Delhaize Group

March 07, 2013 01:13 ET

Delhaize Group 2012 results

BRUSSELS, BELGIUM--(Marketwire - Mar 7, 2013) -

Financial Highlights 2012 (at identical exchange rates)

» Revenue growth of 2.9%; organic revenue growth of 2.1%

» 62% of the Food Lion brand repositioning completed

» Underlying operating profit decline of 17.5%

» Free cash flow generation of EUR772 million at actual exchange rates

» Proposed full year gross dividend of EUR1.40 per share

Financial Highlights Fourth Quarter 2012 (at identical exchange rates)

» Revenue growth of 0.3%; organic revenue growth of 2.5%

» Positive comparable store sales and volume growth at Food Lion

» Underlying operating margin of 3.6%; impacted by ongoing price investments


» Proposed appointment of Ms. Elizabeth Doherty as new independent Director

» CEO Comments

Pierre-Olivier Beckers, President and Chief Executive Officer of Delhaize Group, commented: "As indicated in January, our financial results in 2012 were within guidance. We are particularly pleased by our strong free cash flow generation and we believe that we will generate an average of approximately EUR500 million free cash flow per annum over 2013-2015."

"In 2013, we will remain focused on accelerating the progress at Food Lion, revitalizing Delhaize Belgium and driving growth in Southeastern Europe. We aim to remain relevant to our customers, continuing our sustainable price policies and accelerating revenue growth. We will fund this through a combination of disciplined capital allocation and cost control. The decision to decrease the dividend this year is a clear example of Delhaize Group's commitment to maintaining its financial strength and achieving revenue growth."

"We remain encouraged by the continuation of several positive trends we experienced during the fourth quarter of 2012, particularly in the U.S. Over time, we believe that Delhaize Group has the ability to improve its operating performance in all of its markets, by staying focused on sustainable revenue growth and strict cost management. We are looking forward to provide further updates on our strategic progress on May 8 at the occasion of our Q1 release and Capital Markets Day."

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Source: Delhaize Group via Thomson Reuters ONE


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