METRO AG http://www.alacrastore.com/company-snapshot/METRO_AG-1096725 Saturday, July 26, 2008 7:44:49 AM 1096725 METRO AG en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/657805spcred/657805normThe latest Full Report from S&Pglobalstructured7/4/2008 2:56:09 AM400Full Report657805GermanyHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsRetailFull ReportWorld's largest and geographically most widespread cash-and-carry operator. European No. 1 in consumer electronics retailing, with leading positions in Germany and a number of other European markets. Substantial geographic diversity. Favorable discount positioning of the group overall. Financial flexibility deriving from the market value of the group's properties. High level of capital expenditures due to international expansion strategy. Substantial exposure to the highly competitive German retail market. Significant seasonality, with two-thirds of group EBIT generated in the last quarter of the year. Food retail banner Real's weak performance. The ratings on Germany-based diversified retailer Metro AG reflect its leading positions in cash-and-carry (C&C) and consumer electronics retailing in Europe. Offsetting these positive factors are Metro's substantial exposure to the competitiveDEUD5396830101040 301010 3010 30Metro AG341814ASIAEMERGINGEUROMIDAFRLATAMERICAUSAMEO@GRFULLGLOBISSSTRUCCORPABSCDORetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657806spcred/657806normThe latest Summary from S&Pglobalstructured7/4/2008 2:56:09 AM175Summary657806GermanyHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsRetailSummaryThe ratings on Germany-based diversified retailer Metro AG reflect its leading positions in cash-and-carry (C&C) and consumer electronics retailing in Europe. Offsetting these positive factors are Metro's substantial exposure to the competitive German retail market, and the group's financial risk profile, which Standard&Poor's Ratings Services assesses as intermediate. On Dec. 31, 2007, the company reported financial debt totaling €7.7 billion ($11.4 billion). With group sales of €64.3 billion in 2007, Metro is Germany's leading retailer and has both food and nonfood operations. The C&C division, which enjoys a world-leading position and unparalleled international presence, is the backbone of the group. In 2007, C&C accounted for 59% of EBIT, ahead of electronics retailing banner MMS (29%). The other businessesDEUD5396830101040 301010 3010 30Metro AG341814ASIAEMERGINGEUROMIDAFRLATAMERICAUSAMEO@GRSUMMARYGLOBISSSTRUCCORPABSCDORetailCredit & Investment ResearchS&P Credit ResearchGERMANY - In June ####, Metro AG announced that it was seeking a buyer for its ## real stores, owner and operator of grocery and departmental stores.6/17/2008 4:48:07 PM81572I59212A81572I59192JSeeking BuyerMetro AG-Real Stores(27)Seeking BuyerMetro AGhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Metro_AG_seeking_buyer_for_Metro_AG_Real_Stores_27-1987181040sdc/19871810401987181040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necRetail Trade-Food StoresGermanyGrocery stores5411FFForeignSubsidiary12029001Seeking buyerInvest hldg coNot ApplicableAssets1023005001Jun 17 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Seeking buyerSeeking buyerSeeking buyer1.000002.000003.000004.0000027 Real Stores of Metro AG,located in Germany, owns andoperates grocery anddepartmental stores.27 Real Stores of Metro AG, located in Germany, owns andoperates grocery and departmental stores.27 Real Stores of Metro AG, located in Germany, owns and operates grocery and departmental stores.0.000000.000000.000000.00000N13 Jun 08Fri, 13 Jun 2008 00:00:00 ESTDate Announced: 06/13/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000GERMANY - In June 2008, MetroAG announced that it wasseeking a buyer for its 27real stores, owner andoperator of grocery anddepartmental stores.GERMANY - In June 2008, Metro AG announced that it was seeking a buyer for its 27 real stores, owner and operator of grocery and departmental stores.GERMANY - In June 2008, Metro AG announced that it was seeking a buyer for its 27 realstores, owner and operator of grocery and departmental stores.GERMANY - In June 2008, Metro AG announced that it was seeking a buyer for its 27 real stores, owner and operator of grocery and departmental stores.GERMANY - In June 2008, Metro AG announced that it was seeking a buyer for its 27 real stores, owner and operator of grocery anddepartmental stores.S Buyer0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:S Buyer-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005311:Department stores5411:Grocery stores12029001Unknown6799UnknownPrivate5311:Department stores5411:Grocery stores5731:Radio, television, and consumer electronics stores6719:Offices of holding companies, nec6799:Investors, nec211339004FrankfurtGermany6799ForeignPublicMEO0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/PBC_109290moodys/PBC_109290pdf...Metro (rated Baa#/Prime-#, stable outlook) was formed in #### through the merger of three separate entities, Asko , Cash & Carry and Kaufhof. The group is now focused on four major formats: Cash & Carry wholesale (Metro and Makro brands), food retailing through the Real fo rmat (while the Extra format was recently divested and is included as discontinued operations), consumer electronics (Media and Saturn), and department stores (Kaufhof). Metro is listed on the Frankfurt Stock Ex change and is included in the DAX blue- chip index. The company s main shareholders include Franz Haniel & Cie GmbH (Baa#, negative outlook) (##.##%), t he Beisheim family (##.##%), and the Schmidt-Ruthenbeck family (##.##%), whic h together hold ##.##% of the voting rights of Metro AG. The remaining shares are free float. Metro s business units are characterised by significant scale within their respective wholesale and retail segments. The group is the world s largest Cash & Carry operator and... 5/30/2008 12:18:48 PMpdfMetro AGMetro AG600008224300.0000AnalysisAnalysisPBC_109290Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/646171spcred/646171normThe latest News from S&Pglobalstructured5/3/2008 2:38:48 AM100News646171GermanyHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsCorporationsRetailNewsFRANKFURT (Standard&Poor's) May 2, 2008--Standard&Poor's Ratings Services said today it raised its long-term corporate credit rating on Germany-based diversified retailer Metro AG to 'BBB+' from 'BBB' and removed it from CreditWatch, where it was placed with positive implications on Aug. 31, 2007. The 'A-2' short-term rating was affirmed. The outlook is stable. "This follows sound improvement in Metro's key credit measures in 2007 and our expectation that they will continue to strengthen in 2008," said Standard&Poor's credit analyst Nicolas Baudouin. Group EBIT in 2007 increased by 9% to €2.1 billion, mainly reflecting progress in Metro's cash and carry (C&C) operations, and to a lesser extent, its Media Markt/Saturn (MMS) consumer electronics and the departmentDEUD5396830101040 301010 3010 30Metro AG341814ASIAEMERGINGEUROMIDAFRLATAMERICAUSAMEO@GRNEWSGLOBISSSTRUCABSCDOCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/646172spcred/646172normThe latest Research Update from S&Pglobalstructured5/3/2008 2:38:48 AM175Research Update646172GermanyHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsCapital GoodsRetailResearch UpdateOn May 2, 2008, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Germany-based diversified retailer Metro AG to 'BBB+' from 'BBB' and removed it from CreditWatch, where it was placed with positive implications on Aug. 31, 2007. The 'A-2' short-term rating was affirmed. The outlook is stable. This follows sound improvement in Metro's key credit measures in 2007 and our expectation that they will continue to strengthen in 2008. Group EBIT in 2007 increased by 9% to €2.1 billion, mainly reflecting progress in Metro's cash and carry (C&C) operations and, to a lesser extent, its Media Markt/Saturn (MMS) consumer electronics and the department store Kaufhof. Group pension- and lease-adjusted funds from operations (FFO) to net debtDEUD5396830101040 301010 3010 30Metro AG341814ASIAEMERGINGEUROMIDAFRLATAMERICAUSAMEO@GRRESUPDDEU35102010 351020 3510 35Franz Haniel&Cie GmbH348003EUROMIDAFR1048Z@GRGLOBISSSTRUCCORPABSCDOCapitalRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/418655_pr_framefitch/418655_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.METRO AG803624634/29/2008 10:16:00 AM0103030085Press ReleaseMEO418655_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/ccbn/T1829916ccbn/T1829916norm...Welcome to Metro Group's #### first quarter conference call. For today's presentation, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. I now hand over to the CEO of Metro Group, Dr. Cordes. Please go ahead, sir. ... 4/29/2008 8:06:00 AMMetro Group54.0000FinalQ1 2008 Metro Group Earnings Conference Call TranscriptMEO.F8:15am CETTranscriptT1829916Credit & Investment ResearchThomson Street EventsGERMANY - In April ####, Metro AG, a provider of retail services, announced that it was seeking a buyer for its unit Kaufhof Holding AG, a Cologne-based operator of retail stores.4/22/2008 5:05:28 PM81572I48615281572I59192JSeeking BuyerKaufhof Holding AGSeeking BuyerMetro AGhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Metro_Holding_AG_seeking_buyer_for_Kaufhof_Holding_AG-1970901040sdc/19709010401970901040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necRetail Trade-General Merchandise and ApparelGermanyDepartment stores5311FFForeignSubsidiary12029001Seeking buyerPvd intl trade,ret svcsNot ApplicableOrdinary Share3317002Apr 22 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Seeking buyerSeeking buyerSeeking buyer1.000002.000003.000004.000005.000006.000007.000008.000009.00000Kaufhof Holding AG, located inCologne, is an owner andoperator of retail departmentstores and holding company.Founded in 1989, the companyis the holding company forGaleria Kaufhof, Kaufhof andSportarena stores in Germanyand Galeria Inno in Belgium.Kaufhof Holding AG, located in Cologne, is an owner andoperator of retail department stores and holding company.Founded in 1989, the company is the holding company forGaleria Kaufhof, Kaufhof and Sportarena stores in Germanyand Galeria Inno in Belgium.Kaufhof Holding AG, located in Cologne, is an owner and operator of retail department stores and holding company. Founded in 1989, the company is the holding company for Galeria Kaufhof, Kaufhof and Sportarena stores in Germany and Galeria Inno in Belgium.0.000000.000000.000000.00000N17 Apr 08Thu, 17 Apr 2008 00:00:00 ESTDate Announced: 04/17/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000GERMANY - In April 2008, MetroAG, a provider of retailservices, announced that itwas seeking a buyer for itsunit Kaufhof Holding AG, aCologne-based operator ofretail stores.GERMANY - In April 2008, Metro AG, a provider of retail services, announced that it was seeking a buyer for its unit Kaufhof Holding AG, a Cologne-based operator of retail stores.GERMANY - In April 2008, Metro AG, a provider of retail services, announced that it wasseeking a buyer for its unit Kaufhof Holding AG, a Cologne-based operator of retailstores.GERMANY - In April 2008, Metro AG, a provider of retail services, announced that it was seeking a buyer for its unit Kaufhof Holding AG, a Cologne-based operator of retail stores.GERMANY - In April 2008, Metro AG, a provider of retail services, announced that it was seeking a buyer for its unit Kaufhof Holding AG,a Cologne-based operator of retail stores.S Buyer0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:S Buyer-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005311:Department stores6719:Offices of holding companies, nec12029001Unknown6799UnknownPrivate4213:Trucking, except local5311:Department stores5411:Grocery stores5812:Eating places6719:Offices of holding companies, nec6799:Investors, nec211339004FrankfurtGermany5311ForeignPublicMEO0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/383270_report_framefitch/383270_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.METRO AG803624634/21/2008 2:15:00 PM01030300165Credit UpdateMEO383270_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/ccbn/T1778099ccbn/T1778099norm... - METRO Group - Head, IR Okay, ladies and gentlemen, it's my pleasure to welcome you to our #### analyst meeting here this afternoon. One small request from my side before we start is please switch off, or mute, your mobile telephones in the interests of all participants. After the meeting, as usual, the speeches and Q&A will be available for download on our website. And without further ado, I would like to hand over to our CEO Dr. Cordes. ... 3/18/2008 7:05:00 PMMetro Group54.0000FinalQ4 2007 Metro Group Earnings Presentation TranscriptMEO.F2:00pm CETTranscriptT1778099Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/fitch/374586_report_framefitch/374586_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Carrefour S.A.Casino Guichard-Perrachon S.A.J. Sainsbury plcKoninklijke Ahold N.V.METRO AGTesco plc803599648035996980360208803602098036083480362463804171792/29/2008 10:20:00 AM010300000103030001030301275Special Report01255812017AHMEOSBRYTSCO374586_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/bir/464925bir/464925normMETRO AGMETRO Cash and CarryKaufhof Holding AGAsko Deutsche Kaufhaus AGMetro GroupGermanyRetail: Department stores, hypermarkets, do-it-yourself stores, food stores. Finance: Holding company.531153315251541167194521114441304451104529905511129IMMEO2/15/2008 6:53:00 AM464925Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/fitch/370824_report_framefitch/370824_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Carrefour S.A.Casino Guichard-Perrachon S.A.DSG International PLCJ. Sainsbury plcMarks & Spencer Group plcMETRO AGTesco plc80359947803599648035996980360208803602098036042280362463804171792/5/2008 10:16:00 AM01000000010300000103030001030301250Special Report01255812017DSGIMEOMKSSBRYTSCO370824_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/moodys/CMT_0000419217moodys/CMT_0000419217htmlIssuer Comment1/22/2008 12:15:22 AMGlobal Credit Research Issuer Comment ## JAN #### Issuer Comment: Metro AG Moody's says Metro's Extra divestment has no impact on ratings Metro AG (Baa#/Prime-#, stable outlook) has announced the divestment of its ### Extra Supermarkets...Metro AG600008224150.0000NewshtmlMetro AGCMT_0000419217Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/402217_pr_framefitch/402217_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.METRO AG803624631/18/2008 10:21:00 AM0103030075Press ReleaseMEO402217_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/moodys/COP_600008224moodys/COP_600008224htmlGlobal Credit Research Credit Opinion # JUN #### Credit Opinion: Metro AG Metro AG Duesseldorf, Germany Ratings Category Moody's Rating Outlook Stable Issuer Rating Baa# Senior Unsecured -Dom Curr Baa# Commercial Paper -Dom Curr P-#...1/4/2008 2:19:00 AMhtmlMetro AGMetro AG600008224150.0000NewsCredit OpinionCOP_600008224Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/LRA_600008224moodys/LRA_600008224htmlLiquidity Risk Assessment1/3/2008 3:40:48 PMGlobal Credit Research Liquidity Risk Assessment # JAN #### Liquidity Risk Assessment: Metro AG Metro AG Duesseldorf,Germany Broad Industry: Industrial Specific Industry: Retail-Convenience Stores Short Term Rating: P-# Contacts Analyst...Metro AG600008224300.0000AnalysishtmlMetro AGLRA_600008224Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/361686_report_framefitch/361686_report_framepdf010303012508036105601030101Accor S.A.12017METRO AG80360209MEOJ. Sainsbury plcCasino Guichard-Perrachon S.A.01255880359969Carrefour S.A.SBRY12040Special Report803613000103000001210180359964AH0100000001032100L'Oreal SA8036083412/13/2007 2:14:00 PM01203280359949CPGLVMH Moet Hennessy-Louis Vuitton SATSCOCompass Group plc80360208809552378036059401212201030300804171790103010001030200Tesco plc80362463Sodexho Alliance S.A.Koninklijke Ahold N.V.361686_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/358722_report_framefitch/358722_report_framepdf803610561204080361300Carrefour S.A.80360209010303018036083401032100012558Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Special ReportCasino Guichard-Perrachon S.A.012101J. Sainsbury plc80359964Sodexho Alliance S.A.80362463METRO AG010302000103010080955237L'Oreal SASBRY8036059401000000012032AH12017Accor S.A.12/5/2007 10:12:00 AM012122MEO010303000103010125080360208Koninklijke Ahold N.V.Compass Group plcLVMH Moet Hennessy-Louis Vuitton SA01030000CPG8041717980359949358722_report_frameCredit & Investment ResearchFitchResearch