Koninklijke Ahold Delhaize N.v. · EURONEXT:AD
Koninklijke Ahold Delhaize — Koninklijke Ahold — Shareholder Meeting (April 2012)
58 slides from Koninklijke Ahold Delhaize's shareholder meeting presentation, Apr 17, 2012
Slide 1: Annual General Meeting of Shareholders 2012
Annual General Meeting of Shareholders 2012 Welcome Amsterdam, April 17, 2012
Slide 2: Agenda item 1: Opening
Agendapunt 1 / Agenda item 1 • Opening Amsterdam, April 17, 2012 2
Slide 3: Agenda item 2: Report of the Corporate Executive Board 2011
Agendapunt 2 / Agenda item 2 • Verslag van de Raad van Bestuur over het boekjaar 2011 • Report of the Corporate Executive Board for financial year 2011 Amsterdam, April 17, 2012 3
Slide 4: Dick Boer, Chief Executive Officer
Dick Boer Chief Executive Officer
Slide 5: Ahold brands: Better choice. Better value. Better life.
OQ Gros EE Coa albert. jalbert [A yremova <ci2> & Ahold Better choice. Better value. Better life. Every day. Amsterdam, April 17, 2012 5 4) Ahold
Slide 6: Albert Heijn
Albert Heijn Amsterdam, April 17, 2012 ~ Ahold
Slide 7: Amsterdam, April 17, 2012
Amsterdam, April 17, 2012 7 ~ Ahold
Slide 8: Amsterdam, April 17, 2012
Ae albert {iil Amsterdam, April 17, 2012 8 ~ Ahold
Slide 9: Amsterdam, April 17, 2012
Amsterdam, April 17, 2012 9 ~ Ahold
Slide 10: Stop & Shop
ul StopaShop’ Amsterdam, April 17, 2012 10 ~ Ahold
Slide 11: Giant
GIANT ann NS. Amsterdam, April 17, 2012 11 ~ Ahold
Slide 12: Amsterdam, April 17, 2012
terdam, April 17, 2012 12 @ Ahold
Slide 13: Reshaping Retail@Ahold
TMZ Reshaping Retail@Ahold Ahold
Slide 14: Increasing customer loyalty
Increasing customer loyalty Amsterdam, April 17, 2012 14
Slide 15: Broadening our offering
Broadening our offering Amsterdam, April 17, 2012 15
Slide 16: Broadening our offering
Broadening our offering Amsterdam, April 17, 2012 16
Slide 17: Broadening our offering
Broadening our offering Amsterdam, April 17, 2012 17
Slide 18: Broadening our offering
Broadening our offering Amsterdam, April 17, 2012 18
Slide 19: Expanding our geographic reach
Expanding our geographic reach Amsterdam, April 17, 2012 19
Slide 20: Simplicity
Simplicity Amsterdam, April 17, 2012 20
Slide 21: Responsible retailing
Responsible retailing Amsterdam, April 17, 2012 21
Slide 22: Responsible retailing
Responsible retailing Amsterdam, April 17, 2012 22
Slide 23: People performance
People performance Amsterdam, April 17, 2012 23
Slide 24: Ahold brands: Better choice. Better value. Better life.
OQ Gros EE Coa albert. jalbert [A yremova <ci2> & Ahold Better choice. Better value. Better life. Every day. Amsterdam, April 17, 2012 24 4) Ahold
Slide 25: Amsterdam, April 17, 2012
Amsterdam, April 17, 2012 25 w0 Ahold
Slide 26: Ahold brands: Better choice. Better value. Better life.
OQ Gros EE Coa albert. jalbert [A yremova <ci2> & Ahold Better choice. Better value. Better life. Every day. Amsterdam, April 17, 2012 26 4) Ahold
Slide 27: Jeff Carr, Chief Financial Officer
Jeff Carr Chi f Financial Chief Fi i l Officer Offi
Slide 28: Operating performance
Operating performance (in millions of euros) Better / (Worse) 2011 2010 Than Last Year Sales 30,271 29,530 2.5% Gross Profit Margin 26.2% 26.8% (0.6) Underlying Retail Margin 4 8% 4.8% 4 9% 4.9% (0 1) (0.1) Operating Profit 1,347 1,336 0.8% Operating Profit Margin 4.4% 4.5% (0.1) • Operating p gppro
Slide 29: Operating performance by segment
Operating performance by segment (in millions) Ahold USA The Netherlands Other Europe Better / Better / Better / (Worse) (Worse) (Worse) 2011 2011 2011 Than Last Than Last Than Last Year Year Year Sales $25,072 6.6% €10,506 4.2% €1,739 4.8% Underlying Operating $1,067 9.1% €666 (3.6%) €20 25.0% Prof
Slide 30: Net income
Net income (in millions of euros) Better / 2011 2010 (Worse) Than Last Year Operating Profit 1,347 1,336 0.8% Financing Costs (316) (259) (22.0%) P fit Before Profit B f T Tax 1 031 1,031 1 077 1,077 (4 3%) (4.3%) Income Tax (140) (271) 48.3% Income from Joint Ventures 141 57 147.4% Net Income Conti
Slide 31: Strong dividend growth
Strong dividend growth 0.93 0.82 0.76 0.74 0.40 0 29 0.29 0.23 0.18 2008 2009 2010 2011 EPS* Dividend per share • EPS growth of 26% and dividend per share growth of 38% • Pay out ratio of 41% of adjusted income from continuing operations * Income per common share from continuing operations (basic) A
Slide 32: Pensions – company funding ratio
Pensions – company funding ratio YE 2011 YE 2010 The Netherlands 106% 112% United States 92% 103% • Cash contributions expected to increase in 2012 • On-going low interest rates continue to result in some increase in the P&L costs 32 Amsterdam, April 17, 2012 32
Slide 33: Free cash flow
Free cash flow (in millions of euros) Better / (Worse) Than 2011 Last Year Operating Cash Flow 2,023 (67) Changes g in Working g Capital p ((26)) ((169)) Net Investment (732) 106 Net Interest Paid (218) 53 Dividends from Joint Ventures 130 19 Income Tax Paid (212) (89) Free Cash Flow 965 (147) • CAP
Slide 34: Gross and net debt
Gross and net debt (in billions of euros) 4.2 3.7 3.6 3.7 1.4 1.1 0.7 0.7 (2.8) (2.9) (2.6) (3.0) 2008 2009 2010 2011 Gross Debt Cash & Short-Term Deposits Net Debt • Net debt remains low • Cash C position to be optimized Amsterdam, April 17, 2012 34
Slide 35: Capital structure and liquidity guidelines
Capital structure and liquidity guidelines • Leverage L iincluding l di operating ti llease commitments it t iin liline with ith peers • Normal liquidity of around €2 billion: €1.6 €1 6 billion of excess cash • Committed to investment grade credit rating Amsterdam, April 17, 2012 35
Slide 36: Significant cash outflows first half 2012
Significant cash outflows first half 2012 (in billions of euros) First half 2012 Common and Pref Share Dividend 04 0.4 Completion of current Share Buyback program 0.3 Notes repayment (coupon 5.875%) 0.4 Acquisitions 05 0.5 Other 0.2 First half outflows (indicative) 1.8 • Cash to support pp the strat
Slide 37: Dividend
Dividend • Dividend 2011 €0.40 per common share • Timetable April 19, 2012: common share quoted ex dividend April 23 23, 2012: dividend record date May 2, 2012: dividend payable in cash Amsterdam, April 17, 2012 37
Slide 38: Summary
Summary • 5.5% sales growth (at constant exchange rates) • Operating O ti income i up 0 0.8% 8% • Excellent cost management and new €350 million savings program announced • €1.0 billion net income (up 19%) • Proposed dividend of €0.40 €0 40 (up 38%) 38%), in line with our new dividend policy • Expla
Slide 39: Cautionary notice
Cautionary notice These presentations include forward-looking statements, which do not refer to historical facts but refer to expectations based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events
Slide 40: Discussion agenda items 2, 3, 4 and 5
Discussie agendapunten 2, 3, 4 en 5 Discussion agenda items 2, 3, 4 and 5 Amsterdam, April 17, 2012 40
Slide 41: Voting is open
Stemming is geopend / Voting is open Om te stemmen, druk op 1, 2 of 3 Register your vote by pressing 1, 2 or 3 1 = voor / for 2 = tegen / against 3 = onthouding / abstention Correctie / Correction Maak opnieuw uw keuze. Uw laatste keuze geldt. Make your choice again. Your last choice will be registe
Slide 42: Agenda item 4: Adopt 2011 financial statements
Agendapunt 4 / Agenda item 4 • Voorstel tot vaststelling van de jaarrekening over het boekjaar 2011 • Proposal to adopt 2011 financial statements Amsterdam, April 17, 2012 42
Slide 43: Agenda item 5: Determine the dividend
Agendapunt 5 / Agenda item 5 • Voorstel tot vaststelling dividend over het boekjaar 2011 • Proposal to determine the dividend over financial year 2011 Amsterdam, April 17, 2012 43
Slide 44: Agenda item 6: Discharge of Executive Board
Agendapunt 6 / Agenda item 6 • Voorstel tot het verlenen van decharge aan de leden van de Raad van Bestuur • Discharge of liability of the members of the Corporate Executive Board Amsterdam, April 17, 2012 44
Slide 45: Agenda item 7: Discharge of Supervisory Board
Agendapunt 7 / Agenda item 7 • Voorstel tot het verlenen van decharge aan de leden van de Raad van Commissarissen • Discharge of liability of the members of the Supervisory Board Amsterdam, April 17, 2012 45
Slide 46: Agenda item 8: Appoint J.E. McCann
Agendapunt 8 / Agenda item 8 • Voorstel tot benoeming van de heer J.E. McCann als lid van de Raad van Bestuur met ingang van 17 april 2012 • Proposal to appoint Mr. J.E. McCann as a member of the Corporate Executive Board, with effect from April 17, 2012 Amsterdam, April 17, 2012 46
Slide 47: Agenda item 9: Appoint J. Carr
Agendapunt 9 / Agenda item 9 • Voorstel tot benoeming van de heer J. Carr als lid van de Raad van Bestuur met ingang van 17 april 2012 • Proposal to appoint Mr. J. Carr as a member of the Corporate Executive Board, with effect from April 17, 2012 Amsterdam, April 17, 2012 47
Slide 48: Agenda item 10: Appoint R. Dahan
Agendapunt 10 / Agenda item 10 • Voorstel tot benoeming van de heer R. Dahan voor een nieuwe termijn tot lid van de Raad van Commissarissen met ingang van 17 april 2012 • Proposal to appoint Mr. R. Dahan for a new term as a member of the Supervisory Board, with effect from April 17, 2012 Amsterdam,
Slide 49: Agenda item 11: Appoint M.G. McGrath
Agendapunt 11 / Agenda item 11 • Voorstel tot benoeming van de heer M.G. McGrath voor een nieuwe termijn tot lid van de Raad van Commissarissen met ingang van 17 april 2012 • Proposal to appoint Mr. M.G. McGrath for a new term as a member of the Supervisory Board, with effect from April 17, 2012 Ams
Slide 50: Agenda item 12: Supervisory Board remuneration
Agendapunt 12 / Agenda item 12 • Voorstel tot wijziging van de bezoldiging van de Raad van Commissarissen • Proposal to amend the remuneration of the Supervisory Board Amsterdam, April 17, 2012 50
Slide 51: Agenda item 13: Appoint Deloitte Accountants
Agendapunt 13 / Agenda item 13 • Voorstel tot benoeming van Deloitte Accountants B.V. • Proposal to appoint Deloitte Accountants B.V. Amsterdam, April 17, 2012 51
Slide 52: Agenda item 14: Authorization to issue shares
Agendapunt 14 / Agenda item 14 • Aanwijzing tot uitgifte van aandelen • Authorization to issue shares Amsterdam, April 17, 2012 52
Slide 53: Agenda item 15: Restrict pre-emptive rights
Agendapunt 15 / Agenda item 15 • Aanwijzing tot het beperken of uitsluiten van voorkeursrechten • Authorization to restrict or exclude pre-emptive pre emptive rights Amsterdam, April 17, 2012 53
Slide 54: Agenda item 16: Authorization to acquire shares
Agendapunt 16 / Agenda item 16 • Machtiging tot inkoop van eigen aandelen • Authorization to acquire shares Amsterdam, April 17, 2012 54
Slide 55: Agenda item 17: Cancellation of common shares
Agendapunt 17 / Agenda item 17 • Intrekking van gewone aandelen • Cancellation of common shares Amsterdam, April 17, 2012 55
Slide 56: Agenda item 18: Closing
Agendapunt 18 / Agenda item 18 • Sluiting • Closing Amsterdam, April 17, 2012 56
Slide 57: Questions
Questions Amsterdam, April 17, 2012 57
Slide 58: Thank you
Thank you Amsterdam, April 17, 2012 58