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METRO GROUP : ANNUAL REPORT 2011 : BUSINESS
→ GROUP MANAGEMENT REPORT : 3. EARNiNGs POsiTiON
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3. Earnings position
Overview of group business developments
MeTRo GRoUp can look back on generally solid business
developments in 2011, a year characterised by extraordinary
economic parameters. The sovereign debt crisis, high unemployment
and austerity programmes in many european
countries, in particular, dampened customers’ willingness
to spend money in 2011. Despite these challenging market
conditions and additional negative sales impacts of portfolio
changes, MeTRo GRoUp generated sales of €66.7 billion in
the financial year, a decrease of 0.8 percent compared with
the previous year. In local currency, sales rose slightly by
0.2 percent, nearly matching the previous year’s level.
eBITDa fell to €3,429 million from €3,591 million in the previous
year. adjusted for special items, eBITDa declined by
2.0 percent to €3,651 million in the reporting year.
Group eBIT decreased by €98 million to €2,113 million. eBIT
before special items fell by 1.8 percent to €2,372 million.
sales and earnings developments
In the financial year 2011, MeTRo GRoUp sales declined by
0.8 percent to €66.7 billion (previous year: €67.3 billion).
aside from currency developments, the disappointing Christmas
business dampened sales.
In Germany, sales declined by 1.0 percent to €25.9 billion and
were affected by store divestments at Metro Cash & Carry
and Real. International sales fell by 0.7 percent to €40.8 billion.
In local currencies, however, sales increased by
0.4 percent. as a result, the international share of sales rose
slightly from 61.1 percent to 61.2 percent. In Western europe,
sales decreased by 3.1 percent to €20.9 billion (in local currencies:
–3.6 percent), due partly to the sale of the French
operations of Media-saturn. In eastern europe, sales rose
by 0.4 percent to €16.9 billion (in local currencies: +3.3 percent).
In asia/africa, sales continued to grow dynamically
despite the divestment of Metro Cash & Carry Morocco,
rising by 11.2 percent to €3.0 billion (in local currencies:
+14.3 percent).
MeTRo GRoUp’s eBIT declined by 4.4 percent to €2,113 million
in the financial year 2011 compared to the previous year’s
Development of group sales
by sales division and region
group sales of METRO gROUP 2011
by region
25.4%
eastern europe
2010
€ million
31.3%
Western europe
(excl. Germany)
4.5%
asia/africa
Change in %
2011
€ million in €
Currency
effects in
percentage
points
38.8%
Germany
→ p. 098
in local
currencies
Metro Cash & Carry 31,095 31,155 0.2 –1.2 1.4
Real 11,499 11,230 –2.3 –0.9 –1.4
Media-saturn 20,794 20,604 –0.9 0.1 –1.0
Galeria Kaufhof 3,584 3,450 –3.7 0.0 –3.7
others 286 263 –7.8 0.0 –7.8
METRO gROUP 67,258 66,702 –0.8 –0.6 –0.2
thereof Germany 26,130 25,865 –1.0 0.0 –1.0
thereof international 41,128 40,837 –0.7 –1.1 0.4
Western europe 21,528 20,859 –3.1 0.5 –3.6
eastern europe 16,880 16,953 0.4 –2.9 3.3
asia/africa 2,720 3,025 11.2 –3.1 14.3
level. negative earnings effects resulting from difficult
market conditions were partially compensated by positive
earnings contributions from the efficiency and value-enhancing
programme shape 2012. eBIT includes special items from
shape 2012 totalling €259 million. eBIT before special items
declined by just 1.8 percent to €2,372 million.
In Germany, eBIT decreased by €26 million to €373 million.
eBIT before special items in Germany fell by €20 million to
€504 million. International eBIT remained below the previous
year’s level. In Western europe, eBIT rose by €15 million to