Monitoring our performance Group key financial indicators 26 Results Shareholders Leverage and liquidity Other information Ahold at a glance Business review I Governance Financials Investors Ahold Annual Report 2014 2014 million 2013 million Change versus prior year change constant rates Net sales 32,774 32,615 0.5% 0.8% Underlying operating income 1,267 1,379 (8.1)% (8.0)% Underlying operating margin 3.9% 4.2% (0.3)% pt Operating income 1,250 1,239 0.9% 0.9% Income from continuing operations 791 805 (1.7)% (1.9)% Net income1 594 2,537 (76.6)% (76.6)% 2014 2013 Change versus prior year Net income per common share (basic) 0.68 2.48 (72.6)% Adjusted income from continuing operations per share2 0.88 0.79 11.4% Dividend payout ratio3 51% 51% Dividend per common share 0.48 0.47 2.1% Total shareholder return 6.4% 35.8% (29.4)% pt Return on capital employed 13.0% 13.8% (0.8)% pt 2014 2013 Change versus prior year Liquidity billion) 3.1 5.0 (38.0)% Net debt million) 1,311 (942) (239.2)% Debt leverage (times)4 1.9 0.9 111.1% Free cash flow million)10551,109(4.9)% 2014 2013 Change versus prior year Number of stores (including franchise stores) 3,206 3,131 2.4% Capital expenditures (excluding acquisitions) 740 830 (10.8)% Number of employees 227,000 222,000 2.3% Credit rating outlook Standard Poor's BBB stable BBB stable Credit rating outlook Moody's Baa3 positive Baa3 positive Certain key performance indicators contain non-GAAP measures. The definitions of these non-GAAP measures are described on page 37 of this Annual Report. 1 The decline in net income for 2014 compared to 2013 was primarily due to the results from discontinued operations. 2014 results include a charge representing the net of tax settlement amount and associated legal fees for the Waterbury litigation of €194 million, while 2013 results included income of €1,751 million following the saTe of our former joint venture ICA. 2 For more information on adjusted income from continuing operations, see the Group financial review in this section. 3 Dividend payout ratio is based on adjusted income from continuing operations, see the Group financial review section for more information. 4 The debt leverage ratio of the net lease adjusted debt divided by EBlTDAR is defined in the non-GAAP measures section.

Jaarverslagen | 2014 | | pagina 91