pdf (22.8 MB) - METRO Group

TAKING A FAR-SIGHTED VIEW!
WE’RE CREATING PROGRESS
303
lETTER TO ThE
shAREhOldERs olAF
as the new Chairman of the Management Board of MeTRo aG, I am pleased to present the 2011 annual
Report to you. “Made to Trade”: that is the principle that continued to guide your Company as it worked to
create sustainable value during the reporting year – value for our customers, for our staff and for you.
Looking back, 2011 was an eventful year: Following initial signs of recovery, economic growth cooled in
some parts of the world during the second half of the year. The ongoing sovereign debt crisis in europe
and the United states made consumers more reluctant to spend money. In addition, we watched political
revolutions unfold in north africa and the Middle east. They were followed by a massive earthquake in
Japan that triggered a devastating tsunami and the nuclear catastrophe in Fukushima. all in all, the economies
of the world grew at varied rates. From MeTRo GRoUp’s perspective, however, global economic
developments in 2011 fell distinctly short of expectations for the year and of actual developments in 2010.
Despite all this, METRO gROUP was able to keep group sales and EBiT before special items at nearly the
high level generated in the previous year. please keep one point in mind: in 2010, we generated the highest
result before special items in the history of MeTRo GRoUp. In 2011, eBIT before special items totalled
€2.4 billion as Group sales climbed to €66.7 billion.
in my opinion, our performance is primarily the result of a cultural change that was initiated by our
value-enhancing programme shape 2012. Your Company is now addressing challenges in a more determined
and efficient manner. It is more focused on creating value for customers and is developing forward-looking
solutions more systematically. The pillars and drivers of this change are our 280,856 employees, whom I
would like to thank on behalf of the entire Management Board. Because of them, MeTRo GRoUp is more
competitive and more customer-focused than it was just a few years ago. examples of these achievements
can be found throughout the entire Company.
Our wholesale business Metro Cash & Carry has further expanded its range of own-brand products that
are tailored to the needs of professional customers. The same is true of our delivery service, which we
were able to significantly expand once again. new formats and targeted ways of approaching customers
also enabled us to acquire and retain customers. Furthermore, we were able to grow our international
business, in particular in the dynamic markets of eastern europe and asia.
koCH
ChAiRMAN OF ThE
MANAgEMENT BOARD
OF METRO Ag