Monitoring our
performance
Group key financial indicators
28
Results
Shareholders
Leverage and liquidity
Other information
Ahold at a glance
Business review
I Governance
Financials
Investors
Ahold
Annual Report 2015
2015
(53 weeks)
million
2014
(52 weeks)
million
Change versus
prior year
Change
constant rates
Net sales1
38,203
32,774
16.6%
4.3%
Underlying operating income
1,461
1,267
15.3%
3.6%
Underlying operating margin
3.8%
3.9%
(0.1)% pt
Operating income
1,318
1,250
5.4%
(5.2)%
Income from continuing operations
849
791
7.3%
(3.2)%
Net income2
851
594
43.3%
35.5%
2015
2014
Change versus
prior year
Net income per common share (basic)
1.04
0.68
52.9%
Adjusted income from continuing operations per share3
1.07
0.88
21.6%
Dividend payout ratio4
49%
51%
(2%) pt
Dividend per common share
0.52
0.48
8.3%
Total shareholder return
41.1%
6.4%
34.7% pt
Return on capital employed
13.1%
13.0%
0.1% pt
2015
2014
Change versus
prior year
Liquidity billion)
3.3
3.1
6.5%
Net debt million)
1,148
1,311
(12.4)%
Debt leverage (times)5
1.7
1.9
(10.5)%
Free cash flow million)
1,184
1,055
12.2%
2015
2014
Change versus
prior year
Number of stores (including franchise stores)
3,253
3,206
1.5%
Capital expenditures (excluding acquisitions)
811
740
9.6%
Number of employees
236,000
227,000
4.0%
Credit rating outlook Standard Poor's
BBB stable
BBB stable
-
Credit rating outlook Moody's
Baa2 stable
Baa3 positive
rating upgraded
by one notch
Certain key performance indicators contain non-GAAP measures. The definitions of these non-GAAP measures are described on page 41 of this Annual Report.
1 Net sales in 2015 increased 2.3% at constant exchange rates and on an adjusted basis.
2 Net income in 2014 included a charge of €194 million recorded in discontinued operations representing the net of the tax settlement amount and associated legal fees for the Waterbury litigation.
3 For more information on adjusted income from continuing operations, see the Group financial review in this section.
4 Dividend payout ratio is based on adjusted income from continuing operations; see the Group financial review section for more information.
5 The debt leverage ratio of the net lease adjusted debt divided by EBlTDAR is defined in the Non-GAAP measures section.
