16 Investments in joint ventures and equity investees
As of December 29, 2002 and December 30, 2001, the Company held a number of investments, which it accounts for
using the equity method. The Company's interest in the outstanding common stock of the more significant investments as
of December 29, 2002 and December 30, 2001, is as follows:
December 29,
December 30,
Country
2002
2001
JMR - Gestao de Empresas de Ratalho, SGPS. S.A. ("JMR")
Portugal
49%
49%
ICA Ahold AB ("ICA")
Sweden
50%
50%
Paiz Ahold N.V. ("Paiz Ahold")
Guatemala/Honduras/El Salvador
50%
50%
Disco Ahold International Holdings N.V. ("DAIH")
Chile/Paraguay/Peru/Argentina
Consolidated
57%
Luis Paez S.A. ("Luis Paez")
Spain
50%
50%
Of those listed above, the Company's principal investments as of December 29, 2002 are comprised of ICA, JMR, and Paiz
Ahold. Ahold acquired its partner's interest and has fully consolidated DAIH since July of 2002 as discussed in Note 4 and
Note 5.
The movement in the balance of the account was as follows:
Fiscal 2002 Fiscal 2001 Fiscal 2000
Beginning of the year
681
639
278
Acquired by business acquisition
12
1
2
Investments and increase in existing shareholdings
159
138
1,904
Transfer to "loans to associates"
(395)
395
Sale and settlement of shareholdings
(19)
(3)
(9)
Other movements
(6)
Exchange rate differences
(23)
(159)
(6)
Share in income (loss) of joint ventures and equity investees
(38)
(192)
78
Dividend
(63)
(61)
(47)
Goodwill
(2)
(77)
(1,456)
Consolidated
539
(99)
End of the year
851
681
639
In 1992, the Company became a 49% partner with Jerónimo Martins, SGPS, S.A. in Jerónimo Martins Retail in Portugal.
JMR owns both Pingo Doce, a major supermarket chain in Portugal and the Feira Nova hypermarkets chain. Ahold holds
49% of the shares and voting rights in JMR.
Ahold owns a 50% partnership interest in ICA Ahold Holding AB, which owns ICA, a Scandinavian food retailer. Ahold
purchased its partnership interest in the ICA joint venture in April 2000 for approximately EUR 1.8 billion in cash. See
also Note 30.
Paiz Ahold
Ahold owns a 50% interest in Paiz Ahold. In January 2002, Paiz Ahold formed a joint venture with CSU International, a
supermarket company and hypermarket operator in Costa Rica, Nicaragua and Honduras. Paiz Ahold transferred 100% of
its interests in its operating companies to the CARHCO N.V. ("CARHCO"), in return for a 66.7% interest in CARHCO. CSU
International transferred 100% of its operating businesses to CARHCO, receiving a 33.3% interest in CARHCO. For more
information on the Paiz put arrangement, see Note 30. CARHCO operates food stores in Guatemala, Costa Rica, Honduras,
El Salvador and Nicaragua as of the end of fiscal 2002. The joint venture focuses on growth within these markets, as well
as on the development of retail activities in other regional markets.
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