BsimEiHHta
4.6%
33.2%- 46%
34
1.7%
37.4%
60.9%
Group financial review (continued)
Czech Republic
Corporate Center
Ahold at a glance I Business review I Governance I Financials I Investors
million
2015
(53 weeks)
2014
(52 weeks)
Change versus
prior year
change
Net sales
1,772
1,521
251
16.5%
Operating income
11
13
(2)
(15.4)%
Adjusted for:
Restructuring and related charges and other items
16
6
10
Underlying operating income
27
19
8
42.1%
Underlying operating income margin
1.5%
1.2%
0.3% pt
In 2015, net sales in the Czech Republic were
€1,772 million, up by 16.5% or €251 million,
compared to 2014. At constant exchange rates,
net sales were up by 15.3%.
Net sales growth was affected by lower
gasoline sales due to lower gasoline prices.
Excluding gasoline, net sales at constant exchange
rates were 16.3% higher than in 2014 or, compared
to the adjusted 2014 sales, higher by 14.2%.
This increase was driven by the inclusion of 49
SPAR stores acquired as of August 1, 2014.
During the year, the former SPAR stores became
part of our identical store base. Identical sales for
2015, excluding gasoline and in local currency,
were down 0.5%, adversely affected by the larger
former SPAR stores. The Czech market continued to
be promotion-driven and significantly impacted by
competitive pressure. In this market, the supermarkets
posted positive identical sales growth for the year.
During the year, all of the supermarkets were
converted to our Favorite store concept and in the
fourth quarter Favorite was also implemented in all
larger former SPAR stores.
Net sales Online net sales
contribution by segment contribution by category
Czech Republic
The Netherlands General
62.2% merchandise 54^0
Ahold USA Food
Ahold
Annual Report 2015
Operating income in 2015 decreased by €2 million,
or 15.4%, to €11 million. Restructuring and related
charges amounted to €16 million, with €14 million
related to the SPAR acquisition.
In 2015, underlying operating income in the
Czech Republic was €27 million, up by €8 million,
or 42.1%, from €19 million in 2014. The year also
included €7 million of non-recurring costs related
to the SPAR integration (2014: €12 million). In 2015,
underlying operating income margin in the Czech
Republic was 1.5%, which was 0.3 percentage
points higher than in 2014, and is mainly a result
of the aforementioned non-recurring costs related
to the SPAR integration.
In 2015, Albert successfully completed the rebranding
of all of the former SPAR stores. In the third quarter
of 2015, the divestment of five stores, including
one former SPAR store, as part of an antitrust
requirement related to the SPAR acquisition was
completed. Total one-off costs recognized in 2015
were €21 million, of which €7 million has been
recognized in underlying operating income and
€14 million as restructuring charges. This was below
the expected additional one-off cost of €40 million
for 2015.
Corporate Center costs in 2015 were €128 million,
up €54 million compared to last year. This increase
was mainly driven by the transaction costs in 2015
related to the intended merger with Delhaize
(€37 million) and a €9 million gain in 2014 related
to the effects of pension plan amendments.
Underlying Corporate Center costs were €84 million,
up €20 million compared to 2014. Excluding the
impact of our self-insurance activities, underlying
Corporate Center costs were €106 million,
€24 million higher than last year.
Underlying operating income
contribution by segment1
Czech Republic
The Netherlands
Ahold USA
1 Before Corporate Center costs.
