AI Terminal
METRO AG
Quarterly Report • Feb 16, 2024
286_10-q_2024-02-16_3e370a7f-9b02-4778-b63c-155bcfb808bd.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
CONTENTS
- 3 Summary
- 4 Overview
- 5 Sales, earnings and financial position
- 7 METRO segments
- 9 Outlook
- 10 Income statement
- 11 Balance sheet
- 13 Cash flow statement
- 14 Segment reporting
- 15 Financial calendar, imprint and disclaimer
METRO STARTS Q1 WITH 9% SALES GROWTH (PORTFOLIO AND CURRENCY ADJUSTED)
Q1:
- In the guidance view (portfolio and currency adjusted), sales increased by 9.1% and adjusted EBITDA was €22 million below the previous year's level
- Total sales in local currency increased by 6.2%. This includes a negative portfolio effect1 of around 3%p. Reported sales were affected by negative currency effects and increased by 0.1% to €8.1 billion. Inflation continues to decline, with slight deflation in Germany
- Sales channels growth (portfolio and currency adjusted): sales in the store-based business grew to €6.2 billion (+5.0%), delivery sales to €1.9 billion (+24.1%) and METRO MARKETS sales to €34 million (+61.7%)
- Adjusted EBITDA was €404 million (Q1 2022/23: €465 million), earnings contributions from real estate transactions amounted to €28 million (Q1 2022/23: €207 million) and resulted mainly from two real estate transactions in Turkey. The previous year's figure included the sale of part of the METRO Campus. Transformation gains were generated in the amount of €3 million (Q1 2022/23: €1 million). EBITDA decreased to €436 million (Q1 2022/23: €673 million)
- Earnings per share amounted to €0.36 (Q1 2022/23: €1.44). In the previous year, earnings were significantly influenced by the sale of part of the METRO Campus and non-cash currency effects in the financial result
- Outlook for sales and adjusted EBITDA for the 2023/24 financial year confirmed (sales growth of 3-7%, adjusted EBITDA change of €-100 million to €50 million compared to previous year)
- Growth targets until 2030 confirmed (average sales growth: 5-10%, average EBITDA growth: 5-7%)
OVERVIEW
Q1 2023/24
METRO IN FIGURES
| Key financial figures (€ million) | Q1 2022/23 | Q1 2023/24 | Change | Change in % |
|---|---|---|---|---|
| Sales (net) | 8,107 | 8,115 | 8 | 0.1% |
| Adjusted EBITDA | 465 | 404 | -61 | -13.1% |
| EBIT | 464 | 227 | -237 | -51.0% |
| Earnings per share in € (basic = diluted) |
1.44 | 0.36 | -1.08 | - |
MULTICHANNEL DEVELOPMENT
| Sales development (€ million) | Q1 2022/23 | Q1 2023/24 | Change | Ambition FY 2030 |
|---|---|---|---|---|
| Store-based and Others business | 6,453 | 6,209 | -244 | ~1.2 x vs. 2020/21 |
| FSD | 1,632 | 1,871 | 239 | > 3 x vs. 2020/21 |
| METRO MARKETS sales | 21 | 34 | 13 | |
| METRO MARKETS marketplace sales1 | 34 | 52 | 17 | > €3 billion |
_____________________________________________________________________________________________
1Total volume of the METRO MARKETS platform (and third-party platforms) excluding VAT and after cancellations but before any deductions; includes disposal sales in full.
NETWORK
| 30.09.2023 | 31.12.2023 | Change | |
|---|---|---|---|
| Stores & delivery (number of countries) | 32 | 33 | 1 |
| Marketplace (number of countries) | 6 | 6 | 0 |
| DISH POS1 (number of countries) | 4 | 5 | 1 |
| Stores (number of locations) | 625 | 626 | 1 |
| of which delivery OOS2 (number of locations) | (529) | (524) | (-5) |
| FSD depots (number of locations) | 76 | 80 | 4 |
1 DISH POS is a cloud-based all-in-one POS system with solutions for the hospitality industry. The product was developed by POS provider Eijsink. Following the acquisition by DISH Digital Solutions (formerly Hospitality Digital) in March 2022, the product has since been further developed and integrated into the range of digital dish tools. The system in the Netherlands and Belgium is called Booq.
2 OOS refers to the existing METRO store portfolio and includes METRO stores that supply from the store as well as stores that operate their own depot in the store.
SALES, EARNINGS AND FINANCIAL POSITION
Sales
In Q1 2023/24 sales in local currency increased by 6.2%. All segments and all channels contributed to this growth. Total sales increased slightly by 0.1% to €8.1 billion and were strongly impacted by negative currency effects, particularly in Russia and Turkey.
Earnings
In Q1 2023/24 adjusted EBITDA decreased to €404 million (Q1 2022/23: €465 million). The sales growth from sCore generally leads to EBITDA growth. The expiry of license fee from WM Holding (HK) Limited (segment Others) and a transformation-related development in Germany had an opposing effect in Q1 2023/24. Adjusted for exchange rate effects, adjusted EBITDA decreased by €25 million compared to the same period of the previous year. The previous year also includes the negative impact on earnings of the cyber attack in Q1. Negative currency effects were mainly in Russia and Turkey.
Earnings contributions from real estate transactions amounted to €28 million (Q1 2022/23: €207 million) and resulted mainly from two real estate transactions in Turkey. In the previous year, real estate gain resulted mainly from the sale of part of the METRO Campus. Transformation gains were in the amount of €3 million (Q1 2022/23: €1 million). Overall, EBITDA decreased to €436 million (Q1 2022/23: €673 million).
Depreciation and amortisation in Q1 2023/24 amounted to €209 million (Q1 2022/23: €209 million) and are at the previous year's level
The financial result in Q1 2023/24 amounted to €-34 million (Q1 2022/23: €151 million). The result essentially reflects the interest expense (including interest from leases and pension provisions) for the reporting period. Compared to the same quarter of the previous year - in which non-cash positive valuation effects from intra-group positions were shown - the stable rouble exchange rate development in the reporting period did not lead to any significant valuation effects.
Earnings before taxes reached €193 million in Q1 2023/24 (Q1 2022/23: €615 million). The tax expense of €64 million (Q1 2022/23: €91 million) for Q1 2023/24 has been calculated taking into account the expected group tax expense at the end of the financial year. In the previous year, the low tax expense compared to the pre-tax result was mainly due to non-tax-effective income in the other financial result and the sale of part of the METRO Campus.
The profit or loss for the period attributable to METRO shareholders amounts to €130 million in Q1 2023/24 (Q1 2022/23: €522 million).
Earnings per share amounted to €0.36 in Q1 2023/24 (Q1 2022/23: €1.44).
Investments
Segment investments amounted to €131 million in Q1 2023/24 (Q1 2022/23: €172 million). The decline is mainly due to lease extensions and rent indexations of larger property portfolios in the previous year. This is offset by increased investments in network optimisation, IT and sustainability in line with the sCore strategy in the current year.
Cash-relevant investments according to free cash flow (without M&A and investments in monetary assets) amounted to €158 million in Q1 2023/24 (Q1 2022/23: €162 million) and are thus at the previous year's level.
Financial position
The balance sheet net debt after netting cash and cash equivalents and cash investments with financial liabilities (including liabilities from leases) decreased to a total of €2.7 billion as of 31 December 2023 (31.12.2022: €3.0 billion).
As at 31 December 2023, METRO had cash and cash equivalents in the amount of €0.6 billion (31.12.2022: €1.0 billion). The cash and cash equivalents of our Russian Group companies amounted to €87 million as of 31 December 2023. These are continuously monitored for relevant restrictions against the backdrop of increasing government intervention.
Cash flow
The cash flow from operating activities in Q1 2023/24 resulted in a cash inflow in the amount of €286 million (Q1 2022/23: cash inflow of €143 million). The improvement is mainly due to net working capital.
Cash flow from investing activities totalled €160 million (Q1 2022/23: €125 million) and includes investments in and divestments of property, plant and equipment and intangible assets as well as proceeds from disposals. The latter are not part of the below mentioned Free Cash Flow and relate to the sale of the remaining stake in WM Holding (HK) Limited and therewith the former business of METRO in China. The divestments include the sale of part of the campus location in Düsseldorf in the previous year.
Cash flow from financing activities totalled €-404 million (Q1 2022/23: €-27 million). The main effects here are cash inflows and outflows from medium and long-term financing programmes and lease payments.
The free cash flow is derived from the cash flow statement in accordance with the following overview.
FREE CASH FLOW
| € million | Q1 2022/23 | Q1 2023/24 |
|---|---|---|
| Cash flow from operating activities | 143 | 286 |
| Investments without (investments in) monetary assets | -162 | -158 |
| Divestments | 278 | 63 |
| Lease payments | -150 | -145 |
| Interest paid and received | 9 | -9 |
| Other financing activities | -3 | -7 |
| Free cash flow | 115 | 30 |
METRO Segments
| Sales (€ million) | Change (€) | Currency effects | Change (local currency) |
|||||
|---|---|---|---|---|---|---|---|---|
| Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
|
| Total | 8,107 | 8,115 | 6.6% | 0.1% | 1.5% | -6.1% | 5.2% | 6.2% |
| Germany | 1,343 | 1,389 | 3.6% | 3.4% | 0.1% | 0.0% | 3.5% | 3.4% |
| West | 3,162 | 3,339 | 3.9% | 5.6% | 0.0% | 0.0% | 3.9% | 5.6% |
| Russia | 888 | 684 | 11.3% | -22.9% | 25.4% | -42.8% | -14.1% | 19.9% |
| East | 2,663 | 2,644 | 8.9% | -0.7% | -6.2% | -5.9% | 15.0% | 5.2% |
| Others | 51 | 59 | - | - | - | - | - | - |
In Germany sales increased in Q1 2023/24 by 3.4% in a slightly deflationary environment. The implementation of the sCore strategy made good progress, but Germany is still in an intensive transformation phase. Reported sales reached €1.4 billion.
In the segment West sales increased in Q1 2023/24 by 5.6%, driven primarily by the clearly positive development of the HoReCa business. France and Spain in particular contributed to this growth. In addition, the delivery specialists Pro à Pro France and Pro a Pro Spain achieved double-digit growth rates. Since May 2023, the sales of the delivery specialist JHB have also contributed to sales. Reported sales reached €3.3 billion.
In Russia, sales in local currency increased in Q1 2023/24 significantly by 19.9%. In the previous year, business was significantly impacted by the Cyberattack. Due to negative currency effects, reported sales significantly decreased by -22.9% to €0.7 billion.
In the segment East sales grew in local currency by 5.2%. Almost all countries, in particular Romania, Ukraine and the Czech Republic, contributed to the positive development, driven primarily by the clearly positive development of the HoReCa business. The largest increase in sales was recorded in Turkey, which was strongly supported by inflation. Reported sales in the segment East decreased by -0.7% to €2.6 billion and include a negative portfolio effect of around 9%p due to the sale of METRO India. Currency effects, particularly in Turkey, also had a negative impact.
In the segment Others sales grew by €8 million to €59 million (Q1 2022/23: €51 million) and includes in particular the METRO MARKETS sales of €34 million (Q1 2022/23: €21 million). The increase is driven by growth in all 6 METRO MARKETS countries, especially France and Germany. Sales at DISH Digital solutions also made a significant contribution to growth (+>20%).
Delivery sales increased in Q1 2023/24 by 14.6% to €1.9 billion (Q1 2022/23: €1.6 billion) and achieved a sales share of 23% (Q1 2022/23: 20%). Currency and portfolio adjusted delivery sales increased by 24.1%.
As of 31 December 2023, the store network comprised 626 stores, of which were 524 out-of-store (OOS) locations, and 80 depots.
| Adjusted EBITDA | Transformation costs (+) and transformation gains (-) |
Earnings contributions (+) from real estate transactions |
EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|---|
| million € | Q1 2022/23 |
Q1 2023/24 |
Change (€) |
Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
| Total | 465 | 404 | -61 | -1 | -3 | 207 | 28 | 673 | 436 |
| Germany | 84 | 66 | -19 | 0 | 0 | 0 | 0 | 84 | 66 |
| West | 173 | 179 | 7 | -1 | 0 | 4 | 1 | 178 | 181 |
| Russia | 60 | 44 | -16 | 0 | 0 | 0 | 0 | 60 | 44 |
| East | 146 | 140 | -6 | 0 | 0 | 0 | 0 | 146 | 140 |
| Others | -2 | -24 | -23 | 0 | -3 | 203 | 27 | 201 | 6 |
| Consolidation | 4 | -1 | -4 | 0 | 0 | 0 | 0 | 4 | -1 |
In Germany, adjusted EBITDA decreased to €66 million (Q1 2022/23: €84 million). The already expected cost inflation and continued investments in price positioning in a declining inflation environment had an impact.
Adjusted EBITDA in the segment West increased to €179 million (Q1 2022/23: €173 million). This increase is due in particular to the good sales performance compared to the previous year. The expected cost inflation had the opposite effect.
Adjusted EBITDA in Russia decreased to €44 million (Q1 2022/23: €60 million). Adjusted for currency effects, adjusted EBITDA increased by €6 million, although the previous year was negatively impacted by the Cyberattack.
Adjusted EBITDA in the segment East decreased in Q1 2023/24 slightly to €140 million (Q1 2022/23: €146 million). Adjusted for currency effects, adjusted EBITDA in the segment East increased by €9 million.
Adjusted EBITDA in the segment Others was €-24 million and thus below the previous year (Q1 2022/23: €-2 million). In the previous year, adjusted EBITDA benefited from licence fee from the partnership with WM Holding (HK) Limited until April 2023, which is no longer included in the current year. Further investments in digitalisation were also made in the current year. Earnings contributions from real estate transactions amounted to €27 million (Q1 2022/23: €203 million) and mainly resulted from two transactions in Turkey. The previous year's figure included the sale of part of the METRO Campus. Transformation gains in the amount of €3 million was recognised (Q1 2022/23: €0 million). EBITDA reached €6 million (Q1 2022/23: €201 million).
OUTLOOK
Outlook of METRO
The outlook is based on the assumption of stable exchange rates and no further adjustments to the portfolio. The geopolitical situation is expected to remain unchanged. The expectations for further macroeconomic development are explained in the chapter on macroeconomic parameters (reference: annual report 2022/23). The relevant opportunities and risks that could influence the outlook are explained in the opportunities and risk report (reference: annual report 2022/23). In the financial year 2022/23 some adjustments to the portfolio have been made: Due to the completed disposal of the Indian business in 2022/23, these figures are excluded for the financial years 2022/23 and 2023/24 for the outlook. Johan i Hallen & Bergfalk as a strategic acquisition (first consolidation: 30.04.2023) is included in the financial years.
Sales
The Management Board expects a total sales to grow of 3% to 7% for financial year 2023/24 (2022/23: 9%, absolute sales €30.1 billion)2 . Growth will be driven by all segments except Russia and all channels. Sales in the segment Russia is expected to be around previous year's level. The segment Germany is expected to grow below the guidance range. The segment West is expected to grow within the guidance range while the segments East and Others are expected to grow above the guidance range.
Earnings
The Management Board also expects a change in adjusted EBITDA of between €-100 million and €50 million (2022/23: €1,163 million) compared to the financial year 2022/232 . The sales growth from sCore generally leads to EBITDA growth. In financial year 2023/24, however, this is countered by noticeable cost inflation, expiration of post-transaction effects (segment Others), rising costs for cybersecurity and a further decline in the development in Russia. In the segments Others adjusted EBITDA will strongly decline while in the segments Russia and Germany, adjusted EBITDA will decline moderately. In the segments West and East, adjusted EBITDA will grow moderately.
2 Adjusted for exchange rate effects, excl. India, incl. JHB.
INCOME STATEMENT
| € million | Q1 2022/23 | Q1 2023/24 |
|---|---|---|
| Sales revenue | 8,107 | 8,115 |
| Cost of sales | -6,733 | -6,754 |
| Gross profit on sales | 1,374 | 1,361 |
| Others operating income | 386 | 193 |
| Selling expenses | -1,060 | -1,087 |
| General administrative expenses | -200 | -203 |
| Other operating expenses | -34 | -39 |
| Impairment of financial assets | -6 | -1 |
| Income from companies accounted for using the equity method | 4 | 3 |
| Earnings before interest and taxes (EBIT) | 464 | 227 |
| Other investment result | 0 | 21 |
| Interest income | 18 | 7 |
| Interest expense | -46 | -44 |
| Other financial result | 178 | -18 |
| Net financial result | 151 | -34 |
| Earnings before taxes EBT | 615 | 193 |
| Income taxes | -91 | -64 |
| Profit or loss from the period | 525 | 130 |
| Profit or loss for the period attributable to non-controlling interests | 3 | -1 |
| Profit or loss for the period attributable to the shareholders of METRO AG | 522 | 130 |
| Earnings per share in € (basic = diluted) | 1.44 | 0.36 |
BALANCE SHEET
ASSETS
| € million | 31.12.2022 | 30.9.2023 | 31.12.2023 |
|---|---|---|---|
| Non-current assets | 7,154 | 6,929 | 6,849 |
| Goodwill | 648 | 712 | 717 |
| Others intangible assets | 555 | 623 | 620 |
| Property, plant and equipment | 5,221 | 5,091 | 5,036 |
| Investment properties | 157 | 106 | 96 |
| Financial assets | 74 | 71 | 68 |
| Investments accounted for using the equity method | 111 | 97 | 99 |
| Other financial assets | 96 | 60 | 56 |
| Other non-financial assets | 16 | 18 | 13 |
| Deferred tax assets | 275 | 151 | 144 |
| Current assets | 6,126 | 4,718 | 4,748 |
| Inventories | 2,663 | 2,242 | 2,397 |
| Trade receivables | 686 | 674 | 680 |
| Financial assets | 2 | 1 | 1 |
| Other financial assets | 791 | 591 | 545 |
| Other non-financial assets | 409 | 347 | 389 |
| Income tax assets | 98 | 92 | 104 |
| Cash and cash equivalents | 1,011 | 591 | 631 |
| Assets held for sale | 466 | 180 | 0 |
| 13,280 | 11,648 | 11,597 |
EQUITY AND LIABILITIES
| € million | 31.12.2022 | 30.9.2023 | 31.12.2023 |
|---|---|---|---|
| Equity | 2,389 | 2,022 | 2,150 |
| Share capital | 363 | 363 | 363 |
| Capital reserve | 4,754 | 4,754 | 4,754 |
| Reserves retained from earnings | -2,752 | -3,106 | -2,978 |
| Equity before non-controlling interests | 2,365 | 2,011 | 2,139 |
| Non-controlling interests | 24 | 11 | 11 |
| Non-current liabilities | 3,642 | 3,526 | 3,474 |
| Provisions for post-employment benefits plans and similar obligations | 354 | 351 | 385 |
| Others provisions | 173 | 166 | 171 |
| Financial liabilities | 2,925 | 2,838 | 2,769 |
| Other financial liabilities | 38 | 26 | 24 |
| Other non-financial liabilities | 40 | 54 | 49 |
| Deferred tax liabilities | 113 | 90 | 75 |
| Current liabilities | 7,249 | 6,100 | 5,973 |
| Trade liabilities | 4,239 | 3,667 | 3,847 |
| Provisions | 299 | 305 | 274 |
| Financial liabilities | 1,058 | 825 | 560 |
| Other financial liabilities | 775 | 857 | 759 |
| Other non-financial liabilities | 326 | 241 | 316 |
| Income tax liabilities | 314 | 205 | 217 |
| Liabilities related to assets held for sale | 237 | 0 | 0 |
| 13,280 | 11,648 | 11,597 |
CASH FLOW STATEMENT
| € million | Q1 2022/23 | Q1 2023/24 |
|---|---|---|
| EBIT | 464 | 227 |
| Depreciation/amortisation/impairment losses/reversal of impairment losses of fixed assets excl. financial investments |
209 | 209 |
| Change in provisions for pension and other provisions | -8 | -23 |
| Change in net working capital | -146 | -22 |
| Income taxes paid (-)/received | -51 | -60 |
| Reclassification of gains (-)/losses (+) from the disposal of fixed assets | -207 | -29 |
| Lease payments | 16 | 13 |
| Other | -133 | -28 |
| Cash flow from operating activities | 143 | 286 |
| Acquisition of subsidiaries | 0 | 0 |
| Investments in property, plant and equipment and in investment property (excl. right-of use assets) |
-135 | -117 |
| Other investments | -27 | -41 |
| Investments in monetary assets | -1 | -1 |
| Disposals of subsidiaries | 10 | 257 |
| Divestments | 278 | 63 |
| Disposal of financial investments | 0 | 0 |
| Cash flow from investing activities | 125 | 160 |
| Dividends paid | ||
| to METRO AG shareholders | 0 | 0 |
| to other shareholders | 0 | 0 |
| Proceeds from borrowings | 116 | 523 |
| Redemption of borrowings | 0 | -767 |
| Lease disbursements | -150 | -145 |
| Interest paid | -11 | -15 |
| Interest received | 20 | 6 |
| Other financing activities | -3 | -7 |
| Cash flow from financing activities | -27 | -404 |
| Total cash flows | 241 | 42 |
| Currency effects on cash and cash equivalents | -37 | -2 |
| Total change in cash and cash equivalents | 203 | 40 |
| Cash and cash equivalents as of 1 October | 825 | 591 |
| Cash and cash equivalents as of 31 December | 1,029 | 631 |
| less cash and cash equivalents reported in assets in accordance with IFRS 5 | -18 | 0 |
| Cash and cash equivalents as of 31 December | 1,011 | 631 |
OPERATING SEGMENTS
| Germany | West | Russia | East | |||||
|---|---|---|---|---|---|---|---|---|
| € million | Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
| External sales (net) | 1,343 | 1,389 | 3,162 | 3,339 | 888 | 684 | 2,663 | 2,644 |
| Adjusted EBITDA | 84 | 66 | 173 | 179 | 60 | 44 | 146 | 140 |
| Transformation costs (+) and transformation gains (-) |
0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 |
| Earnings contributions (+) from real estate transactions |
0 | 0 | 4 | 1 | 0 | 0 | 0 | 0 |
| EBITDA | 84 | 66 | 178 | 181 | 60 | 44 | 146 | 140 |
| EBIT | 55 | 35 | 110 | 106 | 43 | 33 | 105 | 98 |
| Investments | 9 | 17 | 88 | 40 | 5 | 6 | 32 | 38 |
OPERATING SEGMENTS
| Others | Consolidation | METRO Total | ||||
|---|---|---|---|---|---|---|
| € million | Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
Q1 2022/23 |
Q1 2023/24 |
| External sales (net) | 51 | 59 | 0 | 0 | 8,107 | 8,115 |
| Adjusted EBITDA | -2 | -24 | 4 | -1 | 465 | 404 |
| Transformation costs (+) and transformation gains (-) |
0 | -3 | 0 | 0 | -1 | -3 |
| Earnings contributions (+) from real estate transactions |
203 | 27 | 0 | 0 | 207 | 28 |
| EBITDA | 201 | 6 | 4 | -1 | 673 | 436 |
| EBIT | 148 | -45 | 4 | -1 | 464 | 227 |
| Investments | 38 | 29 | 0 | 0 | 172 | 131 |
FINANCIAL CALENDAR
| Q1 Quarterly Statement 2023/24 | Tuesday | 6 February 2024 | 6.30 pm |
|---|---|---|---|
| Annual General Meeting 2024 | Wednesday | 7 February 2024 | 11.00 am |
| H1/Q2 Half-year financial report 2023/24 | Tuesday | 7 May 2024 | 6.30 pm |
| 9M/Q3 Quarterly Statement 2023/24 | Wednesday | 14 August 2024 | 6.30 pm |
Times according to German time
IMPRINT
| METRO AG | Investor Relations | ||
|---|---|---|---|
| Metro Street 1 | Phone | +49 (211) 6886-1280 | |
| 40235 Düsseldorf | Fax | +49 (211) 6886-73-3759 | |
| E-mail [email protected] | |||
| P.O. Box 230361 | |||
| 40089 Düsseldorf | Creditor Relations | ||
| Phone | +49 (211) 6886-1904 | ||
| http://www.metroag.de | Fax | +49 (211) 6886-1916 | |
| E-mail [email protected] | |||
| Publication date | |||
| 6 February 2024, 6.30 pm | Corporate Communications | ||
| Phone | +49 (211) 6886-4252 | ||
| Fax | +49 (211) 6886-2001 | ||
| e-mail [email protected] | |||
Visit the METRO AG website at www.metroag.de for comprehensive information and reports on METRO AG.
DISCLAIMER
This quarterly statement contains forward-looking statements. They are based on certain assumptions and expectations at the time of publication of this release. Forward-looking statements are therefore subject to risks and uncertainties and may differ materially from actual results. In particular with regard to forwardlooking statements, many of the risks and uncertainties are determined by factors that are beyond METRO's control and cannot be estimated with certainty at this time. These include, among others, future market conditions and economic developments, the behaviour of other market participants, the achievement of expected synergy effects as well as legal and political decisions.
METRO also undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of publication of these materials.