Q3 2024 METRO AG Earnings Call Transcript
Key Points
- Sales grew by 4% in local currency, aligning with the company's guidance.
- Foodservice distribution (FSD) operations saw a significant 16% growth, continuing a double-digit growth trend.
- Digital sales increased by 43%, with 8,000 new subscribers for digital solutions.
- The company successfully completed nine network transformation projects, enhancing delivery capacity.
- Positive free cash flow of EUR239 million was achieved, driven by improved net working capital.
- Adjusted EBITDA in Q3 remained roughly at the previous year's level, indicating limited growth.
- Germany's sales decreased by 2%, impacted by a delayed season start and deflationary environment.
- Segment West saw a slight sales decrease of around 1%, with negative effects from a delayed season start in France.
- Net debt stands at around EUR3.3 billion, a slight increase from the previous year.
- Earnings per share for the first nine months were negative, and the company expects to break even or slightly positive by year-end, impacting dividend payouts.
Good morning, everyone. Welcome to our Q3 '23, '24 results call. I'm very happy to present you the most recent business updates, together with our CFO sitting next to me here, Eric Riegger. And as usual, we're going to start with a strategic update followed then by Eric, who is going to present the financials.
Like always, there's written and verbal Q&A options. And to just reiterate, we are offering [Deutsch slot here, slot Nafta], not an English Verizon traditional listen. So then let's directly go into the content, I would propose because we want to focus now on four topics.
First of all, we want to focus on the Q3 sales and the earnings development, which are very much in line with our guidance. Second, we want to do a deeper look into the growth of our different channels and specifically the foodservice delivered the FSD business as the growth -- as a key growth contributor in this very moment.
Third, we want to give an update on our financial KPIs as well as outline how this core
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