METRO GROUP HALF-YEAR FINANCIAL REPORT H1/Q2 2013

Half-Year Report

of METRO GROUP

H1/Q2 2013/14

3	Group financial figures
5	METRO shares

6	Interim Group management report
6	Macroeconomic conditions
7	Financial position and financial performance
10	Risks and opportunities
10	Sustainability
11	METRO Cash & Carry
13	Media-Saturn
15	Real
16	Galeria Kaufhof
18	Others
19	Subsequent events and outlook
20	Store network
21	Reconciliation of special items
25	Interim consolidated financial statements
25	Income statement
26	Total comprehensive income reconciliation
27	Balance sheet
28	Cash flow statement
29	Statement of changes in equity
30	Notes
30	Segment reporting
34	Other
43	Responsibility Statement

44 Review report
45 Financial calendar and imprint

METRO Cash & Carry continues like-for-like sales growth

Like-for-like sales match previous year's level (adjusted for calendar effects)

Portfolio changes, currency effects and Easter shift led to 7.6% decline in sales (in local currency: -4.7%)

EBIT before special items: €-40 million (Q2 2012/13: €14 million)

EPS before special items: €-0.28 (Q2 2012/13: €-0.01)

METRO Cash & Carry Sales: -3.1%; like-for-like sales growth of 0.8% despite Easter shift

Very positive performance in Eastern Europe, particularly in Russia

Media-Saturn Sales: -4.0%, like-for-like: -3.7%

Western and Eastern Europe like-for-like sales almost match previous year's level

Real Sales: -28.0%, mainly due to the disposal of Real in Eastern Europe Real Germany like-for-like sales: -6.6%, particularly as a result of the Easter shift

Disposal of Real Eastern Europe completed

Galeria Kaufhof Sales: -1.9% Decline in like-for-like sales due to Easter effect

H1 Like-for-like sales match previous year's level (adjusted for calendar effects)

Portfolio changes, currency effects and Easter shift led to 5.2% decline in sales to €33.0 billion (adjusted for currency effects and portfolio changes: +0.3%)

EBIT before special items: €1,033 million (H1 2012/13: €1,287 million)

To enable better comparability following the change of the financial year, Q1 2013 is referred to in this report as Q2 2012/13. H1 2012/13 consists of Q4 2012 and Q1 2013. Additionally, the previous year's figures are updated according to the new segment structure.

OVERVIEW H1 2013/14

€ million	H1 2012/13	H1 2013/14	Change (€)	Change (local currency)
Sales	34,857	33,047	-5.2%	-2.9%
Germany	13,892	13,508	-2.8%	-2.8%
International	20,965	19,539	-6.8%	-3.0%
Western Europe (excl. Germany)	9,912	9,853	-0.6%	-0.5%
Eastern Europe	9,134	7,780	-14.8%	-7.9%
Asia/Africa	1,920	1,906	-0.7%	5.5%
International share of sales	60.1%	59.1%	-
EBITDA1	1,927	1,586	-17.7%
EBIT1	1,287	1,033	-19.7%
EBT1	1,038	749	-27.9%
Net profit for the period1, 2	468	348	-25.5%
EPS (€)1	1.43	1.07	-25.5%
Capex	616	438	-28.9%
Stores3	2,242	2,198	-2.0%
Selling space (1,000 sqm)3	13,050	12,375	-5.2%
Employees (full-time basis)3	244,601	223,119	-8.8%

¹Before special items

²Profit attributable to shareholders of METRO AG

³As of closing date 31 March

OVERVIEW Q2 2013/14

				Change (local
€ million	Q2 2012/13	Q2 2013/14	Change (€)	currency)
Sales	15,499	14,326	-7.6%	-4.7%
Germany	6,109	5,799	-5.1%	-5.1%
International	9,390	8,528	-9.2%	-4.5%
Western Europe (excl. Germany)	4,385	4,322	-1.4%	-1.3%
Eastern Europe	3,965	3,170	-20.1%	-10.6%
Asia/Africa	1,040	1,036	-0.4%	4.3%
International share of sales	60.6%	59.5%	-
EBITDA1	300	234	-22.1%
EBIT1	14	-40	-
EBT1	-109	-184	-68.3%
Net profit for the period1, 2	-4	-92	-
EPS (€)1	-0.01	-0.28	-
Capex	132	164	24.2%
Stores3	2,242	2,198	-2.0%
Selling space (1,000 sqm)3	13,050	12,375	-5.2%
Employees (full-time basis)3	244,601	223,119	-8.8%

¹Before special items ²Profit attributable to shareholders of METRO AG ³As of closing date 31 March

METRO SHARES

Following the very positive development of the METRO ordinary share price in Q1 2013/14, it declined in Q2. Overall, the METRO ordinary share price rose by 1.3% in H1 2013/14 to €29.63. The German stock market index DAX gained 11.2% during the same period. The sector index, Dow Jones Euro Stoxx Retail, which is more relevant for comparison with METRO, outperformed the price of the METRO shares and rose by 3.2%.

In Q1 2013/14, the news that METRO AG was reviewing a partial IPO of METRO Cash & Carry Russia was positively received by the capital market. In January, Christmas business, which had failed to meet the expectations of all retailers, left its mark on the share price. In February and March, currency fluctuations in emerging markets and the political situation in Ukraine and Russia had a negative impact on the stock market. This led to the lowest values in the quarter under review, although the METRO share price was able to recover some lost ground by the end of the quarter.

All in all, the price of the METRO ordinary share fell by 15.8% in Q2 2013/14. In the quarter under review, the German stock market index DAX only rose by a minimal amount, while the sector index Dow Jones Euro Stoxx Retail fell by 1.5%.

As of the end of March 2014, Deutsche Börse's index ranked METRO AG's share 34th in terms of market capitalisation and 29th in terms of stock market trading volume.

		Q1 2013/14	Q2 2013/14
Closing price (€)	Ordinary shares	35.20	29.63
	Preference shares	26.81	23.92
Highest price (€)	Ordinary shares	37.31	36.06
	Preference shares	29.29	26.33
Lowest price (€)	Ordinary shares	29.25	27.78
	Preference shares	23.82	23.92
Market capitalisation (€ billion)1	Total	11.5	9.7

¹At the end of the reporting period

Data based on XETRA closing prices

INTERIM GROUP MANAGEMENT REPORT

Macroeconomic conditions

The global economy was shaped by two different, but related developments in H1 2013/14. Firstly, the USA and the eurozone experienced economic recovery after the financial and sovereign debt crises, which, as a result of established trade networks, had a positive effect on all other regions. Secondly, the situation in many emerging economies worsened, as the US Federal Reserve's decision to gradually wind down its expansionary monetary policy caused investors to retreat from these countries, resulting in substantial devaluation of the respective currencies. At the same time, the growth rate in China has slowed down significantly. The situation was exacerbated by political conflicts, particularly the international crisis triggered by Russia's annexation of Crimea, which caused considerable political and economic uncertainty.

Global economic growth in H1 2013/14 increased more than in last year's period. Inflation was below average, particularly in industrialised countries, which was also partly due to the lack of economic momentum. The rise in food prices has also stabilised over the past few months.

The German economy gained ground: The economy grew, while unemployment continued to fall and consumption and retail developed positively overall. As a result, growth in Germany was above average compared with the rest of Western Europe. That being said, retail business saw a setback in March with the shift of Easter business from March to April.

Economic growth in Western Europe remained weak despite gradual recovery. Unemployment remained at a high level, only just below the record high from last autumn. However, there was a further improvement in consumer sentiment from its low level. For the retail industry, this meant a slight increase year on year of around 0.5% until February 2014.

In real terms, however, the retail business continued to decline. The Easter shift contributed to a similar decline in retail sales in March to that observed in Germany. There was still a variance between development in crisis-hit countries and more robust core markets. Austria and Sweden performed well in particular, with crisis-hit countries such as Spain and Portugal recording a nominal plus for the first time after years of falling retail sales. Retail sales in Belgium, the Netherlands and Denmark continued to decline.

On the one hand, Eastern Europe benefitted from the gradual recovery due to its economic integration into Western Europe. On the other hand, the political and economic climate, particularly in Russia and Ukraine, has worsened considerably as a result of the Crimean crisis, as has the situation in Turkey in the wake of internal political conflicts. Overall, Eastern Europe continued to develop below its economic potential, a situation that continued to affect the retail industry. Poor retail development was observed in Greece, Croatia, Slovakia and Czech Republic in particular. Russia and Turkey continued to record high nominal retail growth, despite the economic downturn. However, prices rose by an above-average amount at the same time, meaning that growth was substantially lower in real terms. In addition, currency devaluations in both countries against the euro reached double-digit figures in percentage terms.

Emerging economies in Asia were once again the source of the greatest economic growth in the past half-year. However, China and India had weak economic performance to contend with. In spite of this, retail growth remained high. In China, the retail business again grew by more than 10% in H1 2013/14. A number of other emerging markets in Asia fell just short of doubledigit growth; however, in some countries, such as India and Pakistan, prices also rose by around the same margin.

Financial position and financial performance

Sales

As macroeconomic conditions remained difficult, METRO GROUP like-for-like sales in H1 2013/14 (October 2013 to March 2014) fell by 0.9% year on year. However, the shift of Easter from March last year to April this year should be considered here as a mitigating factor. This had a correspondingly negative impact on sales performance. Overall, sales amounted to €33.0 billion (H1 2012/13: €34.9 billion). This corresponds to a decrease of 5.2%, which was in particular due to currency effects and portfolio changes (MAKRO Cash & Carry Egypt; Real Eastern Europe: Russia, Romania, Poland and Ukraine as well as Media Markt China). In local currency, METRO GROUP sales only fell by 2.9% on the previous year. However, adjusted for currency effects and portfolio changes, METRO GROUP sales were up by 0.3%.

Sales development in Q2 2013/14 was down on the figure for Q2 2012/13. Sales fell in Q2 2013/14 by 7.6% to €14.3 billion (Q2 2012/13: €15.5 billion). Currency effects, portfolio changes and the shift in Easter business had a major effect in this regard. In local currency, sales declined by 4.7%, however, adjusted for currency effects and portfolio changes, sales only decreased slightly by 0.7%. Like-for-like sales declined by 1.8%. This was largely due to the shift in Easter business.

Delivery sales increased substantially in H1 2013/14 by 13.4% to €1.3 billion (in local currency: +17.5%). In Q2, delivery sales rose by 9.4% to €0.6 billion (in local currency: +13.3%). Despite the absence of the important Easter business, delivery sales also experienced a considerable increase in Q2 2013/14.

The share of own brand sales increased noticeably to 11.0% in H1 2013/14 (H1 2012/13: 10.7%). Q2 was a particular source of growth, with the share of own brand sales rising from 11.0% to 11.6%.

In H1 2013/14, METRO GROUP generated online sales of €0.8 billion, up 37.0% year on year. In Q2 2013/14, online sales rose to €0.4 billion (+27.0%).

Sales in Germany declined by 2.8% to €13.5 billion in H1 2013/14. In Q2, the absence of Easter business impacted sales by a considerable amount, with sales down by 5.1% to €5.8 billion

International sales fell by 6.8% to €19.5 billion in H1 2013/14 due to strong currency effects and portfolio effects. Adjusted for currency effects and portfolio changes, sales rose by 2.5%. The international share of sales decreased from 60.1% to 59.1%.

In Q2 2013/14, sales decreased by 9.2% to €8.5 billion. Alongside exchange rate developments and portfolio changes, the Easter shift also had an adverse impact on business. However, adjusted for currency effects and portfolio changes, sales rose by 2.5%. The international share of sales decreased from 60.6% to 59.5%.

Sales in Western Europe (excluding Germany) in H1 2013/14 increased marginally by 0.6% to €9.9 billion (in local currency: -0.5%). In Q2 2013/14 sales declined by 1.4% to €4.3 billion. This was largely due to the absence of the Easter business.

Sales in Eastern Europe declined by 14.8% to €7.8 billion in H1 2013/14. In local currency, this decline was noticeably lower at 7.9%. The fall in sales was due to the disposal of Real in Russia, Romania, Poland and Ukraine. Adjusted for portfolio changes, sales in local currency increased considerably by 5.0%. Q2 2013/14 was also dominated by currency effects and portfolio changes, with sales declining by 20.1% to €3.2 billion. Sales in local currency fell by 10.6%. Adjusted for portfolio changes, sales in local currency actually increased by 6.3%.

Sales in Asia/Africa fell by 0.7% to €1.9 billion in H1 2013/14. However, sales in local currency increased by 5.5%. Adjusted for the closure of Media Markt China and MAKRO Cash & Carry in Egypt, sales actually rose by 9.7%. In Q2 2013/14, sales fell marginally by 0.4%. Sales in local currency rose by 4.3% and, adjusted for portfolio changes, sales actually increased by 8.0%.

Special items

Non-recurring business transactions, such as restructuring and changes in the group portfolio, are classified as special items. Reporting before special items therefore provides a better reflection of the operating performance, thus increasing the value of the information provided on the result. An overview, including the reconciliation of special items, is printed on pages 21 to 24.

Earnings

METRO GROUP EBIT in H1 2013/14 amounted to €861 million (H1 2012/13: €987 million). EBIT included special items amounting to €172 million. This relates in particular to a noncash impairment of goodwill of METRO Cash & Carry in the Netherlands due to a weaker than expected business development in the first half of 2013/14. Moreover, among others, restructuring and portfolio measures at METRO Cash & Carry as well as at Real in Germany are reported as special item. Against that, a positive impact by a special item from the disposal of Real Eastern Europe was accounted. Before special

items, EBIT came to €1,033 million after €1,287 million in the prior-year period. This decline was largely the result of a lack of earnings from real estate transactions, the loss of earnings contributions from the sold Real Eastern Europe business and negative currency effects. Adjusted for these effects, EBIT before special items almost matched the previous year's figure.

In Q2 2013/14, EBIT stood at €-233 million (Q2 2012/13: €1 million). EBIT before special items came in at €-40 million (Q2 2012/13: €14 million). This fall reflects the loss of earnings contributions from the sold Real Eastern Europe business as well as persistent negative currency effects. Adjusted for these effects, EBIT before special items came in almost on last year's level.

The net financial result in H1 2013/14 amounted to €-320 million (H1 2012/13: €-253 million). The net interest result improved primarily as a result of lower net debt levels and stood at €-202 million (H1 2012/13: €-272 million). The other financial result fell considerably by €129 million to €-122 million. This was primarily the result of unfavourable exchange rate developments as well as the loss of valuation effects from stock tender rights in the previous year. Furthermore, currency effects from the deconsolidation of Real's business in Poland also had a negative effect.

EBT in H1 2013/14 fell to €541 million (H1 2012/13: €734 million). Before special items, EBT amounted to €749 million (H1 2012/13: €1,038 million).

Recognised tax expenses fell considerably in H1 2013/14 from €621 million to €299 million and equate to a group tax rate of 55.2% (H1 2012/13: 84.6%). Adjusted for special items included in the pre-tax result, the Group tax rate amounted to 45.2% (H1 2012/13: 45.9%).

Profit for the period improved significantly from €113 million to €242 million in H1 2013/14. The increase is mainly due to the lower tax rate. The recognised tax expenses for H1 2013/14 cannot be compared with the corresponding figure for H1 2012/13, as the tax calculation for Q1 2012/13 was made as part of the year-end closing 2012, which meant that there was a transition from the mid-year integral approach to the actual tax calculation for financial year 2012. For H1 2013/14, tax was recognised in line with the interim reporting rules by applying the so-called integral approach and the recognised tax expenses therefore correspond with the expected tax rate at the end of the financial year. Before special items, profit for the period came to €411 million (H1 2012/13: €561 million).

Earnings per share rose significantly in H1 2013/14 from €0.06 to €0.56. Adjusted for special items, earnings per share amounted to €1.07 (H1 2012/13: €1.43). In Q2 2013/14, earnings per share came to €-0.82 (Q2 2012/13: €-0.05). Adjusted

for special items, earnings per share in Q2 2013/14 stood at €-0.28 (Q2 2012/13: €-0.01). The decline was due in particular to the Easter effect and the related decline in sales.

Capex

METRO GROUP's capex in H1 2013/14 amounted to €438 million (H1 2012/13: €616 million). The fall was largely the result of a lower number of new store openings. In Q2 2013/14, METRO GROUP invested €164 million (Q2 2012/13: €132 million).

Store network

In H1 2013/14, 42 new stores in 11 countries were opened and 65 were disposed of or closed. This took a remaining Real store in Moscow into account which was transferred to METRO Cash & Carry. A total of 6 new store openings and 61 disposals or closures are attributed to Q2 2013/14.

METRO Cash & Carry opened a total of 11 stores in H1 2013/14 (H1 2012/13: 24). In this context, a remaining Real store in Russia was taken over by METRO Cash & Carry. Both stores in Egypt were closed.

Media-Saturn opened a total of 30 consumer electronics stores in H1 2013/14 (H1 2012/13: 40) and 3 stores were closed.

Real expanded its store network by 1 hypermarket in H1 2013/14 (H1 2012/13: 6) and disposed of 58 stores – one of which to METRO Cash & Carry Russia and 57 over the course of the disposal of Real Poland. There were also 2 closures in Germany.

At the end of March 2014, METRO GROUP operated 2,198 stores in 31 countries.

A detailed presentation on the business development of the individual divisions is given on pages 11 to 18.

Funding

METRO GROUP employs typical capital market permanent issuance programmes for funding purposes. To cover mediumand long-term funding requirements, the group has a "Debt Issuance Programme" available. Bonds are issued from this programme. The maximum programme volume amounts to €6.0 billion and was drawn down by €4.0 billion as of 31 March 2014 (31 March 2013: €4.5 billion). A €500 million bond due in November 2013 was repaid on time. Furthermore, the promissory note loans due in February 2014 totalling €157 million were also repaid on time.

Both the "Euro Commercial Paper Programme" as well as a further commercial paper programme, specifically geared to French investors, facilitate the coverage of short-term funding requirements. The maximum volume of each programme amounts to €2.0 billion. The total drawdown on both programmes from October 2013 to March 2014 amounted to €0.3 billion on average (H1 2012/13: €1.3 billion).

In addition, METRO GROUP has bilateral and syndicated credit facilities amounting to €4.5 billion with durations up to 2017. As of 31 March 2014, the drawdown thereof was €1.3 billion (31 March 2013: €1.3 billion). A total of €3.2 billion in bilateral and syndicated credit lines were not drawn down, of which €3.1 billion have a term of more than one year.

METRO GROUP's credit rating assigned by Moody's and Standard & Poor's of Baa3 and BBB- respectively with stable outlook is unchanged at investment grade.

Balance sheet

Compared to the end of the financial year as of 30 September 2013, total assets fell by €0.7 billion to €28.1 billion. Year on year as of 31 March 2013, total assets fell by €3.6 billion. The disposal of Real Eastern Europe and the reduced net debt level of METRO GROUP were particularly noticeable.

As of March 31 2014, METRO GROUP's balance sheet disclosed €5.2 billion in equity. Compared to 30 September 2013, the equity ratio increased from 18.1% to 18.6%. Year on year as of 31 March 2013, the equity ratio increased from 17.9% to 18.6%.

Net debt, after netting cash and cash equivalents as well as bank deposits, with financial liabilities (including finance leases) totalled €5.6 billion as of 31 March 2014 compared to €5.4 billion as of 30 September 2013. However, compared to 31 March 2013, net debt has decreased significantly by €0.9 billion and reflects the reduction of net debt levels.

Cash flow

Cash inflow from operating activities in the first half of the year amounted to €0.7 billion (H1 2012/13: €1.6 billion cash inflow). The change of €0.9 billion is mainly related to the change in net working capital.

Cash flow from investing activities amounted to €-0.5 billion and included mostly investments in tangible assets (H1 2012/13: €0.3 billion cash outflow).

Cash outflow from financing activities amounted to €-0.7 billion and was therefore on prior years level.

Risks and opportunities

The current conflict between Russia and the Ukraine is creating additional financial and political risks for METRO GROUP's commitment. However, no negative effects on sales were recorded in Russia. No store closures took place in relation to the current conflict.

The potential partial IPO of METRO Cash & Carry Russia still represents an opportunity for METRO GROUP. However, in light of the current political development in Russia and the Ukraine, the capital market conditions do not allow for a partial IPO of METRO Cash & Carry Russia at present. Nevertheless, the plan to IPO is being further pursued.

Furthermore, since the preparation of the consolidated financial statements (5 December 2013), no material changes arose from the reported opportunities and risks concerning the ongoing development of METRO GROUP as described in detail in the Annual Report 2013 (pp. 164 to 178).

There continues to be no risks that could endanger the company's existence and, at present, none can be identified for the future.

Sustainability

In January 2014, METRO GROUP and the international trade union umbrella organisation UNI Global Union signed a common declaration affirming their mutual commitment to fair working conditions. METRO GROUP has therefore renewed its commitment to the standards of the International Labour Organization ILO, which has been in place since 2004. In turn, UNI Global Union has praised the "outstanding standards of employment relationships" at METRO.

On 12 February 2014, the Annual General Meeting approved a new Management Board remuneration system, in which the previous long-term incentive plan (variable remuneration with multi-year performance period) is replaced by a new plan. Effective as of the start of financial year 2013/14, the so-called Sustainable Performance Plan aims to represent the benchmark for variable remuneration components with a long-term incentive. The Sustainable Performance Plan replaces the Performance Share Plan, which applied until 2013: Aside from a share price-based performance target, the accomplishment of sustainability targets will also be rewarded – at a target weighting of 75% to 25%. The achievement of sustainability targets is largely dependent on how METRO AG fares in the RobecoSAM Sustainability Assessment in comparison with its industry competitors within a certain performance period. The ranking, organised by the independent organisation RobecoSAM, forms the foundations for admission to the Dow Jones Sustainability Index, one of the world's most renowned indices of sustainability. METRO GROUP has declared sustainability to be a major component of its corporate strategy.

12 March 2014 was Arbor Day in China. Employees at the METRO China headquarters and 76 wholesale stores throughout the country took this occasion, within the scope of METRO Cash & Carry's 50th anniversary celebrations, as an opportunity to plant a total of 350 trees and make their own individual contribution to the protection of the environment.

METRO Cash & Carry

	Sales € million		Change (€)
	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2013/14	H1 2013/14	H1 2013/14
Total	15,684	15,369	-1.1%	-2.0%	-4.1%	2.1%	0.9%
Germany	2,494	2,441	-4.0%	-2.1%	0.0%	-2.1%	-2.1%
Western Europe (excl. Germany)	5,236	5,192	-9.8%	-0.8%	0.0%	-0.8%	-1.2%
Eastern Europe	6,092	5,833	4.4%	-4.3%	-8.9%	4.6%	3.0%
Asia/Africa	1,863	1,903	15.1%	2.2%	-6.6%	8.7%	4.7%

¹Comparable figures are not available due to the change of financial year

	Sales € million		Change (€)		Currency effects		Change (local currency)		lfl (local currency)
	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
Total	7,078	6,861	-2.8%	-3.1%	-0.5%	-5.1%	-2.3%	2.0%	-1.7%	0.8%
Germany	1,101	1,078	-4.0%	-2.1%	0.0%	0.0%	-4.0%	-2.1%	-4.7%	-2.0%
Western Europe (excl. Germany)	2,318	2,276	-9.9%	-1.8%	-0.1%	0.0%	-9.8%	-1.8%	-3.1%	-2.0%
Eastern Europe	2,642	2,472	-0.3%	-6.4%	-0.6%	-12.1%	0.3%	5.7%	-1.8%	4.1%
Asia/Africa	1,017	1,035	11.3%	1.7%	-2.5%	-4.9%	13.8%	6.6%	6.3%	2.9%

Like-for-like sales at METRO Cash & Carry in H1 2013/14 rose by 0.9%. Adjusted for unfavourable exchange rates, sales fell by 2.0% to €15.4 billion. By contrast, sales in local currency increased by 2.1%. Food sales performed extremely well, but non-food sales declined. In Q2 2013/14, this positive trend continued with a 0.8% rise in like-for-like sales. Excluding the Easter effect, this growth would have been even greater.

Sales from the delivery business continued to grow very positively, rising by 13.4% to €1.3 billion (H1 2012/13: €1.2 billion). Delivery sales in local currency increased by 17.5%. There was a slight loss of momentum in Q2. This was caused by the lack of Easter business, which plays an important role for many delivery customers. That being said, significant sales growth of 9.4% was still recorded (in local currency: +13.3%). The share of own brand sales also rose once more. The share in total sales increased slightly in H1 2013/14 from 16.3% to 16.6%.

The anniversary year for METRO Cash & Carry began in January. METRO Cash & Carry is celebrating 50 years of partnership for independent professionals and is embracing the new brand positioning as a "Champion for Independent Business". There will be a number of different events, celebrations and promotional campaigns in 2014 for customers, partners and employees – and therefore for everyone who has contributed to the success of METRO over the past decades.

In Germany, sales declined by 2.1% to €2.4 billion in H1 2013/14 (like-for-like sales: -2.1%). While food sales almost matched the previous year's figures, non-food sales recorded a decline as a result of targeted measures to streamline product ranges. In Q2, the Easter business impacted sales, which fell by 2.1%.

Sales in Western Europe totalled €5.2 billion in H1 2013/14, slightly below the previous year's figure. In like-for-like terms, sales were down by 1.2%. In Q2 2013/14, the loss of Easter business impacted sales, which fell by 1.8%. By contrast, business in France and Spain was very positive, while sales in the Netherlands declined and were lower than expected.

Sales in Eastern Europe fell by 4.3% in H1 2013/14. This was the result of negative currency effects. Sales in local currency increased considerably by 4.6%. Like-for-like sales developed very positively, increasing by 3.0%. In the case of like-for-like sales, there was even an improvement in the overall trend with growth of 4.1% in Q2 2013/14. The domestic market in Russia remains intact. Turkey and Poland also saw positive development alongside Russia. By contrast, the development in the Ukraine and in Romania was negative, in the former case as a result of political unrest.

Sales in Asia/Africa rose by 2.2% to €1.9 billion in H1 2013/14. Currency effects also had a negative impact here. Sales in local currency actually increased by 8.7%. In like-for-like terms, sales rose considerably in almost all countries and by 4.7% in the region as a whole. India performed particularly well with double-digit like-for-like sales growth. In Q2 2013/14, the sales

growth continued, albeit at a somewhat slower pace than in Q1 2013/14.

The international share in sales generated during H1 2013/14 remained constant at 84.1%.

€ million1	H1 2012/13	H1 2013/14	Change	Q2 2012/13	Q2 2013/14	Change
EBITDA	946	767	-18.9%	153	121	-21.2%
EBITDA before special items	923	797	-13.7%	151	147	-3.0%
EBIT	649	451	-30.6%	45	-85	-
EBIT before special items	697	583	-16.3%	43	43	-0.6%
Capex	278	102	-63.3%	34	42	21.5%

¹Revised presentation (see chapter "Notes to the Accounting Principles and Methods of the Group Interim Financial Statements"); the prior-year figures have been adjusted accordingly

	30/09/2013	31/03/2014	Change	31/12/2013	31/03/2014	Change
Stores	752	761	9	762	761	-1
Selling space (1,000 sqm)	5,554	5,596	42	5,608	5,596	-12
Employees (full-time basis)	109,885	109,312	-573	112,457	109,312	-3,145

In H1 2013/14, EBIT stood at €451 million (H1 2012/13: €649 million) and included special items of €132 million. They relate in particular to a non-cash impairment of goodwill of METRO Cash & Carry in the Netherlands due to a weaker than expected business development in the first half of 2013/14. Moreover, amongst others, restructuring and portfolio measures in Belgium were reported as special item. EBIT before special items stood at €583 million (H1 2012/13: €697 million). This decline was mainly the result of the lack of earnings from the real estate transaction in France in the previous year period as well as negative currency effects.

In Q2 2013/14, EBIT before special items came to €43 million and matched the previous year's figure. Excluding the negative currency effects, EBIT before special items would have significantly exceeded the previous year's figure.

In H1 2013/14, investments in expansion and modernisation stood at €102 million (H1 2012/13: €278 million) and reflected the lower number of new store openings. METRO Cash & Carry opened a total of 11 stores in H1 2013/14. The network of Chinese stores grew by a further 7. In Russia, 3 new stores were opened, including the remaining Real store in Moscow. In India, 1 store was opened. Both stores in Egypt were closed.

As of 31 March 2014, METRO Cash & Carry operated 761 stores in 28 countries, of which 107 in Germany, 236 in Western Europe, 289 in Eastern Europe and 129 in Asia/Africa.

Media-Saturn

	Sales € million		Change (€)
	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2013/14	H1 2013/14	H1 2013/14
Total	11,732	11,482	1.6%	-2.1%	-1.3%	-0.8%	-2.2%
Germany	5,527	5,388	5.1%	-2.5%	0.0%	-2.5%	-3.6%
Western Europe (excl. Germany)	4,579	4,565	-4.2%	-0.3%	-0.3%	0.0%	-0.4%
Eastern Europe	1,573	1,529	9.1%	-2.8%	-9.3%	6.5%	-2.2%
Asia	53	-	-19.7%	-	-	-	-

¹Comparable figures are not available due to the change of financial year

	Sales € million		Change (€)		Currency effects		Change (local currency)		lfl (local currency)
	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
Total	5,084	4,881	2.0%	-4.0%	0.0%	-1.6%	2.0%	-2.4%	-1.4%	-3.7%
Germany	2,380	2,242	5.1%	-5.8%	0.0%	0.0%	5.1%	-5.8%	3.4%	-6.7%
Western Europe (excl. Germany)	2,022	2,001	-2.6%	-1.0%	0.1%	-0.2%	-2.7%	-0.8%	-6.7%	-1.2%
Eastern Europe	662	638	8.9%	-3.6%	0.0%	-12.7%	8.9%	9.1%	-1.0%	-0.2%
Asia	21	-	-39.6%	-	0.4%	-	-39.9%	-	n/a.	-

Media-Saturn sales declined by 2.1% to €11.5 billion in H1 2013/14. In local currency, the decrease only amounted to 0.8%. Adjusted for store closures in China, sales in local currencies only decreased by 0.4%. Performance in Q2 2013/14 was unable to match performance in Q1 2013/14 due to the consistently challenging market environment.

Online sales continued to grow dynamically. Online sales rose by over 35% in H1 2013/14 to €0.8 billion and accounted for almost 7% of total sales. Multichannel sales from Media Markt and Saturn, as well as those from Redcoon, contributed to this performance.

In Germany, sales in H1 2013/14 came to €5.4 billion. Like-forlike sales were down by 3.6% – partly due to the high prior year base. This trend continued in Q2 2013/14. The overall weak market, the lack of product innovations, strong competition and deflationary price developments continued to have a negative impact.

Customers continued to positively accept the multichannel offer. The online product range has been further expanded and, as of the end of March 2014, now comprises almost 34,000 products at Mediamarkt.de and more than 28,000 at Saturn.de. The in-store pickup rate remained on a high level of almost 40%, underlining the success of the multichannel model.

In Western Europe, sales almost matched the previous year's level at €4.6 billion. The previous year's figure was matched in terms of sales in local currencies. In like-for-like terms, sales were down only slightly by 0.4%. Media-Saturn succeeded in increasing its market share in a number of countries. Development in the Netherlands continued to be encouraging, while performance in Sweden failed to reach the same level as the previous year. In Belgium, Media-Saturn stopped its dual-brand strategy and now only operates under the Media Markt brand. In Q2 2013/14, sales did not meet the level achieved in Q1 2013/14. Business development in the Netherlands was positive, due to a turnaround from a decline in the sales trend to a double-digit sales growth.

Sales in Eastern Europe declined by 2.8% to €1.5 billion in H1 2013/14. This was solely the result of negative currency effects. Sales in local currency increased by 6.5%. In Q2 2013/14, there was a substantial improvement in the sales trend. Sales in local currency increased by 9.1%. In Hungary and Turkey, significant double-digit growth rates were again recorded.

The international share in sales generated during H1 2013/14 increased from 52.9% to 53.1% year on year.

H1 2012/13	H1 2013/14	Change	Q2 2012/13	Q2 2013/14	Change
415	396	-4.7%	52	40	-24.4%
472	405	-14.2%	51	52	1.2%
226	266	17.7%	-13	-26	-
318	275	-13.7%	-14	-14	-1.7%
143	107	-25.3%	49	49	-1.3%

30/09/2013	31/03/2014	Change	31/12/2013	31/03/2014	Change
948	975	27	971	975	4
3,022	3,068	46	3,070	3,068	-2
56,234	57,341	1,107	58,443	57,341	-1,102

In H1 2013/14, EBIT stood at €266 million (H1 2012/13: €226 million). This included special items of €9 million. EBIT before special items came to €275 million (H1 2012/13: €318 million). The decline is mainly due to the development of like-for-like sales in Germany and Eastern Europe.

In Q2 2013/14, EBIT before special items totalled €-14 million and therefore matched previous year's level. Sales-related declines in earnings were able to be compensated overall through cost savings and margin improvements.

Capex in H1 2013/14 amounted to €107 million (H1 2012/13: €143 million). A total of 30 stores were opened, 8 of which in Germany, 7 in Russia, 5 in Poland, 4 in Turkey, 3 in the Netherlands, 2 in Spain and 1 in Belgium. Sweden, the Netherlands and Belgium all recorded 1 store closure.

As of the end of H1 2013/14, the store network of Media-Saturn comprised 975 stores in 15 countries, of which 413 in Germany, 365 in Western Europe and 197 in Eastern Europe.

Real

	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2013/14	H1 2013/14	H1 2013/14
Total	5,744	4,507	-0.1%	-21.5%	-0.5%	-21.1%	-3.9%
Germany	4,276	4,089	0.5%	-4.4%	0.0%	-4.4%	-4.1%
Eastern Europe	1,468	419	-2.0%	-71.5%	-0.7%	-70.8%	2.9%

¹Comparable figures are not available due to the change of financial year

	Sales € million		Change (€)		Currency effects		Change (local currency)		lfl (local currency)
	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
Total	2,639	1,900	-0.9%	-28.0%	0.1%	-0.6%	-1.0%	-27.4%	-0.5%	-6.4%
Germany	1,977	1,841	0.5%	-6.9%	0.0%	0.0%	0.5%	-6.9%	1.5%	-6.6%
Eastern Europe	662	60	-4.9%	-91.0%	0.2%	-0.7%	-5.1%	-90.3%	-5.9%	3.5%

In H1 2013/14, sales at Real decreased significantly by 21.5% to €4.5 billion (in local currency: -21.1%). This drop was mainly due to the disposal of Real in Russia, Romania, Poland and the Ukraine. Like-for-like sales declined by 3.9%. The lack of Easter business had a major impact, leading to a corresponding decline in sales in Q2 2013/14.

In Germany, sales declined by 4.4% to €4.1 billion in H1 2013/14. In like-for-like terms, sales fell by 4.1%. The decline in Q2 2013/14 was greater, primarily as a result of the lack of Easter business and the resulting drop in food sales. As a result, non-food business developed much better than food sales. Moreover, business was also impacted by extensive construction measures at 30 hypermarkets. The competitive environment remained extremely intense, particularly from

discounters, and there were further price cuts in the food sector.

The share of own brand sales increased further in H1 2013/14 from 15.9% to 16.4%. In Q1 2013/14, Real also introduced a new no-name own brand "ohne Namen". The new brand is positioned below the entry-level price segment and caters to the ever-increasing demand for low-cost products. On the back of the huge success of the brand, Real expanded the product range and now offers 33 food products and 68 non-food products.

Sales in Eastern Europe fell by 71.5% in H1 2013/14. This was due to the disposal of Real in Russia, Romania, Poland and the Ukraine. In H1 2013/14 Real Turkey generated like-for-like sales growth, with the sales trend improving in Q2 2013/14.

€ million1	H1 2012/13	H1 2013/14	Change	Q2 2012/13	Q2 2013/14	Change
EBITDA	151	104	-31.0%	44	-51	-
EBITDA before special items	208	125	-39.9%	47	-7	-
EBIT	27	34	27.0%	-5	-87	-
EBIT before special items	127	56	-55.4%	11	-41	-
Capex	60	36	-40.7%	12	30	-

¹Revised presentation (see chapter "Notes to the Accounting Principles and Methods of the Group Interim Financial Statements"); the prior-year figures have been adjusted accordingly

	30/09/2013	31/03/2014	Change	31/12/2013	31/03/2014	Change
Stores	384	325	-59	383	325	-58
Selling space (1,000 sqm)	2,758	2,266	-492	2,732	2,266	-466
Employees (full-time basis)	39,337	30,472	-8,865	39,456	30,472	-8,984

In H1 2013/14, EBIT stood at €34 million (H1 2012/13: €27 million). This included special items of €23 million relating in particular to the planned closure of hypermarkets in Germany. Before special items, EBIT came to €56 million after €127 million in the previous-year period. This decline was largely due to the loss of earning contributions from the sold Real business in Eastern Europe and the shift in Easter business.

In Q2 2013/14, EBIT before special items came to €-41 million (Q2 2012/13: €11 million). This also reflects the loss of earnings contributions from the sold Real business in Eastern Europe and the shift in Easter business.

Capex in H1 2013/14 came to €36 million (H1 2012/13: €60 million).

In Germany, hypermarkets in Jena and Langenhagen were closed and one store was opened. The remaining Real hypermarket in Moscow was transferred to METRO Cash & Carry. In Poland, the sale transaction was completed with the disposal of 57 Polish hypermarkets.

As of 31 March 2014, the store network comprised a total of 325 stores of which 309 in Germany and 16 in Eastern Europe.

Galeria Kaufhof

	Sales € million		Change
	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2013/14
Total	1,691	1,684	-2.3%	-0.4%	-0.4%
Germany	1,593	1,588	-2.4%	-0.3%	-0.3%
Western Europe (excl. Germany)	98	96	-0.3%	-2.1%	-2.1%

¹Comparable figures are not available due to the change of financial year

	Sales € million		Change		lfl
	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
Total	695	682	-1.5%	-1.9%	0.9%	-1.9%
Germany	649	637	-1.5%	-1.9%	1.1%	-1.9%
Western Europe (excl. Germany)	45	45	-2.4%	-1.6%	-2.4%	-1.6%

Galeria Kaufhof sales fell slightly by 0.4% to €1.7 billion in H1 2013/14. Like-for-like sales also decreased by 0.4%. After a positive Christmas quarter, the lack of Easter business had a negative impact on Q2 2013/14.

In Germany, Galeria Kaufhof sales were slightly down year on year in H1 2013/14 at €1.6 billion (like-for-like sales: -0.3%). This was mainly due to the missing Easter business.

Sales in the galeria.de online store developed extremely positively, rising by 75% in H1 2013/14 to €39 million.

In 2014, Galeria Kaufhof is celebrating its 135th anniversary. Throughout its history, Galeria Kaufhof has continually reinvented itself and proven that it the format department store has a future. For instance, the traditional department store concept has been constantly and systematically adapted to the respective needs of the customers. By means of a number of different campaigns, Galeria Kaufhof is underlining the sustainability that has been reflected for so many years in positive sales and profit figures.

Sales in Western Europe fell by 2.1% in H1 2013/14. This was the result of a slight decline in the Belgian textile market.

€ million1	H1 2012/13	H1 2013/14	Change	Q2 2012/13	Q2 2013/14	Change
EBITDA	251	216	-14.0%	30	28	-7.4%
EBITDA before special items	251	216	-14.0%	30	28	-7.4%
EBIT	187	157	-15.9%	-3	-2	33.9%
EBIT before special items	187	157	-15.8%	-3	-2	33.9%
Capex	45	119	-	9	22	-

¹Revised presentation (see chapter "Notes to the Accounting Principles and Methods of the Group Interim Financial Statements"); the prior-year figures have been adjusted accordingly

	30/09/2013	31/03/2014	Change	31/12/2013	31/03/2014	Change
Stores	137	137	0	137	137	0
Selling space (1,000 sqm)	1,439	1,445	6	1,443	1,445	2
Employees (full-time basis)	17,263	17,186	-77	18,415	17,186	-1,229

In H1 2013/14, EBIT stood at €157 million (H1 2012/13: €187 million). EBIT before special items came also in at €157 million (H1 2012/13: €187 million). The decline was primarily due to the real estate transactions in the same period of the previous year.

In Q2 2013/14, EBIT before special items rose slightly year on year to €-2 million (Q2 2012/13: €-3 million).

In H1 2013/14, capex amounted to €119 million (H1 2012/13: €45 million).

As of 31 March 2014, the store network of Galeria Kaufhof comprised 137 stores of which 122 in Germany and 15 in Belgium.

Others

€ million	H1 2012/13	H1 2013/14	Change	Q2 2012/13	Q2 2013/14	Change
Sales	7	5	-26.2%	3	2	-29.3%
EBITDA1	8	41	-	20	9	-55.8%
EBITDA before special items1	69	46	-34.2%	20	15	-24.7%
EBIT1	-110	-51	53.7%	-27	-37	-39.2%
EBIT before special items1	-48	-41	15.9%	-26	-27	-4.5%
Capex1	90	74	-17.2%	28	22	-22.7%

¹Revised presentation (see chapter "Notes to the Accounting Principles and Methods of the Group Interim Financial Statements"); the prior-year figures have been adjusted accordingly

30/09/2013	31/03/2014	Change	31/12/2013	31/03/2014	Change
Employees (full-time basis) 9,664	8,808	-856	9,495	8,808	-687

The Others segment comprises, among others, METRO AG as the management holding company of METRO GROUP, the procurement organisation in Hong Kong, which also operates on behalf of third parties, as well as logistics services and real estate activities of METRO PROPERTIES, which are not attributed to any sales lines (i.e. speciality stores, warehouses, head offices, etc.).

In H1 2013/14, sales in the Others segment totalled €5 million (H1 2012/13: €7 million). Sales mainly included the commission from third-party business via METRO GROUP's procurement organisation in Hong Kong.

In H1 2013/14, EBIT stood at €-51 million (H1 2012/13: €-110 million). EBIT before special items increased from €-48 million to €-41 million. This improvement resulted primarily from cost savings.

Subsequent events and outlook

Events after the quarter-end closing

Between the balance sheet date (31 March 2014) and the preparation of the consolidated interim financial statements (30 April 2014), the following events of material importance to an assessment of the earnings, financial and asset position of METRO AG and METRO GROUP occurred:

The supervisory board of METRO AG approved the acquisition of 10 real estate locations used by the sales division Real. The purchase price ranges in the low-triple-digit € million area. The intention is to sell the real estate within 12 months after the purchase.

As reaction to a changed market environment, the board of Media-Saturn-Holding GmbH decided to focus the organisation even more on the multichannel approach. The related reorganisation of the staff will result in the decrease of 200 positions which will cost a low-double-digit €-million amount and will be classified as a special item.

Macroeconomic outlook

Early indicators in industrialised countries point to a continuation of the global economic recovery over the course of the year. Of the major countries in Western Europe, Germany remains the leading driver of growth. This means that the scene is set for higher year-on-year economic growth in other countries in Central and Eastern Europe, too. However, the conflict between Russia and the Ukraine continues to cloud Eastern Europe's economic prospects. Should the situation stabilise, we do not anticipate any major negative implications outside of the countries themselves. However, there is still a risk that the conflict could escalate.

There has been a slight downturn in sentiment in Asia's emerging markets in the wake of turbulence on the financial and currency markets. That being said, Eastern Europe and Asia remain the regions with the greatest potential for growth.

For the global economy as a whole, METRO GROUP expects a rise in growth of roughly 3% for 2014 – following around 2% in 2013 and 2.4% in 2012.

Outlook METRO GROUP

Sales

For the financial year 2013/14, METRO GROUP expects to see a slight rise in overall sales in local currency – even though economic momentum will remain below average and adjusted for implemented and announced portfolio measures.

In like-for-like sales, METRO GROUP expects to see a trend improvement following the previous year's level of -1.3% and a level of sales that will roughly equal the previous year's level.

Earnings

In the financial year 2013/14, the earnings development will also be affected by the continued below-average economic growth. As a result, METRO GROUP will continue to closely focus on efficient structures and strict cost management in 2013/14.

The announced changes in the real estate strategy will impact earnings. Last year, EBIT before special items of €2,000 million contained income from real estate sales that exceeded typical levels. In addition, the comparative base is reduced by the contributions from portfolio changes. Adjusted for these effects totalling about €300 million, the comparative level from the previous year is €1.7 billion.

METRO GROUP remains on course to meet its EBIT before special items target of around €1,750 million in the financial year 2013/14, provided that exchange rates remain constant. From today's point of view earnings will be burdened by negative exchange rate effects in the mid-double-digit € million area. Due to the slow development in the consumer electronics industry, METRO GROUP expects EBIT before special items at Media-Saturn to approximately match the prior year's level (previously: sharply rising earnings). METRO GROUP expects to be able to compensate for the development at Media-Saturn through higher earnings contributions from other segments.

Store Network

Store network devopment H1 2013/14

30/09/2013	New store openings/ Acquisitions H1 2013/14	Closures/ Disposals H1 2013/14	31/03/2014	Change (absolute)
METRO Cash & Carry 752	+11	-2	761	+9
Media-Saturn 948	+30	-3	975	+27
Real 384	+1	-60	325	-59
Galeria Kaufhof 137	0	0	137	0
Total 2,221	+42	-65	2,198	-23

Store network as at 31 March 2014

METRO Cash & Carry			Media-Saturn		Real		Galeria Kaufhof		METRO GROUP
	H1 2013/14	31/03/2014	H1 2013/14	31/03/2014	H1 2013/14	31/03/2014	H1 2013/14	31/03/2014	H1 2013/14	31/03/2014
Germany		107	+8	413	-1	309		122	+7	951
Austria		12		47						59
Belgium		13		22				15		50
Denmark		5								5
France		93								93
Italy		49		115						164
Luxemburg				2						2
Netherlands		17	+2	45					+2	62
Portugal		10		9						19
Spain		37	+2	72					+2	109
Sweden			-1	28					-1	28
Switzerland				25						25
Western Europe (excl. Germany)		236	+3	365				15	+3	616
Bulgaria		14								14
Croatia		7								7
Czech Republic		13								13
Greece		9		10						19
Hungary		13		21						34
Kazakhstan		8								8
Moldova		3								3
Poland		41	+5	71	-57				-52	112
Romania		32				4				36
Russia	+3	73	+7	57	-1				+9	130
Serbia		10								10
Slovakia		6								6
Turkey		27	+4	38		12			+4	77
Ukraine		33								33
Eastern Europe	+3	289	+16	197	-58	16			-39	502
China	+7	76							+7	76
Egypt	-2								-2
India	+1	16							+1	16
Japan		9								9
Pakistan		9								9
Vietnam		19								19
Asia/Africa	+6	129							+6	129
Total	+9	761	+27	975	-59	325	0	137	-23	2,198

Reconciliation of special items (operating segments)

H1 2013/14

Special Items

by sales line¹

		As reported		Special items		Before special items

€ million		H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14
EBITDA		1,776	1,524	151	63	1,927	1,586
	thereof METRO Cash & Carry	946	767	-22	30	923	797
	Media-Saturn	415	396	56	9	472	405
	Real	151	104	57	21	208	125
	Galeria Kaufhof	251	216	0	0	251	216
	Others	8	41	61	5	69	46
	Consolidation	5	0	-1	-2	4	-2
EBIT		987	861	300	172	1,287	1,033
	thereof METRO Cash & Carry	649	451	47	132	697	583
	Media-Saturn	226	266	93	9	318	275
	Real	27	34	100	23	127	56
	Galeria Kaufhof	187	157	0	0	187	157
	Others	-110	-51	62	10	-48	-41
	Consolidation	8	5	-1	-2	7	2
Financial result		-253	-320	3	35	-249	-284
EBT		734	541	304	208	1,038	749
Income taxes		-621	-299	144	-39	-477	-338
	Profit or loss for the period	113	242	448	168	561	411
	Profit or loss for the period attributable to non-controlling interests	93	60	0	2	93	63
	Profit or loss for the period attributable to shareholders of METRO AG	20	182	448	166	468	348
	Earnings per share in € (basic = diluted)	0.06	0.56	1.37	0.51	1.43	1.07

1Revised presentation (see chapter "Notes to the Accounting Principles and Methods of the Group Interim Financial Statements"); the prior-year figures have been adjusted accordingly

Reconciliation of special items (regional segments)

H1 2013/14

Special Items

by region

		As reported		Special items		Before special items
€ million		H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14
EBITDA		1,776	1,524	151	63	1,927	1,586
	thereof Germany	636	613	84	41	720	654
	Western Europe (excl. Germany)	514	333	-13	26	501	359
	Eastern Europe	642	529	30	-12	671	517
	Asia/Africa	-17	51	51	8	34	59
	Consolidation	1	-2	0	0	1	-2
EBIT		987	861	300	172	1,287	1,033
	thereof Germany	331	325	91	47	422	372
	Western Europe (excl. Germany)	362	116	-13	128	349	244
	Eastern Europe	377	398	136	-11	513	388
	Asia/Africa	-85	24	87	8	2	31
	Consolidation	1	-2	0	0	1	-2
Net financial result		-253	-320	3	35	-249	-284
EBT		734	541	304	208	1,038	749
Income taxes		-621	-299	144	-39	-477	-338
	Profit or loss for the period	113	242	448	168	561	411
	Profit or loss for the period attributable to non-controlling interests	93	60	0	2	93	63
	Profit or loss for the period attributable to shareholders of METRO AG	20	182	448	166	468	348
	Earnings per share in € (basic = diluted)	0.06	0.56	1.37	0.51	1.43	1.07

Reconciliation of special items (operating segments)

Q2 2013/14

Special Items

by sales line¹

		As reported		Special items		Before special items

€ million		Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
EBITDA		301	149	-1	85	300	234
	thereof METRO Cash & Carry	153	121	-2	26	151	147
	Media-Saturn	52	40	-1	12	51	52
	Real	44	-51	3	44	47	-7
	Galeria Kaufhof	30	28	0	0	30	28
	Others	20	9	0	6	20	15
	Consolidation	2	3	0	-3	2	1
EBIT		1	-233	13	193	14	-40
	thereof METRO Cash & Carry	45	-85	-2	128	43	43
	Media-Saturn	-13	-26	-1	12	-14	-14
	Real	-5	-87	16	46	11	-41
	Galeria Kaufhof	-3	-2	0	0	-3	-2
	Others	-27	-37	0	10	-26	-27
	Consolidation	3	4	0	-3	3	2
Financial result		-126	-170	3	26	-123	-144
EBT		-125	-403	15	219	-109	-184
Income taxes		109	132	-3	-40	106	92
	Profit or loss for the period	-16	-271	13	179	-3	-92
	Profit or loss for the period attributable to non-controlling interests	0	-2	1	2	1	0
	Profit or loss for the period attributable to shareholders of METRO AG	-16	-269	12	177	-4	-92
	Earnings per share in € (basic = diluted)	-0.05	-0.82	0.04	0.54	-0.01	-0.28

1Revised presentation (see chapter "Notes to the Accounting Principles and Methods of the Group Interim Financial Statements"); the prior-year figures have been adjusted accordingly

Reconciliation of special items (regional segments)

Q2 2013/14

Special Items

by region

		As reported		Special items		Before special items

€ million		Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
EBITDA		301	149	-1	85	300	234
	thereof Germany	69	-7	-2	51	68	44
	Western Europe (excl. Germany)	33	11	4	27	38	38
	Eastern Europe	161	115	3	7	164	122
	Asia/Africa	32	32	-6	0	26	32
	Consolidation	5	-2	0	0	5	-2
EBIT		1	-233	13	193	14	-40
	thereof Germany	-78	-153	-2	55	-79	-98
	Western Europe (excl. Germany)	-24	-149	4	130	-20	-19
	Eastern Europe	81	52	16	8	96	61
	Asia/Africa	18	19	-6	0	12	19
	Consolidation	5	-2	0	0	5	-2
Net financial result		-126	-170	3	26	-123	-144
EBT		-125	-403	15	219	-109	-184
Income taxes		109	132	-3	-40	106	92
	Profit or loss for the period	-16	-271	13	179	-3	-92
	Profit or loss for the period attributable to non-controlling interests	0	-2	1	2	1	0
	Profit or loss for the period attributable to shareholders of METRO AG	-16	-269	12	177	-4	-92
	Earnings per share in € (basic = diluted)	-0.05	-0.82	0.04	0.54	-0.01	-0.28

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Income Statement

€ million	H1 2012/13	H1 2013/14	Q2 2012/13	Q2 2013/14
Net sales	34,857	33,047	15,499	14,326
Cost of sales	-27,523	-26,130	-12,419	-11,433
Gross profit on sales	7,334	6,917	3,080	2,893
Other operating income	920	664	334	291
Selling expenses	-6,332	-5,919	-3,038	-2,947
General administrative expenses	-797	-695	-352	-371
Other operating expenses	-138	-106	-23	-99
Earnings before interest and taxes EBIT	987	861	1	-233
Result from associates and joint ventures	0	1	0	1
Other investment result	12	3	0	3
Interest income	46	35	19	18
Interest expenses	-318	-237	-140	-114
Other financial result	7	-122	-5	-78
Net financial result	-253	-320	-126	-170
Earnings before taxes EBT	734	541	-125	-403
Income taxes	-621	-299	109	132
Profit or loss for the period	113	242	-16	-271
Profit or loss for the period attributable to non-controlling interests	93	60	0	-2
Profit or loss for the period attributable to shareholders of METRO AG	20	182	-16	-269
Earnings per share in € (basic = diluted)	0.06	0.56	-0.05	-0.82

Reconciliation from profit or loss for the period to total comprehensive income

€ million	H1 2012/13	H1 2013/14	Q2 2012/13	Q2 2013/14
Profit or loss for the period	113	242	-16	-271
Other comprehensive income
Items of "other comprehensive income" that will not be reclassified subsequently to profit or loss	-35	-65	0	-65
Remeasurements of defined benefit pension plans	-44	-92	0	-93
Income tax attributable to items of "other comprehensive income" that will not be reclassified subsequently to profit or loss	9	27	0	28
Items of "other comprehensive income" that may be reclassified subsequently to profit or loss	41	-78	63	-100
Currency translation differences from the conversion of the accounts of foreign operations	-27	-145	9	-111
Effective portion of gains/losses from cash flow hedges	14	4	15	3
Gains/losses from the revaluation of financial instruments in the category "available for sale"	40	60	37	7
Income tax attributable to items of "other comprehensive income" that may be reclassified subsequently to profit or loss	14	3	2	1
Other comprehensive income	6	-143	63	-165
Total comprehensive income	119	99	47	-436
Total comprehensive income attributable to non-controlling interests	90	62	-2	-4
Total comprehensive income attributable to shareholders of METRO AG	29	37	49	-432

Balance sheet

Assets

€ million	30/09/2013	31/03/2013	31/03/2014
Non-current assets	16,646	17,153	16,110
Goodwill	3,763	3,778	3,671
Other intangible assets	393	397	365
Property, plant and equipment	10,709	11,116	10,279
Investment properties	156	175	149
Financial investments	319	282	382
Investments accounted for using the equity method	132	93	132
Other financial and non-financial assets	337	354	310
Deferred tax assets	837	958	822
Current assets	12,165	14,626	12,030
Inventories	5,856	6,634	6,347
Trade receivables	547	574	638
Financial investments	8	22	8
Other financial and non-financial assets	2,601	2,708	2,724
Entitlements to income tax refunds	297	420	198
Cash and cash equivalents	2,564	2,702	2,074
Assets held for sale	292	1,566	41
	28,811	31,779	28,140

Equity and Liabilities

€ million	30/09/2013	31/03/2013	31/03/2014
Equity	5,206	5,684	5,228
Share capital	835	835	835
Capital reserve	2,551	2,551	2,551
Reserves retained from earnings	1,793	2,262	1,828
Non-controlling interests	27	36	14
Non-current liabilities	8,003	8,877	7,038
Provisions for pensions and similar commitments	1,508	1,518	1,604
Other provisions	429	405	474
Borrowings	5,763	6,567	4,698
Other financial and non-financial liabilities	176	218	167
Deferred tax liabilities	127	169	95
Current liabilities	15,602	17,218	15,874
Trade liabilities	9,805	10,425	9,740
Provisions	621	597	563
Borrowings	2,200	2,619	2,971
Other financial and non-financial liabilities	2,531	2,693	2,417
Income tax liabilities	181	181	183
Liabilities related to assets held for sale	264	703	0
	28,811	31,779	28,140

Cash flow statement

€ million	H1 2012/13	H1 2013/14
EBIT	987	861
Depreciation/amortisation/impairment losses/reversal of impairment losses of assets excl. financial investments	790	663
Change in provisions for pensions and other provisions	72	-9
Change in net working capital	149	-538
Income taxes paid	-174	-203
Reclassification of gains (-) / losses (+) from the disposal of fixed assets	-160	-12
Other	-71	-79
Total cash flow from operating activities	1,593	683
Acquisition of subsidiaries	-9	0
Investments in property, plant and equipment (excl. finance leases)	-576	-411
Other investments	-91	-53
Divestments	10	-66
Disposal of fixed assets	253	53
Gains (-) / losses (+) from the disposal of fixed assets	160	12
Total cash flow from investing activities	-253	-465
Dividends paid
to METRO AG shareholders	0	0
to other shareholders	-83	-75
Redemption of liabilities from stock tender rights of non-controlling interests	-15	-1
Raising of borrowings	3,666	959
Redemption of borrowings	-3,971	-1,312
Interest paid	-303	-231
Interest received	55	36
Profit and loss transfers and other financing activities	-4	-67
Total cash flow from financing activities	-655	-691
Total cash flows	685	-473
Exchange rate effects on cash and cash equivalents	8	-17
Total change in cash and cash equivalents	693	-490
Cash and cash equivalents on 1 October	2,075	2,564
Cash and cash equivalents on 31 March	2,768	2,074
Less cash and cash equivalents from disposal groups	-66	0
Cash and cash equivalents on 31 March	2,702	2,074

Statement of changes in equity

€ million	Share capital	Capital reserve	Effective portion of gains/losses from cash flow hedges	gains/losses from the revaluation of financial instruments in the category "available for sale"	Currency translation differences from the conversion of the accounts of foreign operations	Remeasurements of defined benefit pension plans	Income tax attributable to components of "other comprehensive income"
01/10/2012	835	2,544	56	2	-278	-580	166
Dividends	0	0	0	0	0	0	0
Total comprehensive income	0	0	14	40	-26	-41	24
Capital balance from acquisitions of shares	0	0	0	0	0	0	0
Other changes	0	7	0	0	0	0	0
31/03/2013	835	2,551	70	42	-304	-621	190
01/10/2013	835	2,551	61	70	-407	-611	174
Dividends	0	0	0	0	0	0	0
Total comprehensive income	0	0	4	60	-147	-92	30
Capital balance from acquisitions of shares	0	0	0	0	0	0	0
Other changes	0	0	0	0	0	0	0
31/03/2014	835	2,551	65	130	-554	-703	204

Continued Statement of Changes in Equity

€ million	Other retained reserves	Total reserves retained from earnings	Total equity before non-controlling interests	thereof attribut able to "other comprehensive income"	Non-controlling interests	thereof attribut able to "other comprehensive income"	Total equity
01/10/2012	2,873	2,239	5,618		31		5,649
Dividends	0	0	0		-83		-83
Total comprehensive income	18	29	29	(9)	90	(-3)	119
Capital balance from acquisitions of shares	-10	-10	-10		-5		-15
Other changes	4	4	11		3		14
31/03/2013	2,885	2,262	5,648		36		5,684
01/10/2013	2,506	1,793	5,179		27		5,206
Dividends	0	0	0		-75		-75
Total comprehensive income	182	37	37	(-145)	62	(2)	99
Capital balance from acquisitions of shares	0	0	0		0		0
Other changes	-2	-2	-2		0		-2
31/03/2014	2,686	1,828	5,214		14		5,228

NOTES

Segment reporting H1 2013/14

Divisions¹

	METRO Cash & Carry		Media-Saturn		Real		Galeria Kaufhof
€ million	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14
External sales (net)	15,684	15,369	11,732	11,482	5,744	4,507	1,691	1,684
Internal sales (net)	28	27	1	2	0	0	0	0
Total sales (net)	15,712	15,396	11,733	11,484	5,744	4,507	1,691	1,684
EBITDA	946	767	415	396	151	104	251	216
Depreciation/amortisation/ impairment losses	296	316	193	132	125	71	64	59
Reversal of impairment losses	0	0	4	2	1	0	0	0
EBIT	649	451	226	266	27	34	187	157
Investments	278	102	143	107	60	36	45	119
Segment assets	12,356	11,465	5,559	5,288	4,314	3,013	2,120	2,187
thereof non-current	(8,727)	(8,035)	(1,729)	(1,596)	(2,173)	(2,062)	(1,562)	(1,610)
Segment liabilities	5,392	5,180	5,912	5,416	1,844	1,252	828	848
Selling space (1,000 sqm)	5,548	5,596	3,000	3,068	3,062	2,266	1,440	1,445
Locations (number)	745	761	938	975	422	325	137	137

Continued Divisions¹

	Others		Consolidation		METRO GROUP
€ million	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14
External sales (net)	7	5	0	0	34,857	33,047
Internal sales (net)	3,058	2,955	-3,087	-2,983	0	0
Total sales (net)	3,065	2,960	-3,087	-2,983	34,857	33,047
EBITDA	8	41	5	0	1,776	1,524
Depreciation/amortisation/ impairment losses	121	91	-3	-4	797	665
Reversal of impairment losses	3	0	0	0	7	2
EBIT	-110	-51	8	5	987	861
Investments	90	74	0	0	616	438
Segment assets	3,112	2,663	-754	-667	26,707	23,949
thereof non-current	(1,676)	(1,510)	(-60)	(-49)	(15,808)	(14,764)
Segment liabilities	2,015	2,184	-706	-539	15,285	14,341
Selling space (1,000 sqm)	0	0	0	0	13,050	12,375
Locations (number)	0	0	0	0	2,242	2,198

¹Revised presentation (see chapter "Notes to the Accounting Principles and Methods of the Group Interim Financial Statements"); the prior-year figures have been adjusted accordingly

Regional segments

	Germany			Western Europe (excl. Germany)		Eastern Europe
€ million	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14
External sales (net)	13,892	13,508	9,912	9,853	9,134	7,780	1,920	1,906
Internal sales (net)	116	113	51	63	9	10	16	17
Total sales (net)	14,008	13,620	9,963	9,917	9,143	7,790	1,936	1,922
EBITDA	636	613	514	333	642	529	-17	51
Depreciation/amortisation/impairment losses	309	288	152	217	268	133	68	27
Reversal of impairment losses	4	0	0	0	3	2	0	0
EBIT	331	325	362	116	377	398	-85	24
Investments	192	288	192	71	196	55	36	24
Segment assets	10,989	10,890	6,510	6,104	7,906	5,742	1,688	1,608
thereof non-current	(6,495)	(6,382)	(3,633)	(3,439)	(4,611)	(3,948)	(1,073)	(998)
Segment liabilities	6,946	6,766	4,429	4,306	3,292	2,594	967	932
Selling space (1,000 sqm)	5,786	5,772	2,881	2,846	3,666	2,990	717	768
Locations (number)	944	951	612	616	569	502	117	129

Continued Regional segments

	International		Consolidation		METRO GROUP

€ million	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14	H1 2012/13	H1 2013/14
External sales (net)	20,965	19,539	0	0	34,857	33,047
Internal sales (net)	76	90	-192	-202	0	0
Total sales (net)	21,042	19,629	-192	-202	34,857	33,047
EBITDA	1,139	913	1	-2	1,776	1,524
Depreciation/amortisation/impairment losses	488	377	0	0	797	665
Reversal of impairment losses	3	2	0	0	7	2
EBIT	654	538	1	-2	987	861
Investments	424	150	0	0	616	438
Segment assets	16,104	13,453	-386	-394	26,707	23,949
thereof non-current	(9,316)	(8,386)	(-3)	(-3)	(15,808)	(14,764)
Segment liabilities	8,687	7,833	-347	-258	15,285	14,341
Selling space (1,000 sqm)	7,264	6,604	0	0	13,050	12,375
Locations (number)	1,298	1,247	0	0	2,242	2,198

Segment reporting Q2 2013/14

Divisions¹

		METRO Cash & Carry		Media-Saturn		Real		Galeria Kaufhof

€ million	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
External sales (net)	7,078	6,861	5,084	4,881	2,639	1,900	695	682
Internal sales (net)	14	13	0	0	0	0	0	0
Total sales (net)	7,092	6,874	5,085	4,881	2,639	1,900	695	682
EBITDA	153	121	52	40	44	-51	30	28
Depreciation/amortisation/ impairment losses	108	206	65	68	49	36	32	29
Reversal of impairment losses	0	0	0	2	0	0	0	0
EBIT	45	-85	-13	-26	-5	-87	-3	-2
Investments	34	42	49	49	12	30	9	22
Segment assets	12,356	11,465	5,559	5,288	4,314	3,013	2,120	2,187
thereof non-current	(8,727)	(8,035)	(1,729)	(1,596)	(2,173)	(2,062)	(1,562)	(1,610)
Segment liabilities	5,392	5,180	5,912	5,416	1,844	1,252	828	848
Selling space (1,000 sqm)	5,548	5,596	3,000	3,068	3,062	2,266	1,440	1,445
Locations (number)	745	761	938	975	422	325	137	137

Continued Divisions¹

	Others		Consolidation		METRO GROUP
€ million	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
External sales (net)	3	2	0	0	15,499	14,326
Internal sales (net)	1,425	1,318	-1,440	-1,332	0	0
Total sales (net)	1,428	1,320	-1,440	-1,332	15,499	14,326
EBITDA	20	9	2	3	301	149
Depreciation/amortisation/ impairment losses	46	46	-2	-1	299	384
Reversal of impairment losses	0	0	0	0	0	2
EBIT	-27	-37	3	4	1	-233
Investments	28	22	0	0	132	164
Segment assets	3,112	2,663	-754	-667	26,707	23,949
thereof non-current	(1,676)	(1,510)	(-60)	(-49)	(15,808)	(14,764)
Segment liabilities	2,015	2,184	-706	-539	15,285	14,341
Selling space (1,000 sqm)	0	0	0	0	13,050	12,375
Locations (number)	0	0	0	0	2,242	2,198

1Revised presentation (see chapter "Notes to the Accounting Principles and Methods of the Group Interim Financial Statements"); the prior-year figures have been adjusted accordingly

	Germany	Western Europe (excl. Germany)			Eastern Europe		Asia/Africa

€ million	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
External sales (net)	6,109	5,799	4,385	4,322	3,965	3,170	1,040	1,036
Internal sales (net)	59	52	24	34	4	4	8	9
Total sales (net)	6,168	5,851	4,408	4,356	3,969	3,173	1,048	1,045
EBITDA	69	-7	33	11	161	115	32	32
Depreciation/amortisation/impairment losses	147	145	58	160	81	66	14	14
Reversal of impairment losses	0	0	0	0	0	2	0	0
EBIT	-78	-153	-24	-149	81	52	18	19
Investments	62	102	27	34	34	23	10	5
Segment assets	10,989	10,890	6,510	6,104	7,906	5,742	1,688	1,608
thereof non-current	(6,495)	(6,382)	(3,633)	(3,439)	(4,611)	(3,948)	(1,073)	(998)
Segment liabilities	6,946	6,766	4,429	4,306	3,292	2,594	967	932
Selling space (1,000 sqm)	5,786	5,772	2,881	2,846	3,666	2,990	717	768
Locations (number)	944	951	612	616	569	502	117	129

Continued Regional segments

	International		Consolidation		METRO GROUP

€ million	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14	Q2 2012/13	Q2 2013/14
External sales (net)	9,390	8,528	0	0	15,499	14,326
Internal sales (net)	35	48	-94	-100	0	0
Total sales (net)	9,425	8,575	-94	-100	15,499	14,326
EBITDA	226	158	5	-2	301	149
Depreciation/amortisation/impairment losses	152	239	0	0	299	384
Reversal of impairment losses	0	2	0	0	0	2
EBIT	74	-78	5	-2	1	-233
Investments	70	62	0	0	132	164
Segment assets	16,104	13,453	-386	-394	26,707	23,949
thereof non-current	(9,316)	(8,386)	(-3)	(-3)	(15,808)	(14,764)
Segment liabilities	8,687	7,833	-347	-258	15,285	14,341
Selling space (1,000 sqm)	7,264	6,604	0	0	13,050	12,375
Locations (number)	1,298	1,247	0	0	2,242	2,198

Notes to the Accounting Principles and Methods of the Group Interim Financial Statements

These unaudited interim consolidated financial statements as at 31 March 2014 have been prepared in accordance with International Accounting Standard (IAS) 34 (Interim Financial Reporting), which regulates interim financial reporting under the International Financial Reporting Standards (IFRS). As a condensed interim report, it does not contain all the information required by IFRS for annual consolidated financial statements. This interim consolidated financial statement is unaudited, but they were subject to an auditor's review in accordance with Section 37w (5) of the German Securities Trading Act (WpHG).

These interim consolidated financial statements have been prepared in euros. All amounts are stated in millions of euros (€ million), unless otherwise indicated. Furthermore, to provide a better overview within the tables, decimal places have been partly omitted. Only the numbers within the income statement, the total comprehensive income reconciliation, the balance sheet, the statement of changes in equity and the cash flow statement have been rounded in a way that they form the sum when added up. In the remaining tables, the individual numbers and the sums have been rounded independently. As a result, rounding differences may occur.

During the financial year, sales-related and cyclical items are accounted for pro-rata, where material.

In preparing these interim consolidated financial statements, all applicable standards and interpretations published by the International Accounting Standards Board (IASB), insofar as these were adopted by the European Union, were applied. With the exception of new or revised accounting methods described below, the same recognition and measurement principles have been applied as in the last consolidated financial statements as at 30 September 2013. More information regarding the recognition and measurement principles applied can be found in the notes to the annual consolidated financial statements as at 30 September 2013 (see Annual Report 2013, pages 202-220).

New financial reporting standards/change of the financial year

In 2013, METRO AG changed its financial year to end on 30 September. These interim consolidated financial statements relate to the first half of the financial year 2013/14, which comprises the period from 1 October 2013 to 30 September 2014. All new financial reporting standards applicable to financial year beginning on or after 1 January 2014 will be taken into consideration with the start of the next financial year, beginning on 1 October 2014. As a result, the interim consolidated financial statements as at 31 March 2014 did not apply any new financial reporting standards.

To enable better comparability following the change of the financial year, renaming and aggregations were made. Primary as Q1 2013 reported data is referred to in this financial statement as Q2 2012/2013, in here reported H1 2012/2013 is composed of the primarily financial statements from Q4 2012 and Q1 2013.

Pursuant to IFRS 13 ("Fair Value Measurement"), prospective new explanatory notes, especially those relating to fair value measurement and financial instrument calculation parameters, were added to METRO AG's financial reporting starting 1 January 2013. There was, therefore, no comparable information for Q1 2012/13 in these interim consolidated financial statements due to the change in the financial year. Comparable information will be reported for the first time in this half-year financial report as at 31 March 2014.

Since 1 January 2013, it is mandatory to apply the revised IAS 19 ("Employee Benefits"). In accordance with the transitional provisions, METRO GROUP applied this for the first time retrospectively. The figures for Q2 2012/13 included in these interim consolidated financial statements have been adjusted accordingly. Q2 2012/13 as part of H1 2012/13 had not been reported in the past in a separate quarterly report with figures according to the old regulations, no tables will include notes relating to this change.

Revised presentation

Change of the segments

As part of METRO GROUP's transformation process for customer added value and growth the operational activities of METRO PROPERTIES were shifted to the sales lines for bundling all activities relating to customers and markets within one responsibility. Based on this, METRO AG modified its segment structure as of 1 October 2013. Real estate is no longer reported separately in the Real Estate segment. Instead, the information on this segment is now reported in the divisions' segments or the Others segment. Prior-year-figures for H1 2012/13 respectively Q2 2012/13 have been adjusted accordingly. This does not affect disclosures on segments by regions.

Notes to the income statement

Depreciation/amortisation/impairment losses

Depreciation/amortisation/impairment losses of €666 million (H1 2012/13: €800 million) include impairment losses totalling €118 million (H1 2012/13: €229 million). €114 million of this amount are related to Q2 2013/14 (Q2 2012/13: €18 million). Thereof, €88 million are attributable to goodwill impairment losses related to METRO Cash & Carry in the Netherlands. This impairment was the main factor for the reduction of goodwill from €3,763 million as of 30 September 2013 to €3,671 million as of 31 March 2014. The business development of the group of cash-generating units of METRO Cash & Carry in the Netherlands within the first half of the financial year that ended on 31 March 2014 was considered as a triggering event for a possible goodwill impairment. The test conducted pursuant to IAS 36 resulted in goodwill impairment losses related to METRO Cash & Carry in the Netherlands of €88 million; its goodwill declined accordingly from €352 million as of 30 September 2013 to €264 million. The impairment was shown within the "Other operating expenses" item.

The impairment test was performed on the level of a group of cash-generating units by comparing the cumulative carrying amounts of the group of cash-generating units with the recoverable amount. The recoverable amount is defined as fair value less costs to sell which is calculated based on discounted future cash flows. The fair value less costs to sell was calculated in the same manner as in the annual financial statements as of 30 September 2013 and is based on the following assumptions:

Expected future cash flows are based on a qualified planning process under consideration of the internal experience, macroeconomic data collected by third-party sources as well as independent consulting.
The detailed planning period comprises five years. As in the previous year, the growth rate considered at the end of the detailed planning period is 1.0%.
As capitalisation rate, the weighted average cost of capital (WACC) is used which is determined by using the capital asset pricing model. In the process, an individual peer group is assumed for all groups of cash-generating units operating in the same business segment. In addition, the capitalisation rate is determined on the basis of an assumed basic interest rate of 2.5% (same as of 30 September 2013) and a market risk premium of 6.0% (6.5% as of 30 September 2013) in Germany. Country-specific risk premiums based on the respective country rating are applied to equity cost and debt cost. The capitalisation rate after taxes determined for the group of cash-generating

units of METRO Cash & Carry in the Netherlands amounts to 5.9% (same as of 30 September 2013).

For the impairment test, significant EBIT and EBIT margin growth, together with moderate sales development, were assumed for valuation purposes in the detailed planning period and in terms of the long-term result; medium-term EBIT growth results from the transformation process which the entity is currently undergoing. The determination of the sustainable result is based on assumptions regarding various cost reductions.
Each adverse change in the underlying assumptions regarding the impairment test for the group of cashgenerating units of METRO Cash & Carry in the Netherlands would result in further goodwill impairment losses.

With exception of the group of cash-generating units of METRO Cash & Carry in the Netherlands, no indication for goodwill impairment was identified for any other group of cash-generating units.

In addition to the goodwill impairment losses related to METRO Cash & Carry in the Netherlands, impairment losses also include €11 million from the impairment of other intangible assets and property, plant and equipment given the negative business development of METRO Cash & Carry in Denmark. The allocation of depreciation/amortisation/impairment losses between the income statement items and the asset categories is as follows:

€ million	H1 2012/13	H1 2013/14
Cost of sales	10	10
Selling expenses	629	504
General administrative expenses	88	64
Other operating expenses	72	88
Net financial result	1	0
	800	666

€ million	H1 2012/13	H1 2013/14
Goodwill1	70	88
Other intangible assets1	93	71
Property, plant and equipment	615	498
Investment properties	7	8
Financial investments2	1	0
Assets held for sale	15	0
	800	666

¹"Goodwill" and "Other intangible assets" were shown as "Intangible assets" in the previous year

Including investments accounted for using the equity method

€ million Q2 2012/13	Q2 2013/14
Cost of sales 5	5
Selling expenses 262	261
General administrative expenses 33	30
Other operating expenses 2	88
Net financial result 0	0
301	384

€ million	Q2 2012/13	Q2 2013/14
Goodwill1	0	88
Other intangible assets1	37	35
Property, plant and equipment	246	256
Investment properties	3	5
Financial investments2	0	0
Assets held for sale	15	0
	301	384

¹"Goodwill" and "Other intangible assets" were shown as "Intangible assets" in the previous year

2 Including investments accounted for using the equity method

Impairments of capitalised financial instruments measured at amortised cost amount to €33 million (H1 2012/13: €59 million). €15 million thereof are omitted to Q2 2013/14 (Q2 2012/13: €30 million).

Notes to the balance sheet

Assets held for sale/liabilities related to assets held for sale

By contractual agreement dated 30 November 2012, METRO GROUP and Groupe Auchan agreed on the sale of Real's business in Poland, Russia, Romania and the Ukraine to Groupe Auchan. The agreement relating to Real in Russia, Romania and the Ukraine was implemented during the short financial year 2013. As the last of the remaining conditions were met in January 2014, the Polish Real business can be deconsolidated in this second quarter of the financial year 2013/14.

Continued operations have led to an increase in the "Assets held for sale" of the Real business in Poland from €174 million to €247 million since the beginning of the financial year 2013/14. Correspondingly, "Liabilities related to assets held for sale" have increased from €264 million to €320 million. Earnings affecting EBIT amounted to €28 million during the reporting period, primarily due to subsequent measurement effects relating to the sale of Real in Eastern Europe. These are primarily shown with an amount of €32 million as "Other operating income" and €2 million of this amount as "Other operating expenses". Income of €31 million relates to the Real segment and expenses of €-3 million to the Others segment.

Associated with the sale of Real´s business in Eastern Europe next to the disposal group sold to Group Auchan additional assets and liabilities are disposed of to other purchasers. After the reintegration of assets of a Russian store amounting to €5 million into the Cash & Carry segment outstanding assets accounted to €8 million of "Assets held for sale" and add in the same level in the segment Others to the segmental assets. They are not part of the segmental assets from the Real segment. "Liabilities in relation to Assets held for sale" do not exist concerning those further assets.

In addition to the assets of the Real business in Eastern Europe, "Assets held for sale" also include various individual properties. Due to disposal following sales of €69 million, currency effects of €-4 million as well as modernisationrelated additional capitalisation of €2 million, the value changed since the beginning of the financial year 2013/14 from €105 million to €34 million.

METRO GROUP expects that the properties included in "Assets held for sale" will be disposed of within one year. No impairment of these properties to their fair value less cost to sell was required. They are shown in the segment reporting item "segment assets" in the amount of €29 million in the Others segment and €5 million in the Real segment.

Carrying amounts and fair values according to measurement categories

The carrying amounts and fair values of recognised financial instruments are as follows:

	31/03/2013
		Balance sheet value
€ million	Carrying amount	(Amortised) cost	Fair value affecting profit or loss	Fair value outside of profit or loss	Fair value
Assets	31,779	n/a	n/a	n/a	n/a
Loans and receivables	2,676	2,676	0	0	2,678
Loans and advance credit granted	70	70	0	0	70
Receivables due from suppliers	1,396	1,396	0	0	1,396
Trade receivables	574	574	0	0	574
Miscellaneous financial assets	636	636	0	0	638
Held to maturity	3	3	0	0	3
Securities	0	0	0	0	0
Miscellaneous financial assets	3	3	0	0	3
Held for trading	7	0	7	0	7
Derivative financial instruments not part of a hedge under IAS 39	7	0	7	0	7
Securities	0	0	0	0	0
Other financial receivables	0	0	0	0	0
Available for sale	238	12	0	226	n/a
Investments	237	12	0	225	n/a
Securities	1	0	0	1	1
Other financial receivables	0	0	0	0	0
Derivative financial instruments within hedges under IAS 39	6	0	0	6	6
Cash and cash equivalents	2,702	2,702	0	0	2,702
Receivables from finance lease (amount according to IAS 17)	9	n/a	n/a	n/a	10
Assets not classified under IFRS 7	26,138	n/a	n/a	n/a	n/a
Liabilities	31,779	n/a	n/a	n/a	n/a
Held for trading	24	0	24	0	24
Derivative financial instruments not part of a hedge under IAS 39	24	0	24	0	24
Other financial liabilities	0	0	0	0	0
Other financial liabilities	19,971	19,639	0	332	20,293
Borrowings excl. finance leases (incl. underlying hedging transactions under IAS 39)	7,798	7,798	0	0	8,120
Trade liabilities	10,425	10,425	0	0	10,425
Miscellaneous financial liabilities	1,748	1,416	0	332	1,747
Derivative financial instruments within hedges under IAS 39	15	0	0	15	15
Liabilities from finance lease (amount according to IAS 17)	1,388	n/a	n/a	n/a	1,569
Liabilities not classified under IFRS 7	10,381	n/a	n/a	n/a	n/a
Unrealised gain (+)/loss (–) from total difference between fair value and book value					–500

	31/03/2014

		Balance sheet value	Fair value	Fair value
€ million	Carrying amount	(Amortised) cost	affecting profit or loss	outside of profit or loss	Fair value
Assets	28,140	n/a	n/a	n/a	n/a
Loans and receivables	2,712	2,712	0	0	2,715
Loans and advance credit granted	62	62	0	0	65
Receivables due from suppliers	1,419	1,419	0	0	1,419
Trade receivables	638	638	0	0	638
Miscellaneous financial assets	593	593	0	0	593
Held to maturity	0	0	0	0	0
Securities	0	0	0	0	0
Miscellaneous financial assets	0	0	0	0	0
Held for trading	35	0	35	0	35
Derivative financial instruments not part of a hedge under IAS 39	35	0	35	0	35
Securities	0	0	0	0	0
Other financial receivables	0	0	0	0	0
Available for sale	331	17	0	313	n/a
Investments	330	17	0	312	n/a
Securities	1	0	0	1	1
Other financial receivables	0	0	0	0	0
Derivative financial instruments within hedges under IAS 39	0	0	0	0	0
Cash and cash equivalents	2,074	2,074	0	0	2,074
Receivables from finance lease (amount according to IAS 17)	2	n/a	n/a	n/a	2
Assets not classified under IFRS 7	22,986	n/a	n/a	n/a	n/a
Liabilities	28,140	n/a	n/a	n/a	n/a
Held for trading	8	0	8	0	8
Derivative financial instruments not part of a hedge under IAS 39	8	0	8	0	8
Other financial liabilities	0	0	0	0	0
Other financial liabilities	17,537	17,466	0	71	17,821
Borrowings excl. finance leases (incl. underlying hedging transactions under IAS 39)	6,319	6,319	0	0	6,604
Trade liabilities	9,740	9,740	0	0	9,740
Miscellaneous financial liabilities	1,478	1,407	0	71	1,478
Derivative financial instruments within hedges under IAS 39	14	0	0	14	14
Liabilities from finance lease (amount according to IAS 17)	1,350	n/a	n/a	n/a	1,580
Liabilities not classified under IFRS 7	9,231	n/a	n/a	n/a	n/a
Unrealised gain (+)/loss (–) from total difference between fair value and book value					–512

Classes are formed based on similar risks for the respective financial instruments and correspond to the categories of IAS 39. Derivative financial instruments within hedges under IAS 39 and other financial liabilities, respectively, are classified to a separate class.

The fair value hierarchy comprises three levels which reflect the degree of closeness to the market of the input parameters used in the determination of the fair values. In cases in which the valuation is based on different input parameters, the fair value is attributed to the hierarchy level corresponding to the input parameter of the lowest level that is significant for the valuation.

Input parameters for level 1: Quoted prices (that are adopted unchanged) in active markets for identical assets or liabilities which the company can access at the valuation date.

Input parameters for level 2: Other input parameters than the quoted prices included in level 1 which are either directly or indirectly observable for the asset or liability.

Input parameters for level 3: Input parameters that are not observable for the asset or liability.

Of the total carrying amount of investments of €330 million (prior year: €237 million), €17 million (prior year: €12 million) are recognised at historical cost because a fair value cannot reliably be determined. These concern off-exchange financial instruments without an active market. The company currently does not plan to dispose of the investments recognised at historical cost. Exchange-listed investments totalling €312

million (prior year: €225 million) are recognised at fair value outside of profit or loss.

Miscellaneous financial liabilities include liabilities from commitments from stock tender rights of non-controlling interests in the amount of €71 million (prior year: €332 million). They are recognised at fair value outside of profit or loss.

The following table depicts the financial instruments that are recognised at fair value in the balance sheet. These are classified into a 3-level fair value hierarchy whose levels reflect the degree of closeness to the market of the data used in the determination of the fair values:

	31/03/2013				31/03/2014
€ million	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3
Assets	240	226	13	0	348	313	35	0
Held for trading
Derivative financial instruments not part of a hedge under IAS 39	7	0	7	0	35	0	35	0
Available for sale
Investments	225	225	0	0	312	312	0	0
Securities	1	1	0	0	1	1	0	0
Derivative financial instruments with part of a hedge under IAS 39	6	0	6	0	0	0	0	0
Liabilities	371	0	39	332	93	0	22	71
Held for trading
Derivative financial instruments not part of a hedge under IAS 39	24	0	24	0	8	0	8	0
Other financial liabilities	0	0	0	0	0	0	0	0
Miscellaneous financial liabilities
Other financial liabilities	332	0	0	332	71	0	0	71
Derivative financial instruments with part of a hedge under IAS 39	15	0	15	0	14	0	14	0
Total	–131	226	–25	–332	255	313	13	–71

The measurement of securities (level 1) is carried out based on quoted market prices on active markets.

Interest rate swaps and forex transactions (all level 2) are measured using the mark-to-market method based on quoted exchange rates and market yield curves.

The fair value of commodity derivatives (level 2) is calculated as the average of the past month's price noted on the exchange.

No transfers between levels 1 and 2 were effected during the reporting period.

Level 3 includes the fair values of liabilities from stock tender rights of non-controlling interests. The fair value measurement is based on the respective contract design.

Fair values of liabilities from stock tender rights, which are determined using the discounted cash flow method, are based on expected future cash flows over a detailed planning period of three years (prior year: three to five years) plus a perpetuity. The assumed growth rate for the perpetuity in local currency is 2.5% to 8.1% (prior year: 1.9% to 9.3%). The respective local WACC is used as the discount rate. In the reporting year, discount rates ranged from 11.6% to 14.9% (prior year: 9.5% to 17.6%). If the individual interest rates were to increase by 10%, the fair value of these liabilities would decline by €8 million (prior year: €7 million). An interest rate decrease by 10% would increase the fair value of these liabilities by €8 million (prior year: € 7 million).

The changes in value of stock tender rights developed as follows:

€ million	2012/13	2013/14
Opening balance 01/10/	388	78
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Total gains (-) or losses (+) for the period	–29	0
Included in profit or loss	–37	0
Included in other comprehensive income	8	0
Other changes in value not affecting profit or loss	–12	–7
Changes resulting from transactions	–15	0
Award of new rights	0	0
Redemption of existing rights	–15	0
Total 31/03/	332	71

The changes in value of stock tender rights on the closing date reduced goodwill by €7 million (prior year: €-11 million). During the previous year changes in value of stock tender rights on the reference date further increased interest expenditures by €1 million and other income by €7 million.

Financial instruments that are recognised at amortised cost in the balance sheet, but for which the fair value is stated in the notes, are also classified according to a three-level fair value hierarchy.

Due to their mainly short terms, the fair values of receivables due from suppliers, trade receivables and liabilities as well as cash and cash equivalents essentially correspond to their carrying amounts.

The measurement of the fair value of bonds, liabilities to banks and promissory note loans is based on the market interest rate curve following the zero-coupon method in consideration of credit spreads (level 2). The amounts comprise the interest prorated to the closing date.

The fair values of all other financial assets and liabilities that are not listed on an exchange correspond to the present value of payments underlying these balance sheet items. The calculation was based on the applicable country-specific yield curves (level 2) as of the closing date.

Other notes

Segment reporting

Segment reporting has been carried out in accordance with IFRS 8 (Operating Segments). The segmentation corresponds to the group's internal controlling and reporting structures and is generally based on the division of the business into individual sectors.

Aside from the information on the operating segments listed above, equivalent information is provided on the METRO regions. Here, a distinction is made between the regions Germany, Western Europe (excluding Germany), Eastern Europe and Asia/Africa.

External sales represent sales of the operating segments to third parties outside the group.
Internal sales represent sales between the group's operating segments.
Segment EBITDA comprises EBIT before depreciation, amortisation and impairment losses and reversals of impairment losses of property, plant and equipment, intangible assets and investment properties.
EBIT, as the key ratio for segment reporting, describes operating earnings for the period before net financial income and income taxes. Intra-group rental contracts are shown as operating leases in the segments. The properties are leased at market rates. In principle, store-related risks and recoverability risks related to non-current assets are only shown in the segments where they represent group risks. In analogy, this also applies to deferred assets and liabilities, which are only shown at segment level if this was also required in the consolidated balance sheet.
Segment investments include additions to non-current intangible assets and property, plant and equipment (including additions to the consolidation groups) as well as investment properties, except for additions due to the reclassification of "assets held for sale" as non-current assets.
Segment assets include non-current and current assets. They do not include mostly financial assets, investments accounted for using the equity method, tax items, cash and cash equivalents and assets allocable to discontinued operations.

	٠

The reconciliation from segment assets to group assets is shown in the following table:

€ million	31/03/2013	31/03/2014
Segment assets	26,707	23,949
Non-current and current financial investments	304	390
Investments accounted for using the equity method	93	132
Cash and cash equivalents	2,702	2,074
Deferred tax assets	958	822
Entitlements to income tax refunds	420	198
Other entitlements to tax refunds1	483	508
Assets held for sale	63	0
Receivables from other financial transactions2	26	46
Other	23	21
Group assets	31,779	28,140

1 Included in the balance sheet item "other financial and non-financial assets" (current) 2 Included in the balance sheet items "other financial and non-financial assets" (non-current and current)

— Segment liabilities include non-current and current liabilities. They do not include, in particular, borrowings, tax items and liabilities allocable to discontinued operations.

The reconciliation from segment liabilities to group liabilities is shown in the following table:

31/03/2013	31/03/2014
15,285	14,341
9,186	7,669
169	95
181	183
116	93
425	382
40	25
336	73
283	0
50	45
22	7
26,095	22,912

1 Included in the balance sheet items "other provisions" (non-current) and "provisions" (current)

2 Included in the balance sheet items "other financial and non-financial liabilities" (non current and current)

— In principle, transfers between segments are made based on the costs incurred from the group's perspective.

Contingent liabilities

€ million	30/09/2013	31/03/2013	31/03/2014
Liabilities from suretyships and guarantees	16	15	20
Liabilities from guarantee and warranty contracts	52	45	59
	68	60	79

Contingent liabilities have not changed considerably during the reporting period.

Other legal issues

Information on legal disputes, investigations and other legal issues as well as on the related possible risks and consequences for METRO GROUP can be found in points 46. "Other Legal Issues" and 47. "Events after the Balance Sheet Date" of the notes to the consolidated financial statements of METRO AG as of 30 September 2013.

The following material developments with regard to legal disputes, investigations and other legal issues have occurred since the consolidated financial statements were prepared:

Legal disputes in relation to Media-Saturn-Holding GmbH As reported, the arbitration court appealed to in the shareholder dispute endorsed METRO's position in its arbitral ruling of 8 August 2012: the advisory board can make decisions by simple majority in number on operational transactions proposed by the executive board of Media-Saturn-Holding GmbH (MSH) that require approval. The Higher Regional Court of Munich ruled on 18 December 2013 that the arbitral verdict was enforceable. The non-controlling shareholder has filed an appeal with the German Federal Court of Justice; METRO deems this claim's chance of success to be very low.

In METRO's opinion, the legally binding decision of the state courts in the non-controlling shareholder's action and the enforceability of the arbitral verdict have resolved the question of control of Media-Saturn-Group, meaning that this sub-group will continue to be fully consolidated pursuant to the provisions of IFRS.

As reported, members of the advisory board delegated by the non-controlling shareholder have filed several legal actions against MSH before the Regional Court of Ingolstadt in which they challenge advisory board resolutions – including the budget resolutions for 2012/13 and 2013/14.

Most of these actions– in connection with the approval of the preparation of the annual financial statements of MSH as of 30 September 2012 and in relation to budget resolutions for 2012/13 – have already been dismissed in the first instance. The relevant defeated claimant filed an appeal against these

verdicts with the Higher Regional Court of Munich in December 2013 respectively in February 2014. In METRO's view, the chances of success of the appeals and the other actions are also low.

Legal actions filed under stock corporation law

In its judgement of 3 April 2014, the Regional Court of Düsseldorf dismissed the action filed by a METRO AG shareholder for the declaration of nullity against the annual financial statements of METRO AG as of 31 December 2012. The plaintiff had based his action in particular on an alleged infringement of the regulations governing the structure of the annual financial statements due to allegedly flawed consolidation of the Media-Saturn group of companies in the consolidated financial statements of METRO AG. The Regional Court of Düsseldorf confirmed that METRO AG irrebuttably (§ 290 Section 2 No. 1 of the German Commercial Code) exerts power over Media-Saturn-Holding GmbH and that, as a result, Media-Saturn-Holding GmbH is an associated company in the meaning of the commercial law stipulations governing the annual financial statements.

Events after the quarter-end closing

As reaction to a changed market environment, the board of Media-Saturn-Holding GmbH decided to focus the organisation even more on the multichannel approach. The related reorganisation of the staff will result in the reduction of 200 positions which will cost a low-double-digit €-million amount and will be classified as a special item.

RESPONSIBILITY STATEMENT

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining financial year.

Düsseldorf, 30 April 2014

The Management Board

REVIEW REPORT

To METRO AG, Düsseldorf

We have reviewed the condensed interim consolidated financial statements of the METRO AG –comprising the balance sheet, the income statement, total comprehensive income reconciliation, cash flow statement, statement of changes in equity and selected explanatory notes – together with the interim group management report of the METRO AG, for the period from October 1 to March 30, 2014 that are part of the semi annual financial report according to § 37w WpHG ["Wertpapierhandelsgesetz": "German Securities Trading Act"]. The preparation of the condensed interim consolidated financial statements in accordance with those IFRS applicable to interim financial reporting as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group managmente reports, is the responsibility of the Company's management. Our responsibility is to issue a report on the condensed interim consolidated financial statements and on the interim group management report based on our review.

We performed our review of the condensed interim consolidated financial statements and the interim group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW).Those standards require that we plan and perform the reviews so that we can preclude through critical evaluation, with a certain level of assurance, that the condensed interim consolidated financial statements have not been prepared, in material aspects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, and that the interim group management report has not been prepared, in material aspects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue an auditor's report.

Based on our review, no matters have come to our attention that cause us to presume that the condensed interim consolidated financial statements have not been prepared, in material repects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports.

Cologne, 30 April 2014

KPMG AG Wirtschaftsprüfungsgesellschaft

Lurweg Münstermann

Auditor Auditor

Financial Calendar 2013/14

Quarterly Report 9M/Q3 2013/14	Thursday	31 July 2014	7.30 a.m.
Trading Statement FY 2013/14	Monday	20 October 2014	7.30 a.m.
Annual Report 2013/14	Tuesday	16 December 2014	8.00 a.m.

All time specifications are CET

Imprint METRO AG

Metro-Straße 1 40235 Düsseldorf

PO Box 230361 40089 Düsseldorf

www.metrogroup.de

Published: 8 May 2014

Investor Relations Phone +49 211 - 6886 – 1051 Fax +49 211 - 6886 – 3759 Email [email protected] Creditor Relations Phone +49 211 - 6886 – 1904 Fax +49 211 - 6886 – 1916 Email [email protected] Corporate Communications Phone +49 211 - 6886 – 4252 Fax +49 211 - 6886 – 2001

Email [email protected]

Visit our website at www.metrogroup.de, the primary source for publications and information about the METRO GROUP. With the METRO GROUP News Abo you can subscribe to regular news and official publications of the company online. Please note: In case of doubt the German version shall prevail.

Disclaimer

This report contains forward-looking statements which are based on certain expectations and assumptions at the time of publication of this report and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in these materials. Many of these risks and uncertainties relate to factors that are beyond METRO GROUP's ability to control or estimate precisely, such as future market and economic conditions, the behaviour of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated cost savings and productivity gains as well as the actions of government regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. METRO GROUP does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.

AI Terminal

CECONOMY AG

75_10-q_2014-05-30_ef86a2e9-ef79-4951-90c4-cd1c7bb60a1c.pdf

METRO Cash & Carry continues like-for-like sales growth

OVERVIEW H1 2013/14

OVERVIEW Q2 2013/14

METRO SHARES

INTERIM GROUP MANAGEMENT REPORT

Macroeconomic conditions

Financial position and financial performance

Sales

Special items

Earnings

Capex

Store network

Funding

Balance sheet

Cash flow

Risks and opportunities

Sustainability

METRO Cash & Carry

Media-Saturn

Real

Galeria Kaufhof

Others

Subsequent events and outlook

Events after the quarter-end closing

Macroeconomic outlook

Outlook METRO GROUP

Sales

Earnings

Store Network

Store network devopment H1 2013/14

Store network as at 31 March 2014

Reconciliation of special items (operating segments)

Special Items

Reconciliation of special items (regional segments)

Special Items

Reconciliation of special items (operating segments)

Special Items

Reconciliation of special items (regional segments)

Special Items

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Income Statement

Reconciliation from profit or loss for the period to total comprehensive income

Balance sheet

Equity and Liabilities

Cash flow statement

Statement of changes in equity

NOTES

Segment reporting H1 2013/14

Continued Divisions1

Regional segments

Continued Regional segments

Segment reporting Q2 2013/14

Continued Divisions1

Continued Regional segments

Notes to the Accounting Principles and Methods of the Group Interim Financial Statements

New financial reporting standards/change of the financial year

Revised presentation

Change of the segments

Notes to the income statement

Depreciation/amortisation/impairment losses

Notes to the balance sheet

Assets held for sale/liabilities related to assets held for sale

Carrying amounts and fair values according to measurement categories

Other notes

Segment reporting

Contingent liabilities

Other legal issues

Events after the quarter-end closing

RESPONSIBILITY STATEMENT

REVIEW REPORT

To METRO AG, Düsseldorf

Financial Calendar 2013/14

Imprint METRO AG

Investor Relations Phone +49 211 - 6886 – 1051 Fax +49 211 - 6886 – 3759 Email [email protected] Creditor Relations Phone +49 211 - 6886 – 1904 Fax +49 211 - 6886 – 1916 Email [email protected] Corporate Communications Phone +49 211 - 6886 – 4252 Fax +49 211 - 6886 – 2001

Disclaimer

More from CECONOMY AG

Talk to a Data Expert

Continued Divisions¹

Continued Divisions¹