Trade – Russia and cybercrime ruin Metro’s balance sheet – economy
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The Düsseldorf wholesale group Metro is affected by the consequences of the devastating earthquake in Turkey and Syria. Fortunately, none of the 4,300 employees in Turkey died, said CEO Steffen Greubel on Thursday. However, one of the five markets in the earthquake area is still being checked to see whether it can continue to operate. In addition, the group provides help for the earthquake victims.
Greubel provided information on business development in the first quarter (until the end of December) of the current 2022/2023 financial year. It was particularly noteworthy that the listed group lost more sales and earnings than expected due to a cyber attack and that business in Russia suffered. The cyber attack in October cost Metro an estimated loss of sales “in the low three-digit million euro range”; the result decreased by an amount “in the mid to high double-digit million range”.
In Russia in particular, the cyber attack affected business. In local currency, Metro lost 14 percent in sales there, the pre-tax result fell by 21 million euros to 60 million euros. At the same time, Greubel emphasized that he wanted to stay in Russia. Metro employs 10,000 people there. In Germany, the business is rebuilt again.
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