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

€ 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

 

 

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%