Ahold 3rd Quarter 2000 Net Earnings Rise 55.5% to Euro 259.6 Million.Business Editors ZAANDAM Zaandam (zändäm`), municipality (1991 est. pop. 130,000), North Holland prov., W Netherlands, near Amsterdam. Manufactures include food products, chemicals, lumber, and machinery. , The Netherlands--(BUSINESS WIRE)--Nov. 28, 2000 3rd Quarter Highlights - Earnings per share increase by 31.6% to Euro 0.33 - Net earnings rise 55.5% to Euro 259.6 million - Operating results increase by 67.5% to Euro 548.1 million - Sales rise 76.5% to Euro 13.8 billion - Confirmation of strong earnings growth for full-year 2000 Royal Ahold a·hold n. Hold; grip: "I knew I could make it all right if I got . . . back to the hotel and got ahold of that bottle of brandy" Jimmy Breslin. (NYSE NYSE See: New York Stock Exchange : AHO), the international food provider, achieved third quarter 2000 net earnings of Euro 259.6 million, a 55.5% increase. Sales rose 76.5% to Euro 13.8 billion and operating results increased by 67.5% to Euro 548.1 million. Earnings per common share for the quarter rose 31.6% to Euro 0.33. Excluding currency fluctuations, specifically the higher average exchange rate of the U.S. dollar, earnings per common share grew 18.4%. "Record sales and results expected for 4th Quarter," says Cees van der Hoeven Hoeven is a town in the municipality of Halderberge in the Netherlands. The name Hoeven originated from the purchase of a certain amount of ground in 1282 by the abby of Cistercienser of St. Bernard. This amount was equal to 100 "hoeven", a local measure of area in those days. . In a comment, Ahold President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Cees van der Hoeven said: "Once again we have delivered strong results this quarter, particularly taking seasonality into account. They are in line with our projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. for full-year 2000. Our retail chains and foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. operations turned in an improved performance, reinforcing our market positions. Our strategy to reach consumers through food retail, foodservice and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. channels is proving highly effective. Our retail customer count is rising, and when they eat out, we play a role as well. At the same time, we are seeing interesting synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. benefits developing within and among our sales channels. We anticipate a record-breaking Adj. 1. record-breaking - surpassing any previously established record; "a record-breaking high jump"; "record-breaking crowds" best - (superlative of `good') having the most positive qualities; "the best film of the year"; "the best solution"; "the best time for performance in the fourth quarter. Ahold is right on track to become the leading multi-channel See multichannel. food provider in the world."
Ahold 3rd quarter and first three quarter 2000 results,
compared to 1999
3rd Quarter
x 1 million Euro 2000 1999 Change in %
------------- ----------- ------------
Sales 13,776.5 7,807.3 76.5
EBITDA 832.3 534.4 55.7
As % of sales 6.0 6.8
EBIT 548.1 327.3 67.5
As % of sales 4.0 4.2
Net earnings 259.6 166.9 55.5
Net earnings after
preferred dividend 256.9 164.1 56.6
----------------------------- ------------- ----------- -------------
Earnings per share in Euro 0.33 0.25 31.6
First Three Quarters
x 1 million Euro 2000 1999 Change in %
------------ ----------- --------------
Sales 37,180.3 24,980.4 48.8
EBITDA 2,391.0 1,642.0 45.6
As % of sales 6.4 6.6
EBIT 1,540.4 994.6 54.9
As % of sales 4.1 4.0
Net earnings 746.0 514.9 44.9
Net earnings after
preferred dividend 736.7 505.6 45.7
----------------------------- ------------ ------------- -------------
Earnings per share in Euro 1.03 0.78 32.5
Sales and results were positively influenced by the higher average exchange rate of the U.S. dollar (Euro 1.12 vs Euro 0.95). Excluding currency impact, autonomous sales growth amounted to 6.8%, earnings per share grew 18.4% in the third quarter and 19.6% in the first three quarters of 2000.
United States
----------------------------------------------------------------------
3rd Quarter
x 1 million USD 2000 1999 Change in %
-------------------------------------
Sales 7,042.0 4,613.8 52.6
Operating results 314.3 228.9 37.3
First Three Quarters
x 1 million USD 2000 1999 Change in %
-------------------------------------
Sales 20,175.3 15,406.9 30.9
Operating results 981.0 734.5 33.6
In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , sales rose 52.6%. This increase mainly reflects the acquisition of U.S. Foodservice U.S. Foodservice is one of the largest broadline foodservice distributor in the United States. The company distributes food and related products to over 250,000 customers, including restaurants, healthcare facilities, lodging establishments, cafeterias, schools and colleges. U.S. and, to a lesser degree, the acquisition of Golden Gallon gallon: see English units of measurement. and Sugar Creek Sugar Creek may refer to: Cities and towns:
Giant Food LLC is a supermarket chain with 186 locations throughout Washington D.C., Virginia, Delaware, and Maryland.[1] Giant is often referred to as Giant-Landover so not to be confused with sister company Giant-Carlisle. , Giant-Carlisle and BI-LO BI-LO is the name of several different supermarket chains around the world:
Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the grocer Peapod PEAPOD Any IS aircraft seconded to NASA shuttle duties was consolidated in this quarter for the first time. Operating results in the United States rose by 37.3%, largely reflecting the consolidation of U.S. Foodservice. The retail operating companies operating company A business that engages in transactions with outsiders. also contributed significantly to the higher operating results. During the third quarter, 35 Edwards stores were transferred to the Stop & Shop format. The remaining 28 will follow in the course of the fourth quarter. These stores will permit Stop & Shop to reach new customers in new communities and towns throughout New Jersey and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Costs incurred during the conversion process were partially charged to operating results and against a special provision. At internet grocer Peapod, operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. amounted to $10.0 million as anticipated. These factors and the lower operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: at U.S. Foodservice, characteristic of the foodservice business, resulted in higher sales growth compared to operating results.
Europe
----------------------------------------------------------------------
3rd Quarter
x 1 million Euro 2000 1999 Change in %
-----------------------------------
Sales 4,499.1 2,450.2 83.6
Operating results 162.1 107.8 50.4
First Three Quarters
x 1 million Euro 2000 1999 Change in %
-------------------------------------
Sales 11,597.7 7,732.2 50.0
Operating results 426.6 312.2 36.6
European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales rose 83.6%, mainly reflecting the consolidation of the ICA Ica (ē`kä), city (1993 pop. 108,724), capital of Ica dept., SW Peru, on the Pan-American Highway. It is a commercial center for the cotton, wool, and wine produced in the region. There are several summer resorts nearby. Group in Scandinavia Scandinavia (skăn'dĭnā`vēə), region of N Europe. It consists of the kingdoms of Sweden, Norway, and Denmark; Finland and Iceland are usually considered part of Scandinavia. . Sales increased in all other European trade areas. Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, and the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. generated considerable sales growth, primarily due to the newly-opened supermarkets and hypermarkets. Operating results rose 50.4%, largely reflecting the consolidation of the ICA Group. Results in Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. and the Czech Republic were positive as well, contributing to the rise. The costs attached to opening and developing new stores generated operating losses in Poland. In The Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , operating results were again higher than last year. Operating results at the Portuguese joint venture with Jeronimo Martins were slightly lower. The lower average operating margin at ICA, currently being addressed, generated stronger sales growth than operating results.
Latin America
----------------------------------------------------------------------
3rd Quarter
x 1 million Euro 2000 1999 Change in %
-----------------------------------
Sales 1,304.5 874.5 49.2
Operating results 49.7 22.8 118.0
First Three Quarters
x 1 million Euro 2000 1999 Change in %
-----------------------------------
Sales 3,642.4 2,516.6 44.7
Operating results 113.7 64.2 77.1
In Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , sales grew 49.2%, mainly reflecting the joint venture with La Fragua in Guatemala Guatemala, city, Guatemala Guatemala, city (1994 est. pop. 823,301), S central Guatemala, capital of the republic. Its full name is La Nueva Guatemala de la Asunción. In a broad, fertile, highland valley, c. . The other retail chains, particularly Bompreco in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. and Disco in Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. , also contributed to sales growth. Operating results rose by 118%, largely reflecting the joint venture with La Fragua. Bompreco and Disco also contributed significantly to the rise in operating results.
Asia
----------------------------------------------------------------------
3rd Quarter
x 1 million Euro 2000 1999 Change in %
---------------------------------
Sales 97.3 117.5 (17.2)
Operating results (4.6) (9.7) 52.6
First Three Quarters
x 1 million Euro 2000 1999 Change in %
----------------------------------
Sales 297.3 374.4 (20.6)
Operating results (16.2) (34.7) 53.3
In Asia, sales decreased reflecting the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance at the end of 1999 of Ahold activities in China and Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). . Operating results of the retail chains in Thailand Thailand (tī`lănd, –lənd), Thai Prathet Thai [land of the free], officially Kingdom of Thailand, constitutional monarchy (2005 est. pop. 65,444,000), 198,455 sq mi (514,000 sq km), Southeast Asia. and Malaysia Malaysia (məlā`zhə), independent federation (2005 est. pop. 23,953,000), 128,430 sq mi (332,633 sq km), Southeast Asia. The official capital and by far the largest city is Kuala Lumpur; Putrajaya is the adminstrative capital. improved, with Thailand almost reaching break-even.
Corporate costs
----------------------------------------------------------------------
3rd Quarter
x 1 million Euro 2000 1999 Change in %
-----------------------------------
(10.7) (10.4) 2.9
First Three Quarters
x 1 million Euro 2000 1999 Change in %
-----------------------------------
(34.7) (32.9) 5.5
Corporate costs were almost identical to those in the third quarter of last year.
Net financial expense
----------------------------------------------------------------------
3rd Quarter
x 1 million Euro 2000 1999 Change in %
------------------------------------
(164.0) (86.8) 88.9
First Three Quarters
x 1 million Euro 2000 1999 Change in %
------------------------------------
(459.7) (279.0) 64.8
The increase in net financial expense reflects the financing of acquisitions and the consolidation of interest expenses at U.S. Foodservice, the ICA Group and La Fragua. The rolling annual interest coverage ratio was 3.29 and the rolling annual ratio of net interest bearing debt/EBITDA amounted to 2.31. Tax rate The tax rate, expressed as a percentage of pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings, amounted to 25.6%. Group equity Group equity, expressed as a percentage of the balance sheet total, amounted to 8.0% (at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1999: 18.8%). After conversion of the convertible subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes outstanding, group equity amounts to 15.3%. Capital accounts amounted to 16.0% of the balance sheet total. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. amounted to Euro 1.0 billion. In the first three quarters of 2000, proceeds from the issue of common stock and from exercised option rights, and the positive balance of exchange rate fluctuations were added to stockholders' equity. In addition, net earnings over the first three quarters of 2000, after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of the dividend on the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. and the cash dividend on common shares, were added to stockholders' equity. Goodwill paid for acquisitions amounting to Euro 5.1 billion (primarily for U.S. Foodservice and ICA), were fully charged to stockholders' equity. Confirmation full-year earnings outlook Ahold confirms its earlier projection that sales and operating results for the full-year 2000 will increase in all regions, reflecting healthy autonomous growth and acquisitions. It is expected that net earnings will be sharply higher than in 1999. Earnings per share, excluding currency impact, are expected to rise by 17-20%. Additional information (a) In the first week of December December: see month. , Ahold expects to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... the acquisition of foodservice company PYA/Monarch in the United States. PYA/Monarch, with sales of approximately $3.5 billion, operates in the southeastern United States. Completion of the transaction will boost Ahold's annual foodservice sales in the United States to approximately $12 billion. (a) Ahold launched a public tender offer November November: see month. 27 to acquire all outstanding shares of Superdiplo, the Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. supermarket/hypermarket operator with more than 300 stores and sales of approximately Euro 1.5 billion. The offer will remain open until December 27 and is expected to close by the end of December. After completion of the transaction, Ahold will operate approximately 530 stores in Spain with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of Euro 2 billion, four times its current size. (a) Both PYA/Monarch and Superdiplo will be consolidated as of January January: see month. 1, 2001. Goodwill paid for both acquisitions will be capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. and amortized over a 20-year period. (a) In the United States, Ahold operating companies Tops and Stop & Shop have signed a letter of intent with C&S Wholesale Distributors to acquire 56 stores and 7 sites for the sum of $178 million. C&S Wholesale Distributors is acquiring these stores and sites from the Grand Union company, which has filed for bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most protection. Approval for this transaction is required from the federal bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. and anti-trust anti-trust adj (COMM): anti-trust legislation → legislazione f antitrust inv authorities. Following approval and completion of the transaction, Ahold expects to generate additional sales of $800 million. The one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. transition costs of $40 million will impact slightly on U.S. results in the first year, but improve substantially afterwards af·ter·ward also af·ter·wards adv. At a later time; subsequently. afterwards or afterward Adverb later [Old English æfterweard] Adv. 1. , with strong cost savings that will benefit consumers. A separate release will be issued shortly regarding this transaction. Royal Ahold Ahold currently operates over 8,000 supermarkets, hypermarkets and other store formats in 24 countries on four continents. It also has a substantial foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in the rapidly-growing foodservice sector and is developing its position as an e-commerce player linked to home delivery. Its successful multi-channel strategy generates annualized sales of approximately Euro 50 billion with considerable potential for further profitable growth. Ahold employs almost 400,000 associates and serves the food needs of over 30 million loyal customers around the world every week. For more background information, see our website www.ahold.com. This press release contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the safe-harbor provisions of the U.S. federal securities laws. These forward-looking statements are subject to risks 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 Ahold's ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. , the ability to successfully integrate acquired businesses and achieve anticipate synergies and the actions of government regulators. These and other risk factors are detailed in Ahold's publicly filed reports. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Ahold does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of these materials.
Consolidated statement of earnings of Royal Ahold
----------------------------------------------------------------------
3rd quarter
x 1 million Euro (unless otherwise 2000 increase 1999
indicated) (12 in % (12 weeks)
weeks)
--------------------------------------------- ------------ -----------
----------------------------------
Sales to third parties
- United States (in dollars) $7,042.0 52.6 $4,613.8
- Europe 4,499.1 83.6 2,450.2
- Latin America 1,304.5 49.2 874.5
- Asia Pacific 97.3 (17.2) 117.5
------------ -------------
Total sales 13,776.5 76.5 7,807.3
============ =============
Operating results
- United States (in dollars) $314.3 37.3 $228.9
- Europe 162.1 50.4 107.8
- Latin America 49.7 118.0 22.8
- Asia Pacific (4.6) 52.6 (9.7)
- Corporate costs (10.7) 2.9 (10.4)
------------ -------------
Total operating results 548.1 67.5 327.3
Net financial income and expenses (164.0) (86.8)
------------ -------------
Earnings before income taxes 384.1 59.7 240.5
Income taxes (98.3) (68.5)
------------ -------------
Earnings after income taxes 285.8 66.2 172.0
Income from unconsolidated
joint ventures and associates 4.9 0.5
Minority interests (31.1) (5.6)
------------ -------------
------------ -------------
Net earnings 259.6 55.5 166.9
============ =============
Dividend preferred shares (2.8) (2.8)
----------------------------------------------------------------------
---------------------------------------------------------------------
first three quarters
x 1 million Euro (unless otherwise 2000 increase 1999
indicated) (40 weeks) in % (40
weeks)
--------------------------------------------- ------------ ----------
----------------------------------
Sales to third parties
- United States (in dollars) $20,175.3 30.9 $15,406.9
- Europe 11,597.7 50.0 7,732.2
- Latin America 3,642.4 44.7 2,516.6
- Asia Pacific 297.3 (20.6) 374.4
------------ ------------
Total sales 37,180.3 48.8 24,980.4
============ ============
Operating results
- United States (in dollars) $981.0 33.6 $734.5
- Europe 426.6 36.6 312.2
- Latin America 113.7 77.1 64.2
- Asia Pacific (16.2) 53.3 (34.7)
- Corporate costs (34.7) 5.5 (32.9)
------------ ------------
Total operating results 1,540.4 54.9 994.6
Net financial income and expenses (459.7) (279.0)
------------ ------------
Earnings before income taxes 1,080.7 51.0 715.6
Income taxes (278.9) (194.0)
------------ ------------
Earnings after income taxes 801.8 53.7 521.6
Income from unconsolidated
joint ventures and associates 8.8 2.4
Minority interests (64.6) (9.1)
------------ ------------
------------ ------------
Net earnings 746.0 44.9 514.9
============ ============
Dividend preferred shares (9.3) (9.3)
---------------------------------------------- --------- ------------
Ratios
----------------------------------------------------------------------
3rd quarter first three quarters
2000 1999 2000 1999
(12 (12 (40 (40
weeks) weeks) weeks) weeks)
----------------------------------------------------------------------
Average number of
common shares
outstanding
(x 1,000)(a) 775,069 652,092 714,692 649,707
Earnings per
common share(aa) EUR 0.33 0.25 EUR 1.03 0.78
Earnings per common
share as if the
convertible
subordinated bonds
were fully
converted(aa) EUR 0.33 0.25 EUR 1.02 0.77
Operating results as
% of sales 3.98 4.19 4.14 3.98
Depreciation
(x 1 million) EUR 284.2 207.1 EUR 850.6 647.4
Operating results
before depreciation
(x 1 million) EUR 832.3 534.4 EUR 2,391.0 1,642.0
Operating results
before depreciation as
% of sales 6.04 6.84 6.43 6.57
Earnings after income
taxes as % of sales 2.07 2.20 2.16 2.09
(a) Number of shares has been adjusted for stock dividends.
(aa) Earnings per share are calculated on the basis of the average
number of common shares outstanding and after the deduction of
dividend on preferred shares.
Consolidated balance sheet of Royal Ahold
----------------------------------------------------------------------
x 1 million Euro October 8, 2000(a) January 2, 2000(a)
----------------------------------------------------------------------
Cash and cash equivalents 1,142 888
Receivables 3,286 1,697
Inventories 3,788 2,552
Tangible and intangible
fixed assets 12,590 8,685
Financial fixed assets 1,517 464
--------- ---------
22,323 14,286
========= ==========
Current liabilities 9,308 5,854
Long-term debt 7,810 3,797
Provisions 1,639 1,087
Subordinated loans 1,780 860
Minority interests 766 336
Stockholders' equity 1,020 2,352
--------- ----------
Group equity 1,786 2,688
--------- ----------
22,323 14,286
========= ==========
Net interest-bearing debt 10,356 4,874
========= ==========
Capital accounts 3,566 3,548
----------------------------------------------------------------------
Ratios
----------------------------------------------------------------------
October 8, 2000 January 2, 2000
----------------------------------------------------------------------
Number of common shares
outstanding (x 1,000)(aa) 778,021 653,292
Group equity/Total assets % 8.0 18.8
Capital accounts/Total assets % 16.0 24.8
Exchange rate of the dollar
for balance sheet items EUR 1.15 EUR 0.99
Group equity/Total assets
in % under the assumption
as if the convertible
subordinated bonds were
fully converted 15.3 23.7
----------------------------------------------------------------------
(a) Effective fiscal year 2000, the dividend payable on common
shares is included in stockholders' equity and not in other current
liabilities anymore. The figures as at January 2, 2000 are restated.
(aa) Number of shares has been adjusted for stock dividends.
Consolidated statements of cash flows of Royal Ahold
----------------------------------------------------------------------
first three quarters
(40 weeks)
x 1 million Euro 2000 1999
----------------------------------------------------------------------
Cash flows from operating activities
Net earnings 746.0 514.9
Minority interest in earnings 64.6 9.1
Depreciation and amortization 850.6 647.4
Unremitted earnings of
unconsolidated associates (6.0) 0.1
Changes in working capital
and provisions (229.5) (108.0)
Changes in deferred income taxes 195.1 (6.3)
---------- ----------
1,620.8 1,057.2
========== ===========
Cash flows from investing activities
Net investments in tangible
and intangible fixed assets (1,388.0) (1,054.5)
Acquisition of subsidiaries (6,124.6) (374.5)
----------- ------------
(7,512.6) (1,429.0)
============ ============
Cash flows from financing activities
Net change in loans
receivable/payable 3,076.4 451.8
Net proceeds from issuance
of shares 2,840.5 15.6
Dividends paid (56.0) (46.5)
Changes in minority interests 37.4 38.3
------------ ------------
5,898.3 459.2
============ ============
Exchange rate differences (72.1) 22.1
------------ ------------
Net change in cash
and cash equivalents (65.6) 109.5
Cash and cash equivalents
at beginning of year 887.6 519.4
Cash brought in through
acquisitions and new
consolidations 320.0 12.2
Cash and cash equivalents
at the end of the third quarter 1,142.0 641.1
----------------------------------------------------------------------
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion