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Overview of financial year 2020/21 and outlook

During financial year 2021/22, the METRO portfolio was changed by a few portfolio decisions. There were 3 strategic acquisitions (C & C Abholgroßmärkte Gesellschaft m.b.H. [AGM]: store-based and delivery business in Austria; Eijsink: point-of-sale solutions for the hospitality industry; Günther Group: company specialising in professional kitchens) and one sale (operational business in Belgium).

These had the following effects:

  • AGM: the initial consolidation was carried out as of 2 May 2022; segment West
  • Eijsink: the initial consolidation was carried out as of 31 March 2022; segment Others
  • Günther Group: the initial consolidation was carried out as of 1 August 2022; segment Others
  • Operational business Belgium: up to and including 31 May 2022 in segment West; €125 million transformation costs

Inflation in Turkey has increased significantly since the beginning of 2021. According to IAS 29, Turkey is therefore considered to be hyperinflationary for reporting periods ending on or after 30 June 2022. The first-time application of IAS 29 in Q3 2021/22 will have a particular impact on non-monetary balance sheet items as well as on the presentation of the income statement and cash flow statement including currency translation.

Earnings position

  • Sales in local currency grew by 20.4%; reported sales increased by 20.1% to €29.8 billion.
  • The adjusted EBITDA was €1,389 million (2020/21: €1,171 million). Transformation costs of €123 million (2020/21: €65 million) were incurred; earnings contributions from real estate transactions reached €137 million (2020/21: €60 million). The reported EBITDA reached €1,403 million (2020/21: €1,166 million).
  • The profit or loss for the period was €−331 million (2020/21: €−45 million). The decrease resulted from currency-related negative effects in the financial result (mainly non-cash relevant from intra-group relationships), effects from the sale of the Belgian business (transformation costs, partly cash-relevant) and impairments. Without these impairments, the profit or loss for the period would have increased significantly.
  • Earnings per Share (EPS): €−0.92 (2020/21: €−0.15); without the aforementioned impairments, EPS would have risen.

Financial and asset position

  • The net debt was reduced to €3.3 billion (30/9/2021: €3.5 billion)
  • Investments amounted to €0.9 billion (2020/21: €0.8 billion)
  • Cash flow from operating activities reached €0.9 billion (2020/21: €1.2 billion)
  • Total assets: €12.9 billion (30/9/2021: €12.8 billion)
  • Equity: €2.4 billion (30/9/2021: €1.8 billion)
  • Long-term rating: BBB– (Standard & Poor’s)
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation)
Profit or loss before financial result, income taxes, depreciation/amortisation/impairment losses/reversals of impairment losses on property, plant and equipment, intangible assets and investment properties. This key figure serves the purpose of comparing companies with accounting systems that follow different accounting rules. The (adjusted) EBITDA indicates EBITDA excluding earnings contributions from real estate transactions and transformation costs.
Earnings per share (EPS)
See earnings per share.
Net debt
The net debt results from the balance of financial liabilities (including liabilities from leases), cash and cash equivalents plus financial investments. Financial investments include short-term bank deposits and liquid debt instruments that can be sold at short notice.
In the financial sector, rating represents the systematic, qualitative measurement of creditworthiness. Ratings are expressed in various grades of creditworthiness. Well-known agencies that perform ratings are Standard & Poor’s, Moody’s and Fitch.
Transformation costs
Non-recurring expenses related to the focus on the wholesale business and the restructuring measures resulting from this realignment as well as with the closure of individual national subsidiaries. Such expenses are presented separately in the financial reporting as transformation costs.

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