Southeastern Europe Asia
In 2011, Delhaize Group
combined the newly acquired
Maxi-operations in 5 Balkan
countries with the existing
activities of Alfa Beta in
Greece and Mega Image in
Romania, including Super
Indo in Indonesia, into the
Southeastern Europe Asia
(SEE Asia) segment. With
EUR 2 459 million, this segment
contributed in 2011 12% of the
total Group revenues.
DELHAIZE GROUP ANNUAL REPORT '11 33
Revenues of the Southeastern Europe and Asia
segment increased in 2011 at actual exchange
rates by 32.0%. This was mainly a result of the
Delta Maxi acquisition and to a lesser extent
of revenue growth in Greece despite a difficult
economic environment, in Romania and in Indo
nesia.
The strong local brand image of Alfa Beta in
Greece, in combination with the price invest
ments made in 2011, paid off. Both by attract
ing more traffic in the existing stores and by
expanding the network through acquisitions
and new openings. Alfa Beta succeeded to
win a bigger share in a declining market. Also
Indonesia and Romania benefited from a strong
store expansion program, solidifying their posi
tion in a promising market.
The performance of Maxi in the newly acquired
operations in Serbia, Bulgaria, Bosnia Herze
govina, Montenegro and Albania evolved posi
tively since the integration in August 2011 and
as a result of the implementation of the New
Game Plan with respect to pricing and assort
ment changes.
In 2011, gross margin decreased by 22 basis
points due to the lower gross margin of Maxi.
Excluding Maxi, gross margin for the segment
increased by 65 basis points as a result of better
supplier terms. Selling, general and adminis
trative expenses as a percentage of revenues
increased by 25 basis points to 20.5%. Oper-
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