with the confidence
to look forward
to a future of
continued growth.
€32.8bn
El
O
8
Message from Dick Boer, Ahold CEO
Our Reshaping Retail strategy is working
Our strategy enables us to grow in a changing environment
and positions Ahold for success in the future
We are taking a balanced approach to investing in growth
and providing attractive returns to shareholders
D?
Ahold Annual Report 2012
Ahold at a glance
2012yearreview.ahold.com
For more information on our
Reshaping Retail strategy see page 12
Watch Dick Boer's
video online
Our strategy
Our performance
Governan
Investors
Dear shareholders,
The retail environment we operate in is incredibly dynamic, and our
customers' needs are changing faster than ever. Their lives are hectic
- they want convenience, and they expect a personalized shopping
experience. At the same time, they are looking to fit more quality time
with family and friends into their busy schedules - and food often
plays an important role. There is a growing focus on healthy eating,
and people expect to find the right choices and information to support
and inspire them when they shop. And they want all of these things at
a price they can afford. This new reality demands ever greater
creativity, innovation and value creation from retailers like us.
Net sales
In 2012, we marked our 125 year anniversary. We've made it to this
milestone because our people have always put the customer first -
and have had the vision to transform our offering to evolve with
shoppers' changing needs.
With 20 consecutive quarters of identical sales growth, steady
market share growth in our main markets over the past five years,
and consistently strong cash generation, we have a robust and
successful business. Furthermore, our reshaping retail strategy is
ensuring that we continue our heritage in innovation to bring new
value to our customers of today and tomorrow.
Delivering on our Reshaping Retail strategy
In 2012, we delivered another year of good financial performance.
We grew net sales by 8.5% in 2012, to €32.8 billion. At constant
exchange rates, our net sales were up 3.5%. We had €1.2 billion in
operating income and our underlying operating margin was 4.3%,
despite challenging market conditions. Consumer confidence
remained low and retailers had to work hard to drive sales in this
environment. In the face of these challenges, we were nevertheless
able to gain market share once again in all of our major markets.
