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, amounts
available under our credit facilities and our ability to
refinance our debt obligations maturing in 2006;
our ability to maintain normal terms, or improve terms,
with suppliers and customers;
our ability to successfully reorganize U.S. Foodservice;
our ability to address legal obstacles to the consummation
of certain divestments and acquisitions and to satisfy
other closing conditions to certain divestments and
acquisitions;
our ability or the ability of any of our arenas and operating
companies to implement and successfully complete their
plans and strategies or delays or additional costs
encountered in connection with their implementation;
the effect of general economic conditions and fluctuations
in food prices;
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, our ability to attract, retain and unexpected
delays in appointing key executives and employees;
our ability to strengthen our internal controls and the
amount of resources required to implement and maintain
strengthened accounting systems and controls;
increases in competition in the markets in which our
subsidiaries and joint ventures operate and changes in
marketing methods utilized by competitors;
fluctuations in interest rates in the countries in which we
operate and in exchange rates between the euro and the
other currencies in which our assets, liabilities and
operating income are denominated, in particular, the U.S.
dollar;
our ability to maintain our market share in the markets in
which we operate;
the effect of announced accounting treatment on certain
charges and expenses;
the results of pending or future legal proceedings to which
we and certain of our current and former directors,
officers and employees are, or may be, a party;
the actions of government regulators and law enforcement
agencies;
any downgrading of our credit ratings or our inability to
return to an investment grade profile;
sufficiency of our insurance coverage and any increases in
insurance premiums;
our ability to successfully outsource information
technology within the allotted cost and time period;
our ability to maintain normal relations with personnel
and trade unions;
the potential adverse impact of any disclosures made in
this annual report on our results of operations and
liquidity; and
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 and
regulations.
Neither our independent auditors, nor any other independent
accountants, have compiled, examined, or performed any
procedures with respect to the prospective financial
information contained in this annual report, nor have they
expressed any opinion or any other form of assurance on
such information or its achievability. They assume no
responsibility for, and disclaim any association with, the
prospective financial information.
For additional information on these forward-looking
statements and the factors that could cause actual results
to differ materially from future results expressed or implied
by these forward-looking statements, see our public filings.
Outside the Netherlands, we present ourselves under the
name of "Royal Ahold" or simply "Ahold." For the reader's
convenience, "Ahold" or "the Company" is also used
throughout this annual report. Our registered name is
"Koninklijke Ahold N.V."
AHOLD ANNUAL REPORT 2005 239
