O www.ahold.com/reports2009
Performance by segment - continued
Performance
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3
Jerónimo Martins Retail 2
In 1992, Ahold became a 49 percent partner in Jerónimo Martins Retail ("JMR") with
Gestao de Empresas de Retalho, SGPS, S.A. JMR is headquartered in Lisbon, Portugal.
Under the terms of the shareholders' agreement, the Company shares equal voting power Gem til le mm "it- he kt hi iiuy,h.\\
in JMR with Gestao de Empresas de Retalho, SGPS, S.A.
At the end of 2009, JMR owned and operated 358 retail food stores in Portugal under
the brand names Pingo Doce and Feira Nova. As of 2009, Ahold's 49% stake in its joint
venture JMR was reclassified from assets held for sale to investments in joint ventures
because the sale of JMR is no longer considered to be highly probable as defined in
IFRS 5.
Net sales
Net sales increased by 8.1 percent to €2.7 billion, helped in 2009 by the contribution
from the former Plus stores, acquired in May 2008.
Operating income
In 2009, operating income increased €5 million to €86 million, with the operating margin
remaining at 3.1 percent.
Net income
In 2009, net income increased €14 million to €45 million, with higher operating income
and lower financial charges only being partly offset by higher taxes.
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Ahold Annual Report 2009 26
