Food Lion 2002 Annual Report Download - page 64

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62 |Delhaize Group |Annual Report 2002
TEN-YEAR FINANCIAL OVERVIEW
2002 2001 2000 1999
Results of Operations
Sales 20,688 21,396 18,168 14,310
Operating profit 807 921 739 648
Operating margin 3.9% 4.3% 4.1% 4.5%
Income before taxes 339 361 402 511
Income taxes (160) (192) (146) (190)
Effective tax rate 47.0% 53.2% 36.3% 37.1%
Net earnings 178 149 161 170
Financial Position
Total assets 10,840 12,086 10,398 5,728
Group equity (incl. minorities) 3,563 3,752 2,874 1,991
Total debt 4,316 5,168 4,862 1,770
Net debt 3,898 4,776 4,589 1,404
Return on equity (net earnings)(3) 4.9% 5.9% 13.1% 17.0%
Net debt to equity 109% 127% 160% 71%
Per Share Information
Net earnings 1.94 1.88 3.09 3.27
Gross dividend 0.88 1.44 1.36 1.24
Net dividend(2) 0.66 1.08 1.02 0.93
Pay-out-ratio (net earnings)(4) 45.6% 89.0% 78.6%(1) 38.5%
Shareholders’ equity 38.33 46.75 26.23 20.88
Other Information
Capital expenditures 635 554 545 525
Depreciation and amortization (725) (719) (506) (328)
Net financial result (455) (464) (296) (140)
Net exceptional result (13) (96) (41) 3
Weighted average number of shares (thousands) 92,068 79,494 52,023 51,983
Number of associates 143,894 146,785 152,489 124,933
(1) Including the dividend payable to new shares issued in the context of the Delhaize America share exchange.
Excluding these payments, the pay-out-ratio amounted to 38.2% on cash earnings and 44.6% on reported earnings.
(2) After deduction of 25% Belgian withholding tax
(3) Return on equity (cash earnings) was 9.3% in 2002, 13.3% in 2001 and 15.3% in 2000
(4) Pay-out-ratio (cash earnings) was 24.2% in 2002, 39.2% in 2001 and 67.1% in 2000