00 Ahold ANNUAL REPORT 2002 191
BOARD GOVERNANCE HIGHLIGHTS OPERATING REVIEW FINANCIAL INVESTOR REL AT IONS
franchisees. The shares representing CKK's 25% indirect ownership of Schuitema are held as coiiaterai by third-party
banks, which provided ioans of approximateiy EUR 55 miiiion to franchisees. Schuitema has the right to re-acquire and
may be obiigated to repurchase these shares at their nominai vaiue of EUR 94 thousand if approved by a majority vote of
the board of CKK, which consist of an equai number of Schuitema and franchisee members.
The Company has reiationships with VASPs that provide varying degrees of support to the Company in the procurement of
its private iabei and signature brand products. Aithough the Company does not have any ownership rights in respect of the
VASPs, the entities appear to be VIEs and the Company hoids a majority of the risks and rewards associated with them.
The majority of the assets and iiabiiities of the VASPs have been recorded in the Company's consoiidated financiai
statements in accordance with SFAS No. 49, which has been disciosed in Note 2 and Note 28. There are no exposures
to ioss that currentiy are not refiected in the financiai position of the Company.
