Ceconomy

Ceconomy AG
Company typeAktiengesellschaft (AG)
FWB: CEC
FWB: MEOD (ADR)
OTC Pink Current: MTAGF
OTC Pink Current: MTTRY (ADR)
SDAX component (CEC)
ISINDE0007257503
US1500421094
IndustryRetail
PredecessorMetro AG
Founded2017; 7 years ago (2017) (original group was founded in 1996)
HeadquartersDüsseldorf, Germany
Number of locations
1,024 (2022)
Key people
  • Karsten Wildberger
    (CEO)
  • Florian Wieser
    (CFO)
ProductsConsumer electronics and related services
Revenue€21.8 billion (2022)
Number of employees
50,000 (2022)
Websitewww.ceconomy.de Edit this at Wikidata

Ceconomy AG is an international retail company headquartered in Düsseldorf, Germany. Its history goes back to the Metro Group.[1] Ceconomy operates more than 1,000 consumer electronics stores in twelve countries. In addition to MediaMarkt and Saturn, the group owns Deutsche Technikberatung. Approximately 32.5% of its sales are generated online.[2]

History

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In March 2016, Metro announced a comprehensive reorganization of its business units. Wholesale and food retailing were to be continued separately from the consumer electronics centers.[3] For Cash & Carry and Real, the company wanted to retain the "Metro" name. MediaMarkt and Saturn were henceforth to be managed under the umbrella of "Ceconomy".[4] The reorganization was completed in July 2017.[5] Since then, Ceconomy and Metro have functioned as independent sister companies.[6] Both entities maintained their listing on the stock exchange.[7]

Ceconomy started as a leading European electronics retailer.[8] To build on this position, the company focused on diversifying and internationalizing its activities. Examples include the acquisition of a majority stake in Deutsche Technikberatung and a minority stake in French electronics retailer Fnac Darty.[9]

In response to increased competition in retail, Ceconomy developed closer cooperation with Fnac Darty and M.video,[10] but did not realize those plans.[11] The Fnac Darty affiliation caused conflict with MediaMarkt co-founder Erich Kellerhals.[12] There was a controversy between Ceconomy and Convergenta over the company's strategy and board appointments,[13] which ended in 2020.[14]

The Saturn store in the city center of Hamburg is the largest contiguous electronics store in the world, covering an area of 18,000 square meters over 6 floors.

Corporate affairs

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The key trends of Ceconomy are (as at the financial year ending September 30):[15]

Year Revenue (€ bn) Net income (€ m) Employees
2017 22.1 1,102 68,804
2018 21.4 –212 61,962
2019 21.4 122 59,421
2020 20.8 –232 57,739
2021 21.3 232 54,966
2022 21.7 126 53,889
2023 22.2 –39 52,547

Operations

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Ceconomy is a stock corporation under German law with its registered office in Düsseldorf. Its shares are traded on the Prime Standard of Deutsche Börse. Ceconomy was part of the MDAX from 2017 to September 2018 and has since been part of the SDAX.[16] The largest shareholders include the investment holding company Haniel, the Meridian Foundation, the telecommunications company Freenet, and the Beisheim family; there are other institutional investors such as pension funds.

The current executive board consists of Karsten Wildberger (CEO) and Florian Wieser (CFO).[17][18] The supervisory board is headed by Thomas Dannenfeldt.

Businesses

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The core of Ceconomy's business activities is the sale of consumer electronics and the installation and repair of related products. The subsidiaries operate largely independently. Ceconomy is increasingly focusing on linking its stores with online retailing. The omnichannel strategy is seen as the most important building block for further development of the Ceconomy group.[19][20]

Media-Saturn-Holding (or MediaMarktSaturn Retail Group), headquartered in Ingolstadt, bundles business under the MediaMarkt and Saturn brands. The formerly independent retail chains have been affiliated under company law since 1990.[21] The first MediaMarkt store opened in Munich in 1979,[22] the first Saturn store in 1961 on Cologne's Hansaring.[23]

Deutsche Technikberatung (DTB for short), headquartered in Hürth, Germany, is a service company that supports customers with questions about consumer electronics. This includes not only the installation and configuration of devices but also pre-purchase advice. The technicians work either on-site or via remote maintenance.[24]

Notes and references

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  1. ^ "Geschafft: Metro gelingt Aufspaltung. Zwei neue Multimilliarden-Konzerne.", Manager Magazin (in German), 13 July 2017, retrieved 10 April 2021
  2. ^ Trading Statement Q4/FY 2020/21 (PDF), Ceconomy, 26 October 2021, retrieved 26 October 2021
  3. ^ Kolf, Florian (12 May 2016), "Das große Aufräumen. Metro vor der Aufspaltung.", Handelsblatt (in German), retrieved 10 April 2021
  4. ^ "Ceconomy: Metro gliedert MediaMarkt und Saturn aus.", Der Spiegel (in German), 15 December 2016, retrieved 10 April 2021
  5. ^ "Die Metro-Aufspaltung ist vollzogen. Börsenstart am Donnerstag.", Rheinische Post (in German), 12 July 2017, retrieved 10 April 2021
  6. ^ Kolf, Florian (12 July 2017), "Metro-Aufspaltung: Welcher Zwilling ist der Bessere?", Handelsblatt (in German), retrieved 10 April 2021
  7. ^ "Metro: Was die Aufspaltung für Aktionäre bedeutet.", WirtschaftsWoche (in German), 13 July 2017, retrieved 10 April 2021
  8. ^ Becker, Annette (15 July 2017), "1 + 1 < 2", Börsen-Zeitung (in German), p. 9
  9. ^ "Metro-Nachfolgerin: Ceconomy baut Dienstleistungsgeschäft aus.", Handelsblatt (in German), 7 March 2017, retrieved 10 April 2021
  10. ^ Hecking, Mirjam (16 May 2018), "Strategische Allianz gegen Amazon und Chinesen: Wie Deutschlands größter Elektronikhändler Amazon und Alibaba Paroli bieten will.", Manager Magazin (in German), retrieved 10 April 2021
  11. ^ "Initiativen statt Allianzen: Media-Saturn legt Pläne für Allianz mit Fnac Darty auf Eis.", CEtoday (in German), 15 January 2019, retrieved 10 April 2021
  12. ^ "Anzeige gegen Ceconomy: Kellerhals sorgt wieder für Ärger.", Handelsblatt (in German), 31 August 2017, retrieved 10 April 2021
  13. ^ Kolf, Florian (20 January 2020), "Vor Hauptversammlung: Streit über Besetzung des Ceconomy-Aufsichtsrats eskaliert.", Handelsblatt (in German), retrieved 10 April 2021
  14. ^ Becker, Annette (17 June 2021), "Ceconomy beendet Gesellschafterstreit", Börsen-Zeitung (in German), retrieved 18 June 2021
  15. ^ "Ceconomy St Fundamentalanalyse | KGV | Kennzahlen". boerse.de (in German). Retrieved 9 April 2024.
  16. ^ "So sehen MDax, SDax und TecDax künftig aus.", Handelsblatt (in German), 6 September 2018, retrieved 10 April 2021
  17. ^ Flauger, Jürgen; Möthe, Alexander (10 May 2021), "E.ON-Vorstand Karsten Wildberger wird Ceconomy-CEO.", Handelsblatt (in German), retrieved 9 June 2021
  18. ^ Becker, Jessica (20 April 2021), "Ceconomy: Muttergesellschaft von Media-Saturn bekommt neuen Finanzchef.", Lebensmittel Zeitung (in German), retrieved 21 April 2021
  19. ^ Kolf, Florian (13 August 2020), "Elektronikhändler: Ceconomy-Chef wird mit neuer Strategie für seine Vertragsverlängerung.", Handelsblatt (in German), retrieved 10 April 2021
  20. ^ Hofer, Joachim (5 August 2020), "Coronakrise: Media-Saturn-Mutter Ceconomy plant deutlichen Stellenabbau.", Handelsblatt (in German), retrieved 10 April 2021
  21. ^ "Der Elektro-Schocker. Der Media Markt ist nicht blöd: Mit platten Sprüchen und brachialen Kampfpreisen drängt er die Konkurrenz an die Wand. In Deutschland öffnete jetzt die 200. Filiale. Aber Vorsicht: Lassen Sie sich nicht verarschen.", Stern (in German), 2 June 2005
  22. ^ "Der Media-Mann: Leopold Stiefel hat unter dem Metro-Dach den größten und erfolgreichsten Elektrofachhändler Europas aufgebaut.", WirtschaftsWoche (in German), p. 78, 29 March 2001
  23. ^ Bos, Christian (22 April 2002), "Der "Mann vom Saturn" hört auf. Das HiFi-Geschäft belieferte anfangs Diplomaten in aller Welt.", Kölner Stadt-Anzeiger (in German)
  24. ^ Kannenberg, Axel (26 May 2017), "Media Markt und Saturn: Kunden können sich bald Zuhause beraten lassen.", Heise Online (in German), retrieved 10 April 2021
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