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METRO Group makes a successful start into fiscal 2004

30.04.2004

METRO Group makes a successful start into fiscal 2004

Duesseldorf, 30 April 2004 – In the first three months of the current fiscal year the METRO Group achieved total sales of € 12.87 billion. This corresponds to a rise in sales net of currency effects of 7.3 percent compared with the same period last year. Including currency effects, sales grew 6.1 percent. Earnings before taxes (EBT) rallied from € 1.6 million to € 35.4 million. Earnings per share put on 5 cents to € 0.04.
"METRO Group has made a really successful start into the year 2004. In an ongoing difficult industry environment we succeeded in accelerating the growth of our sales revenue. Hence, we have once again borne evidence to our high operating performance capability," said Dr. Hans-Joachim Körber, CEO of the METRO Group, on the occasion of the presentation of the business figures for the First Quarter 2004.
In Germany, METRO Group’s First Quarter sales were up 2.3 percent to stand at € 6.84 billion. Abroad, sales soared 10.7 percent to € 6.03 billion. Net of currency effects, sales abroad climbed 13.7 percent. The international share in total sales continued to rise, namely from 44.9 percent during the same period last year to 46.9 percent in the First Quarter 2004.
"Our strongest growth region is Eastern Europe", said Körber. "In the First Quarter we could increase sales in this region by 21.3 percent net of currency effects. EBITA rose from € 13.6 million to 36.8 million. Today METRO Group is the biggest retailing company in Eastern Europe. Also against this background we appreciate the EU enlargement very much."
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by € 90.1 million to € 426.3 million. The EBITA rose by € 53.9 million to € 144.2 million. In addition to an improvement of the operating result this also reflects an EBITA contribution of around € 30 million from the consolidation of Asset Immobilienbeteiligungen GmbH & Co. KG (AIB).
As at 31 March 2004, the METRO Group operated a total of 2,370 locations worldwide. Twelve new stores were opened in the First Quarter, seven of them by the high-sales and high-revenue sales divisions Metro Cash & Carry (two) as well as Media Markt and Saturn (five).

Metro Cash & Carry achieves distinct growth in Germany and abroad
Compared with the prior-year period, the sales division Metro Cash & Carry increased sales by 7.6 percent to € 5.92 billion during the First Quarter 2004. Net of currency effects, the growth in sales amounted to 9.6 percent. In Germany, the sales division stepped up sales by 4.8 percent. Promotion activities on the occasion of the "40 Years Metro Cash & Carry" anniversary contributed to this result. Net of currency effects sales in Western Europe improved by 5.4 percent, in Eastern Europe by 21.2 percent, and in the other countries by 23.8 percent. Metro Cash & Carry recorded a particularly positive course of business in France, Italy, Poland, Romania, Russia and Spain.
EBITA improved by 9.9 percent to € 74.2 million. Thus, Metro Cash & Carry again demonstrated its high earnings capacity. The store network was extended by one location in Germany and one in China to reach a total of 477 stores.

Real asserts its strong market position
The Real hypermarkets have continued their positive course of business in the First Quarter 2004. Real’s sales rose 2.4 percent to € 1.96 billion. Net of currency effects sales grew 3.1 percent. In Germany, the volume of sales increased by 1.9 percent. In view of these figures and against the background of a continued difficult industry situation, the Real hypermarkets again showed a good development of business. Abroad, the sales division achieved an appreciable increase in sales by 8.3 percent. Net of currency effects sales grew 16.1 percent. Real recorded a particularly good course of operating business in Poland and Turkey.
In terms of earnings (EBITA) this sales division achieved an increase of 6.1 percent to € 13.2 million. The network of locations was extended with the takeover of one large selling space store from the Extra sales division.

Extra stabilizes due to consistently continued restructuring
The Extra supermarkets have consistently continued to optimize their store network thereby further reducing the selling space. Against this background, sales dropped by 5.6 percent to € 642.7 million and like-for-like by 1.5 percent during the First Quarter 2004. In view of a continued difficult market situation this means that business has stabilized.
EBITA declined by € 1.6 million to € -17.9 million. The network of locations was further optimized during the period under review. Three Extra supermarkets were closed while four were transferred to franchisees and one to Real. As at 31 March 2004, Extra operated a total of 458 locations.

Media Markt and Saturn appreciably improved their result
The Media Markt and Saturn consumer electronics centers have continued their successful course of business of the past few years also in the First Quarter 2004 and again substantially expanded their market leadership in Europe. On a period-to-period basis, the sales division raised sales by 15.3 percent to € 2.71 billion. Net of currency effects, growth stood at 16.2 percent. While the German consumer electronics business as a whole was affected by a further decline in sales, Media Markt and Saturn achieved a distinct plus of sales in Germany of 10.4 percent during the first three months. In Western Europe, the sales rose by 23.8 percent and in Eastern Europe by 18.3 percent. Net of currency effects, sales in Eastern Europe soared by 32.3 percent. In particular in Italy, The Netherlands, Poland and Spain the sales division won considerable additional market shares.
The successful course of business also reflects in a continued growth in earnings. The sales division’s EBITA climbed 45.5 percent to reach a total of € 48.0 million. This was possible despite a continued high level of expansion-related expenditure in Germany and abroad. The store network was extended by five locations to 441 consumer electronics centers; two new centers were opened in Germany and one each in Italy, The Netherlands and Hungary.

Praktiker continues positive business trend
The Praktiker home improvement and DIY centers consolidated their market position in the first three months of the year under review. The sales division improved year-on-year sales by 0.3 percent to € 708 million or, net of currency effects, by 0.8 percent. In Germany, the sales volume was only 2.4 percent below the high volume in the First Quarter 2003, first of all achieved by a very successful jubilee promotion ("25 Years Praktiker"). The sales division succeeded in creating lasting customer loyalty and consolidating its market position with a continued aggressive price policy. This way, Praktiker managed to achieve further sales growth in January and February.
The international business with a main focus on Eastern Europe continued to develop positively. In this region, sales rose by 16.1 percent to € 119.2 million, or by 20.6 percent, net of currency effects. The international share in total sales has risen to 18.7 percent compared with 16.5 percent in the First Quarter 2003.
Despite the continued market positioning with an aggressive price campaign EBITA improved by 37.2 percent to reach € -5.1 million.

Kaufhof: Performance affected by general buying restraint on the part of the consumers
Sales of Kaufhof Warenhaus AG dropped by 4.0 percent to € 858.7 million in the First Quarter 2004. In Germany, sales receded by 4.8 percent. While sales in January and March nearly reached the prior-year level, the figure for February was clearly affected by a declining significance of winter sales.
In Belgium, the Inno department stores raised sales by 6.1 percent to € 63.8 million. A particularly positive trend was recorded by those outlets which have already been converted to the Galeria concept.
For the first three months of the year under review, the sales division in total recorded a result (EBITA) of € -25.7 million compared with € -3.8 million year-on-year.

Outlook
The METRO Group will continue on its profitable growth path during the ongoing fiscal year. The company confirms its forecast to raise group sales before currency effects by at least 6 percent and earnings per share prior to scheduled goodwill depreciation by 6 to 10 percent during the year under review. This corresponds to a growth in earnings per share of 9 to 15 percent after scheduled depreciation of goodwill.
The international expansion as well as the further optimization of the merchandizing concepts will be consistently advanced with a capital expenditure volume of around € 1.8 billion for the year 2004.

Note: In this quarterly report the accounting standards IFRS 3 (Business Combinations) as well as the revised versions of IAS 36 (Impairment of Assets) and IAS 38 (Intangible Assets) adopted in early 2004 have been used for the first time. Under this move, scheduled depreciation of goodwill will be omitted for the first time starting with the First Quarter 2004. In the first three months of the year 2004, there were no indications calling for an unscheduled depreciation of goodwill.

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