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METRO Group Presents Stockholders Positive Result for Fiscal Year 2002

22.05.2003

METRO Group Presents Stockholders Positive Result for Fiscal Year 2002

Düsseldorf, 22 May 2003 – The Chairman and CEO of METRO AG, Dr. Hans-Joachim Körber, presented a positive result for fiscal 2002 to the Metro stockholders on the occasion of the Annual General Meeting of the Düsseldorf-based trading company. "With an increase in consolidated sales revenues by 4 percent to € 51.5 billion, an improvement of the EBIT by 3.1 percent to € 1.17 billion, and earnings per share rising by 10.4 percent to € 1.36, the METRO Group reached its ambitions corporate targets of the past fiscal year," declared Mr. Körber. "Despite unfavorable economic conditions, in particular those prevailing on the German market, the METRO Group managed to largely develop better than its competitors." The economic value added (EVA), the central benchmark for the economic success of a company, was boosted once again. "For the first time, the Group achieved an almost complete coverage of its costs of capital," said Dr. Körber. "With our strategy of value-oriented growth and the consistently pursued internationalization of our strong marketing concepts we are heading in the right direction."

The share of international business in the Group’s total sales revenues climbed by 46 percent in 2002. METRO Group achieved 62 percent of its EBIT outside of Germany on the markets in Western and Eastern Europe. The continuous optimization of its marketing concepts and the stronger positioning of the sales divisions as retail brands also substantially contributed to the company’s success. In this context, Metro Cash & Carry, Media Markt/Saturn and Real gained additional market shares despite the negative market trend. Galeria Kaufhof, too, closed the business year better than its competitors. 

According to Dr. Körber, the METRO Group’s market position has reached a new quality. "We are a modern, well-positioned and internationally oriented company with good perspectives for the future," he stressed in his address to the stockholders at the Düsseldorf Congress Center.

The consistent pursuance of the successful corporate strategy and the orientation to profitable growth will also bear fruit in the current business year. With sales growing 2.7 percent or, net of currency effects, 5 percent in the first quarter 2003, METRO Group made a good start into the ongoing fiscal year. The company again demonstrated its high operating performance capability with an EBIT improvement by € 28.1 million in the first quarter and thus continued the business success of the year 2002.

Dr. Körber underlined the Group’s target to raise sales revenues before currency effects by around 5 percent in fiscal 2003. Furthermore, the company expects to boost earnings per share by 6 to 10 percent. The EVA is to improve again.

International expansion will be targetly continued in 2003. Metro Cash & Carry plans to enter the Indian market this year by opening two stores in Bangalore. In August 2003, this sales division is also scheduled to open its first store in the Ukraine. The sales division Media Markt/Saturn is expected to continue its international expansion.

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