Historical Financial Overview
Free cash flow(1),(3)
FINANCIAL STATEMENTS
RESULTS (in millions of
2014
2013
2012
2011(4)
2010(5)
2009(5)
2008(5)
2007(5)
Revenues
21 361
20 593
20 514
19 519
20 850
19 938
19 024
18 943
Operating profit
423
537
574
775
1 024
942
904
937
Net financial expenses
(172)
(184)
(226)
(169)
(203)
(202)
(202)
(332)
Income tax expense
(66)
(85)
(55)
(145)
(245)
(228)
(217)
(204)
Net profit from continuing operations
189
272
297
465
576
512
485
401
Net profit (Group share)
89
179
105
472
574
514
467
410
Free cash flow<1)
757
669
773
(229)
665
626
162
326
FINANCIAL POSITION (in millions of
Total assets
12 127
11 594
11 915
12 276
10 902
9 748
9 700
8 822
Total equity
5 453
5 073
5 186
5 416
5 069
4 409
4 195
3 676
Net debt(1)
997
1 473
2 072
2 660
1 787
2 063
2 402
2 244
Enterprise value(1),(2)
7 210
5 899
5 155
7 082
7 400
7 472
6 849
8 281
PER SHARE INFORMATION (in
Group net earnings (basic)(3)
0.88
1.77
1.04
4.69
5.73
5.16
4.70
4.20
Group net earnings (diluted/31
0.87
1.76
1.04
4.65
5.68
5.08
4.59
4.04
7.46
6.62
7.66
(2.28)
6.64
6.26
1.63
3.35
Gross dividend
1.60
1.56
1.40
1.76
1.72
1.60
1.48
1.44
Net dividend
1.20
1.17
1.05
1.32
1.29
1.20
1.11
1.08
Pay-out ratio (net profit - Group share)
185.7%
89.4%
136.3%
38.0%
30.4%
31.4%
31.9%
35.2%
Shareholders' equity(2)
52.98
49.47
50.86
53.11
49.91
43.54
41.19
36.17
Share price (year-end)
60.43
43.20
30.25
43.41
55.27
53.62
44.20
60.20
RATIOS
Operating margin 2.0% 2.6% 2.8% 4.0% 4.9% 4.7% 4.8% 4.9%
Effective tax rate of continuing operations 26.3% 24.2% 15.9% 23.9% 29.8% 30.8% 30.9% 33.7%
Net margin (Group share) 0.4% 0.9% 0.5% 2.4% 2.8% 2.6% 2.5% 2.2%
Net debt to equity(1) 18.3% 29.0% 40.0% 49.1% 35.3% 46.8% 57.3% 61.0%
CURRENCY INFORMATION
Average per rate 0.7527 0.7530 0.7783 0.7184 0.7543 0.7169 0.6799 0.7297
per rate at year-end 0.8237 0.7251 0.7579 0.7729 0.7484 0.6942 0.7185 0.6793
OTHER INFORMATION
Number of sales outlets
Capital expenditures (in millions of
Number of employees (thousands)
Full-time equivalents (thousands)
Weighted average number of shares
outstanding (thousands)
3 468
3 534
3 451
3 408
2 800
2 732
2 673
2 545
606
565
681
754
660
520
714
729
152
161
158
160
139
138
141
138
114
121
120
122
103
104
106
104
101 434
101 029
100 777
100 684
100 271
99 803
99 385
97 666
(1) See "Financial Review" section for explanation of the non-GAAP financial measures.
(2) Calculated using the total number of shares issued at year-end.
(3) Calculated using the weighted average number of shares outstanding over the year.
(4) Not adjusted for the reclassification of the banner Bottom Dollar Food and our Bulgarian and Bosnian Herzegovinian operations to discontinued operations
given their (planned) divesture and the impact of the initial application of IFRIC 21.
(5) Not adjusted for the impact mentioned in footnote (4) and in addition: (i) the reclassification of the banners Sweetbay, Harveys and Reid's to discontinued
operations given their divestiture and (ii) the initial application of the amendments to IAS 19 and IFRS 11, whereby P.T. Lion Super Indo, LLC is accounted for
under the equity method.
