Forward-looking statements notice
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:
expectations as to changes in net sales, operating income
and certain expenses in respect of certain of our
operations, price fluctuations and estimations of the
factors that will cause such expected changes;
expectations as to reduction of our debt and the
consequences on our financial position, results of
operations and liquidity;
expectations as to the tax rate and our tax position;
expectations as to the impact of operational improvements
on productivity levels, operating income and profitability
in our stores;
expectations as to the savings and synergies from our
arena strategy, new projects and programs and from
increased cooperation between our subsidiaries;
statements as to the timing, effects, limits and
effectiveness of the remedial measures we have taken or
are taking to strengthen our internal controls and of
improvements and other changes to our accounting
policies, internal control systems and corporate
governance;
expectations as to our financial position and prospects,
our initiatives to lower costs, our access to liquidity, the
sufficiency of our working capital and the sufficiency of
our existing credit facilities, our letter of credit
requirements, exposure to currency exchange and interest
rate fluctuations, as well as to the timing and amounts of
certain repayments under our existing indebtedness and
the sources of funds available for such payments and the
impact of our financial plan and strategy;
statements regarding meeting the criteria for investment
grade rating from the two applicable rating agencies;
statements as to the timing, scope and impact of certain
divestments, dispositions or acquisitions, the amount of
proceeds to be raised and the use of proceeds from such
divestments, dispositions or acquisitions;
expectations as to the growth in the retail and foodservice
industries;
expectations as to trends in fuel cost, pension and health
care costs, insurance costs and coverage, exchange rate
fluctuations and food price inflation;
statements regarding the timing, scope, progress and
expected impact of the U.S. Foodservice strategy and
recovery plan, including its training program, the
reorganization of its operations, the integration and
improvement of its operating platforms, the strengthening
of its governance and internal controls and the restoration
of its procurement leverage;
statements regarding re-engineering of the food retail
business and store operations, consolidating and
streamlining within this re-engineering, and improving our
product assortment;
statements as to the expected timing, strategy, outcome,
cost and impact of certain legal proceedings and
investigations and the sufficiency of our available
defenses and responses;
statements as to the extent of our obligations under
certain contingent liabilities;
expectations as to the cost of contributions to certain
pension plans and other employee benefit plans, and the
review of such plans;
statements as to the amount and timing of any future
dividend payments;
expectations as to our competitive position, industry
consolidation and the impact of the weakened economy
on our business, liquidity and results of operations and
financial position;
expectations regarding our growth and capital
expenditures;
statements as to our goals and future strategy with respect
to supplier and customer relationships, market
positioning, net sales growth, portfolio strategy and
operating margin;
expectations as to our information technology outsourcing
initiative;
expectations as to the impact of the settlement of the
securities class action on our operations, liquidity and
business;
expectations as to the timing of certain appointments of
key executive personnel;
expectations as to corporate executive board
compensation;
expectations as to our relationships with the relevant trade
unions and retention of personnel; and
expectations as to environmental risks and regulations.
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