Executive Summary

• Ahold Delhaize reported FY16 revenues of €62,331 million, up 3.4% from FY15 at constant currency (+3.7% in reported currency) and slightly below the consensus estimate of €62,419 million.
• Segment-wise, the Netherlands performed the best, with sales growing 5.3% in FY16. Ahold USA’s sales grew 2.5% and Delhaize America’s were up 1.9%, at constant currency. Sales in Central and Southeastern Europe (CSE) rose 8.8% at constant currency and sales in Belgium grew by 1.7%.
• Ahold Delhaize confirmed its guidance for the pro forma underlying operating margin to be “broadly in line” with its performance of 3.6% in the first three quarters of FY16 and slightly ahead of last year; and for free cash flow (including the FY impact of Delhaize Group) to be about €1.3 billion.