Group financial review continued
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411
Overview
Business review Governance
Financials
Investors
Ahold Delhaize Annual Report 2016
Central and Southeastern Europe on a pro forma basis
50
30.3%
19.7%
I For the former Ahold segments, including the operating segment within Central and Southeastern Europe, the number of
weeks included for 2016 is 52 weeks (2015: 53 weeks).
In 2016, net sales on a pro forma basis in CSE
were €5,557 million, up by 8.0% or €411 million
compared to 2015. At constant exchange
rates, net sales were up by 8.1%. Compared to
sales adjusted for week 53 in 2015 and at
constant exchange rates, net sales increased
by €448 million, or 8.8%, in 2016.
Sales growth was driven by comparable store
sales growth of 5.5% and by the addition of 99
stores in 2016, contributing 2.5% to sales growth.
Comparable sales growth was mainly driven
by our businesses in Greece, Romania and
Serbia, while the Czech Republic increased its
comparable sales slightly.
Pro forma operating income increased by
€50 million, to €215 million compared to 2015.
Underlying operating income is adjusted
for the following items, which impacted
operating income:
Impairments: No individually significant
gains or losses were recorded in 2016.
(Gains) Losses on the sale of assets: No
individually significant gains or losses were
recorded in 2016.
Restructuring and related charges and
other items: In 2015, charges mainly included
€14 million of costs related to the integration
of SPAR in the Czech Republic.
2016 pro forma underlying operating income
in CSE was €231 million, up by €38 million or
19.7% from €193 million in 2015. In 2015, this also
included €7 million of non-recurring costs
related to the SPAR integration.
In 2016, pro forma underlying operating
income margin in CSE was 4.2%, which was
0.4 percentage points higher than in 2015.
Greece, the Czech Republic and Romania
reported higher margins, while Serbia’s margin
decreased. The overall increase was mainly
driven by Greece and Romania, both of which
reported higher margins than in 2015 by
0.7 percentage points and 0.6 percentage
points respectively.
7
2
6
4
1
(2)
18
193
3.8%
6.5%
(11)
38
million
Net sales
Comparable sales growth
Operating income
Adjusted for:
Impairments
(Gains) losses on the sale of assets
Restructuring and related charges
and other items
Underlying operating income
Underlying operating income margin
Underlying EBITDA margin
2015'
5,146
2.5%
165
change
Change versus
prior year
7
231
4.2%
6.8%
2016'
5,557
5.5%
215
