CECONOMY AG

Quarterly Report • May 3, 2007

Quarterly Report Q1 2007

METRO Group starts dynamically into the new year

• Group sales grow by 12.1% to €14.9 billion
• Sales in Germany increase by 9.7% (organic growth: +2.1%)
• International sales continue to grow strongly by 14.1% to €8.3 billion: Western Europe: +7.8%; Eastern Europe: +22.6%
• EBIT impaired by Real integration as expected (€123 million after €138 million in prior year)
• EBIT adjusted for integration expenses on prior year's level
• Outlook 2007 confirmed:
• Sales growth of 8 9%
• EBIT increase of 6 8%

Metro Cash & Carry grows sales by 5.1% despite high prior year level

Real in Germany with like-for-like growth

Media Markt and Saturn with strongest growth in last ten quarters – significant increases in all regions

Galeria Kaufhof: cautious start after VAT increase; significant upturn in March

Content

3 Overview

4 Interim Management Report

• 4 Earnings, Financial and Asset Positions
• 6 Opportunities and Risks
• 6 Subsequent Events and Outlook
• 7 Metro Cash & Carry
• 8 Real
• 9 Media Markt and Saturn
• 10 Galeria Kaufhof
• 11 Interim Consolidated Financial Statements
• 11 Income Statement
• 12 Balance Sheet
• 13 Cash Flow Statement
• 14 Statement of Changes in Equity
• 15 Notes
• 15 Segment Reporting
• 17 Financial Calendar

1,626

3,098*

Overview

EPS from continuing operations (€)

1,052

EBITDA (€ m)

423

434

3M 6M 9M 12M 2006 2007

€ million	Q1 2007	Q1 2006	Change in %
Sales	14,919	13,308	12.1%
Germany	6,600	6,018	9.7%
International	8,319	7,290	14.1%
International share of sales	55.8%	54.8%	-
EBITDA	434	423	2.8%
EBIT	123	138	-11.0%
EBT	18	34	-47.5%
EPS (€)	-0.03	0.02	-
from continuing operations	-0.03	0.02	-
from discontinued operations	-	-	-
Capex	287	335	-14.2%
Stores	2,388	2,183	9.4%
Selling space (1,000 sqm)	11,947	10,569	13.0%

* before special items

Interim Management Report

Earnings, Financial and Asset Positions

In the first quarter of 2007 (1 January - 31 March 2007) METRO Group generated sales of €14.9 billion (Q1 2006: €13.3 billion). This corresponded to an increase of 12.1%. Excluding the acquisitions of Wal-Mart Germany and Géant in Poland sales grew by 7.8%. Currency effects amounted to -0.4 percentage points. The international share of sales continued to grow in spite of the consolidation of Wal-Mart Germany and reached 55.8% after 54.8% in Q1 2006.

Sales in Germany rose by 9.7% to €6.6 billion. Excluding the acquisition of Wal-Mart Germany, sales increased by 2.1%. As expected the VAT increase impaired consumer sentiment at the beginning of 2007. Over the further course of Q1, March especially showed a positive business development, also supported by an earlier Easter.

The positive development of our international business continued. Sales grew by 14.1% to €8.3 billion despite negative currency effects. Adjusted for currency effects, sales actually rose by 14.8%. Without the acquisition of Géant in Poland international sales increased by 12.4%. Once again international sales at Media Markt and Saturn exceeded domestic sales – as for the first time in Q3 2006.

Sales in Western Europe (excluding Germany) grew significantly by 7.8% to €4.6 billion, especially due to the positive development of Media Markt and Saturn.

Business in Eastern Europe showed a good development with sales increasing by 22.6% to €3.2 billion (adjusted for currency effects: +23.7%). Without the acquisition of Géant in Poland sales growth was 17.9%. Especially in Romania and Russia business developed above average.

In Asia/Africa sales significantly increased by 24.9% to €0.5 billion. Excluding currency effects sales growth was even greater at 32.2%. All countries in Asia contributed to this good business performance.

In Q1 2007 EBITDA reached €434 million after €423 million in Q1 2006. Group EBIT was €123 million and included expenses amounting to around €15 million resulting from the integration of Real's 2006 acquisitions. These expenses entail running costs for the headquarters and logistics structures to be closed, and the negative contributions to operating income from the 16 Wal-Mart hypermarkets to be disposed of. Adjusted for integration expenses EBIT was on prior year's level. EBT amounted to €18 million after €34 million in Q1 2006. Subsequently, EPS from continuing operations was €-0.03 after €0.02 € in Q1 2006.

METRO Group's CAPEX in Q1 2007 amounted to €287 million after €335 million in Q1 2006. The store network was further extended with 15 new store openings, thereof one Metro Cash & Carry store. At Real two new stores were opened and at Extra one opening as well as one conversion to Real. Four Extra stores were closed. The store network of Media Markt and Saturn grew by ten new store openings. One Galeria Kaufhof was opened and one department store was closed. At the end of Q1 2007 the METRO Group sales divisions operated 2,388 stores in 30 countries.

A detailed view on the business development of the individual sales divisions is shown on pages 7 to 10.

METRO Group's funding comprises typical capital markets' issuance programmes. For instance the "Euro Commercial Paper Programme" started in 1999, as well as the "Commercial Paper Programme"

specifically geared to French investors. In the first quarter 2007 a total of €1,051 million of all programmes was drawn down on average. Furthermore, at the quarter-end closing €250 million syndicated consortial credit lines and €2,111 million bilateral bank credit facilities were drawn down.

Balance Sheet

Total assets decreased by €1.0 billion to €31.1 billion compared to year-end 2006. The change in current assets of €0.9 billion is largely attributed to the decrease of cash and cash equivalents in comparison with year-end 2006.

At the end of Q1 2007, METRO Group's balance sheet recorded equity of €6.0 billion. The equity ratio rose 0.6 percentage points to 19.4%.

After netting cash and cash equivalents with financial debts, including finance leases, net debt totaled €8.0 billion compared with €5.2 billion as at 31 December 2006. The increase of net debt is characteristic for the first quarter and resulted largely from the reduction in trade payables of €2.5 billion. The reason behind this reduction lies in the high share of Q4 sales against the full year, which regularly corresponds to high trade payables. Net debt declined by €0.6 billion compared to Q1 2006. The improvement was largely attributed to the successful placement of the remaining stake in Praktiker Bau- und Heimwerkermärkte Holding AG in Q2 2006.

Cash Flow

Cash outflow of €2.4 billion (Q1 2006: €2.4 billion) resulted from current operating activities in Q1 2007.

Investment activities lead to cash outflows on prior year's level of €0.3 billion. Lower cash inflows from divestments are contrasted by lower cash outflows from investments. Cash flow from financing activities shows inflows of €1.8 billion (Q1 2006: €1.6 billion). Increase of cash inflow by €0.2 billion compared to prior year's reporting period is largely attributed to an increase in financial liabilities.

Opportunities and Risks

In Q1 2007 no significant change arose from the reported opportunities and risks concerning the ongoing development of the METRO Group which are described in detail in the Annual Report 2006 (p.63-66). There are no potentially ruinous risks for the company and presently no risks that could endanger its existence in the future can be identified.

Subsequent Events and Outlook

Events after quarterly closing date

In April the discontinuation of 12 Real hypermarkets in Germany was decided upon. These stores are to be disposed of or closed down.

Outlook

We shall consequently continue our profitable growth path. On the basis of economic forecasts, the sector's business situation and developments in the sales divisions, we expect a positive business development in 2007 for the METRO Group.

Over the medium-term we expect the METRO's profitable growth strategy to lead to sales growth of around 6 percent and an even higher increase in EBIT growth before special items. For fiscal year 2007 we project sales growth of 8 to 9 percent including the acquisitions of the Wal-Mart Germany group and the Géant business in Poland. We expect an EBIT increase of 6 to 8 percent based on EBIT of €1,910 million. The basis is the EBIT adjusted for effects resulting from the repositioning of Real including the acquisitions of Wal-Mart Germany and Géant in Poland.

In 2007 our investments in the current store network, including the conversion of the Wal-Mart stores to the Real brand, and in our organic expansion are expected to total about €2.5 billion.

We are working to further extend our position as a leading international retailer also in the future. Thereby, we will continue to assume our social responsibility.

	Q1 2007	Q1 2006		Change (in %)				Change
	€ million	€ million	total	lfl		Q1 2007	Q1 2006	(in %)
Sales	6,979	6,638	5.1	1.6	EBITDA (€ million)	202	188	7.2
					EBIT (€ million)	102	90	12.8
Germany	1,294	1,299	-0.4	-1.9	CAPEX (€ million)	90	129	-29.9
Western Europe	2,790	2,774	0.6	0.2	Stores (number)	585	547	6.9
Eastern Europe	2,433	2,167	12.3	5.3	Selling space (1,000 sqm)	4,521	4,238	6.7
Asia/Africa	461	398	15.7	3.2	Employees at closing date (full-time basis)	100,322	94,904	5.7

Metro Cash & Carry

Metro Cash & Carry is METRO Group's largest and most international sales division with a presence in 28 countries. In Q1 2007, sales grew by 5.1% to €7.0 billion compared to a high prior year basis. Adjusted for currency effects sales increased by 5.6%.

In Germany sales reached €1.3 billion, almost prior year's level.

Sales in Western Europe increased by 0.6% to €2.8 billion (excluding currency effects: +0.3%). Like-for-like sales grew slightly. While sales in the Netherlands and United Kingdom were below prior year's level, business in France and Spain continued to develop very well.

In Eastern Europe, sales rose by 12.3% to €2.4 billion. Adjusted for currency effects an even greater increase of 13.0% was achieved. Like-for-like increased by 5.3%. Especially Russia and Romania showed above-average growth rates.

Sales in Asia/Africa increased significantly by 15.7% to €0.5 billion (excluding currency

effects: +22.5%). All Asian countries showed high like-for-like growth rates in local currency.

International share of sales increased from 80.4% to 81.5%.

In Q1 2007 EBITDA amounted to €202 million after €188 million in Q1 2006. On the back of a good like-for-like sales development EBIT showed an above-average improvement from €90 million to €102 million.

In Q1 2007 CAPEX for international expansion as well as for the modernisation of the store network amounted to €90 million after €129 million in Q1 2006. The store network was enlarged by one store. The 34th Chinese Metro Cash & Carry store was opened in Changzhou. Metro Cash & Carry operates a total of 585 stores in 28 countries, thereof 120 in Germany, 251 in Western Europe, 161 in Eastern Europe and 53 in Asia/Africa.

Real

	Q1 2007	Q1 2006		Change (in %)				Change
	€ million	€ million	total	lfl		Q1 2007	Q1 2006	(in %)
Sales	2,993	2,318	29.1	1.1	EBITDA (€ million)	-13	-6	-
					EBIT (€ million)	-56	-40	-41.7
Germany	2,518	2,057	22.4	1.1	CAPEX (€ million)	85	30	-
					Stores (number)	700	592	18.2
Eastern Europe	475	261	81.9	0.8	Selling space (1,000 sqm)	3,579	2,695	32.8
					Employees at closing date (full-time basis)	61,587	43,050	43.1

In Q1 2007 sales at Real increased by 29.1% to €3.0 billion (excluding currency effects: +29.6%). The acquisitions of Wal-Mart Germany and Géant in Poland, which took place in 2006, contributed significantly with €578 million. Adjusted by the acquisitions sales growth amounted to 4.2%. Like-for-like sales at Real also increased. Here, sales rose by 1.1% compared to Q1 2006.

In Germany, like-for-like sales at Real increased, too. Despite temporary closings of Real stores within the course of the concept conversion process, sales grew by 1.1%. At the end of the first quarter the store network comprised 15 concept stores as well as 33 former Wal-Mart stores already converted to Real. All in all, these stores showed an above-average development in Q1 2007.

Business in Eastern Europe continued with a good development. Sales grew by 81.9% to €0.5 million. Excluding Géant in Poland the sales increase was 35.1%. The currency effect amounted to -6.8 percentage points. In Q1 2007 all 19 Géant stores were successfully converted to Real according to plan.

The international share of sales grew from 11.3% to 15.9%.

In Q1 2007 EBITDA amounted to €-13 million after €-6 million in Q1 2006. EBIT was €-56 million (Q1 2006: €-40 million) and included expenses of around €15 million in the course of the 2006 acquisitions made. These expenses entail running costs for the headquarters and logistics structures to be closed, and the negative contributions to operating income from the 16 Wal-Mart hypermarkets to be disposed of. Moreover, earnings included increased expenses for the accelerated international expansion in Eastern Europe.

In Q1 2007 capex into the store network and the international expansion in Eastern Europe amounted to €85 million (Q1 2006: €30 million). One store each was opened in Germany, Romania and Russia. In Germany one Extra supermarket opened, one converted to Real and four stores were closed. At the end of the quarter the store network comprised 700 stores, thereof 627 in Germany (372 hypermarkets) and 73 in Eastern Europe.

	Q1 2007	Q1 2006		Change (in %)				Change
	€ million	€ million	total	lfl		Q1 2007	Q1 2006	(in %)
Sales	3,924	3,352	17.1	6.4	EBITDA (€ million)	118	109	8.3
					EBIT (€ million)	69	64	7.4
Germany	1,898	1,758	7.9	3.3	CAPEX (€ million)	53	58	-8.9
Western Europe	1,693	1,378	22.9	8.8	Stores (number)	631	568	11.1
Eastern Europe	333	216	53.8	17.3	Selling space (1,000 sqm)	1,948	1,736	12.2
					Employees at closing date (full-time basis)	45,809	39,914	14.8

Media Markt and Saturn

In Q1 2007 sales at Media Markt and Saturn reached the highest growth rate in the last ten quarters and increased by 17.1% to €3.9 billion (excluding currency effects: +17.3%). On a like-for-like basis, sales also grew significantly by 6.4%. In addition to successful promotional activities, innovations such as the launch of Sony's Playstation 3 in Europe at the end of the first quarter contributed positively to the sales development.

In Germany, market share was successfully increased, supported by a further high marketing intensity. Regardless of the very good business development in Q4 2006 and the VAT increase at the beginning of 2007, sales growth reached 7.9% (like-forlike: +3.3%).

Sales in Western Europe grew significantly by 22.9% to €1.7 billion (excluding currency effects: +23.3%). Almost all countries reached high like-for-like sales growth rates. Especially Spain, Italy and the Netherlands continued their good business development. In Q1 2007 both Media Markt stores in Sweden generated total sales of around €25 million.

In Eastern Europe sales increased by 53.8% to €0.3 billion (excluding currency effects: +55.1%). Especially in Poland sales grew significantly, also on a like-for-like basis. The sales development of Media Markt in Russia showed high customer acceptance.

The international share of sales exceeded half of total sales again – as was the case for the first time in Q3 2006 - and increased to 51.6%.

In Q1 2007 EBITDA improved from €109 million to €118 million. EBIT grew from €64 million to €69 million despite high marketing expenses and considerably increased start-up losses in the new countries Russia and Sweden.

In Q1 2007 capex into the store network amounted to a total of €53 million after €58 million in Q1 2006. The store network was enlarged by ten stores. In Germany and Poland three stores each were opened. Switzerland, Italy, the Netherlands and Russia each opened one new store. After the market entry into Russia and Sweden in 2006 Media Markt and Saturn is now present in 14 countries. At quarter-end the store network of Media Markt and Saturn comprised 631 stores, thereof 343 in Germany, 227 in Western Europe and 61 in Eastern Europe.

Galeria Kaufhof

	Q1 2007	Q1 2006		Change (in %)				Change
	€ million	€ million	total	lfl		Q1 2007	Q1 2006	(in %)
Sales	810	814	-0.5	-2.8	EBITDA (€ million)	4	1	-
					EBIT (€ million)	-23	-26	12.8
Germany	735	744	-1.2	-3.7	CAPEX (€ million)	12	51	-75.9
Western Europe	75	71	6.1	6.4	Stores (number)	142	142	-
					Selling space (1,000 sqm)	1,483	1,464	1.3
					Employees at closing date (full-time basis)	18,679	18,917	-1.3

At the beginning of 2007 the business development of Galeria Kaufhof was impaired by the VAT increase in Germany. In Q1 2007 sales declined by 0.5% to €810 million.

After a cautious start in January the business in Germany improved during the course of the quarter. Notwithstanding likefor-like sales growth in March, sales in Germany declined by 1.2% to €735 million for the full first quarter 2007.

In Belgium the good development continued and sales increased by 6.1% to €75 million.

The international share of sales grew from 8.7% in Q1 2006 to 9.3%.

In Q1 2007 EBITDA of Galeria Kaufhof amounted to €4 million after €1 million in Q1 2006. Due to an improved gross margin and continued high cost orientation EBIT amounted to €-23 million.

In Q1 2007 capex into the store network was €12 million (Q1 2006: €51 million). By the end of the quarter the department store network was extended by one store in Berlin. In contrast, one small-sized store was closed. Therewith, the store network comprised 142 stores, thereof 127 in Germany and 15 in Belgium.

Interim Consolidated Financial Statements Income Statement

€ million	Q1 2007	Q1 2006
Net sales	14,919	13,308
Cost of sales	-11,952	-10,663
Gross profit on sales	2,967	2,645
Other operating income	355	323
Selling expenses	-2,860	-2,541
General administrative expenses	-319	-272
Other operating expenses	-20	-17
EBIT	123	138
Result from associated companies	0	0
Other investment result	0	0
Interest income	45	35
Interest expenses	-153	-143
Other financial result	3	4
Net financial income	-105	-104
EBT	18	34
Income taxes	-6	-11
Income from continuing operations	12	23
Income from discontinued operations after taxes	-	-
Net profit for the period	12	23
allocable to minorities	21	16
from continuing operations	21	16
from discontinued operations	-	-
allocable to stockholders of METRO AG	-9	7
from continuing operations	-9	7
from discontinued operations	-	-
Earnings per share (€)	-0.03	0.02
from continuing operations	-0.03	0.02
from discontinued operations	-	-

31,116 27,671 32,148

Balance Sheet

Assets	3/31/2007	3/31/2006	12/31/06
€ million
Non-current assets	18,878	17,475	18,978
Goodwill	4,377	4,158	4,379
Other intangible assets	471	429	478
Tangible assets	12,049	10,876	12,087
Investment properties	135	227	136
Financial assets	134	128	139
Other receivables and assets	488	545	535
Deferred tax assets	1,224	1,112	1,224
Current assets	12,238	10,196	13,170
Inventories	6,797	6,345	6,640
Trade receivables	485	388	481
Financial assets	24	14	21
Other receivables and assets	2,604	1,844	2,852
Entitlements to income tax refunds	284	317	279
Cash & cash equivalents	1,879	766	2,732
Non-current assets held for sale	165	522	165
	31,116	27,671	32,148
Equity and Liabilities € million	3/31/2007	03/31/06	12/31/06
Equity	6,027
Capital Stock
Additonal paid-in capital		5,289	6,047
Reserves retained from earnings	835	835	835
Minority interests	2,544	2,551	2,544
	2,443	1,725	2,451
Non-current liabilities	205	178	217
	8,525	8,551	8,869
Provisions for pensions and similar commitments Other provisions	1,015 536	1,004 454	1,023 506
Financial liabilities	5,916	6,174	6,279
Other liabilities	596	432	599
Deferred tax liabilities	462	487	462
Current liabilities	16,564	13,831	17,232
Trade payables	9,958	8,390	12,416
Provisions	670	288	719
Financial liabilities	3,992	3,209	1,740
Other liabilities	1,747	1,764	2,029
Income tax liabilities	173	180	304

Cash Flow Statement

€ million	Q1 2007	Q1 2006
EBIT	123	138
Depreciation and amortisation on tangible and intangible assets	312	285
Change in provisions for pensions and other provisions	-24	13
Change in net working capital	-2,615	-2,649
Income taxes paid	-145	-147
Other	-72	10
Cash flow from operating activities of continuing operations	-2,421	-2,350
Cash flow from operating activities of discontinued operations	-	-
Total cash flow from operating activities	-2,421	-2,350
Investments in tangible assets (excl. finance leases)	-244	-298
Other investments	-31	-29
Company divestments	0	0
Disposals of fixed assets	24	62
Cash flow from investing activities of continuing operations	-251	-265
Cash flow from investing activities of discontinued operations	-	-
Total cash flow from investing activities	-251	-265
Profit distribution
METRO AG stockholders	0	0
other stockholders	-36	-45
Change of financial debts	1,876	1,693
Interest paid	-151	-140
Interest received	65	63
Profit and loss transfers and other financing activities	66	44
Cash flow from financing activities of continuing operations	1,820	1,615
Cash flow from financing activities of discontinued operations	-	-
Total cash flow from financing activities	1,820	1,615
Total cash flows	-852	-1,000
Exchange rate effects on cash and cash equivalents	-1	-1
Overall change in cash and cash equivalents	-853	-1,001
Cash and cash equivalents on January 1	2,732	1,767
Cash and cash equivalents on March 31	1,879	766
less cash and cash equivalents from discontinued operations as per March 31	-	-
Cash and cash equivalents from continuing operations as per March 31	1,879	766

Statement of Changes in Equity

	Capital Stock	Capital reserve	Reserves retained from	Total	Minorities	Total equity
€ million			earnings
January 1, 2006	835	2,551	1,721	5,107	206	5,313
Net profit for the period	-	-	7	7	16	23
Profit distribution	-	-	-	-	-45	-45
Remeasurement IAS 39	-	-	15	15	-	15
Currency translation	-	-	-18	-18	1	-17
Other	-	-	0	0	-	0
March 31, 2006	835	2,551	1,725	5,111	178	5,289
January 1, 2007	835	2,544	2,451	5,830	217	6,047
Net profit for the period	-	-	-9	-9	21	12
Profit distribution	-	-	-	-	-36	-36
Remeasurement IAS 39	-	-	11	11	-	11
Currency translation	-	-	-10	-10	2	-8
Other	-	-	0	0	1	1
March 31, 2007	835	2,544	2,443	5,822	205	6,027

Notes

Segment Reporting

Sales divisions

	Metro				Media Markt					Other/
	Cash & Carry			Real	and Saturn		Galeria Kaufhof			Consolidation	METRO Group
€ million		Q1 2007 Q1 2006 Q1 2007 Q1 2006 Q1 2007 Q1 2006 Q1 2007 Q1 2006 Q1 2007								Q1 2006	Q1 2007	Q1 2006
External sales (net)	6,979	6,638	2,993	2,318	3,924	3,352	810	814	214	185	14,919	13,308
Internal sales (net)	1	45	0	0	2	0	4	2	-7	-47	-	-
Total sales (net)	6,980	6,683	2,993	2,319	3,926	3,352	814	816	207	138	14,919	13,308
EBITDA	202	188	-13	-6	118	109	4	1	124	130	434	423
Depreciation/amortisation	100	98	43	34	49	45	26	27	93	81	312	285
EBIT	102	90	-56	-40	69	64	-23	-26	31	49	123	138
Investments	90	129	85	30	53	58	12	51	48	68	287	335
Segment assets	12,258	11,056	5,004	3,230	5,125	4,322	1,239	1,255	3,413	4,474	27,039	24,337
Segment liabilities	5,241	4,763	2,474	1,296	4,104	3,333	947	925	1,220	1,547	13,986	11,864
Employees at closing date
(full-time equivalents)	100,322	94,904	61,587	43,050	45,809	39,914	18,679	18,917	15,444	14,987	241,841	211,772
Selling space
(in 1,000 sqm)	4,521	4,238	3,579	2,695	1,948	1,736	1,483	1,464	418	436	11,947	10,569
Stores (number)	585	547	700	592	631	568	142	142	330	334	2,388	2,183

Regions

				Western Europe
	Germany		excl. Germany			Eastern Europe	Asia / Africa			Consolidation	METRO Group
€ million		Q1 2007 Q1 2006 Q1 2007 Q1 2006 Q1 2007 Q1 2006 Q1 2007 Q1 2006 Q1 2007								Q1 2006	Q1 2007	Q1 2006
External sales (net)	6,599.8	6,017.9	4,577.3	4,244.5	3,241.1	2,644.4	501.1	401.2	-	-	14,919.3	13,308.0
Internal sales (net)	2.0	3.3	0.2	0.1	-	-	187.2	187.8	-189.4	-191.3	-	-
Total sales (net)	6,601.8	6,021.3	4,577.5	4,244.6	3,241.1	2,644.4	688.3	589.0	-189.4	-191.3	14,919.3	13,308.0
EBITDA	145.4	137.4	150.5	155.0	133.1	133.3	5.0	0.5	0.5	-3.7	434.5	422.6
Depreciation/amortisation	161.3	157.1	75.1	72.9	65.3	46.1	8.8	8.5	1.4	0.2	311.8	284.8
EBIT	-15.9	-19.7	75.4	82.1	67.9	87.3	-3.8	-8.0	-0.9	-3.9	122.6	137.8
Investments	144.4	171.1	40.1	79.1	86.2	77.4	16.8	7.4	-	-	287.5	335.1
Segment assets		13,815.1 12,596.5	8,902.4	8,318.4	6,272.2	5,006.6	793.6		725.7 -2,744.7	-2,310.4	27,038.7	24,336.8
Segment liabilities	7,015.7	6,026.9	4,198.8	3,855.1	2,679.8	1,888.0	456.3	366.8	-364.3	-272.5	13,986.3	11,864.3
Employees at closing date
(full-time equivalents)	109,243	100,282	49,557	47,422	69,700	52,358	13,341	11,710	-	-	241,841	211,772
Selling space
(in 1,000 sqm)	6,821	6,108	2,642	2,542	2,094	1,582	391	337	-	-	11,947	10,569
Stores (number)	1,527	1,432	513	480	295	226	53	45	-	-	2,388	2,183

Notes to Group Accounting Principles and Methods

The interim financial statements as at 31 March 2007 were prepared in accordance with the International Financial Reporting Standard (IFRS) IAS 34 "Interim Financial Reporting" and have not been audited. They do not include all information required for the annual financial statements at the end of the full year in accordance with IFRS.

In preparation of the interim financial statements, the same recognition and valuation methods were applied as in the last preceding annual financial statements as at 31 December 2006. Details on applied recognition and valuation methods are provided in the notes of the annual financial statements as at 31 December 2006.

During the year, sales-dependent and cyclical positions are accounted for pro-rata based on corporate planning, if material.

The current interim financial statements apply the accounting standards and interpretations newly introduced by the IASB which were adopted by the Council of the European Commission (please see METRO Group's Annual Report 2006, pp. 105-106). The application of these accounting standards had no noteworthy impact on METRO Group's asset financial profitability positions as well as cashflows.

To provide a better overview in the tables, decimal plans have partly been left out. Therefore rounding differences can occur.

Notes to related parties

In Q1 2007 companies that are included in the circle of related companies rendered goods/services to the amount of €36 million to METRO Group companies. These consist primarily of leasing services. Business relations with related companies are based on contractual agreements and conform to market conditions. In the reporting period, METRO Group had no business relations with related natural persons.

METRO Group

Schlueterstrasse 1 40235 Duesseldorf

PO Box 230361 40089 Duesseldorf Germany

Investor Relations

	Investor Hotline: +49 (0) 1802 – 725 750
Phone:	+49 (0) 211 – 6886 - 1936
	+49 (0) 211 – 6886 - 1051
Fax:	+49 (0) 211 – 6886 - 3759
E-mail:	investorrelations@metro.de

Creditor Relations

Phone:	+49 (0) 211 - 6886 - 1904
Fax:	+49 (0) 211 - 6886 - 1916
E-mail:	creditorrelations@metro.de

Corporate Communication

Phone:	+49 (0) 211 - 6886 - 2947
Fax:	+49 (0) 211 - 6886 - 2000
E-mail:	presse@metro.de

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 receive news and official publications of the company online.

Please note: In case of doubt the German version shall prevail.

Disclaimer

This Trading Statement contains certain statements that are neither reported financial results nor other historical information. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. 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 behavior of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies and 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 presentation. 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.

Financial Calendar

Wednesday, 23 May 2007, 10.30 am Annual General Meeting

Wednesday, 1 August 2007, 7.15 am Quarterly Report Q2 2007

Tuesday, 30 October 2007, 7.15 am Quarterly Report Q3 2007