMY’s home countries Source: Own analysis as of June 2020 (with reference to GfK Panel data); CE market includes all countries in which MediaMarktSaturn operates. // 38
Slide 39: CE market could be much larger in 2023+
The CE market could be much larger in 2023+ and shaped by solution-oriented ecosystems and innovations Technology innovations will continue to drive up revenues 2025 in the CE market Solution-oriented ecosystems Innovative new products & services Personal MP3 Launch of 5G, IoT, computer players, iPh
Slide 40: Online channel drives market growth; omnichannel is a prerequisite
The online channel drives market growth – and a seamless omnichannel experience is a prerequisite for success Online CE market Omnichannel is the winning model (CECONOMY’s home countries; in % of total market) Consumer behavior change drives omnichannel dominance 33% 3 out of 4 shoppers use multiple
Slide 41: COVID-19 is accelerating important consumer behavior trends
COVID-19 is prompting or accelerating important trends in consumer behavior… New way of shopping New way of working New way of interacting New way of living Date: 15 Dec 2020 // 41 // 41
Slide 42: New opportunities for omnichannel CE retailers
…and creating new opportunities for omnichannel CE retailers New Role of Stores Accelerated Omnichannel Extended Assortment Room to inspire and explore Bring in-store feeling to digital experience Attractive health & fitness-related electronic products Room for consultation and for building
Slide 43: We have great assets at hand to succeed
We have great assets at hand to succeed in this environment 2.4 bn 4.2 €bn Customer touchpoints Online sales per year (Physical & digital) 2 23m Leading brands in Loyalty club CE retail members Note: All figures based on FY 19/20. // 43 Date: 15 Dec 2020 // 43
Slide 44: A clear vision for the next phase of our transformation
We have a clear vision for the next phase of our transformation ” OUR VISION Be the first choice as the trusted retailer for tailored solutions in a tech-driven world ” // 44 Date: 15 Dec 2020 // 44
Slide 45: Our Way Forward
3.1 3.2 OUR WAY FORWARD 3.3 // 45
Slide 46: Our way forward
We will expand our core business and step Our way into new income pools. Accelerate forward. Growth Path We will strengthen our position as category authority, and provide superior convenience and experience based on our omnichannel model. Build a Unique Value Proposition We will further strengthen
Slide 47: Key initiatives bring this ambition to life
New Income Pools A series of Accelerate key initiatives Growth Path brings this Brand Positioning Category Management ambition Services & Solutions Seamless Omnichannel Experience Build a Unique to life. Value Proposition New Operating Model Create an Efficient Organization and Structure // 47 FY 19
Slide 48: Create an Efficient Organization & Structure
Create an Efficient Organization & Structure // 48 Date: 15 Dec 2020 // 48
Slide 49: Building Europe's largest omnichannel network
We continue to build Europe’s largest omnichannel network as basis for our future growth Our operating model cornerstones Benefits Customer centricity Cost efficiency Scalability and fast Centralized & standardized Global IT platforms Global logistics organization implementation Country organizati
Slide 50: Build a Unique Value Proposition
Build a Unique Value Proposition // 50 Date: 15 Dec 2020 // 50
Slide 51: Brand positioning as category authority
Brand We position our brand as category authority with focus on quality and experience Our customer segmentation Our new brand positioning Relying Quality orientation Demanding Renowned specialist TOMORROW for consumer tech High Tech affinity Low Tech affinity TODAY Care taker Superior convenience S
Slide 52: CatMan: right assortment, channel and price
CatMan We offer the right assortment in the right channel at the right price based on data-driven customer insight Our CatMan objectives Ambition FY 22/23 Curate our own customer-centric assortment, -30% e.g. relevant accessories, valuable products for upselling Store SKUs Ensure best-in-class avail
Slide 53: Expanding category offering to scale core business
CatMan We expand our category offering to scale our core business Our opportunity New category sales Technology enters all aspects of our lives Already implemented Upcoming +500 €m Smart Home Solar Urban Mobility Health & Wellness (…) Our Go-To-Market We have the right prerequisites to scale FY 19/2
Slide 54: Boosting our private label
CatMan Our new approach and systems enable us to boost our private label Private label sales share (in % of total sales) High quality products with great value for money 5% Centralized Scalable 2% category >60 test logistics awards in management 2020 FY 19/20 FY 22/23 Ambition // 54 Date: 15 Dec 202
Slide 55: Expanding Services & Solutions scope in-store and online
S&S We expand our Services & Solutions scope in-store and online Our Service & Solutions priorities Service & Solutions sales 01 02 03 c. +30% Scale Services & Online Services & Recurring Solutions offering Solutions attachment revenue models Examples FY 19/20 FY 22/23 Ambition Cloud services, New s
Slide 56: Scaling our digital business with increasing profitability
eCom We heavily scale our digital business – with increasing profitability Digital sales (in €bn and % of total sales) 4.2 2.9 Scaling the digital business… …with increasing profitability Towards Data-driven improvement of digital Tailored offering based on data analytics 14% 20% 30% customer jo
Slide 57: New consumer app drives digital business
eCom Our new consumer app is one major driver to scale our digital business Consumer app performance indicators 4.6 Rating in App store1 5.7m App downloads2 VR trial Appointment Delivery tracker scheduler +22% Next-level user experience and editorial content Average order value3 New features alo
Slide 58: Employee app enables better advice and service
Stores Our employee app enables our sales force to provide better advice and service to our customers in the stores Improved customer journey via better advice Insights from DE launch Upselling and attachment options Endless aisle and +24% instant order triggering Service attach rate +32% Prod
Slide 59: Stores remain a key differentiator in omnichannel strategy
Stores Our stores will continue to be a key differentiator in our omnichannel strategy Our new store portfolio approach Key takeaways CORE stores will remain main format CORE (c.1,200-3,000sqm) c.1,750sqm1 LIGHTHOUSE (>3,000sqm) Availability, advice, service Inspiration and showroom New formats for
Slide 60: Lighthouse format sets benchmarks in customer experience
Stores Our new lighthouse format sets benchmarks in customer experience Lighthouse store Milan Certosa – Performance KPIs the “Technology Mecca” +13p. NPS +38% Sales +2.8%p. EBIT margin Note: All figures show Jul-Oct ’20 vs. ’19. // 60 Date: 15 Dec 2020 // 60
Slide 61: Building Europe's largest omnichannel supply chain
Logistics We are building Europe’s largest omnichannel supply chain Key takeaways Web Store Phone One Order Social Mobile Higher customer satisfaction OMNI DCS URBAN HUBS Ship to Ship to Major TV, Appliances One Inventory customer store (2MH1) State-of-the-art REPAIR CENTERS RETURNS omnichannel netw
Slide 62: Delivery promise geared towards customer satisfaction
Logistics Our delivery promise is geared towards maximum customer satisfaction Our target delivery options Achievements Customer to product Product to customer +5p. NPS related to delivery from Apr to Nov ‘20 Same day Next day Wish-day/ Same day Zero carbon >80% pick-up delivery scheduled scheduled
Slide 63: Accelerate Growth Path
Accelerate Growth Path // 63 Date: 15 Dec 2020 // 63
Slide 64: Building platforms for new income pools
New income pools We build platforms for new income pools to accelerate our growth 2023+ Marketplace B2B solutions Marketing services New membership club Date: 15 Dec 2020 // 64 // 64
Slide 65: Marketplace makes us more relevant for customers and suppliers
New income pools Our marketplace makes us even more relevant for customers & suppliers Opportunity Increase relevance Push own retail to customers and suppliers and services sales Boost Test new organic traffic categories / products Strategy Key takeaways Test phase since July: B&M < 10k SKU
Slide 66: Expanding B2B business into the SME segment
New income pools We will expand our B2B business and step into the SME2 segment Opportunity (indicative) c.75 €bn Addressable market +50% c.160 €bn c.235 €bn B2C (incl. SoHo1) B2B (SMEs2) Total Strategy Key takeaways Dedicated B2B organization, marketing and go-to- Strong position in SoHo1 segme
Slide 67: Monetizing advertising space through marketing services
New income pools We monetize our advertising space through marketing services Brand Shop Brand store Opportunity Regular product list > 7.5 €bn Germany Europe Top 3 eCom destination Display internet in Germany1 advertising market 20202 Key takeaways Head start into ecosystem Strategy through relat
Slide 68: New membership club creates a new service offering
New income pools Our new membership club creates a completely new service offering Opportunity Club members 23 m 40 m FY 19/20 FY 22/23 Ambition Strategy Key takeaways Redesign and relaunch of membership club Existing loyalty program led to significant performance Easy sign-up freemium model w
Slide 69: Roadmap with clear priorities
We have set out a roadmap with clear priorities and will take you along the transformation journey FY20/21 FY21/22 FY22/23 Implement centralized & Create an Efficient New Operating Centralize further activities (e.g. Finance/ HR), standardized org structure Organization Model realize PEX & indirect
Slide 70: Key success factors for our way forward
Key success factors for our way forward 01 02 We have the right team We have demonstrated on board. our ability to execute. 03 04 We have strong We will build the biggest growth opportunities. omnichannel platform in Europe. // 70
Slide 71: Financial Ambition
3.1 3.2 3.3 FINANCIAL AMBITION // 71
Slide 72: Our financial ambition for FY 22/23
Our financial ambition for FY 22/23 Market share gains Gross margin uplift Ongoing EBIT margin improvement Return to normalized CAPEX level Positive FCF development >22 €bn 2.5 - 2.7% 1Adj. for portfolio change effects. 2Adj. for portfolio changes, excl. non-recurring effects and associate
Slide 73: Expected impact of strategic initiatives on Group financials
This is the expected impact of the strategic initiatives on our Group financials Adj. EBIT1 margin 2.5 - 2.7% Majority of impact already effective in FY 19/20 1.9% FY 18/19 ACCELERATED EFFICIENT ORGANIZATION UNIQUE VALUE ACCELERATED AMBITION FY 22/23 CHANNEL SHIFT AND STRUCTURE PROPOSITION GROWTH PA
Slide 74: Post-COVID-19 macro scenarios
We have analysed different post-COVID-19 macro scenarios Base Scenario (FY 22/23) Upside Scenario (FY 22/23) Strong consumer climate Moderate channel shift Mild recessions in some countries Accelerated channel shift +20bps 2.5 - 2.7% Downside Scenario (FY 22/23) Deeper COVID-19-related rec
Slide 75: Our capital allocation policy
Our capital allocation policy We invest to grow our business. We recognize the importance of dividend payments to shareholders. One condition of the KfW loan is the suspension of dividend payments for the duration of the credit facility. We intend to consider future dividend payments with a
Slide 76: Our set of KPIs to track our progress
KPI KPI KPI Our set of KPIs to track our progress Marketplace Sales uplift B2B GMV new categories sales share Accelerate Growth Path Create an Efficient Organization & Structure Build a Unique Value Proposition AMBITION AMBITION AMBITION KPI KPI KPI Marketing Pick-up Online services uplift ratio tra
Slide 77: Our set of KPIs to track our progress
KPI KPI KPI Our set of KPIs to track our progress Availability Share of central Loyalty Top 300 inbound members Accelerate Growth Path Create an Efficient Organization Build a Unique Value Proposition & Structure 89% 23m FY 19/20 AMBITION AMBITION FY 19/20 AMBITION KPI KPI KPI NPS Location Average c
Slide 78: Ambitious sustainability targets for FY 22/23
We also have ambitious sustainability targets for FY 22/23 (Examples) 0 >80% >2x Zero direct carbon Sales supplier-audited Number of sustainable emissions of own for labor and human rights products in our assortment operations (scope 1+2) compliance vs. today // 78 Date: 15 Dec 2020 // 78
Slide 79: Summary
1 2 3 4 SUMMARY // 79
Slide 80: Successful peak season so far despite COVID-19 restrictions
We delivered again a successful peak season so far despite COVID- 19 restrictions We stretched out the peak trading period and executed successful pre-Black Friday campaigns (Singles Day, Black November, Black Week) Black week including Cyber Monday was very strong on the back of an already succ
Slide 81: Why to invest in CECONOMY?
Why to invest in CECONOMY? 01 02 We operate in an attractive We are the leading market fuelled by category authority with innovation and increasing great assets to succeed in demand for solutions. the omnichannel world. 03 04 We have the right platform We have a sizeable EBIT to expand into new inco
Slide 82: Q&A
Q&A Dr Bernhard Düttmann Karin Sonnenmoser Ferran Reverter CEO CFO CEO // 82 Date: 15 Dec 2020 // 82
Slide 83: Contact
Contact CECONOMY AG Investor Relations Kaistr. 3 40221 Düsseldorf Germany PHONE +(49) 211 5408-7222 EMAIL IR@ceconomy.de https://www.ceconomy.de/en/investor-relations/ // 83
Slide 84: Basis of valuation/exchange ratio: see-through approach and values
Basis of valuation/exchange ratio: see-through approach and values Structure See-through perspective CECONOMY market cap [based on 3M VWAP] c. 1,500 €m CECONOMY Shareholders Liabilities and costs at CECONOMY AG level c. 730 €m Pension liabilities at CONVERGENTA CECONOMY AG level Net debt at CECO
Slide 85: Details on consideration components
Details on consideration components 125.8m new ordinary CECONOMY shares New ordinary CECONOMY shares against contribution in kind to be issued c. 5251 €m To be issued under exclusion of the subscription rights of the current shareholders The new ordinary shares are subject to a lock-up period
Slide 86: Sales & number of stores by country
Sales & number of stores by country Sales (€m) Number of Stores FY 18/19 FY 19/20 30/09/2019 Openings Closures 30/09/2020 Germany 10,472 10,155 431 – –6 425 Austria 1,150 1,203 52 1 – 53 Switzerland 578 591 26 – –1 25 Hungary 364 375 32 – – 32 DACH 12,565 12,323 541 1 –7 535 Belgium 697 698 27 – – 2
Slide 87: Financial calendar
Financial calendar Q1 2020/21 Annual General Q2/H1 2020/21 results Meeting results 9 FEBRUARY 2021 17 FEBRUARY 2021 11 MAY 2021 Q3/9M 2020/21 Q4/FY 2020/21 FY 2020/21 results trading statement results 12 AUGUST 2021 26 OCTOBER 2021 14 DECEMBER 2021 // 87 Date: 15 Dec 2020 // 87
Slide 88: Upcoming events
Upcoming events Baader Bank Bryan Garnier Rothschild Virtual Investor Virtual Investor Virtual Investor Meetings Meetings Meetings 16 DECEMBER 2020 17 DECEMBER 2020 18 DECEMBER 2020 BofA Securities KeplerCheuvreux SMID Cap & Unicredit Conference 20th German Corporate Conference 13 JANUARY 2021 20 JA
Slide 89: Date: 15 Dec 2020
Date: 15 Dec 2020 // 89