Overview of group business development

The following section reports on continuing and discontinued operations.

In financial year 2017/18, METRO’s like-for-like sales rose by 0.7%. This growth is attributable to a positive development at METRO Wholesale, while Real experienced a decline in this respect. In local currency, METRO sales increased by 0.7%. By contrast, reported sales decreased by 1.6% to €36.5 billion due to negative currency effects.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) excluding earnings contributions from real estate transactions totalled €1,396 million in 2017/18 (2016/17: €1,436 million). This decrease is mainly attributable to the decline in sales in Russia, negative currency development and a negative effect on earnings resulting from the termination of the future collective agreement at Real. Adjusted for currency effects, EBITDA excluding earnings contributions from real estate transactions rose by 1.2%.

Earnings contributions from real estate transactions totalled €129 million (2016/17: €175 million). EBITDA reached €1,525 million (2016/17: €1,611 million).

(XLS:) XLS

€ million	2016/17	2017/18	Change
Sales	37,140	36,534	−1.6%
EBITDA excluding earnings contributions from real estate transactions	1,436	1,396	−2.8%
Earnings contributions from real estate transactions	175	129	−26.5%
EBITDA	1,611	1,525	−5.3%
EBIT	852	740	−13.2%
Investments	827	811	−2.0%
Stores	1,041	1,048	0.7%
Selling space (1,000 m²)	7,249	7,152	−1.3%

The reconciliation from sales to like-for-like sales in local currency is shown in the following:

(XLS:) XLS

Continuing and discontinued operations

Continuing operations

€ million

2016/17

2017/18

Change

2016/17

2017/18

Change

¹	Sales in local currency of the previous year were calculated by converting reported sales of the previous year at the average exchange rate of the current financial year.
²	Not included in the like-for-like panel are, among others, new openings, stores in start-up phase, closures, service companies and major refurbishments.

Total sales in €

37,140

36,534

−1.6%

29,903

29,476

−1.4%

Total sales in local currency¹

36,285

36,534

0.7%

29,048

29,476

1.5%

Sales of stores that were not part of the like-for-like panel in 2017/18²

1,830

1,849

–

1,540

1,617

–

Like-for-like sales in local currency

34,455

34,685

0.7%

27,508

27,859

1.3%

Wholesale, METRO Wholesale

The METRO Wholesale segment comprises the METRO Wholesale sales line of METRO AG with more than 769 wholesale stores across 35 countries worldwide. This also includes the delivery business (Food Service Distribution) with companies like METRO delivery service and the delivery specialists Classic Fine Foods, Pro à Pro and Rungis Express.

Glossary

Currency effects

Currency effects result from situations where identical quantities of currency units are translated into another currency at differing exchange rates.

Glossary