Czech Republic €1,521 million (1.2)% 1.2% albert 333 49% €3,565 million Our brands and how we operate (continued) 09 333 15,000 Acquisition of SPAR stores in the Czech Republic completed albert Joint venture: JMR JMR EH V Ahold at a glance Business review I Governance Financials Investors Ahold Annual Report 2014 Net sales Identical sales growth (excluding gasoline) Underlying operating margin Stores Associates Stores Ahold holds 49% of the shares in the joint venture JMR, and shares equal voting power on JMR's board of directors with Jerónimo Martins, SGPS, S.A. Stake Net sales .óri/vS11P'y Pingo Doce is the largest supermarketchain in Portugal, and is managed by JMR. Stores supermarkets. Albert is among the best-known food retail brands in the Czech Republic. Store formats Compact hypers and

Jaarverslagen | 2014 | | pagina 11