Delhaize Group Exceeds 2009 Guidance with Operating Profit Growth of 4.6%*

	Q4 2009 (1)						2009 (1)
Actual Results	At Actual Rates	At Identical Rates		In millions of EUR, except EPS (in EUR)		Actual Results	At Actual Rates	At Identical Rates
4 873	-10.1%	-3.3%		Revenues		19 938	+4.8%	+1.2%
223	-22.9%	-15.7%		Operating profit		942	+4.2%	+0.0%
4.6%	-	-		Operating margin		4.7%	-	-
172	-26.5%	-19.3%		Profit before taxes and discontinued operations		740	+5.3%	+1.0%
136	-17.1%	-11.3%		Net profit from continuing operations		512	+5.5%	+1.4%
134	-9.6%	-3.3%		Group share in net profit		514	+10.1%	+5.9%
1.35	-10.1%	-3.8%		Basic earnings per share (Group share in net profit)		5.16	+9.6%	+5.4%

(1) The average exchange rate of the U.S. dollar against the euro decreased by 10.8% in the fourth quarter of 2009 (1 EUR = 1.4779 USD) compared to the fourth quarter of 2008. The average exchange rate of the U.S. dollar against the euro increased by 5.4% in 2009 (1 EUR = 1.3948 USD) compared to 2008.

» Underlying Operating Margin

The following table includes operating profit and operating margins for 2008 and 2009 at identical exchange rates adjusted for the following elements:

- Excluding the 53rd week in 2008 (USD 44 million)
- Excluding the Sweetbay store closing and impairment charge in 2008 (USD 45 million)
- Excluding the U.S restructuring, store closing and impairment charge in the fourth quarter of 2009 (USD 61 million)

» Full Year 2009 Income Statement

Revenues
In 2009, revenues of Delhaize Group amounted to EUR 19.9 billion, an increase of 1.2% at identical exchange rates or 4.8% at actual exchange rates due to the strengthening of the U.S. dollar by 5.4% against the euro compared to 2008. Excluding the 53rd week in the U.S. in 2008, revenues grew by 2.6% at identical exchange rates and 6.2% at actual exchange rates. Organic revenue growth was 2.4%.

In 2009, Group revenue growth reflects:
• A 1.3% decrease of U.S. revenues at identical exchange rates as a result of the 53rd week included in 2008 (USD 379 million negative revenue impact) and comparable store sales growth of -0.4% impacted by limited retail inflation of 0.5%. Excluding the 53rd week in 2008, U.S. revenues increased by 0.7% (in local currency).
• Solid revenue growth of 4.7% at Delhaize Belgium supported by comparable store sales growth of 2.7%;
• Continued outstanding performance of Alfa Beta in Greece with revenue growth of 10.2% marking the fourth consecutive year of double digit revenue growth; and
• Continued solid revenue growth in Romania and Indonesia with revenue growth of 15.5%.

Delhaize Group ended 2009 with a sales network of 2 732 stores. This represents an increase of 59 stores compared to 2008, including three acquired Prodas (Romania) and 10 Koryfi stores (Greece).

Gross margin
Gross margin increased to 25.7% of revenues (25.3% in 2008) mainly as a result of better inventory results, improved supplier terms in Belgium and in Greece, the continued support from private brand revenues and lower transportation costs due to the decrease of fuel prices, partially offset by price investments.

Other operating income
Other operating income decreased by 18.7% to EUR 78 million mainly due to lower income from waste recycling activities as a result of lower prices for paper, a EUR 5 million capital gain realized at Alfa Beta in 2008 and less income related to the sale of Cash Fresh stores in Belgium.

Selling, general and administrative expenses
Selling, general and administrative expenses amounted to 21.0% of revenues, an increase of 20 basis points at actual rates. At identical exchange rates and excluding the 53rd week in 2008, selling, general and administrative expenses were almost stable as a percentage of revenues as the EUR 100 million cost reduction initiatives offset sales deleveraging, higher health care costs and an increase in the minimum federal wage levels in the U.S., the annualized impact of last year’s salary indexations on staff costs and higher advertising expenses in Belgium.

Other operating expenses
Other operating expenses amounted to EUR 69 million in 2009 compared to EUR 50 million last year. This is mainly due to the U.S. restructuring charge of EUR 21 million (USD 29 million) and the fourth quarter store closing and impairment charges of EUR 23 million (USD 32 million) recorded in the fourth quarter of 2009 in the U.S., a change in the discount rate used to calculate U.S. closed store provisions and other store impairment charges during 2009. This compares with a EUR 31 million (USD 45 million) store closing and impairment charge at Sweetbay in 2008.

Operating profit
Operating margin decreased 3 basis points from 4.8% last year to 4.7%. Excluding the 53rd week in the U.S. in 2008 (which had a EUR 30 million positive impact on operating profit in 2008) and the restructuring, store closing and impairment charges of both 2008 and 2009, the operating margin increased by 12 basis points. Operating profit increased by 4.2% at actual exchange rates to EUR 942 million. Excluding the 2009 4th quarter charge of EUR 44 million for the U.S. restructuring, store closings and store impairments, Delhaize Group operating profit increased by 4.6% at identical exchange rates, exceeding our guidance of 1 to 4%.

Net financial expenses
Net financial expenses amounted to EUR 202 million and were stable compared to last year at actual exchange rates. At identical exchange rates, net finance costs decreased by EUR 8 million mainly as a result of lower interest rates on USD floating rate debt.

Effective tax rate
The effective tax rate was almost stable at 30.8% (30.9% in 2008) as the favorable impact of the U.S. organizational restructuring and the positive resolutions of U.S. and Belgian tax matters in 2009 were offset by the favorable impact of positive resolutions of other federal tax matters in the U.S. in 2008.

Net profit from continuing operations
Net profit from continuing operations increased by 5.5% (+1.4% at identical exchange rates) and amounted to EUR 512 million compared to EUR 485 million in 2008. Per share, basic net profit from continuing operations was EUR 5.07 (EUR 4.76 in 2008).

Results from discontinued operations, net of tax
The result from discontinued operations, net of tax, amounted to EUR 8 million particularly due to the gain on the divestiture of our German operations that were sold during the third quarter.

Net profit
Group share in net profit amounted to EUR 514 million, an increase of 10.1% at actual exchange rates (+5.9% at identical exchange rates) compared to 2008. Excluding the 2009 4th quarter restructuring, store closing and impairment charge, Group share in net profit increased by 11.1% at identical exchange rates. Per share, basic net profit was EUR 5.16 (EUR 4.70 in 2008) and diluted net profit was EUR 5.08 (EUR 4.59 in 2008).

The Board of Directors of Delhaize Group will propose to the Ordinary General Meeting of May 27, 2010, the payment of a gross dividend of EUR 1.6 per share. This is an increase of 8.1% versus prior year. After deduction of 25% Belgian withholding tax, the proposed net dividend is EUR 1.2 per share. The net dividend of EUR 1.2 per share will be payable to owners of ordinary shares against coupon no. 48. The Delhaize Group ordinary shares will start trading ex-coupon on May 31, 2010 (opening of the market). The record date (i.e. the date at which shareholders are entitled to the dividend) is June 2, 2010 (closing of the market) and the payment date is June 3, 2010.

» Fourth Quarter 2009 Income Statement

Revenues
In the fourth quarter of 2009, revenues of Delhaize Group decreased by 3.3% at identical exchange rates and 10.1% at actual exchange rates. Compared to the euro, the U.S. dollar weakened 10.8% during the fourth quarter of 2009. Excluding the 53rd week in the U.S. in 2008, revenues grew by 1.5% at identical exchange rates and decreased 5.6% at actual exchange rates.

Organic revenue growth amounted to 1.5%, supported by solid comparable store sales growth of 2.6% in Belgium and sustained strong revenue growth in Greece of 7.8% while the Rest of the World segment (Romania and Indonesia) recorded another solid quarterly revenue growth of 18.7% at identical exchange rates.

Revenue growth was negatively impacted by -2.8% comparable store sales growth in the U.S. due to the high deflation (in the U.S. retail food inflation was 6.5% in the fourth quarter of 2008 compared to retail food deflation of 2.1% in the same quarter in 2009), the 53rd week in the U.S. in 2008 (EUR 258 million or USD 379 million additional revenues) and a U.S. dollar that weakened against the euro by 10.8%.

Gross margin
Gross margin decreased by 16 basis points at actual exchange rates to 25.7% and remained stable at identical exchange rates. Better supplier conditions at Delhaize Belgium and in Greece and better inventory management especially at Delhaize Belgium and Sweetbay, were partially offset by planned price investments at Hannaford and Food Lion.

Other operating income
Other operating income amounted to EUR 23 million, a decrease of EUR 5 million compared to last year mainly as a result of lower capital gains on the disposal of fixed assets at Food Lion.

Selling, general and administrative expenses
Selling, general and administrative expenses increased by 33 basis points to 20.7% of revenues. At identical exchange rates and excluding the 53rd week in 2008, selling, general and administrative expenses increased by 20 basis points compared to last year. This is mainly the result of sales deleveraging, higher depreciation costs at Food Lion and Delhaize Belgium due to new store openings and remodelings and higher advertising expenses at Delhaize Belgium, partly offset by cost saving efforts.

Other operating expenses
Other operating expenses amounted to EUR 46 million, an increase of EUR 7 million compared to last year due to the U.S. EUR 21 million (USD 29 million) restructuring charge and the EUR 23 million (USD 32 million) U.S. store closing and impairment charges in 2009, compared to a EUR 31 million (USD 45 million) store closing and impairment charge at Sweetbay in 2008.

Operating profit
Operating margin amounted to 4.6% compared to 5.3% in the fourth quarter of 2008. At identical exchange rates, excluding the 53rd week in 2008 (which had a EUR 30 million positive impact on operating profit in 2008) and the restructuring, store closing and impairment charges both in 2008 and in 2009, operating margin decreased 16 basis points compared to last year. Operating profit amounted to EUR 223 million, a decrease of 22.9% at actual exchange rates. At identical exchange rates, excluding the 53rd week in 2008 and the restructuring, store closing and impairment charges both in 2008 and 2009, operating profit decreased by 1.4%, mainly as a result of a slight increase in selling, general and administrative expenses as a percentage of revenues.

Net financial expenses
Net financial expenses decreased from EUR 55 million to EUR 51 million at actual exchange rates, and were stable at identical exchange rates.

Effective tax rate
The effective tax rate decreased from 30.0% to 21.0% in the fourth quarter of 2009 mainly as a result of the organizational restructuring charges in the U.S. and the positive resolution of tax matters in Belgium.

Net profit from continuing operations
Net profit from continuing operations decreased by 17.1% (-11.3% at identical exchange rates) to EUR 136 million. Per share, basic net profit from continuing operations was EUR 1.34 (EUR 1.59 in 2008). Excluding the 53rd week in the U.S. in 2008 and restructuring, store closing and impairment charges both in 2008 and 2009, net profit from continuing operations increased by 3.0% at identical exchange rates.

Results from discontinued operations, net of tax
In the fourth quarter of 2008, the result from discontinued operations, net of tax, amounted to EUR -9 million and included an impairment charge related to the divestiture of our German operations.

Net profit
Group share in net profit amounted to EUR 134 million, a decrease of 9.6% compared to EUR 149 million in the fourth quarter of 2008. At identical exchange rates, net profit would have decreased by 3.3%. Basic net profit per share was EUR 1.35 (EUR 1.50 in the fourth quarter of 2008) and diluted net profit per share was EUR 1.34 (EUR 1.46 in the fourth quarter of 2008).

» Full Year 2009 Cash Flow Statement and Balance Sheet

Net cash provided by operating activities
In 2009, net cash provided by operating activities amounted to EUR 1 176 million, an increase of 26.8%
at actual exchange rates (24.5% at identical exchange rates) compared to 2008 primarily due to higher profit and major improvements in working capital, exceeding the EUR 50 million working capital improvement target for the year. This was partly offset by higher tax payments in the U.S. whereas in 2008 we benefited from a tax refund and from the 2008 U.S. Stimulus Act.

Net cash used in investment activities
Capital expenditures decreased by 27.1% at actual exchange rates (29.2% at identical exchange rates) to EUR 520 million mainly due to lower store remodeling activity in the U.S., in line with the planned reduction and timing of capital spending.

Business acquisitions and disposals were EUR 147 million and included EUR 108 million for the acquisition of Alfa Beta shares purchased as part of the tender offer launched in May 2009, and EUR 47 million for the acquisitions of two affiliated stores in the Grand Duchy of Luxembourg by Delhaize Belgium, two stores by Hannaford, the acquisition of Prodas stores in Romania and the acquisition of Koryfi in Greece, offset by the disposal of Delhaize Germany (EUR 8 million). In 2008, business acquisitions and disposals included the acquisitions of Plus Hellas in Greece and La Fourmi in Romania.

Free cash flow
Delhaize Group generated free cash flow of EUR 511 million (at identical rates) compared to EUR 150 million last year, mainly as a result of higher cash provided by operating activities and the lower capital expenditures. This is the highest full-year free cash flow generated in the last ten years.

Net debt
The net debt to equity ratio continued to improve, decreasing to 46.8% compared to 57.3% at the end of 2008. Delhaize Group’s net debt amounted to EUR 2.1 billion at the end of 2009, a decrease of EUR 339 million compared to EUR 2.4 billion at the end of December 2008 mainly as a result of strong free cash flow generation, partly offset by the dividend payment. In 2009, Delhaize Group successfully raised USD 300 million in debt and reimbursed the remaining EUR 170 million on the convertible bond and EUR 150 million outstanding on the Eurobond which both matured in the second quarter of 2009. Delhaize America renewed its USD 500 million credit facility in December 2009.


» Segment Reporting

(1) The segment “Rest of the World” includes Mega Image (Romania) and 51% of Super Indo (Indonesia).

 

 

Q4 2009	Revenues			Operating Margin		Operating Profit/(Loss)
(in millions)	Q4 2009	Q4 2008	2009 /2008	Q4 2009	Q4 2008	Q4 2009	Q4 2008	2009 /2008
United States                 USD	4 716	5 152	-8.5%	4.8%	6.0%	229	312	-26.4%
United States                 EUR	3 170	3 824	-17.1%	4.8%	6.0%	154	228	-33.2%
Belgium                    EUR	1 231	1 159	6.3%	4.2%	3.9%	52	46	13.2%
Greece                      EUR	408	379	7.8%	6.7%	4.9%	27	19	46.4%
Rest of the World(1)  EUR	64	56	11.5%	(0.3%)	2.2%	(1)	1	-118.0%
Corporate                 EUR	-	-	N/A	N/A	N/A	(9)	(5)	-58.7%
TOTAL                       EUR	4 873	5 418	-10.1%	4.6%	5.3%	223	289	-22.9%

(1)    The segment “Rest of the World” includes Mega Image (Romania) and 51% of Super Indo (Indonesia).

United States
In 2009, the U.S. operations of Delhaize Group generated revenues of USD 19.0 billion (EUR 13.6 billion), a decrease of 1.3% over 2008 in local currency. Excluding the 53rd week in 2008, revenues in local currency were above prior year by 0.7%. Comparable store sales decreased by 0.4%. Revenue growth was impacted by declining inflation (retail food inflation was 0.5% for 2009 compared to 5.3% for 2008), prudent consumer spending and a very promotional competitive environment. Our U.S. operating companies managed to improve the trends of number of transactions and number of items per transaction for the year as a whole mainly as a result of outstanding execution and targeted promotional offers and price investments.

Delhaize Group finished the year 2009 with 1 607 supermarkets in the U.S. During 2009, we opened 30 new stores, closed and relocated 7 stores and decided to close 17 other stores. This resulted in a net increase of 13 stores.

Additionally, in 2009, Delhaize Group re-opened 53 supermarkets in the U.S. after remodeling or expansion work. This included 35 Food Lion renewals in the Columbia, South Carolina market and five in the Daytona Beach, Florida market. We had an additional four store renewals at Food Lion and nine at Hannaford.

In 2009, our U.S. gross margin increased by 18 basis points to 27.9% (+15 basis points excluding the 53rd week in 2008) due to improved inventory results at all three operating companies, lower utility costs and improved distribution center labor productivity at Food Lion, partially offset by price investments and promotions.

Selling, general and administrative expenses as a percentage of revenues increased by 17 basis points to 22.4% but remained stable if we exclude the 53rd week in 2008 as major cost reductions efforts have allowed the offset of higher staff costs mainly attributable to increases in minimum wage levels and rising health care costs.

In 2009, the operating margin of our U.S. business decreased by 16 basis points to 5.4%. Excluding the 53rd week in 2008, the Sweetbay store closing and impairment charge in 2008 and the restructuring, store closing and impairment charges in 2009, our U.S. operating margin increased by 5 basis points to 5.7% as a result of a higher gross margin and flat selling, general and administrative expenses. Operating profit for our U.S. operations decreased by 4.1% to USD 1.0 billion (EUR 729 million). Excluding the 53rd week in 2008, the Sweetbay store closing and impairment charge in 2008 and the restructuring, store closing and impairment charge in December 2009, U.S. operating profit increased by 1.6% at identical exchange rates.

In the fourth quarter of 2009, the revenue contribution of Delhaize U.S. was USD 4.7 billion (EUR 3.2 billion), a decrease of 8.5% compared to 2008. Excluding the 53rd week in 2008, revenues were below the same quarter in the prior year by 1.2% in local currency. Comparable store sales decreased 2.8% mostly as a result of retail deflation.

Retail food inflation was 6.5% in the fourth quarter of 2008 compared to retail food deflation of 2.1% in the same quarter in 2009. Our retail prices decreased 92 basis points more than our cost prices did, evidencing our price investments and promotional activity. The improving trend in the number of items per transaction continued during the fourth quarter and became positive again for the first time in two years. Real net volume growth amounted to -0.7% compared to -3.6% in the same period last year, showing the success of our commercial initiatives.

In the fourth quarter of 2009, a one-time pre-tax charge of EUR 21 million (USD 29 million) was recorded in connection with the U.S. restructuring announced earlier. In conjunction with the U.S. restructuring, the Group initiated the closing of 16 underperforming stores in 2009 and an impairment charge was recorded on other U.S. stores, which resulted in an additional pre-tax closing and impairment charge of EUR 23 million (USD 32 million) but will result in annualized operating profit improvements of approximately EUR 6 million (USD 9 million).

In the fourth quarter of 2009, operating profit decreased by 26.4% to USD 229 million. Excluding the 53rd week in 2008 and restructuring, store closing and impairment charges both in 2008 and 2009, U.S. operating profit would have decreased by 6.9% in local currency in the fourth quarter of 2009 and operating margin would have been 6.2% (6.5% in the fourth quarter of 2008). The operating margin decrease is the result of higher staff costs and price investments partly offset by better inventory results.

In 2010, Delhaize Group plans to open between 50 and 55 new supermarkets in the U.S., including a significant increase in the number of Bottom Dollar Food stores in 2010. In addition, the Group decided in 2009 to close 16 underperforming stores in 2010 in conjunction with the U.S. restructuring. This includes 15 underperforming Food Lion stores and one underperforming Bloom store. The store closings were completed in February 2010. This will result in a net increase of approximately 33 to 38 stores to a total number of between 1 640 and 1 645 stores at the end of 2010.

In 2010, Delhaize Group plans to remodel approximately 50 U.S. stores including 30 stores as part of Food Lion’s market and store renewal programs. In 2010, Food Lion plans the remodel of the markets of Greenville, North Carolina and Roanoke, Virginia.

Belgium
Delhaize Belgium posted revenues of EUR 4.6 billion in 2009, an increase of 4.7% over 2008. Comparable store sales increased by 2.7%, an improvement compared to 2.2% in 2008. Throughout the year, Delhaize Belgium benefited from consecutive waves of price investments started in early 2008, that marked the start of a price repositioning campaign. Transaction counts have increased throughout the year and Delhaize Belgium has gained market share in every week of 2009 and ended the year with a 25.7% market share (source: AC Nielsen), an increase of 58 basis points compared to 2008.

In 2009, the sales network of Delhaize Belgium was extended by 17 stores, from 775 stores (including four in Germany) at the end of 2008 to 792 stores at the end of 2009. This evolution was mainly driven by the addition of 24 affiliated stores, two Red Market stores – a new store format launched in 2009 - and the divestiture of four stores in Germany, one Cash Fresh store and four City stores (of which three were reopened as affiliated stores) in Belgium.

In 2009, Delhaize Belgium’s gross margin increased by 78 basis points to 20.0% of revenues as a result of better supplier terms and improved inventory results. Selling, general and administrative expenses increased by 33 basis points to 16.7% of revenues mainly due to higher staff costs, increased advertising costs and higher rents and depreciation as a result of new store openings, partly offset by cost saving efforts as included in the “Excel 2008-2010” plan. As a result, the operating margin of Delhaize Belgium increased by 24 basis points to 4.0% of revenues and operating profit increased by 11.3% to EUR 185 million (EUR 166 million in 2008).

In the fourth quarter of 2009, revenues in Belgium amounted to EUR 1.2 billion, an increase of 6.3% over 2008. Comparable store sales grew by 2.6%. Holiday sales were very strong and benefited from further price investments, successful direct mailing campaigns and great execution throughout the supply chain.
In the fourth quarter of 2009, the operating margin of Delhaize Belgium amounted to 4.2%, compared to 3.9% in the fourth quarter of 2008 particularly as a result of gross margin growth (better supermarket inventory results and improved supplier terms). Operating profit increased by 13.2% to EUR 52 million.

In 2010, Delhaize Belgium plans to open between 25 to 30 new stores (including four new Red Market stores), bringing the total to between 817 and 822 stores. Delhaize Belgium plans to remodel approximately 20 stores in 2010.

Greece
In 2009, revenues in Greece increased by 10.2% and reached EUR 1.5 billion. Alfa Beta’s performance continued to be strong due to its excellent comparable store sales growth and the continued growth of its store network. Market share increased by 200 basis points to 16.8% (source: AC Nielsen).

In 2009, Delhaize Group increased the number of stores operated in Greece by 15 (including 10 acquired Koryfi stores) and operated 216 stores at the end of 2009.

In 2009, gross margin increased by 116 basis points to 23.8% mainly as a result of better supplier terms, improved inventory results and increased private brand penetration. Selling, general and administrative expenses, as a percentage of revenues, increased by 21 basis points to 20.2% as a result of higher staff costs and depreciation. The operating margin of Alfa Beta increased from 3.4% to 4.0% and operating profit increased by a strong 28.0% to EUR 59 million.

In the fourth quarter of 2009, revenues in Greece grew by 7.8% and the operating margin was 6.7% (4.9% in 2008), resulting in an operating profit increase of 46.4% to EUR 27 million (EUR 19 million in 2008).

In 2010, the sales network of Alfa Beta is expected to grow by 13 to 18 stores.

Rest of the World (Romania and Indonesia)
In 2009, the revenues of the Rest of the World segment (Romania and Indonesia) amounted to EUR 233 million. This increase of 27.3% versus the prior year at identical exchange rates is primarily the result of the expansion of the store network in both countries (primarily from the acquisition of La Fourmi in 2008 and Prodas in 2009, both in Romania) and high retail inflation. The Rest of the World segment recorded an operating loss of EUR 1 million compared to an operating profit of EUR 3 million in 2008 mainly as a result of the economic crisis in Romania and higher staff costs and depreciation in Romania resulting from the new store openings and La Fourmi remodelings.

During the fourth quarter of 2009, revenues increased by 18.7% at identical exchange rates supported by strong comparable store sales growth in Indonesia, new store openings and the acquisition of four Prodas stores in Bucharest in July 2009, while the underlying sales trend in Romania suffered from the very weak economy. A small operating loss was recorded due to higher staff costs, rents and depreciation in Romania, while operations in Indonesia continued to perform strongly.

The Rest of the World network of Delhaize Group included 117 supermarkets at the end of 2009 (51 in Romania and 66 in Indonesia), 14 more than in 2008 due to the four Prodas stores (of which one closed) acquired in Romania, and the continued organic growth in both countries. In 2010, Delhaize Group expects to increase its sale network in its Rest of the World segment by 25 to 35 stores to a total of 142 to 152 stores.

» 2010 Financial Outlook

In 2010:
• Delhaize Group expects to see operating profit growth between 7% and 10% at identical exchange rates.
• Delhaize Group plans to end the year with a store network of between 2 834 and 2 844 stores as a result of the addition of 102 to 112 net stores (between 120 and 130 before store closings).
• Delhaize Group expects capital expenditures (excluding leases) of approximately EUR 800 million at identical exchange rates.

» Status of Alfa Beta Share Ownership

On May 18, 2009, Delhaize Group through its wholly owned Dutch subsidiary Delhaize “The Lion” Nederland B.V. (Delned) launched a voluntary tender offer to acquire all of the common registered shares of Delhaize Group’s Greek subsidiary “Alfa Beta” Vassilopoulos S.A. (Alfa Beta), which were not yet held by any of the consolidated companies of Delhaize Group. At the end of the acceptance period on July 9, 2009, Delned had acquired 89.56% of Alfa Beta. On February 9, 2010, Delned crossed the 90% share ownership threshold of Alfa Beta shares. Delhaize Group is currently reviewing next steps to be taken.