NETHERLANDS: New Ahold CFO sees debt at €7-9bn; Q2 sales drop – reports
Incoming chief financial officer of troubled Dutch retailer Ahold said today [Monday] that debt levels between €7m (US$7.9m) and €9m would be satisfactory.
Finnish daily Hensingin Sanonat quoted Hannu Ryopponen as saying that banks could, however, demand that debt be lower than this because the company's earnings outlook is uncertain.
The company currently has debts in excess of €12bn, and is selling off some of its assets to lower debt. The sale of its 99.6% interest in Chilean unit Santa Isabel to local retailer Cencosud was completed last week, for example.
Meanwhile, sales in the second quarter are expected to be reported down at least 10% when the group publishes a trading update on Friday, reports the FT. The flagship supermarket division Albert Heijn is struggling at home in the Netherlands, while sales are also seen down at US Foodservice, the distribution division at the heart of the accounting irregularities that struck the company.
Dutch retailer Ahold has announced the completion of the sale of its chain of 198 Wilson Farms and Sugarcreek convenience stores, part of its US subsidiary Tops Markets....
Dutch retailer Ahold has announced that Kerry Underhill has been appointed senior vice president corporate communications, effective 1 July 2005....
Dutch retailer Ahold has reported sales and operating income little changed in the first quarter of 2005, but net income was sharply down because of a one time gain in the first quarter last year....
Dutch retailer Ahold has announced today (Tuesday) that its chief financial officer Hannu Ryöppönen is to leave the company....
Danish based dairy company Arla Foods is opening a new representative office in Hungary....
Dutch retailer Ahold today (Wednesday) announced that it had signed a new €2bn (US$2.5bn) credit facility with a syndicate of fifteen banks. ...
Dutch retail giant Ahold has said its net sales declined 1.0% to €13.0bn (US$16.5bn) for the first quarter of 2005....
Supermarket company Giant Food, a subsidiary of Dutch retailer Royal Ahold's US arm Ahold USA, has announced restructuring plans for the remainder of 2005 and 2006....
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