Five-year overview

Results and cash flow information

€ million, except per share data 2008 20071 20061 20051 20041
Net sales 25,722 24,893 24,642 23,767 23,117
Net sales growth at constant exchange rates 6.9% 6.6% 4.2% 2.3% 4.3%
Operating income 1,198 1,068 989 772 819
Retail operating margin 5.0% 4.9% 4.8% 4.6% 4.9%
Net interest expense (234) (294) (452) (520) (641)
Income (loss) from continuing operations 868 753 649 (147) 646
Income from discontinued operations 211 2,192 266 293 237
Net income 1,079 2,945 915 146 883

Net income per common share (basic)		 0.91 2.03 0.58 0.08 0.56
Net income per common share (diluted) 0.89 2.01 0.58 0.08 0.56
Income (loss) per common share from continuing operations (diluted) 0.73 0.52 0.42 (0.09) 0.42
Dividend per common share 0.184 0.16 – – –

Cash flow before financing activities		 1,272 6,627 1,028 2,057 2,033
Net cash from operating, investing and financing activities (445) 1,487 (249) (1,137) 25
Capital expenditures3 1,019 738 857 770 973
Capital expenditures as % of net sales3 4.0% 3.0% 3.5% 3.2% 4.2%

Average exchange rate (euro per U.S. dollar)		 0.6828 0.7307 0.7964 0.8051 0.8050
1. Comparative figures have been adjusted from amounts previously reported to reflect the effect of discontinued operations.
2. Includes the settlement of the securities class action (EUR 803 million).
3. Excludes assets acquired under finance leases, business acquisitions and discontinued operations.
4. Subject to approval by the General Meeting of Shareholders.

Balance sheet and other information

€ million December 28, 2008 December 30, 2007 December 31, 2006 January 1, 2006 January 2, 2005
Group equity 4,676 3,887 5,270 4,661 3,917
Gross debt 4,241 5,379 6,480 7,748 10,020
Cash and cash equivalents 2,863 3,263 1,844 2,228 3,205
Net debt 1,378 2,116 4,636 5,520 6,815
Net debt-equity ratio 29% 54% 88% 118% 174%
Total assets 13,592 13,944 18,442 19,958 21,344

Number of stores		 2,897 3,225 3,480 3,455 4,072
Number of employees (in FTEs) 118,523 118,715 164,078 167,801 206,441

Common shares outstanding (x 1,000)		 1,176,685 1,171,922 1,555,678 1,555,313 1,554,263
Share price at Euronext 8.83 9.47 8.06 6.33 5.70
Market capitalization 10,390 11,0981 12,539 9,845 8,859

Year-end exchange rate (euro per U.S. dollar)		 0.7111 0.6795 0.7576 0.8444 0.7375
1. In 2007, EUR 4.0 billion was returned to shareholders through a capital repayment and a share buyback program.