Operating and Financial Review
This section provides a discussion of matters we consider important for an understanding of our financial condition and
results of operations as of and for the three fiscal years ended December 29, 2002. This discussion consists of the
following subsections:
1 "Restatements, Adjustments and Remedial Actions," which contains information regarding certain of the matters we
announced on February 24, 2003, and subsequent developments, an analysis of the resulting restatements of our
consolidated financial statements for fiscal 2001 and fiscal 2000, certain correcting adjustments for fiscal 2002
reflected in our fiscal 2002 financial statements and restated net sales and net income (loss) data for the first three
quarters of fiscal 2002;
2 "Results of Operations," which sets forth an analysis of the results of our operations for the last three fiscal years,
including trends in our overall business and in our operating segments; and
3 "Liquidity and Capital Resources," which contains a discussion of our cash flows and liquidity, our financing activities,
our debt ratings, the 2003 Credit Facility, our receivables securitization programs, our value added service providers
("VASPs"), our contractual obligations, our off-balance sheet arrangements and related issues.
4 "Strategic Outlook" and "Outlook for Fiscal 2003," which include a summary of our recently announced new strategic
framework and the outlook of our new management team, respectively;
Ahold's restated and reclassified financial position as per December 30, 2001 and results for fiscal 2001 and 2000 under
Dutch GAAP and US GAAP and certain correcting adjustments reflected in the fiscal 2002 financial position, the findings
that resulted and other related events have significantly affected the various discussions and analyses contained herein. As
a result, such discussions and analyses differ substantially from those contained in our annual reports for fiscal 2001 and
fiscal 2000.
Our financial statements are prepared in accordance with Dutch GAAP, which differs in certain respects from US GAAP.
For additional information on the differences between Dutch GAAP and US GAAP relevant to us, please see Note 31 to our
financial statements included in this annual report. A reconciliation of our net income (loss) and shareholders' equity
under US GAAP is also presented in Note 31.
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