Consolidated statements of earnings of Royal Ahold
(Amounts in thousands)
1999
USD
1999
EUR
1998
EUR
Net sales
Cost of sales
33,810,589
25,491,713
33,560,391
25,303,075
26,484,210
20,295,007
Gross profit
Selling expenses
General and administrative expenses
8,318,876
5,820,776
1,072,881
8,257,316
5,777,702
1,064,942
6,189,203
4,413,052
758,885
Operating results
1,425,219
1,414,672
1,017,266
Interest income
Interest expenses
Exchange rate differences
Other financial income
59,026
(423,957)
(6,528)
2,535
58,589
(420,820)
(6,479)
2,516
76,358
(319,479)
(1,877)
Net financial expense
(368,924)
(366,194)
(244,998)
Earnings before income taxes
Income taxes
1,056,295
(285,111)
1,048,478
(283,001)
772,268
(197,075)
Earnings after income taxes
771,184
765,477
575,193
Income from unconsolidated subsidiaries and affiliates
Minority interests
7,492
(20,962)
7,437
(20,807)
11,105
(39,099)
Net earnings
757,714
752,107
547,199
Appropriation of earnings:
Reserves and retained earnings
Dividend on common shares
Dividend on cumulative preferred financing shares
427,192
318,264
12,258
424,031
315,909
12,167
299,133
238,141
9,925
757,714
752,107
547,199
Net earnings after preferred dividend
Weighted average number of common shares outstanding (x 1,000)
Earnings per common share
Weighted average number of diluted common shares (x 1,000)
Diluted earnings per common share*
745,456
643,167
USD 1.16
673,231
USD 1.14
739,940
643,167
EUR 1.15
673,231
EUR 1.13
537,274
585,975
EUR 0.92
599,006
EUR 0.91
Calculated as follows: net earnings after preferred dividend, adjusted for the interest expenses on the convertible subordinated notes,
divided by the weighted average number of common shares outstanding, including the number of common shares that would have been
issued upon conversion of the convertible subordinated notes and the exercise of stock options rights outstanding.
Note: Dollar figures herein are translated for reader convenience from the underlying Euro figures at EUR 0.9926 per USD
52 Royal Ahold Annual Report 1999
