Food Lion 2010 Annual Report Download - page 150

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146
CONSOLIDATED BALANCE SHEET CONSOLIDATED INCOME
STATEMENT CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY CONSOLIDATED STATEMENT
OF CASH FLOWS NOTES TO THE FINANCIAL
STATEMENTS
Historical Financial Overview
RESULTS (in millions of EUR) 2010 2009 2008 2007 2006 2005
(4)
2004
(4)
Revenues 20 850 19 938 19 024 18 943 19 215 18 345 17 597
Operating profit 1 024 942 904 937 947 900 862
Net financial expenses (203) (202) (202) (332) (276) (297) (305)
Income tax expense (245) (228) (217) (204) (245) (224) (200)
Net profit from continuing operations 576 512 485 401 426 380 357
Net profit (Group share) 574 514 467 410 352 365 296
Free cash flow(1)(5) 665 626 162 326 216 164 373
FINANCIAL POSITION (in millions of EUR)
Total assets 10 902 9 748 9 700 8 822 9 295 10 254 8 703
Total equity 5 069 4 409 4 195 3 676 3 561 3 596 2 875
Net debt(1) 1 787 2 063 2 402 2 244 2 635 2 943 2 608
Enterprise value(1)(3) 7 400 7 472 6 849 8 281 8 726 8 171 7 849
PER SHARE INFORMATION (in EUR)
Net earnings (basic)(2) 5.73 5.16 4.70 4.20 3.71 3.89 3.19
Net earnings (diluted)(2) 5.68 5.08 4.59 4.04 3.55 3.71 3.09
Free cash flow(1)(2)(5) 6.64 6.26 1.63 3.35 2.28 1.75 4.03
Gross dividend 1.72 1.60 1.48 1.44 1.32 1.20 1.12
Net dividend 1.29 1.20 1.11 1.08 0.99 0.90 0.84
Pay-out ratio (net profit) 30.4% 31.4% 31.9% 35.2% 36.4% 31.4% 35.5%
Shareholders’ equity(3) 49.91 43.54 41.19 36.17 36.55 37.65 30.34
Share price (year-end) 55.27 53.62 44.20 60.20 63.15 55.20 55.95
RATIOS (%)
Operating margin 4.9% 4.7% 4.8% 4.9% 4.9% 4.9% 4.9%
Effective tax rate of continuing operations 29.8% 30.8% 30.9% 33.7% 36.5% 37.1% 35.9%
Net margin 2.8% 2.6% 2.5% 2.2% 1.8% 2.0% 1.7%
Net debt to equity(1) 35.3% 46.8% 57.3% 61.0% 74.0% 81.8% 90.6%
CURRENCY INFORMATION
Average EUR per USD rate 0.7543 0.7169 0.6799 0.7297 0.7964 0.8038 0.8039
EUR per USD rate at year-end 0.7484 0.6942 0.7185 0.6793 0.7593 0.8477 0.7342
OTHER INFORMATION
Number of sales outlets 2 800 2 732 2 673 2 545 2 705 2 636 2 565
Capital expenditures (in millions of EUR) 660 520 714 729 700 636 494
Number of associates (thousands) 139 138 141 138 143 137 138
Full-time equivalents (thousands) 103 104 106 104 107 102 102
Weighted average number of shares
outstanding (thousands) 100 271 99 803 99 385 97 666 94 939 93 934 92 663
(1) See “Financial Review” section for explanation of the non GAAP financial measures.
(2) Calculated using the weighted average number of shares outstanding over the year.
(3) Calculated using the total number of shares at the end of the year.
(4) Not adjusted for reclassification of German operations to discontinued.
(5) Reclassification of cash flows resulting from the acquisition of non-controlling interests from “Investing” to “Financing” due to a change in IFRS (see Note2.2), effective 2010.
For comparability, prior years have been restated accordingly
Certification of Responsible Persons
The undersigned, Pierre-Olivier Beckers, President and Chief Executive Officer of Delhaize Group, and Stéfan Descheemaeker, Executive Vice-
President and Chief Financial Officer of Delhaize Group, confirm that to the best of their knowledge:
a) the consolidated financial statements for the year ending December 31, 2010 have been prepared in accordance with IFRS (International
Financial Reporting Standards) and give, in all material respects, a true and fair view of the consolidated financial position and results of
DelhaizeGroupandofitssubsidiariesincludedintheconsolidation;
b) the management report for the year ending December 31, 2010 gives, in all material respects, a true and fair view of the evolution of the
business, the results and the situation of Delhaize Group and of its subsidiaries included in the consolidation, as well as an overview of the
most significant risks and uncertainties with which Delhaize Group is confronted.
Brussels, March 9, 2011
Pierre-Olivier Beckers Stéfan Descheemaeker
President and CEO Executive Vice-President and CFO