CECONOMY AG

Quarterly Report • Feb 16, 2018

QUARTERLY STATEMENT Q1 2017/18

KEY VALUE DRIVERS

Q1 2017/18

members in customer programmes

stores opened since 30/09/2017 // Online sales share at 11.7 per cent of total sales. High pick-up rate of around 44 per cent.

// Services & Solutions sales at 5.9 per cent of total sales. SmartBars already in place in 682 stores.

// In total,16.2 million members now enrolled in customer programmes. About 27 per cent of sales are generated by MediaMarkt Club members in Germany.

// 84 Shop-in-Shop solutions opened in Russia. Average store size reduced by about 7 per cent.

THE QUARTER IN REVIEW

We are, of course, not satisfied with the mixed start to our first full financial year as an independent company. However, it was the first quarter of the year and a quarter is not yet a full year. We are confident that we have identified the correct value drivers overall, and will continue to focus on consistently driving forward our strategy and further growing our core business. We are on the right track to reaping the benefits of the huge dynamic potential in the consumer electronics sector.

»

«

Pieter Haas, Chief Executive Officer

Black Friday, across all channels, generated the strongest sales of any day over the past calendar year. We were not expecting such a marked shift in sales around Christmas time to the more competitive November nor the resulting strong impact on our earnings. In the current year, we are well positioned to catch up the shortfall from the first quarter with accelerated and additionally implemented measures. We confirm our targets for

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financial year 2017/18.

«

Mark Frese, Chief Financial Officer

• 5 Financial figures at a glance
• 6 Outlook
• 6 Events after the reporting date
• 7 Results in detail
• 7 Earnings positions
• 11 Financial and asset position
• 12 Interim consolidated financial statements
• 12 Income statement
• 13 Statement of financial position
• 14 Cash flow statement
• 15 Segment reporting
• 16 Financial calendar and general information

This document represents a quarterly statement according to Section 53 Frankfurt Stock Exchange Regulations.

CECONOMY is managed on the basis of key performance indicators derived from IFRS (International Financial Reporting Standards) specifications together with other metrics: total sales growth adjusted for currency effects and portfolio changes, net working capital, EBITDA and EBIT.

For more details of the management-relevant key performance indicators, please refer to pages 49 to 52 of CECONOMY's Annual Report 2016/17.

The tax expense recognised was calculated in accordance with the regulations governing interim financial reporting using the so-called integral approach.

The classification of items on the statement of financial position has been further detailed to enhance transparency. The current item "Receivables due from suppliers", which was formerly included under "Other financial and nonfinancial assets", is now stated separately. In addition, the aggregate items "Other financial and non-financial assets" and "Other financial and non-financial liabilities" have been split into "Other financial assets" and "Non-financial assets", and into "Other financial liabilities" and "Non-financial liabilities" respectively. The prior-year figures have been adjusted accordingly.

The figures reported in this quarterly statement have been commercially rounded and may therefore not add up to the stated totals in individual instances.

FINANCIAL FIGURES AT A GLANCE¹

Sales & earnings

Cash flow

€ mi llion		Q1 6/1 72 201	Q1 7/1 201 8	Cha nge
Sal es		6,8 93	6,9 35	0.6 %
Sal adj ed for and ust es cur ren cy tfol io c han effe 3 cts por ge	%	–	1.3	–
Lik e-fo r-lik ale s d lop nt e s eve me	%	0.0	0.5	0.5 %p
in Gro ss ma rg	%	19. 8	19. 1	–0. 8% p.
EBI TDA		366	315	.0% –14
in EBI TDA ma rg	%	5.3	4.5	–0. 8% p.
EBI T		308	258	.0% –16
fin ial ult Net anc res		1	2	–
Tax rat e	%	48. 1	44. 4	7% –3. p.
fit o r lo ss f he iod ribu tab le Pro or t att per to n tro llin inte ts on- con g res		39	36	–5. 6%
ult Net res		121	108	.0% –11
Ear nin sh gs per are	€	0.3 7	0.3 3	–11 .0%

Statement of financial position

€ mi llion	31/ 12/ 201 6	31/ 12/ 201 7	Cha nge
Net rkin ital wo g c ap	–2, 394	–2, 048	346
liq uid ity (+)/ de bt ( –) Net Net	2,4 32	1,7 15	–71 7

Other operating figures

€ mi llion	Q1 201 6/1 7	Q1 201 7/1 8	Cha nge
On line les sa	727	814	0% 12.
olu les Ser vic & S tion es s sa	385	407	5.5 %

	Q1 201 6/1 7	Q1 201 7/1 8	Cha nge
(€ m illio n) Inv est nts ent ort me as pe r se gm rep	55	60	5
Num ber of ting da te f igu f 31 /12 sto res , re por re a s o	1,0 32	49 1,1	117
m²) Sel ling of (in tho nd 31/ 12 sp ace , as usa	2,9 73	3,0 05	32
Wo rkfo by ful l-tim iva len of 3 1/1 ts, 2 rce e e qu as	59, 521	59, 697	176

1 Prior-year figures relate to continuing operations of former METRO GROUP, now CECONOMY; balance sheet figures were adjusted for discontinued operations to enable comparison.

2 Starting with EBITDA, all earnings figures are stated before special items.

3 Forecast-relevant key figures, starting from financial year 2017/18

€ mi llion	Q1 201 6/1 7	Q1 201 7/1 8	Cha nge
h fl fro Cas atin ctiv itie ow m o per g a s	1,8 89	1,4 68	–42 1
Cas h fl fro m i stin ctiv itie ow nve g a s	–74	–64	10
h fl fro m f Cas ina nci act ivit ies ow ng	–24	63	87
Cha in rkin ital net nge wo g c ap	1,6 31	1,2 30	–40 1
Fre ash flo e c w	1,7 99	1,3 95	–40 4

OUTLOOK

EVENTS AFTER THE REPORTING DATE

The outlook is adjusted for currency effects and before portfolio changes.

// SALES

For financial year 2017/18 CECONOMY expects a slight increase in total sales compared to the previous year. The Western/Southern Europe region in particular will contribute to this. Correspondingly, we expect a slight improvement in net working capital compared with the previous year.

// EARNINGS

Both in terms of EBITDA and EBIT, CECONOMY expects an increase at least in the mid singledigit percentage range, not taking into account the earnings contributions from the investment in Fnac Darty S.A. The Western/Southern Europe region in particular will contribute to this. The comparative previous-year figures for 2016/17 have been adjusted for special items (EBITDA: €704 million, EBIT: €471 million).

In addition, EBITDA and EBIT for 2017/18 include our share of the profit or loss for the period for Fnac Darty S.A. Based on current analysts' estimates, we expect this investment to make a contribution to earnings in the low to mid double-digit millions in financial year 2017/18.

The preliminary results for the first quarter 2017/18 were published and the guidance for the year as a whole was confirmed in an ad hoc statement on 18 January 2018.

RESULTS IN DETAIL

Earnings position

	mi llion Sale s (€ )			Sale s ad just ed f and or c urre ncy io c ts1 Cha (%) Cur ffec ts tfol han ffec nge ren cy e por ge e					Like -for -lik les e sa (loc al c ) urre ncy
	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8
al Tot	6,8 93	6,9 35	0.1 %	0.6 %	–0. 2%	–0. 7%	–	1.3 %	0.0 %	0.5 %
DAC H	3,9 76	3,9 59	0.1 %	–0. 4%	0.0 %	–0. 4%	–	0.0 %	–0. 8%	0.5 %
We rn/ Sou the rn E ste uro pe	2,0 36	2,0 90	% 1.3	% 2.6	% 0.0	% 0.0	–	% 2.6	5% –0.	% 0.3
Eas ter n E uro pe	699	705	2.1 %	1.0 %	–2. 1%	–4. 3%	–	5.3 %	5.8 %	1.3 %
Oth ers	182	181	.3% –18	0% –1.	9% –2.	4% –0.	–	% -0.6	% 2.5	% 1.8

1 Forecast-relevant key figures, starting from financial year 2017/18

// GROUP SALES INCREASED SLIGHTLY BY 0.6 PER CENT

Compared to the prior-year quarter, Group sales of CECONOMY AG increased by 0.6 per cent to around €6.9 billion in the first quarter of financial year 2017/18. Adjusted for currency effects and portfolio changes, sales increased by 1.3 per cent. No changes were made to the Group portfolio during the reporting period. Like-for-like, sales were 0.5 per cent higher compared to the prior-year quarter.

In Q1, the extension of traditional Christmas trading during Advent season into the promotion days surrounding Black Friday, led to a shift of December sales into the more competitive November. Overall, Christmas trading was moderate, and characterised -- particularly in Germany -- by strong focus on price reductions in November at the expense of sales in December.

// SALES BY SEGMENTS

Sales in the DACH segment of around €4.0 billion in the first three months of financial year 2017/18 were slightly down compared to the previous year, at --0.4 per cent. Adjusted for currency effects and portfolio changes, they were on a par with the prior-year level. In the continued challenging economic environment, currency-adjusted sales decreased, especially in Switzerland. Total sales in our home market of Germany were only slightly up by 0.2 per cent by comparison, whereas like-for-like sales increased by 0.8 per cent. The difference between total and like-for-like sales growth is mainly attributable to the decline in redcoon sales in Germany following the restructuring and associated exclusion from the like-for-like panel.

The Western and Southern Europe segment recorded sales growth in the first quarter 2017/18 of 2.6 per cent to around €2.1 billion. Adjusted for currency effects and portfolio

changes, sales also rose by 2.6 per cent, driven mainly by Spain, once again. Despite continued intense competition, business in Italy continued to stabilise, with sales slightly above the previous year's level.

Sales in the Eastern Europe segment increased by 1.0 per cent to around €0.7 billion in the first quarter 2017/2018. Adjusted for currency effects and portfolio changes, sales increased by 5.3 per cent year on year. Disregarding negative currency effects, Turkey continued to record high growth in total sales in the double-digit percentage range. The increase was, however, largely offset by the adverse exchange rate development of the Turkish lira. Sales in Russia declined in both Euro terms and adjusted for currency effects. As expected, the 84 Shop-in-Shops that were only opened in Russia during the course of the first quarter were not yet able to contribute fully to sales.

Sales in the Others segment declined by --1.0 per cent. Adjusted for currency and portfolio effects, sales were slightly lower year on year, at --0.6 per cent. The decline in sales was mainly due to the discontinuation of redcoon operations. Currency-adjusted trading was stable in Sweden.

		Sale s (€ mi llion )		in % of t l sa les ota
	Q1 201 6/1 7	Q1 201 7/1 8
line On	727	814	12. 0%	11. 7%
Ser vic & S olu tion es s	385	407	% 5.5	5.9 %

// ONLINE BUSINESS CONTINUED TO DRIVE GROWTH

Successful growth in online trading continued into the first quarter 2017/18. Sales generated online by our two brands -- MediaMarkt and Saturn -- increased by around 22 per cent. Online sales for the Group as a whole grew by 12 per cent and were affected by lower pureplay online operations, especially on the part of redcoon. At €814 million, total online sales accounted for 11.7 per cent of total Group sales, compared to 10.5 per cent for the previous year's first quarter.

Our customers' response to our interlinked sales channels continues to be very positive, as demonstrated, once again, by the high pick-up rate (in-store collection of goods ordered online) of around 44 per cent (compared to around 42 per cent in the previous year).

// SLIGHT INCREASE IN SERVICES & SOLUTIONS SALES

Services & Solutions sales also performed well, gaining around 6 per cent year on year to €407 million for the first quarter 2017/18 and accounting for 5.9 per cent of total sales (previous year: 5.6 per cent). Our commitment to service is evidenced by the steady expansion of our "SmartBars", which can now be found in 682 stores and which satisfy our customers' demand for relevant services. Insurance and financing, repair services and warranty extensions performed particularly well.

// CONTINUING INCREASE IN THE NUMBER OF MEMBERS ENROLLED IN OUR CUSTOMER PROGRAMMES

Our customers enjoy the benefits of our customer card, including extended return periods or exclusive offers, such as concert tickets or the opportunity to meet stars from the music industry. Compared to 30 September 2017, the number of MediaMarkt Club members in Germany increased by around 0.5 million to 3.7 million as of 31 December 2017, while the number of Saturn Card members in Germany grew by more than 300,000 to around 954,000. As of 31 December 2017, our customer programmes counted more than 16.2 million members in total internationally.

	d Rep orte EBI TDA	EBI TDA befo ial i tem re s pec s	EBI TDA	Cha nge	d Rep orte EBI T	EBI T befo ial i tem re s pec s	EBI T	Cha nge
€ mi llion	Q1 201 6/1 7	Q1 201 6/1 7	Q1 201 7/1 8		Q1 201 6/1 7	Q1 201 6/1 7	Q1 201 7/1 8
al1 Tot	371	366	315	–51	313	308	258	–49
DAC H	258	260	224	–35	229	231	196	–35
We rn/ Sou the rn E ste uro pe	88	88	79	–9	69	69	61	–8
Eas ter n E uro pe	32	26	25	–1	23	17	18	0
Oth ers	–7	–8	–15	–7	–8	–10	–16	–6

1 Including consolidation

// EBITDA BELOW PREVIOUS YEAR'S PERIOD

Group EBITDA for the first quarter of the current financial year totalled €315 million, compared to €366 million before special items or €371 million including special items in the prior-year quarter.

This decline was mainly attributable to the business in Germany. In addition to a technical effect in Italy, the continued planned build-up of the CECONOMY AG holding company contributed to the decline in earnings.

Amortisation and depreciation totalled €56 million in the first quarter and were more or less at the previous year's level for the same quarter (before special items). Accordingly, Group EBIT amounted to €258 million, compared to €308 million before special items or €313 million including special items in the prior-year quarter.

// EARNINGS BY SEGMENTS

In the following discussion of figures by year on year comparison, the results for the prioryear quarter are before special items.

DACH EBITDA was €-35 million lower than the previous year's period, at €224 million. This was mainly due to shifts in Germany from profitable December sales to the more competitive market environment surrounding Black Friday. With amortisation and depreciation stable in the first three months, DACH generated EBIT of €196 million (previous year: €231 million).

Earnings also declined in Western and Southern Europe. EBITDA weakened slightly by €--9 million to €79 million, mainly due to a technical effect in Italy caused by budget-related high deferrals in the previous year. Adjusted for this effect, Italy's EBITDA from operations increased slightly. With amortisation and depreciation stable, the segment generated EBIT of €61 million (previous year: €69 million).

At €25 million, EBITDA in Eastern Europe was around €--1 million lower than the previous year's level. Earnings performance was satisfactory in Russia, which reaped the benefits of the restructuring programme implemented during the past financial year. This growth was, however, offset by lower earnings in Poland. With amortisation and depreciation virtually unchanged in this segment, EBIT increased slightly to €18 million (previous year: €17 million).

The Others segment comprises, in particular, activities relating to CECONOMY AG in its capacity as strategic management holding company, and operations of smaller companies. Its EBITDA decreased by €--7 million year on year, mainly as a result of the planned buildup of the holding company. Of the anticipated increase in holding costs in financial year 2017/18, a large portion was incurred in the first quarter.

// EARNINGS PER SHARE DECLINED

In the following discussion of figures by year on year comparison, the results for the prioryear quarter are before special items.

With a financial result virtually unchanged at €2 million (previous year: €1 million), the decline in EBIT resulted in earnings before taxes of €260 million (previous year €309 million). The lower earnings caused the tax expense to decrease to €116 million (previous year: €149 million). Compared to the first quarter 2016/17, the tax rate decreased from 48.1 per cent to 44.4 per cent and was therefore more or less on a par with that of the past financial year. The tax rate is lower mainly because the anticipated improvement in earnings in 2017/18 will not produce a corresponding tax effect across the board.

The profit or loss for the period attributable to minority interests decreased slightly by €--2 million to €36 million. Accordingly, the profit for the period attributable to the shareholders amounted to €108 million (previous year: €121 million) or €0.33 per share (previous year: €0.37 per share).

Financial and asset position

// CASH FLOW

€ mi llion	Q1 201 6/1 7	Q1 201 7/1 8	Cha nge
h fl fro atin ctiv itie Cas ow m o per g a s	1,8 89	1,4 68	–42 1
Cas h fl fro m i stin ctiv itie ow nve g a s	–74	–64	10
h fl fro m f Cas ina nci act ivit ies ow ng	–24	63	87
Cha in rkin ital net nge wo g c ap	1,6 31	1,2 30	–40 1
ash flo Fre e c w	1,7 99	1,3 95	–40 4

In the first three months of the financial year, from October 2017 to December 2017, cash flow from operating activities resulted in a cash inflow of €1,468 million, compared to a cash inflow of €1,889 million in the previous year.

The €–421 million decrease in cash flow from operating activities was particularly due to the change in net working capital, which decreased by €–401 million. This is mainly attributable to a higher increase in inventories resulting from weaker-than-anticipated December sales. Higher demand for mobile communications contracts in the first three months of financial year 2017/18 caused an increase in receivables, which also contributed towards a lower improvement in net working capital compared to the previous year. In addition, the lesser increase in trade liabilities as a result of changes in the product mix compared to the previous year's figures contributed to this development.

Cash flow from investing activities totalled €–64 million compared to €–74 million in the previous year's period.

Cash flow from financing activities recorded a cash inflow of €63 million (previous year: cash outflow of €24 million), which was mainly due to short-term borrowings through the commercial paper programme that has been available with a maximum volume of €500 million since 14 July 2017. In addition, no profit distributions were paid out at all, compared to €–28 million in the first quarter of the previous year. Albeit the amount of distribution in the first quarter of the previous year was exceptional as the decisions governing dividend payments to a large number of store managers are not usually taken until the first quarter is over.

Free cash flow improved significantly to €1,395 million in the first quarter due to seasonal effects. As a result of the weaker trend in net working capital, free cash flow was €–404 million below the comparable previous-year's period.

// LOWER NET LIQUIDITY

Net liquidity was recognised at €1,715 million as of 31 December 2017. The comparable figure as of 31 December 2016 was €2,432 million. The decline year on year is primarily due to the development in net working capital and to the acquisition of a share of around 24.33 per cent in French competitor Fnac Darty S.A.

// INVESTMENTS VIRTUALLY UNCHANGED YEAR ON YEAR

Investments according to the segment report amounted to €60 million in the first quarter and were therefore virtually at the previous year's level of €55 million.

At the end of the first quarter, our store network comprised 1,149 stores in total. Of the total 97 openings, shop-in-shop concepts in Russia accounted for 84. Disregarding the shop-inshops, most of the openings were in Turkey (four), followed by Germany and Austria (two each). One new store was opened in each of Spain, Belgium, Poland, Russia and Switzerland. During the same period, one store in Russia was closed.

Compared to 30 September 2017, the average size of stores declined by –7.0 per cent to 2,615 square metres, mainly as a result of the smaller size of the newly opened stores, including the shop-in-shops. At the end of financial year 2016/17, the average size of stores was 2,811 square metres.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Income statement

€ mi llion	Q1 201 6/1 7	Q1 201 7/1 8
Sal es	6,8 93	6,9 35
t of les Cos sa	–5, 528	–5, 614
fit Gro sal ss pro on es	1,3 65	1,3 21
Oth atin inc er o per g om e	46	41
Sel ling ex pen ses	–97 5	–97 0
Gen l ad min istr ativ era e e xpe nse s	–12 2	–13 2
Oth atin er o per g e xpe nse s	–1	–1
Ear nin sha f op ting ani ise d a uity t eq gs re o era co mp es rec ogn	0	–1
Ear nin bef int nd (EB IT) st a tax gs ore ere es	313	258
Ear nin sha f no atin ies ise d a uity t eq gs re o n-o per g c om pan rec ogn	0	0
Oth ult er i stm ent nve res	0	0
t in Inte res com e	4	9
Inte t ex res pen ses	–4	–7
Oth er f ina nci al r lt esu	2	–1
fin ial ult Net anc res	1	2

€ mi llion	Q1 6/1 201 7	Q1 7/1 201 8
nin Ear bef tax (EB T) gs ore es	314	260
Inc e ta om xes	–21 0	–11 6
fit riod inu ing tion Pro or l for the fro ont oss pe m c op era s	104	145
Pro fit o r lo ss f he iod fro m d isco ntin ued tion or t per op era s	126	0
Pro fit or l for the riod oss pe	230	145
Pro fit o r lo ss f he iod ribu tab le t llin inte or t att tro ts per o n on- con g res	30	36
fro inu ing tion ont m c op era s	27	36
fro m d isco ntin ued tion op era s	4	0
fit o r lo ss f he iod ribu tab le t har eho lde f Pro or t att per o s rs o CEC ON OM Y A G	199	108
fro inu ing tion ont m c op era s	77	108
fro m d isco ntin ued tion op era s	122	0
nin in asi dil Ear sh € (b ute d) gs per are c =	0.6 1	0.3 3
fro inu ing tion ont m c op era s	0.2 4	0.3 3
fro m d isco ntin ued tion op era s	0.3 7	0.0 0

Statement of financial position

Assets

€ mi llion	30/ 09/ 201 7	61 31/ 12/ 201	31/ 12/ 201 7
Non nt a ts -cu rre sse	2,1 44	58 1,7	2,1 21
Goo dw ill	531	515	531
Oth ible er i nta set ng as s	100	83	103
Pro lan d e ipm ty, t an ent per p qu	858	866	850
Inv est nt p erti me rop es	0	0	0
Fin ial ets anc ass	135	19	130
Inv est nts nte d fo ing the uity tho d me ac cou r us eq me	458	0	457
Oth er f ina nci al a ts2 sse	8	43	4
2 Non -fin ial ets anc ass	15	14	14
Def ed tax set err as s	39	220	32
Cur t as set ren s	6,1 36	27, 449	9,3 27
orie Inv ent s	2,5 53	3,2 88	3,5 41
Tra de eiv abl rec es	498	363	564
eiv abl due fro lier s2 Rec es m s upp	1,2 46	1,7 34	1,8 49
ts2 Oth er f ina nci al a sse	735	181	753
-fin ial 2 Non ets anc ass	155	238	215
Ent itle inc fun ds nts to e ta me om x re	87	100	80
h a nd h e len Cas iva ts cas qu	861	2,4 52	2,3 24
Ass he ld f ale ets or s	0	19, 095	0
	8,2 80	29, 207	11, 448

Equity and liabilities

€ mi llion	30/ 09/ 201 7	61 31/ 12/ 201	31/ 12/ 201 7
ity Equ	666	5,6 60	751
Sha ital re c ap	835	835	835
Cap ital res erv e	128	2,5 51	128
d fr Res reta ine rnin erv es om ea gs	–29 4	2,2 52	–24 4
llin Non ntro inte ts -co g res	–2	22	31
Non nt l iab iliti -cu rre es	1,0 62	855	1,0 57
vis ion s fo nsi d s imi lar obl iga tion Pro r pe ons an s	640	711	637
Oth isio er p rov ns	51	59	41
Bor ing row s	278	17	282
es2 Oth er f ina nci al l iab iliti	15	7	15
es2 Non -fin ial liab iliti anc	70	58	71
Def ed lia bilit ies tax err	8	2	10
Cur t lia bili ties ren	6,5 51	22, 693	9,6 40
Tra de liab iliti es	4,9 29	7,5 65	7,8 30
Pro vis ion s	199	169	189
Bor ing row s	266	3	329
Oth er f ina nci al l iab iliti es2	517	535	492
-fin ial liab iliti es2 Non anc	596	679	689
x li abi litie Inc e ta om s	44	216	111
Lia bilit ies rela ted he ld f ale to ets ass or s	0	13, 526	0
	8,2 80	29, 207	11, 448

1 To improve comparability, the figures for discontinued operations are stated in "Assets held for sale" and "Liabilities related to assets held for sale", respectively. 2 Adjustment due to revised disclosures, see explanation on page 04

Cash flow statement

€ mi llion	Q1 201 6/1 7	Q1 201 7/1 8
EBI T	313	258
los sal of los Dep iati on/ ort isat ion /im irm ent /re imp airm ent rec am pa ses ver ses of a ts e xcl . fin ial inv est nts sse anc me	58	56
Cha in vis ion s fo nsi d o the ovi sio nge pro r pe ons an r pr ns	–22	–31
Cha in net rkin ital nge wo g c ap	1,6 31	1,2 30
id Inc e ta om xes pa	–47	–32
Rec lass ific atio f ga ins (–)/ loss (+) fro he dis al o f fix ed m t ets n o es pos ass	0	1
Oth er	–44	–14
h fl fro atin ctiv itie f co ntin uin atio Cas ow m o per g a s o g o per ns	1,8 89	1,4 68
h fl fro f di ued Cas atin ctiv itie ntin tion ow m o per g a s o sco op era s	694	0
h fl fro atin ctiv itie Cas ow m o per g a s	2,5 82	1,4 68
of s ubs idia Acq uis itio ries ns	–6	0
Inv in lan d e ipm (ex cl. f ina lea ) est nts ty, t an ent me pro per p qu nce ses	–72	–60
Oth er i stm ent nve s	–12	–12
Fin ial inv est nts anc me	0	–1
Dis al o f su bsi dia ries pos	0	0
Dis al o f lo ter ts pos ng- m a sse	16	8
Dis al o f fin ial inv est nts pos anc me	0	0
Cas h fl fro m i stin ctiv itie f co ntin uin atio ow nve g a s o g o per ns	–74	–64
Cas h fl fro m i stin ctiv itie f di ntin ued tion ow nve g a s o sco op era s	–66 0	0
Cas h fl fro m i stin ctiv itie ow nve g a s	–73 3	–64

€ mi llion	Q1 6/1 201 7	Q1 7/1 201 8
Div ide nds id pa	–28	0
of w hic h: t har eho lde f CE CO NO MY AG o s rs o	0	0
Red ion of liab iliti es f tion f no roll ing int pt t op ont sts em rom pu s o n-c ere	0	0
ds fro m l bor ing Pro -te cee ong rm row s	1	69
Red ion of bor ing pt em row s	0	–8
id Inte t pa res	–3	–6
Inte ceiv ed t re res	4	9
fit a nd loss nsf d o the r fin Pro tra ing tivi ties ers an anc ac	3	–1
ina nci ivit ies inu ing tion Cas h fl fro m f act of c ont ow ng op era s	–24	63
Cas h fl fro m f ina nci ivit ies of d isco ntin ued tion act ow ng op era s	–59	0
ina nci ivit ies Cas h fl fro m f act ow ng	–84	63
Tot al c ash flo ws	65 1,7	66 1,4
Cur effe sh and sh iva len cts ts ren cy on ca ca equ	4	–3
Tot al c han in c ash d c ash uiv ale nts ge an eq	1,7 69	1,4 63
Tot al c ash d c ash uiv ale of 1 O ber nts cto an eq as	2,3 68	861
Cas h a nd h e iva len ts s how nde r IF RS 5 a ts cas qu n u sse	0	0
iva Cas h a nd h e len ts a f 1 Oct obe cas qu s o r	2,3 68	861
Tot al c ash d c ash uiv ale of 31 Dec ber nts an eq as em	371 4,1	2,3 24
h a nd h e iva len how nde Cas ts s r IF RS 5 a ts cas qu n u sse	0	0
h a nd h e iva len f 3 mb Cas ts a 1 D cas qu s o ece er	371 4,1	2,3 24

1 Includes cash and cash equivalents of €1,685 million, which are recognised in "Assets held for sale" in the statement of financial position to improve comparability.

Segment reporting

Operating segments

		DAC H	We ster	n/S her out n Eu rop e		Eas tern Eu rop e		Oth ers		Con soli dat ion		CEC ONO MY
€ mi llion	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8	Q1 201 6/1 7	Q1 201 7/1 8
Ext al s ale s (n et) ern	3,9 76	3,9 59	2,0 36	2,0 90	699	705	182	181	0	0	6,8 93	6,9 35
Inte l sa les (ne t) rna	4	5	2	0	0	0	5	3	–11	–8	0	0
Sal (ne t) es	3,9 80	3,9 64	2,0 38	2,0 90	699	706	188	184	–11	–8	6,8 93	6,9 35
EBI TDA	258	224	88	79	32	25	–7	–15	0	0	371	315
be for ial item EBI TDA e s pec s	260	–	88	–	26	–	–8	–	0	–	366	–
Sch edu led de ciat ion /am ort isat ion d pre an imp airm ent	29	29	19	19	9	7	1	1	0	0	58	56
als of i los Rev airm ent ers mp ses	0	0	0	0	0	0	0	0	0	0	0	0
EBI T	229	196	69	61	23	18	–8	–16	0	0	313	258
T b efo ial EBI item re s pec s	231	–	69	–	17	–	–10	–	0	–	308	–
Inv est nts me	32	38	17	15	5	6	1	1	0	0	55	60
Non nt s ent set -cu rre egm as s	861	842	499	515	138	122	20	22	0	0	1,5 18	1,5 02

FINANCIAL CALENDAR

GENERAL INFORMATION

l Ge al M ing An eet nua ner	dne sda We y	Feb 14 ry 2 018 rua	10: 00 a.m
Hal f-y fin ial ort Q2 /H1 20 17/ 18 ear anc rep	Thu rsd ay	17 Ma y 2 018	tbd
ly s Qua rter tate nt Q 3/9 M 2 017 /18 me	sda Tue y	14 Aug ust 20 18	tbd
Fin ial Y ults 20 17/ 18 anc ear res	dne sda We y	ber 19 Dec 20 18 em	tbd

All time specifications are CET

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Published: 9 February 2018

Disclaimer

This quarterly statement contains forward-looking statements that are based on certain assumptions and expectations at the time of its publication. These statements are therefore subject to risks and uncertainties, which means that actual results may differ substantially from the future-oriented statements made here. Many of these risks and uncertainties relate to factors that are beyond CECONOMY AG's ability to control or estimate precisely. This includes future market conditions and economic developments, the behaviour of other market participants, the achievement of expected cost savings and productivity improvements, as well as legal and political decisions. CECONOMY AG does not undertake any obligation to publicly correct or update these forward-looking statements to reflect events or circumstances that have occurred after the publication date of this material.

Please note in case of doubt the German version shall prevail.