BRUSSELS, Belgium, May 4, 2005 (PRIMEZONE) -- Delhaize Group (Euronext Brussels:DELB) (NYSE:DEG), the Belgian international food retailer, today released financial information for the fiscal years 2003 and 2004 according to International Financial Reporting Standards (IFRS). In preparation of the announcement of its Q1 2005 results under IFRS on May 12, 2005, Delhaize Group made also available the Q1 2004 results under IFRS.
Delhaize Group: Transition to IFRS: http://hugin.info/133961/R/992824/149994.pdf
From 2005 on, Delhaize Group will report its financial results under IFRS as endorsed by the European Union. This will replace Delhaize Group's previous reporting under Belgian GAAP.
The purpose of this report is to provide information on the effect of the adoption of IFRS on Delhaize Group's financial statements as previously published under Belgian GAAP. It consists of the following:
-- The basis of preparation, the transition options and the
significant accounting policies;
-- A reconciliation of January 1, 2003 (date of transition to IFRS)
equity and 2003, 2004 and 1st quarter of 2004 shareholders'
equity and net profit;
-- The IFRS preliminary consolidated balance sheet, income
statement, statement of cash flows and statement of changes in
shareholders' equity for 2003, 2004 and the 1st quarter of 2004,
including segment information;
-- Explanations supporting the reconciliations and the IFRS
financial information;
-- Non-GAAP measures; and
-- The special purpose report of the Statutory Auditor
This report "Delhaize Group: Transition to International Financial Reporting Standards -- Preliminary Financial Information" is available on Delhaize Group's website (www.delhaizegroup.com). It can also be obtained on request from the Investor Relations Department of Delhaize Group.
Delhaize Group
Delhaize Group is a Belgian food retailer present in eight countries on three continents. At the end of 2004, Delhaize Group's sales network consisted of 2,565 stores. In 2004, Delhaize Group posted EUR 17.9 billion (USD 22.2 billion) in sales and EUR 299.8 million (USD 372.9 million) in net profit. At the end of 2004, Delhaize Group employed approximately 138,000 people. Delhaize Group is listed on Euronext Brussels (DELB) and the New York Stock Exchange (DEG).
This press release is available in English, French and Dutch. You can also find it on the web site http://www.delhaizegroup.com. Questions can be sent to investor@delhaizegroup.com.
Some of the statements in this press release and other written and oral statements made from time to time by Delhaize Group and its representatives are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of Securities Exchange Act of 1934, as amended, and involve a number of risks and uncertainties. These statements include, but are not limited to, statements about strategic options, future strategies and the anticipated benefits of these strategies. These forward-looking statements generally can be identified as statements that include phrases such as "believe", "expect", "anticipate", "intend", "plan", "foresee", "likely", "will", "should" or other similar words or phrases. Although such statements are based on current information, actual outcomes and results may differ materially from those projected depending upon a variety of factors, including, but not limited to, changes in the general economy or the markets of Delhaize Group, in consumer spending, in inflation or currency exchange rates or in legislation or regulation; competitive factors; adverse determination with respect to claims; inability to timely develop or remodel stores; and supply or quality control problems with vendors. Additional risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements are described in Delhaize Group's Annual Report on Form 20-F for the year ended December 31, 2003 and other periodic filings made by Delhaize Group and Delhaize America with the U.S. Securities and Exchange Commission, which risk factors are incorporated herein by reference. Delhaize Group and Delhaize America disclaim any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.