In financial year 2013/14, METRO GROUP invested €1,209 million and thus €34 million more than in the same period of the previous year. Despite reduced expansion activities, investments increased overall, mainly due to concept and modernisation measures, a major real estate transaction at Real and the acquisition of a real estate object at Galeria Kaufhof, which is leading to a consolidation of the property. Among other things, 50 hypermarkets were refurbished as part of the Big Bang project at Real in order to better cater to customer needs. The reduced expansion activities are reflected in a smaller number of 68 store openings including additions compared with 91 store openings in the previous year’s period.

Investments of METRO GROUP

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€ million

9M 20131

12M 2012/131

12M 2013/14




Revised presentation (for more information, see the notes to the group accounting principles and methods); the comparative periods have been adjusted accordingly

METRO Cash & Carry


















Galeria Kaufhof

















In financial year 2013/14, METRO Cash & Carry invested €441 million and thus €63 million less than in the previous year’s period. The significant decline in investments is, alongside currency effects, the result of reduced expansion activities (17 new store openings including takeovers in 2013/14 compared with 31 new openings in 2012/13). The expansion activities continued to focus on China and Russia, where 10 and 3 new METRO Cash & Carry stores, respectively, were added to the existing store network. 1 new METRO Cash & Carry store each was opened in India and Turkey; 2 new stores were opened in Belgium. 1 store was closed in China, and 2 were closed in Egypt.

In financial year 2013/14, investments of Media-Saturn amounted to €244 million, €32 million less than in the previous year’s period. The decline in investments can be primarily attributed to reduced investments in the expansion of the store network. During the reporting period, 50 new stores were opened (previous year: 54). The focus of the expansion was on Eastern Europe, where 28 new consumer electronics stores were opened. In this region, 14 new stores were opened in Russia and 9 new stores were opened in Turkey. 5 new stores were added in Poland. In Western Europe (excluding Germany), the store network was expanded by 10 stores: 4 in the Netherlands and 2 each in Belgium, Italy and Spain. 12 stores were opened in Germany. In addition, 12 stores were closed during the financial year. In Turkey, 4 stores were closed. In addition, 2 stores each were closed in the Netherlands, Sweden and Germany. 1 store each was closed in Russia and Belgium.

Real invested €172 million in financial year 2013/14, €56 million more than in the previous year’s period. The increase in investment was mainly due to the acquisition of three hypermarkets in Germany that had previously been rented. The invested funds were also used to advance the business model through concept changes. After the move in Essen, the most state-of-the-art Real hypermarket in Germany opened its doors in October 2013. The new concept implemented at the store introduced a broader assortment with a larger share of fresh produce from the region alongside a diverse product range. During the financial year, 50 additional hypermarkets were transformed according to this new concept. In financial year 2013/14, Real expanded its store network by 1 store in Germany and disposed of a total of 74 stores. This concerned the disposal of Real Poland (57 stores) and Real Turkey (12 stores). In Germany, 4 stores were closed. The remaining Real hypermarket in Moscow was transferred to METRO Cash & Carry.

Investments at Galeria Kaufhof totalled €208 million in the reporting period, an increase of €111 million over the previous year’s period. This marked increase in investments can be primarily attributed to the additional purchase of a stake in a store, which led to consolidation. In addition, the investments primarily involved concept and modernisation measures. In financial year 2013/14, no new stores were opened and no existing department stores were closed.

Investments in the Others segment totalled €144 million in financial year 2013/14 (2012/13: €181 million). The investments were largely attributable to intangible assets and business and office equipment. In addition, investments were made through the exercise of purchasing rights and further real estate transactions.

Investment obligations incurred for the acquisition of property, plant and equipment, intangible assets and investment properties amounted to €129 million.

For more information about this, see the notes to the consolidated financial statements in no. 19 Other intangible assets, no. 20 Property, plant and equipment and no. 21 Investment properties.

From divestments, METRO GROUP received cash and cash equivalents amounting to €534 million, which stemmed primarily from the disposal of shares in Booker Group PLC (€244 million) as well as the sale of individual office properties at METRO GROUP headquarters in Düsseldorf (€187 million).

For more information about divestments, see the cash flow statement in the consolidated financial statements as well as the notes to the consolidated financial statements in no. 41 Notes to the cash flow statement.