Also in the third quarter, new sales channels and formats, an assortment adapted even better to customer demands, extended customer advice and services as well as the price positioning ranked among the main focuses of the sales lines. METRO Cash & Carry, for example, further improved delivery sales: from January to September 2012, sales climbed by nearly 40% to over € 1.6 billion (9M 2011: € 1.2 billion). Group own brand sales grew by 10 per cent to € 5.5 billion (9M 2011: € 5.0 billion). Online sales at Media-Saturn almost tripled to reach € 480 million (9M 2011: € 169 million). Starting from the third quarter, customers of Media Markt and Saturn have the option to shop not only online or at the stores, but also via their smart phones. At the Real online shop, sales generated during the period from January to September 2012 were up by more than one third from last year to come in at € 21 million. Moreover, Real combined its formerly separate websites for stationary and online business under www.real.de in the third quarter 2012. Galeria Kaufhof was able to further extend its market share in textiles as a result of phasing out consumer electronics in nearly all department stores to the benefit of higher-margin product categories such as accessories, fashion and shoes. cbi:///cms/337340

Sales and earnings development cbi:///cms/337342

During the period from January to September 2012, sales of METRO GROUP climbed by 1.5% to € 47.4 billion (9M 2011: € 46.7 billion). In Q3 2012, sales rose by 0.6% to € 15.9 billion (Q3 2011: € 15.8 billion). Adjusted for the disposal of Makro UK sales increased by 2.0%. The business of Makro UK had been divested at the beginning of the third quarter 2012 so that the corresponding sales and earnings figures are no longer included in the business development reported by METRO GROUP. cbi:///cms/337343

In Germany, sales generated during the period from January to September 2012 grew by 0.5% to € 17.8 billion. In Q3, sales dropped by 2.0% to € 5.9 billion, also on account of one less trading day in September as well as declining nonfood sales. Galeria Kaufhof, by contrast, reported a very positive development of like-for-like sales. cbi:///cms/337344

International sales generated during the period from January to September 2012 climbed by 2.2% to € 29.5 billion (in local curency: +2.0%). The international share of sales rose from 61.9% to 62.3%. In the third quarter, sales grew by 2.2% to € 10.0 billion (in local currency +0.7%). cbi:///cms/337345

In Western Europe, sales generated during the period from January to September 2012 dropped by 2.9% to € 14.3 billion (in local currency: -3.1%) and were significantly impaired by the divestment of Saturn France one year earlier as well as the disposal of Makro UK at the beginning of the third quarter 2012. Net of these divestments, sales came in just a little above the prior-year period. In the third quarter, the economic problems in several important markets increasingly affected the development of sales. Q3 sales declined by 5.4% to € 4.7 billion (in local currency: -5.6%). cbi:///cms/337346

Sales in Eastern Europe generated during the period from January to September 2012 grew by 3.8% to € 12.6 billion. In local currency, sales rose by 5.2%. The strong growth momentum persisted in Q3. Sales climbed by 6.2% to € 4.4 billion (in local currency: +4.8%). cbi:///cms/337347

In the region Asia/Africa, the highly dynamic growth continued. Sales generated during the period from January to September 2012 increased significantly by 28.7% to € 2.7 billion. In local currency, sales went up by 17.7%. In Q3, sales continued to grow further and climbed by 32.2% to € 0.9 billion (in local currency: +19.1%). cbi:///cms/337348

Operating earnings EBIT adjusted for special items receded during the first nine months from € 1,066 million to € 704 million; including special items in the amount of € 297 million (9M 2011: € 93 million) EBIT dropped to € 407 million (9M 2011: € 972 million). These special items mainly include impairment losses in the amount of € 166 million resulting from the dispoal of Makro UK as well as expenses in the amount of € 131 million, especially for the restructuring measures. In addition to the like-for-like drop in sales in Southern Europe and parts of Eastern Europe, investments into new competencies, distribution channels and price positioning made in the framework of the strategic realignment impaired earnings. In Q3 2012, EBIT before special items dropped from € 614 million to € 398 million. This drop was mainly attributable to the segment Real Estate. The prior-year quarterly earnings included the successful placement of a real estate package in Italy resulting in a contribution to earnings in the amount of over € 100 million. cbi:///cms/337351

Earnings before taxes (EBT) generated during the first nine months of 2012 before special items came in at € 275 million (9M 2011: € 557 million). Before special items, the net profit for the period attributable to the shareholders of METRO AG dropped to € 154 million (9M 2011: € 294 million). In the third quarter, the net profit for the period attributable to the shareholders of METRO AG came in at € 125 million (Q3 2011: € 227 million). Adjusted for special items, the earnings per share generated during the first nine months of 2012 stood at € 0.47 following € 0.90 during the year-earlier period. In the third quarter, the earnings per share before special items dropped to € 0.38 (Q3 2011: € 0.70). cbi:///cms/337352

The operating cashflow of METRO GROUP has improved further: during the period from January to September 2012, cash outflow from operating activities came in at € 2.1 billion following € 2.4 billion during the year-earlier period. The cashflow improved despite the EBIT drop owing to a strict inventory management and an improved supplier management. The change in net working capital improved appreciably by € 398 million year on year. Thanks to the enhanced operating cash flow, the net debt dropped by € 0.1 billion as compared to 30 September 2011. cbi:///cms/337353

Outlook cbi:///cms/337356

METRO GROUP continues to expect a very uncertain general economic situation that will have a negative effect on consumer sentiment. This applies in particular for the crisis-ridden countries in Southern Europe where record unemployment and fiscal measures to reign in sovereign debt are materially affecting consumer spending, especially on non-food items. cbi:///cms/337357

Development of the business segments cbi:///cms/337359

METRO Cash & Carry with dynamic sales growth in Eastern Europe and Asia cbi:///cms/337360

From January to September 2012, sales of METRO Cash & Carry grew by 2.1% to € 23.0 billion (in local currency: +1.6%). This was in particular owed to the dynamic development of sales in Eastern Europe and Asia. Like for like, sales improved by 0.5%. In Q3, the sales trend of the first half continued. However, the accelerated economic slowdown in Southern Europe and parts of Eastern Europe affected our customer’s businesses and thus the development of sales at METRO Cash & Carry. As a consequence, especially nonfood sales continued to recede in many countries. cbi:///cms/337361

In Germany, sales generated during the period from January to September 2012 dropped by 3.0% to € 3.6 billion. This decline is almost exclusively attributable to the optimisation of the store portfolio (Q4 2011: 10 store closures). In Q3, the sales trend lagged behind that of the first half. Besides one missing trading day in September the decline is mainly attributable to weaker nonfood sales. Despite further aggravated macroeconomic conditions and the disposal of Makro UK, sales in Western Europe generated during the period from January to September 2012 totaled € 8.2 billion. In a challenging general market environment, METRO Cash & Carry gained further market share. The sales trend deteriorated significantly at the end of the third quarter, especially in Southern Europe. Nonfood sales in particular were affected by this trend. In Eastern Europe, sales generated from January to September 2012 grew dynamically by 4.4% to € 8.7 billion despite the difficult macroeconomic situation. In local currency, sales even climbed by 5.4%. Also like for like, sales improved appreciably by 1.8%. In the process, METRO Cash & Carry further increased its market share in many countries. The positive sales development in Eastern Europe continued also in the third quarter. Russia again reported a double-digit growth of like for like sales. In Romania, the Q3 sales trend followed the positive trend of the second quarter and like for like sales grew further. Overall, 10 out of 14 countries reported a better sales trend in the third quarter than in the first half of 2012. Sales in Asia/Africa generated during the period from January to September 2012 climbed by 28.0% to € 2.6 billion (in local currency: +17.1%). All countries again reported high growth rates, also in local currency. At the end of the third quarter, China had already become the fourth largest cash & carry country worldwide. The international share of sales during the first nine months 2012 rose from 83.7% to 84.5%. cbi:///cms/337362

Mainly as a consequence of the divestment of Makro UK and of restructuring expenses, the EBIT generated during the period from January to September 2012 receded to € 256 million (9M 2011: € 527 million). In total, special items in the amount of € 200 million were incurred (9M 2011: € 42 million) and, besides the disposal of Makro UK (€ 123 million), also include restructuring expenses in many countries, especially for METRO Cash & Carry Germany. During the period from January to September, EBIT before special items came in at € 456 million (9M 2011: € 569 million). This drop in earnings reflects the setting up of functions to enhance the customer proposition which could only in part be compensated by efficiency improvements in other areas. Moreover, earnings were impaired by higher expansion costs and investments into prices. In the third quarter, the earnings development was in addition also affected by a weaker development of like for like sales, especially in Southern Europe: EBIT before special items dropped from € 276 million to € 237 million. cbi:///cms/337363

Real with like for like sales growth in Germany cbi:///cms/337366

Sales of Real generated during the period from January to September 2012 dropped slightly by 0.4% to € 7.9 billion. In local currency, sales rose by 0.3%. Owing to a weaker development of the nonfood business, Q3 sales receded by 1.5% to € 2.6 billion (in local currency: -1.7%). Besides a customer loyalty campaign organised in summer that fell short of expectations, the shift of the campaign focus into the 4th quarter resulted in a drop in sales, especially nonfood sales. In addition, also one missing trading day burdened the sales trend. The Real online shop continued to grow very dynamically. From January to September 2012, sales grew by more than one third compared to the prior-year period. cbi:///cms/337367

In Germany, sales generated during the period from January to September 2012 remained at the year-earlier level and reached € 5.8 billion. Like for like, however, sales rose by 0.7%. With these figures, Real managed to stand its ground in the hypermarket business despite store disposals. Sales in Eastern Europe generated during the period from January to September 2012 dropped by 1.4% to € 2.1 billion on the grounds of exchange rate fluctuations. In local currency, however, sales grew by 1.3%. In the third quarter, sales rose by 1.3% to € 0.7 billion (in local currency: +0.7%). Higher food sales more than compensated the persistently weak demand for nonfood products. All countries except Poland reported like-for-like growth. In Romania, the positive turnaround continued: for the first time since more than two years a like-for-like sales growth was achieved again. Russia continued to generate above-average growth rates. cbi:///cms/337368

EBIT before special items during the first nine months 2012 stood at € -4 million (9M 2011: € 13 million). In Q3, EBIT before special items receded from € 24 million to € 2 million. Better earnings from international operations could not compensate for the sales- and goods-related drop in earnings in Germany resulting from the shift of the campaign focus into the fourth quarter. cbi:///cms/337369

Media-Saturn continues to grow dynamically in Eastern Europe cbi:///cms/337372

Sales of Media-Saturn generated during the period from January to September 2012 in an increasingly more challenging market climbed by 2.0% to € 14.3 billion (in local currency: +2.0%). The online business grew dynamically thanks to the acquisition of Redcoon in the prior year and the successful launch of the multichannel offerings. Online sales climbed to € 480 million (9M 2011: € 169 million). In the third quarter, sales grew by 1.4% to € 4.8 billion. cbi:///cms/337373

In Germany, sales generated during the period from January to September 2012 increased by 3.4% to € 6.5 billion. Like for like, sales came in at the prior-year level. In Q3, the sales trend was slightly downward, also on account of one missing trading day. The multichannel offer continued to be received very positively by the customers. The product range was enlarged and at the end of September comprised approximately 6,000 products at Mediamarkt.de and over 6,500 at Saturn.de. During the period from January to September, online sales came in at € 235 million meaning that 3.6% of total sales were generated online. cbi:///cms/337374

In Western Europe, sales generated during the period from January to September 2012 receded by 1.5% (in local currency: -1.9%). Adjusted for the divestment of Saturn France, however, sales climbed by 2.3%. The challenging macroeconomic environment significantly affected demand for consumer electronics, especially in Southern Europe. This environment notwithstanding, Media-Saturn was able to extend its market share. In Q3, sales of Media-Saturn climbed by 0.5%. Online sales in Western Europe continued to develop very dynamically reaching € 231 million. In the Netherlands and Italy, the growth of Media-Saturn’s online sales outperformed that of the general online market. cbi:///cms/337375

In Eastern Europe, sales generated during the period from January to September 2012 climbed significantly by 7.0% to € 1.8 billion (in local currency: +8.8%). Like for like, sales grew by 2.3%. In the third quarter, in particular Russia and Turkey reported a significant growth in sales. In Asia, sales continued to grow on the grounds of expansion. cbi:///cms/337376

EBIT before special items generated during the period from January to September 2012 dropped to € -6 million (9M 2011: € 163 million). In addition to the sales-related drop in earnings also the sharpening of the price profile and fewer advertising subsidies weighed on earnings. Add to this higher expansion costs, higher start-up losses as well as costs for the further extension of the multichannel business. Also in the third quarter earnings were impacted, especially by the downward trend in like for like sales and investments into prices. This notwithstanding, Q3 EBIT before special items was again distinctly positive coming in at € 73 million. Germany materially contributed to this positive result. cbi:///cms/337377

Galeria Kaufhof with a distinct sales growth in Q3 2012 cbi:///cms/337380

Sales of Galeria Kaufhof generated during the period from January to September 2012 came in slightly above the year-earlier period rising to € 2.1 billion. Like for like, sales came in at the prior-year level. In Q3, the sales trend improved significantly and rose by 1.8% to € 0.7 billion. Like for like, sales even climbed by 2.8%. cbi:///cms/337381

In Germany, Galeria Kaufhof extensively modernised another 11 department stores during the period from January to September 2012. Consumer electronics have in the meantime been phased out in nearly all locations to the benefit of higher-margin product categories from the areas of accessoires, fashion and shoes. During the first nine months, Galeria Kaufhof improved sales slightly to € 2.0 billion despite four store closures. In Q3, sales grew by 2.1% despite one missing trading day. Like for like, sales even grew by 3.3%. cbi:///cms/337382

In Western Europe, sales generated during the period from January to September 2012 climbed by 0.7%. Here, business benefited from a positive development of textiles sales. Like for like, sales increased by 0.6%. In Q3, sales receded because summer sales had already started at the end of the second quarter. cbi:///cms/337383

EBIT before special items improved during the period from January to September 2012 thanks to a better gross margin as a result of the sales floor optimisation and a strict cost management to € -24 million (9M 2011: € -40 million). Also in the third quarter, earnings of Galeria Kaufhof improved significantly. Thanks to higher gross profit and cost cutting, EBIT before special items amounted to € -2 million (Q3 2011: € -9 million). cbi:///cms/337411

Real Estate cbi:///cms/337386

The Real Estate segment comprises all real estate assets of METRO GROUP as well as real estate-related services. As per 30 September 2012, METRO GROUP owned 653 locations (31 December 2011: 688). cbi:///cms/337387