Financial statements - Notes to the consolidated financial statements
Note 18
JMR
Paiz Ahold
Williams Humbert
Condensed financial information
2005 1
In February 2006 ICA announced its decision to sell ICA Meny. ICA Meny is a foodservice subsidiary of ICA, specialized in
distribution to restaurants, caterers and convenience stores.
In 1992, the Company became a partner with Jerónimo Martins, SGPS, S.A. in JMR in Portugal. JMR owns 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. The investment in JMR is accounted for as an investment in an associate.
The Company held a 50% interest in Paiz Ahold, which in turn held a 66.7% interest in CARHCO. In September 2005, Ahold
sold its 50% in Paiz Ahold to Wal-Mart Stores Inc. For more information on this divestment, see Note 12.
In 1979, Ahold became a 50% partner in Luis Paez. In 1995, Luis Paez obtained full ownership of Williams Humbert, a
prominent sherry bodega, with which it subsequently merged. In May 2005, Ahold sold its 50% interest to an entity controlled
by the Medina family, which held the remaining 50% stake in W&H.
In addition to the joint ventures and associates mentioned above, the Company is a partner in several real estate joint ventures.
Share in income of joint ventures and associates in 2005 includes EUR 21 related to the sale of Ahold's share in a real estate
joint venture.
The condensed balance sheets and condensed statements of operations data (on a 100% basis) for ICA, JMR and Paiz Ahold,
in the aggregate, as of and for the years ended January 1, 2006 and January 2, 2005, are presented below. Paiz Ahold
qualifies as discontinued operation and consequently net sales and operating income of Paiz Ahold for 2005 and 2004 are
excluded from the condensed statements of operations below. Instead, the 2005 and 2004 result of Paiz Ahold is presented
as net income from discontinued operations.
January 1, 1
January 2,
CONDENSED BALANCE SHEET DATA
2006 1
2005
Non-current assets
2,622
3,058
Current assets
2,003
2,020
Non-current liabilities
1,307
723
Current liabilities
2,079
2,953
CONDENSED STATEMENTS OF OPERATIONS DATA
2004
Net sales
9,423
9,664
Gross profit
1,733
1,743
Operating income
1,826
1,819
Income before income taxes
266
298
Net income
173
185
Net income from discontinued operations
40
49
Net income from continuing operations
133
136
Net sales 2004 of ICA have been adjusted for the effect of exclusion of excise taxes in the amount of approximately EUR 22.
138
