Disclaimer
Certain statements contained in this annual report are "forward-looking statements" within the meaning of the U.S. federal
securities laws. Those statements include, but are not limited to: statements as to expected increases in net sales,
operating results, market shares and certain expenses, including interest expenses, in respect to certain of our operations,
as to the timing, effects, limits and effectiveness of proposed improvements and changes to our accounting policies and
internal control systems, regarding our expected return on capital investment commitments, regarding the timing, scope
and impact of certain divestments and acquisitions, including our intentions with regards to U.S. Foodservice, as to the
expected impact of changes in accounting standards, including International Financial Reporting Standards, as to the
expected timing, strategy, outcome and impact of certain litigation proceedings and investigations and the sufficiency of
our available defenses and responses, as to the timing of future dividend payments, if any, regarding the extent of our
obligations under certain contingent liabilities, as to our compliance with various environmental laws and regulations and
estimations as to the materiality of any related costs and statements as to expected improvements in and changes to
accounting policies and internal controls, as well as expectations as to the impact of operational improvements on
productivity levels, operating results and profitability in our stores, as to the savings from new projects and programs and
from increased cooperation between our subsidiaries, particularly in the United States and Europe, regarding our financial
condition and prospects, our access to liquidity, the sufficiency of our working capital and the sufficiency of our existing
and new bank facilities, as well as to the timing and amounts of certain payments thereunder and the sources of funds
available for such payments, expectations as to the sufficiency of our directors' and officers' liability insurance, as to the
sufficiency of our product liability insurance, as to the cost of contributions to certain pension plans and other employee
benefit plans, as to the risks and liabilities of hedging transactions entered into, as to our competitive position and the
impact of the weakened economy on our business, as to relations between our operating companies and their employees,
including relationships with labor unions, regarding our growth and capital expenditures and expectations as to the impact
of the announced accounting irregularities on our operations, liquidity and business.
These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to
differ materially from future results expressed or implied by the forward-looking statements. Important factors that could
cause actual results to differ materially from the information set forth in any forward-looking statements include, but are
not limited to: our liquidity needs exceeding expected levels and amounts available under our credit facilities, our ability to
maintain normal terms with vendors and customers, our ability to successfully implement our cash flow and debt reduction
plan, as well as our divestment program, in particular our ability to refinance our debt obligations maturing in fiscal 2004
and fiscal 2005, the effect of general economic conditions and changes in interest rates in the countries in which we
operate, difficulties encountered in the cooperation efforts among our subsidiaries and the implementation of new
operational improvements, diversion of management's attention, the loss of key personnel, the integration of new members
of management, and our ability to attract and retain key executives and associates, increases in competition in the markets
in which our subsidiaries and joint ventures operate and changes in marketing methods utilized by competitors, our ability
to maintain satisfactory labor relations, the potential adverse impact of certain joint venture options, if exercised, on our
liquidity and cash flow, fluctuations in exchange rates between the Euro and the other currencies in which our assets,
liabilities and operating results are denominated, in particular, the US dollar, the Argentine Peso and the Brazilian Real,
our ability to maintain our market share, the results of pending or future legal proceedings to which we and certain of our
current and former directors, officers and employees are a party, the actions of government regulators and law enforcement
agencies, any further downgrading of our credit ratings, the potential adverse impact of the disclosure in this annual report
on our results of operations and liquidity and the other factors discussed elsewhere in this annual report.
Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to
place undue reliance on the forward-looking statements, which only speak as of the date of this annual report. We do not
undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or
circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws.
Neither our independent auditors, nor any other independent accountants, have compiled, examined, or performed any
procedures with respect to the prospective financial information contained herein, nor have they expressed any opinion or
any other form of assurance on such information or its achievability, and assume no responsibility for, and disclaim any
association with, the prospective financial information.
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