34
Group financial review (continued)
Capital investments and
property overview
billion
Ahold at a glance
Business review
Governance
Ahold
Annual Report 2014
Capital expenditure, which include new finance
leases, amounted to €1 billion in 2014 and
€0.8 billion in 2013. Our investments were primarily
related to the construction, remodeling and expansion
of stores and supply chain (including online) and
IT infrastructure improvements. In 2014, capital
expenditure also included the acquisition of SPAR in
the Czech Republic. Excluding acquisitions, capital
expenditure in 2014 was €0.7 billion, below our
guidance of €0.9 billion.
At current exchange rates, capital expenditures,
excluding acquisitions, are expected to be around
€0.9 billion in 2015.
Capital expenditures
0.9
1.0
I I 0.7
29% 2.7% 2.8% 2.5% 2.3%
201C
2012
2013
2014
Acquisition capex
Regular capex Regular capex as of sales
At the end of 2014, we operated 3,206 stores, a net increase of 75 stores. Total sales area increased by
5.1% (or 1.7% excluding the SPAR stores) to 4.9 million square meters. This includes franchise stores and
excludes the stores operated by our joint venture JMR.
December 29,
2013
Opened
acquirec
Closed soIc
December 28,
2014
Ahold USA
767
3
(2)
768
The Netherlands1
2,056
74
(25)
2,105
Czech Republic
284
50
(1)
333
Continuing operations
3,107
127
(28)
3,206
Slovakia
24
(24)
-
Total number of stores
3,131
127
(52)
3,206
1 The number of stores as of December 28, 2014, includes
were converted to the Albert Heijn banner during 2014.
1,139 specialty stores (Etos
and Gall Gall). In addition, 15 C1000 stores
Franchisees operated 869 Albert Heijn, Etos and Gall Gall stores, 523 of which
franchisees or leased independently from Ahold.
were either owned by the
Ahold
Franchisees
Total
Number of stores leased or owned
2,683
523
3,206
Number of stores subleased to franchisees
(346)
346
-
Number of stores operated
2,337
869
3,206
Ahold's stores range in size from 20 to 10,000 square meters. The average sales area of our stores in the
United States is approximately 3,850 square meters and in Europe approximately 1,350 square meters
(excluding Etos and Gall Gall, which operate much smaller stores).
At the end of 2014, Ahold operated 243 pick-up points, 106 more than in 2013. These were either
standalone, in-store or office-based. In 2014, we opened 89 pick-up points in the U.S., bringing the total to
209, and 17 in the Netherlands, bringing the total to 34.
Our total number of retail locations, including the 2,683 stores owned or leased by Ahold and 14 pick-up
points in stand-alone locations, was 2,697 in 2014, higher by 73 compared to 2013.
We also operated the following other properties as
of December 28, 2014:
Warehouse distribution centers
production facilities offices 84
Properties under construction development 9
Investment properties 685
Total
778
The investment properties consist of buildings and
land. Virtually all these properties were subleased
to third parties. The majority were shopping centers
containing one or more Ahold stores and third-party
retail units generating rental income.
The following table breaks down the ownership
structure of our 2,697 retail locations and 778 other
properties as of December 28, 2014:
of total
Retail locations
Other properties
Company-owned
20%
40%
Leased
80%
60%
of which:
Finance leases
13%
7%
Operating leases
67%
53%
Our leased properties have terms of up to 25 years,
with renewal options for additional periods.
Store rentals are normally payable on a monthly basis
at a stated amount or, in a limited number of cases,
at a guaranteed minimum amount plus a percentage
of sales over a defined base.
