Comparison of forecast with actual business developments

Sales

METRO GROUP had forecast slight currency-adjusted sales growth for financial year 2014/15 and met its target with a 0.5 per cent sales increase in local currency from continuing operations.

METRO GROUP had projected slightly higher like-for-like sales (in local currency) and also met this target with a 1.5 per cent increase in like-for-like sales from continuing operations.

METRO GROUP also met its sales targets under consideration of discontinued operations.

EBIT

METRO GROUP had originally expected EBIT before special items adjusted for currency effects to rise slightly above the €1,727 million achieved in financial year 2013/14, including typical levels of income from real estate sales. Adjusted for negative currency effects of €117 million, METRO GROUP has met its forecast.

With the publication of the quarterly report for 9M/Q3 2014/15 on 6 August 2015, the reference values for 2013/14 for the forecast were adjusted by the earnings share attributable to Galeria Kaufhof, as the segment was sold and therefore had to be shown as a discontinued operation. The original forecast of a slight currency-adjusted increase in EBIT remained intact based on the new reference value of €1,531 million. Adjusted for negative currency effects of €117 million, METRO GROUP exceeded this forecast. Owing to an especially friendly real estate market environment, real estate income was higher than expected. However, the company would also have met its target with a typical level of real estate sales.

Sales lines

Besides METRO Cash & Carry, the sales lines Media-Saturn and Real were also expected to contribute to slight growth of like-for-like sales and EBIT before special items. While METRO Cash & Carry and Media-Saturn clearly met this target with like-for-like sales growth of 0.9 per cent and 3.1 per cent, respectively, Real fell short, with a slight decline in like-for-like sales of 0.8 per cent.

METRO Cash & Carry’s EBIT before special items amounted to €1,050 million. In consideration of negative currency effects, the result exceeded the previous year’s level as forecast. Media-Saturn also markedly exceeded the previous year’s figures with EBIT before special items of €442 million and thus fulfilled the forecast. Real also exceeded the previous year’s figures with EBIT before special items of €88 million (2013/14: €81 million). The previous year’s figure included negative earnings contributions (€6 million) from Real Eastern Europe.