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Trading Statement fourth quarter / fiscal year 2004

12.01.2005

Trading Statement fourth quarter / fiscal year 2004

Düsseldorf, 12 January 2005 - In fiscal year 2004 (1 January - 31 December) METRO Group sales increased 5.3 percent from € 53.6 billion to € 56.4 billion according to preliminary figures. Excluding currency effects Group sales were up 5.5 percent. International sales were up 9.6 percent at constant exchange rates (including currency effects: +9.2 percent). The international share of sales was further up from 47.2 to 49.0 percent.

In Q4 2004 METRO Group achieved sales growth of 6.0 percent to € 16.8 billion (at constant exchange rates: +4.9 percent). Abroad, sales increased 10.4 percent to € 8.3 billion. In Eastern Europe - especially in Poland and Romania – volumes developed positively. With stronger currencies price effects declined. Hence METRO Group’s sales growth in local currencies was below expectations. The international share of sales improved from 47.7 to 49.7 percent. After a sluggish start into the quarter, business was good in November, supported by an additional selling day. In that course, Christmas business – 1 to 24 December – was satisfactory as well. Business after Christmas in the last December week came in significantly below expectations.

METRO Group expects unchanged an increase in earnings per share of 6 to 10 percent for 2004 pre non recurring expenditures for the disposal of 137 Extra stores. "All in all, Group sales in Euro at € 56.4 billion are in line with our expectations", said Hans-Joachim Körber, CEO of METRO AG, "Due to the good international development and a business above expectations in our non-food divisions, we maintain our EPS-target. The satisfactory course of the Christmas business gives us confidence for 2005."
 
The Divisions in Q4 2004
The international Metro Cash & Carry business in Q4 again posted solid pre currency sales growth. The positive business in the international operations decisively contributed to this development. Like-for-likes in Germany showed a slight improvement over the first nine months of the year as well. In Q4 17 stores were opened; one each in the Netherlands, France, Italy Moldavia, Poland, Ukraine and Vietnam, two each in China, Romania and Germany as well as four in Russia. On 4 January 2005 the first Metro Cash & Carry store was opened in Serbia.

Like-for-like sales in Germany in the food retail divisions Real and Extra were down in Q4 compared to prior year’s fourth quarter. The development was in line with the first nine months. The store network optimization at Extra was pushed ahead with one opening and eight disposals. Thereof six stores were transferred into the Real hypermarket network. In addition, Real expanded its presence in Germany with one opening.

The Media Markt and Saturn Consumer Electronics Centers continued their international growth in Q4. Driven by expansion, sales growth was above the level of Q3. Like-for-like sales growth was achieved both in Germany and abroad. In Q4 32 stores were opened. The store network was expanded by 14 stores in Germany and 18 stores abroad; thereof four each in Poland and Italy, three in France and Spain, two in Hungary as wells as one each in the Netherlands and Austria.

The Praktiker Home Improvement Centers showed a positive like-for-like sales development in Germany also in the last quarter of a successful year. Within the store network optimization, two stores were disposed in Germany. The successful expansion in Eastern Europe was continued with two openings, one each in Hungary and Romania.

Within the tough competitive environment, the Galeria Kaufhof Department Stores developed in line with the first nine months.
 
Sales Network Development 2004
In fiscal year 2004 METRO Group’s sales network was expanded by a total of 75 stores. Expansion drivers were Metro Cash & Carry with 33 and the Con-sumer Electronics Centers with 69 openings. As at year end METRO Group’s sales network comprised 2,445 outlets. With the market entry into Moldova, METRO Group is represented in 29 countries.

Additional Information
METRO Group will present its 2004 accounts on 22 March 2005.


Calender 2005

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