23 september 2010, london dr eckhard cordes, ceo/assets/mag/documents/investor-relati… · 23...

Global Consumer & Retail Conference 2010

23 September 2010, London

Dr Eckhard Cordes, CEO

1Bank of America Merrill Lynch Global Consumer & Retail Conference 2010

All numbers are before special items, unless otherwise stated.

Please note that new accounting standards have been applied. More information regarding the application of accounting methods refer to the notes to the Annual Report 2009 and the Half-Year Financial Report H1/Q2 2010.

Extra’s activities are disclosed as discontinued operations in 2007 and 2008. Figures at Other are adjusted for Adler’s activities in 2007, 2008 and 2009.

The figures in this presentation are rounded to provide a better overview. The calculation of deviations is based on figures incl. fractions. Therefore rounding differences can occur.

Disclaimer and Notes

To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements (including within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended). All forward-looking statements herein are based on certain expectations and assumptions at the time of publication of this presentation and are subject to risks and uncertainties that could cause actual results, performance or financial position to differ materially from any future results, performance or financial position expressed or implied in this presentation. Many of these risks and uncertainties relate to factors that are beyond METRO GROUP’s ability to control or estimate precisely, including (without limitation) future market and economic conditions, the behaviour of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated cost savings and productivity gains, and the actions of government regulators. Readers are cautioned not to place reliance on these forward-looking statements. METRO GROUP does not undertake any obligation to publicly update any forward-looking statements or to conform them to events or circumstances after the date of this presentation.

This presentation is intended for information only. It is not intended as an offer for sale, or as a solicitation of an offer to purchase, any securities in any jurisdiction.

This presentation may not be reproduced, distributed or published without prior written consent of METRO GROUP.


Macroeconomic Environment Still Challenging but Improving

Strong economic recovery driven by exportsRobust labour market and falling levels of unemploymentHowever, still soft domestic demand despite growing consumer confidence

Economic recovery progressed only moderatelyFocus on Eurozone preservation and reduction of fiscal deficits Consumer confidence dampened in many countriesSlow recovery of retail sales

Recovery differs greatly from country to country Retail sector with trend improvement; non-food still impairedRussia saw strong retail sales growth

Asia is growth driver in the global economyGrowth rates already returned to pre-crisis levelRetail sector with positive development

GERMANY

WESTERNEUROPE

EASTERNEUROPE

ASIAAFRICA


Shape 2012

505050250

400

700

OtherReal estateGaleria Kaufhof

Media Markt and

Saturn

RealMetro Cash & Carry

Indicative regional split

EE Asia~30%

WE~30%

GER~40%

EBIT effect „Shape 2012“

1,500

800Cost

Reductions

700Productivity

Gains

Net EBIT effect

Market conditions,

price investments

€ million

2012

illustrative

Efficiency- and value-enhancing programme to achieve additional €1.5 billion EBIT contribution sustainably from 2012 on

Implementation well on track

Decentralised organisation structure in place

€800 million in cost reductions largely effective in 2011 (~8% of total costs excl. depreciation and leases)

€700 million in productivity gains fully effective in 2012


Shape 2012 Well on Track

Consequent monitoring of Shape measures based on proximity, control and action

Shape 2012 already contributed €208 million in 2009

112% of targeted 1.5 billion EBIT potential underpinned with measures

17%

14%

13%

29%

21%

16%

4%

15%

30/06/09 30/06/10

112%

23%

26%

44%

31/03/10

116%

28%

17%

42%

30%

31/12/09

108%

18%

15%

40%

30/09/09

98%

7%

15%

56%

31/03/09

0%

5 Effective4 Implemented3 Approved2 Evaluated1 Idea

ImplementationLevels:


Capex Increase following Solid Development

H1

Satisfactory performance despite challenging trading conditions

Group sales grew by 2.4% (pre-currency: +0.6%)

Sales in Germany adjusted for store closures slightly below prior year’s level

International sales rose by 4.9%Western Europe +4.0% Eastern Europe +5.6%Asia/Africa +8.6%

EBIT increased by €67 million to €470 million

FY 2010: Outlook reiterated and capex increased to €2.1 billion; 95+ new store openings

Sales Development (€)

EBIT Development (∆ in € million)

Q2

2.4%

Q1

2.3%

Q4

-3.4%

Q3

-4.6%

Q2

-3.8%

Q1

-2.5%

Sales development (€)

2009 2010

1849

-94

-10-11

-79

Q2Q1Q4Q3Q2Q1

2009 2010


Metro Cash & Carry – A Success Story in Modern Mass Distribution

Leading global Cash & Carry wholesaler

Matchless international expansion: international share of sales over 80%

High RoCE (>35%) due to capital efficient model

Profitable growth drivers:

Turnaround Germany

Innovating the business model

International expansion


Challenges in Germany are Being Fully Addressed

Price leadership in German Cash & Carry sector restored Price of core demand articles permanently reduced by up to 40%

Pricing

Extension of private labels Focus on wine, restaurant/catering and seasonal assortmentsMore attractive non-food assortment

Assortment

Establishment of a professional key account managementLeveraging customer demand from data warehouse betterIncreasing share of wallet and number of HoReCa customers

Field Force

Structured cost management approach Improving store and administration efficiencies900 FTEs reduced in 2009

Costs


Top Priorities: Making the Business Even Better...

Makro PunktSatellite store supplied mainly by ‘mother store’with dedicated Trader focusFirst opened in October 2009 in Poland

Metro DriveRapid expansion model to cover cities without further store potentialFirst opened in October 2009 in FranceOnline catalogue for food &non-food assortment

Private label pushDelivery service roll-outEnhanced CRMProfessionalising thefood assortmentNew approach in non-food

Transformthe Model

Innovatingthe Model

HoReCa

Trader

SCO

Non-FoodFood

"Food Pro" "Non-FoodPro"

“Club"


... While Growing it Faster

Accelerate expansion with focus on Asia and Eastern Europe

Improve capital efficiency of new store openings

In China, focus on three expansion areas to achieve critical mass

2012E

~50

2011E

~40

2010E

~30

2009

18

2008

40

2007

32

2006

41

Asia/New MarketsEurope/MENA

New Store Openings 2006 - 2012

Suzhou

Wuxi

Dongguan

Shenzhen

GuangzhouFoshan

ZhongshanZhuhai

Beijing

Tianjin

Shanghai

Shenyang

Harbin

Dalian

ZhengzhouXi’an

HefeiWuhan

Nanchang

Fuzhou

Xiamen

Quanzhou

Changsha

Chongqing

Chengdu

Kunming

Jiaxing

Changzhou

NantongNanjing

Ningbo

Qingdao

Hangzhou

Metro New StoresMetro Existing Store

ExistingPlanned

Bohai Bay (incl Beijing)

Pearl River Delta(incl. Guangzhou)

Yangtze River Delta(incl. Shanghai)

ExistingPotential

.

Targeted East Coast Expansion Areas in China

(incl. Guangzhou)


Real - A Leading Hypermarket Player

Leading player in Germany

Presence in five Eastern European countries with top market positions

Large range of fresh produce complemented by attractive non-food assortment


Driving turnaround in Germany further

Eastern Europe (2005 – 2009 sales CAGR: +29%)

2 – 3% EBIT margin targeted


In Germany Real Is Making Good Progress

German EBIT margin at 1% in 2009

Former Walmart stores turned positive

Attractiveness for our customers has further improved

Competitive price positioning

Share of private label increased to 16%; including fresh 23%

18 out of 27 underperforming stores are disposed of

92

94

96

98

100

102

104

97.9%

Retailer 5

102.6%

Retailer 4

102.0%

Retailer 3

97.9%

Retailer 2

97.5%

Retailer 1

100.0%

97.9%

Improved Customer Orientation

Price Positioning

20092010

Value-for-moneyAvailability of products

Choice/range of products

Quality of products

Store atmosphere

Staff friendliness

Staff expertise

Cleanliness/store hygiene


Focus is on Concept Enhancements to Drive Customer Frequency and Basket

Implementation fully on track

181 concept modules were implemented as at 30 June 2010(2009: 614 concept modules)

Positive customer response after concept implementation

In total 400 concept modules to be implemented in 2010

Concept Modules Implemented in 2009

167

125

7854463533312520

Beauty & More

OthersWine & Spirits

TOTAL

614

Service Centre

TextileHouse-hold

Electr.DIYF&VIntern. Spec.

Roll-out 2010Q4Q3Q2Q1

79conceptmodules

102conceptmodules

c.130conceptmodules

c.80conceptmodules

∑ c.400 concept modules


Eastern European Business Has the Potential to Become a Significant Driver of Profitable Growth

108 stores in five countries

Sales CAGR of almost 30% in the last five years

Top 3 market position in Poland and Romania

Strong growth momentum in Russia

Significant EBIT improvement in H1 2010

Presence in Eastern Europe

Sales

966

2005 2006 2007

CAGR: +29%

2009

2,885

1,327

2008

2,7052,296

54

251

13

15

# of stores

€ million

As at 30/06/2010


Media Markt and Saturn – Market Leader in Europe

Pan-European market leader in consumer electronics retailing

Large-scale, full assortment and highly capital efficient

Entrepreneurial management: Store managers are partners and determine assortment, pricing and staffing


International expansion

Multi-channel approach to complement the store base

Private label launch


Market Share Gains Continue in a Challenging Environment

Source: GfK

Market position

Jan.-June 2008

Jan.-June2009

Jan.-June 2010 ∆-points

Austria # 1 22.1% 23.3% 26.4% 3.1%Hungary # 1 15.5% 19.7% 19.7% 0.0%Germany # 1 17.8% 18.9% 18.3% -0.6%Poland # 1 16.5% 18.7% 16.3% -2.4%Luxemburg Newcomer 0.0% 14.2% 15.8% 1.6%Netherlands # 1 14.0% 14.4% 15.0% 0.6%Switzerland # 2 11.1% 11.3% 14.6% 3.3%Italy # 1 12.3% 12.2% 13.3% 1.1%Spain # 1 10.0% 10.7% 11.6% 0.9%Belgium # 1 8.5% 9.7% 11.2% 1.5%Greece # 2 6.6% 8.8% 9.1% 0.3%Sweden Early stage 4.6% 8.0% 8.0% 0.0%Portugal # 4 5.3% 6.4% 6.5% 0.1%Turkey Newcomer 1.2% 2.4% 4.0% 1.6%Russia Early stage 1.5% 2.5% 3.9% 1.4%France Relaunch 1.9% 2.0% 2.3% 0.3%


New Initiatives Offer Huge Opportunities

Complementing the store base

Addressing and interacting directly with thecustomers along all touchpoints

Extending the assortment withcontent, services and bundles

MULTI-CHANNEL APPROACH

MARKET ENTRY INTO CHINAChinese market for consumer electronics to grow to more than €180 billion over the next five years

Market entrance via a joint venture with Foxconn

2-phase approach to start in Shanghai and finetune the Chinese business model

PRIVATE LABELSHuge potential by developing multiple private labels

Negotiate exclusive brands, ranges and modelswith core suppliers


Galeria Kaufhof – Leader in German and Belgian Department Stores

Concept and systems leader in Germany’s department store segment and market leader in Belgium

€3.5 billion sales in 2009

3.4% fully leased EBIT margin in 2009


Focus on mid-market and lifestyle orientation (sharper brand and private label portfolio)

Strong cost and stock management

In the context of Group strategy non-core


Outlook

Sales growth

EBIT(before special items)

Capex

New storeopenings

2009 2010 Medium-Term

-3.6% 0 – 6% > 6%

€2.0 billion > €2.0 billion > 10%

€1.5 billion

18

12

50

€2.1 billion > €2.2 billion

~ 30

~ 5

~ 60

~ 40

~ 15

> 70


Key Messages

Portfolio of strong retail brands with diversified international presence

Efficiency- and value-enhancing programmeShape 2012 well on track

METRO GROUP well positioned for future profitable growth

Global Consumer & Retail Conference 2010

23 September 2010, London

Dr Eckhard Cordes, CEO

Appendix


Metro Cash & Carry

Sales

20062000 2001 2005200420032002

5,000

35,000

30,000

25,000

20,000

15,000

10,000

200920082007

Sales (€ million)

2009 Regional Sales BreakdownAsia/Africa

7%

EasternEurope 36%

WesternEurope

40%

Germany

17%

Financials (€ million) 2000 2001 2002 2003 2004 2005 2006 2007 2008* 2009*Sales 21,032 22,726 23,972 25,093 26,442 28,087 29,907 31,698 33,143 30,613

Change yoy in % 8.0% 8.1% 5.5% 4.7% 5.4% 6.2% 6.5% 6.0% 4.6% -7.6%

Change yoy in % - pre-currency 7.2% 8.8% 6.4% 7.7% 5.6% 4.4% 6.2% 5.7% 5.4% -2.5%

Change yoy in % - lfl (LC) - - 1.4% 1.6% 1.1% -0.3% 1.9% 2.2% 2.4% -4.9%

EBITDA 873 972 1,078 1,200 1,280 1,377 1,510 1,631 1,406 1,165

Change yoy in % 9.9% 11.4% 10.9% 11.2% 6.7% 7.6% 9.6% 8.0% - -17.2%

EBITDA margin 4.2% 4.3% 4.5% 4.8% 4.8% 4.9% 5.0% 5.1% 4.2% 3.8%

EBIT** 641 716 805 904 963 1013 1,111 1,243 1,139 936

Change yoy in % 6.9% 11.7% 12.4% 12.3% 6.5% 5.1% 9.7% 11.9% - -17.8%

EBIT margin 3.0% 3.2% 3.4% 3.6% 3.6% 3.6% 3.7% 3.9% 3.4% 3.1%

Capital Employed - - - - - - - - 2,565 2,605

RoCE - - - - - - - - 44.4% 35.9%

Capex 577 839 750 737 619 900 880 859 336 220

* New segment reporting structure

** until 2003: EBITA

Operating Statistics 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Number of stores 353 384 437 475 504 544 584 615 655 668

Selling space (1,000 sqm) 2,972 3,182 3,423 3,725 3,952 4,218 4,507 4,875 5,176 5,291

Change yoy in % 6.6% 7.1% 7.5% 8.8% 6.1% 6.7% 6.9% 8.2% 6.2% 2.2%

Average store size (sqm) 8,419 8,287 7,832 7,841 7,841 7,754 7,717 7,927 7,902 7,921

Sales/Øsqm (€) 7,304 7,386 7,259 7,021 6,889 6,876 6,856 6,757 6,595 5,849


Real

-1%

0%

1%

2%

3%

4%

2003200220012000

6,000

4,000

2,000

0

200920082007200620052004

12,000

8,000

10,000

EBIT margin

Sales

EasternEurope

24%

Germany

76%

Sales and EBIT Margin

2009 Regional Sales Breakdown

Financials* (€ million) 2000 2001 2002 2003 2004 2005 2006 2007 2008** 2009**Sales 8,166 8,375 8,198 8,205 8,182 8,192 8,775 11,003 11,635 11,298

Change yoy in % 2.4% 2.6% -2.1% 0.1% -0.3% 0.1% 7.1% 25.4% 5.8% -2.9%

Change yoy in % - pre-currency 2.3% 3.0% -1.1% 1.2% 0.0% -1.2% 7.1% 25.0% 5.4% 1.3%

Change yoy in % - lfl (LC) - - -1.4% 0.1% -2.2% -4.7% -2.5% -0.1% 4.4% 0.0%

EBITDA 276 353 372 384 352 -121 192 160 191 235

Change yoy in % 13.6% 28.0% 5.3% 3.1% -8.3% - 45.4% -16.7% - 22.1%

EBITDA margin 3.4% 4.2% 4.5% 4.7% 4.3% -1.5% 2.2% 1.5% 1.6% 2.1%

EBIT*** 138 202 228 242 219 -2 19 -16 6 52

Change yoy in % 15.2% 46.0% 13.5% 5.9% -9.3% - - - - -

EBIT margin 1.7% 2.4% 2.8% 2.9% 2.7% 0.0% 0.2% -0.2% 0.1% 0.5%

Capital Employed - - - - - - - - 2,942 2,674

RoCE - - - - - - - - 0.2% 1.9%

Capex 323 248 160 174 110 255 854 345 250 193

* excluding Extra

** New segment reporting structure

*** until 2003: EBITA

Operating Statistics* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Number of stores 276 277 278 289 306 328 442 434 439 441


Change yoy in % 0.6% 0.5% 0.1% 3.0% 2.7% 5.0% 40.9% -1.7% 1.4% 1.1%


Sales/Øsqm (€) 4,058 4,165 4,063 4,005 3,884 3,743 3,250 3,515 3,723 3,569


Media Markt and Saturn

Sales and EBITDA Margin

0%

1%

2%

3%

4%

5%

6%

7%

2009

7,500

5,000

20,000

17,500

15,000

12,500

10,000

Ø +11.1% p.a.

200820072006200520042003200220012000

EBITDA marginSales (€ million)

Eastern Europe

10%

WesternEurope

44%

Germany46%


Financials (€ million) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Sales 7,619 8,341 9,583 10,563 12,210 13,306 15,156 17,444 18,993 19,693

Change yoy in % 24.0% 9.5% 14.9% 10.2% 15.6% 9.0% 13.9% 15.1% 8.9% 3.7%

Change yoy in % - pre-currency 23.8% 9.1% 14.8% 11.0% 15.8% 8.5% 13.9% 14.2% 8.4% 5.5%

Change yoy in % - lfl (LC) - - 3.2% 0.9% 4.6% -1.4% 3.0% 2.6% -2.1% -0.4%

EBITDA 375 368 431 506 612 679 776 818 839 851

Change yoy in % 17.9% -1.9% 17.0% 17.6% 20.8% 11.0% 14.4% 5.4% - 1.4%

EBITDA margin 4.9% 4.4% 4.5% 4.8% 5.0% 5.1% 5.1% 4.7% 4.4% 4.3%

EBIT* 272 228 290 360 452 510 587 610 603 608

Change yoy in % 17.8% -16.1% 27.0% 24.3% 25.5% 12.8% 15.2% 3.9% - 0.8%

EBIT margin 3.6% 2.7% 3.0% 3.4% 3.7% 3.8% 3.9% 3.5% 3.2% 3.1%

Capital Employed - - - - - - - - 960 795

RoCE - - - - - - - - 62.8% 76.4%

Capex 267 264 350 229 261 315 370 463 402 353

* until 2003: EBITA


Selling space (1,000 sqm) 852 976 1,129 1,307 1,514 1,704 1,914 2,213 2,439 2,633

Change yoy in % 16.9% 14.6% 15.6% 15.8% 15.8% 12.6% 12.3% 15.6% 10.2% 8.0%


Sales/Øsqm (€) 9,638 9,126 9,105 8,671 8,656 8,270 8,379 8,454 8,166 7,765


Galeria Kaufhof

EBITDA and EBIT Margin

91%

9%

Germany

WesternEurope

0

50

100

150

200

250

300

350

0%

1%

2%

3%

4%

5%

20052001 2002 20042003 20072000 2006 20092008

EBITDAEBIT margin


Financials (€ million) 2000 2001 2002 2003 2004 2005 2006 2007 2008* 2009*Sales 3,941 3,971 3,900 3,819 3,768 3,575 3,609 3,556 3,607 3,539

Change yoy in % -1.5% 0.8% -1.8% -2.1% -1.3% -5.1% 0.9% -1.5% -1.1% -1.9%

Change yoy in % - lfl 0.1% -3.7% -4.5% -2.2% -1.2% -4.8% -0.6% -1.7% -1.4% -2.2%

EBITDA 324 349 292 249 199 189 192 211 223 223

Change yoy in % 10.2% 7.9% -16.3% -14.7% -19.9% -5.4% 1.8% 10.0% - 0.2%

EBITDA margin 8.2% 8.8% 7.5% 6.5% 5.3% 5.3% 5.3% 5.9% 6.2% 6.3%

EBIT** 181 190 139 99 57 69 82 107 115 119

Change yoy in % 10.5% 4.8% -26.8% -28.4% -43.6% 21.8% 18.1% 31.3% - 3.4%

EBIT margin 4.6% 4.8% 3.6% 2.6% 1.5% 1.9% 2.3% 3.0% 3.2% 3.4%

Capital Employed - - - - - - - - 826 785

RoCE - - - - - - - - 13.9% 15.2%

Capex 167 202 120 104 120 96 151 107 128 57

* New segment reporting structure; since 2009 including Dinea

** until 2003: EBITA



Change yoy in % 1.6% 9.1% 1.1% 0.1% 1.0% -0.5% 1.5% -0.1% 0.2% 0.7%


Sales/Øsqm (€) 3,011 2,879 2,693 2,622 2,572 2,434 2,445 2,392 2,363 2,367


Real Estate

Asia/Africa9%

EasternEurope

35%

WesternEurope

33%

Germany23%

2009 Selling Space by RegionFinancials (€ million) 2008 2009EBITDA 927 959

Change yoy in % - 3.4%

EBIT 538 551

Change yoy in % - 2.4%

Capital Employed 8,856 8,690

RoCE 6.1% 6.3%

Capex 1,060 580


Number of Stores by Division and Country

Q2 H1 30/06/10 Q2 H1 30/06/10 Q2 H1 30/06/10 Q2 H1 30/06/10 Q2 H1 30/06/10 Q2 H1 30/06/10Germany -3 121 -4 -8 325 +2 +3 378 -3 -3 123 -20 -26 33 -25 -37 980Austria 12 +1 35 +1 47Belgium 11 +1 19 15 +1 45Denmark 5 5France 91 +1 +1 33 +1 +1 124Italy 48 +1 +2 101 +1 +2 149Luxemburg 1 1Netherlands 17 +1 +2 34 +1 +2 51Portugal -1 10 9 -1 19Spain 34 +1 +1 62 +1 +1 96Sweden +1 +2 18 +1 +2 18Switzerland +2 +2 22 +2 +2 22United Kingdom 30 30Western Europe -1 258 +7 +12 334 15 +7 +11 607Bulgaria 11 11Croatia 6 6Czech Republic 13 13Greece 9 +2 12 +2 21Hungary 13 -1 -1 21 -1 -1 34Kazakhstan 1 1Moldova 3 3Poland 29 54 +2 +3 56 +2 +3 139Romania +1 +1 25 +1 +1 25 +2 +2 50Russia 52 15 +2 +3 23 +2 +3 90Serbia 5 5Slovakia 5 5Turkey 14 -1 -1 13 16 -1 -1 43Ukraine 25 1 26Eastern Europe +1 +1 211 108 +3 +7 128 +4 +8 447China +1 +2 44 +1 +2 44Egypt +1 +1 1 +1 +1 1India 5 5Japan 6 6Morocco 8 8Pakistan 5 5Vietnam 9 9Asia/Africa +2 +3 78 +2 +3 78Total +3 668 -4 -8 433 +12 +22 840 -3 -3 138 -20 -26 33 -12 -15 2,112

Metro Cash & Carry Real METRO GROUPOtherGaleria KaufhofMedia Markt

and Saturn


Other20%

Real Estate9%

Galeria Kaufhof16%

Media Markt and Saturn 1% Real 3%

MetroCash & Carry51%

Other

10%Conceptadjustments 17%

Closures

39%

Personnel34%

Shape Special Items 2009 – 2011 of c.€650 million Expected

343

237

2011 E

<130

2010 E

>170

20092008

€ million (EBIT)

Shape Special Items Special Items by Division [2009-2011]

Special Items by Type [2009-2011]


New Metro Cash & Carry Organisational Structure –Prerequisite for further Successful Execution of Shape

J. Saveuse*

Europe/MENABulgariaCroatia

Czech. Rep.Greece

HungaryMoldova

PolandRomania

SerbiaSlovakia

TurkeyEgypt

Morocco

GermanyAustria

BelgiumDenmark

FranceItaly

NetherlandsPortugal

SpainUK

• Turnaround Germany• Private Label• Delivery Services• Field Force

Key Priorities

* also responsible for Real

F. Muller

Asia/New MarketsCIS

RussiaKazakhstan

Ukraine

AsiaChinaIndia

JapanPakistanVietnam

• Tap expansion opportunities in Asia

• Improve capital efficiency of new store openings

Key Priorities

Purchasing

Supply Chain

Private Label

Expansion......


Long-Term Debt Maturity Profile

€ million

750

500

250

1,250

1,000

020172016201520142013201220112010

Refinancing already completed

7.625%EUR1,000,000,00005/03/201505/03/2009

4.250%EUR750,000,00022/02/201722/02/2010

5.750%EUR600,000,00014/07/201414/07/2009

9.375%EUR500,000,00028/11/201328/11/2008

11.550%RON23,800,00023/07/201223/07/2009

4.750%EUR500,000,00029/05/201229/05/2007

3.625%EUR350,000,00024/06/201124/06/2009

4.625%EUR750,000,00026/05/201126/05/2004

FRNEUR200,000,00008/09/201008/09/2006

CouponCurrencyNom. Outstanding (€)MaturityIssued

Dependency on bank financing further reduced

Well-balanced maturity profile

Bonds

BondsPromissory Notes (Schuldscheindarlehen)


METRO GROUP

Investor Relations

Schlueterstrasse 1

40235 Duesseldorf

Germany

Tel.: +49 (0)211 6886-1936

Fax: +49 (0)211 6886-3759

Email: [email protected]

Internet: www.metrogroup.de

Contact

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