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Contents<br />
Letter to the stockholders 3<br />
Management Report on the <strong>METRO</strong> <strong>AG</strong> <strong>Group</strong> and <strong>METRO</strong> <strong>AG</strong> 6<br />
Additional information 19<br />
General economic setting 19<br />
Division reports 25<br />
Internationalization drive 55<br />
<strong>Group</strong> synergies 59<br />
Environmental protection 60<br />
Key areas of personnel work 61<br />
Interest rate and currency management 63<br />
Earnings per share according to DVFA/SG 63<br />
Cash flow according to DVFA/SG 65<br />
Balance sheet structure, <strong>METRO</strong> <strong>AG</strong> <strong>Group</strong> 65<br />
Cash flow statement, <strong>METRO</strong> <strong>AG</strong> <strong>Group</strong> 66<br />
Metro stock 67<br />
Notes to the Metro <strong>AG</strong> <strong>Group</strong>’s financial statements 72<br />
Comments on the consolidated balance sheet 76<br />
Comments on the income statement 83<br />
Supervisory Board and Executive Board 87<br />
Report of the Supervisory Board 89<br />
Summary of major <strong>Group</strong> companies 92<br />
Balance sheet and income statement<br />
<strong>METRO</strong> <strong>AG</strong> <strong>Group</strong> 94<br />
<strong>METRO</strong> <strong>AG</strong><br />
1
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