METRO AG - METRO Group

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Net income of the Group and earnings according to DVFA/SG In fiscal 1996, the Group’s net income came to DM 717.2 million, the METRO AG Group thus reaping the profit expected from the merger. After deducting third-party profit shares, the Group’s net income allocable to METRO AG’s stockholders amounts to DM 610.4 million. Adjusted for the nonrecurring factors included in total net income, earnings per share according to DVFA/SG correspond to DM 7.10. Annual accounts of METRO AG METRO AG as parent company of the METRO AG Group presents a solid net-asset, financial and income position in its annual accounts as of December 31, 1996. Based on total assets of DM 9.76 billion (substantially consisting of 12 financial assets and accounts due from Group companies), the equity ratio is 39.4 percent. Net financial indebtedness decreased from January 1, 1996, to December 31, 1996, by DM 483.7 million. METRO AG earned a net income of DM 614.4 million, derived mainly from the investments in its subsidiaries. A major reason for the difference between METRO AG’s net income and the Group’s is the outside stockholders’ DM 106.8 million profit share in the Group’s net income. After transferring DM 211.1 million to the reserves retained from earnings, METRO AG’s net earnings amount to DM 403.4 million. The share exchange ratios stipulated for the mergers of Asko Deutsche Kaufhaus AG, Deutsche SB-Kauf AG and Kaufhof Holding AG will be reviewed upon application by stockholders of the three former mergee companies in proceedings pending before the Regional Courts of Saarbrücken, Frankfurt/Main, and Cologne. The applicants allege that the respective share exchange ratios were understated to their debit. Neither the position of the court proceedings nor the arguments submitted by the applicants give rise to any reason for doubting the correctness of the exchange ratios determined in the merger agreements. The full annual accounts of METRO AG, on which Fasselt- Mette & Partner Wirtschaftsprüfungsgesellschaft as the statutory auditors issued their unqualified opinion, will be published in the German Federal Gazette and deposited with the Local Court of Cologne under Commercial Register number HRB 26888; they may also be obtained from METRO AG as a separate publication.
METRO AG Balance sheet as of December 31, 1996 Assets METRO AG Management Report Balance at Balance at In DM million Fixed assets 12-31-1996 1-1-1996 Intangible assets 0.326 0.285 Tangible assets 4.654 26.993 Financial assets 5,971.300 5,749.503 Current assets 5,976.280 5,776.781 Receivables and sundry assets 2,707.489 2,714.219 Short-term securities and note loans 305.628 404.363 Cash on hand and in bank 768.218 987.616 3,781.335 4,106.198 Prepaid expenses and deferred charges 6.869 5.003 Stockholders’ equity and liabilities 9,764.484 9,887.982 Balance at Balance at In DM million Stockholders’ equity 12-31-1996 1-1-1996 Capital stock 501.212 501.014 Reserve from capital surplus 2,729.608 2,725.363 Reserves retained from earnings 211.070 – Unappropriated retained earnings 403.366 – 3,845.256 3,226.377 Untaxed/special reserves 217.856 267.193 Accruals 879.669 1,085.064 Liabilities 4,820.611 5,308.518 Deferred income 1.092 0.830 9,764.484 9,887.982 13
Page 1 and 2: METRO AG ANNUAL REPORT 1996
Page 3 and 4: At a glance METRO AG GROUP 1996 IN
Page 5 and 6: Contents Letter to the stockholders
Page 7 and 8: Letter to the stockholders Dear Sto
Page 9 and 10: The overriding consideration in any
Page 11 and 12: Organization and structure of the M
Page 13 and 14: Analyses of sales and results, divi
Page 15: Against the background of sluggish
Page 19 and 20: Profit appropriation METRO AG’s S
Page 21 and 22: Prospects In the 1997-1999 period M
Page 23 and 24: Additional information General econ
Page 25 and 26: Western industrialized nations The
Page 27: Nation survey METRO AG Additional i
Page 30: Metro Wholesale The cash-and-carry
Page 33 and 34: Metro Wholesale maintains its marke
Page 35: Metro Wholesale locations 52 Metro
Page 38 and 39: With the integration of the former
Page 40 and 41: Capital expenditure The Kaufhof War
Page 42: Hypermarkets The Real merchandising
Page 45 and 46: Hypermarket locations 162 METRO AG
Page 47 and 48: duce such as fruit and vegetables o
Page 49 and 50: Praktiker substantially raised non-
Page 51 and 52: Roller achieves satisfactory result
Page 53 and 54: the Adler Card, with which shoppers
Page 55 and 56: As a consequence, the number of emp
Page 57 and 58: sioned. The Bischofsheim center was
Page 59 and 60: METRO AG’s internationalization d
Page 61 and 62: Praktiker penetrated the Austrian m
Page 63 and 64: The know-how accumulated by Metro C
Page 65 and 66: Key areas of personnel work H.R. de
Page 67 and 68:
Interest rate and currency manageme
Page 69 and 70:
A multitude of specific circumstanc
Page 71 and 72:
Metro stock First quotation of METR
Page 73 and 74:
Taking into account the share excha
Page 75 and 76:
Annual accounts 1996 of the METRO A
Page 77 and 78:
In comparison with January 1, 1996,
Page 79 and 80:
Long-term loans are capitalized at
Page 81 and 82:
At cost METRO AG Notes Book Charges
Page 83 and 84:
Breakdown of inventories by divisio
Page 85 and 86:
(18) Third-party equity shares The
Page 87 and 88:
(24) Derivative financial instrumen
Page 89 and 90:
(30) Other operating expenses In DM
Page 91 and 92:
Supervisory Board members Erwin Con
Page 93 and 94:
Report of the Supervisory Board The
Page 95 and 96:
In addition, the Executive Board pr
Page 97 and 98:
“The consolidated accounts, which
Page 99 and 100:
METRO AG Group Balance sheet as of
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METRO AG - METRO Group

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