Glossary

A store restocking automation system.

Total number of hours worked divided by the number of hours worked per year (1,920 hours).

Synthetic pigments. See www.foodinfo.net for more information about azo dyes.

British Retail Consortium. A global trade organisation aimed at ensuring safe products, with a focus on packaging, distribution and storage. See www.brc.org.uk for more information.

Total assets less noninterest-bearing liabilities and noninterest- bearing provisions. Average capital employed is calculated as capital employed at the start of the year plus capital employed at the end of the year, divided by two.

Cash flow for the year divided by a weighted average number of shares outstanding. For cash flow per share after the dilutive effect see "Earnings per share after dilution" below.

Axfood’s Code of Conduct, based on EU conventions that address areas such as the rights of children and workers.

Interest-bearing liabilities divided by shareholders' equity including minority interests.

The share of delivered goods in relation to the share of ordered goods.

Dividend per share divided by the year-end share price.

Majority owner's share of net profit for the year divided by a weighted average number of shares outstanding.

Majority owner's share of net profit for the year after tax, adjusted for interest expenses after taxes pertaining to outstanding convertibles, divided by a weighted average number of common shares adjusted for the dilutive effect of convertibles. The dilutive effect of convertibles consists of the number of shares that would be issued upon full conversion.

EFSIS (European Food Safety Inspection Service) is one of the world’s leading inspection bodies, carrying out certification of food companies in line with internationally recognised standards. Follow the link to www.efsis.com for more information.

An interactive training program.

EMAB is collaborative organization for independent service station stores, with approximately 400 members within the Shell, Statoil 123, Hydro, Bilisten and Preem service station chains.

Private brands.

Shareholders' equity including minority interests, as a percentage of total assets.

Global Food Safety Initiative. Sub-organisation of the global food business forum CIES. It works to improve food safety for consumers. Follow the link to GFSI for more information.

Genetically modified organisms. Regulated by the EU, based around protecting human and animal health. See Human Genome Project for more information.

Global Reporting Initiative.

Hazard Analysis and Critical Control Points. HACCP is a system for identifying, assessing and controlling any dangers in production. Follow the link to the American food and drug administration for more information.

The International Food Standard gives a reliable assessment of food safety and quality. See www.ifs-online.eu for more information.

International Labour Organization. The task of this UN body is to ensure that people work under tolerable conditions. See www.ilo.org for more information.

Profit after financial items plus financial expenses, divided by financial expenses.

International Standard Organisation. An international quality management system. See ISO 9000 for more information.

Like-for-like sales refer to store sales reported on the basis of an entire comparison period, i.e., both years.

Profit after financial items as a percentage of net sales for the year.

Shareholders' equity divided by the number of shares outstanding. For net asset value per share after the dilutive effect, see "Earnings per share after dilution" above.

Cash and cash equivalents plus interest-bearing receivables less interest-bearing liabilities and provisions.

Interest-bearing liabilities and provisions less cash and cash equivalents and interest-bearing receivables, divided by shareholders' equity including minority interests.

Operating profit as a percentage of net sales for the year.

Share price in relation to earnings per share after dilution.

Share price in relation to earnings per share.

Products produced under the manufacturer’s brand but that Axfood has exclusive rights to sell on the Swedish market.

Profit after financial items, plus financial expenses, as a percentage of average capital employed.

Majority owner's share of net profit for the year as a percentage of the majority owner's share of average shareholders' equity. Average shareholders' equity is calculated as shareholders' equity at the start of the year plus shareholders' equity at the end of the year, divided by two.

Social Accountability. International standard for working conditions around the globe. Follow the link to SA 8000 for more information.

Swedish Return System. A deposit-based return system for boxes and pallets in the swedish food retail industry.

Food for special nutritional purposes. Products adapted for allergy suffers and those with a hypersensitivity to food.