Metro's Q2 2011 EBIT is EUR 6.7 million for continuing operations. On an operational level, Sweden continues to develop strongly with an EBIT improvement of EUR 1.1 million and a total EBIT of EUR 4.4 million.

An additional EUR 1.0 million is contributed by Mexico and SubTV Chile, which were not consolidated in Q2 last year. Higher revenues from Canada also contributed to the improved results.

Sales in emerging markets continue their double digit growth with Chile, Mexico and St Petersburg developing strongly. Sales in Europe on the other hand are less predictable. Sweden recorded stable growth, while Denmark and the Netherlands declined.

Geographical footprint
Latin American expansion is a priority for Metro; advertising markets in the region are expected to continue their strong growth and the Metro concept is well received by readers. Including the recently signed franchise to launch Metro in Peru, we will be present in six countries in the region.
Our partner TF1 has made a bid to buy our shares in Metro France in order to expand their "offer of free news in all media channels". As the largest broadcasting company in France, TF1 could be expected to realize more synergies with full control of the company. The due diligence is currently being carried out and subject to the outcome the deal is likely to be completed in the near future. Metro has furthermore sold Metro Hungary and turned it into a franchise.

Delivering on targets
We have delivered consistent profitability improvements the past two years and Metro's performance in general has stabilized. Going forward we will remain committed to our profitability targets of positive group EBIT development year-on-year, over 15 percent EBIT margins in existing operations and double digit group EBIT by 2012. At the same time we will focus on our long term growth strategy of emerging markets expansion and developing new revenue streams online.

Impact of global collaborations
Our Global Sales department has secured a European Union anti-smoking partnership targeting 24-35 year olds. The campaign includes multiple advertising formats in print where readers are directed to www.exsmokers.eu featuring a free virtual coach to help people stop smoking. The campaign will run across sixteen EU member states throughout 2011.
Finally, I have to mention how pleased I am with the outcome of Metro's biggest editorial campaign ever; inviting Lady Gaga as Global Guest Editor-in-Chief. The campaign is estimated to have reached more than half a billion people worldwide and was much appreciated by our advertisers and readers alike. This shows how massive the impact can be from collaboration between one of the world's largest stars and the world's largest newspaper.