YEAR-END REPORT for the period January 1 December 31, 2006

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1 Year-end report for ICA AB January 1 - December 31, 2006

2 YEAR-END REPORT for the period January 1 December 31, 2006 Stockholm, February 21, 2007 Strong net income for ICA Group in 2006 despite weak fourth quarter Net sales in 2006 amounted to SEK 67,395 million (66,096), an increase of 2.0 percent. Operating income for 2006 rose to SEK 2,297 million (1,940), an increase of 18.4 percent. Capital gains from real estate sales and impairment losses on fixed assets of SEK 588 million (75) are included in operating income. Excluding these items, operating income decreased by 8.4 percent. Income after tax from continued operations rose to SEK 2,034 million (1,520). Net income for 2006 amounted to SEK 2,401 million (1,518), an increase of 58.2 percent. The earnings impact from the sale of ICA Meny of SEK 367 million ( 2) are included in net income. Fourth-quarter net sales amounted to SEK 17,631 million (17,784), a decrease of 0.9 percent. Fourth-quarter operating income amounted to SEK 358 million (601), a decrease of 40.4 percent. Operating income includes capital gains from real estate sales and impairment losses on fixed assets of SEK 377 million ( 4). Operating income excluding these items decreased by SEK 624 million which among others is due to the negative development in ICA Norway and start-up and structural expenses for the new warehouse in Helsingborg of approximately 100 MSEK as well as other extra costs during the quarter. Income after tax from continued operations rose to SEK 459 million (446). Net income for the fourth quarter amounted to SEK 460 million (452), an increase of 1.8 percent. ICA acquired Kesko s shares in Rimi Baltic AB on December The company has since been a wholly owned subsidiary. In the income statement, Rimi Baltic AB is reported as a joint venture for the full year, but in the balance sheet as of December 31, 2006 Rimi Baltic AB is consolidated. Key financial ratios October - December Full-year SEK million Net sales 1) 17,631 17,784 67,395 66,096 Operating income 1) ,297 1,940 Operating income excluding capital gains from real estate sales and impairment losses on fixed assets 1) ,709 1,865 Income after tax 1) ,034 1,520 Total assets ,506 32,731 Cash flow from operating activities 301 1,461 3,044 2,339 Operating margin, % 1) Operating margin excluding capital gains from real estate sales and impairment losses on fixed assets 1) Equity/assets ratio, % Return on equity, % 2) Return on capital employed, % 3) ) The sale of ICA Meny was finalized on September 19, 2006, and ICA Meny s operations are reported according to IFRS 5 as a discontinued operation on a separate line in the income statement. These key financial ratios refer to continuing operations, and comparative figures are therefore restated. 2) Return on equity = Income after tax as a percentage of average equity. The operations of ICA Banken are excluded from both the income statement and balance sheet in the calculation of return on equity. 3) Return on capital employed = Income after financial income as a percentage of average capital employed. The operations of ICA Banken are excluded from both the income statement and balance sheet in the calculation of return on capital employed. 2

3 Comment by the CEO For 2006 ICA noted a significant increase in net income, slightly over 58 percent, to SEK 2,401 million. Store sales in Sweden have been strong, and ICA Banken for the first time reported positive operating income for the full year. Furthermore, capital gains from real estate sales including impairment losses on fixed assets and the sale of ICA Meny, have affected the results positively. On the other hand, results were affected by weak development during the fourth quarter. In ICA Norge this is mainly due to lower sales volumes and lower gross margin. In ICA Sverige the results have been charged with start-up costs for the new warehouse in Helsingborg as well as some other extra costs. But the year was distinguished first and foremost by a number of structural deals that have given us a new starting point as we look to the future. During the year we sold ICA Meny and reduced our holding in Netto at the same time that we purchased Kesko s 50% interest in our previous joint venture Rimi Baltic. We also made a decision to shut the Etos stores in Sweden and instead focus on the health and beauty concept in our ICA stores. These structural changes were the result of a conscious strategy to streamline operations and concentrate on what we are best at retailing in general and consumer goods in particular. In this way, we can continue to improve and be the leader in the markets where we are active. Income in Norway declined significantly in This is mainly due to lower gross margin and lower sales volumes, higher operating expenses for stores owing to a fast pace of new openings and structural cost to shut and modernize stores. While necessary, the major changes under way in Norway in recent years have resulted in lower income and the loss of market share. In 2007 we have therefore launched a program called Take-off 2007 to accelerate the Norwegian business in a number of key areas: the ICA Maxi concept will be refined to better meet customer needs; greater emphasis will be placed on non-food products; and product lines will be improved with regard to both private labels and fresh foods. We are continuing to strengthen our store network by opening new stores and modernizing existing ones at the same time that we broaden our product range, increase our emphasis on price and continue to put effort into the area of health products. With these changes we are counting on a gradual improvement of the customer offer on the Norwegian market. The fast pace of new store openings continued during We managed to open a number of new units and rebrand many others. In Norway and Sweden, a total of 23 new stores were opened and nearly 350 existing stores were modernized. Many stores saw a pickup in sales, even smaller ICA Supermarket and ICA Nära stores in Sweden. We will maintain the same fast pace of store openings in 2007 and focus on the development and upgrade of our existing store network. Today the average life of a store is shorter than before and upgrades to some extent are needed after just four or five years to meet customer needs and expectations. Product development is a key issue for us and will remain a priority in We are continuing to develop readyto-serve meals, ecologically grown foods and health products, where we have noticed growing demand from our customers, at the same time that we further reduce prices. Working with the integration of Rimi Baltic as a wholly owned subsidiary is at full speed. Through Rimi Baltic we will have an even stronger Nordic-Baltic organization where we can create greater synergies in the supply chain, administration and IT, among other areas. Our 100% ownership gives us a better opportunity to capture market share in the fast-growing Baltic market. Our work has within many areas produced good results in The foundation of our company structure has changed and the business is much more uniform today. An important task for the future is to meet this change and in an efficient way support the operations of the subsidiaries. Therefore, we are opening the year of 2007 with a new organization where the responsibility for the local customer offer is clear to our subsidiaries, while we are strengthening the coordination within certain areas on Group level. These changes leave me optimistic as we face the challenges that lie ahead in Important events during the fourth quarter In October ICA Baltic AB signed an agreement with Kesko Livs Ab to acquire its 50% interest in Rimi Baltic AB. ICA AB paid EUR 190 million in cash for the shares in December 2006 and EUR 50 million in February 2007 for four properties in Estonia. The acquisition was approved by the EU Commission in December, and Rimi Baltic is reported as of January 1, 2007 as a wholly owned subsidiary of ICA AB. ICA Norge s income decreased substantially in the fourth quarter due to lower sales volumes and lower gross margin, higher operating expenses from the fast pace of store openings and major structural costs in connection with the shutdown and modernization of stores. Fourth-quarter income includes a capital gain of SEK 341 million on the sale of the warehouse property in Helsingborg. ICA Fastigheter Sverige AB sold the property to Kundvagnen Holding AB on May 22 for SEK 946 million, and the deal was finalized in October. ICA has signed a long-term lease with the buyer. 3

4 In December ICA began the process of shutting its Etos stores in Sweden, which sell health and beauty products, to instead focus on the health and beauty concept at ICA stores. The expenses associated with the process are marginal. ICA AB signed an agreement with Dansk Supermarked in December to change the ownership structure of Netto, with ICA reducing its interest from 50 percent to 5 percent. As part of the transaction, ICA is taking over 21 Netto stores in the Mälardal area, some of which will be converted to ICA stores, the rest will be sold or shut down. Important events in January September In February ICA AB announced that the subsidiary ICA Meny was for sale. On June 16 it signed an agreement with Nordic Capital to sell ICA Meny. The sale produced a capital gain for ICA AB of SEK 367 million. On May 2 ICA Fastigheter Sverige AB sold a portfolio containing 25 store properties in western and southern Sweden to ING Real Estate. The purchase price was SEK 870 million. The purchase raised ICA AB s operating income by SEK 89 million during the second quarter of During the period January-September ICA Banken for the first time reported positive operating income, underscoring its positive development during the year. The inauguration of our new, fully automated warehouse in Helsingborg took place in September. The warehouse is an important part of ICA s distribution network and is Sweden s largest distribution center for consumer goods. A new organizational unit for non-foods was established during the third quarter to consolidate our resources in the area. The new unit now has full responsibility for non-food purchasing, operations and sales. Important events after conclusion of the year ICA has in February decided to simplify the organizational structure of the Group. Four Group functions become three, while the subsidiaries get a clearer responsibility for the local customer offer and the coordination within certain areas at Group level are strengthened. The changes will be carried through also in order to enable upcoming cost savings. In connection with the new organizational structure, there will be changes in the Executive Board of ICA. In January ICA Eiendom AS sold a real estate portfolio mainly comprised of retail properties to ERIV. The sales price amounted to NOK 516 million with a capital gain of approximately NOK 100 million that will affect ICA s operating income in the first quarter of Trond Kongrød was appointed the new President and COO of ICA Norge in January. He was most recently format director for the Norwegian ICA formats. In January ICA Norge launched Take off 2007, a program designed to boost business in a number of areas and create Norway s best stores. ICA Norge will strengthen its store network by opening new stores and modernizing existing stores. This is being done at the same time that the product range is being broadened, greater focus is placed on prices and further efforts are devoted to health products. ICA Eiendom AS has sold a property in Norway to Klaveness Eiendom AS for NOK 330 million. The capital gain of approximately NOK 90 million affects ICA s operating income in ICA s ownership changes in Netto were approved by the Swedish Competition Authority on February and the deal was finalized on February 15, which means that ICA owns 5 percent of Netto. The ICA Group s financial results Financial results during the year Consolidated net sales in 2006 amounted to SEK 67,395 million (66,096), an increase of 2.0 percent. ICA Sverige s sales rose by 3.3 percent. Sales for ICA Norge decreased by 3.6 percent; in local currency sales decreased by 2.7 percent. ICA Banken s revenues rose by 44.9 percent, while business volume climbed 9.5 percent. Consolidated operating income for 2006 rose by SEK 357 million or 18.4 percent to SEK 2,297 million (1,940) thanks to a continued strong sales trend in ICA Sverige and capital gains on real estate sales, which amounted to SEK 588 million (75) during the year, including impairment losses on fixed assets. At the same time operating 4

5 income was affected by substantially lower income for ICA Norge. The underlying result for ICA Sverige is very strong almost SEK 700 million higher than last year while ICA Norge shows an underlying result which is approximately SEK 300 million lower than last year. The year has been characterized with efforts within the areas of a new logistics structure in Sweden, a new store structure in Norway as well as new projects and securtity efforts within IT. Personnel bonuses of approximately SEK 100 million have been allocated due to the good results in ICA Sverige. Operating income for ICA Sverige amounted to SEK 2,557 million (1,607). The increase is due to improved market positions and the fact that year-earlier income was charged with expenses for the price-cutting campaign launched in March Capital gains on real estate sales in ICA Sverige also contributed to the income improvement and rose by SEK 454 million to SEK 465 million (11), including impairment losses on fixed assets. Operating income for ICA Norge decreased substantially to SEK 114 million (534). The decrease is mainly due to structural expenses to shut down and modernize stores, a lower gross margin lower sales, and higher operating expenses for stores resulting from the fast pace of new store openings also affected income. This was partly offset by capital gains on real estate sales, which, after deducting impairment losses on fixed assets, amounted to SEK 124 million ( 36). The large part is attributable to the sale of a Norwegian shopping center in February ICA Banken reported positive operating income for the first time in 2006 SEK 11 million ( 82) for the full-year. The income improvement is the result of higher business volumes and improved interest margin. The ICA Group Functions segment (formerly ICA AB) reported an operating income of SEK 373 million ( 161). The lower income is due to changes in the principles for distributing expenses within the Group, which is an element in the effort to create a uniform organization. Furthermore, the lower income is attributable to increased IT expenses for warehouse and logistics operations, IT security, IT consultants, increased expenses for finance administration in the stores and in the Group, as well as expenses for personnel bonuses. Net sales for Rimi Baltic during the period amounted to SEK 8,993 million (7,517), an increase of 19.6 percent. ICA s share of Rimi Baltic s loss amounted to SEK 12 million, slightly higher than the year-earlier loss of SEK 8 million. The result includes expenses for the fast pace of new store openings. Net sales for Netto Marknad during the year amounted to SEK 2,444 million (2,052), an increase of 19.1 percent. ICA s share of Netto Marknad s loss for the year amounted to SEK 86 million ( 100) compared with the same period last year. The results are affected by a structural cost of SEK 26 million in the fourth quarter due to writedowns of stores. ICA Meny was sold as of September 19 and consolidated in the ICA Group through August. Net sales for ICA Meny for the period January August amounted to SEK 4,383 million. For the period January December 2005 net sales were SEK 5,775 million. The capital gain on the company sale and ICA Meny s income after tax amounted to SEK 367 million ( 2). Net income for the period from continuing operations increased by 33.8 percent to SEK 2,034 million (1,520). This year s tax expense amounted to SEK 12 million (147) The lower tax expense compared to last year is partly due to the sale of real estate property through corporations and partly due to the lower income from the operative businesses, primarily in Norway. Net income including results from discontinued operations increased by 58.2 percent to SEK 2,401 million (1,518). Financial results during the fourth quarter Consolidated net sales during the fourth quarter of 2006 amounted to SEK 17,631 million (17,784), a decrease of 0.9 percent mainly due to changes in exchange rates. ICA Sverige s sales rose by 2.5 percent. Sales for ICA Norge decreased by 9.9 percent; in local currency sales decreased by 1.8 percent. ICA Banken s revenues rose by 15.3 percent. Operating income during the fourth quarter of 2006 decreased by SEK 243 million to SEK 358 million (601). Included in the operating income are capital gains from real estate sales and impairment losses on fixed assets of SEK 377 million ( 4). The underlying result for the quarter in ICA Sverige has been in line with the fourth quarter last year, while in ICA Norway, the result has been approximately SEK 125 million lower. During the quarter, efforts have been made in ICA Sverige of approximately SEK 100 million (among others a new logistics network regarding the new warehouse in Helsingborg) and in ICA Norge with approximately SEK 200 million due to an increased number of closed stores, store modernizations and store openings in order to create a profitable store network for the future. Other efforts during the quarter, amounting to approximately SEK 200 million, have been IT as well as structure costs connected to close down and acquisition of joint ventures and companies, and personnel bonuses. Operating income for ICA Sverige amounted to SEK 716 million (553). The improvement in the fourth quarter is due to an increase in capital gains on real estate sales of SEK 354 million to SEK 358 million (4) including impairment losses on fixed assets. Retail operations were charged during the fourth quarter with start-up and structural expenses regarding the new warehouse in Helsingborg. Furthermore, the results were charged with some extra expenses associated with new store openings. 5

6 Operating income for ICA Norge decreased substantially during the fourth quarter to SEK 214 million (181). The decline is mainly due to lower sales and a lower gross margin, higher operating expenses owing to the fast pace of new store openings and structural costs to shut and modernize stores. After deducting impairment losses on fixed assets, capital gains on real estate sales amounted to SEK 19 million ( 3). ICA Banken s business volume continued to rise, contributing to higher operating income. ICA Banken reported operating income of SEK 6 million ( 21) during the quarter. The ICA Group Functions segment (formerly ICA AB) showed an operating income of SEK 166 million ( 135) The segment incurred higher expenses than the previous year owing to increased IT expenses for warehouse and logistics operations, IT security, IT consultants, increased expenses for finance administration in stores and in the Group, and expenses for personnel bonuses that have not been allocated during the year. Net sales for Rimi Baltic during the fourth quarter of 2006 amounted to SEK 2,515 million (2 149), an increase of 17.0 percent. ICA s share of Rimi Baltic s income amounted to SEK 16 million (25). The fourth quarter was charged with expenses for the fast pace of new store openings. Fourth-quarter net sales for Netto Marknad amounted to SEK 656 million, an increase of 21 percent. ICA s share of Netto Marknad s loss for the fourth quarter amounted to SEK 40 million ( 41). The results are affected by a structural cost of SEK 26 million due to write-downs of stores. ICA and Rimi store sales The following tables refer to store sales to consumers. In Sweden, this includes Swedish retailer-owned ICA store sales. In Norway, franchise store sales are included. Sales for retailer-owned and franchised stores are not consolidated in the Group. The information is based on accepted practices in each country. This means that the Swedish sales figures include VAT, while the Norwegian sales figures do not. ICA store sales in Sweden Store sales incl. October December 2006 January - December 2006 VAT SEK M Change, all Change, SEK M Change, all Change, stores comparable stores comparable stores stores Maxi ICA 5, % 4.3% 19, % 5.2% Stormarknad ICA Kvantum 6, % 4.6% 23, % 6.0% ICA Supermarket 7, % 4.9% 30, % 5.0% ICA Nära 3, % 5.0% 13, % 5.2% TOTAL 22, % 4.7% 86, % 5.4% In 2006 private label sales in Sweden rose from 15 percent to 17 percent year-to-year. ICA and Rimi store sales in Norway Store sales excl. VAT October December 2006 January - December 2006 NOK M Change, all stores Change, comparable stores NOK M Change, all stores Change, comparable stores ICA Maxi % 3.0% 2, % 0.5% ICA Supermarked 1, % 2.2% 4, % 2.3% ICA Nær 1, % 0.8% 4, % 0.8% Rimi 2, % 2.4% 8, % -0.5% TOTAL 5, % 2.1% 19, % 0.5% In 2006 private label sales in Norway rose from 7 percent to 9 percent year-to-year. 6

7 Number of stores ICA stores in Sweden, including retailer-owned stores Store profile Dec 2005 New Converted Closed December 2006 Maxi ICA Hypermarket ICA Kvantum ICA Supermarket ICA Nära TOTAL 1, ,397 In 2006 a total of seven Maxi ICA hypermarkets (of which three converted), one ICA Kvantum, three ICA Supermarkets (one converted) and eleven ICA Nära stores (five converted) were opened in Sweden. ICA and Rimi stores in Norway, including franchised stores Store profile Dec 2005 New Converted Closed December 2006 ICA Maxi ICA Supermarked ICA Nær Rimi TOTAL In Norway, four new ICA Maxi stores, ten ICA Supermarked stores (of which five converted), eight converted ICA Naer stores and one Rimi store were opened during the period. Financial position The Group s total assets rose during the year as a result of the acquisition of all the shares in Rimi Baltic AB and the consolidation of its operations, and decreased as a result of the sale of ICA Meny. Intangible assets have increased due to the acquisition of Rimi Baltic. Cash flow from operating activities amounted to SEK 3,044 million (2,339) during the period. Cash flow from investing activities amounted to SEK 389 million ( 1,076), of which sales by ICA Meny amount to SEK 883 million and the investment in Rimi Baltic of SEK 1,410 million. Cash flow from financing activities amounted to 1,872 million ( 1,410), which largely relates to amortization of loans. The Group s liquid assets totaled SEK 3,749 million (2,920) as of December 31. The equity/assets ratio was 28.8 percent (25.6). The Group's net debt excluding ICA Banken was SEK 4,539 million (6,096). The Group's finance company is being audited by the Swedish tax authorities. The company and tax authorities recently began the correspondence. Investments Investments during the period amounted to SEK 2,423 million (2,547) and were distributed as follows: Investments October - December Full-year Retail locations ,535 1,515 Under construction Investment properties Distribution Intangibles Other TOTAL ,423 2,547 Personnel The Group had an average of 11,698 employees (11,556) during the year. 7

8 Parent Company The Parent Company's net sales amounted to SEK 783 million (480) with income after net financial items of SEK 400 million (446). Investments during the period amounted to SEK 214 million (277). Cash, cash equivalents and short-term investments amounted to SEK million 5 (0). Accounting principles This interim report is prepared according to IAS 34. The same accounting principles and calculation methods are applied as in the most recent annual report with the exception of: The introduction of IAS 39 for recognition of financial guarantees at fair value in the balance sheet affects the Group s shareholders equity as of January 1, 2006 by SEK 13 million. The annual fee ICA Banken charges for bank cards has previously been recognized as revenue when the customer is charged. According to the new principle, the annual fee is recognized as revenue evenly over the course of the year. The new principle affects the Group s shareholders equity as of January 1, 2005 by SEK 10 million. ICA Banken s net interest income is from now on accounted for in net sales together with ICA Banken s net of commission. The net interest income was previously accounted for as other operating revenue. The net interest income amounts to SEK 278 million (215). The comparative year has been adjusted. The agreement to sell all the shares in ICA Meny AB signed on June 16 was finalized on September 19. ICA Meny is reported as a discontinued operation in accordance with IFRS 5. ICA Meny s net income from the beginning of the year is recognized on a separate line in the income statement, Net income from discontinued operations. Comparative figures in the income statement are restated. The preparation of the financial reports in accordance with IFRS requires management to make estimates and assumptions that affect the application of the accounting principles and the carrying amounts in the income statement and balance sheet. Estimates and assumptions are based on historical experience and a number of factors that under current circumstances seem reasonable. The result of these estimates and assumptions is then used to determine the carrying amounts of assets and liabilities that otherwise are not clearly indicated by other sources. Actual outcomes may deviate from these estimates and assumptions. As of January 1, 2007 ICA applies IFRS 7 Financial Instruments: Disclosures and the amendment to IAS 1 Presentation of Financial Statements. IFRS 7 and the amendments to IAS 1 as well as IFRIC 7, 8, 9 and 10 are expected to have little effect on the ICA Group s income statement, balance sheet, statement of cash flow and shareholders equity. Next reporting dates Interim reports for 2007 will be presented as follows: - Interim report for January March: May 15 - Interim report for January June: August 21 - Interim report for January September: November 13 ICA s annual report will be available on ICA s website, on March 15 and in a print version on March 29. The year-end report has not been reviewed by the company s auditors. Stockholm, February 21, 2007 Kenneth Bengtsson President and CEO, ICA AB About ICA The ICA Group (ICA AB) is one of the Nordic region s leading retail companies, with around 2,300 of its own and retailer-owned stores in Sweden, Norway and in the Baltic States. The Group includes the sales companies ICA Sverige, ICA Norge, Rimi Baltic and Etos. ICA also offers financial services to Swedish customers through ICA Banken. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold N.V. of the Netherlands. According to a shareholder agreement, Royal Ahold and Hakon Invest jointly share controlling influence over ICA AB. Through Royal Ahold, ICA AB is part of an international retail network. For more information, please visit 8

9 Condensed income statement October - December Full-year SEK million Net sales 17,631 17,784 67,395 66,096 Cost of sales -15,414-15,260-57,640-56,933 Gross profit 2,217 2,524 9,755 9,163 Selling and administrative expenses -2,295-2,037-8,179-7,442 Other operating revenue Share of associated companies net profit Operating income ,297 1,940 Financial income Financial expenses Income after net financial items ,046 1,667 Tax Net income for the period from continuing ,034 1,520 operations Net income for the period from discontinued operations 2) Net income for the period ,401 1,518 Of which attributable to Parent Company's ,393 1,531 shareholders Of which attributable to minority Net sales by segment SEK million October - December Full-year ICA Sverige 12,729 12,420 48,301 46,753 ICA Norge 4,688 5,203 18,361 19,039 ICA Baltic ICA Banken ICA Group Functions 1) , Intra-Group sales Net sales from continuing 17,631 17,784 67,395 66,096 operations Net sales from - 1,554 4,383 5,775 discontinued operations 2) Net sales, total 17,631 19,338 71,778 71,871 Operating income by segment SEK million October - December Full-year ICA Sverige ,557 1,607 ICA Norge ICA Baltic 3) ICA Banken ICA Group Functions 1) Operating income from ,297 1,940 continuing operations Operating income from discontinued operations 2) Operating income, total ,335 1,951 1) Previously named ICA AB. The segment includes the Parent Company and other joint Group functions. Operating income for this segment also includes Netto Marknad. 2) Refers to sales and income from ICA Meny. 3) In this figure, except from the profit share in Rimi Baltic, also the operations of ICA Baltic AB. During 2006 there was among others a capital gain from real estate sales of SEK 50 million. 9

10 Condensed balance sheet SEK million Dec. 31, 2006 Dec. 31, 2005 Intangible fixed assets 3,447 1,914 Tangible fixed assets 13,232 12,441 Financial fixed assets 3,959 4,914 Deferred tax assets Total fixed assets 20,819 19,318 Inventory 3,550 3,228 Accounts receivable 6,242 6,591 Liquid assets 3,749 2,920 Non-current assets held for sale 1, Total current assets 14,687 13,413 TOTAL ASSETS 35,506 32,731 Shareholders equity 10,216 8,371 Long-term liabilities 7,642 8,905 Current liabilities 17,648 15,455 TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 35,506 32,731 Pledged assets Contingent liabilities Condensed statement of cash flows Full-year Full-year SEK million Cash flow from operating activities before change in working capital 2,505 2,687 Change in working capital Cash flow from operating activities 3,044 2,339 Cash flow from investing activities ,076 Cash flow from financing activities -1,872-1,410 Cash flow for the period Liquid assets at beginning of period 2,920 3,198 Exchange rate differences in liquid assets Liquid assets at end of period 3,749 2,920 Of which cash flow from discontinued operations 1) - Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 0 0 Cash flow for the period from discontinued operations ) Refers to cash flows from ICA Meny. 10

11 Change in shareholders equity December 31, 2006 SEK million Attributable to Parent Company s shareholders Attributable to minority Opening balance Jan. 1, , ,371 Change in accounting principle IAS Opening shareholders equity after introduction of new accounting 8, ,358 principles Paid to minority owners Currency translation difference Revaluation reserve Dividend Net income for the period 2, ,401 Closing balance December 31, , ,216 Total Change in shareholders equity December 31, 2005 SEK million Attributable to Parent Company s shareholders Attributable to minority Opening balance Jan. 1, , ,094 Change in accounting principle card fees ICA Banken Opening shareholders equity after introduction of new accounting principles 7, ,084 Acquisition of minority -1-1 Dividend Exchange rate difference Net income for the period 1, ,518 Closing balance December 31, , ,371 Note 1 Joint venture Rimi Baltic AB ICA AB and Kesko Livs Ab established a joint venture, Rimi Baltic AB, in early Each owned 50 percent until December 18, 2006, when ICA acquired Kesko Livs Ab s shares and became sole owner. In the income statement, Rimi Baltic AB is recognized as a joint venture for the entire year, but in the balance sheet as of December 31, 2006 Rimi Baltic is consolidated. The acquisition is accounted for according to IFRS 3 Business Combinations. Acquired assets and liabilities have been valued at actual value. The revaluation of formerly owned share of assets is accounted for as revaluation reserve within shareholders equity. The acquired net assets of Rimi Baltic on acquisition date amounted to: Rimi Baltic Carrying amount before acquisition Value according to acquisition analysis for acquired 50 % Tangible fixed assets 1,470 1,026 Intangible fixed assets Inventory Accounts receivable and other receivables Liquid assets Long-term liabilities Accounts payable and other current liabilities -1, Net identifiable assets and liabilities 1, Group goodwill 998 Purchase price paid 1,756 Cash (acquired) -346 Net cash outlay 1,410 Number of stores - Rimi Baltic Store profile December New Converted Closed December Supermarket Hypermarket Discount TOTAL Total 11

12 Netto Marknad AB ICA AB and Dansk Supermarket each own 50 percent of Netto Marknad AB, which manages the Netto discount concept in Sweden. Both companies have contributed a share of its capital. Further, the owners finance operations through loans. ICA AB has not provided any guarantees for the company. Netto Marknad AB s condensed balance sheet as of December 31, 2006 is shown below. In December 2006 an agreement was signed between the owners whereby ICA will reduce its interest to 5 percent. The transaction was approved by the approval of competition authorities on February 5, 2007 and the deal was finalized on February 15, As part of the agreement, ICA will take over 21 stores in the Mälardal area, which will be converted to ICA stores and the rest will be sold or shut down. Netto Marknad SEK million SEK million Fixed assets 654 Shareholders equity 112 Other current assets 194 Long-term liabilities 595 Liquid assets 70 Current liabilities 211 Assets 918 Shareholders equity and liabilities 918 Number of stores Netto In 2006 six new Netto stores were opened in Sweden. In total, there are 84 Netto stores in Sweden. Note 2 Discontinued operations On June 16, 2006 ICA AB signed an agreement to sell all the shares in ICA Meny AB. The sale was approved by the EU Commission in September, and the transaction was finalized on September 19, ICA Meny is reported as a discontinued operation in accordance with IFRS 5. ICA Meny s operations and net income from the beginning of the year are recognized on a separate line in the income statement, Net income from discontinued operations. Comparative figures in the income statement are restated. ICA MENY (SEK million) October - December Full-year Net sales - 1,554 4,383 5,775 Operating income Income before tax from discontinued operations Tax on income for the year Result for the period from discontinued operations Capital gain from discontinued operations Result from discontinued operations, net after tax

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