Results Delhaize Group in 1999:
- Net profit: + 14 % to EUR 169.9 million (BEF 6.9 billion)*
- Net profit per share: + 13.7 % to EUR 3.27 (BEF 131.8)
- Net current profit: + 11.4 % to EUR 174.7 million (BEF 7 billion)
- Net current profit per share: + 11.1 % to EUR 3.36 (BEF 135.5)
- Number of sales outlets: + 208 (+ 11 %) to 2,112 stores
- Sales: + 10.8 % to EUR 14.3 billion (BEF 577.3 billion)
- Cash flow from operations (EBITDA): + 12.5 % to EUR 976.1 million (BEF 39.4 billion)
- Operating cash flow margin: 6.8 %
- Operating income (EBIT): + 13.1 % to EUR 648.2 million (BEF 26.1 billion)
Main achievements in 1999:
- The acquisition of Hannaford by Delhaize America, a new umbrella company of the Delhaize Group in the United States
- Purchase of 7.6 million shares of Delhaize America (EUR 203.9 million or BEF 8.2 billion)
- Extension of the Belgian network by 38 stores
- Implantation of Alfa-Beta in Thessaloniki (Greece)
- Acquisition of 50 Interkontakt stores by Delvita (Czech Republic and Slovakia)
- Purchase of 6 Sunny's-supermarkets by Food Lion Thailand
- Shareholding in Shop N Save, the third food retailer in Singapore
- World-wide commercial campaign: a world-wide premiere in food products
Comments
'1999 was for the Delhaize Group a year of continued dynamism and the creation of new projects', said Pierre-Olivier Beckers, Chief Executive Officer of the Delhaize Group. 'More than 200 stores were added, which represents an increase by 11 %. The net profit rose by 14 %. Today, the Delhaize Group operates in 11 countries. Important steps have been taken with the acquisition of the Interkontakt-stores (Czech Republic and Slovakia), of the supermarkets Sunny's (Thailand), of Mega-Image (Romania) and the acquisition of a shareholding in Shop N Save (Singapore).
'Nevertheless, the main event in 1999 was the take-over of Hannaford, one of the most performing and profitable supermarket chains in the United States. Thanks to Hannaford, Delhaize America becomes one of the leading multiregional supermarket groups on the East Coast of the United States, which can deliver satisfaction to all customer groups through a range of different formats.'
*Consolidation of the results of Delhaize America for 47.53 %.
DELHAIZE GROUP
In 1999, the Delhaize Group continued to grow in all its markets. At the end of 1999, the Group operated 2,112 stores, 208 or 11 % more than at the end of 1998, excluding the stores of Hannaford. The total sales area rose by 11.6 % to 4.17 million m². In 1999, The Delhaize Group invested EUR 576 million (BEF 23.2 billion, excluding Hannaford).
The Delhaize Group achieved in 1999 sales (taxes excluded) of EUR 14.3 billion (BEF 577.3 billion), representing a 10.8 % increase compared to 1998.
The consolidated cash flow from operations (EBITDA) achieved in 1999 EUR 976.1 million (BEF 39.4 billion) or a 12,5 % increase. The operating cash flow margin reached 6.8 %. The operating income (EBIT) amounted to EUR 648.2 million (BEF 26.1 billion) or an increase of 13.1 %. The operating margin rose to 4.5 %.
The consolidated net current profit, Group share, increased by 11.4 % to EUR 174.7 million (BEF 7 billion) and achieved per share EUR 3.36 (BEF 135.5) compared to EUR 3.02 (BEF 122) in 1998, or a 11.1 % increase.
Including the depreciation of goodwill and the exceptional results, the consolidated net profit, Group share, amounted to EUR 169.9 million (BEF 6.9 billion), or 14 % more compared to the EUR 149 million (BEF 6 billion) in 1998. Per share, it increased by 13.7 % to EUR 3.27 (BEF 131.8).
At the Shareholders' General Meeting on May 25, 2000, the Board of Directors will propose the payment of a dividend, after deduction of withholding tax, of EUR 0.93 (BEF 37.5), or 10.7 % higher than in 1998. This dividend will be payable upon presentation of coupon n° 38 as from May 26, 2000.
At the end of 1999, the Delhaize Group employed 125,557 people, an increase of 6,615 from the previous year.
*****
OPERATING COMPANIES
United States:
At the end of 1999, Delhaize America (U.S.A.), the umbrella company for the trade names 'Food Lion', 'Kash n' Karry' and 'Save 'n Pack', operated 1,276 supermarkets. During the financial year, Delhaize America opened 100 supermarkets. 31 stores were relocated or closed. The net increase in stores amounted to 69 outlets. 145 stores were modernised and enlarged. The expansion of the sales area by 11 % was one of the highest among American food retailers.
|
Delhaize America |
1999 |
1998 |
+/- |
| Supermarkets |
1,276 |
1,207 |
+ 69 |
| Sales(1) (2) |
10,879 |
10,219 |
+ 6.5 % |
| Cash flow from operations(1) |
850.6 |
784.- |
+ 8.5 % |
| EBITDA % |
7.8 % |
7.7 % |
- |
| Net profit(1) |
300.4 |
272.6 |
+ 10.2 % |
(1) In millions USD
(2) Taxes excluded |
In 1999, Delhaize America achieved sales of USD 10.9 billion (EUR 10.2 billion or BEF 412 billion; taxes excluded), which represents a 6.5 % increase. Without adjustments in the method of calculation of sales tax, which came into effect in May 1998, sales grew by 7.1 %. Same store sales increased by 1.8 % in 1999.
In 1999, the cash flow from operations of Delhaize America amounted to USD 850.6 million (EUR 798 million or BEF 32.2 billion), a 8.5 % increase. The operating cash flow margin amounted to 7.8 %, making Delhaize America one of USA's most profitable supermarket groups. In 1999, the net profit increased by 10.2 % to USD 300.4 million (EUR 282 million or BEF 11.4 billion).
The Delhaize Group purchased, in 1999, 7.6 million shares of Delhaize America for a total amount of EUR 203.9 million (BEF 8.2 billion), resulting in an increase of Delhaize Group's shareholding in Delhaize America from 44.65 % to 50.83 %.
|
Super Discount Markets |
1999 |
1998 |
+/- |
| Supermarkets |
20 |
18 |
+ 2 |
| Sales(1) (2) |
314.5 |
287.3 |
+ 9.5 % |
| Cash flow from operations (1) |
6.6 |
6.8 |
- 0.8 % |
| EBITDA % |
2.1 % |
2.3 % |
- |
| Net profit(1) |
1.3 |
0.1 |
N/A |
(1) In millions USD
(2) Taxes excluded |
In 1999,
Super Discount Markets, (USA) took over 2 supermarkets, which raised the number of 'Cub Foods' stores to 20. In 1999, Super Discount Markets achieved sales of USD 314.5 million (EUR 295 million or BEF 11.9 billion; taxes excluded), 9.5 % more than in 1998. A net profit of USD 1.3 million (EUR 1.2 million or BEF 48 million) was achieved.
Belgium & Grand Duchy of Luxembourg:
In 1999, Delhaize opened in Belgium and the Grand Duchy of Luxembourg 3 supermarkets, 14 AD Delhaize or Superettes, 1 Delhaize 2,9 Di and 11 Tom & Co. In 1999, Delhaize Belgium achieved sales of BEF 121.7 billion (EUR 3 billion; taxes included). This 4 % sales growth was due to the extension of the sales network, mainly from affiliated stores.
|
Delhaize Belgium |
1999 |
1998 |
+/- |
| Sales outlets |
553 |
515 |
+ 38 |
| Sales(1)(2) |
121.7 |
117.- |
+ 4 % |
| Cash flow from operations(1) (3) |
4.5 |
4.3 |
+ 4.8 % |
| EBITDA % |
3.7 % |
3.7 % |
- |
| Net profit(1)(3) |
1.5 |
1.5 |
N/A |
(1) In billions BEF
(2) Taxes included
(3) Before income from investments |
The market share of Delhaize Belgium increased from 22.94 % to 23.54 % (Source : AC Nielsen). The operating cash flow of Delhaize Belgium increased by 4.8 % to BEF 4.5 billion (EUR 111.8 million). The operating cash flow margin remained stable at 3.7 % and the net profit at BEF 1.5 billion (EUR 37.7 million). In 2000, the Delhaize Group plans capital expenditures of BEF 2.7 billion (EUR 67.5 million) in the Belgian operations.
Europe:
In Greece, Alfa-Beta extended its network by 6 supermarkets to a total of 48, of which 4 in Thessaloniki. In 1999, sales increased by 14.9 % to GRD 156.2 billion (EUR 479 million or BEF 19.3 billion; taxes included).
|
Alfa-Beta |
1999 |
1998 |
+/- |
| Supermarkets |
48 |
42 |
+ 6 |
| Sales(1)(2) |
156.2 |
135.9 |
+ 14.9 % |
| Cash flow from operations(1) |
7.7 |
8.1 |
- 5.3 % |
| EBITDA % |
4.9 % |
6.- % |
- |
| Net profit(1) |
1.3 |
1.3 |
- 1.4 % |
(1) In billions GRD
(2) Taxes included |
The cash flow from operations decreased by 5.3 % to GRD 7.7 billion (EUR 23.5 million or BEF 1 billion) and net profit remained stable at GRD 1.3 billion (EUR 3.9 million or BEF 156 million). The results were affected by non-recurrent events such as the earthquake in Athens, the startup costs in Thessaloniki and the dioxin crisis.
Delvita (Czech Republic and Slovakia) showed again a good performance and posted for the sixth consecutive year a positive operating result, which increased by 127.2 % to CZK 335.3 million (EUR 9.1 million or BEF 366.9 million). In 1999, Delvita extended its network by 54 units, including 50 Interkontakt-stores acquired in May 1999. At the end of 1999, Delvita operated 113 sales outlets (99 in the Czech Republic and 14 in Slovakia). Delvita registered in 1999 a sales increase of 42.6 % to CZK 12.5 billion (EUR 340 million or BEF 13.7 billion; taxes included).
|
Delvita |
1999 |
1998 |
+/- |
| Sales outlets |
113 |
59 |
+ 54 |
| Sales(1)(2) |
12,533.7 |
8,789 |
+ 42.6 % |
| Cash flow from operations (1) |
723.9 |
392.7 |
+ 84.4 % |
| EBITDA % |
5.8 % |
4.5 % |
- |
| Net profit(1) |
0.3 |
(86.5) |
N/A |
(1) In millions CZK
(2) Taxes included |
The cash flow from operations rose by 84.4 % to CZK 723.9 million (EUR 19.6 million or BEF 792.1 million). The operating cash flow margin improved considerably from 4.5 % to 5.8 %.
Delvita closed its 1999 financial year with a net profit of CZK 0.3 million (EUR 0.01 million or BEF 0.3 million). In March 1999, the Delhaize Group took full control of Delvita by purchasing the remaining 11.5 % of the capital.
At the end of 1999, P.G. in France operated 38 'Stoc' supermarkets and 12 'Marché Plus' affiliates, 4 more sales outlets than at the end of 1998. In 1999, sales (taxes included) amounted to FRF 2.2 billion (EUR 337 million or BEF 13.6 billion).
|
P.G. |
1999 |
1998 |
+/- |
| Sales outlets |
50 |
46 |
+ 4 |
| Sales(1)(2) |
2,212.5 |
2,182.4 |
+ 1.4 % |
| Cash flow from operations (1) |
90.5 |
87.4 |
+ 3.5 % |
| EBITDA % |
4.1 % |
4.- % |
- |
| Net profit(1) |
26.5 |
30.5 |
- 12.9 % |
(1) In millions FRF
(2) Taxes included |
The cash flow from operations increased by 3.5 % to FRF 90.5 million (EUR 13.8 million BEF 556.4 million). The net profit decreased by 12.9 % to FRF 26.5 million (EUR 4 million or BEF 163 million), due to large capital expenditures required to transform the sales network.
Asia:
At the end of 1999, the Delhaize Group operated in Asia 52 supermarkets, 35 more than at the end of 1998. In 1999, sales (taxes excluded) of the Delhaize Group companies in Asia amounted to EUR 163.7 million (BEF 6.6 billion) compared to EUR 26.1 million (BEF 1.1 billion) in 1998. In 1999, the net result of the Asian companies of the Delhaize Group, including the corporate costs of the Group, was slightly negative.
At the end of 1999, Food Lion Thailand operated 13 supermarkets, 8 more than at the end of 1998, including the 6 Sunny's supermarkets acquired in May 1999.
At the end of 1999, Super Indo (Indonesia) operated 14 supermarkets, 3 more than the previous year.
In January 1999, the Delhaize Group acquired 49 % of Shop N Save, the third largest food retailer in Singapore. At the end of 1999, Shop N Save operated 25 supermarkets, 3 more than at the end of 1998.
OUTLOOK: GROWTH, TECHNOLOGY, INTEGRATION
In 2000, the Delhaize Group continues to plan a number of important projects. The Group plans capital expenditure for more than BEF 20 billion, Hannaford excluded. The merger between Delhaize America and Hannaford will make it possible to achieve substantial economies of scale. The strategy of the Delhaize Group is primarily focused on following areas: growth - technology - integration.
Growth:
The Delhaize Group expects further growth in all its markets. Due to a record net increase of 337 stores, the Delhaize Group will operate 2,449 stores by the end of 2000, which represents a rise of 16 %.
Delhaize America will expand its sales area by 8 % by opening 85 new supermarkets, while 18 sales outlets will be relocated or closed. The number of stores will increase by 67 to reach 1,343. 150 existing stores will be renovated and enlarged. In 2000, Delhaize America plans capital expenditures of USD 390 million (EUR 366 million or BEF 14.8 billion) excluding Hannaford.
|
Hannaford |
1999 |
1998 |
+/- |
| Supermarkets |
153 |
150 |
+ 3 |
| Sales(1)(2) |
3,462 |
3,324 |
+ 4.2 % |
| Cash-flow from operations(1) |
295.7 |
275.6 |
+ 7.3 % |
| EBITDA % |
8.5 % |
8.3 % |
- |
| Net profit(1) |
104.5 |
94.6 |
+ 10.4 % |
(1) In millions of USD
(2) Taxes excluded |
In February 2000, the shareholders of
Hannaford approved with almost total unanimity the take-over of their company by Delhaize America. In the same month, Delhaize America put in place the financing of the acquisition. The final step in the acquisition of Hannaford is the closing of an agreement with the American antitrust-authorities (FTC), the outcome of which is planned for the spring 2000.
Super Discount Markets plans the opening of a new supermarket 'Cub-Foods' and of 6 discount stores 'Save-A-Lot', a new store-concept for SDM.
Delhaize plans, in Belgium and in Luxemburg, the opening of 2 new supermarkets, 20 AD Delhaize or Superettes, 1 Delhaize 2, 10 Di and 23 Tom & Co stores. The increase in profitability of Delhaize Belgium through the expansion of the affiliates network (AD Delhaize and Superettes), the increase of the gross margins and greater efficiency, represents an important objective for 2000.
Alfa-Beta plans to extend its sales area by 10,000 m², which is equivalent to at least 6 new supermarkets. Capital expenditures for an amount of GRD 8 billion (EUR 24.3 million or BEF 980 million) are planned. The increase of the operational result is an important target for 2000.
In Eastern and Central Europe, the Delhaize Group pursues its strategy to become one of the region's major food retailers. In February 2000, the Delhaize Group acquired 51 % of Mega-Image, which is the largest Romanian food retailer with its 8 supermarkets. In the Czech Republic and in Slovakia, Delvita continues the integration of the 50 Interkontakt stores. Moreover, the sales area will be extended by 10,000 m², or at least 2 new supermarkets in the Czech Republic and 5 in Slovakia. The capital expenditures of Delvita amount to CZK 1.45 billion (EUR 39.2 million or BEF 1.58 billion).
P.G. plans capital expenditures for an amount of FRF 85 million (EUR 13 million or BEF 522.8 million), in particular the renovation of its supermarkets. Moreover, P.G. plans to expand its sales network by adding 5 affiliates 'Marché Plus'.
In Asia, the Delhaize Group will continue to extend its supermarket network. Food Lion Thailand plans the opening of 8 supermarkets, Super Indo of 6 new outlets and Shop N Save of 5 supermarkets.
Technology:
New technologies are strategic for the Delhaize Group. At the customer's level, the new technologies enable to offer better shopping convenience, to reward the loyal customers and to acquire a better knowledge of the shopping patterns. The Delhaize Group is a leader in using loyalty cards. Delhaize Belgium uses intensively the self-scanning and Delhaize America is an innovator in targeted electronic marketing via checkouts, kiosks, direct mail and Internet.
At the supply chain level, the new technologies enable the Delhaize Group to obtain a global efficiency in favour of the freshness, the quality and the availability of the products for the customers, and the optimisation of the profitability. Examples are the widespread use of interchange techniques of supply chain messages via EDI (Electronic Data Interchange), the management of stocks by suppliers via CPFR (Continuous Planning, Forecasting and Replenishment) and the jointly set up with suppliers of shared product information databases CDB (Central DataBase).
The Delhaize Group has already set up business-to-business Internet based applications within the company and with its suppliers in order to optimise the management of the Group, the stores and the supply chain.
The aim of the Delhaize Group is to provide at business-to-customers level an integrated purchase experience by all the means of distribution available desired by the customer. The ordering of food products and products for everyday use via Internet is a key element of the strategy of the Delhaize Group. Thanks to Caddy-Home, leader in Belgium, and HomeRuns.com (U.S.A.), the Delhaize Group has in its two basic markets, two of the most successful retailers, specialised in the home deliveries by orders via Internet. In 1999, Caddy-Home extended its activities to 10 Belgian towns. After the recent increase in capital of USD 100 million, HomeRuns.com plans the expansion of its network to 20 towns.
By combining these new distribution means with its existing distribution networks, the quality of its trade names and brands, its efficient logistic structures, its extensive databases and its leadership in loyalty cards, the Delhaize Group is in a strong position to exploit the opportunities and counter the new competitors. Thanks to its 15 million loyalty cards, the Delhaize Group has already been able to conclude a large number of partnerships and as a result the number of products, services and advantages offered to its customers has increased. The Delhaize Group is continuing to develop this area by negotiating with potential new partners.
Integration:
The management of Delhaize America and Hannaford are intensively preparing the integration of the two companies. As soon as the take-over, planned for the spring of 2000, is finalised the first synergies will be created. The Delhaize Group is convinced that the merger of Delhaize America and Hannaford will bring about synergies of at least USD 40 million during the first complete year and USD 75 million during the third complete year.
The Delhaize Group is striving to achieve systematic cooperation and integration between its operating companies. 8 new project groups, led by global coordinators, are seeking out the creation of synergies and the exchange of 'best practices' across the Group. The project groups are focusing on the purchase of products, food safety, equipment buying, risk management, IT, communication, human resources and the organisation of synergies.
|
DELHAIZE GROUP RESULTS (1) |
1999 |
1998 |
1997 |
1996 |
1995 |
| |
|
|
|
|
|
| Number of outlets |
2,112 |
1,904 |
1,816 |
1,700 |
1,610 |
| Number of employees (year end) |
125,557 |
118,942 |
107,320 |
94,360 |
89,702 |
| Capital expenditures (in millions BEF) |
23,247 |
23,712 |
20,782 |
18,824 |
13,130 |
|
Consolidated results (in millions BEF) |
|
|
|
|
|
| Sales (taxes excluded) |
577,269(2) |
520,885 |
508,592 |
412,346 |
368,478 |
| Cash flow from operations (EBITDA)(3) |
39,375 |
35,015 |
32,480 |
24,287 |
20,256 |
| Depreciation |
12,876 |
11,352 |
11,311 |
7,487 |
6,460 |
| Depreciation of goodwill(4) |
352 |
551 |
561 |
113 |
108 |
| Operating income (EBIT) |
26,147 |
23,112 |
20,608 |
16,687 |
13,688 |
| Financial result |
- 5,652 |
- 4,718 |
- 5,356 |
- 3,299 |
- 2,567 |
| Exceptional result |
+ 106 |
- 46 |
- 1,645(5) |
- 31 |
- 82 |
| Consolidated income before taxes |
20,601 |
18,348 |
13,607 |
13,357 |
11,039 |
| Taxes |
- 7,645 |
- 6,527 |
- 5,006 |
- 5,185 |
- 4,233 |
| Current net profit for consolidated companies |
13,222 |
12,291 |
9,725 |
8,284 |
6,921 |
| Net profit for consolidated companies |
12,956 |
11,821 |
8,601 |
8,172 |
6,806 |
| Result of companies at equity |
- |
- 8 |
- 3 |
- 1 |
+ 8 |
| Minority interest |
- 6,103 |
- 5,804 |
- 3,666 |
- 3,817 |
- 3,047 |
| Consolidated current net profit (Group share)(6) |
7,046 |
6,323 |
5,044 |
4,467 |
3,875 |
| Evolution % |
+ 11.4(7)(8) |
+ 25.4 |
+ 12.9 |
+ 15.3 |
- 5.3 |
| Consolidated net profit (Group share) |
6,853 |
6,009 |
4,932 |
4,354 |
3,767 |
| Evolution % |
+ 14,- (8) |
+ 21.8 |
+ 13.3 |
+ 15.6 |
- 6.2 |
|
Data per share (in BEF) |
|
|
|
|
|
| Cash flow from operations(9) |
757.5 |
675.6 |
628.- |
470.7 |
394.8 |
| Current net profit(9) |
135.5 |
122.- |
97.5 |
86.6 |
75.5 |
| Net profit(9) |
131.8 |
115.9 |
95.4 |
84.4 |
73.4 |
| Net dividend |
37.5(10) |
33.9(10) |
30.- |
27.- |
25.- |
|
Ratio |
|
|
|
|
|
| Operational cash flow margin(11) |
6.8 % |
6.7 % |
6.4 % |
5.9 % |
5.5 % |
| Profit margin(12) |
2.3 % |
2.4 % |
1.9 % |
2.- % |
1.9 % |
| Return on equity(13) |
19.2 % |
18.7 % |
17.9 % |
18.6 % |
16.4 % |
| Number of shares (yearly average in thousands) |
51,983 |
51,824 |
51,717 |
51,603 |
51,303 |
| Number of shares (year end in thousands) |
52,017 |
51,963 |
51,717 |
51,717 |
51,315 |
(1) The shareholding of the Delhaize Group in Delhaize America increased in 1999 from 44.65 % to 50.83 %.
The income statement of Delhaize America is consolidated at 47.53 % compared to 44.65 % in 1998. Shop N
Save is consolidated at 49 % since January 1, 1999. Food Lion Thailand is consolidated at 49 % in 1999, in
1998 at 45 %.
(2) + 7.5 % at unchanged currency rates.
(3) Operating income + depreciation.
(4)
The goodwill on the shareholdings Delhaize America and P.G. is depreciated since 1999 over 40 years in
stead of 20 years. In 1999, the depreciation of goodwill would have amounted to BEF 657 million for a
depreciation period of 20 years.
(5) Provision for the closure of 61 Food Lion-supermarkets and of the
distribution centre in Texas (U.S.A.), capital gain on the disposal of 50 % of P.G. After 'taxes'
and 'minority interest' deduction, the exceptional result amounted to BEF + 125.4 million in
1997.
(6) Net profit, exceptional result and depreciation of goodwill excluded.
(7) In 1999, the
current net profit, Group share, would have increased by 13.5 % if an exceptional payment of BEF 263
million (USD 7.2 million) by the American tax authorities had not been included during the financial year
1998.
(8) Current profit + 7.6 % at unchanged currency rates, net profit + 10.1 % at unchanged currency rates.
(9) Denominator = average number of shares
during the fiscal year.
(10) In 1999 : EUR 0.93, in 1999 : EUR 0.84
(11) Cash flow from
operations/consolidated sales (taxes excluded).
(12) Consolidated current net profit/ consolidated sales
(taxes excluded).
(13) Consolidated current net profit (Group share)/equity (Group share at the
beginning of the year)
|
GROUP BALANCE SHEET
(after profit appropriation)(in millions BEF) |
31/12/1999 |
31/12/1998 |
|
ASSETS |
|
|
| Intangible assets (I+II+III) |
17,387.4 |
9,714.7 |
| Tangible and financial fixed assets (IV+V) |
111,798.7 |
91,794.4 |
| Stocks and receivables (VI+VII+VIII+XI) |
87,096.2 |
71,433.- |
| Treasury (IX+X) |
14,768.- |
10,251.9 |
|
TOTAL ASSETS |
231,050.3 |
183,194.- |
| |
|
|
|
LIABILITIES |
|
|
| Equity (I-VIII) |
80,313.7 |
70,254.- |
| Provisions for liabilities and deferred taxation (IX) |
7,470.2 |
6,076.9 |
| Amounts payable after more than one year (X) |
45,018.4 |
36,569.6 |
| Amounts falling due within one year (XI+XII) |
98,248.- |
70,293.5 |
| of which
financial liabilities (XI, A+B) |
26,879.1 |
9,749.- |
|
TOTAL LIABILITIES |
231,050.3 |
183,194.- |
|
EXCHANGE RATES |
Year end rate (balance sheet) |
Average rate (results) |
| |
31/12/1998 |
31/12/1999 |
31/12/1998 |
31/12/1999 |
| American dollar (USD) |
34.45 |
40.1552 |
36.306 |
37.8623 |
| French franc (FRF) |
6.1498 |
6.1498 |
6.1534 |
6.1498 |
| Czech crown (CZK) |
1.15 |
1.1174 |
1.1269 |
1.0943 |
| Slovak crown (SKK) |
- |
0.9475 |
- |
0.9131 |
| Greek drachma (GRD) |
0.12235 |
0.122131 |
0.122956 |
0.12384 |
| Thai bath (THB) |
0.9494 |
1.0714 |
0.8994 |
1.0023 |
| Indonesian rupee (IDR) |
0.00438 |
0.0057 |
0.0036 |
0.0049 |
| Singaporian dollar (SGD) |
- |
24.1587 |
- |
22.4397 |
The statutory auditor Deloitte & Touche has confirmed that the financial information included in the press release does not require any qualification on his part and is in accordance with the annual accounts approved by the Board of Directors.
Shareholder's calendar
| Results first quarter 2000 |
28 April 2000 |
| Final deadline for deposit of shares ahead of the Annual General Meeting |
19 May 2000 |
| Annual General Meeting |
25 May 2000 |
| Coupon n° 38 becomes payable |
26 May 2000 |
| Results of the second quarter 2000 |
7 September 2000 |
| Results of the third quarter 2000 |
27 October 2000 |
| Sales 2000 |
5 January 2001 |
Contact shareholders and financial press
Guy Elewaut
Tel.: +32 (0)2 412 29 48 or +32 (0)477 50 07 96
Fax.:+32 (0)2 412 29 76
This press release is available in English, French and Dutch. You can also find it on the website http://corporate.delhaize-le-lion.be
Brussels, march 16, 2000.