Ahold

Last updated

Koninklijke Ahold N.V.
Company type Public (N.V.)
ISIN NL0011794037  OOjs UI icon edit-ltr-progressive.svg
Industry Retail
Founded1887(137 years ago) (1887)
Defunct24 July 2016;7 years ago (2016-07-24)
FateMerged with Delhaize
Successor Ahold Delhaize
Headquarters Zaandam, Netherlands
Number of locations
3,206
Key people
ServicesConvenience/forecourt store, discount store, drug store/pharmacy, hypermarket/supercenter/superstore, other specialty, supermarket, online retailer
Revenue €38.2 billion (2015) [1]
€1.3 billion (2015) [1]
€0.85 billion (2015) [1]
Total assets €15.88 billion (2015) [1]
Total equity €5.62 billion (2015) [1]
Number of employees
236,000 (2015) [1]
Website www.aholddelhaize.com

Koninklijke Ahold N.V. was a Dutch multinational retail company based in Zaandam, Netherlands. Founded in 1887 by Albert Heijn, Sr., the company initially began as a single grocery store in Oostzaan and became the largest grocery chain in the Netherlands in 1970s, Netherlands. The company went public in 1948. It merged with Belgium-based Delhaize Group in 2016 to form Ahold Delhaize.

Contents

History

Growth in the Netherlands

The company started in 1887, when Albert Heijn, Sr. opened the first Albert Heijn grocery store in Oostzaan, Netherlands. The grocery chain expanded through the first half of the 20th century, and went public in 1948.

Under the leadership of the founder's grandsons, Albert Jr. and Gerrit Jan Heijn, the company continued to make a significant impact on food retail in the Netherlands in the next four decades, pioneering self-service shopping, and the development of private labels and of non-food as a grocery store category. The company also influenced culinary development in the country, popularizing products such as wine, sherry and kiwi fruit, contributing to the introduction of the refrigerator in Dutch households and introducing convenience items, such as ready meals and frozen pizzas, to Dutch consumers.

Albert Heijn became the largest grocery chain in the Netherlands during this time, and expanded into liquor stores and health and beauty care stores in the 1970s. In 1973, the holding company Albert Heijn changed its name to "Ahold", an abbreviation of Albert Heijn Holding". [2] [3]

International expansion

In the 1970s, the company began expanding internationally, acquiring companies in Spain and the United States. Under a new leadership team, which for the first time did not include any members of the Heijn family, the company accelerated its growth through acquisitions in the latter half of the 1990s in Latin America, Central Europe, and Asia.

Ahold N.V. received the designation "Royal" from Dutch Queen Beatrix in 1987, awarded to companies that have operated honorably for one hundred years. [4] That same year Gerrit Jan Heijn, Ahold executive and only brother of Albert Heijn, was kidnapped for ransom and murdered. [2]

Accounting crisis

The company's ambitious global expansion was halted by the announcement of accounting irregularities at some of Ahold's subsidiaries in February 2003. The CEO, Cees van der Hoeven, and CFO, Michael Meurs, and a number of senior management resigned as a result, and earnings over 2001 and 2002 had to be restated. The main accounting irregularities occurred at U.S. Foodservice (now US Foods), and, on a smaller scale, Tops Markets, in the United States, where income related to promotional allowances was overstated. In addition, accounting irregularities were found at the company's Argentine subsidiary Disco, and it was determined that the financial results of certain joint ventures had been accounted for improperly. [5]

As a result of the announcements, the company's share price plunged by two-thirds, and its credit rating was reduced to BB+ by Standard & Poor's. [6]

The irregularities led to various investigations and criminal charges by both Dutch and U.S. law enforcement authorities against Ahold and several of its former executives.

Dutch law enforcement authorities filed fraud charges against Ahold, which were settled in September 2004, when Ahold paid a fine of approximately €8 million. Ahold's former CEO, CFO, and the former executive in charge of its European activities were charged with fraud by the Dutch authorities. In May 2006, a Dutch appeals court found Ahold's former CEO and CFO guilty of false authentication of documents, and they received suspended prison sentences and unconditional fines.

The United States Securities and Exchange Commission (SEC) announced in October 2004, that it had completed its investigation and reached a final settlement with Ahold. [7]

In January 2006, Ahold announced that it had reached a settlement of US$1.1 billion (€937 million) in a securities class action lawsuit filed against the company in the United States by shareholders and former shareholders. [8] Another class action lawsuit was filed against Ahold's auditors, Deloitte, but this suit was dismissed. [9] The suit was brought up again by shareholders in 2007, [10] and by a different shareholder group in 2012. [11]

The SEC filed fraud charges against four former executives of U.S. Foodservice: the company's former CFO, former chief marketing officer, and two former purchasing executives. The purchasing executives settled the charges. [12] The former chief marketing officer was sentenced to 46 months in prison. [13] The former CFO was sentenced to six months of home detention and three years' probation. [14]

Road to recovery

Anders Moberg became CEO on 5 May 2003. [15] Under his and other new leadership appointed following the crisis, Ahold launched a "Road to Recovery" strategy in late 2003 to restore its financial health, regain credibility, and strengthen its business. [16]

As part of this strategy, Ahold announced it would divest all operations in markets where it could not achieve a sustainable number one or two position within three to five years, and that could not meet defined profitability and return criteria over time. The company divested all its operations in South America and Asia, retaining a core group of profitable companies in Europe and the United States. As part of its Road to Recovery strategy, Ahold strengthened accountability, controls and corporate governance and restored its financial health, regaining investment grade in 2007. [17]

Strategy for profitable growth

In November 2006, Ahold announced the results of a major strategic review of its businesses. [18] As a result of this review, Ahold launched its strategy for profitable growth focused on strengthening its retail competitive position, particularly in the United States. The company focused on building its brands by creating an improved product and service offering, delivered an improved price position and lowered operating costs; and reorganized the company into two continental organizations led by Chief Operating Officers. As part of the strategy, Ahold further focused its portfolio, including the divestment of U.S. Foodservice (completed in July 2007, to CD&R and KKR for US$7.1 billion), Tops (completed in December 2007, for US$310 million to Morgan Stanley Private Equity) and the company's operations in Poland (completed in July 2007, to Carrefour). The company made solid progress in delivering its strategy under the leadership of John Rishton, appointed CEO in November 2007, who had been part of the team that developed the strategy in his previous role as CFO. [3]

In November 2011, under the leadership of Dick Boer, appointed CEO in March 2011, [3] Ahold announced a new phase of its growth strategy, "Reshaping Retail". This strategy has six pillars - three designed to create growth and three to enable this growth. The six pillars are: increasing customer loyalty, broadening our offering, expanding geographic reach, simplicity, responsible retailing, and our people. [19]

Merger with Delhaize Group

On 24 June 2015, Delhaize Group reached an agreement with Ahold to merge, forming a new company, Ahold Delhaize. At completion of the merger, Ahold shareholders will own 61% of the new combined company while Delhaize Group shareholders will hold the remaining 39%. [20] [21] [22] Ahold CEO Dick Boer will become CEO of the merged company, with Frans Muller, CEO of Delhaize to become deputy CEO and chief integration officer. [23]

Assets

A list of assets (formally) owned by Ahold. [24] [25] [26] [27]

Asset

(also known as)

ShareTypeCountryPeriodFate
Albert Heijn

AH To Go, AH XL, AH Online

100%SupermarketFlag of the Netherlands.svg  Netherlands 1887 - 2016Merged with Ahold Delhaize
Flag of Germany.svg  Germany 2011 - 2016
Flag of Belgium (civil).svg  Belgium 2011 - 2016
Ahold Coffee Company

Marvelo

100%RoasteryFlag of the Netherlands.svg  Netherlands 1895/1910 - 2016Merged with Ahold Delhaize
AC Restaurants

Alberts Corner

100%Restaurant chain1963 - 1989Management buy-out / sold to an investment company
Miro100%Hypermarkets1971 - 1987Formula shut down, stores remodelled to different Ahold formulas.
McDonalds

Family Food

50%Fast food chain1971 - 1972Sold to McDonalds
Simon de Wit 100%Supermarket1972 - 1980Merged with Albert Heijn
S-Discounts100%Discountstore1972 - 1980Shut down
Nettomarkten100%Hypermarkets1972 - 1982Sold
Toko Kampwinkels100%Camping store1972 - 1988
Ostara100%Holidayparks1972 - 1989
Ter Huurne100%Supermarket1972 - 2014
Alberto100%Liquor Store1974 - 1989Merged with Gall & Gall
Lita100%Catalog Store1973 - 1976Sold
Jobby100%D.I.Y. Store1973 - 1979Shut down
Etos 100%Drugstore1973 - 2016Merged with Ahold Delhaize
Flag of Belgium (civil).svg  Belgium 1988 - 1995Sold
CadaDia100%SupermarketFlag of Spain.svg  Spain 1976 - 1985Shut down
Bi-Lo 100%Flag of the United States.svg  United States 1977 - 2004Sold
Giant Food Stores 100%1981 - 2016Merged with Ahold Delhaize
d' Swarte Walvis

De Walvis

100%RestaurantFlag of the Netherlands.svg  Netherlands 1984 - 2003Sold to Nedstede Groep
DeliXL

Grootverbruik Ahold

100%Flag of the Netherlands.svg  Netherlands
Flag of Belgium (civil).svg  Belgium 		1985 - 2009Sold to Bidvest Group
Edwards100%SupermarketFlag of the United States.svg  United States 1988 - 1995Merged with Stop & Shop
Finast100%1988 - 1994Merged with Edwards
Pragmacare100%PharmaceuticalFlag of the Netherlands.svg  Netherlands 1988 - 1995Sold
Schuitema 73%Wholesale and distribution1988 - 2008
Gall & Gall100%Liquor Store1989 - 2016Merged with Ahold Delhaize
Party Shop100%1989 - 1989Merged with Gall & Gall
Tops Markets 100%SupermarketFlag of the United States.svg  United States 1991 - 2006Sold
Albert [24] 100%Flag of the Czech Republic.svg  Czech Republic 1991 - 2016Merged with Ahold Delhaize
De Tuinen100%DrugstoreFlag of the Netherlands.svg  Netherlands 1991 - 2003Sold to Holland & Barrett
Pingo Doce 49%SupermarketFlag of Portugal.svg  Portugal 1992 - 2016Merged with Ahold Delhaize
Feira Nova100%1993 - 2010Merged with Pingo Doce
Funchalgest45% (1995)

50% (1999)

1995 - 2009
Jamin100%CandystoreFlag of the Netherlands.svg  Netherlands 1993 - 2003Management buy-out
Red Food Stores 100%SupermarketFlag of the United States.svg  United States 1994 - 1994Merged with Bi-Lo
Ahold Polska50% (1995)

100% (1998)

Flag of Poland.svg  Poland 1995 - 2007Sold
Stop & Shop100%Flag of the United States.svg  United States 1995 - 2016Merged with Ahold Delhaize
Tops65% (1996)

100% (2000)

Flag of Malaysia.svg  Malaysia 1996 - 2003Sold to Giant
50%Flag of Thailand.svg  Thailand 1996 - 2004Sold to Central Group
70% (1996)

100% (2002)

Flag of Indonesia.svg  Indonesia 1996 - 2003Sold to PT Hero Supermarket
50%Flag of the People's Republic of China.svg  China 1996 - 1999Sold
50%Flag of Singapore.svg  Singapore 1996 - 1999
Bompreco 100%Flag of Brazil.svg  Brasil 1996 - 2004Sold to Wal-Mart
Hipercard100%BankingSold to Unibanco
Store 200050%SupermarketFlag of Spain.svg  Spain 1997 - 1997Sold to Caprabo
Disco International Holdings50%
Disco90%SupermarketFlag of Argentina.svg  Argentina 1998 - 2005Sold to Cencosud
Santa Isabel65%Flag of Chile.svg  Chile 1998 - 2003
Flag of Paraguay.svg  Paraguay Sold to A.J. Viervi
Flag of Peru.svg  Peru Sold to Grupo Interbank and Nexus Group
Paiz Ahold50%1999 - 2005Sold
CARHCO67%
CSU International100%Discoutstores

Supermarkets

Hypermarket

Flag of Costa Rica.svg  Costa Rica
Flag of Nicaragua.svg  Nicaragua
Flag of Honduras.svg  Honduras
La Frague85,6%Flag of Guatemala.svg  Guatemala
Flag of El Salvador.svg  El Salvador
Flag of Honduras.svg  Honduras
Dialco100%SupermarketFlag of Spain.svg  Spain 1999 - 2004
Dumaya100%
Guerrero100%
Castillo del Barrio100%
Longinos Velasco100%
U.S. Foodservice 100%Foodservice DistributorFlag of the United States.svg  United States 1999 - 2007
Peapod 51% (2000)

100% (2001)

Online GrocerFlag of the United States.svg  United States 2000 - 2016Merged with Ahold Delhaize
Golden Gallon100%Gas stationsFlag of the United States.svg  United States 2000 - 2003Sold
ICA 50% (2000)

60% (2004)

Supermarket

Hypermarket

Banking

Flag of Sweden.svg  Sweden
Flag of Norway.svg  Norway
Flag of Estonia.svg  Estonia
Flag of Latvia.svg  Latvia
Flag of Lithuania.svg  Lithuania 		2000 - 2013
Bruno's 100%SupermarketFlag of the United States.svg  United States 2001 - 2001Merged with Bi-Lo
Ahold Slovakia100%Flag of Slovakia.svg  Slovakia 2001 - 2013Sold
G. Barbosa100%Flag of Brazil.svg  Brasil 2001 - 2005Sold to AON Invests
Bol.com 100%WebshopFlag of the Netherlands.svg  Netherlands
Flag of Belgium (civil).svg  Belgium 		2012 - 2016Merged with Ahold Delhaize

Major shareholders in Ahold

Ahold's major shareholders were: [28]

Key people

Source: [29]

See also

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References

  1. 1 2 3 4 5 6 "Annual Report 2015". Royal Ahold. Retrieved 23 May 2016.[ permanent dead link ]
  2. 1 2 "Albert Heijn memorial site". Royal Ahold. Retrieved 25 April 2012.
  3. 1 2 3 "Ahold history". Royal Ahold. Archived from the original on 17 December 2012. Retrieved 25 April 2012.
  4. ↑ List of company name etymologies#cite note-15
  5. ↑ "Ahold announces significantly reduced earnings expected for 2002". Royal Ahold. Retrieved 25 April 2012.
  6. ↑ "Ahold shares slump as executives are sacked over US profits error". The Telegraph. Retrieved 25 April 2012.
  7. ↑ "Ahold reaches final settlement with SEC". Royal Ahold. Retrieved 25 April 2012.
  8. ↑ "Ahold receives preliminary approval of settlement of securities class action in the United States". Royal Ahold. Retrieved 25 April 2012.
  9. ↑ "Judge says Deloitte & Touche not liable for Ahold's fraud". Baltimore Business Journal. Retrieved 25 April 2012.
  10. ↑ "Deloitte faces huge Ahold claim". 27 November 2007. Retrieved 1 July 2015.
  11. ↑ "Deloitte Faces Dutch Shareholder Suit Over Ahold Fraud" . Retrieved 1 July 2015.
  12. ↑ "Europe's Enron: Royal Ahold N.V." (PDF). Price College of Business. Retrieved 25 April 2012.
  13. ↑ "Ex-Ahold Official Mark Kaiser Sentenced to 46 Months in Prison for Fraud". Bloomberg. 8 December 2011. Retrieved 25 April 2012.
  14. ↑ "Former Ahold CFO Avoids Prison". CFO.com. Retrieved 25 April 2012.
  15. ↑ "Ahold to nominate Anders Moberg as President and CEO". Royal Ahold. Retrieved 25 April 2012.
  16. ↑ "Road to Recovery program highlights". Royal Ahold. Retrieved 25 April 2012.
  17. ↑ "S&P Lifts Ahold to investment grade; CDS tighter". Reuters. 4 May 2007. Retrieved 25 April 2012.
  18. ↑ "Ahold announces strategy for profitable growth". Royal Ahold. Retrieved 25 April 2012.
  19. ↑ "Ahold presents its six strategic pillars to accelerate growth". Royal Ahold. Retrieved 25 April 2012.
  20. ↑ "Ahold and Delhaize announce intention to merge". Archived from the original on 19 September 2015. Retrieved 19 August 2015.
  21. ↑ "Growing Dutch company eats up Maine-based Hannaford chain". The Portland Press Herald / Maine Sunday Telegram. 24 June 2015. Retrieved 1 July 2015.
  22. ↑ "Stop & Shop parent to purchase owner of Hannaford". The Boston Globe. Retrieved 1 July 2015.
  23. ↑ "Ahold, Delhaize complete merger agreement". SupermarketNews. 24 June 2015. Retrieved 26 June 2015.
  24. 1 2 "Annual Report 2019" (PDF). AholdDelhaize.com. p. 192.
  25. ↑ "Jaarverslagen | 1 januari 1997 | pagina 46". albertheijnerfgoed.courant.nu (in Dutch). January 1997. Retrieved 15 February 2021.
  26. ↑ "Jaarverslag Ahold | 1 januari 2003 | pagina 1". albertheijnerfgoed.courant.nu (in Dutch). Retrieved 15 February 2021.
  27. ↑ "Jaarverslagen". albertheijnerfgoed.courant.nu. Retrieved 15 February 2021.
  28. ↑ "Annual Report 2013" Archived 12 January 2015 at the Wayback Machine . Koninklijke Ahold N.V. Retrieved 12 January 2015.
  29. ↑ Ahold. "Executive Committee and Management Board". www.ahold.com. Retrieved 10 February 2016.

Sources

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