Safeway 2008 Annual Report Download - page 5

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delivering outstanding quality and value, and our
proprietary offerings continue to grow in sales as
they meet and exceed our customers’ expecta-
tions. We remain focused on understanding the
changing needs of the consumer, and we will
continue to innovate throughout the business to
meet those needs.
In closing, I would like to acknowledge the hard
work and enthusiastic support of our 197,000
employees. They are the primary reason we have
been successful in the past, and they are the key
to our future. On behalf of the Safeway team, I can
assure you that we are committed to enhancing the
customer experience and will work hard to deliver
stockholder value in 2009 and beyond.
Steven A. Burd
Chairman, President and Chief Executive Officer
March 3, 2009
* Excludes cash flow from payables related to third-party gift cards, net of receivables. Cash from the sale of third-party
gift cards is held for a short period of time and then remitted, less Safeway’s commission, to card partners. Because
this cash flow is temporary, it is not available for other uses and therefore is excluded from the company’s calculation
of free cash flow.
Steven A. Burd — Chairman, President and Chief Executive Officer
Fiscal Year 2008 2007
Net cash flow from operating activities $ 2,250.9 $ 2,190.5
Increase in payables related to third-party gift cards, net of receivables (23.9)(84.1)
Net cash flow from operating activities as adjusted 2,227.0 2,106.4
Net cash flow used by investing activities (1,546.0)(1,686.4)
Free cash flow $ 681.0 $ 420.0
Percentage increase 62%
1 RECONCILIATION OF GAAP CASH FLOW MEASURE TO FREE CASH FLO W (unaudited) *