METRO with 2.3% like-for-like sales growth and adjusted EBITDA above previous zear in Q2 2019/20

(PresseBox) ( Duesseldorf, )
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[Previous year’s adjustment to continuing operations (without Real and METRO China) and due to full retrospective application of IFRS 16 (leasing agreements)]
- Like-for-like sales grow by 2.3% in Q2 2019/20
- Sales growth driven by Eastern Europe (11.2%), Russia (9.8%) and Germany (4.8%); Western Europe (excl. Germany) affected by COVID-19 pandemic
- EBITDA adjusted (excluding transformation costs and earnings contributions from real estate transactions) at €133 million (Q2 2018/19: €130 million)
- Profit or loss for the period from continuing operations attributable to METRO shareholders reach €-116 million (Q2 2018/19: €-58 million)
- Earnings per share from continuing operations at €-0,32 (Q2 2018/19: €-0,16 )
- Sale of a majority stake in METRO China to Wumei Technology Group successfully completed in exchange for net cash proceeds of more than €1.5 billion after quarterly reporting date

In Q2 2019/20 METRO AG´s like-for-like sales increased by 2.3% compared to the previous year. Eastern Europe, Russia and Germany mainly contributed to this positive development. In local currency, sales grew by 2.1%. Reported sales increased by 1.8% to €6.0 billion. EBITDA excluding transformation costs and earnings contributions from real estate transactions reached €133 million in Q2 2019/20 (Q2 2018/19: €130 million). It should be noted that the business development since mid-March has been significantly negatively affected by COVID-19. Thanks to the good start in Q2, which also benefited from an additional day in February due to the leap year, this negative impact could be offset in the total earnings of Q2 2019/20. The solid sales growth in Germany, Russia and Eastern Europe as well as the segment Others contributed to the overall positive development. In Western Europe (excl. Germany) and Asia earnings decreased due to a sales decline caused by COVID-19. In Q2 2019/20 transformation costs of €45 million (Q2 2018/19: €0 million) from efficiency programmes to adapt the group to its wholesale strategy incurred. Earnings contributions from real estate transaction were at €0 million (Q2 2018/19: €32 million). Reported EBITDA in consideration of transformation costs and reduced earnings contributions from real estate transaction reached €87 million (Q2 2018/19: €163 million). In H1 2019/20 EBITDA excluding transformation costs and earnings contributions from real estate transactions reached €659 million (H1 2018/19: €660 million). Adjusted for currency effects EBITDA excluding transformation costs and earnings contributions from real estate transactions decreased by €-7 million (-1.0%).

“METRO, with its business units and customer structures, is significantly less affected by the COVID-19 crisis than other companies. We have taken immediate and consistent measures to protect our employees and customers, secure our supply chains, reduce our costs and thus steer our company reliably through this phase“, says Olaf Koch, Chairman of the Management Board of METRO AG. “At the same time, we have launched numerous initiatives to support and strengthen our customers and to be a reliable partner during this crisis. Gastronomy in particular stands for diversity and quality of life in our society and has earned the support and appreciation of us citizens, but also of the state institutions. This is what we are committed to. We therefore see this crisis as an opportunity to further expand our position as a partner for independent entrepreneurship.”

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