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Interim Report First Quarter 2010 June 3, 2010 Interim Report Highlights • Sales up 1.0% to € 8.7 billion (up 3.4% at constant exchange rates) • Operating income up 3.3% to € 409 million • Net income up 45.7% to € 274 million • Underlying retail operating margin 4.9% Amsterdam, the Netherlands – Ahold today published its interim report for the first quarter 2010. CEO John Rishton said: “Our repositioning actions in recent years and our customer focus have enabled us to increase volumes and improve market share in the Netherlands and the United States and deliver another quarter of solid performance. The market continues to be challenging with customers focused on value and high levels of promotional activity. Despite these conditions, we remain confident in our ability to balance sales and margins and to continue providing value to our customers." Group performance Q1 Q1 % € million 2010 2009* Change Net sales 8,737 8,654 1.0% ** Operating income 409 396 3.3% Income from continuing operations 252 257 (1.9)% Net income 274 188 45.7% * Comparative figures reflect the retrospective amendments as disclosed in Note 2 to the interim financial statements. ** At constant exchange rates, net sales increased by 3.4%. First quarter 2010 (compared to first quarter 2009) Net sales were € 8.7 billion, up 1.0%, positively impacted by the business acquisitions in the quarter. At constant exchange rates, net sales increased by 3.4%. Operating income was € 409 million, up 3.3%. Retail operating income was € 429 million and retail operating margin was 4.9% compared to 4.8% in Q1 2009. Underlying retail operating margin was 4.9%, unchanged from last year. Corporate Center costs were € 20 million for the quarter, up € 2 million. Excluding the impact of the Company’s insurance activities, Corporate Center costs were € 24 million, € 1 million higher. 2010 015 Page 1/21 www.ahold.com Ahold Interim Report Interim management report First quarter 2010 Income from continuing operations decreased by 1.9% to € 252 million, reflecting higher income taxes, partially offset by increases in operating income and our share in income of joint ventures. Income taxes included € 15 million of one-time charges, mainly arising from true-ups of deferred tax balances, compared to € 15 million of tax benefits in the first quarter of 2009. Net income was € 274 million, up € 86 million, caused primarily by year over year changes in Ahold's estimate of its net provision for losses under lease guarantees to its former subsidiaries BI-LO and Bruno's. During Q1 2010 income from discontinued operations reflects a decrease in the estimate of these losses of € 25 million in contrast to Q1 2009 when Ahold's initial estimate of losses under these guarantees resulted in a net charge of € 66 million. Free cash flow was € 356 million, € 218 million better than last year, mainly due to higher operating cash flows from continuing operations of € 126 million and higher dividends from joint ventures of € 84 million. Net debt increased by € 173 million during the quarter to € 890 million. The positive free cash flow of € 356 million was more than offset by business acquisitions of € 158 million, the purchase of existing term loans of BI-LO of € 190 million (these were subsequently repaid in the second quarter), additional finance leases of € 61 million resulting from acquisitions, and currency impact. Performance by segment (compared to first quarter 2009) Ahold USA Net sales were $ 7.1 billion, up 4.2%, partly due to business acquisitions, mainly Ukrop’s ($ 99 million). Identical sales were up 1.7% (down 0.1% excluding gasoline). Operating income was $ 295 million (or 4.2% of net sales), down $ 18 million. Price investments and higher operating costs related to acquisitions and reorganization negatively impacted the operating margin. Specifically, operating income included losses in the quarter of $ 12 million relating to the newly acquired Ukrop’s stores (including conversion costs), a $ 12 million charge resulting from the alignment of inventory valuation across the newly formed U.S. divisions and $ 5 million of IT integration costs. Operating income last year included a non-recurring rent charge of $ 15 million. Underlying operating margin was 4.2% compared to 4.6% last year. The Netherlands Net sales increased 3.7% to € 3.1 billion. Identical sales were up 2.8%. Operating income of € 214 million (or 6.9% of net sales) was up € 25 million compared to last year. Operating income included an € 8 million benefit arising from accrual reversals. Underlying operating margin was 6.9% compared to 6.2% last year. Other Europe (Czech Republic and Slovakia) Net sales decreased 0.2% to € 490 million. At constant exchange rates net sales were down 5.6%, partly due to store closures and downsizings as part of the restructuring program implemented in 2009. Identical sales decreased 0.6% (1.7% excluding gasoline). Operating income for the quarter was nil compared to a loss of € 14 million in Q1 2009. Included in the Q1 2010 operating income are further restructuring charges of € 2 million. Included in the Q1 2009 operating income were impairments of € 7 million and restructuring and related charges of € 5 million, mainly for the closure of underperforming stores in the Czech Republic. Underlying operating margin was 0.4% compared to 0.4% negative last year. Other retail (Unconsolidated joint ventures) Ahold’s share in income of unconsolidated joint ventures increased to € 28 million from € 9 million last year, mainly due to substantially improved operating performance at ICA. Page 2/21 www.ahold.com Ahold Interim Report Interim management report First quarter 2010 Other financial and operating information Identical1/comparable2 sales growth (% year over year) Q1 2010 Q1 2010 identical Q Q1 2010 identical excluding gasoline 1 comparable Ahold USA 1.7% (0.1)% 2.3% The Netherlands 2.8% 2.8% Other Europe (0.6)% (1.7)% 1. Net sales from exactly the same stores in local currency. 2. Identical sales plus net sales from replacement stores in local currency. Comparable sales are only reported for Ahold USA. Retail operating margin Operating margin is defined as operating income as a percentage of net sales. For a discussion of operating income, see Note 3 to the interim financial statements included in this report. Q1 Q1 2010 2009 Ahold USA 4.2% 4.6% The Netherlands 6.9% 6.3% Other Europe 0.0% (2.9)% Ahold Europe 6.0% 5.0% Total retail 4.9% 4.8% Underlying retail operating income1 Q1 Q1 % 2010 2009 change $ million Ahold USA 294 313 (6.1)% Average U.S. dollar exchange rate (euro per U.S.dollar) 0.7274 0.7622 (4.6)% € million Ahold USA 214 239 (10.5)% The Netherlands 215 187 15.0% Other Europe 2 (2) n/m Ahold Europe 217 185 17.3% Total retail 431 424 1.7% 1. For the definition of underlying retail operating income see section "Other information" – “Use of non-GAAP financial measures”. Page 3/21 www.ahold.com Ahold Interim Report Interim management report First quarter 2010 Underlying retail operating margin Underlying operating margin is defined as underlying operating income as a percentage of net sales. Q1 Q1 2010 2009 Ahold USA 4.2% 4.6% The Netherlands 6.9% 6.2% Other Europe 0.4% (0.4)% Ahold Europe 6.0% 5.3% Total retail 4.9% 4.9% Store portfolio1 End of Opened/ Closed/ End of Q1 End of Q1 2009 acquired sold 2010 2009 Ahold USA 713 31 - 744 713 The Netherlands2 1,892 10 (3) 1,899 1,865 Other Europe 304 - (1) 303 324 Ahold Europe 2,196 10 (4) 2,202 2,189 Total retail 2,909 41 (4) 2,946 2,902 1. Including franchise stores. 2. Number of stores at the end of Q1 2010 includes 1,061 specialty stores (Etos and Gall & Gall). EBITDA EBITDA is defined as net income before net financial expense, income taxes, depreciation and amortization. However, EBITDA does not exclude impairments. Impairments per segment are disclosed in the “Other information” section of this interim report. Q1 Q1 % (€ million) 2010 2009* change Ahold USA 367 397 (7.6)% The Netherlands 276 247 11.7% Other Europe 15 1 n/m Ahold Europe 291 248 17.3% Corporate Center (20) (18) (11.1)% 638 627 1.8% Share in income of joint ventures 28 9 211.1% Income (loss) from discontinued operations 22 (69) 131.9% Total EBITDA 688 567 21.3% * Comparative figures reflect the retrospective amendments as disclosed in Note 2 to the interim financial statements. Page 4/21 www.ahold.com Ahold Interim Report Interim management report First quarter 2010 Free cash flow1 Q1 Q1 (€ million) 2010 2009* Operating cash flows from continuing operations 553 427 Purchase of non-current assets (229) (236) Divestments of assets/disposal groups held for sale 4 7 Dividends from joint ventures 97 13 Interest received 6 14 Interest paid (75) (87) Free cash flow 356 138 1. For the definition of free cash flow see section "Other information" – “Use of non-GAAP financial measures”. * Comparative figures reflect the retrospective amendments as disclosed in Note 2 to the interim financial statements. Net debt April 25, January 3, (€ million) 2010 2010 Loans 1,818 1,753 Finance lease liabilities 1,099 992 Cumulative preferred financing shares 497 497 Non-current portion of long-term debt 3,414 3,242 Short-term borrowings and current portion of long term debt 618 458 Gross debt 4,032 3,700 Less: cash, cash equivalents and short-term deposits1 3,142 2,983 Net debt 890 717 1. Book overdrafts, representing the excess of total issued checks over available cash balances within the Group cash concentration structure, are classified in accounts payable and do not form part of net debt.
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