Five-year overview

Results and cash flow information

€ million, except per share data 2009 20081 20071 20061 20051
Net sales 27,925 25,648 24,824 24,584 23,700
Net sales growth at constant exchange rates 3.9%2 6.9% 6.6% 4.2% 4.3%3
Operating income 1,297 1,202 1,071 992 814
Retail operating margin 4.9% 5.0% 4.9% 4.8% 4.7%
Net interest expense (289) (233) (293) (450) (520)
Income (loss) from continuing operations 972 887 779 680 (108)
Income (loss) from discontinued operations (78) 195 2,167 235 254
Net income 894 1,082 2,946 915 146

Net income per common share (basic) 		0.76 0.92 2.03 0.58 0.08
Net income per common share (diluted) 0.74 0.90 2.01 0.58 0.08
Income (loss) per common share from continuing operations (diluted) 0.81 0.74 0.53 0.44 (0.07)
Dividend per common share 0.23 0.18 0.16 – –

Cash flow before financing activities 		939 1,271 6,626 1,027 2,057
Net cash from operating, investing and financing activities (169) (445) 1,487 (249) (1,137)
Capital expenditures 770 1,019 738 857 770
Capital expenditures as % of net sales 2.8% 4.0% 3.0% 3.5% 3.2%
Average exchange rate (euro per U.S. dollar) 0.7194 0.6828 0.7307 0.7964 0.8051

1 Reference is made to  Note 3 of the consolidated financial statements. Comparative amounts have been adjusted from amounts previously reported to reflect the effect of the changes in accounting policies and retrospective amendments. These changes have also resulted in a €9 million decrease in income from discontinued operations and net income previously reported for 2007 in connection with the currency translation differences related to divestments transferred to net income.
2 Net sales growth at constant exchange rates was 6.0 percent. Net sales increased by 3.9 percent at constant exchange rates on an adjusted basis. Ahold’s financial year 2009 included an additional 53rd week. For the net sales growth at constant exchange rates on an adjusted basis, adjusted year 2008 sales include net sales in year 2008 plus net sales in the first week of 2009.
3 Net sales growth at constant exchange rates was 2.3 percent. Net sales increased by 4.3 percent at constant exchange rates on an adjusted basis. Ahold’s financial year 2004 included an additional 53rd week. For the net sales growth at constant exchange rates on an adjusted basis, adjusted year 2004 sales exclude net sales in the 53rd week of 2004.
4 Includes the settlement of the securities class action (€803 million).

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Balance sheet and other information

 January 3, December 28, December 30, December 31, January 1,
€ million 2010 20081 20071 2006 2006
Equity 5,440 4,687 3,8972 5,270 4,661
Gross debt 3,700 4,241 5,379 6,480 7,748
Cash, cash equivalents and short-term deposits 2,983 2,863 3,263 1,844 2,228
Net debt 717 1,378 2,116 4,636 5,520
Net debt/equity ratio 13% 29% 54% 88% 118%
Total assets 13,933 13,603 13,953 18,442 19,958

Number of stores 		2,909 2,897 3,225 3,480 3,455
Number of employees (in FTEs) 118,121 118,523 118,715 164,078 167,801
Number of employees (headcount) 206,287 202,569 187,503 186,332 184,736

Common shares outstanding (x 1,000) 		1,181,214 1,176,685 1,171,922 1,555,678 1,555,313
Share price at Euronext (€) 9.26 8.83 9.47 8.06 6.33
Market capitalization 10,938 10,390 11,0982 12,539 9,845

Year-end exchange rate (euro per U.S. dollar) 		0.6980 0.7111 0.6795 0.7576 0.8444

1 Reference is made to  Note 3 of the consolidated financial statements. Comparative amounts have been adjusted from amounts previously reported to reflect the effect of the changes in accounting policies and retrospective amendments.
2 In 2007, €4.0 billion was returned to shareholders through a capital repayment and a share buyback program.

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