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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 3. EARNINGS POSITION Key figures Metro Cash & Carry 2010 in year-on-year comparison Real Real’s sales grew by 1.8 percent to €11.5 billion in 2010 (in local currencies: +0.2 percent). Like-for-like sales increased by 0.1 percent. In Germany, Real continued to forge ahead with its repositioning in a difficult environment. while sales fell by 1.8 percent to €8.4 billion, this decline is exclusively due to the liquidation of 13 unprofitable hypermarkets. Like-for-like sales were 0.2 percent higher than a year earlier. Sales of Real 2010 by region 2010 € million 26.6% Eastern Europe Change in % 2009 € million in € Currency effects in percentage points 73.4% Germany in Like-for- local like (local curcurrenciesrencies) Sales 31,095 30,613 1.6 2.2 –0.6 –1.7 Germany 5,302 5,454 –2.8 0.0 –2.8 –1.7 western Europe 11,912 12,072 –1.3 0.3 –1.6 –1.5 Eastern Europe 11,407 11,020 3.5 4.9 –1.4 –3.6 Asia/Africa 2,474 2,067 19.7 5.0 14.7 8.1 EBITdA 1,3741 1,1651 18.0 – – – EBIT 1,1041 9361 17.9 – – – EBIT margin (%) 3.61 3.11 Locations – – – – (number) Selling space 687 668 – – – – (1,000 sqm) 5,355 5,291 1.2 – – – 1 Before special items from Shape 2012 → p. 082 Real’s international share of sales rose from 23.9 percent to 26.6 percent. Sales in Eastern Europe increased by 13.1 percent to €3.1 billion (in local currencies: +6.1 percent). while sales in Russia and Turkey grew dynamically, the difficult economic environment caused sales in Romania to decline. Like-forlike sales in Eastern Europe dropped by 0.5 percent, with the strong like-for-like sales growth in Russia and Turkey nearly offsetting the sales decline in Romania. At the end of 2010, Real’s network of locations comprised 429 hypermarkets in 6 countries: 320 in Germany and 109 in Eastern Europe. EBIT improved by about €69 million to €105 million. EBIT before special items also increased markedly by €80 million to €132 million. with the help of Shape 2012 Real was able to improve its gross profit margin in Germany and further lower its costs. In Eastern Europe, Real posted a positive EBIT for the first time. In the context of Shape 2012, productivity gains in Russia and Turkey as well as cost savings in Romania are having a particularly positive effect in this region. Key figures Real 2010 in year-on-year comparison 2010 € million Change in % 2009 € million in € Currency effects in percentage points in Like-for- local like (local curcurrenciesrencies) Sales 11,499 11,298 1.8 1.6 0.2 0.1 Germany 8,441 8,593 –1.8 0.0 –1.8 0.2 Eastern Europe 3,058 2,705 13.1 7.0 6.1 –0.5 EBITdA 3211 2261,2 42.7 – – – EBIT 1321 521 – – – – EBIT margin (%) 1.11 0.51 Locations – – – – (number) Selling space 429 441 – – – – (1,000 sqm) 3,107 3,184 –2.4 – – – 1 Before special items from Shape 2012 2 Adjustment due to the netted presentation of non-scheduled write-downs and write-ups in EBITdA totalling €9 million Media Markt and Saturn Media Markt and Saturn reaffirmed its leading market position in Europe in 2010. Sales rose by 5.6 percent to €20.8 billion (in local currencies: +4.3 percent). Like-for-like sales declined by 1.2 percent.
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 3. EARNINGS POSITION Sales of Media Markt and Saturn 2010 by region 11.6% Eastern Europe 44.7% western Europe (excl. Germany) 0.0% Asia 43.7% Germany In 2010, sales in Germany remained unchanged from a year earlier. The previous year’s figure reflected the highly successful campaign on the occasion of Media Markt’s 30th anniversary. In time for the Christmas business, Media Markt and Saturn included the first products of the new own brands “ok.” and “KOENIC” in its assortment. The customer response was exceedingly positive. The international share of sales at Media Markt and Saturn rose from 53.7 percent to 56.3 percent. despite the challenging economic and market environment, sales in western Europe markedly exceeded the previous year’s level in 2010, rising by 8.7 percent to €9.3 billion (in local currencies: +7.4 percent). Like-for-like sales increased by 0.6 percent. In Eastern Europe, in turn, Media Markt and Saturn posted sales growth of 18.3 percent to €2.4 billion (in local currencies: +10.8 percent) for the financial year 2010. Like-forlike sales developments diverged markedly between individual countries and declined by 7.1 percent overall. while like-for-like sales in Russia and Turkey showed a strong rise, sales in Poland declined due to negative market developments in consumer electronics retailing. In Asia, Media Markt opened its first store in Shanghai, generating sales of €9 million from the middle of November. At the end of 2010, the location network of Media Markt and Saturn comprised 877 consumer electronics stores: 382 in → p. 083 Germany, 353 in western Europe, 141 in Eastern Europe and 1 location in Asia. EBIT of Media Markt and Saturn totalled €492 million after €603 million in the previous year. This decline was largely due to special effects related to the divestment of the French locations – pending the approval of the antitrust authority – with which METRO GROUP is rigorously pushing its strategic portfolio optimisation. EBIT before special items rose by €17 million to €625 million. EBIT includes start-up costs for the market entry in China as well as the launching of the online and own-brand business. In Germany, western and Eastern Europe, EBIT before special items increased. Key figures Media Markt and Saturn 2010 in year-on-year comparison 2010 € million Change in % 2009 € million in € Currency effects in percentage points in Like-for- local like (local curcurrenciesrencies) Sales 20,794 19,693 5.6 1.3 4.3 –1.2 Germany 9,087 9,114 –0.3 0.0 –0.3 –1.6 western Europe 9,283 8,538 8.7 1.3 7.4 0.6 Eastern Europe 2,415 2,041 18.3 7.5 10.8 –7.1 Asia/Africa 9 0 – – – – EBITdA 8761 8511 2.9 – – – EBIT 6251 6081 2.8 – – – EBIT margin (%) 3.01 3.11 Locations – – – – (number) Selling space 877 818 – – – – (1,000 sqm) 2,829 2,633 7.4 – – – 1 Before special items from Shape 2012 Galeria Kaufhof despite the closure of three unprofitable locations, sales of Galeria Kaufhof rose by 1.3 percent to €3.6 billion in 2010. Like-for-like sales increased by 1.2 percent. In Germany, sales grew by 1.0 percent to €3.3 billion. Likefor-like sales growth amounted to 1.1 percent. Galeria Kaufhof continued to successfully implement value creation measures in the merchandise business, such as the optimisation of assortments in the course of the trading-up strategy. As such, Galeria Kaufhof has reaffirmed its position as a leader in the German department store business. Sales in western Europe increased by 3.4 percent to €333 million. Like-for-like sales grew by 2.9 percent.
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