20
Total
12 14
Ahold
Annual Report 2011
Groupata glance
Performance
Governance
Financials
Investors
Group performance continued
Operating income million)
Margin1
1,336 4.9%
1,297 5.1%
1,202 5.1%
1,071 4.9%
1 Underlying retail operating margin.
Underlying retail operating income
Contribution by segment
2011 Underlying
million) margin
I Ahold USA
The Netherlands
Other Europe
769 4.3%
666 6.3%
20 1.2%
Total
1,455
Operating income
In 2011operating income was €1.3 billion, up €11 million or 0.8 percent compared to 2010.
Underlying retail operating income (which excludes impairments, gains and losses on the sale
of assets, and restructuring and related charges) was €1.5 billion, or 4.8 percent of net sales.
Operating profits were only marginally higher as improved results at Ahold USA and Other
Europe were mostly offset by results in the Netherlands, where, especially in the first quarter, we
did not fully pass on cost inflation. You can read more about our operating companies' results in
Performance by segment. Impairments, gains and losses on the sale of assets, and restructuring
and related charges are listed below.
Corporate Center costs were €80 million, up €4 million compared to 2010. Excluding the impact
of our self-insurance activities, Corporate Center costs were €70 million, which was €5 million
lower than last year.
Impairment of assets
Ahold recorded the following impairments and reversals of impairments of assets (primarily
related to underperforming stores) in 2011 and 2010:
2011 2010
million million
Ahold USA
(23)
(17)
The Netherlands
Other Europe
(2)
(6)
(4)
Ahold Europe
(2)
(10)
Total
(25)
(27)
Gains and losses on the sale of assets
Ahold recorded the following gains on the sale of non-current assets in 2011 and 2010:
2011
million
2010
million
Ahold USA
3
9
The Netherlands
Other Europe
9
CO CM
Ahold Europe
9
5
