€0.73
2 www.ahold.com/reports2008
Group performance
Share in income of joint ventures
Income from discontinued operations
Earnings per share
Financial position
Income (loss) from
continuing operations
diluted earnings per share from
continuing operations
Operating and financial review
AHOLD ANNUAL REPORT 2008 13
Ahold's share in income of joint ventures of EUR 109 million decreased
EUR 29 million. The decrease was due to lower gains on the sale of assets
at ICA (Ahold's share in these gains was EUR 16 million in 2008 and
EUR 39 million in 2007) and weak performance at ICA Norway.
In 2008, income from discontinued operations of EUR 211 million related
primarily to the divestment of our 73.2 percent stake in Schuitema. It also
includes operational results from Schuitema until divestment date (June 30, 2008)
and dividends and fees from JMR. During 2008, market conditions deteriorated
significantly, however, Ahold remains committed to sell its stake in JMR and
continues to actively market it. During 2007, Ahold sold U.S. Foodservice, its
Polish operations and Tops, largely completing the divestment program announced
in November 2006. This resulted in income from discontinued operations of
EUR 2.2 billion in 2007. For further information about income from discontinued
operations, see Note 5 to the consolidated financial statements.
Diluted income from continuing operations per common share was EUR 0.73,
an increase of 40.4 percent compared to 2007. The increase in earnings per share
exceeded the increase in total income from continuing operations. This was due
to the lower average number of common shares outstanding following the capital
repayment and reverse stock split and the share buyback program, both in the
second half of 2007.
December 28, 2008
December 30, 2007
million
million
Property, plant and equipment
5,532
40.7
5,390
38.6
Other non-current assets
2,764
20.3
2,727
19.6
Cash and cash equivalents
2,863
21.1
3,263
23.4
Other current assets
2,433
17.9
2,564
18.4
Total assets
13,592
100.0
13,944
100.0
Group equity
4,676
34.4
3,887
27.9
Non-current portion of long-term debt
3,782
27.8
4,187
30.0
Other non-current liabilities
996
7.3
937
6.7
Short-term borrowings and current portion of long-term debt
459
3.4
1,192
8.6
Other current liabilities
3,679
27.1
3,741
26.8
Total group equity and liabilities
13,592
100.0
13,944
100.0
per common share (diluted)
(0.09)
