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Trading Statement fourth quarter / fiscal year 2003

09.01.2004

Trading Statement fourth quarter / fiscal year 2003

Düsseldorf, 9 January 2004 – In fiscal year 2003 (1 January - 31 December) METRO Group increased sales 4.0% from € 51.5 bn to € 53.6 bn according to preliminary figures. Excluding currency effects Group sales were up 5.7%. METRO Group’s sales divisions achieved sales growth of 4.3% to € 53.3 bn. Excluding currency effects, divisional sales grew 6.0%. Abroad, Group sales were up 10.0% at constant exchange rates (including currency effects: +6.1%). Against the strong Euro, the foreign share went further up from 46.3% to 47.2%.

In Q4 2003 METRO Group achieved sales growth of 3.6% (excluding currency effects: +5.4%). With a sluggish Christmas business METRO Group’s sales growth in Germany came in at 1.3%. Abroad, sales grew significantly with 10.4% at constant exchange rates (including currency effects: +6.2%). The foreign share increased from 46.5% to 47.7%.

Dr. Hans-Joachim Körber, CEO of METRO AG: "With sales up 5.7% we have accomplished our growth target for 2003. In total we are satisfied with the operational development in the fourth quarter. Our international business developed continuously strong. As expected, the German Christmas business did not provide momentum. We maintain our EPS target. Based as well on the good development abroad an increase in the upper area of the 6 to 10% corridor remains achievable."

The Sales Divisions in Q4 2003
The worldwide Metro Cash & Carry business posted again a good pre currency sales growth in Q4. This was due to a good development in the international operations. With a sluggish Christmas business like-for-like sales in Germany remained behind the development in the first nine months. In Q4 20 new wholesale centers were opened; two each in Germany, France, the UK, Italy and India, four in Romania, three in Spain as well as one each in Russia, Belgium and Croatia.

Like-for-like sales in the food retail divisions Real and Extra in Germany were down in Q4 compared to prior year’s fourth quarter. The store network optimization at Extra was pushed ahead with the disposal of 12 stores, thereof two transfers into the Real hypermarket network. In Poland, Real expanded its presence with two openings to 27 stores.

The Media Markt / Saturn Consumer Electronics Centers accelerated sales growth in Q4 based on the very strong development of the international business. In Germany, a good Christmas business could not compensate for the negative like-for-likes at the beginning of the quarter. 23 stores were opened in Q4. The store network was expanded by 13 stores in Germany and by ten stores abroad; thereof three each in Italy and Poland, two in Spain as well as one each in the Netherlands and Belgium.

The Praktiker Home Improvement Centers continued their positive trend in Q4. Like-for-like sales development was positive in Germany and abroad. Within the store network optimization seven stores were disposed in Germany and one in Austria. This was contrasted by six openings, thereof two in Germany, three in Romania as well as one in Turkey.

Without momentum from the Christmas business, the Galeria Kaufhof Department Stores showed an improved sales development in Q4. Based on a good customer frequency, the like-for-like decline came in below the first nine months development.

Sales Network Development 2003
In fiscal year 2003 METRO Group’s store network was expanded by a total of 60 stores. Expansion drivers were Metro Cash & Carry with 39 and Media Markt / Saturn with 52 openings. As at year end METRO Group’s sales network comprised 2,370 outlets. Including the market entries into Ukraine and India METRO Group is represented in 28 countries.

Additional information
METRO Group will present the consolidated financial statements for fiscal year 2003 at the Annual Press Conference on 24 March 2004.

Financial Calendar 2004

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