Food Lion 2001 Annual Report Download

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Annual Report 2001 |Local Strength, Group Expertise

Table of contents

  • Page 1
    Annual Report 2001 | Local Strength, Group Expertise

  • Page 2
    ... 10-year Overview of Financials ADDITIONAL INFORMATION* MANAGEMENT AND SHAREHOLDERS Management Structure Corporate Governance* Shareholder Information Glossary *These chapters constitute the Directors' report. 2001 Delhaize Group is a Belgian international food retailer operating in 10 countries...

  • Page 3
    ... -5.4% FINANCIAL POSITION Total assets Group equity (incl. minorities) Net debt 12,086 3,752 4,776 10,398 2,874 4,589 5,728 1,991 1,404 +16.2% +30.5% +4.1% +81.5% +44.4% +226.8% PER SHARE INFORMATION (in EUR) Cash earnings Reported earnings Net dividend Shareholders' equity Share price (year-end...

  • Page 4
    ... completed its three-year plan to increase operating margins. Our operating cash flow margin reached 5.4% of sales and Delhaize Belgium's comparable store sales grew share exchange with Delhaize America, the listing on the New York Stock Exchange, our new management structure and the review...

  • Page 5
    ... management teams. Promising Outlook | This year will mark the 135th year of Delhaize's recognized expertise in food sales. We believe our never-ending commitment to make Delhaize Group the best place to work and shop has been the driver of our continued success. Building upon the changes of 2001...

  • Page 6
    ... in health and beauty products #1 in Belgium 138 supermarkets in Florida Focus on fresh and service departments Targeted to local demand #2 in Tampa/St. Petersburg 94 franchised Tom & Co stores Specialized in pet food and accessories #1 in Belgium 4 | Delhaize Group | Annual Report 2001

  • Page 7
    .... In 2001, the Asian activities of Delhaize Group posted EUR 187.0 million of sales, 0.9% of Delhaize Group's total sales. Belgium Other Europe Asia U.S. Cash Flow from Operations 93 supermarkets and 11 cash & carry stores in Greece High-quality fresh products and service Broad geographical...

  • Page 8
    "It's all about com 6 | Delhaize Group | Annual Report 2001

  • Page 9
    ... next pages, we tell you about the commitment everyone at Delhaize Group shares, regardless in which country, in which department or at which level in the organization we work: Serving our Local Customers | Commitment to Associates | Dedication to Technical Innovation Concern for Society | Creating...

  • Page 10
    ... New York are addressed with large full service stores under the Hannaford banner. Customers in the Southeastern United States and Mid-Atlantic states prefer mid-sized Food Lion supermarkets and in Florida, the Kash n' Karry supermarkets contain large fresh food departments. 8 | Delhaize Group...

  • Page 11
    ... network. Like Food Lion, the Asian companies of the Group developed an "Every Day Low Prices" policy, offering their customers fresh products at the same prices as the traditional open-air, wet markets. Other Delhaize Group supermarket chains focus more on choice, fresh products and service, but...

  • Page 12
    ... and in 2001 Shop N Save joined "More Rewards", Singapore's largest loyalty program. Some of Delhaize Group's companies using loyalty cards offer additional value to their customers through direct marketing approaches, such as targeted mailings in conjunction with promotions and call center contacts...

  • Page 13
    ... price reductions. Major purchasing savings are also realized at the regional levels. By combining the private label sourcing programs of Food Lion, Hannaford and Kash n' Karry with one broker, significant savings have been achieved. In 2001, the European operations of Delhaize Group became a member...

  • Page 14
    ... departments and operating companies. Hannaford, for instance, institutionalized its internal promotion policy in 2001 through its Career Track Program. The Program creates a committee within each store and each district to forecast managerial needs and to make sure Local, Global | Delhaize Group...

  • Page 15
    ... rapidly changing world. Each year, the Group organizes a high-level international seminar for managers from different countries. The seminar focuses on improving their management skills and providing the opportunity for an international exchange of ideas. In 2001, Food Lion started a new initiative...

  • Page 16
    ... CDs for training in, among other subjects, safety, tobacco and alcohol sales procedures, corporate policies, customer service and inventory management. strive to provide a safe environment in their stores, distribution centers and industrial plants. Food Lion's distribution centers hold quarterly...

  • Page 17
    Delhaize Group Associates 2001 Full-time Part-time Full-time equivalent Male Female Delhaize America Super Discount Markets Delhaize Belgium Alfa-Beta Delvita Mega Image P.G. Food Lion Thailand Super Indo Shop N Save Others TOTAL 63,186 83,599 106,391 71,882 74,903 113,712 15,317 6,248 5,493 593 1,...

  • Page 18
    ... and web-based applications for training, inventory and labor management. In 2002, over 500 Food Lion stores will receive a new cash desk configuration as part of a full front-end refurbishment. Delhaize Belgium has rolled out an intranet application to all its corporate stores, speed up and...

  • Page 19
    ... operating companies of Delhaize Group. paperless dispatch of warehouse operations. During the second quarter of 2001, Hannaford's Butner, North Carolina, distribution center began to supply health and beauty care merchandise to Food Lion. Food Lion purchases the products while Hannaford oversees...

  • Page 20
    ... associates to turn off unnecessary lights, close cooler and freezer doors and stock cases properly. Each new and remodeled Food Lion store, equipped with energy savings equipment and building materials, saves about 43,000-kilowatt hours of electricity each year, enough to power four American homes...

  • Page 21
    ... on waste reduction in 2001: • Hannaford distributed over 27,000 fabric shopping bags to customers, who receive a five-cent refund for re-using each fabric bag • Food Lion and Kash n' Karry recycled 145,000 tons of cardboard and 6.3 million pounds of plastic • Delhaize Belgium processed 22,000...

  • Page 22
    ...-free private label products, offering its customers the choice between products with or without Genetically Modified Organisms (GMOs). Delhaize Group's operating companies actively support nature preservation. Tom & Co, Delhaize Belgium's chain of specialized pet food and accessories stores, sells...

  • Page 23
    ...Fund. Food Lion sent truckloads of food to feed emergency personnel and volunteers at the Pentagon, and Hannaford assisted rescue personnel at Ground Zero in New York City. Blood drives were held at different store locations where donors and workers received snacks and beverages provided by Delhaize...

  • Page 24
    ...to maintain a balance of current profitability and future growth potential. The Group's management has also NYSE Listing On April 26, 2001, Pierre-Olivier Beckers, Chief Executive Officer of Delhaize Group, rang the opening bell of the New York Stock Exchange (NYSE), the largest stock market in the...

  • Page 25
    ... exchange, with the rules governing foreign companies listed in the U.S. In December 2000, the Belgian Association of Financial Analysts rewarded Delhaize Group's investor relations efforts with the Award for the Best Financial Information. In 2001, Delhaize Group started quarterly conference calls...

  • Page 26
    Another Year of Suc Business and Financial Review 200 | Annual Report 2001 24 | Delhaize Group

  • Page 27
    01 cess performance in 2001. Free Cash Flow of EUR 456 Million | In the following chapter, we provide you with a review of Delhaize Group's operations in the different regions and of its financial +134 stores to a total of 2,444 stores | Sales and Cash EPS up by 18% | Cash Flow Margin of 7.7% | |...

  • Page 28
    ...and private label products and in indirect goods and services such as insurance and credit card fees. During the second quarter of 2001, Hannaford's renovated Butner, North Carolina, distribution center began to supply health and beauty care merchandise to Food Lion stores, resulting in product cost...

  • Page 29
    ilience ful acquisition of Hannaford the prior year. Delhaize America performed well in a period a strategic review of its operations, Delhaize Group closed Super Discount Markets, its 60% Save-a-Lot discount stores and close the 19 Cub Foods supermarkets of Super Discount Markets, its 60% joint ...

  • Page 30
    ... Day Low Price concept by offering customers everyday needs at competitive prices. The company features key items such as weekly specials delivered through the MVP loyalty card program. Food Lion is committed to its price leadership among grocery chains based on its low-cost structure. Recognizing...

  • Page 31
    ... stores previously named Shop n' Save Supermarkets were renamed Hannaford Food and Drug between October 28 and December 31, 2001. A Model of Synergy The Butner, North Carolina distribution center reflects the benefits that are derived when the Delhaize America companies work collectively. Food Lion...

  • Page 32
    ... and value provides a shopping experience that far exceeds that of their competitors. Outlook | In 2002, Delhaize America expects to open 45 new supermarkets, including 11 stores that will be relocated, resulting in a total number of 1,493 stores at 30 | Delhaize Group | Annual Report 2001

  • Page 33
    Operating Cash Flow Margin Delhaize America 8.7% 7.9% 8.1% 7.9% 7.4% Cash Flow from Operations Delhaize America (in millions of USD) 1,295 996 876 751 803 97 98 99 00 01 97 98 99 00 01 | 31

  • Page 34
    ... Shop n' Go in Q8 petrol stations. In 2001, Delhaize Belgium also launched its first exclusive organic products store under the Bio Square banner, offering a range of 1,800 organic products. In 2001, one corporate supermarket under the Delhaize "Le Lion" banner was added, bringing the year-end total...

  • Page 35
    ... are freshness, flavor and variety. These attributes are clearly reflected in its self-service deli Number of Stores Delhaize Belgium 675 615 553 511 515 Sales Delhaize Belgium (in billions of EUR) Delhaize Belgium sells annually 40 million bottles of wine, 80% of which is bottled by the Company...

  • Page 36
    ... clients self-scanning, allowing customers to save time at the checkouts. At the end of 2001, more than 40 supermarkets were equipped with this system. By the end of 2002, more than half of the Belgium Delhaize "Le Lion" supermarkets will offer self-scanning. To guarantee the quality of its services...

  • Page 37
    ... management expects to be completed in 2005. In 2000-2001, Delhaize Belgium introduced a new commercial policy, called Every Day Fair Prices in its produce and meat departments and among Delhaize private label products. This commercial policy was extended in early 2002 to the full range of Delhaize...

  • Page 38
    ..., innovation in private label products and a leveraging of the successful loyalty card, which accounts for 75% of total sales. Alfa-Beta developed new initiatives using customer data management and micro-marketing strategies to create a strong customer relationship management program that Alfa-Beta...

  • Page 39
    thening Delhaize Group outside Belgium. Alfa-Beta became the second largest Greek food Delvita launched a major remodeling program and closed its under-performing stores. targets individual customers' shopping behavior. This enhanced segmented promotion strategy is based on identified, and ...

  • Page 40
    ... In order to meet the more demanding needs of the urban customers in the Czech Republic, Delvita developed a new store concept. The first remodeled supermarket opened in March 2001. Special attention was paid to fresh products and valueadded services. Customers are offered a more attractive shopping...

  • Page 41
    Number of Stores Rest of Europe Mega Image expects to open five new stores in 2002, including its first store outside Bucharest. It will also move to new headquarters. Sales Rest of Europe (in millions of EUR) 224 211 959 177 786 147 121 749 895 1,091 97 98 99 00 01 97 98 99 00 01 | ...

  • Page 42
    ...,000 members. This program enables Shop N Save to reward its current customers and attract other More Rewards card owners to its stores. Group are based on the same principles: focus on food, freshness, competitive prices and convenience. In order to enhance customer service and meet local customer...

  • Page 43
    ...adding 18 supermarkets. The locally adapted supermarket concepts, success. At the end of 2001, the Group's Asian supermarkets counted more than and an increased corporate sense among associates. Outlook | Its store concepts being defined, 2002 will bring an accelerated expansion of Delhaize Group...

  • Page 44
    ...Comparable store sales rose 1.4% at Delhaize America and 4.9% in Belgium. The continued opening of new stores in all markets was another important driver of organic sales growth. In 2001, Delhaize Group added 134 stores to its sales network, reaching a total of 2,444 stores at year end. Gross profit...

  • Page 45
    ...million the previous year. Delhaize Group posted an operating margin of 4.3% (4.1% in 2000). Net financial results, including bank charges and credit card payment fees, increased in 2001 to EUR 464.3 million (2.2% of sales) due primarily to the refinancing of the acquisition debt for Hannaford. The...

  • Page 46
    ...one-time merger costs related to the share exchange with Delhaize America and to the acquisition of Hannaford (EUR 16.6 million, net of taxes and minority interests), the closing of the Atlanta-based, 60% joint venture Super Discount Markets (EUR 34.5 million) and the closing of eight Delvita stores...

  • Page 47
    ... its affiliates and speciality stores network; focusing on gross margin increases through sales mix changes; extending the number of private label products; and adhering to more disciplined procurement procedures, all while keeping costs under control. In 2001, Delhaize Belgium posted an average...

  • Page 48
    ... in information technology, logistics and distribution. Delhaize Group added 83 new stores to its sales network through organic growth and added 51 stores through acquisitions. Delhaize America remodeled 145 existing stores. In 2001, total selling area (including acquisitions) of Delhaize Group...

  • Page 49
    ... credit facility and Delhaize "Le Lion" parent company a EUR 500 million commercial paper program. In addition, Delhaize Group had, through its different companies, more than EUR 500 million committed bilateral credit facilities in the U.S. and Europe. On December 31, 2001, Moody's Investors Service...

  • Page 50
    Operational Statistics Number of Sales Outlets 2002 Delhaize America Belgium and G.D. Luxembourg Greece Czech Republic Slovakia Romania Thailand Indonesia Singapore SUBTOTAL Super Discount Markets France TOTAL (1) Estimate based on scheduled openings. (1) (year-end) 2001 1,459 675 104 94 16 10 26 ...

  • Page 51
    2001 Financials || 49 9 4

  • Page 52
    ... and prepayments Financial fixed assets 6 Companies at equity Investments Other companies Investments Receivables and deposits paid Current assets Long-term receivables Other receivables Deferred taxation Inventories and work in progress Inventories Consumables Goods for resale Payments to...

  • Page 53
    ... falling due within one year 15, 16 Current portion of long-term debts Financial liabilities Credit institutions Other borrowings Trade creditors Suppliers Bills payable Payments received on account Liabilities for taxes, salaries and social security Income taxes Salaries and social security Other...

  • Page 54
    ... Loss Consolidated profit Interest of third parties in the results 18 24 Group share in the results Appropriations and transfers Profit of the current year to be appropriated Transfer to reserves Profit to be distributed (-) Dividends Directors' fees 52 | Delhaize Group | Annual Report 2001

  • Page 55
    ... shares Loss on rate-lock related to long-term bond Net cash provided by (used in) financing activities Effect of foreign exchange translation differences Change of the scope of consolidation Net increase (decrease) in cash and cash equivalents Cash and cash equivalents - Beginning of the year...

  • Page 56
    ... Dividends and directors remuneration Change in cumulative translation adjustment Changes in equity due to subsidiary capital transactions Other Net income Balances at December 31, 2001 Treasury shares Outstanding shares excl. treasury shares QUARTERLY DATA (Unaudited) 2001 Full Year 4th Quarter...

  • Page 57
    ... centers Inventories are valued at net purchase price or at market price at the end of the year, whichever is lower. B) Sales outlets Inventories are valued: • either according to the "Retail Inventory Method" used by retail companies which corresponds to the use of the sales price of goods...

  • Page 58
    ... Group acquired Svemark and its fully-owned subsidiary Regab, both Dutch companies that own a distribution center located in Zellik used by Delhaize Belgium. In October 2001, Delhaize Group bought SID, that owns an AD Delhaize store operated by an independent affiliate. Super Discount Markets...

  • Page 59
    ... the purchase price allocation, EUR 1,634.7 million representing 55% of the existing goodwill, related to the acquisition of Kash n' Karry and Hannaford by Delhaize America, was cancelled and transfered to the goodwill recorded in the share exchange, as this amount represented the minority interest...

  • Page 60
    ... costs at Delhaize America, Delhaize "Le Lion" and Delhaize "The Lion" Nederland. Analysis of Establishment Costs (in thousands of EUR) 5. Tangible Fixed Assets (in millions of EUR) 2001 2000 Net book value at the end of the previous financial year Movements during the current year: • Newly...

  • Page 61
    Delhaize Group Stores Ownership (end of 2001) Owned Corporate Stores Capital Leases Operating Leases Affiliated Stores Total Delhaize America Delhaize Belgium Alfa-Beta Delvita Mega Image Food Lion Thailand Super Indo Shop N Shave Total 122 90 25 43 10 537 4 800 143 79 67 26 29 29 1,173 438...

  • Page 62
    ... During 2001, Delhaize America recorded new provisions of EUR 8.5 million for the closing of 12 stores in the normal course of business. One distribution center and 189 stores (of which 179 already closed) are covered by these provisions. Provisions at corporate level mainly represent self-insurance...

  • Page 63
    ... price allocation of the share exchange with Delhaize America. 14. Amounts Falling Due after more than One Year Long-term Borrowings Financial liabilities (excl. liabilities under financial leases) are as follows: (in thousands of EUR) (in thousands of EUR) United States 2001 2000 Europe 2001...

  • Page 64
    ...,810 3,348,439 Net debt at the end of previous year Free cash flow before financing activities Dividends and director's share of profit Loss on rate-lock related to long-term bond Other investing activities (own shares, stock options, direct financing costs) New debt under capital leases Change in...

  • Page 65
    ... Companies Sales (in millions of EUR) 2001 2000 1999 %2001 Cash Flow from Operations (EBITDA) 2001 2000 1999 %2001 Reported Earnings (Group Share) 2001 2000 1999 %2001 United States Belgium Rest of Europe Asia Corporate Subtotal Goodwill amortization Store closing and exceptional items Total...

  • Page 66
    ...has been paid to the executive directors of Delhaize Group for the financial year ended December 31, 2001. This amount is included in the aggregate compensation of the members of the Executive Committee as stated in the corporate governance section of this annual report on page 83. 20. Depreciation...

  • Page 67
    ... in information technology, logistics and distribution. Delhaize Group added 83 new stores to its sales network through organic growth and added 51 stores through acquisitions. Delhaize America remodeled 145 existing stores. In 2001, total selling area (including acquisitions) of Delhaize Group...

  • Page 68
    ... Gillo S.P.R.L.. Hannabro, Co. Hannaford Bros., Co. Hannaford Licensing Corp. Hannaford Procurement Corp. Hannaford Trucking Company Jan Van Gent S.P.R.L. Kash n' Karry Food Stores, Inc. Lion Garden Food Company Martin's Foods of South Burlington, Inc. Mega Doi Shares held (in %) Directly Indirectly...

  • Page 69
    ... Mega Image NP Lion Leasing & Consulting, Ltd. Plain Street Properties, Inc. Points Plus Punten S.A. Progressive Distributors, Inc. PT Lion Super Indo Redelcover S.A. Regab B.V. Risk Management Services, Inc. Serdelco S.A. Shop 'N Save - Mass., Inc. SID S.A. Svemark B.V. Super Discount Markets...

  • Page 70
    ... Profit for Financial Year 2000 At the time the Board of Directors proposed the dividend of EUR 1.36 in respect of financial year 2000 on March 14, 2001, the Board was unable to determine the final total amount of the dividend. This was because : (i) the final number of new Delhaize Group shares...

  • Page 71
    ...) Number of Shares Shares in issue (account n° 100 of liabilities and shareholders' equity) • At the end of the previous year • Issue of new shares • Shares exchange • At the end of the financial year Analysis of share capital Class of shares • Ordinary shares of no par value Registered...

  • Page 72
    ..."Summary Company Accounts of Delhaize "Le Lion" s.a.", (3) "Appropriation of available profits for financial year 2000" on page 68, and further in the "Additional Information" on page 76, the appropriation of profit decided by the Annual General Meeting of May 2001 represented the Board of Directors...

  • Page 73
    ... 56.00 each, representing the share price at the date when the share exchange took place (April 25, 2001). Under US GAAP, the shares were valued at EUR 52.31 each, representing the average of the share price three days before and three days after the date when the share exchange agreement was signed...

  • Page 74
    ... of compensation expense relating to Delhaize America's restricted stock plans and Delhaize Group's stock option plans. The share exchange with Delhaize America resulted in a new measurement date for the Delhaize America's stock option and restricted stock plans. A result, a one-time, non-cash...

  • Page 75
    ... having the effect of increasing (decreasing) reported shareholders' equity: Goodwill Fixed asset accounting Lease accounting Pensions Income taxes Dividends and directors remuneration Other comprehensive income Treasury shares Other items Total US GAAP adjustments before tax effects Tax effects...

  • Page 76
    ...) (117) (1) 51,824 118,942 (1) Including the dividend payable to new shares issued in the context of the share exchange with Delhaize America. Excluding these payments, the pay-out-ratio amounted to 38.2% on cash earnings and 44.6% on reported earnings. 74 | Delhaize Group | Annual Report 2001

  • Page 77
    (EUR in millions, except per share amounts) 1997 1996 1995 1994 1993 1992 12,608 805 6.4% 511 4.1% 337 (124) 36.8% 125 122 10,222 602 5.9% 414 4.0% 331 (129) 38.8% 111 108 9,...

  • Page 78
    ... of Available Profit for Financial Year 2000 On March 14, 2001, when the Board of Directors proposed the dividend of EUR 1.36 for financial year 2000, the Board was unable to determine the final total amount of the dividend. This was because: (i) the final number of new Delhaize Group shares to be...

  • Page 79
    ..., 206,615 shares were reserved for outstanding restricted stock grants. This number increased to 251,049 shares on December 31, 2001. Acquisition and Transfer of Own Shares On December 15, 2000, the Board of Directors of Delhaize Group was also authorized to acquire the Company's own shares, on its...

  • Page 80
    MANAGEMENT STRUCTURE Board of Directors (overview on February 1, 2002) Executive Commitee and Office of the CEO Pierre-Olivier Beckers* Renaud Cogels* President and Chief Executive Officer Executive Vice President, Chief Executive Officer of Delhaize Europe William McCanless* Executive Vice ...

  • Page 81
    ... to support the Board of Directors. After the closing of the share exchange with Delhaize America in April 2001, a new management structure became effective. Chief Executive Officer Pierre-Olivier Beckers created an Office of the CEO to assist him in the management of Delhaize Group. In addition to...

  • Page 82
    ... Hariga Director of Risk Management Hannaford Ronald C. Hodge Arthur A. Aleshire Garrett D. Bowne IV Shelley G. Broader President and Chief Executive Officer Senior Vice President, Corporate Development Senior Vice President, Finance and Analysis Senior Vice President, Business Strategy, Marketing...

  • Page 83
    ... Finance, IT, Logistics and Supply Chain Executive Director Technical Department, Expansion and Legal Affairs Executive Director Human Resources, Communication & Project Management Executive Director Buying Executive Director Slovakia Sales Director Marketing Director Logistics Director Mega Image...

  • Page 84
    ... created to support the Board of Directors of Delhaize Group in its different functions. most recent financial statements are discussed. The Chief Executive Officer proposes the strategy of the Company for discussion and approval. Annually the budget for the following financial year is reviewed and...

  • Page 85
    ... recommendations to the Board of Directors concerning the compensation for Delhaize Group's executive directors and executive officers. The Compensation Committee also reviews general compensation policy, any stock option or other profit-sharing programs for the associates of the Company and other...

  • Page 86
    ... it declared that it held 43.57 % of the total number of the outstanding shares of Delhaize Group as of that date. On April 30, 2001, The Bank of New York addressed a second disclosure statement to Delhaize Group to inform the company that the number of shares held by it was reduced to 28.17 % of...

  • Page 87
    ...its lowest value (EUR 48.72) and had its lowest closing price (EUR 49.00). Delhaize Group ADRs have been listed on the New York Stock Exchange since April 26, 2001. Between April 26, 2001 and Information for ADR Holders On April 26, 2001, the ADSs (American Depositary Shares), each representing one...

  • Page 88
    ...same website or directly from the Delhaize Group investor relations team (see contacts at the end of this section). Since Delhaize Group is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC) governing foreign companies listed in the U.S., an annual report will...

  • Page 89
    ...the year, including net dividend and reinvestment. (3) Share price at year-end. (4) The number of shares traded before the share split on June 4, 1992 was adapted. Investors and Media For all questions regarding Delhaize Group and its stock, please contact: Guy Elewaut Investor Relations Director...

  • Page 90
    ... Day Low Price (EDLP) Commercial policy aiming at offering the best products at the lowest price. Franchised store An independent retailer to whom Delhaize Group sells its products at a net price (plus a yearly franchise fee) and who benefits from the trade name and know-how of Delhaize Group. Free...

  • Page 91
    ... COMPANIES United States FOOD LION P.O. Box 1330, 2110 Executive Drive Salisbury NC 28145-1330 U.S.A. Tel: +1 704 633 82 50 Fax: +1 704 636 49 40 www.foodlion.com HANNAFORD 145 Pleasant Hill Road Scarborough - ME 04074 U.S.A. Tel: +1 207 883 2911 Fax: +1 207 883 7555 www.hannaford.com KASH N' KARRY...

  • Page 92
    www.delhaizegroup.com Annual Report 2001 | Local Strength, Group Expertise