Slide 1: Q3 2020/21 Results presentation
Q3 2020/21 Results presentation 29 July 2021
Slide 2: With you today
With you today Dr. Steffen Christian Greubel Baier CEO CFO 2 7/29/2021 © METRO AG.
Slide 3: First 100 days: ready to set the course for growth
First 100 days: ready to set the course for growth Attractive assets: workforce, brand, product knowledge Q3 indicator for business Strong values: customer success and sustainability at the core model attractiveness Great industry: growing fragmented market, Covid disruption temporary Strategy updat
Slide 4: Q3: Hospitality returns, METRO returns stronger
Q3: Hospitality returns, METRO returns stronger METRO sales grow 12.2% (or 15.4% at constant currency) to €6.2 billion in Q3 and achieve #1 growth above pre-pandemic levels in June. Adjusted EBITDA2 nearly doubles to €310 million. The Hospitality sector returns quickly and strongly after lifting of
Slide 5: Multichannel approach: FSD drives growth
Multichannel approach: FSD drives growth Multichannel advantage in recovery • ~70% FSD growth1 to pre-pandemic sales share of 17% • ~5% C&C store growth1 METRO Italy • >130% FSD growth • >35% C&C store growth • New depot opened in Italy • New customers New depot in Rome 1 Unadjusted to FX 5 29/07/20
Slide 6: Lock-in effects: Partnerships drive growth
Lock-in effects: Partnerships drive growth Partnerships pay off • Loyalty programs to lock-in customers: customized customer proposal based on mutual commitment • Sales volumes agreed with >50k customers across HoReCa countries (e.g. ES, FR, DE) makro Spain • makroPlus represents ~40% of HoReCa sale
Slide 7: Lock-in effects: Digital solutions drive loyalty
Lock-in effects: Digital solutions drive loyalty M | Companion App DISH Drives loyalty: users with ~2x higher buying DISH Reservation: ~11 million guests seated frequency with ~3 million reservations made Registrations growing: +80% vs PY to a DISH Order: >105,000 orders in 7 countries penetration o
Slide 8: HoReCa sales outperform the recovered market
HoReCa sales outperform the recovered market 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- Q3- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q1- Q2- Q3- Q4- Q1- Q2- Q3- 19/20 19/20 19
Slide 9: Sustainability: €1.5bn for climate protection
Sustainability: €1.5bn for climate protection METRO Plastic Initiative Climate neutral by 2040 9 29/07/2021 © METRO AG.
Slide 10: Financial Update
FINANCIAL UPDATE 10 7/29/2021
Slide 11: Swift recovery of all financial metrics on the back of resilient business model
Swift recovery of all Total sales in local Delivery sales currency (%) growth (%) financial metrics on the back of resilient business +15% +68% model Adj. EBITDA (€m) EPS (€) 310 0.17 (PY: 175) (PY: -0.38) FY 2020/21 FCF (€m) 9M development Outlook raised to reflect better than expected 559m Sales1
Slide 12: 15% sales growth leads to strong EBITDA growth
15% sales growth leads to strong EBITDA growth €m / % Q3 2019/20 Q3 2020/21 Sales growth Total sales 5,568 6,247 • Strong sales growth driven by relaxation of governmental restrictions as well as activation of existing and acquisition of Growth in local currency -17.4% 15.4% new customers through “r
Slide 13: HoReCa restart drives regional performance
HoReCa restart drives regional performance Customer groups … with different intensity …and different impacted differently … across regions… reopening schedules Customer split Q3 selective (rounded, in %, FY19/20)3 April May HoReCa: strong recovery Russia following relaxation of Russia 14 % 31 % rest
Slide 14: WE grows sales by 34% and increases EBITDA
WE grows sales by 34% and increases EBITDA HoReCa Trader SCO 1 1 42% 60% Germany Western Europe 17% 13% €m / % Q3 2020/21 €m / % Q3 2020/21 Sales 1,052 Sales 2,506 Growth in local currency -3.6% Growth in local currency 34.1% Reported growth -3.7% Reported growth 34.1% 2 2 Adj. EBITDA 31 Adj. EBITDA
Slide 15: EBITDA growth leads to €0.56 EPS growth
EBITDA growth leads to €0.56 EPS growth €m Q3 2019/20 Q3 2020/21 Depreciation Reported EBITDA 176 325 • Stable, in line with PY D&A -197 -199 Net financial result EBIT -21 126 • Improvement in the interest and investment result mainly due Interest and investment -52 -44 to lower interest from financ
Slide 16: Almost €600m FCF growth as business returns
Almost €600m FCF growth as business returns €m Q3 2019/20 Q3 2020/21 Leases 1 Adj EBITDA 175 310 • Improvement due to lease income from Real, as well as lower lease payouts resulting from expired contracts Leases -122 -115 Adj EBITDA1 after leases 53 195 Change in NWC Change in NWC 6 444 • Significa
Slide 17: FY 2020/21 guidance range raised
FY 2020/21 guidance range raised Guidance1 FY 2019/20 FY 2020/21 9M FY20/21 Comments on guidance • Strong 9M performance, especially HoReCa vs Sales -0.5% to -3.5% growth in local -4.0% -3.5% market (Previously: -3% to currency -6%) • COVID-19 volatility remains • Sales growth expected in Russia, Ea
Slide 18: Summary
SUMMARY 18 7/29/2021
Slide 19: At a glance
AT A GLANCE 1 2 3 4 Strong Q3 METRO’s Outlook Long term view outperformance 2020/21 Sales1 +15% HoReCa grows 57% & Successful 9M Positive long-term view above market on sector reiterated Adj. EBITDA2 almost FY 2020/21 sales and doubled to €310 m • Partnerships with EBITDA guidance Management sets th
Slide 20: Q&A
Q&A Click here for the IR kit English German Dr. Steffen Christian Baier Greubel CEO CFO 20 7/29/2021 © METRO AG.
Slide 21: Events and financial calendar
Events and financial calendar Upcoming events Financial calendar 2020/21 German Corporate Conference 21 Sept ‘21 Goldman Sachs & Berenberg (Hybrid) Baader Investment Conference 20 Oct ‘21 Trading statement 22 Sept ‘21 (Hybrid) 15 Dec ’21 FY 2020/21 (report) 16 Dec ‘21 FY 2020/21 (Call: 8.00 am) 26 J
Slide 22: Appendix
Appendix
Slide 23: Market: Indexed rolling year view vs FY 18/19
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- Q3- Q1- Q2- Q3- Q4-
Slide 24: Sales to EBITDA 1/3
Sales to EBITDA 1/3 METRO Germany METRO Western Europe €m / % Q3 2019/20 Q3 2020/21 €m / % Q3 2019/20 Q3 2020/21 Sales 1,092 1,052 Sales 1,869 2,506 Like-for-like growth -9.5% -3.3% Like-for-like growth -32.8% 32.6% Growth in local currency -9.4% -3.6% Growth in local currency -32.9% 34.1% Reported
Slide 25: Sales to EBITDA 2/3
Sales to EBITDA 2/3 METRO Russia METRO Eastern Europe €m / % Q3 2019/20 Q3 2020/21 €m / % Q3 2019/20 Q3 2020/21 Sales 646 573 Sales 1,620 1,755 Like-for-like growth -7.4% 13.2% Like-for-like growth 6.0% -0.8% Growth in local currency -7.5% 13.2% Growth in local currency 6.5% -1.1% Reported growth -1
Slide 26: Sales to EBITDA 3/3
Sales to EBITDA 3/3 METRO Asia Others €m / % Q3 2019/20 Q3 2020/21 €m Q3 2019/20 Q3 2020/21 Sales 331 345 Sales 11 16 Like-for-like growth -19.2% 8.8% Growth in local currency -18.9% 10.7% 1 Reported growth -22.5% 4.3% Adj. EBITDA 6 16 1 thereof FX -1 Adj. EBITDA -6 -5 thereof FX -1 Transformation c
Slide 27: Cash flow statement
Cash flow statement € million Q3 19/20 Q3 20/21 EBIT -21 126 Depreciation/amortisation/impairment losses/reversal of impairment losses of 197 199 assets excl. financial investments Change in provisions for post-employment benefits plans and other provisions 11 -1 Change in net working capital 6 444
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
Slide 29: Contact
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