Dusseldorf, 10 February 2015. METRO GROUP generated better operating performance in the first quarter of financial year 2014/15: Due exclusively to negative currency effects of about €60 million, EBIT before special items came in below the previous year's level at €1,024 million (Q1 2013/14: €1,073 million). Media-Saturn, however, boosted its earnings by about 20% during the three months from October to December 2014. Adjusted for currency effects and portfolio changes, group sales rose by 2.6% during Q1 2014/15, with like-for-like sales increasing by 2.1%. The group also continued to markedly strengthen its balance sheet: year-to-year, net debt declined by €0.9 billion to €1.5 billion, the lowest level in more than 10 years.
"Unfortunately, the weak rouble obscures our overall good operating performance", said Olaf Koch, Chairman of the Management Board of METRO AG. "Adjusted for negative currency effects, our earnings were actually higher than in the same quarter of the previous year. Media-Saturn's business developed very well, with good like-for-like sales growth across all regions reflected in significantly higher earnings. METRO Cash & Carry also posted the 6th consecutive increase in like-for-like sales. At the same time, the group made significant progress in its debt reduction efforts. Overall, we remain confident that we will achieve our sales and earnings targets for the full year."
For further information, please see the attached press release.