pdf (22.8 MB) - METRO Group

METRO GROUP : ANNUAL REPORT 2011 : BUSINESS
→ GROUP MANAGEMENT REPORT : 3. EARNiNGs POsiTiON
Development of group and divisional EBiTDA/EBiT
EBiTDA 1 EBiT 1
€ million 2010 2011 2010 2011
Metro Cash & Carry 1,374 1,408 1,104 1,148
Real 321 321 132 134
Media-saturn 876 809 625 542
Galeria Kaufhof 233 219 138 121
Real estate 1,087 994 698 643
others –166 –77 –282 –197
Consolidation 1 –23 0 –19
METRO gROUP 3,726 3,651 2,415 2,372
1 2011 (2010) adjusted for special items from shape 2012: in eBITDa by €222 million (€135 million),
including €111 million (€11 million) at Metro Cash & Carry, €29 million (€11 million) at Real,
€42 million (€58 million) at Media-saturn, €26 million (€–1 million) at Galeria Kaufhof, €–14 million
(€–14 million) in the Real estate segment, €20 million (€41 million) in the “others” segment
and €8 million (€29 million) in the consolidation segment; in eBIT and in earnings before taxes by
€259 million (€204 million), including €111 million (€10 million) at Metro Cash & Carry, €40 million
(€27 million) at Real, €49 million (€133 million) at Media-saturn, €27 million (€0 million) at
Galeria Kaufhof, €4 million (€–20 million) in the Real estate segment, €20 million (€41 million) in
the “others” segment and €8 million (€13 million) in the consolidation segment
€903 million. eBIT before special items fell by €70 million to
€956 million. In eastern europe, eBIT decreased by €65 million
to €855 million. eBIT before special items rose by €10 million
to €927 million. eBIT in the asia/africa region declined by
€33 million to €–28 million. This was due mostly to the operative
start-up losses at Media Markt in China and the divestment
of Metro Cash & Carry in Morocco. eBIT before special
items in the asia/africa region improved by €26 million to
€–25 million.
Divisional sales and earnings developments
Metro Cash & Carry
sales of Metro Cash & Carry rose by 0.2 percent (in local currencies:
+1.4 percent) to €31.2 billion in 2011. like-for-like
sales increased by 0.1 percent. The profiling merchandise
groups of meat, fresh fish and wine developed particularly
favourably. Delivery sales continued their strong growth:
Metro Cash & Carry generated delivery sales of about €1.6 billion.
The sales share of own-brand products also rose strongly
to 15.7 percent – an increase of 2.4 percentage points compared
to the previous year. The exit from the Moroccan market,
however, dampened sales growth at Metro Cash & Carry.
In Germany, the decline in sales by 2.8 percent to €5.2 billion
in the financial year 2011 was due mostly to location and
other divestments. like-for-like sales increased slightly by
0.1 percent.
→ p. 099
Metro Cash & Carry’s international share of sales increased
to 83.5 percent from 82.9 percent.
sales of Metro Cash & Carry 2011
by region
36.9%
eastern europe
8.7%
asia/africa
16.5%
Germany
37.9%
Western europe
(excl. Germany)
In a continually difficult economic environment, sales in Western
europe fell short of the previous year’s level in 2011, declining by
0.9 percent to €11.8 billion (in local currencies: –0.8 percent). In
Italy and spain, sales fell only slightly short of the previous
year’s level in a very challenging market environment.
In eastern europe, sales rose by 0.7 percent to €11.5 billion in
the financial year 2011. The region profited from double-digit
growth in Russia, in particular. sales growth in eastern
europe was stronger in local currencies, with an increase of
3.2 percent. like-for-like sales in eastern europe, however,
declined by 1.2 percent. as in the previous year, the food business
developed markedly better than the nonfood business.
The strong sales momentum in the asia/africa region continued
in the financial year 2011. sales grew by 9.4 percent to
€2.7 billion (in local currencies: +12.7 percent). The exit from
the Moroccan market was clearly offset by strong sales
growth in asia. all asian countries recorded double-digit
sales growth.
as of 31 December 2011, Metro Cash & Carry was represented
in 728 locations across 30 countries: 107 stores in Germany,
260 in Western europe, 268 in eastern europe and 93 in asia/africa.
Metro Cash & Carry’s eBIT declined by 5.2 percent to
€1,037 million. eBIT before special items rose by 4.0 percent
to €1,148 million. This earnings growth is essentially due to