Overview of group business development

In financial year 2018/19, METRO’s like-for-like sales rose by 2.1%. The growth was particularly pronounced in Eastern Europe (excluding Russia), Western Europe (excluding Germany) and Asia. Sales in local currency grew by 2.2%. Due to adverse exchange rate developments in Eastern Europe, Russia and Asia, reported sales increased by only 1.1% to €27.1 billion.

The earnings before depreciation and amortisation (EBITDA) excluding earnings contributions from real estate transactions of METRO totalled €1,021 million in financial year 2018/19 (2017/18: €1,088 million). The exchange rate developments of primarily the Turkish and Russian currencies had a negative impact on earnings. Adjusted for currency effects, the decrease was €−49 million less than in the previous year. As expected, the ongoing repositioning of the Russian business and increased costs for digitalisation/IT had a negative impact on earnings. The positive earnings development in Western Europe (excluding Germany), Germany and Asia had a compensating effect. Earnings contributions from real estate transactions totalled €338 million (2017/18: €128 million). EBITDA reached €1,359 million (2017/18: €1,216 million).

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€ million

2017/18¹

2018/19

Change

¹	Adjusted for effects of the discontinued operations.

Sales

26,792

27,082

1.1%

EBITDA excluding earnings contributions from real estate transactions

1,088

1,021

−6.1%

Earnings contributions from real estate transactions

128

338

–

EBITDA

1,216

1,359

11.8%

EBIT

713

828

16.1%

Investments

565

499

−11.7%

Stores

675

678

0.4%

Selling space (1,000 m²)

4,665

4,728

1.3%

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

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Continuing operations

€ million

2017/18

2018/19

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

26,792

27,082

1.1%

Total sales in local currency¹

26,504

27,082

2.2%

Sales of stores that were not part of the
like-for-like panel in 2018/19²

197

224

Like-for-like sales in local currency

26,307

26,858

2.1%