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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 1. GROUP STRUCTURE Portfolio of locations by country and segment Metro Cash & Carry Real → p. 074 Media Markt and Saturn Galeria Kaufhof Others METRO GROUP 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 Germany 117 124 320 333 382 375 123 126 0 59 942 1,017 Austria 12 12 42 34 54 46 Belgium 11 11 20 18 15 15 46 44 denmark 5 5 5 5 France 91 91 34 32 125 123 Italy 48 48 104 99 152 147 Luxembourg 2 1 2 1 Netherlands 17 17 36 32 53 49 Portugal 11 11 9 9 20 20 Spain 34 34 64 61 98 95 Sweden 19 16 19 16 Switzerland 23 20 23 20 United Kingdom 30 30 30 30 Western Europe excl. Germany 259 259 353 322 15 15 627 596 Bulgaria 11 11 11 11 Croatia 6 6 6 6 Czech Republic 13 13 13 13 Greece 9 9 13 10 22 19 hungary 13 13 21 22 34 35 Kazakhstan 5 1 5 1 Moldova 3 3 3 3 Poland 29 29 54 54 59 53 142 136 Romania 26 24 25 24 51 48 Russia 57 52 16 15 31 20 104 87 Serbia 6 5 6 5 Slovakia 6 5 6 5 Turkey 18 14 13 14 17 16 48 44 Ukraine 26 25 1 1 27 26 Eastern Europe 228 210 109 108 141 121 478 439 China 48 42 1 0 49 42 Egypt 2 0 2 0 India 6 5 6 5 Japan 9 6 9 6 Morocco 0 8 0 8 Pakistan 5 5 5 5 vietnam 13 9 13 9 Asia/Africa 83 75 1 0 84 75 International 570 544 109 108 495 443 15 15 1,189 1,110 METRO GROUP 687 668 429 441 877 818 138 141 0 59 2,131 2,127
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 2. ECONOMIC PARAMETERS A global economy in upswing The global economy developed positively in 2010, recovering somewhat from the impact of the economic and financial crisis. Nearly all countries in which METRO GROUP does business returned to the growth path. however, the strength of the recovery varied across regions: while the Asian developing economies experienced strong growth, the picture was mixed in Europe. Some countries grew dynamically, whereas others continued to struggle with various problems, above all excessive public debt burdens. The global economy recovered on the back of expansive monetary and fiscal policies and the strong import demand from the Asian developing economies. Around the world, the tangible recovery witnessed during the first six months slowed as the year progressed, although Asia still remained the world’s fastest-growing region. The reasons for the slowdown during the second half of the year included the gradual withdrawal of national and international stimulus measures and the introduction of partly draconian austerity measures as part of budget consolidation in several countries. In 2010, the western and Eastern European economies, in particular, fell short of the economic output levels of the pre-crisis year 2008 – despite generally favourable developments. Germany Germany was western Europe’s economic engine in 2010, experiencing record growth of 3.6 percent. Exports were the strongest growth driver during the first half of the year. But- → p. 075 2. Economic parameters tressed by favourable labour market trends and increasing disposable income, private consumption also profited from the upswing during the second half of the year, albeit rela- Development of gross domestic product in key global regions and Germany Percentage change year-on-year 2010 2009 Asia 6.9 –0.2 world 4.1 –2.1 Germany 3.6 –4.7 Eastern Europe 2.9 –5.8 western Europe excl. Germany 1.3 –4.0 Source: FERI tively less than in other areas. After accelerating to a record pace in the second quarter, economic growth weakened somewhat during the latter half of the year. Nonetheless, the German economy’s growth momentum remained robust. At an annual average of slightly over 1 percent, inflation remained at a low level, but trended upwards towards the end of the year. Western Europe Compared to Germany, the economic recovery progressed markedly more slowly in the other countries of western Europe. Although western Europe as a region profited from a growing export momentum, the economic recovery did not gain a solid footing. After shrinking by more than 4 percent in 2009, the western European economy excluding Germany grew by less than 1.3 percent in 2010, with the regional average concealing stark divergences among different markets. In particular, high public debt burdens and government austerity measures proved a heavy burden on some countries. For example, the Greek economy remained in recession in 2010. The same applies to Spain, which continues to struggle with the effects of its domestic real estate crisis. Growth momentum in Italy and Portugal also remained below the western European average. Meanwhile, such countries as Sweden, denmark, Switzerland and Belgium developed positively. Growth rates in France and the United Kingdom matched the western European average. Inflationary pressures in western Europe remained moderate during the first half of 2010, before pointing upwards during the second half of the year. Rising global market prices for energy and other commodities were the key driver of the increase in consumer prices. Food prices also showed an above-average increase. Eastern Europe The speed of economic recovery also diverged markedly across Eastern Europe. Turkey experienced an impressive upswing, and Russia also posted solid growth after its steep decline in 2009. Other countries continued to struggle with the effects of the economic and financial crisis: Romania, Bulgaria and hungary, in particular, managed no more than a sluggish recovery amid ongoing public deficit problems. Following the steep currency devaluations of 2009, most European currencies strengthened somewhat versus the euro in 2010.
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