34
Financial review
Results from operations
Ahold Annual Report 2012
Ahold at a glance
Our strategy
Our performance
Governan
Investors
Ahold's 2012 and 2011 consolidated income statements are summarized as follows:
2012
million
of
net sales
2011
million
of
net sales
Net sales
32,841
100.0%
30,271
100.0%
Gross profit
8,524
26.0%
7,921
26.2%
Underlying operating expenses
(7,110)
(21.7)%
(6,546)
(21.7)%
Underlying operating income
1,414
4.3%
1,375
4.5%
Impairments
(55)
(25)
Gains on the sale of assets
21
12
Restructuring and related charges
(193)
(15)
Operating income
1,187
3.6%
1,347
4.4%
Net financial expense
(227)
(316)
Income taxes
(211)
(140)
Share in income of joint ventures
81
141
Income from continuing operations
830
2.5%
1,032
3.4%
Loss from discontinued operations
(3)
(15)
Net income
827
2.5%
1,017
3.4%
Net sales
Net sales in 2012 were €32.8 billion, up 8.5% compared to 2011. At
constant exchange rates, net sales growth in 2012 was 3.5%. We
delivered solid sales performance in the United States and the
Netherlands, despite market conditions that remained challenging.
Net sales growth was positively impacted by identical sales growth;
store remodeling and expansion; the acquisition of bol.com; and new
stores openings, including the acquisition of 15 Genuardi's and two
Fresh Green's stores in the United States and 15 stores in the
Netherlands that were converted after the agreement to transfer 82
stores from Jumbo. You can read more about our operating
companies' net sales in Performance by segment.
Our net sales consist of sales to consumers and to franchise stores.
Franchise stores typically operate under the same format as Ahold-
operated stores. Franchisees generally purchase merchandise from Ahold,
pay a franchise fee and receive support services, including management
training, field support and marketing and administrative assistance.
Net sales
million
2008
2009
2012
Net sales
Net sales growth at constant exchange rates1
1 Net sales growth is
adjusted for the impact of \wek 53 in 2009.
In million 2012
Ahold USA 20,112 61.2%
The Netherlands 11,054 33.7%
Other Europe 1,675 5.1%
Total 32,841 100%
Net sales
contribution
by segment
