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Group financial review
29
Week 53
Net sales
Ahold at a glance I Business review I Governance I Financials I Investors
The following is a summary of Ahold's 2015 and 2014 consolidated income statements:
million
2015
(53 weeks)
2014
(52 weeks)
Change versus
prior year
change
Net sales
38,203
32,774
5,429
16.6%
Cost of sales
(27,835)
(24,088)
(3,747)
(15.6)%
Gross profit
10,368
8,686
1,682
19.4%
Operating expenses
(9,050)
(7,436)
(1,614)
(21.7)%
Operating income
1,318
1,250
68
5.4%
Net financial expense
(265)
(235)
(30)
(12.8)%
Income before income taxes
1,053
1,015
38
3.7%
Income taxes
(224)
(248)
24
9.7%
Share in income of joint ventures
20
24
(4)
(16.7)%
Income from continuing operations
849
791
58
7.3%
Income (loss) from discontinued operations
2
(197)
199
101.0%
Net income
851
594
257
43.3%
Operating income
1,318
1,250
68
5.4%
Adjusted for:
Impairments
39
31
8
(Gains) Losses on the sale of assets
(18)
(20)
2
Restructuring and related charges and other items
122
6
116
Underlying operating income
1,461
1,267
194
15.3%
Underlying operating income margin
3.8%
3.9%
(0.1)% pt
Our financial year consists of 52 or 53 weeks and ends on the Sunday nearest to December 31
Financial year 2015 consisted of 53 weeks, while 2014 consisted of 52 weeks. Net sales in 2015 were
positively impacted by the additional week, while the impact on operating margins for the Group was
negligible. In some of the discussions below, we have included comparisons of the 53 weeks of 2015 with a
53-week period consisting of the 52 weeks of 2014 plus the first week of 2015 (referred to as adjusted 2014).
Net sales in the financial year ended January 3, 2016, were €38,203 million, an increase of €5,429 million
or 16.6%, compared to €32,774 million for the financial year ended December 28, 2014. At constant
exchange rates, net sales were up by €1,586 million or 4.3%.
Ahold
Annual Report 2015
Net sales overview on adjusted basis
million
2015
(53 weeks)
2014
(53 weeks)
change
change
at constant
exchange rates
Ahold USA
23,732
19,960
18.9%
(0.5)%
The Netherlands
12,699
11,952
6.3%
6.3%
Czech Republic
1,772
1,548
14.5%
13.3%
Ahold Group1
38,203
33,460
14.2%
2.3%
1 Excluding gasoline sales, net sales in
2015 increased 3.8%, at constant exchange rates and on an adjusted basis.
million
2015
(53 weeks)
2014 Change versus
(52 weeks) prior year
change
Change versus
prior year
at constant
exchange rates
change
atconstant
exchange rates
Net sales
38,203
32,774 5,429
16.6%
1,586
4.3%
Of which gasoline sales
1,093
1,337 (244)
(18.2)%
(499)
(31.3)%
Net sales excluding gasoline
37,110
31,437 5,673
18.0%
2,085
6.0%
Gasoline sales decreased in 2015 by €244 million or 18.2%, mainly due to a significant decrease in
gasoline prices (approximately 30%), offset in part by a stronger U.S. dollar against the euro. At constant
exchange rates, gasoline sales decreased 31.3%.
Net sales excluding gasoline increased in 2015 by €5,673 million, or 18.0% compared to 2014. At constant
exchanges rates, net sales excluding gasoline increased in 2015 by €2,085 million, or 6.0% compared
to 2014. Compared to the adjusted 2014 sales and at constant exchange rates, net sales excluding
gasoline increased in 2015 by €1,365 million, or 3.8%. This increase was primarily driven by higher sales
of €765 million due to new store openings, which includes the acquisition of 49 SPAR stores in the Czech
Republic, the conversion of 17 stores transferred from Jumbo in the Netherlands and the acquisition of 25 A&P
stores at Ahold USA. In addition, Ahold saw an increase of €559 million in identical sales. This was driven by
sales growth at our online businesses, Albert Heijn's sales momentum with an increased number of transactions,
and a higher average purchase amount per visit in both the Netherlands and the United States.
million
2015
(53 weeks)
2014
(52 weeks)
Sales growth
Identical sales
growth1
Identical sales Comparable sales
growth ex gas1 growth ex gas1
Ahold USA
26,350
25,976
1.4%
(1.3)%
0.9%
1.1%
Czech Republic (CZK)
48,331
41,908
15.3%
(0.7)%
(0.5)%
(0.4)%
million
Ahold USA
23,732
19,557
21.3%
(1.3)%
0.9%
1.1%
The Netherlands
12,699
11,696
8.6%
3.2%
3.2%
3.7%
Czech Republic
1,772
1,521
16.5%
(0.7)%
(0.5)%
(0.4)%
Total
38,203
32,774
16.6%
0.1%
1.6%
1.9%
1 For the definition of identical and comparable sales excluding gas see non-GAAP measures at the end of this section.
Ahold continued to see strong sales growth in its online businesses, which operate in non-mature e-commerce
markets in the United States and the Netherlands and offered expanded or new sales categories and
extended service delivery areas during the year. Ahold's online businesses contributed €1,646 million,
or4.3%, to Ahold's net sales in 2015 (2014: €1,267 million or 3.9%).
