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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS
→ GROUP MANAGEMENT REPORT : 3. EARNINGS POSITION
Development of Group and divisional
EBIT/EBITDA
EBITDA 1 EBIT 1
€ million 2010 2009 2010 2009
Metro Cash & Carry 1,374 1,165 1,104 936
Real 321 2262 132 52
Media Markt and Saturn 876 851 625 608
Galeria Kaufhof 233 223 138 119
Real Estate 1,087 9532 698 551
Others –166 –87 –282 –230
Consolidation 1 –122 0 –12
METRO GROUP 3,726 3,3192 2,415 2,024
1 2010 (2009) adjusted for special items from Shape 2012: in EBITdA by €135 million (€251 million),
including €11 million (€104 million) at Metro Cash & Carry, €11 million (€16 million) at
Real, €58 million (€4 million) at Media Markt and Saturn, €–1 million (€57 million) at Galeria
Kaufhof, €–14 million (€5 million) in the Real Estate segment, €41 million (€65 million) in the
“others” segment and €29 million (€0 million) in the consolidation segment; in EBIT and in
earnings before taxes by €204 million (€343 million), including €10 million (€143 million) at
Metro Cash & Carry, €27 million (€16 million) at Real, €133 million (€5 million) at Media
Markt and Saturn, €0 million (€58 million) at Galeria Kaufhof, €–20 million (€15 million) in
the Real Estate segment, €41 million (€106 million) in the “others” segment and €13 million
(€0 million) in the consolidation segment
2 Adjustment due to netting of non-scheduled write-downs and write-ups in EBITdA totalling
€9 million (Real), €6 million (Real Estate) and €–6 million (consolidation)
lion. EBIT before special items in this region fell by €16 million
to €–51 million, including start-up costs for Media
Markt’s market entry in China.
Divisional sales and earnings developments
Metro Cash & Carry
Sales of Metro Cash & Carry rose by 1.6 percent (in local
currencies: –0.6 percent) to €31.1 billion in 2010. Like-forlike
sales declined by 1.7 percent. developments in western
and Eastern Europe were marked by a widespread unwillingness
of consumers to spend money in the nonfood segment.
In Germany, the decline in sales by 2.8 percent to €5.3 billion
in the financial year 2010 was due mostly to location and
other divestments as well as the targeted reduction of the
low-margin tobacco product and telephone card business.
Like-for-like sales fell by 1.7 percent. Excluding tobacco
products and telephone cards, like-for-like sales, however,
developed positively.
Metro Cash & Carry’s international share of sales rose from
82.2 percent to 82.9 percent.
Sales of Metro Cash & Carry 2010
by region
36.6%
Eastern Europe
8.0%
Asia/Africa
17.1%
Germany
38.3%
western Europe
(excl. Germany)
→ p. 081
In a continually difficult economic environment, sales in
western Europe fell short of the previous year’s level,
declining by 1.3 percent to €11.9 billion (in local currencies:
–1.6 percent).
Business in Eastern Europe developed favourably. At
€11.4 billion, regional sales were up 3.5 percent (in local
currencies: –1.4 percent). Like-for-like sales fell by 3.6 percent.
Business developments in Eastern Europe were again
marked by a widespread unwillingness of consumers to
spend money in the nonfood segment in 2010.
Sales in the Asia/Africa region developed very positively
again. Sales rose by 19.7 percent to €2.5 billion (in local
currencies: +14.7 percent), with all Asian countries posting
double-digit sales growth.
As at 31 december 2010, Metro Cash & Carry was represented
in 687 locations across 30 countries: 117 stores in
Germany, 259 in western Europe, 228 in Eastern Europe and
83 in Asia/Africa. Total selling space amounted to 5.4 million
square metres.
Metro Cash & Carry’s EBIT increased by 37.9 percent to
€1,094 million. EBIT before special items rose by 17.9 percent
to €1,104 million. This earnings growth is due to margin
improvements and cost savings in the context of Shape 2012.
with an EBIT margin of 3.6 percent before special items,
Metro Cash & Carry proved its high earnings strength even
in a continually challenging economic environment.