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THE BEST for LIFE Delhaize Group, a Leading Food Retailer

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THE BEST for LIFE Delhaize Group, a Leading Food Retailer Annual 2011 repWWW.DELHAIZEGROUP.COM rt TOGETHER THE BEST FOR LIFE Delhaize Group, a leading food retailer Delhaize Group is a Belgian international food retailer with activities in eleven countries on three continents. Delhaize Group is listed on both NYSE Euronext Brussels (ticker symbol: DELB) and the New York Stock Exchange (ticker symbol: DEG). At the end of 2011, Delhaize Group’s sales network consisted of 3 408 stores generating EUR 21.1 billion in revenues and Group share in net profi t of EUR 475 million. Delhaize Group employs approximately 160 000 associates worldwide. Delhaize Group has leading positions in food retailing in key markets. Our operating companies have acquired these leading positions through distinct go-to-market strategies. The Group is committed to offer its customers a locally differentiated shopping experience, to deliver superior value and to maintain high social, environmental and ethical standards. Our Group’s strength is supported by the close cooperation of its operating companies at both the regional and global levels. Together the best for life CONTENT Content www.delhaizegroup.com GROUP DELHAIZE STORIES 02 Key Performance Indicators 03 Editorial by the Chairman How the strategic 04 Interview with the CEO New Game Plan 08 Segment Overview was put into action 10 Our Strategy Growth through acquisitions, differentiation through private FOCUS brands, effi ciency through 12 Maxi organizational structures, 14 Food Lion sustainability through 12>23 15 Bottom Dollar Food local products 17 Private Brands 18 Effective Operational Structures 20 Targeting Efficiencies 22 Local Products REVIEW(1) 24 Financial Review 27 United States 30 Belgium PERFORMANCE 33 Southeastern Europe & Asia The strategy translated into GOVERNANCE(1) 36 Corporate Governance numbers 48 Remuneration Report Evolution of the main brands in our different markets 54 RISK FACTORS(1) 60 FINANCIAL STATEMENTS(1) 24>35 160 SHAREHOLDER INFORMATION 164 GLOSSARY (1) These chapters contain the information required by the Belgian Company Code to be included in the Management Report on the consolidated fi nancial statements and constitute in the aggregate such Management Report. GROUP 2 // DELHAIZE GROUP ANNUAL REPORT ‘11 Key Performance Indicators EUR 1.32 (USD net dividend in millions (EUR in millions except per share except per Change vs amounts)(4) share amounts) Prior Year 2011 2011 2010 2009 2011 2010 Results Revenues 29 398 21 119 20 850 19 938 1.3% 4.6% Operating profit 1 130 812 1 024 942 -20.8% 8.7% Net profit from continuing operations 661 475 576 512 -17.5% 12.5% Net profit (Group share) 661 475 574 514 -17.4% 11.7% Free cash flow(1) -321 -231 665 626 -135% 6.5% Financial position Total assets 17 040 12 242 10 902 9 748 12.3% 11.8% REVENUES Total equity 7 559 5 430 5 069 4 409 7.1% 15.0% 23.0% 11.6% Net debt(1) 3 683 2 647 1 787 2 063 48.1% -13.4% Enterprise value(1)(3) 9 840 7 069 7 400 7 472 -4.5% -1.0% EUR 21.1 billion Per share information (in EUR) Group share in net profit (basic)(2) 6.56 4.71 5.73 5.16 -17.7% 11.2% 65.4% Group share in net profit (diluted)(2) 6.51 4.68 5.68 5.08 -17.6% 11.7% Free cash flow(1)(2) -3.19 -2.29 6.64 6.26 -135% 6.0% Net dividend 1.84 1.32 1.29 1.20 2.3% 7.5% (3) Shareholders’ equity 74.00 53.16 49.91 43.54 6.5% 14.6% OPERATING PROFIT Share price (year-end) 60.43 43.41 55.27 53.62 -21.5% 3.1% 28.3% 9.4% Ratios (%) Operating margin 3.8% 4.9% 4.7% -107bps +19bps EUR 812 Net margin 2.2% 2.8% 2.6% -51bps +18bps million Net debt to equity(1) 48.7% 35.3% 46.8% +13.5ppt -11.5ppt 62.3% Currency information Average EUR per USD rate 0.7184 0.7543 0.7169 -4.8% 5.2% EUR per USD rate at year-end 0.7729 0.7484 0.6942 3.3% 7.8% NUMBER OF ASSOCIATES Other information Number of sales outlets 3 408 2 800 2 732 21.7% 2.5% 10.6% 22.3% Capital expenditures 762 660 520 15.5% 26.8% Number of associates (thousands) 160 139 138 15.3% +0.4% Full-time equivalents (thousands) 122 103 104 18.0% -0.8% 159 856 Weighted average number of shares 100 684 100 271 99 803 0.4% 0.5% (thousands) 67.1% (1) These are non-GAAP financial measures. (2) Calculated using the weighted average number of shares over the year. (3) Calculated using the total number of shares at the end of the year. (4) Calculated using an exchange rate of 1 EUR = 1.3920 USD. United States Belgium SEE & Asia DELHAIZE GROUP ANNUAL REPORT ‘11 // 3 Looking back with gratitude EDITORIAL BY CHAIRMAN, COUNT JACOBS DE HAGEN I have had the privilege to serve as your Chairman since 2005. During that time Delhaize Group has made real progress in its objective to be a well respected international food retailer. I am proud of the accomplishments that we have achieved together and convinced there will be many more going forward. I started my career as an economist with the IMF in 1966. With sheet and the successful launch of a retail bond in October that perspective I look back at 2011 as a year marked by seri- 2011. Furthermore, I believe the portfolio optimization work ous change and uncertainty. But we have seen difficult times announced in January 2012 shows that we have the disci- before and we will see them again. We must stay focused pline to make tough decisions and drive shareholder value. and resolute, knowing that eventually things improve or come Another way we are dealing with the changing environment into balance. Like, for example Southeastern Europe. About is by attracting new members to our Board. I am pleased fifteen years ago, parts of the region were engaged in a that we were able to welcome three new board members bloody conflict with little room for optimism. Today, the region last year: Bill McEwan who is President & Chief Executive is rebuilding and there has been real progress. Our acquisi- Officer of Sobeys, Jean-Pierre Hansen who is member of the tion of Delta Maxi demonstrates just how much things have Executive Committee of GDF Suez and Chairman of its Energy changed and we see the region as an exciting area going Policy Committee and Mats Jansson who currently serves as forward. In fact, when the Board recently met in Belgrade, an independent board member of Danske Bank after being I was struck by the excitement and optimism of the people. President and CEO of SAS, the Scandinavian airline company, This confirmed for me the opportunity that exists in the region from 2006 to 2010. He held positions of increasing responsi- for Delhaize to make a difference to customers and how they bility at Swedish food retailer ICA over a period of more than shop and live. 20 years, serving eventually as President of ICA Detaljhandel So while I would like to put the current situation in con- and Deputy CEO and Chairman of the Group from 1990 to text, there is no doubt that 2011 was a challenging year for 1994. consumers and in turn for retailers. Consumers’ confidence, the aorta of our operations, was severely impacted by the Gratitude high level of unemployment, the austerity measures taken After the General Meeting on May 24th, I will hand over my by different governments and by the increasingly sensational position as Chairman of the Board to Mats Jansson. I am headlines on the economic and euro crisis. And we see the confident that under his and the Board’s guidance, Pierre- impact in our 2011 results. But despite that we still managed Olivier and his management team will continue to meet the to grow and to make tremendous progress in support of our challenges of the current environment. In closing I would like profitable growth priorities. Based on this information the to express my enormous sense of gratitude. Gratitude to our Board has proposed a dividend increase of 2.3% to EUR 1.76 shareholders for their continuous support, gratitude to the per share. CEO and members of the board who shared their wisdom In such a climate it is crucial to have a clear long-term stra- and insights, gratitude to the members of the executive com- tegic plan and to stay both focused and disciplined in all of mittee that showed decisiveness in executing the strategic our investment or strategic decisions. I believe that we have choices and most of all, gratitude to all the associates of the right framework to guide us through these challenging Delhaize Group who share the same vision and values and times. Allow me at this point to underline our strong balance do everyday what it takes. GROUP 4 // DELHAIZE GROUP ANNUAL REPORT ‘11 “A key element to success is the ability to respond to environmental changes” INTERVIEW WITH PIERRE-OLIVIER BECKERS, CEO For Pierre-Olivier Beckers, CEO of Delhaize Group, 2011 was a year marked both by accomplishments as well as by the uncertainties in the global economy. These had an impact on all of Delhaize Groups’ stakeholders. And 2012 will again likely be a time of change and uncertainty. Pierre-Olivier explains how Delhaize Group dealt with these changes in 2011 and gives his perspectives and views on the challenges as well as the opportunities Delhaize Group will likely encounter in 2012.
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