MADE TO TRADE. Media-Saturn Group Online Strategy

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1 MADE TO TRADE. Media-Saturn Group Online Strategy Aschaffenburg 26 July 2011 METRO AG 2011

2 Disclaimer and Notes To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements (including within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended). All forward-looking statements herein are based on certain expectations and assumptions at the time of publication of this presentation and are subject to risks and uncertainties that could cause actual results, performance or financial position to differ materially from any future results, performance or financial position expressed or implied in this presentation. Many of these risks and uncertainties relate to factors that are beyond METRO GROUP s ability to control or estimate precisely, including (without limitation) future market and economic conditions, the behaviour of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated cost savings and productivity gains, and the actions of government regulators. Readers are cautioned not to place reliance on these forward-looking statements. METRO GROUP does not undertake any obligation to publicly update any forward-looking statements or to conform them to events or circumstances after the date of this presentation. This presentation is intended for information only. It is not intended as an offer for sale, or as a solicitation of an offer to purchase, any securities in any jurisdiction. This presentation may not be reproduced, distributed or published without prior written consent of METRO GROUP. All numbers are before special items, unless otherwise stated. For more information regarding the application of accounting methods please refer to the notes in the Annual Report The figures in this presentation are rounded to provide a better overview. The calculation of deviations is based on figures incl. fractions. Therefore rounding differences can occur. 1

3 Agenda Welcome/ Introduction Status Quo, Overall Strategy and Online Strategy Media-Saturn Group Multichannel Strategy: Concept Leadership Price and Cost Management Proof of Strategy Online only Strategy Summary 2

4 Agenda Welcome/ Introduction Status Quo, Overall Strategy and Online Strategy Media-Saturn Group Multichannel Strategy: Concept Leadership Price and Cost Management Proof of Strategy Online only Strategy Summary 3

5 Agenda Welcome/ Introduction Status Quo, Overall Strategy and Online Strategy Media-Saturn Group Multichannel Strategy: Concept Leadership Price and Cost Management Proof of Strategy Online only Strategy Summary 4

6 Media-Saturn Group: European Market Leader in Store-Based Consumer Electronics (CE) Retailing... Media-Saturn s Success Factors Today... Strong store network: ~ 900 stores Attractive locations Over 800 million visitors per year International footprint High coverage across Europe Presence in emerging markets Trusted, leading brands Strong brand profile of Media Markt and Saturn European #1 in... CE retailing Broadest assortment All brands; strong supplier link From price-entry to high-end Powerful marketing High, permanent visibility Best prices Best prices in store-based CE retailing 5

7 European Market Leader in Bricks & Mortar Consumer Electronics Retailing Country MMS Market Position # of stores (as of 30/06/11) Market share % Jan.-May 2011 Germany # Italy # Spain # Poland # Austria # Netherlands # Hungary # Belgium # Switzerland # Greece # Portugal # Russia Early stage Sweden Early stage Turkey Early stage Luxembourg Early stage Source: GfK Market entries FR* CH PL ES DE AT HU IT NL * Exit France in 2011 BE GR RU LU PT SE TR CN 6

8 Increasing Sales and Number of Stores Stores x 2.8 billion Sales x Eastern Europe Western Europe Germany China million EBIT but the EBIT is flattening

9 Impact and Challenges for Bricks & Mortar Consumer Electronics Retailing Slowing growth Loss of price leadership Less traffic in stores Bricks & Mortar Margin pressure (e-commerce with low costs and low prices, high price transparency) Classical bricks & mortar consumer electronics retailing is approaching its peak in Europe 8

10 New Channels Are Gaining Market Shares Media-Saturn Online Country Market share % Jan.-May 2010 Jan.-May 2011 Deviation %-points Market share % Jan.-May 2010 Jan.-May 2011 Deviation %-points Germany Italy Spain Poland Austria Netherlands Hungary Belgium Switzerland Greece Portugal Russia Sweden n.a. n.a. n.a. Turkey Luxembourg n.a. n.a. n.a. Note: Online market shares for GR, RU, TR are based on estimations by GfK, LU & SE online are not available from GfK 9

11 EBIT Development EBIT ( million) +9%

12 EBIT Bridge H EBIT Deviation ( million) Mainly due to sales decline and price investments Partially compensated by first cost measures EBIT H Countries with structural downtrend (PIGS) 1 Germany E-Commerce (project & structure) Own Brands (project & structure) China Others (incl. expansion, ex China) EBIT H Portugal, Italy, Greece and Spain 11

13 Outlook FY 2011 EBIT Outlook 2011 ( million) c.50 c.575 EBIT FY 2010A H1 decline H2 expected improvement EBIT FY 2011E 12

14 Two Megatrends Impacting Media-Saturn's Core Business Megatrends Geographic Shift Growth shift from Western countries to Emerging Markets Channel Shift Online growing strongly Customer behaviour changing 13

15 Media-Saturn s Strategic Initiatives Megatrends Media-Saturn s Strategic Initiatives Geographic Shift Geographic shift Accelerating expansion into emerging markets including a shift of investments (Turkey, Russia and China) Portfolio optimisation (Exit France in 2011) Channel Shift Reshape core business Dual online strategy (Multichannel & online only ) 14

16 Geographic Shift of Media-Saturn s Sales Potential Home Turf 1 Emerging Markets (TR, RU, CN) New Markets (India, Brazil) Market volume ( billion) Market volume ( billion) 250 Market volume ( billion) 137 CAGR 1% CAGR 8% 81 CAGR 7% Source: Market Research Media-Saturn 1 Home turf includes 13 countries: Germany, Switzerland, Austria, Netherlands, Belgium, Luxembourg, Poland, Sweden, Portugal, Spain, Italy, Hungary and Greece 15

17 Successful Entry into China China as attractive retail opportunity with explosive growth Test phase with Media Markt brand started in Shanghai in 2010 Currently 3 stores opened and 4 further openings planned in 2011 First concept analysis shows high customer acceptance Accelerated expansion planned for 2012 Media Markt concept in China will also be an integrated multichannel concept 16

18 Channel Shift of Media-Saturn s Sales Potential Home Turf 1 Bricks & Mortar Home Turf 1 Online Market volume ( billion) Market volume ( billion) CAGR 1% CAGR 11% Source: Market Research Media-Saturn 1 Home turf includes 13 countries: Germany, Switzerland, Austria, Netherlands, Belgium, Luxembourg, Poland, Sweden, Portugal, Spain, Italy, Hungary and Greece 17

19 Dual Online Strategy Multichannel Online only Grants access to new customer segments Generates additional online growth complementary to multichannel online sales To become a multi-billion division consisting of independently operating online companies with preferably integrated activities Dual Online Strategy 18

20 Agenda Welcome/ Introduction Status Quo, Overall Strategy and Online Strategy Media-Saturn Group Multichannel Strategy: Concept Leadership Price and Cost Management Proof of Strategy Online only Strategy Summary 19

21 Multichannel Is Part of the New Business Model Building on the strengths of our bricks & mortar business: Touchpoints Offering s Customer Channels New search & find strategy Change in marketing approach; start of customer relationship management Stronger social media presence Implementation of mobile apps Offer content services, e.g. streaming music, video on demand And of course. selling online 20

22 Multichannel: More than just Online Basis are two trusted and very well known brands Full integration of online business and store business The customer decides to: Buy online and get goods delivered Buy in store and take goods home Buy online and pick up in stores (same day pickup) Buy in store and get goods delivered Return online or in store Repair online or in store Terminals in all stores to make full assortment available Unique concept, creating a fully integrated offline and online consumer electronics business with 900 multichannel stores across Europe, regaining category leader status 21

23 Five Cornerstones of the Multichannel Concept Cornerstones of Multichannel Concept 1 Model Online concept with full integration of stores Brand Pricing Assortment Operations/ Logistics Identical offline and online Media Markt and Saturn branding National online prices: competitive, transparent, stable Wide, deep, national online assortment, decentralised assortment in stores Central warehouse approach + modular outsourcing, cooperation with the best service providers + full store integration 22

24 Involvement of Store Managers 10% ownership 1 Online only Local store/ pick-up 2 Online buying + pick-up in store Twofold participation model % ownership: 10% share of all online results Fulfilment through store stock and profits booked in store 23

25 Multichannel Pricing Strategy COMPETITIVE + TRANSPARENT & STABLE Pricing below average Internet price Online price = store price Store price can be lower (decentralised pricing still possible) Delivery costs shown separately 24

26 Assortment 1 st step: 2,500 SKUs Content offering 50% of store sales Assortment in stores (decentralised) 2 nd step (2012): 5,000 8,000 SKUs Content offering 3 rd step: # SKUs online > # SKUs in store Assortment of online shop (centralised) Store offers: Full range of SKUs available online Choice of SKUs available online Additional assortments 25

27 Roll-Out Multichannel Media Markt NL / AT already online Launch of Saturn DE 1 st half of October 2011 Launch of Media Markt DE 2 nd half of January

28 Late but not too Late! Concept Leadership Leads to Market Leadership Sales Growth Player 6 30 Player 7 20 Player 5 Redcoon 10 Player 3 Player 2 Player 1 European* CE online market is still very fragmented but dominated by one major player Players 2 5 have only 8 % market share Almost no online players have presence in many European countries, many local heroes CE integrated multichannel is almost nonexistent in Europe 0 Player Source: Internal Research Market shares 2010 Opportunity for Media-Saturn Group to consolidate the fragmented European online market and once again become the concept and category leader * focused countries: Austria, Belgium, Denmark, France, Germany, Greece, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Sweden, Switzerland, Spain, Turkey, United Kingdom 27

29 Agenda Welcome/ Introduction Status Quo, Overall Strategy and Online Strategy Media-Saturn Group Multichannel Strategy: Concept Leadership Price and Cost Management Proof of Strategy Online only Strategy Summary 28

30 Steps to Implement Pricing Strategy Definition of strategic price positioning prices below average Internet price Analysis of current price gap Implement price management 4 Implement cost management 29

31 Analysis of Price Gap 1 1 Management of price clearness Best price in bricks & mortar CE retailing (shelf price) 2 2 Management of price clearness Average Internet price below shelf prices 3 3 Management of price clearness Promotional prices below average Internet price Shelf price competitor Shelf price Media Markt Average Internet price Promotion price Media Markt Strategic target price Media Markt 30

32 Narrowing Price Gap between Shelf and Internet Price in H Shelf price Media Markt Øvariance: 6.2 index points Øvariance: 4.9 index points Average Internet price Feb 2010 Dec 2010 Jun 2010 May 2011 Source: GFK IFR Group (Feb May 2011) 31

33 Implementing Price Management Pricing level Media Markt Germany in comparison to Internet Index Ø Internet = % 1 Align Management shelf prices of price and clearness cash register prices 100 < % 2 Actual price reduction 95 Shelf price 1 Cash register Ø Internet 2 Target price Lowest price 2 Media Markt Internet price 2 Saturn 1 Source: GFK IFR Group (Feb. May 2011) 2 Source: Internal Research on ~2.200 products in Q has shown a variance of ~3% between shelf and cash register price 32

34 Target Costing: Pricing Strategy Drives Cost Structure Price gap on group level is nearly on the same level as in Germany 2-3% cost reduction on group level is necessary: ~ 500 million in Further price decreases would require further cost reductions Cost Ratio Media-Saturn Group 21% 18-19% 2-3%-points Actual Target 33

35 Target Costing Approach Shows already First Effects in Management of price clearness Price investment of 1-2%-points in H to lower overall average prices (esp. Germany with ~ 60 million) 3 Further price investments in H focus on initial online assortment: ~ 50 million to 60 million 2 First results of target costing approach (i.e. ~ 17 million from Germany) 4 Cost reduction of more than 100 million planned in H H H

36 Measures 2011 / 2012 Cost reduction measures Examples Staff reduction ~ 3,000 employees in 2011 Marketing efficiencies Reduction HQ costs Change in marketing mix leads to reduction of marketing costs without losing share of voice Merger of country HQ (e.g. Spain Portugal: Media-Saturn Iberia) Store processes Centralising administrative services Monitoring according to Shape 2012 methodology 35

37 Agenda Welcome/ Introduction Status Quo, Overall Strategy and Online Strategy Media-Saturn Group Multichannel Strategy: Concept Leadership Price and Cost Management Proof of Strategy Online only Strategy Summary 36

38 First Proof of Strategy Media Markt in the Netherlands has implemented the new business model completely and has a multichannel online store since April 2010 Results in the Netherlands can be seen as a first proof of strategy: Overall: Media Markt is gaining market share in a declining market: from 13.3 to 13.8% market share Also growing in absolute terms Pricing strategy implemented: slightly below average Internet price Total cost base matching target costing EBIT% of over 4% has been maintained since 2008 and after introduction of the new business model Multichannel Webshop: Run rate of webshop million per year (= a large store): 1.5% of total CE online market; top 10 e-commerce player c.25% of online orders are picked up in stores 50% of returns are returned in stores 37

39 Business Case KPIs Group-Wide Multichannel Market share slightly below bricks & mortar market shares At least 2 billion sales in % target EBIT margin (= historical average bricks & mortar margin) Cumulated cash investments multichannel until June 2011: ~ 80 million (project and set-up organisation) 38

40 Agenda Welcome/ Introduction Status Quo, Overall Strategy and Online Strategy Media-Saturn Group Multichannel Strategy: Concept Leadership Price and Cost Management Proof of Strategy Online only Strategy Summary 39

41 Dual Online Strategy Multichannel Online only Grants access to new customer segments Generates additional online growth complementary to multichannel online sales To become a multi-billion division consisting of independently operating online companies with preferably integrated activities Dual Online Strategy 40

42 First Step: Acquisition of Redcoon as Part of a Bigger Plan Strategic concept: Independently operating online companies with preferably integrated activities 41

43 Redcoon: Facts & Figures Webshop Key Financials & Facts (unaudited, non-ifrs) % / / / /2011 Sales growth ~30% CAGR Constant margin with low cost rate (~10%) Sales ( million) Footprint in 10 countries Highlights 485 employees 24,000 consumer electronic products, 1,000,000 book titles Daily Unique Visitors: ~ 169,000 Page Views: 35 million / month Basket ~ 260 Warehouse: 20,000 sqm Germany + 8,000 sqm Iberia Shipping: ~ 200,000 products / month with a peak of 340,000 products in Dec

44 Redcoon: Strategic Outlook Strategic Outlook Market entry in new European countries 1 billion sales in 2015 Sales split: 50% Germany, 50% other countries 43

45 Agenda Welcome/ Introduction Status Quo, Overall Strategy and Online Strategy Media-Saturn Group Multichannel Strategy: Concept Leadership Price and Cost Management Proof of Strategy Online only Strategy Summary 44

46 MADE TO TRADE. Media-Saturn Group Online Strategy Aschaffenburg 26 July 2011 METRO AG 2011

47 Contact METRO GROUP Investor Relations Schlueterstrasse Duesseldorf Germany Tel.: +49 (0) Fax: +49 (0) Internet: 46

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