The business developed better than expected throughout the year. Therefore, the Management Board increased the sales and earnings outlook for financial year 2021/22 (originally issued on 15 December 2021) on 21 April 2022 and again on 6 July 2022. The subsequent comparison of the actual business development with the outlook for financial year 2021/22 refers to the outlook published on 6 July 2022.
For financial year 2021/22, METRO had forecast sales growth of around 17% to 22% (2020/21: 0.1%1) and adjusted EBITDA growth of €150 million to €230 million compared to previous year. The outlook was based on the assumption of stable exchange rates and no further adjustments to the portfolio. It was assumed that further escalation of the war and/or further sanctions could lead to additional negative effects on the business, especially in Ukraine and Russia. Sales in the segments West and East were expected to grow over-proportionately. Lower growth compared to the overall group was expected for Germany and Russia. The development of adjusted EBITDA should follow the sales development in the segments. The segment Others was expected to be significantly below the previous year’s level. The key financial figures included the operating business from Belgium up to and including May 2022.
With total sales growth in local currency of 21.4%281, METRO achieved this target in the upper half of the outlook (17% to 22%). Sales in the segments West and East grew over-proportionately, while sales in Germany and Russia grew below the group level, as expected. Sales in the segment Others increased to €122 million, driven by the expansion of the online marketplace METRO MARKETS.
The adjusted EBITDA increased by €204 million281 to €1,394 million in financial year 2021/22 in the outlook view (2020/21: €1,187 million) and thus also reached the upper half of the outlook range (€150 million to €230 million). Adjusted EBITDA developed positively in the segments Germany, West, Russia and East. The earnings development followed the trajectory of the sales development. As expected, the segment Others developed significantly below the level of the previous year with a decline in adjusted EBITDA of €57 million.
METRO achieved the adjusted sales and EBITDA targets for financial year 2021/22 in the upper half of the outlook range.
1 Currency-adjusted, without Japan and Myanmar, but with Aviludo and Pro a Pro Spain. Belgium up to and including May 2022.