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METRO Group: Growth Strategy Successfully Implemented at Home and Abroad

04.06.2004

METRO Group: Growth Strategy Successfully Implemented at Home and Abroad

At the Annual General Meeting of METRO Group the Management Board Chairman of the world’s fourth-largest trading and retailing group, Dr. Hans-Joachim Körber, pronounced a positive assessment of fiscal 2003: "We set ourselves ambitious goals for the past year and, in fact, we have reached them. METRO Group has succeeded in breaking away from the general, negative trend of its industry, even in Germany. Our gratifying course of business underlines that our group is strategically well positioned in the markets both at home and abroad. We have broken the ground for sustained positive development".

In the 2003 fiscal year, METRO Group lifted its sales by 4.0 percent to € 53.6 billion, net of currency effects by 5.7 percent. The share of international business in total sales climbed to more than 47 percent. EBIT rose by 13.1 percent to € 1.32 billion, earnings per share were improved by 12.0 percent, to € 1.52.

Significant contributions to earnings were made outside Germany, in the West and East European countries: 65 percent of the Group’s EBIT came in from those regions. "Our consistent internationalization strategy is bearing fruit", emphasized Körber before the shareholders at the Düsseldorf Congress Center. "In the coming years our further expansion efforts will especially focus on Eastern Europe and Asia. We hope to get the benefit of additional impulses from the now implemented extension of the EU".

The continuous optimization of the sales concepts and sharpened profile of the sales divisions as retail brands also made a decisive contribution to the corporate success in 2003. In particular, Metro Cash & Carry, Real, Media Markt and Saturn as well as Praktiker were able to win or consolidate market shares.

The Economic Value Added (EVA) as the central benchmark of value-driven corporate management improved against the previous year by € 213.2 million, of which € 88.3 million relate to operating income. "Ever since METRO Group introduced EVA in 1999, it has continuously improved its company value and has now covered its capital costs for the first time. This demonstrates the success of our long-term strategy of profitable growth. Today, we are a modern, well positioned and internationally oriented company with good prospects for the future", said Körber.

The strategy of growth is being consistently pursued in 2004 as well. At an increase in sales by 6.1 percent or, net of currency effects, 7.3 percent in the first quarter, METRO Group has made a good start into the current fiscal year. During that period, earnings also improved distinctly: EBITDA rose by 26.8 percent to € 426.3 million.

At the Annual General Meeting, Körber confirmed the target to increase sales before currency effects by at least 6 percent. Moreover, the company expects to achieve a boost in earnings per share by 6 to 10 percent before goodwill amortization or 9 to 15 percent after goodwill amortization. EVA is to improve further.

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