Ahold Q1 2004 Results Negatively Impacted by Divestments.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)--June 14, 2004 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): Highlights of Q1 2004 -- Net loss EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 405 million (Q1 2003: net income EUR 84 million) due to exceptional losses related to divestments -- Operating loss 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. EUR 145 million (Q1 2003: operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. EUR 402 million) including exceptional losses on divestments of EUR 450 million (Q1 2003: no loss on divestments) -- Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight EUR 15.4 billion, a decrease of 11.3% compared to Q1 2003. Net sales growth was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1.3% excluding currency impact and impact of divestments -- Net cash generated before financing activities was EUR 485 million (Q1 2003: EUR 24 million net cash outflow) Ahold today published its first quarter 2004 results. "We announced that 2004 will be a year of transition," said Anders Anders is a name in Scandinavian languages, the equivalent of the Greek Andreas ("manly") and the English Andrew. Anders is the German word for different. In Sweden, Anders has been one of the most common names for many centuries. Moberg, Ahold President and 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. , commenting on the results. "In March we sold Bompreco and Hipercard 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 we have completed our departure from Asia, all of which were important milestones on our 'Road to Recovery' program. The results were heavily impacted by the exceptional losses that we previously communicated relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these divestments. Apart from these exceptional losses that have no impact on equity or cash, the main operating companies operating company A business that engages in transactions with outsiders. performed in line with our expectations." Summary Net sales In the first quarter of 2004 net sales amounted to EUR 15.4 billion, a decrease of 11.3% compared to the same period in 2003. Net sales growth was approximately 1.3% excluding currency impact and the impact of divestments. Ahold's retail operations 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. have experienced ongoing challenging market conditions. In the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. retail operations net sales excluding currency impact and the impact of divestments remained unchanged compared to the same quarter of 2003. Net sales at 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. increased in U.S. dollars by 4.6% to USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.5 billion, mainly driven by food price inflation. Operating loss: mainly due to losses related to divestments The operating loss amounted to EUR 145 million (Q1 2003: operating income EUR 402 million) and was primarily caused by exceptional losses of EUR 450 million (Q1 2003: EUR 0 million) related to the divestments of Bompreco, Hipercard and operations 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. . These exceptional losses were mainly caused by accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. foreign currency translation adjustments ("CTA An abbreviation for cum testamento annexo, Latin for "with the will annexed." losses") and goodwill reversals. (See "Definitions" below for an explanation of CTA losses and goodwill reversals.) These losses, which were expected, have no impact on equity or cash. Operating income from the U.S. retail operations was heavily impacted by a weaker U.S. dollar. Furthermore, non-recurring costs for the integration of Stop & Shop and Giant-Landover For other uses, see Giant Food. 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. and the U.S. corporate office (USD 25 million) impacted operating income negatively. Ahold expects this integration to generate significant benefits in 2005 and beyond. The operating loss at U.S. Foodservice was lower than last year's quarter. Operating income from the European retail operations was impacted by a weaker performance 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 higher costs related to pensions 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. . Both Albert Heijn Albert Heijn B.V. is a supermarket chain founded in 1887 in Oostzaan, the Netherlands. It is named after Albert Heijn senior, the founder of the first store which was a small grocery store in Oostzaan. and Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. performed resiliently in the first quarter of this year. Net loss: favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of lower interest expenses The net loss of EUR 405 million (Q1 2003: net income EUR 84 million) was primarily caused by the exceptional losses on divestments as described above. Net interest declined by 29.2% to EUR 223 million with the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of debt during 2003, the increase of the cash balance to EUR 3.8 billion and much lower bank fees. Further reduction of net debt Net debt was further reduced from EUR 7.5 billion at the end of 2003 to EUR 7.1 billion at the end of the first quarter of 2004, the result of our ongoing efforts to strengthen our balance sheet. Strong cash flow generation Net cash generated before financing activities was EUR 485 million in the first quarter of 2004 (Q1 2003: net cash outflows EUR 24 million). This improvement was mainly due to cash inflows from divestments and lower capital expenditure. Full-year 2004: a year of transition With regard to the outlook for 2004, Ahold refers to its full-year 2003 financial statements, published on April 19, 2004. As previously announced, exceptional items related to certain divestments, of which a substantial portion was booked in the first quarter, will have a significant impact on net income for 2004. However, this will have no impact on equity or cash. More detailed consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge are included in Annex an·nex tr.v. an·nexed, an·nex·ing, an·nex·es 1. To append or attach, especially to a larger or more significant thing. 2. A. Ahold Q1 2004 Results Ahold prepares its financial statements in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in the Netherlands ("Dutch GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "). Dutch GAAP differs in certain material respects from accounting principles generally accepted in the United States ("US GAAP"). All financial information in this press release is based on Dutch GAAP unless otherwise noted. The quarterly figures reported in this press release are unaudited. In certain instances, results presented in this press release either exclude the impact of fluctuations in currency exchange rates used in the translation of Ahold's foreign subsidiaries' financial results into Euro or are presented in local currencies, which Ahold's management believes provides a better insight into the operating performance of foreign subsidiaries. For more information regarding the non-GAAP financial measure 'excluding currency impact', see "Definitions" below. In addition, in certain instances, operating income for Ahold's business segments is presented excluding the impact of the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. and amortization of goodwill and exceptional items. Operating income before impairment and amortization of goodwill and exceptional items is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the Dutch GAAP measure of operating income, as well as management's explanation for the use of this measure, are set forth in Annex B. In this press release net cash flow before financing activities refers to the sum of net cash from operating activities and net cash from investing activities. The results for Q1 2003 presented in this press release have been adjusted to make them comparable to the results for Q1 2004. These adjustments to the Q1 2003 results relate to accounting for vendor allowances, and reflect the following: -- In the fourth quarter of 2003 Ahold adopted EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation 02-16 "Accounting by a Customer (including a Reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. ) for certain Consideration Received from a Vendor"("EITF 02-16"). As the adoption of EITF 02-16 in the fourth quarter includes the effect of EITF 02-16 from December December: see month. 30, 2002, Ahold adjusted the results for Q1 2003 for the portion of the effect that related to Q1 2003, which resulted in an increase in net income for Q1 2003 by EUR 27 million (as previously announced); and -- In response to the irregularities announced in February February: see month. 2003 relating to vendor allowances we conservatively deferred the recognition of certain vendor allowances in Q1 2003 until Q2 2003. After analyzing the accounting of our vendor allowance arrangements Ahold determined that EUR 65 million of income from vendor allowances, net of tax effect, could have been recognized in Q1 2003 instead of Q2 2003 in accordance with the current accounting policies. The financial reporting calendar has been amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. versus previously announced: the results for Q4 2004 and year 2004 will be published on March 29, 2005.
Ahold Q1 2004 Results
----------------------------------------------------------------------
1st Quarter
x 1 million Euro Q1 2004 Change Q1 2003
in %
----------------------------------------------------------------------
Net Sales 15,370 -11.3% 17,331
Operating income
before impairment and
amortization of 351 -22.9% 455
goodwill and exceptional
items
As % of net sales 2.3% -0.3%-pt 2.6%
Operating income (loss) -145 402
Net income (loss) -405 84
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Net sales In the first quarter of 2004 net sales amounted to EUR 15.4 billion, a decrease of 11.3% compared to the same period in 2003. Net sales growth excluding currency impact and impact of divestments was approximately 1.3% in the first quarter. Net sales were significantly impacted by lower currency exchange rates against the Euro, in particular that of the U.S. dollar. In challenging conditions, the U.S. retail operations experienced net sales growth, excluding currency impact and the impact of the divestment divestment to strip one's investment from an entity. of Golden Gallon gallon: see English units of measurement. , of 0.3%. In the European retail operations, net sales excluding currency impact and the impact from divestments, remained unchanged compared to the same quarter last year. U.S. Foodservice showed an increase in net sales in U.S. dollar of 4.6%, mainly driven by food price inflation. Operating income Operating income before impairment and amortization of goodwill and exceptional items The operating income before impairment and amortization of goodwill and exceptional items, decreased by 22.9% to EUR 351 million, heavily impacted by the weak U.S. dollar against the Euro. In addition there were non-recurring costs in the first quarter of USD 25 million relating to the integration process of Stop & Shop, Giant-Landover and the U.S. corporate office. This integration is expected to yield significant benefits in 2005 and beyond. Operating income from the European retail operations was impacted by a weaker performance in Spain and higher costs related to pensions in the Netherlands. Both Albert Heijn and Central Europe performed resiliently in the first quarter of this year. U.S. Foodservice showed an improved operating income before impairment and amortization of goodwill and exceptional items. This improvement was largely due to currency impact and an increased leverage of fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). over a higher amount of sales in U.S. dollars. Operating income The operating loss of EUR 145 million (Q1 2003: operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. EUR 402 million) was mainly due to exceptional losses of EUR 450 million relating to the divestments of Bompreco and the operations in Thailand. These exceptional losses, which were expected and also discussed in prior press releases, have no impact on equity or cash. Goodwill amortization Goodwill amortization in Q1 2004 amounted to EUR 46 million, a decrease of 13.2% compared to Q1 2003. This decrease was primarily due to a lower U.S. dollar exchange rate. Goodwill impairment No goodwill impairment charges were required in the first quarter of 2004. Loss on disposal of tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → In the first quarter the loss on disposal of tangible fixed assets amounted to EUR 6 million compared to a gain of EUR 8 million in the same period last year. Exceptional loss An exceptional losses of EUR 450 million was recorded in Q1 2004 compared to no exceptional losses in Q1 2003. The Q1 2004 exceptional losses was related to the divestments of Bompreco, Hipercard and operations in Thailand. Of these exceptional items, EUR 322 million related to CTA losses and EUR 213 million to the partial reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of goodwill, both of which had previously been charged to shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. . These negative impacts were partly offset by a EUR 85 million gain representing the difference between the selling price and the book value of certain assets. See "Definitions" below. Net loss Ahold reported a net loss of EUR 405 million in Q1 2004 compared to a net income of EUR 84 million in Q1 2003, mainly due to the above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. exceptional losses. The weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of the U.S. dollar
against the Euro also had a negative impact.
Net Financial Expense
----------------------------------------------------------------------
1st Quarter
x 1 million Euro Q1 2004 Change Q1 2003
in %
----------------------------------------------------------------------
Net interest -233 29.2% -315
Gain (loss) on
foreign exchange 5 -78.3% 23
Other financial
income and expense 0 0
------- -------
Net financial expense -218 25.3% -292
----------------------------------------------------------------------
Net financial expense showed a significant decrease Net financial expense was EUR 218 million in Q1 2004 compared to EUR 292 million in Q1 2003. Net interest amounted to EUR 223 million, a decrease of 29.2% compared to Q1 2003. The decrease was primarily caused by lower banking fees, higher interest income and lower interest expenses, related to the substantially decreased net debt and the lower U.S. dollar exchange rate. The gain on foreign exchange in Q1 2004 amounted to EUR 5 million, compared to EUR 23 million in Q1 2003, both mainly related to the positive impact of the revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of the Argentine Peso The peso (originally established as the nuevo peso argentino or peso convertible) is the currency of Argentina. Its ISO 4217 code is ARS, and the symbol used locally for it is $ (to avoid confusion, Argentines frequently use US$, on U.S. dollar-denominated debt 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. .
Tax Information
----------------------------------------------------------------------
1st Quarter
x 1 million Euro Q1 2004 Change Q1 2003
in %
----------------------------------------------------------------------
Income (loss) before
impairment & amortization
on goodwill and
exceptional items and
currency impact before 132 -19.0% 163
income taxes
Income taxes(1) -64 -18.5% -54
Effective tax rate (1) 48.5% 15.4%-pt 33.1%
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(1) adjusted for goodwill impairment, goodwill amortization and
exceptional items
Income taxes The effective income tax rate, excluding the impact of non-tax-deductible impairment and amortization of goodwill and exceptional items, increased to 48.5% in Q1 2004 compared to 33.1% in Q1 2003, mainly as a result of the impact of a different geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. mix of income and consequences of the divestments.
Share in Income (Loss) of Joint Ventures and Equity Investees
----------------------------------------------------------------------
1st Quarter
x 1 million Euro Q1 2004 Q1 2003
----------------------------------------------------------------------
European joint
ventures 19 20
Paiz Ahold, South America 2 2
Others 0 0
------- -------
Total share in income
(loss) of joint ventures
and equity investees 21 22
Share in income (loss) of joint ventures and equity investees Share in income of joint ventures and equity investees in the first quarter of 2004 was in line with the same quarter last year. Further improved Balance Sheet Ahold closed Q1 2004 with an improved balance sheet. Since 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. 2003 Ahold reduced net debt by EUR 422 million to EUR 7.1 billion mainly due to cash inflows from divestments and lower capital expenditure.
Balance Sheet
----------------------------------------------------------------------
1st Quarter
x 1 million Euro April 18, 2004 Change December 28, 2003
(except share data)
----------------------------------------------------------------------
Balance sheet total 23,269 -130 23,399
Shareholders' equity 5,107 256 4,851
Net debt 7,126 -422 7,548
Common shares
outstanding (mln) 1,553 0 1,553
----------------------------------------------------------------------
Balance sheet total is reduced, reflecting reduced capital expenditure and divestments The USD to EUR exchange rate went up to EUR 0.83 per U.S. dollar at the end of Q1 2004 compared to EUR 0.80 at year-end 2003. Despite the currency impact of the stronger U.S. dollar against the Euro, the company continued to strengthen the balance sheet by decreasing net debt. The balance sheet total decreased by EUR 130 million. The cash balance increased to EUR 3.8 billion. The balance sheet total as per year-end 2003 of the companies divested in March 2004 amounted to EUR 714 million. Equity increased by almost EUR 0.3 billion Details related to changes in equity are outlined in Annex C.
Net Debt
----------------------------------------------------------------------
x 1 million Euro April 18, 2004 December 28, 2003
----------------------------------------------------------------------
Subordinated loans 91 91
Bonds, mortgages & other
debt 6,561 6,511
---------- ----------
Loans 6,652 6,602
Financial lease commitments 2,258 2,166
---------- ----------
Total long-term debt 8,910 8,768
Current portion of long-term
debt and short-term loans 1,731 1,728
---------- ----------
Gross debt 10,641 10,496
Cash and cash investments(1) -3,515 -2,948
---------- ----------
Net debt 7,126 7,548
----------------------------------------------------------------------
(1) excludes cash on hand. Cash and cash investments + cash and cash
equivalents presented in the balance sheet
Net debt reduced by EUR 0.4 billion In the first quarter of 2004 Ahold was in compliance with the financial ratios contained in its December 2003 Credit Facility. The main covenants consist of Net Debt / EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become and EBITDA / Net Interest Expense Ratios. Net debt decreased due to cash inflows mainly related to divestments and lower capital expenditure.
Cash flow
----------------------------------------------------------------------
1st Quarter
x 1 million Euro Q1 2004 Change Q1 2003
----------------------------------------------------------------------
Net cash from operating
activities 219 -8 227
Net cash from investing
activities 266 517 -251
---------- ----------
Net cash before
financing activities 485 509 -24
Net cash from financing
activities -13 -610 597
Net change in cash and
cash equivalents 472 -101 573
----------------------------------------------------------------------
Cash flow Net cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. before financing activities improved mainly as a result of the divestment of Bompreco and Hipercard and the operations in Thailand. Operational Information
US Retail
----------------------------------------------------------------------
1st Quarter
x 1 million Q1 2004 Change Q1 2003
in %
----------------------------------------------------------------------
Net sales
Net Sales in USD 8,184 -1.2% 8,285
Net Sales in EUR 6,589 -14.6% 7,718
Operating income (loss)
before impairment and
amortization of goodwill
and exceptional items
Total in USD 401 -12.6% 459
Total in EUR 323 -24.4% 427
As % of net sales 4.9% -0.6%-pt 5.5%
Operating income (loss)
Total in USD 397 -12.7% 455
Total in EUR 320 -24.3% 423
Lower operating income impacted by integration costs Net sales in the U.S. retail trade operations in Q1 2004 decreased 1.2% in U.S. dollars compared to Q1 2003. Net sales in the first quarter were negatively impacted by the Easter Easter [A.S. Eastre, name of a spring goddess], chief Christian feast, commemorating the resurrection of Jesus after his crucifixion. In the West, Easter is celebrated on the Sunday following the full moon next after the vernal equinox (see calendar); thus, it calendar effect by approximately 0.8%; i.e. the first quarter of 2004 included the week after Easter, which in food retail is a slow week, compared to 2003 where the first quarter ended with the week before Easter, which is usually a strong week. Excluding the impact of the divestment of Golden Gallon in 2003 net sales in U.S. dollars increased slightly by 0.3%. Identical sales in U.S. dollars declined by 1.6% and comparable sales in U.S. dollars declined by 1.0% in Q1 2004 compared to Q1 2003, partly caused by the earlier-mentioned Easter calendar effect. During the first quarter of 2004 Ahold began integrating the two largest U.S. retail operating companies, Stop & Shop and Giant-Landover, into one arena. The integration will improve long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. competitiveness and cost-effectiveness cost-effectiveness pertaining to cost-effective. cost-effectiveness analysis a comparison of the relative cost-efficiencies of two or more ways of performing a task or achieving an objective. of these companies. In addition, Ahold started integrating the U.S. retail corporate functions into this new arena. These steps will generate significant benefits in 2005 and beyond. Operating income before impairment and amortization of goodwill and exceptional items in the U.S. retail trade business in U.S. dollars decreased by 12.6% compared to Q1 2003 impacted heavily by the non-recurring integration costs (USD 25 million). Both Stop & Shop and Giant-Carlisle showed a solid performance in the first quarter of 2004.
Europe Retail
----------------------------------------------------------------------
1st Quarter
x 1 million Q1 2004 Change Q1 2003
in %
----------------------------------------------------------------------
Net Sales
Total 3,677 -1.1% 3,718
Operating income (loss)
before impairment and
amortization of goodwill
and exceptional items
Total 65 -16.7% 78
As % of net sales 1.8% -0.3%-pt 2.1%
Operating income (loss)
Total 58 -19.4% 72
Resilient See resiliency. performance in the Netherlands and Central Europe The net sales decline of 1.1% in the first quarter of 2004 in the European retail operations is partly related to the divestments of De Tuinen and Jamin in 2003. Excluding currency impact in Central Europe and impact from divestments, net sales were unchanged compared to the same quarter of 2003. In the European retail operations, net sales were also negatively impacted by the Easter calendar effect. Sales volume at Albert Heijn increased as a result of the price repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. campaign. The impact of food price deflation deflation: see inflation. deflation Contraction in the volume of available money or credit that results in a general decline in prices. A less extreme condition is known as disinflation. was largely offset by a higher sales volume. The identical sales at Albert Heijn declined by 0.2% compared to the same quarter of 2003. (Note that net sales at Albert Heijn were EUR 6 million lower versus previously announced in the Q1 2004 trading statement resulting from a final adjustment.) Operating income before impairment and amortization of goodwill and exceptional items in the European retail operations decreased by 16.7%, primarily due to higher pension costs (EUR 15 million) and a weaker performance in Spain. At Albert Heijn the price repositioning in combination with ongoing cost reductions led to a slightly higher operating income. The operations in Central Europe reported a lower operating loss due to increased net sales, improved margins and cost reductions resulting from the integration of the Central European retail operations.
Foodservice
----------------------------------------------------------------------
1st Quarter
x 1 million Q1 2004 Change Q1 2003
in %
----------------------------------------------------------------------
Net sales
U.S. Foodservice in USD 5,542 4.6% 5,296
U.S. Foodservice in EUR 4,461 -9.6% 4,934
Europe Foodservice 240 -6.6% 257
-------- --------
Total 4,701 -9.4% 5,191
Operating income (loss)
before impairment and
amortization of goodwill
and exceptional items
U.S. Foodservice in USD -28 15.2% -33
U.S. Foodservice in EUR -22 29.0% -31
Europe Foodservice 0 4
-------- --------
Total -22 18.5% -27
As % of net sales -0.5% 0.0%-pt -0.5%
Operating income (loss)
U.S. Foodservice in USD -72 7.7% -78
U.S. Foodservice in EUR -58 20.5% -73
Europe Foodservice 0 4
-------- --------
Total -58 15.9% -69
U.S. Foodservice U.S. Foodservice showed an increase in net sales excluding currency impact of 4.6%, primarily driven by food price inflation. The operating loss at U.S. Foodservice in the first quarter of 2004 was EUR 58 million, compared to a loss of EUR 73 million in the first quarter of 2003. This improvement was largely due to currency impact and an increased leverage of fixed costs over a higher amount of sales in U.S. dollars. During the first quarter of 2004, U.S. Foodservice continued the process of improving the effectiveness of its procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. contracts and organization, as well as evaluating the profitability of its largest customer accounts.
Other Business Areas
----------------------------------------------------------------------
1st Quarter
x 1 million Euro Q1 2004 Change Q1 2003
in %
----------------------------------------------------------------------
Net sales
South America 336 -42.2% 581
Asia 51 -53.2% 109
Other Activities 16 14.3% 14
-------- --------
Total 403 -42.8% 704
Operating income (loss)
before impairment and
amortization of goodwill
and exceptional items
South America -1 2
Asia 0 -7
Other Activities -14 22.2% -18
-------- --------
Total -15 34.8% -23
As % of net sales -3.7% -0.4%-pt -3.3%
Operating income (loss)
South America -433 1
Asia -18 -7
Other Activities -14 22.2% -18
-------- --------
Total -465 -24
South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. Net sales in the South American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of retail trade operations in Q1 2004 were EUR 336 million, compared to EUR 581 million in the same period last year. The decrease was primarily a result of the divestments of Santa Isabel Santa Isabel: see Malabo, Equatorial Guinea. Santa Isabel or Ysabel Island, central Solomon Islands, western South Pacific Ocean. in 2003 and Bompreco in March 2004. CTA loss and reversal of goodwill resulting from the divestment of Bompreco heavily impacted operating income. Operating income before impairment and amortization of goodwill and exceptional items decreased from EUR 2 million in Q1 2003 to an operating loss of EUR 1 million in Q1 2004. Asia Net sales in the Asian retail trade operations in Q1 2004 amounted to EUR 51 million, a decrease of 53.2% compared to Q1 2003. This decrease was primarily due to the divestments of the operations in 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. and Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. completed in September September: see month. 2003 and the divestment of the Thai operations in March 2004. The operating loss increased from EUR 7 million to EUR 18 million due to exceptional losses in the form of CTA loss and reversal of goodwill related to the divestment of the Thai operations. Other activities Other activities mainly include operations of three real estate companies that acquire, develop and manage store locations in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and
the U.S. and corporate overhead costs overhead costssee fixed costs. of the Ahold parent company. Annexes
ANNEX A Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
ANNEX B Reconciliation of operating income (loss) to operating
income (loss) before impairment and amortization of
goodwill and exceptional items
ANNEX C Shareholders' Equity
ANNEX D Quarterly net sales and trends per region
Definitions -- Identical sales compare sales from exactly the same stores. -- Comparable sales are identical sales plus sales from replacement stores. -- Net Debt / EBITDA: Net debt includes long- long- Adverb (in combination) for or lasting a long time: long-established, long-lasting and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. interest bearing debt as well as 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. lease commitments, netted with cash and cash investments (excluding cash on hand), divided by EBITDA excluding exceptional items. -- EBITDA / Net Interest: EBITDA excludes exceptional items. For this ratio net interest excludes financing arrangement fees. -- Currency impact: the impact using different exchange rates to translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. the financial figures of Ahold's subsidiaries to Euros. For comparison reasons the financial figures of the previous year are adjusted using the actual exchange rates in order to eliminate this currency impact. -- Impact of divestments: the impact on our financial figures of divested operations. The financial figures from divested operations are excluded from prior year's financial figures. -- Explanation on CTA losses (currency translation adjustments) and reversal of goodwill as a result of divestments: upon the divestment of some of our foreign operations, Ahold is required to recognize accumulated foreign currency translation adjustments and reverse goodwill, both of which were previously charged to shareholders' equity. This loss on divestments has no impact on the overall level of shareholders' equity. Exchange rate differences related to the translation of the financial results of foreign subsidiaries are recorded directly in shareholders' equity. When these exchange rate differences are realized, which occurs upon the sale of the underlying foreign subsidiary, the cumulative foreign currency translation adjustments are recognized in the statement of operations See Income statement. as part of the gain or loss on the sale. Also goodwill previously deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. directly from shareholders' equity upon acquisition has to be reclassified pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. to the statement of operations if sold within six years of the initial acquisition. Certain statements in this press release 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 U.S. federal securities laws. Ahold intends that these statements be covered by the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created under these laws. These forward-looking statements include, but are not limited to, statements regarding Ahold's performance objectives and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plans for 2004 and beyond, including plans to strengthen internal controls and solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance, expectations as to the level of future net sales growth in the 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. and retail sectors and the impact thereof on Ahold's results of operations, including improvements in net cash from operations, statements regarding Ahold's intention to integrate certain retail chains and the expected impact of such integration, expectations regarding our growth and capital expenditures, statements as to the timing, scope and expected impact of certain divestments, expectations of potential reversal of goodwill charges and potential exceptional items resulting from divestments, expectations as to reductions in Ahold's net financing expense and net debt, expectations as to the tax rate and Ahold's tax position during 2004 and expectations as to the other factors that will impact operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in 2004. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by the forward-looking statements. Important factors that could cause actual results to differ materially from the information set forth in these forward-looking statements include, but are not limited to, changes in general market, economic and political conditions, Ahold's ability to implement its strategy successfully, the diversion A turning aside or altering of the natural course or route of a thing. The term is chiefly applied to the unauthorized change or alteration of a water course to the prejudice of a lower riparian, or to the unauthorized use of funds. of management's attention, the integration of new members of management, and Ahold's ability to attract and retain key executives and associates, increases in the levels of competition in the markets in which Ahold and its subsidiaries and joint ventures operate, difficulties in the cooperation efforts among our subsidiaries and the implementation of new operational improvements, Ahold's liquidity needs being other than currently anticipated, the actions of government and law enforcement agencies A law enforcement agency (LEA) is a term used to describe any agency which enforces the law. This may be a local or state police, federal agencies such as the Federal Bureau of Investigation (FBI) or the Drug Enforcement Administration (DEA). , costs related to ongoing legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. and investigations, including possible fines or judgments, difficulties in complying with new accounting pronouncements and regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. and other factors discussed in Ahold's public filings. Many of these factors are beyond Ahold's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements, which only speak as of the date of this press release. Ahold does not undertake any obligation to release publicly any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. 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 this press release or to reflect the occurrence of unanticipated events or circumstances, except as may be required under applicable securities laws. Outside The Netherlands, Koninklijke Koninklijke is an honorary title granted by the king or queen to certain companies and associations of Belgium and the Netherlands. The literal translation is "royal". Companies and associations requesting "royal" status must meet certain requirements before being approved, such as Ahold N.V., being its registered name, presents itself under the name of "Royal Ahold" or simply "Ahold." Annex A
Consolidated Statements of Operations
----------------------------------------------------------------------
1st Quarter
x 1 million Euro Q1 2004 Change Q1 2003
(unless otherwise indicated) in %
----------------------------------------------------------------------
Net sales
U.S. Retail 6,589 -14.6% 7,718
Europe Retail 3,677 -1.1% 3,718
Foodservice 4,701 -9.4% 5,191
Other business areas 403 -42.8% 704
-----------------------------------
Total 15,370 -11.3% 17,331
Operating income before
impairment and amortization
of goodwill and exceptional
items
U.S. Retail 323 -24.4% 427
Europe Retail 65 -16.7% 78
Foodservice -22 18.5% -27
Other business areas -15 34.8% -23
-------------------------------------
Total 351 -22.9% 455
Goodwill amortization -46 13.2% -53
Goodwill impairment 0 0
Exceptional loss:
Results of divestments -450 0
------------------------------------
Operating income(loss) -145 402
Financial expense
Net interest -223 29.2% -315
Gain(loss) on foreign exchange 5 -78.3% 23
Other financial income and
expense 0 0
-------------------------------------
Net financial expense -218 25.3% -292
Income(loss) before income taxes -363 110
Income taxes -58 -31.8% -44
-------------------------------------
Income(loss) after income taxes -421 66
Share in income(loss) of joint
venture and equity investees 21 -4.5% 22
Minority interest -5 -25.0% -4
-------------------------------------
Net income(loss) -405 84
Dividends on cumulative preferred
financing shares -13 -8.3% -12
-------------------------------------
Net income(loss) after preferred
dividends -418 72
Net income(loss) after preferred
dividends per common share -
basic (Euro) -0.27 0.07
Weighted average number of
common shares outstanding
(x 1,000) - basic(1) 1,552,603 54.3% 1,006,318
Net income(loss) after preferred
dividends per common share -
diluted(Euro) -0.27 0.07
Weighted average number of common
shares outstanding (x 1,000) -
diluted(1) 1,552,603 54.3% 1,006,339
Average USD Exchange Rate
1 USD = Euro 0.8051 -13.6% 0.9315
Note: (1)retroactively adjusted for
the dilution from the rights issue account.
Consolidated Balance Sheets
----------------------------------------------------------------------
x 1 million Euro April 18, 2004 December 28, 2003
----------------------------------------------------------------------
ASSETS:
Non-current assets:
Intangible assets
Goodwill 2,469 2,431
Other intangible assets 645 671
---------------------------------
Total intangible assets 3,114 3,102
Tangible fixed assets 9,102 9,283
Financial Assets
Investment in joint ventures
and equity investees 819 850
Deferred tax assets 478 507
Other financial assets 606 655
---------------------------------
Total financial assets 1,903 2,012
Total non-current assets 14,119 14,397
Current assets:
Inventories 2,991 3,100
Accounts receivable 2,145 2,369
Other current assets 187 193
Cash and cash equivalents 3,827 3,340
---------------------------------
Total current assets 9,150 9,002
TOTAL ASSETS 23,269 23,399
---------------------------------------------------------------------
Consolidated Balance Sheets
----------------------------------------------------------------------
x 1 million Euro April 18, 2004 December 28, 2003
----------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS EQUITY
Shareholders' equity 5,107 4,851
Minority interest 68 71
Provisions
Pensions and other retirement benefits 681 665
Deferred tax liability 463 471
Restructuring provisions 78 82
Other provisions 742 728
----------------------------------
Total provisions 1,964 1,946
Non-current liabilities
Loans 6,652 6,602
Financial lease commitments 2,258 2,166
Other non-current liabilities 178 196
----------------------------------
Total non-current liabilities 9,088 8,964
Current liabilities
Loans payable 1,731 1,728
Accounts payable 3,375 3,914
Other current liabilities 1,936 1,925
----------------------------------
Total current liabilities 7,042 7,567
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
23,269 23,399
----------------------------------
USD Exchange rate 1 USD=Euro 0.8333 0.8045
Consolidated Statements of Cashflows
---------------------------------------------------------------------
1st Quarter
x 1 million Euro Q1 2004 Q2 2003
---------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES:
Income (loss) before income taxes -364 110
Adjustments for:
Depreciation, amortization and
impairments 401 454
(Gain) Loss on disposal of tangible
fixed assets 6 -8
Exceptional items:
Results of divestments 450 0
---------- ----------
OPERATING CASH FLOW BEFORE
CHANGES IN WORKING CAPITAL 493 556
Changes in working capital:
Accounts receivables 112 -77
Other current assets -34 -76
Inventory 117 409
Accounts payable -435 -612
Current liabilities -23 78
---------- -----------
TOTAL CHANGES IN WORKING CAPITAL -263 -278
Change in other long term assets 6 -2
Change in other provisions 17 0
Corporate income taxes paid -24 -21
Change in other long term liabilities -10 -28
---------- ------------
NET CASH FROM OPERATING ACTIVITIES 219 227
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in intangible assets -15 -42
Investments in tangible assets -224 -346
Divestments of tangible fixed
and intangible assets 98 112
Acquisitions of group companies -10 -8
Divestments of group companies 380 0
Investments in joint ventures
and equity investees -1 -4
Income from joint ventures and
equity investees 16 39
Proceeds from sale of joint
ventures & equity investees 1 1
Change in loans receivable 21 -3
----------- -----------
NET CASH FROM INVESTING ACTIVITIES 266 -251
NET CASH BEFORE FINANCING ACTIVITIES 485 -24
CASH FLOW FROM FINANCING ACTIVITIES:
Change in long-term debt -79 -262
Repayments of capital lease
commitments -11 -15
Change in short-term debt 85 879
Net proceeds from issuance of shares 1 0
Dividend paid 0 0
Change in minority interest -9 -5
------------ ------------
NET CASH FROM FINANCING ACTIVITIES -13 597
NET CHANGE IN CASH AND CASH EQUIVALENTS 472 573
------------ ------------
Cash and cash equivalents at
beginning of period 3,340 1,002
Cash acquired in business
acquisitions 0 1
Cash divested through sale of companies -13 0
Effect of exchange rate differences on
cash and cash equivalents 28 9
CASH AND CASH EQUIVALENTS AT END OF
PERIOD 3,827 1,585
------------- -------------
Annex B Operating income before impairment and amortization of goodwill and exceptional losses is a non-GAAP financial measure. Ahold believes that it is a relevant and useful measure as it provides a more meaningful comparison of Ahold's underlying operating performance between periods. It is also a measure used by Ahold management to assess the effectiveness of its operating strategies and to evaluate its operating performance trends in different periods. Operating income before impairment and amortization of goodwill and exceptional losses, as defined herein, may not be comparable to similarly titled measures reported by other companies. It should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with Dutch GAAP. Reconciliation of operating income (loss) to operating income (loss) before impairment and amortization of goodwill and exceptional losses
1st Quarter 2004
----------------------------------------------------------------------
Operating
Business income
Segments Operating (loss)
income Goodwill Goodwill Exceptional before
x 1 million Euro (loss) Impairment amortization items impairment
and
amortization
of goodwill
and
exceptional
losses
----------------------------------------------------------------------
U.S. Retail USD 397 0 -4 0 401
U.S. Retail EUR 320 0 -3 0 323
Europe Retail EUR 58 0 -7 0 65
U.S. Foodservice
USD -72 0 -44 0 -28
U.S. Foodservice
EUR -58 0 -36 0 -22
Foodservice
Europe EUR 0 0 0 0 0
----------------------------------------------------
Total Foodservice
EUR -58 0 -36 0 -22
South America
EUR -433 0 0 -432 -1
Asia EUR -18 0 0 -18 0
Other activities
EUR -14 0 0 0 -14
----------------------------------------------------
Total other
business areas
EUR -465 0 0 -450 -15
Total EUR -145 0 -46 -450 351
1st Quarter 2003
----------------------------------------------------------------------
Operating
Business income
Segments Operating (loss)
income Goodwill Goodwill Exceptional before
x 1 million Euro (loss) Impairment amortization items impairment
and
amortization
of goodwill
and
exceptional
losses
----------------------------------------------------------------------
U.S. Retail USD 455 0 -4 0 459
U.S. Retail EUR 423 0 -4 0 427
Europe Retail EUR 72 0 -6 0 78
U.S. Foodservice
USD -78 0 -45 0 -33
U.S. Foodservice
EUR -73 0 -42 0 -31
Foodservice
Europe EUR 4 0 0 0 4
---------------------------------------------------
Total Foodservice
EUR -69 0 -42 0 -27
South America
EUR 1 0 -1 0 2
Asia EUR -7 0 0 0 -7
Other activities
EUR -18 0 0 0 -18
----------------------------------------------------
Total other
business areas
EUR -24 0 -1 0 -23
Total EUR 402 0 -53 0 455
Annex C
Shareholders' equity
----------------------------------------------------------------------
x 1 million Euro April 18, 2004 December 28, 2003
----------------------------------------------------------------------
Shareholders' equity
opening balance 4,851 2,609
Issuance of
preferred shares 0 75
Issuance of
common shares 0 2,866
Net income (loss) -405 -1
Preferred dividend -13 -38
EITF 02-16 opening
balance sheet adjustment 0 -100
Exercise of stock options 0 1
Goodwill 213 49
Minimum pension liability 0 -40
Transfer cumulative
translation difference of
the divestments to the
statement of operations
("CTA losses") 322 96
Exchange rate differences
and other changes 139 -666
------- -------
Shareholders' equity
closing balance 5,107 4,851
Annex D
Quarterly sales and trends per
----------------------------------------------------------------------
Q1 2004 Q4 2003 Q3 2003 Q2 2003 Q1 2003
(16 (12 (12 (12 (16
x 1 million weeks) weeks) weeks) weeks) weeks)
----------------------------------------------------------------------
Royal Ahold Euro
----------------------------------------------------------------------
Net sales 15,370 12,739 13,045 12,953 17,331
Net sales
growth (%) -11.3% -10.9% -7.1% -12.4% -11.4%
Number of
stores 5,011 5,066 5,257 5,292 5,453
----------------------------------------------------------------------
US Retail USD
----------------------------------------------------------------------
Net sales 8,184 6,265 6,172 6,229 8,285
Net sales
growth (%) -1.2% 1.0% 3.3% 1.1% 4.8%
Number of
stores 1,491 1,489 1,631 1,633 1,633
----------------------------------------------------------------------
U.S. Foodservice USD
----------------------------------------------------------------------
Net sales 5,542 4,152 4,259 4,130 5,296
Net sales
growth (%) 4.6% 6.0% 5.9% 0.4% -1.6%
----------------------------------------------------------------------
Europe Retail Euro
----------------------------------------------------------------------
Net sales 3,677 3,177 2,988 3,044 3,718
Net sales
growth (%) -1.1% -0.5% 0.3% 0.7% 2.6%
Number of
stores 3,133 3,144 3,156 3,146 3,209
----------------------------------------------------------------------
Europe
Foodservice Euro
----------------------------------------------------------------------
Net sales 240 197 189 196 257
Net sales
growth (%) -6.6% -5.3% -2.8% -5.3% 2.0%
----------------------------------------------------------------------
South America Euro
----------------------------------------------------------------------
Net sales 336 518 510 609 581
Net sales
growth (%) -42.2% -19.8% -13.0% 20.6% 42.8%
Number of
stores 387 386 423 433 505
----------------------------------------------------------------------
Asia Euro
----------------------------------------------------------------------
Net sales 51 85 78 92 109
Net sales
growth (%) -53.2% -28.8% -28.4% -16.4% -9.2%
Number of
stores 0 47 47 80 106
----------------------------------------------------------------------
Other Euro
----------------------------------------------------------------------
Net sales 16 12 18 13 14
Net sales
growth (%) 14.3% -7.7% 63.7% 18.2% 7.7%
----------------------------------------------------------------------
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