METRO GROUP’s planned demerger into two independent and stock-listed retail companies underway

Düsseldorf, 2016-Sep-06 — /EPR Retail News/ —  After the successful completion of the analysis phase, the planned demerger of METRO GROUP into two independent, strong and stock-listed retail companies is taking concrete shape: the necessary details with regard to corporate law, tax law and the respective capital structure of the two entities were clarified. Today (5 September 2016), the Management Board of METRO AG, after completion of the reviews, has decided to start with the preparations required for a demerger of METRO GROUP. The Supervisory Board approved the plans on the occasion of an extraordinary meeting held on Monday. Effective from 30 September, the group will be split into two organizationally separate entities on a pro-forma basis.

“In the past months we have intensively analysed the planned split of our group into two strong and focused trading companies”, said Olaf Koch, Chairman of the Management Board of METRO AG. “Now, we are creating the first important prerequisites and will implement the according actions. With the organisational separation, we are taking the first major step towards creating a leading international Wholesale and Food Specialist as well as the European market leader for Consumer Electronics products and services. The developments of the past few months have confirmed our belief that these two entities with hardly any operational overlaps and synergies will be even more successful when operating independently”.

Technically, the group split is achieved by spinning off and separate the Wholesale and Food business (METRO Cash & Carry and Real) as well as other related entities and business activities such as logistics, IT and real estate. The remaining group activities will essentially comprise the roughly 78% majority shareholding in Media-Saturn as well as other affiliated companies.

At the same time, the following key personnel decisions for both new entities are intended: Jürgen B. Steinemann is to retain his mandate as Chairman of the Supervisory Board of METRO AG for the future Wholesale and Food Specialist Group and Jürgen Fitschen, member of the Supervisory Board of METRO AG since 2008, is to assume the office of Chairman of the Supervisory Board of the future Consumer Electronics company. For the positions of Management Board of the Wholesale and Food Group following proposals have been made:

· Chief Executive Officer (CEO): Olaf Koch, as already communicated
· Chief Financial Officer (CFO): Christian Baier, currently CFO METRO Cash & Carry
· Chief Operating Officer (COO): Pieter Boone, currently Member of the Management Board of METRO AG, responsible for METRO Cash & Carry
· Chief Human Resources Officer (CHRO): Heiko Hutmacher; currently Member of the Management Board and CHRO of METRO AG

Following proposals have been made for the Management Board of the Consumer Electronics unit:

· Chief Executive Officer (CEO): Pieter Haas, as already communicated
· Chief Financial Officer (CFO): Mark Frese; currently Member of the Management Board and CFO of METRO AG
· Chief Legal and Compliance Officer (CLCO): Dieter Haag Molkenteller, currently Group Director Legal Affairs & Compliance METRO AG

All Management Board positions have to be approved by the respective Supervisory Boards, the actual confirmation is under the usual reserve of the annual general meeting or relevant supervisory board.

In parallel, METRO GROUP defined the business strategies for the two future entities and also developed clear capital and tax structures for them. The demerger concept was already aligned with the tax authorities. It is expected, that both groups will maintain the “investment grade” rating. An increase in the capital stock of METRO AG is not planned. To strengthen the capital base of the Consumer Electronics company, a 10% shareholding in the Wholesale and Food business is envisaged. In the same way, almost all existing financial liabilities of the group are to be assumed by the Wholesale and Food company. “The new capital structure will give both entities the necessary stability and scope for further growth. Both companies will be endowed with sufficient liquidity”, said Olaf Koch.

In late March 2016, the Management Board of METRO AG had announced that it would examine a split of the group into a Wholesale and Food Specialist company and a company focused on Consumer Electronics products and services as the logical next step in the transformation of the group. Both companies are to be managed as separately listed stock corporations with their own distinct profile, management and Supervisory Boards. The underlying conviction is that, by focusing on their respective industry and customer segment, both companies will be able to develop larger growth perspectives. Both companies stay based in Düsseldorf.

METRO GROUP is one of the most important international retailing companies. It generated sales of some €59 billion in financial year 2014/15. The company operates over 2,000 locations in 29 countries and employs more than 220,000 people. The performance of METRO GROUP is based on the strength of its sales brands, which act independently on the market: METRO/MAKRO, the international leader in the self-service wholesale trade; Media Markt and Saturn, the European market leader in consumer electronics retailing; and Real hypermarkets.

For more information, visit www.metrogroup.de

Contact:
METRO AG
Corporate Communications
Metro-Straße 1
40235 Düsseldorf

Phone +49 (0) 211 68 86-42 52
Fax +49 (0) 211 68 86-20 01

www.metrogroup.de
presse@metro.de
@Metro_Comms

Source: Metro Group

METRO to celebrate inaugural Own Business Day on 11 October 2016

Düsseldorf, 2016-Sep-05 — /EPR Retail News/ — Whether it is the cosy café, the family run bed and breakfast or the hairdresser around the corner – small, privately owned businesses, visited by millions of people every single day, play a crucial role in local communities. To pay tribute to their enduring dedication and recognize their accomplishments, METRO is celebrating a special day worldwide. The inaugural Own Business Day is due to be celebrated in all countries in which the company is active on 11 October 2016 and will draw attention to a great number of small businesses who will launch special offers for the public.

“Every day, millions of independent business owners around the world make our lives more colourful and connected through their essential services and enduring passion. They are one of the key social and economic players in our communities and help sustain the meaningful interaction between us,” said Pieter Boone, CEO of METRO Cash & Carry and member of the Management Board of METRO AG. “METRO strives to be the champion for independent businesses, and we want to express our admiration for these business owners with this special day.”

The inaugural Own Business Day will take place on 11 October 2016 in all countries in which METRO operates, targeting all small businesses including 21 million METRO professional customers. The company intends to establish the day as an annual global event scheduled for every second Tuesday of October. The event strives to provide own businesses with the attention and recognition they deserve and support them in building strong networks with others who share their passion. Leading up to 11 October, the activities surrounding Own Business Day will present a variety of special deals and offers, created by all participating businesses on a dedicated online platform that is open to the public in each country.

“We are convinced that with this global campaign and its diversified activities, an even broader recognition of independent businesses will be promoted and the emotional and operational link between these businesses and the public will be further enhanced,” said Philippe Palazzi, Chief Marketing Officer and Operating Partner of METRO Cash & Carry. In preparation for the event, METRO will provide participating business owners with comprehensive support. The online platform at www.own-business-day.com features the most up-to-date information and a growing number of special offers for the local public. Customized marketing support measures vary from country to country to benefit the participants. In some countries, for example, registered business owners will be able to order merchandising material free of charge, provided by the local METRO subsidiaries, to support their own marketing activities. In others, participants will even have access to regular updates on special deals, workshops and promotion material, including supplier and media cooperation.

During the final month leading up to 11 October, a number of promotional campaigns will be intensively carried out across all countries to stimulate more attention among the targeted business owners and the general public. For example, a series of so-called “pop-up shops” are due to be launched in seven selected cities across Europe and Asia. Here, one restaurant owner will set up a provisional but eye-catching spot at a busy downtown location using the banner of Own Business Day and will promote the upcoming event through tasty food and attention-grabbing activities

METRO employees around the world will be engaged as of the beginning of September in a global “#ownie” campaign, in which they will visit small businesses in their neighbourhood and take a selfie-style picture with the owner to show acknowledgement of the owner’s efforts and achievements. This event underscores the company’s culture of staying in touch with its independent business customers and understanding their needs and challenges.

METRO Cash & Carry is represented in 25 countries with over 750 self-service wholesale stores. With a headcount of about 110,000 employees worldwide, the wholesale company achieved sales of around €30 billion in financial year 2014/15. METRO Cash & Carry is a sales line of METRO GROUP. METRO GROUP is one of the largest and most important international retail companies. In financial year 2014/15, it generated sales of around €59 billion. The company operates over 2,000 stores in 29 countries and has a headcount of more than 220,000 employees. The performance of METRO GROUP is based on the strength of its sales brands that operate independently in their respective market segments: METRO/MAKRO Cash & Carry – the international leader in self-service wholesale; Media Markt and Saturn – the European market leader in consumer electronics retailing; and Real hypermarkets.

For more information, visit www.metrogroup.de

Contact:
METRO AG
Corporate Communications
Metro-Straße 1
40235 Düsseldorf

Phone +49 (0) 211 68 86-42 52
Fax +49 (0) 211 68 86-20 01

www.metrogroup.de
presse@metro.de
@Metro_Comms

Source: Metro Group

METRO Cash & Carry Germany announces Thomas Storck as Chairman of the Management Board

Düsseldorf, Germany, 2016-Apr-22 — /EPR Retail News/ — METRO Cash & Carry Germany today announces a change in its leadership structure: Thomas Storck, current Chief Solution Officer (CSO & CIO) and member of the Operating Board of the METRO Cash & Carry Holding (MCC), will become with immediate effect Chairman of the Management Board of METRO Cash & Carry Germany. Storck will replaceAxel Hluchy, who is leaving the METRO GROUP of his own accord.

“Thomas Storck is the perfect fit for the challenges that our business in Germany will face in the future”, said Pieter Boone, CEO of METRO Cash & Carry and Chairman of the Supervisory Board of METRO Cash & Carry Germany.”Thomas Storck has a wealth of experience in wholesale and retail and in the transformation of trading formats, and possesses a broad spectrum of skills in Buying, Finance, IT and Logistics. He is also an expert in digitalization and multi-channel trade, an important area for our future activities. With his broad competence, management skills and experiences in the industry, Thomas Storck will lead MCCD’s journey on further increasing the multi-channel focus on our core customers from the Hotel, Restaurant and Catering business as well as from the Traders and Services area.”

“Meanwhile, we wish to thank Axel Hluchy for his contribution to and engagement at METRO”, Boone added. “We are losing a long-serving, strongly committed and successful manager, who has accomplished a lot both internationally and in Germany.” Axel Hluchy (51) departs METRO GROUP voluntarily in order to further pursue his career outside of the organization, after around 19 years of successful activity in a range of leading positions for instance as Managing Director of MCC Ukraine as well as of Czech Republic and Slovakia.

Thomas Storck (47) has been active in various functions in the trading sector for 20 years. He was previously on the Board of METRO Cash & Carry Germany as Chief Financial Officer (CFO) between 2002 and 2007, before becoming Chief Innovation Officer (CIO) at METRO AG. Between 2008 and 2014, Storck was a member of the Board ofGALERIA Kaufhof GmbH, initially responsible for Finance, Logistics and IT and subsequently for Buying, Sustainability and Multi-Channel. In October 2014 he moved to METRO Cash & Carry as Chief Solution Officer (CSO & CIO), and in May 2015 he took the step up to fulfil the same role as a member of the Operating Board. In addition to his career atMETRO GROUP, Thomas Storck from 2000 to 2002 gained experience as Chief Financial Officer at the Silicon Valley online purchasing platform GlobalNetXChange.

A decision around Thomas Storck’s replacement as CSO & CIO will be made shortly.

METRO GROUP is one of the most important international retailing companies. It generated sales of some €59 billion in financial year 2014/15. The company operates over 2,000 locations in 29 countries and employs more than 220,000 people. The performance of METRO GROUP is based on the strength of its sales brands, which act independently on the market: METRO/MAKRO Cash & Carry, the international leader in the self-service wholesale trade; Media Markt and Saturn, the European market leader in consumer electronics retailing; and Real hypermarkets.

Contact Media Department

Telephone: +49 211 6886-4252
Telefax: +49 211 6886-2001

E-Mail METRO GROUP: presse@metro.de

METRO GROUP acquires the Classic Fine Foods Group from private equity firm EQT

  • Acquisition strengthens METRO GROUP’s wholesale operations – dedicated Food Service Distribution (FSD) business as a growth driver
  • Classic Fine Foods provides access to premium FSD markets in high growth Asian mega cities and Middle East
  • With Classic Fine Foods, wholesale market presence expands from 26 to 36 countries
  • Further growth potential by expanding Classic Fine Foods to selected European METRO Cash & Carry markets

Düsseldorf, Germany, 2015-8-7— /EPR Retail News/ — The Düsseldorf-based retailing company METRO GROUP has acquired the Classic Fine Foods Group (CFF) from private equity firm EQT. CFF is a leading premium food service distribution (FSD) player headquartered in Singapore, serving high-end hotels and restaurants in Asian mega cities and Middle East. The acquisition strengthens METRO GROUP’swholesale subsidiary METRO Cash & Carry with dedicated FSD capabilities. It provides access to growth and value creation potential in the attractive premium FSD markets. The transaction covers the operations and all fixed assets of CFF for an enterprise value of $290 million plus an earn-out of up to $38 million depending on the EBITDA performance in 2015 to 2017.

“METRO Cash & Carry aims to strongly expand its FSD operations. With the acquisition of CFF we strengthen our value proposition and enlarge our wholesale market presence fuelling future sales and earnings growth”, said Olaf Koch,Chairman of the Management Board of METRO AG. Pieter Boone, CEO of METRO Cash & Carry, added: “With Classic Fine Foods, we found the perfect partner to expand in high growth Asian FSD markets. CFF has a strong market position and a unique exposure to Asian mega cities and Middle East. CFF partners with some of the world’s most sought after fine food producers and has excellent customer relationships in the high margin premium Hotels, Restaurants and Caterers (HoReCa) segment. The acquisition boosts our FSD capabilities widening the services for our HoReCa customers.”

“During EQT’s ownership, Classic Fine Foods extended into new product categories, initiated relationships with new suppliers, entered new geographies, for instance China, and institutionalized best practices in areas including procurement. The size of the business has doubled and we are pleased that a number of local companies have developed into a coherent group that is a clear leader within fine food services. We believe METRO will be an excellent new home where Classic Fine Foods will be able to enter its next phase of growth,” said Simon Griffiths, Partner at EQT Partners, Investment Advisor to EQT Greater China II.

The FSD potential in the market for HoReCa is substantial: A growing number of HoReCa professionals prefer to have their orders delivered especially in Asian mega cities and Middle East. “We have already successfully established our own FSD activities in markets such as China, Germany and Russia. By expanding the business activities of CFF to selected European METRO Cash & Carry markets we better tap the FSD growth potential in those markets”, said Koch. “Furthermore, we strive for joining forces with CFF by utilising METRO Cash & Carry’s assortment and its suppliers.”

In order to generate even more customer value, Fred Barnes, METRO Group Director FSD, will – in addition to his current role – become the Chairman of the Supervisory Board of CFF; in this role, he will work closely together with CFF’s outstanding Management Team. Fred Barnes, who was the former CEO of Bidvest Europe and Middle East, a leading international FSD player, has a substantial experience in FSD from which both CFF and METRO will benefit.

“I really look forward to working with METRO, especially to help us expand in Japan and China and in new countries where we are not present”, said Fergus Balfour, CEO of Classic Fine Foods.

CFF’s geographical footprint covers 25 cities predominantly Asian (e.g. Singapore, Dubai, Hong Kong, Bangkok, Kuala Lumpur, London, Ho Chi Minh City and Jakarta) across 14 countries. This will increase METRO Cash & Carry’s presence from 26 to 36 countries. CFF’s business comprises sourcing and procurement, import and export, storage and handling, marketing and distribution of high-end fine foods products such as dairy, meat, pastry, seafood, high quality perishables, condiments, pasta and dry products. By directly distributing international and mostly European premium brands CFF serves the daily needs of HoReCa customers like five-star hotels and high-end restaurants in Asian mega cities and Middle East. Additionally, the company serves airlines, supermarket chains and delicatessen stores. CFF employs approximately 800 people, generates annual sales of more than $200 million and is highly profitable.

CFF has its own distribution and warehousing network across the cities it serves. This enables the company to offer highly flexible delivery schedules. Products are sourced and stored in CFF’s network of warehouses through third-party providers and are distributed using CFF’s fleet of vehicles or external drivers to meet peak demand. After being acquired by METRO GROUP, CFF will remain largely independent, maintaining its own sourcing base and distribution network.

 

METRO GROUP is one of the largest and most important international retailing companies. In the financial year 2013/14 it generated sales of around €63 billion. The company operates around 2,200 stores in 30 countries and has a headcount of around 250,000 employees. The performance of METRO GROUP is based on the strength of its sales brands that operate independently in their respective market segments: METRO/MAKRO Cash & Carry – the international leader in self-service wholesale – Media Markt and Saturn – the European market leader in consumer electronics retailing – Real hypermarkets and Galeria Kaufhof department stores.

EQT is a leading private equity group in Europe, with portfolio companies across Europe, Asia and the US with total sales of more than EUR 17 billion and approximately 140,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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METRO Cash & Carry appoints Pieter Boone as its new CEO

Düsseldorf, Germany, 2015-5-6 — /EPR Retail News/ — Following the successful first phase of METRO Cash & Carry’s repositioning, the international wholesale group is now getting a new CEO: Olaf Koch, currently CEO of METRO Cash & Carry as well as Chairman of the Management Board ofMETRO AG, will focus solely on his role as head of the whole group in the future. Following Koch’s recommendation, the Supervisory Board of METRO AG has now appointed the current Managing Director of METRO Cash & Carry Russia,Pieter Boone, as his successor. Dutch-born Pieter Boone will also join the Management Board of METRO AG, becoming the fifth member alongside Olaf Koch (CEO), Mark Frese (CFO), Pieter Haas (Media-Saturn) and Heiko Hutmacher(Human Resources). Boone will start in his new position as Member of the Management Board of METRO AG on July 1st and will lead METRO Cash & Carry together with Olaf Koch as Co-CEO until the end of the business year. New Managing Director of METRO Cash & Carry Russia will be the current Offer Management Director, Boris Minialai.

“Over the last two years we have introduced numerous measures to get METRO Cash & Carry ready for future growth”, said Olaf Koch. “Now, after seven quarters of successive like-for-like growth, we are seeing the fruits of our labours. It is therefore the right moment to hand over responsibility for METRO Cash & Carry to someone who can dedicate themselves entirely to our crucial wholesale business, and who also brings valuable experience at the company.” Around two years ago Olaf Koch took on the position as CEO of the wholesale subsidiary METRO Cash & Carry on an interims base alongside his role as CEO of METRO AG. Since then, numerous strategic initiatives and structural changes have been introduced at the leading international wholesaler. For instance, the delivery business has undergone major expansion, the country portfolio has been streamlined by exiting unprofitable markets, and the brand profile has been sharpened.

“Pieter Boone has achieved great things at METRO in recent years, proving that he has a wealth of operating experience and strategic foresight. His work is highly focused on objectives and customers; he cultivates close relationships with both the market and his shareholders; and above all he is someone who lives our leadership principles”, Koch added. “I have taken a great deal of pleasure from my position at METRO Cash & Carry, but a double role can only be performed on an interim basis, and Pieter Boone will now be able to dedicate himself entirely to the task. I know that with him the job is in the best hands. The Management Board and Supervisory Board of METRO AG wish him all the best in his new role.”

Pieter Boone began his management career at SHV MAKRO Cash & Carry in 1992 and has since performed various roles in MAKRO’s Asian and South American business, including Managing Director of MAKRO in Peru, the Philippines and Malaysia or Operations Director in Indonesia and Thailand. In 2011, the Dutch-born manager joined METRO GROUP and was assigned as Operations Director at METRO Cash & Carry Russia, where he took over the role of Managing Director in March 2012.

“I am grateful for the trust and confidence shown in me and thankful for the opportunity given to work as CEO ofMETRO Cash & Carry and Member of the Board of METRO AG,” said Boone. “The position as CEO brings many challenges and a great deal of responsibility. I am looking forward to continue the journey started by Olaf Koch and the colleagues as well as to new challenges. I am excited to work with the excellent team of METRO Cash & Carry and the Operating Board – our business is people business.”

Pieter Boone’s successor as Managing Director of METRO Cash & Carry Russia will be Boris Minialai, currently Offer Management Director at the Russian subsidiary. French-born Boris Minialai has been a member of theMETRO Cash & Carry Management Board since December 2014 and was previously Operations Director for the wholesale business in Turkey and Morocco. Minialai came to METRO from the French retailer Carrefour in 2008. His successor as Offer Management Director at METRO Cash & Carry Russia will be Ewa Jankowiak, who currently is in the position of the Deputy Offer Management Director Food.

The METRO GROUP is a leading international retail and wholesale company. In the 2013/14 business year it generated sales of around EUR 63bn. The company is active at roughly 2,200 locations in 30 countries and has around 250,000 employees. The performance of the METRO GROUP is based on the strength of its sales brands, which carry out their market activities independently: METRO/MAKRO Cash & Carry – international leaders in the cash & carry business; Media Markt and Saturn – European market leaders in electrical retail; Real hypermarkets and Galeria Kaufhof department stores.