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CECONOMY AG
Quarterly Report • Aug 14, 2024
75_10-q_2024-08-14_1b722501-1bd4-4b1b-8c4d-e46bd648c26f.pdf
Quarterly Report
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CECONOMY
QUARTERLY STATEMENT
Q3/9M
2023/24
SELECTED KEY FIGURES
Q3 2023/24
Sales momentum ${ }^{1}$ further increased after first half-year
Increase in adjusted EBIT ${ }^{2}$ compared to previous year thanks to improved sales and cost discipline
SELECTED KEY FIGURES
Sales increase ${ }^{1}$, growth both online and in the bricks-and-mortar business
Positive free cash flow in the first nine months
Adjusted EBIT ${ }^{2}$ increased by $€ 53$ million in the first nine months compared to the previous year
Net Promoter Score (NPS) improved by 5 points compared to previous year's figure
[^0]
[^0]: ${ }^{1}$ Sales adjusted for currency effects and portfolio changes, pre IAS 29.
${ }^{2}$ Adjusted EBIT before non-recurring effects, associates, pre IAS 29 and portfolio changes.
THE THIRD QUARTER IN REVIEW
Dr Karsten Wildberger,
Chairman of the Executive Board
Dr Kai-Ulrich Deissner,
Chief Financial Officer
We had a strong third quarter, with substantial sales growth and increased profitability. Our strategy is paying off, and I am thrilled to see further progress in our growth areas. We scored with higher sales during the European Football Championship, with a notable demand for TV sets. And we have reached a new peak in customer satisfaction. Concurrently, we are expanding our omnichannel platform: in Switzerland, we are expanding our store presence through the planned acquisition of Melectronics stores, and in Italy, we are growing our store partnership with the food retailer Bennett.
Our performance continues to drive up sales and earnings, marking the sixth consecutive quarter of growth. Through careful liquidity management and rigorous cost control, we have fortified our financial stability. The successful launch of our sustainability-linked bond on the capital market ensures top-notch financing for the future and reflects investors' trust in our efforts. With focus and security, we are achieving our strategic goals step by step.
Contents
06 Financial figures at a glance
07 Outlook
08 Events after the reporting date
09 Results in detail
09 Earnings position
15 Financial and asset position
18 Condensed consolidated interim financial statements
18 Income statement
19 Statement of financial position
20 Cash flow statement
21 Segment reporting
22 Explanatory notes to the accounting policies applied to the condensed consolidated interim financial statements
23 Financial calendar and General information
This document is a quarterly statement according to Section 53 of the Frankfurt Stock Exchange Regulations.
CECONOMY is generally steered on the basis of performance indicators derived from IFRS (International Financial Reporting Standards). In addition, the following key performance indicators apply: total sales growth adjusted for currency effects and portfolio changes and EBIT adjusted for non-recurring effects, portfolio changes and earnings effects from companies accounted for using the equity method. For the forecast key figures, the previous year's figures are adjusted accordingly.
The non-recurring effects in the 2023/24 financial year relate in particular to matters in connection with the simplification and digitalisation of central structures and processes as well as changes to the legal framework. Accounting effects of the application of IAS 29 in Türkiye as a hyperinflationary economy are likewise unaccounted for.
In the previous financial year 2022/23, the non-recurring effects included earnings effects from efficiency improvements in connection with (1) the simplification and digitalisation of central structures and processes, (2) the streamlining of the product range, (3) the strengthening of the sales brands in Germany and (4) accounting effects from the application of IAS 29 in hyperinflationary Türkiye.
For more details on the management-relevant key performance indicators, please refer to pages 31 to 35 of CECONOMY's Annual Report 2022/23. The outlook for financial year 2023/24 also included from page 63 onwards contains further information on the adjustment of EBIT for non-recurring effects in the current financial year.
Recognised tax expenses were calculated in accordance with the regulations governing interim financial reporting using the so-called integral approach. Commercial rounding is used for the figures shown in this quarterly statement. This may result in some individual figures not adding up to the totals shown.
FINANCIAL FIGURES AT A GLANCE
Sales and earnings
| t.million | Q3 2022/23 | Q3 2023/24 | Change | 9M 2022/23 | 9M 2023/24 | Change |
|---|---|---|---|---|---|---|
| Sales | 4,527 | 4,918 | 8.6\% | 16,895 | 17,236 | 2.0\% |
| thereof IAS 29 (hyperinflation in Türkiye) | $-287$ | 102 | - | $-269$ | 128 | - |
| Sales development adjusted for currency effects and portfolio changes | 7.4\% | 6.6\% | - | 5.9\% | 5.2\% | - |
| Like-for-like sales development | 6.8\% | 5.2\% | - | 5.6\% | 4.1\% | - |
| Online sales | 947 | 1,050 | 10.9\% | 3,884 | 4,039 | 4.0\% |
| Services \& Solutions sales | 302 | 352 | 16.7\% | 1,018 | 1,094 | 7.5\% |
| Gross margin | 17.7\% | 16.9\% | $-0.7 \%$ p. | 17.2\% | 17.2\% | 0.0\%p. |
| Adjusted gross margin | 17.6\% | 17.4\% | $-0.2 \%$ p. | 17.3\% | 17.6\% | 0.3\%p. |
| EBIT | $-123$ | $-79$ | 35.2\% | $-8$ | 183 | - |
| Adjusted EBIT | $-60$ | $-51$ | 15.2\% | 149 | 202 | 35.8\% |
| Adjusted EBIT margin (\%) | $-1.2 \%$ | $-1.1 \%$ | 0.2\%p. | 0.9\% | 1.2\% | 0.3\%p. |
| Net financial result | $-33$ | $-53$ | $-59.2 \%$ | $-73$ | $-119$ | $-62.4 \%$ |
| Tax rate | n.a. | n.a. | n.a. | $-28.6 \%$ | $-8.2 \%$ | 20.4\%p. |
| Profit or loss for the period attributable to non-controlling interests | 0 | $-1$ | - | 1 | 0 | $-71.6 \%$ |
| Net result | $-186$ | $-162$ | 12.5\% | $-105$ | 69 | - |
| Undiluted earnings per share (in €) | $-0.38$ | $-0.33$ | 0.05 | $-0.22$ | 0.14 | 0.36 |
Other key operating figures
| t.million | Q3 2022/23 | Q3 2023/24 | Change | 9M 2022/23 | 9M 2023/24 | Change |
|---|---|---|---|---|---|---|
| Earnings share of operating companies recognised at equity | $-1$ | $-18$ | $<-100 \%$ | $-5$ | 25 | - |
| Free cash flow | - | - | - | $281^{1}$ | 131 | $-53.5 \%$ |
| Investments as per segment report | 125 | 208 | 66.7\% | 392 | 551 | 40.6\% |
Statement of financial position
| t.million | 30.06.2023 | 30.06.2024 | Change | |||
|---|---|---|---|---|---|---|
| Net working capital | $-434$ | $-533$ | $-99$ | |||
| Net liquidity (+)/Net debt (-) | $-1,968$ | $-1,950$ | 18 |
OUTLOOK
We are operating in a challenging environment characterised by high volatility. Persistently high inflation rates and geopolitical tensions are impacting consumer sentiment, which has a significant influence on sales in the consumer electronics business. CECONOMY will continue to counteract the uncertainty by consistently aligning our actions with customer requirements in line with our strategy. So, we have taken measures in order to prevail under challenging conditions.
For financial year 2023/24, we expect a moderate increase in total sales adjusted for currency effects. The Western/Southern Europe and Eastern Europe segments are expected to contribute to this. Previously, we expected a slight increase in total sales adjusted for currency effects across all segments. We also expect an adjusted EBIT of between $€ 290$ and $€ 310$ million. This increase is expected to be primarily driven by the Western/Southern Europe segment. Because of the challenging environment for the consumer electronics market, we continue to expect a decline in the Eastern Europe segment.
The outlook is adjusted for portfolio changes and does not take into account the earnings effects from companies accounted for using the equity method. Accounting effects of the application of IAS 29 in Türkiye as a hyperinflationary economy are likewise unaccounted for. It also does not include non-recurring effects, especially in connection with the simplification and digitalisation of central structures and processes and changes in the legal environment.
EVENTS AFTER THE REPORTING DATE
On 3 July 2024, CECONOMY AG placed new $€ 500$ million fixed rate, unsecured notes with a term of five years until 2029 on the capital market. The notes bear interest at a rate of $6.250 \%$ p.a., which is linked to the achievement of a specific sustainability target.
In addition, the tender offer for the existing unsecured notes maturing in June 2026 was successfully settled on 5 July 2024. The total nominal amount of the existing notes tendered and accepted for purchase is $€ 356$ million. The remaining nominal value of the existing notes is $€ 144$ million.
CECONOMY AG has used the gross proceeds from the new issued notes to finance the above-mentioned tender offer in the amount of $€ 356$ million. The unutilised gross proceeds may - depending on market conditions and the company's discretion - be used to repay the existing bond at maturity or earlier.
RESULTS IN DETAIL
Earnings position ${ }^{1}$
| Sales (€ million) | Change | Currency effects | Sales adjusted for currency effects and portfolio changes | Like-for-like sales (local currency) | ||
|---|---|---|---|---|---|---|
| Q3 2023/23 | Q3 2023/24 | Q3 2023/24 | Q3 2023/24 | Q3 2023/24 | Q3 2023/24 | |
| Total | 4,527 | 4,918 | 8.6\% | $-4.1 \%$ | 6.6\% | 5.2\% |
| DACH | 2,538 ${ }^{2}$ | 2,529 | $-0.4 \%$ | $-0.2 \%$ | $-0.1 \%$ | $-0.1 \%$ |
| Western/Southern Europe | 1,497 | 1,552 | 3.6\% | 0.0\% | 5.4\% | 2.3\% |
| Eastern Europe | 395 | 833 | $>100 \%$ | $-34.9 \%$ | 42.1\% | $38.2 \%$ |
| Others | $96^{3}$ | 5 | $-95.3 \%$ | $-0.5 \%$ | $-5.2 \%$ | - |
${ }^{2}$ Retroactive adjustment due to altered segment composition; for effects on DACH and Others, see table under "Supplementary notes on segment reporting" in the notes.
| Sales (€ million) | Change | Currency effects | Sales adjusted for currency effects and portfolio changes | Like-for-like sales (local currency) | ||
|---|---|---|---|---|---|---|
| 9M 2022/23 | 9M 2023/24 | 9M 2023/24 | 9M 2023/24 | 9M 2023/24 | 9M 2023/24 | |
| Total | 16,895 | 17,236 | 2.0\% | $-2.9 \%$ | 5.2\% | 4.1\% |
| DACH | 9,358 ${ }^{2}$ | 9,206 | $-1.6 \%$ | 0.2\% | $-1.8 \%$ | $-1.6 \%$ |
| Western/Southern Europe | 5,362 | 5,479 | 2.2\% | 0.0\% | 4.0\% | 1.8\% |
| Eastern Europe | 1,814 | 2,538 | 39.9\% | $-33.9 \%$ | 49.6\% | 45.5\% |
| Others | $360^{3}$ | 13 | $-96.3 \%$ | $-0.4 \%$ | $-0.2 \%$ | - |
${ }^{3}$ Retroactive adjustment due to altered segment composition; for effects on DACH and Others, see table under "Supplementary notes on segment reporting" in the notes.
SIGNIFICANT INCREASE IN TOTAL SALES COMPARED TO PREVIOUS YEAR DESPITE PORTFOLIO CHANGES
In the first nine months of 2023/24, CECONOMY generated consolidated sales of $€ 17.2$ billion, an increase of 2.0 per cent compared to the previous year. The Eastern Europe region made a significant contribution to this. Adjusted for currency effects and portfolio changes and before IAS 29, sales were up 5.2 per cent year-on-year. On a like-for-like basis, Group sales recorded an increase of 4.1 per cent.
In the third quarter of 2023/24, Group sales increased by 8.6 per cent and reached a total of $€ 4.9$ billion. This includes effects from the application of IAS 29 (hyperinflation in Türkiye) of €102 million (Q3 2022/23: €-287 million). Adjusted for this effect and for currency effects and portfolio changes, sales grew by 6.6 per cent. On a like-for-like basis, Group sales recorded an increase of 5.2 per cent compared to the prior-year period. The Eastern Europe and Western/Southern Europe regions contributed to this, while the DACH region remained roughly at the previous year's level. CECONOMY was able to significantly increase sales both in stores and online on a currency- and portfolio-adjusted basis. Increased sales of private label products also contributed to this. Overall, there was a significant increase in sales in the TV product category across all countries, particularly in June.
EXPLANATION OF SALES IN THE DACH SEGMENT
In the first nine months of 2023/24, the DACH segment recorded sales of $€ 9.2$ billion which corresponds to a decline of 1.6 per cent. Adjusted for currency effects and portfolio changes, sales were 1.8 per cent below the previous year's figure.
In the third quarter of 2023/24, sales in the DACH segment fell by 0.4 per cent and totalled $€ 2.5$ billion. Adjusted for currency and portfolio effects, the decline was 0.1 per cent. Germany and Switzerland saw a decline, while Austria and Hungary recorded an increase in sales. In Austria, online business in particular grew strongly, but in-store sales also exceeded the previous year's figure. Hungary recorded double-digit growth rates both online and in stores. In Germany and Switzerland, however, despite an improved trend compared to the previous quarter the increase in online sales was not able to fully compensate for the decline in in-store sales. Overall, however, market shares were gained here once again in a persistently difficult market environment.
'Changed segment composition, see the information under "Supplementary notes on segment reporting" in the notes.
EXPLANATION OF SALES IN THE WESTERN/SOUTHERN EUROPE SEGMENT
In the first nine months of 2023/24, the Western/Southern Europe segment reported sales of $€ 5.5$ billion which corresponds to an increase of 2.2 per cent. The previous year's figure still included the sales of the Portuguese country organisation. Adjusted for currency and portfolio effects, sales growth was 4.0 per cent.
In the third quarter of 2023/24, sales in the Western/Southern Europe segment rose by 3.6 per cent compared to the same period of the previous year to $€ 1.6$ billion. Adjusted for currency and portfolio effects, the increase was 5.4 per cent. As in the previous quarter, all countries contributed to sales growth with the exception of Italy. In Italy, the difficult macroeconomic environment continues to hamper sales, but the trend is improving. The Netherlands and Spain recorded double-digit growth rates in the third quarter, with online business dominating in the Netherlands and in-store sales in Spain.
EXPLANATION OF SALES IN THE EASTERN EUROPE SEGMENT
In the first nine months of 2023/24, sales in the Eastern Europe segment increased by 39.9 per cent to $€ 2.5$ billion. The strong depreciation of the Turkish lira continued to weigh on the reporting period. The effect from the application of IAS 29 (Hyperinflation Türkiye) in the first nine months of 2023/24 amounts to $€ 128$ million (9M 2022/23: €-269 million). Adjusted for this effect as well as currency and portfolio effects, sales were significantly higher than in the previous year at 49.6 per cent.
In the third quarter of 2023/24, the Eastern Europe segment recorded an increase in sales of over 100 per cent to $€ 0.8$ billion. This includes effects from the application of IAS 29 (Hyperinflation Türkiye) in the amount of $€ 102$ million (Q3 2022/23: €-287 million). Adjusted for this effect, currency effects and portfolio changes, sales grew by 42.1 per cent. The positive development in Türkiye continued to be the sole contributor to this increase, although the trend weakened as expected and in line with the market in the third quarter. As in the previous quarter, sales in Poland fell short of the previous year's figures due to the high level of competition and weak in-store business. Poland once again recorded growth in online sales.
EXPLANATION OF SALES IN THE OTHERS SEGMENT
In the first nine months of 2023/24, sales in the Others segment fell by 96.3 per cent year-on-year to $€ 13$ million. This is mainly due to the disposal of the Swedish business. The Others segment now only includes sales from smaller operating companies. Adjusted for currency effects and portfolio changes, sales remained at the previous year's level with a change of -0.2 per cent.
In the third quarter of 2023/24, the Others segment recorded a decline in sales of 95.3 per cent to $€ 5$ million. Here, too, the disposal of the Swedish business was largely responsible for the decline. Adjusted for currency and portfolio effects, sales fell by 5.2 per cent.
Online and Services \& Solutions sales in the Group
| tnition | Q3 2022/23 | Q3 2023/24 | Change | 9M 2022/23 | 9M 2023/24 | Change |
|---|---|---|---|---|---|---|
| Online sales | 947 | 1,050 | 10.9\% | 3,684 | 4,039 | $4.0 \%$ |
| Services \& Solutions sales | 302 | 352 | 16.7\% | 1,018 | 1,094 | $7.5 \%$ |
ONLINE SHARE OF TOTAL SALES INCREASED COMPARED TO PREVIOUS YEAR
Online sales increased in the first nine months of 2023/24 by 4.0 per cent to $€ 4.0$ billion. Including the net merchandise value (NMV) of the Marketplace business, the online share of total sales was 24.1 per cent, compared to 23.3 per cent in the same period of the previous year.
In the third quarter of 2023/24, the online business grew in all regions and recorded an increase of 10.9 per cent to sales of $€ 1.0$ billion. Including NMV from the Marketplace business, the online share of total sales was 22.1 per cent after 21.3 per cent in the same period of the previous year.
SERVICES \& SOLUTIONS BUSINESS CONTINUES TO GROW
In the first nine months of 2023/24, sales in the Services \& Solutions segment rose by 7.5 per cent to $€ 1.1$ billion. In the third quarter of 2023/24, the Services \& Solutions business recorded an increase in sales of 16.7 per cent to $€ 0.4$ billion. All regions contributed to this increase in sales with significant growth rates. As in the previous quarter, the sale of extended warranties and mobile phone contracts in particular contributed to sales growth.
Earnings development in the Group
| Reported EBIT | Reported EBIT | Change compared to prior year | Adjusted EBIT | Adjusted EBIT | Change compared to prior year | |
|---|---|---|---|---|---|---|
| $€$ millon | Q3 2022/23 | Q3 2023/24 | Q3 2023/24 | Q3 2022/23 | Q3 2023/24 | Q3 2023/24 |
| Total ${ }^{1}$ | $-123$ | $-79$ | 43 | $-60$ | $-51$ | 9 |
| DACH | $-69^{2}$ | $-45$ | 25 | $-50^{2}$ | $-44$ | 6 |
| Western/Southern Europe | $-32$ | $-15$ | 17 | $-25$ | $-18$ | 7 |
| Eastern Europe | $-1$ | $-3$ | $-3$ | 20 | 4 | $-16$ |
| Others | $-20^{2}$ | $-15$ | 5 | $-5^{2}$ | 8 | 13 |
${ }^{1}$ Including consolidation.
${ }^{2}$ Retroactive adjustment due to altered segment composition; for effects on DACH and Others, see table under "Supplementary notes on segment reporting" in the notes.
| Reported EBIT |
Reported EBIT |
Change compared to prior year | Adjusted EBIT | Adjusted EBIT | Change compared to prior year | |
|---|---|---|---|---|---|---|
| $€$ millon | 9M 2022/23 | 9M 2023/24 | 9M 2023/24 | 9M 2022/23 | 9M 2023/24 | 9M 2023/24 |
| Total ${ }^{1}$ | $-8$ | 183 | 191 | 149 | 202 | 53 |
| DACH | $77^{2}$ | 96 | 19 | $111^{2}$ | 98 | $-13$ |
| Western/Southern Europe | $-47$ | 29 | 76 | $-38$ | 26 | 64 |
| Eastern Europe | 72 | 39 | $-33$ | 90 | 68 | $-22$ |
| Others | $-110^{2}$ | 22 | 133 | $-15^{2}$ | 13 | 28 |
ADJUSTED GROUP EBIT IN THE THIRD QUARTER ABOVE PREVIOUS YEAR
In the first nine months of 2023/24, reported Group EBIT increased by $€ 191$ million to $€ 183$ million (9M 2022/23: $€-8$ million). This includes non-recurring effects of $€-40$ million, mainly in connection with accounting effects from the application of IAS 29 for Türkiye, which is classified as a hyperinflationary economy. In the previous year, reported Group EBIT included non-recurring effects amounting to $€-68$ million. Earnings effects from companies accounted for using the equity method totalled $€ 25$ million in the reporting period (9M 2022/23: $€-5$ million). It also includes earnings effects from portfolio changes in connection with the disposal of the Swedish and Portuguese business in the amount of $€-4$ million (9M 2022/23: $€-83$ million). Adjusted for non-recurring effects, earnings effects from companies accounted for using the equity method, and portfolio changes, Group EBIT rose by $€ 53$ million to $€ 202$ million (9M 2022/23: $€ 149$ million).
In the third quarter of 2023/24, reported Group EBIT increased by $€ 43$ million to $€-79$ million (Q3 2022/23: $€-123$ million). This includes non-recurring effects totalling $€-11$ million. In the previous year, reported Group EBIT included non-recurring effects amounting to $€-55$ million. Also included are earnings effects from companies accounted for using the equity method totalling $€-18$ million (Q3 2022/23: $€-1$ million). Earnings effects from portfolio changes in connection with the disposal of the Swedish and Portuguese business are not included in the third quarter of 2023/24 (Q3 2022/23: $€-7$ million). Adjusted for non-recurring effects, earnings effects from companies accounted for using the equity method and portfolio changes, Group EBIT increased by $€ 9$ million to $€-51$ million (Q3 2022/23: $€-60$ million).
Adjusted earnings in the DACH and Western/Southern Europe regions in the third quarter of 2023/24 were up compared to the previous year's figures. At country level, the biggest improvements in earnings were seen in Germany and Spain. Overall, the good sales trend, market share gains and cost savings contributed to the increase. The good performance in our growth areas Services \& Solutions, Marketplace, Retail Media and the higher share of sales generated by our private label products also contributed to the improvement in EBIT. As expected, adjusted EBIT in Eastern Europe was down year-on-year, in particular due to the weakening of the market in Türkiye.
EXPLANATION OF THE RESULT IN THE DACH SEGMENT
In the first nine months of 2023/24, EBIT in the DACH segment totalled $€ 96$ million and thus increased by $€ 19$ million year-on-year (9M 2022/23: $€ 77$ million). This includes non-recurring effects in the amount of $€-2$ million (9M 2022/23: $€-34$ million). Adjusted for these effects, EBIT in the DACH segment fell by $€ 13$ million to $€ 98$ million (9M 2022/23: $€ 111$ million).
In the third quarter of 2023/24, EBIT in the DACH segment increased by $€ 25$ million to $€-45$ million (Q3 2022/23: $€-69$ million). This includes non-recurring effects of $€-1$ million (Q3 2022/23: $€-19$ million). Adjusted for these effects, EBIT in the DACH segment increased by $€ 6$ million to $€-44$ million (Q3 2022/23: $€-50$ million). In Germany, lower costs more than compensated for the decline in earnings due to lower sales. Austria and Switzerland also contributed slightly to the increase in earnings, while earnings in Hungary remained at the previous year's level.
EXPLANATION OF THE RESULT IN THE WESTERN/SOUTHERN EUROPE SEGMENT
In the first nine months of 2023/24, the Western/Southern Europe segment achieved EBIT of $€ 29$ million and was thus $€ 76$ million above previous year's level (9M 2022/23: $€-47$ million). This includes non-recurring effects and effects from portfolio changes in the amount of $€ 3$ million (9M 2022/23: $€-9$ million). Adjusted for these earnings effects, EBIT increased by $€ 64$ million to $€ 26$ million (9M 2022/23: $€-38$ million).
In the third quarter of 2023/24, EBIT in the Western/Southern Europe segment increased by $€ 17$ million to $€-15$ million (Q3 2022/23: $€-32$ million). This includes non-recurring effects and effects from portfolio changes in the amount of $€ 3$ million (Q3 2022/23: $€-7$ million). Adjusted for these earnings effects, EBIT amounted to $€-18$ million and thus increased by $€ 7$ million year-on-year (Q3 2022/23: $€-25$ million). In Spain and the Netherlands, as in the previous quarter, the good sales trend and an improvement in the gross margin led to a significant increase in earnings. In Italy, the negative effects of the tense market situation on our sales trend were mitigated by an improvement in the gross margin.
EXPLANATION OF THE RESULT IN THE EASTERN EUROPE SEGMENT
EBIT in the first nine months of 2023/24 in the Eastern Europe segment was at $€ 39$ million and therefore by $€ 33$ million significantly below the previous year's level (9M 2022/23: $€ 72$ million). This includes non-recurring effects, mainly from the application of IAS 29 (Hyperinflation Türkiye) totalling $€-29$ million (9M 2022/23: $€-18$ million). Adjusted EBIT in the Eastern Europe segment fell by $€ 22$ million to $€ 68$ million (9M 2022/23: $€ 90$ million).
In the third quarter of 2023/24, EBIT in the Eastern Europe segment fell by $€ 3$ million to $€-3$ million (Q3 2022/23: $€-1$ million). This includes non-recurring effects, mainly from the application of IAS 29 (Hyperinflation Türkiye) in the amount of $€-7$ million (Q3 2022/23: $€-21$ million). Adjusted for these effects, EBIT in the Eastern Europe segment fell by $€ 16$ million to $€ 4$ million (Q3 2022/23: $€ 20$ million). In Türkiye in particular, the expected weakening of economic development led to a lower gross margin and higher costs than in the same quarter of the previous year.
EXPLANATION OF THE RESULT IN THE OTHERS SEGMENT
The Others segment includes, in particular, the holding companies, the earnings effects of companies accounted for using the equity method and the activities of smaller companies. EBIT in the first nine months of 2023/24 increased by $€ 133$ million year-on-year to $€ 22$ million (9M 2022/23: $€-110$ million). This includes earnings effects from companies accounted for using the equity method, primarily Fnac Darty, S.A., in the amount of $€ 25$ million (9M 2022/23: $€-5$ million) and earnings effects from portfolio changes of $€-4$ million (9M 2022/23: $€-81$ million). Adjusted for non-recurring effects, earnings effects from companies accounted for using the equity method and portfolio changes, EBIT increased by $€ 28$ million to $€ 13$ million (9M 2022/23: $€-15$ million). In contrast to previous financial years, the half-year profit share of Fnac Darty S.A. is now recognised in the third quarter (2022/23: fourth quarter).
In the third quarter of 2023/24, EBIT in the Others segment increased by $€ 5$ million year-on-year to $€-15$ million (Q3 2022/23: $€-20$ million). This includes non-recurring effects of $€-5$ million (Q3 2022/23: $€-8$ million) and earnings effects from companies accounted for using the equity method, primarily Fnac Darty S.A., of $€-18$ million (Q3 2022/23: $€-1$ million). Adjusted for non-recurring effects, earnings effects from companies accounted for using the equity method and portfolio changes, EBIT amounted to $€ 8$ million and was thus $€ 13$ million up year-on-year (Q3 2022/23: $€-5$ million). As in the previous quarter, the main reason for this increase in earnings is the optimisation of the earnings structure at the holding companies.
EBIT adjustments in the Group
| Non-recurring | |||||
|---|---|---|---|---|---|
| Earnings effects from companies accounted for using the equity method and portfolio changes |
Adjusted EBIT |
||||
| Total | $\mathbf{1 8 3}$ | $\mathbf{- 4}$ | $\mathbf{- 3 7}$ | $\mathbf{2 1}$ | $\mathbf{2 0 2}$ |
| DACH | 96 | 5 | -7 | 0 | 98 |
| Western/Southern Europe | 29 | 3 | 0 | 0 | 26 |
| Eastern Europe | 39 | -1 | -29 | 0 | 68 |
| Others | 22 | -11 | -1 | 21 | 13 |
${ }^{1}$ Including consolidation.
EBITDA adjustments in the Group
ADJUSTED EBITDA IN THE THIRD QUARTER ABOVE PREVIOUS YEAR
Group EBITDA increased in the first nine months of 2023/24 by $€ 134$ million to $€ 683$ million (9M 2022/23: €549 million). Adjusted for non-recurring effects, earnings effects from companies accounted for using the equity method, and portfolio changes, Group EBITDA increased by $€ 61$ million to $€ 689$ million (9M 2022/23: €628 million).
In the third quarter of 2023/24, Group EBITDA increased by $€ 45$ million to $€ 89$ million (Q3 2022/23: €44 million). Adjusted for non-recurring effects, earnings effects from companies accounted for using the equity method, and portfolio changes, Group EBITDA increased by $€ 6$ million to $€ 111$ million (Q3 2022/23: €105 million).
| Reported EBITDA | Reported EBITDA | Change compared to prior year | Adjusted EBITDA | Adjusted EBITDA | Change compared to prior year | |
|---|---|---|---|---|---|---|
| $€$ millon | Q3 2022/23 | Q3 2023/24 | Q3 2023/24 | Q3 2022/23 | Q3 2023/24 | Q3 2023/24 |
| Total ${ }^{1}$ | 44 | 89 | 45 | 105 | 111 | 6 |
| DACH | $24^{2}$ | 47 | 22 | $44^{3}$ | 48 | 4 |
| Western/Southern Europe | 20 | 36 | 16 | 27 | 33 | 6 |
| Eastern Europe | 12 | 15 | 3 | 34 | 17 | -17 |
| Others | $-12^{2}$ | $-8$ | 5 | $1^{3}$ | 15 | 14 |
${ }^{1}$ Including consolidation
${ }^{2}$ Retroactive adjustment due to altered segment composition; for effects on DACH and Others, see table under "Supplementary notes on segment reporting" in the notes.
| Reported EBITDA | Reported EBITDA | Change compared to prior year | Adjusted EBITDA | Adjusted EBITDA | Change compared to prior year | |
|---|---|---|---|---|---|---|
| $€$ millon | 9M 2022/23 | 9M 2023/24 | 9M 2023/24 | 9M 2022/23 | 9M 2023/24 | 9M 2023/24 |
| Total ${ }^{1}$ | 549 | 683 | 134 | 628 | 689 | 61 |
| DACH | $348^{2}$ | 369 | 21 | $382^{3}$ | 371 | -11 |
| Western/Southern Europe | 112 | 184 | 72 | 118 | 181 | 63 |
| Eastern Europe | 114 | 88 | -26 | 127 | 104 | -23 |
| Others | $-26^{2}$ | 46 | 72 | $1^{3}$ | 36 | 36 |
[^0]
[^0]: ${ }^{1}$ Including consolidation
${ }^{2}$ Retroactive adjustment due to altered segment composition; for effects on DACH and Others, see table under "Supplementary notes on segment reporting" in the notes.
Financial and asset position
CASH FLOW
| position | SM 2022/23 ${ }^{1}$ | SM 2023/24 | Change |
|---|---|---|---|
| Cash flow from operating activities | 448 | 300 | -148 |
| Cash flow from investing activities | $-118$ | $-107$ | 10 |
| Cash flow from financing activities | $-408$ | $-389$ | 19 |
| Change in net working capital ${ }^{2}$ | 37 | $-155$ | $-192$ |
| Free cash flow | 281 | 131 | $-151$ |
${ }^{1}$ Adjustments to previous year's figures are explained below.
${ }^{2}$ Change in net working capital shown from the related statement of financial position items, mainly adjusted for currency effects.
In the first nine months of the financial year 2023/24 the cash flow from operating activities led to a cash inflow of $€ 300$ million after a cash inflow of $€ 448$ million in the previous year. EBITDA amounted to $€ 683$ million and was significantly higher than the previous year's figure (SM 2022/23: $€ 549$ million). The main drivers of the improvement in EBITDA were, in particular, the higher operating result, lower restructuring expenses and the positive effect on earnings from companies accounted for using the equity method with a reversal effect in other operating cash flow. In addition, lower income tax payments in year-on-year comparison had a positive effect on cash flow from operating activities. In contrast, the change in net working capital in the first nine months of the financial year 2023/24 led to a cash outflow, while a low cash inflow was generated in the same period of the previous year. In the current year, the increase in inventories had a negative impact on the change in net working capital, while there was a reduction in inventories in the prior-year comparable period, starting from an elevated inventory level at the beginning of the financial year. In addition, the higher order volume in the current year and the resulting higher later income led to an increase in receivables due from suppliers. The unchanged high level of trade liabilities and similar claims had an offsetting effect, while there was a decline in this item in the prior-year comparable period. Other operating cash flow recorded a cash outflow of $€ 147$ million in the first nine months of the financial year 2023/24 after a cash outflow of $€ 23$ million in the previous year. The increase in cash outflow in year-on-year comparison was due in particular to payroll liabilities that were recognised in the previous year and utilised in the current year. In addition, comparatively higher payments for bonuses were made in the current year due to improved operating results. The reversal effect of the positive earnings contribution from companies accounted for using the equity method also had an impact. Negative currency effects and adjustments of previous years in connection with the application of IAS 29 also had a negative impact on other operating cash flow. In addition, there was a higher cash outflow from the change in pension and other provisions in the current year.
In the 2022/23 financial year, the presentation in the cash flow statement was changed due to the effects resulting from the application of IAS 29 "Financial Reporting in Hyperinflationary Economies". In the first nine months of 2023/24, the previous year's figures were adjusted as follows:
| $€$ million | SM 2022/23 |
|---|---|
| Change in net working capital | -18 |
| Other in cash flow from operating activities | 15 |
| IAS 29 effects on cash flow from operating, investing and financing activities | -20 |
| Currency effects on cash and cash equivalents | 23 |
| Effects on the total change in cash and cash equivalents | 0 |
The adjustments shown in the table above are labelled in the cash flow statement using footnote 2.
Cash flow from investing activities in the first nine months of the financial year 2023/24 showed a cash outflow of $€ 107$ million. This compares to a cash outflow of $€ 118$ million in the same period of the previous year. The lower cash outflow in year-on-year comparison is due in particular to higher cash inflows from income from investments and higher interest received. In contrast, cash investments in property, plant and equipment were slightly higher.
Cash flow from financing activities for the first nine months of the financial year 2023/24 showed a cash outflow of $€ 389$ million after $€ 408$ million in the same period of the previous year. The cash outflow from financing activities in both the current year and the previous year is mainly due to the redemption of lease liabilities. The lower cash outflow in cash flow from financing activities compared to the previous year is due in particular to a cash inflow from the net issuance of commercial paper, which were issued to raise short-term funds, while this resulted in a cash outflow in the
prior-year comparable period. The repayment of promissory notes had the opposite effect in the current year. Interest paid also increased as a result of higher interest expenses from lease liabilities and higher bank commissions partly due to higher volumes.
Interest received and profit transfers received were presented in the previous year's quarterly statement under cash flow from financing activities. In the current quarterly statement, interest received and profit transfers are presented in separate lines within cash flow from investing activities. This adjustment of previous year is labelled in the cash flow statement using footnote 3.
Free cash flow in the first nine months of the financial year 2023/24 totalled $€ 131$ million and thus by $€ 151$ million below the previous year's figure in the amount of $€ 281$ million.
NET WORKING CAPITAL AS OF 30 JUNE 2024 SIGNIFICANTLY IMPROVED COMPARED TO PREVIOUS YEAR
Net working capital as of 30 June 2024 stood at $€-533$ million and improved by $€ 99$ million compared to the previous year's figure (30/06/2023: €-434 million). The continued favourable sales trend in combination with the increased order volume was the main driver of the significant increase in trade payables and similar liabilities in year-on-year comparison. This was offset by the higher level of inventories compared to the previous year with stable stock reach and an improved old stock ratio. The increase in receivables due from suppliers mainly resulted from higher deferrals for later income, while the increase in trade receivables and similar claims was also influenced by the stronger commission business.
NET DEBT AS OF 30 JUNE 2024 SLIGHTLY DOWN COMPARED TO PREVIOUS YEAR
As of 30 June 2024, net debt amounted to $€-1,950$ million after $€-1,968$ million in the previous year. The decrease in net debt by $€ 18$ million was due to an increase in cash and cash equivalents, which resulted in particular from an improvement in net working capital. In addition, lease liabilities decreased slightly year-on-year. Adjusted for lease liabilities, net debt amounted to $€-202$ million as of 30 June 2024 (30/06/2023: €-207 million).
INVESTMENTS ABOVE PREVIOUS YEAR'S LEVEL
Investments totalled $€ 551$ million in the first nine months of 2023/24 and were $€ 159$ million higher than the previous year's level (9M 2022/23 €392 million). The significant increase was mainly due to higher additions to right-of-use assets, which were $€ 148$ million higher year-on-year. The main drivers in the current year were lease extensions and lease adjustments for existing stores, particularly in Italy and Germany, as well as the higher number of new leases in the course of increased expansion activity. The conversion of existing markets in Germany and Austria from core to lighthouse format and the expansion of logistics centres in Germany and Poland also contributed to the higher investments in year-on-year comparison. The investments in expansion and modernisation activities beyond the addition of right-of-use-assets, were in the first nine months of 2023/24 almost on par with previous year.
In the third quarter of 2023/24, investments totalled $€ 208$ million and were $€ 83$ million higher than the previous year's level (Q3 2022/23 €125 million). The increase was mainly due to higher additions to right-of-use assets as a result of lease extensions and lease adjustments of existing stores, in particular in Italy.
The store network was expanded in the first nine months of 2023/24 by a total of 23 stores, of which 4 new store openings took place in the third quarter of 2023/24. There were six new openings in Italy, three new openings in Türkige, two new openings each in Spain and Poland and one new opening each in Austria, Hungary, and Belgium. In addition, the Dutch country organisation acquired seven stores from the insolvent electronics retail chain BCC and reopened them under its own name. However, one store in Spain was closed during the reporting period. As of 30 June 2024 the total number of stores was therefore 1,020 (30/09/2023: 998 stores). In the same period of the previous year, 15 stores were opened and 8 stores were closed (30/06/2023: 1,031 stores). The lower total number of stores at the end of the quarter in year-on-year comparison is influenced by the 29 stores in Sweden and 10 stores in Portugal that were closed in the 2022/23 financial year. The average sales area per store decreased by 3.1 per cent from 2,470 square metres as of 30 September 2023 to 2,394 square metres as of 30 June 2024.
FINANCING
CECONOMY issues financial instruments on the capital market for medium- and long-term financing. As of 30 June 2024, three promissory note loans with a total volume of $€ 72$ million and remaining terms of up to three years were outstanding. A senior unsecured bond in the amount of $€ 500$ million with a term until June 2026 was also outstanding at the end of the reporting period. In addition, CECONOMY AG has an outstanding convertible bond maturing in June 2027 with a nominal volume of $€ 151$ million in connection with the full acquisition of the shares in Media-SaturnHolding GmbH.
For obtaining short-term financial funding, CECONOMY has a euro-denominated commercial paper programme with a maximum volume of $€ 500$ million in place. As of 30 June 2024 commercial paper in the amount of $€ 115$ million was outstanding (30/06/2023 €5 million).
CECONOMY also has access to two syndicated credit facilities linked to sustainability targets totalling $€ 1,060$ million. Both credit facilities have a term until May 2026 and have never been drawn - and were therefore not utilised as of 30 June 2024.
CECONOMY is rated by the international rating agencies Fitch (BB, outlook "stable"), Standard \& Poor's (BB-, outlook "stable") and Scope (BBB-, outlook "stable") as of 30 June 2024.
Information on changes to the financing structure that took place after 30 June 2024 are stated in the disclosures on events after the reporting date.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Income statement
| £nithin | Q3 2022/23 | Q3 2023/24 | 9M 2022/23 | 9M 2023/24 |
|---|---|---|---|---|
| Sales | 4,527 | 4,918 | 16,895 | 17,236 |
| Cost of sales | $-3,726$ | $-4,085$ | $-13,997$ | $-14,272$ |
| Gross profit on sales | 801 | 834 | 2,897 | 2,964 |
| Other operating income | 36 | 43 | 147 | 152 |
| Selling expenses | $-785$ | $-781$ | $-2,510$ | $-2,475$ |
| General administrative expenses | $-172$ | $-154$ | $-465$ | $-471$ |
| Other operating expenses | $-2$ | $-1$ | $-66$ | $-6$ |
| Earnings share of operating companies recognised at equity | $-1$ | $-18$ | $-5$ | 25 |
| Net impairments on operating financial assets and contract assets | $-1$ | $-2$ | $-6$ | $-6$ |
| Earnings before interest and taxes (EBIT) | $-123$ | $-79$ | $-8$ | 183 |
| Other investment result | 0 | 0 | 0 | 15 |
| Interest income | 8 | 8 | 38 | 38 |
| Interest expenses | $-30^{1}$ | $-60$ | $-101^{1}$ | $-173$ |
| Other financial result | $-11^{1}$ | $-1$ | $-12^{1}$ | 0 |
| Net financial result | $-33$ | $-53$ | $-73$ | $-119$ |
| Earnings before taxes (EBT) | $-156$ | $-133$ | $-81$ | 64 |
| Income taxes | $-30$ | $-31$ | $-23$ | 5 |
| Profit or loss for the period | $-186$ | $-164$ | $-104$ | 69 |
| Profit or loss for the period attributable to non-controlling interests | 0 | $-1$ | 1 | 0 |
| Profit or loss for the period attributable to the shareholders of CECONOMY AG | $-186$ | $-162$ | $-105$ | 69 |
| Undiluted earnings per share in $€$ | $-0.38$ | $-0.33$ | $-0.22$ | 0.14 |
| Diluted earnings per share in $€$ | $-0.38$ | $-0.33$ | $-0.22$ | 0.14 |
[^0]
[^0]: ${ }^{1}$ Retroactive reclassification of interest expense in connection with the $€ 500$ million bond from the item Other financial result to the item Interest expenses in Q3 2022/23 in the amount of $€ 2$ million and in 9M 2022/23 in the amount of $€ 7$ million.
Statement of financial position
Assets
| 4 mthm | 30/09/2023 | 30/06/2023 | 30/06/2024 |
|---|---|---|---|
| Non-current assets | 3,660 | 3,593 | 3,679 |
| Goodwill | 524 | 524 | 524 |
| Other intangible assets | 165 | 166 | 175 |
| Property, plant and equipment | 541 | 511 | 541 |
| Right-of-use assets | 1,676 | 1,653 | 1,652 |
| Financial assets | 123 | 101 | 113 |
| Investments accounted for using the equity method | 257 | 375 | 276 |
| Other financial assets | 2 | 2 | 2 |
| Other assets | 3 | 4 | 6 |
| Deferred tax assets | 368 | 257 | 391 |
| Current assets | 5,975 | 5,647 | 6,136 |
| Inventories | 2,918 | 2,907 | 3,132 |
| Trade receivables and similar claims | 490 | 446 | 545 |
| Receivables due from suppliers | 1,207 | 987 | 1,167 |
| Other financial assets | 123 | 137 | 123 |
| Other assets | 163 | 210 | 301 |
| Income tax assets | 177 | 200 | 135 |
| Cash and cash equivalents | 897 | 654 | 732 |
| Assets held for sale | - | 105 | - |
| 9,635 | 9,239 | 9,815 |
Equity and liabilities
| 4 mthm | 30/09/2023 | 30/06/2023 | 30/06/2024 |
|---|---|---|---|
| Equity | 465 | 488 | 508 |
| Share capital | 1,240 | 1,240 | 1,240 |
| Capital reserve | 389 | 389 | 389 |
| Reserves retained from earnings | $-1,166$ | $-1,143$ | $-1,120$ |
| Non-controlling interests | 2 | 2 | $-1$ |
| Non-current liabilities | 2,487 | 2,492 | 2,469 |
| Provisions for pensions and similar obligations | 316 | 328 | 327 |
| Other provisions | 88 | 48 | 89 |
| Borrowings | 2,000 | 2,044 | 1,973 |
| Other financial liabilities | 11 | 14 | 11 |
| Other liabilities | 3 | 3 | 3 |
| Deferred tax liabilities | 69 | 55 | 66 |
| Current liabilities | 6,683 | 6,259 | 6,837 |
| Trade liabilities and similar liabilities | 5,320 | 4,775 | 5,377 |
| Provisions | 82 | 82 | 74 |
| Borrowings | 584 | 578 | 710 |
| Other financial liabilities | 405 | 337 | 337 |
| Other liabilities | 249 | 307 | 335 |
| Income tax liabilities | 43 | 32 | 5 |
| Liabilities related to assets held for sale | - | 149 | - |
| 9,635 | 9,239 | 9,815 |
Cash flow statement
| 4 millon | SM 2022/23 | SM 2023/24 |
|---|---|---|
| EBIT | $-8$ | 183 |
| Depreciation/amortisation, impairment losses and reversals of impairment losses on intangible assets, property, plant and equipment, right-of-use assets and impairment losses and reversals of impairment losses on investments accounted for using the equity method and assets held for sale | 557 | 500 |
| Change in provisions for pensions and similar obligations | $-2$ | $-22$ |
| Change in net working capital ${ }^{1}$ | $37^{2}$ | $-155$ |
| Income taxes paid | $-86$ | $-14$ |
| Reclassification of gains (-)/losses (+) from the disposal of fixed assets | $-2$ | 0 |
| Others | $-23^{3}$ | $-147$ |
| Gain or loss on net monetary position | $-25$ | $-45$ |
| Cash flow from operating activities | $448^{2}$ | 300 |
| Investments in property, plant and equipment | $-130$ | $-131$ |
| Other investments | $-37$ | $-38$ |
| Disposals of companies | 0 | $-3$ |
| Disposal of long-term assets and other disposals | 20 | 15 |
| Interest received | $29^{3}$ | 35 |
| Profit and loss transfers | $1^{4}$ | 15 |
| Cash flow from investing activities | $-118^{5}$ | $-107$ |
| Profit distribution | $-3$ | $-5$ |
| thereof dividends paid to the shareholders of CECONOMY AG | 0 | 0 |
| Equity transactions with change in ownership rate without obtaining/levying control | 0 | $-4$ |
| Redemption of liabilities from put options of non-controlling interests | $-1$ | $-1$ |
| Proceeds from borrowings | 208 | 350 |
| Redemption of lease liabilities | $-371$ | $-355$ |
| Redemption of borrowings (excluding leases) | $-233$ | $-310$ |
| Change in other current borrowings | 84 | 96 |
| Interest paid | $-84$ | $-154$ |
| Profit and loss transfers and other financing activities | $-8^{3}$ | $-6$ |
| Cash flow from financing activities | $-408^{5}$ | $-389$ |
| IAS 29 effects on cash flow from operating, investing and financing activities | $2^{6}$ | $-11$ |
| Total cash flows | $-75^{7}$ | $-207$ |
| Currency and inflation effects on cash and cash equivalents | $-52^{8}$ | $-14$ |
| Total change in cash and cash equivalents | $-127$ | $-221$ |
| Total cash and cash equivalents as of 1 October | 792 | 953 |
| Less the effect of indexing cash and cash equivalents | 23 | 56 |
| Cash and cash equivalents as of 1 October according to statement of financial position | 769 | 897 |
| Total cash and cash equivalents as of 30 June | 665 | 732 |
| Less cash and cash equivalents recognised in assets in accordance with IFRS 5 | 11 | 0 |
| Cash and cash equivalents as of 30 June in accordance with the statement of financial position | 654 | 732 |
[^0]
[^0]: ${ }^{1}$ Change in net working capital shown from the related statement of financial position items, mainly adjusted for currency effects.
${ }^{2}$ Adjustments due to a change in presentation of effects of the application of IAS 29 "Financial Reporting in Hyperinflationary Economies". Further details on the adjusted prior-year figures can be found in the notes on the financial and assets position and here in the notes on cash flow.
${ }^{3}$ Presented in the previous year in cash flow from financing activities.
SEGMENT REPORTING
${ }^{1}$ Change in segment composition, see "Supplementary notes on segment reporting".
${ }^{2}$ Includes external sales in SM 2023/24 of €2,037 million for Germany (Q3 2022/23: €2,053 million), €461 million for Italy (Q3 2022/23: €483 million) and €548 million for Spain (Q3 2022/23: €493 million) as well as non-current segment assets as of 30/06/2024 of €1,792 million for Germany (30/06/2023: €1,903 million) and €409 million for Italy (30/06/2023 €396 million).
${ }^{3}$ In SM 2023/24, includes income of €25 million from operating companies accounted for using the equity method in the Others segment (SM 2022/23: €5 million expenses)
SUPPLEMENTARY NOTES ON SEGMENT REPORTING
The composition of the DACH segment and the Others segment has been changed and the previous year's figures restated. The change reflects the effects of the Convergenta transaction (acquisition of shares of non-controlling interests in Media Saturn Holding GmbH). The Media-Saturn Group's administrative and interdepartmental service companies in Germany are now reported together with those of CECONOMY in the Others segment. They were previously presented in the DACH segment. As well as accounting for the effects of the aforementioned transaction, the change also provides for a better grouping of operating activities on one side and administrative and interdepartmental functions on the other. In segment reporting, the changes only affect the DACH segment, the Others segment and consolidation and have no impact on the net assets, financial position and earnings position of the Group.
The change in segment composition resulted in the following restatements of the prior-year figures for Q3/9M 2022/23:
| DACH | Others | Consolidation | ||||||
|---|---|---|---|---|---|---|---|---|
| t miten | Q3 2022/23 before |
Restatement | Q3 2022/23 now |
Q3 2022/23 before |
Restatement | Q3 2022/23 now |
Q3 2022/23 before |
Restatement |
| External sales (net) | 2,542 | $-4$ | 2,538 | 93 | 4 | 96 | 0 | 0 |
| Internal sales (net) | 11 | $-10$ | 0 | 10 | 48 | 58 | $-21$ | $-38$ |
| Sales (net) | 2,553 | $-14$ | 2,539 | 102 | 52 | 155 | $-21$ | $-38$ |
| EBITDA | 24 | 1 | 24 | $-13$ | 1 | $-12$ | 1 | $-2$ |
| Depreciation/amortisation and impairment losses | 99 | $-5$ | 94 | 2 | 5 | 8 | 0 | 0 |
| Reversals of impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | $-75$ | 6 | $-69$ | $-15$ | $-4$ | $-20$ | 1 | $-2$ |
| EBIT adjusted | $-49$ | $-1$ | $-50$ | $-8$ | 3 | $-5$ | 1 | $-2$ |
| Investments | 82 | $-9$ | 73 | 0 | 9 | 9 | 0 | 0 |
| Non-current segment assets | 1,772 | $-148$ | 1,623 | 389 | 148 | 538 | 0 | 0 |
| Investments accounted for using the equity method | 0 | 0 | 0 | 375 | 0 | 375 | 0 | 0 |
| DACH | Others | Consolidation | ||||||
|---|---|---|---|---|---|---|---|---|
| t miten | 9M 2023/23 before |
Restatement | 9M 2023/23 now |
9M 2023/23 before |
Restatement | 9M 2023/23 now |
9M 2023/23 before |
Restatement |
| External sales (net) | 9,369 | $-11$ | 9,358 | 349 | 11 | 360 | 0 | 0 |
| Internal sales (net) | 31 | $-30$ | 1 | 20 | 162 | 182 | $-54$ | $-132$ |
| Sales (net) | 9,400 | $-41$ | 9,360 | 370 | 172 | 542 | $-54$ | $-132$ |
| EBITDA | 356 | $-8$ | 348 | $-34$ | 8 | $-26$ | 1 | 0 |
| Depreciation/amortisation and impairment losses | 291 | $-14$ | 277 | 71 | 14 | 85 | 0 | 0 |
| Reversals of impairment losses | 6 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 72 | 6 | 77 | $-105$ | $-5$ | $-110$ | 1 | 0 |
| EBIT adjusted | 113 | $-2$ | 111 | $-18$ | 3 | $-15$ | 1 | 0 |
| Investments | 213 | $-25$ | 188 | 8 | 25 | 33 | 0 | 0 |
| Non-current segment assets | 1,772 | $-148$ | 1,623 | 389 | 148 | 538 | 0 | 0 |
| Investments accounted for using the equity method | 0 | 0 | 0 | 375 | 0 | 375 | 0 | 0 |
FINANCIAL CALENDAR
| Trading Statement Q4/FY 2023/24 | Tuesday | 29 October 2024 | 7:00 am |
|---|---|---|---|
| Annual report Q4/FY 2023/24 | Wednesday | 18 December 2024 | 7:00 am |
All time specifications according to German time
Investor Relations
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GENERAL INFORMATION
CECONOMY AG
Kaistraße 3
40221 Düsseldorf
www.ceconomy.de/en
Release date: 14 August 2024
Disclaimer
This quarterly statement contains forward-looking statements. Such forward-looking statements are based on certain assumptions and expectations at the time of publication of this release. These statements are therefore subject to risks and uncertainties, which means 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 gains, 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 quarterly statement and associated material.