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SPAR International, Rokin 99 -101, NL-1012 KM Amsterdam

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www.spar-international.com SPAR International Annual Report 2008

Highlights of the year
SPAR retails sales grew by 6.3%
in 2008.This is an excellent result
in the context of the worldwide
recession and intensified
competition.
For a number of SPAR countries
2008 was an exceptional year, most
notably SPAR Austria, where group
sales exceeded `10 billion.
illion.
SPAR operates in 33 countries
worldwide with some 13,000 SPAR
retail stores under 4 retail formats.
A number of SPAR countries
enjoyed exceptional growth on the
back of acquisitions and mergers.
The focus on New Country
Development by SPAR International
enjoyed continued success with
strong sales growth in Russia,
China and India.
b SPAR International Annual Report 2008
Introduction
Dr. Gordon R Campbell,
Managing Director, SPAR International
The worldwide SPAR organisation continued to
perform well in 2008. The SPAR countries maintained
a strong sales momentum. SPAR worldwide retail sales
grew by 6.3% in constant currency values. This was an
excellent result against the background of the onset of
the global recession.
The sales growth was driven largely through organic growth although mergers and acquisitions
contributed to sales increases in Greece, Hungary, the Netherlands and Northern Italy.
Significant growth was achieved in the core Western European Markets, in South Africa, in the
newer countries in Eastern and Central Europe and in Asia.
A number of SPAR countries performed particularly well. SPAR Hungary acquired the Plus chain
from Tengelman resulting in a 31% sales growth while the merger of SPAR Netherlands with
the Attent chain resulted in a 26% sales increase. SPAR South Africa continued its consistent
strong growth with a 22% sales increase. SPAR Slovenia (10%), SPAR Switzerland (7%) and
SPAR Austria (6.3%) all outperformed their markets.
The SPAR Austria Group achieved a number of milestones in 2008. The Group sales, including
Shopping Centres, grew by 10% to `10.88 billion thereby exceeding `10 billion for the first
time. 2008 was also the year in which the international sales of SPAR Austria first exceeded
sales in their home market. SPAR Austria has truly been transformed from an Austrian Wholesale
company to a Central European retailer.
A number of the new SPAR countries achieved outstanding sales growth in 2008. SPAR Russia
grew by 10% to `600 million despite a significant fall in the value of the rouble. SPAR China
doubled retail sales to `198 million while SPAR Croatia grew by 32% to `142 million. SPAR
India and SPAR Australia also made significant progress in 2008.
SPAR International Annual Report 2008 1
 SPAR Japan experienced further contraction in 2008 with SPAR retail activities now concentrated
on the island of Hokkaido. SPAR Finland ceased trading in 2008 with the final integration or
closure of its stores following its takeover by the S Group in 2006.
2008 will go down in history as the start of the great global recession, the worst since the
1940s, and perhaps, as the crisis unfolds, even rivaling the Great Depression of the 1930s. The
onset of the recession has curtailed growth in a number of markets. SPAR France and SPAR
Ireland which had both achieved annual double digit growth throughout this decade, saw this
growth come to an abrupt halt in 2008 as consumer confidence collapsed in their markets.
“ The global financial
crisis has severely
dented consumer
confidence.”
One major impact of the global financial crisis has been the increased fluctuations in currency
values. We have seen the UK £ sterling, the Russian rouble, the Hungarian forint and the South
African rand all experience major depreciation against the euro. The worldwide retail sales of
SPAR are always reported in euro and these devaluations had a major negative impact in 2008.
SPAR worldwide retail sales grew by 6.3% in constant currency: however, when the impact
of the currency valuations is taken into account, the euro value of the SPAR worldwide sales
remained relatively unchanged at `27 billion.
2 SPAR International Annual Report 2008
The global financial crisis has severely dented consumer confidence and has resulted
in a marked and perhaps fundamental change in consumer behaviour.
During 2008 the global recession spread like a wave from the USA into Ireland, the UK, Spain
and eventually into the rest of Western Europe. Later in the year it reached Eastern Europe and
Russia. Now the effects of the recession are also being felt in Asia. Since the beginning of 2009
we have noted an increasingly severe impact of the global financial crisis on SPAR country
operations although the impact may be quite different in each market.
The food retail industry has been affected less than many other industry sectors but the impact
has still been considerable. Consumers have concerns regarding house prices, the value
of their savings, their pension plans and job security. All of these factors have undermined
consumer confidence and resulted in a marked change in consumer behaviour.
Page 2
UK - a strong focus has been
placed on fresh produce and a
market communications style.
Russia - the liquor department is
emphasized through the use of
natural materials.
South Africa - SUPERSPAR offers
a wide range of both hot and cold
meal solutions.
Page 3
India - consumers require a choice
of pre-packed and self-serve fruit
& vegetables.
In the USA researchers have identified a new Consumer Reality. This research, published by China - the expansion into
the Food Marketing Institute in Washington, has identified the emergence of a new Strategic supermarkets enables
independent retailers to join SPAR.
Shopper in three stages:
s Stage 1 In Quarters 1 to 3 of 2008 consumers were shocked by the rising costs
of food and fuel and by the fall in house prices. Consumers began to place a very
strong focus on price and value.
s Stage 2 In Quarter 4 of 2008 energy and food prices stabilised but the growing
financial crisis further undermined consumer confidence resulting in shoppers reducing
their expenditure.
s Stage 3 In 2009 the lasting reality of the financial crisis has resulted in consumers
focusing on long-term survival.
Research results from both the USA and UK and anecdotal evidence from other countries
show that consumers are now strictly monitoring all expenditure. They are making the shopping
decisions at home and as a consequence the shopping list is back.
A budget is now set aside for food shopping and shoppers are concentrating on the necessities.
They are seeking the best deals, visiting more stores than before and buying more private label
products. They are buying products that they are familiar with and largely ignoring new product
launches.
It is clear that in the USA and Europe there is less eating out with both restaurants and fast food
outlets seeing reduced turnover. Supermarket and convenience store chains are reporting a fall
in sales of food-to-go. Consumers have returned to bringing lunch/snacks from home and are
reportedly even eating smaller portions.
SPAR International Annual Report 2008 3
 Each SPAR country organisation has responded to the financial crisis with appropriate
strategies. These include a strengthened focus on pricing and promotion to meet
consumer needs with low price, good quality products. Private label plays a key role
in this strategy.
Promotional activity has been increased and KVI pricing extended to deepen the competitive
retail offer. The response also includes the extension and promotion of private label ranges.
Private label plays an increasingly important role in growing sales while maintaining margins.
A number of countries have introduced a discount private label range in addition to an existing
extensive range of SPAR brands.
“ SPAR responded
to the financial crisis
with a renewed focus
on pricing and value.”
The annual CIES Top of Mind survey confirms these trends. CIES surveyed 596 CEOs from
leading retail and consumer goods companies in 54 countries. The results show that the state
of the economy and consumer demands are top of mind for retailers in 2009. CIES concludes
that retailers must re-evaluate their assortments and the size and scale of their store networks.
The reduced consumer demand is placing a strong downward pressure on prices. This is
intensified by the competitive landscape: the recession creates increased price competition
among supermarkets and is intensified by the market share gains of the discounters.
In 2008 the discounters made a significant impact in the British, French and Irish markets. In
each of these markets they grew at a much faster rate than the other formats. This has resulted
in a strong competitive price response from the major supermarket chains.
It is not surprising that issues which dominated the agenda for retailers at the beginning of
2008 such as corporate social responsibility, health and nutrition and human resources are
no longer at the top of the agenda. However, at the end of 2008 they remain very important
concerns.
The current economic crisis is without doubt the most severe in living memory. It is becoming
increasingly difficult for businesses to get finance in an environment where credit is scarce
and investors are no longer willing to take risks. The impact of the global financial crisis on
developing countries is more related to this difficulty of obtaining finance for projects and to
higher interest rates. However, there was evidence emerging at the end of 2008 of strong falls in
consumer expenditure in Eastern Europe. China’s breakneck growth has stalled. The rest of
East Asia, which had hoped that it would not be affected by the financial crisis, has now been
hit as hard as anywhere in the world.
4 SPAR International Annual Report 2008
The renaissance of neighbourhood food retailing emerged last year as a key trend.
Consumers with less time and concerned with higher fuel costs and environmental
issues are seeking more local shopping solutions. This has resulted in a move away
from the large hypermarket and supermarket to neighbourhood stores.
In France it is clear that consumers are expressing a real appetite for 'proximité,' fresh foods
and everyday essentials. The hypermarkets have come under increasing pressure not only
from the discounters but from a rapidly expanding neighbourhood sector. SPAR France has a
strong foundation in this market sector.
In Austria the fastest growing segment of the SPAR business is the independently operated
local supermarkets. This has been driven not only by consumer demand but by the investment
of SPAR Austria and the independent retailers in the modernisation and expansion of local
supermarkets.
Similar trends have emerged in the UK where consumers have tired of the large out-of-town
supermarket formats. The high cost of petrol in 2008 may have exacerbated these trends but
clearly consumers value the opportunity to shop nearer home. In 2009 SPAR UK will introduce
the EUROSPAR supermarket providing full service food shopping to local communities.
The combination of two or more of the EUROSPAR, SPAR and SPAR Express formats which
is used so successfully in countries such as Ireland, Belgium, Norway, Spain and Switzerland,
gives SPAR a leading position in the neighbourhood store sector.
Another key competitive advantage enjoyed by SPAR is the sourcing and sale of local products.
Page 4
Consumers motivated by environmental concerns and nutritional issues are switching to locally UK - the Extra Value range
or regionally sourced products. SPAR Austria and SPAR UK have launched major initiatives in complements the existing broad
this area sourcing a wide range of fresh and packed goods from local suppliers. private label offer.
Ireland - the economic downturn
It is clear that SPAR is remaining true to its roots and its core values. The neighbourhood store has emphasised the need to focus
provides a modern shopping environment with all the services required by today’s shopper, on value.
and combining this with friendly personal service, it is an unstoppable formula.
Page 5
UK - the continued investment into
Connecting the future store refurbishment is essential in
While 2008 was a difficult year due to the financial crisis and the start of the global recession this highly competitive market.
the SPAR countries performed relatively well. The prospects for 2009 are for continued difficult
trading conditions. All SPAR countries will need to maintain a sharpened focus on price and
value. They will need to strengthen their retail offer in terms of price, promotion and private
label. However, this alone will not be enough. It is also vital to continue to focus on our core
values.
It can be argued that strengthening our core values is essential to enjoy continued growth
in market share and to be ready to take advantage of the upturn once the current recession
begins to ease. For SPAR our core retail values are freshness, quality, value and friendly
customer service. These have always been the core strengths of SPAR and together with a
strong price focus will sustain us through the current financial crisis.
SPAR International has supported best international practice in the implementation of these
core values through our ‘Passion for Food’ programme. Throughout this decade the SPAR
countries have been relentlessly committed to the implementation of best international practice
in both food retailing and distribution.
SPAR International Annual Report 2008 5
 SPAR International creates value through supporting innovation in food retailing
and distribution. SPAR International implements programmes to introduce best
international practice in all parts of the SPAR business.

The programme in 2008 included the largest ever delegations at the Travelling Retail Seminar
to North America and the Store Development Seminar in Germany. SPAR International is
heavily involved in developing and exchanging knowledge on best practice initiatives. Our
major contribution is undoubtedly through the Flagship Store Programme with our retail and
design teams working with the SPAR countries to continuously raise the bar on SPAR retail
standards and services.

“ SPAR International
creates value through
implementing
programmes to
introduce international
best practice.”

Norway - EUROSPAR offers an

increased range of food-to-go and
exclusive products.

A number of new product categories were introduced as part of the Flagship Store work. These
included the Treehouse® juice and smoothie bar, the CENSA® coffee bar and the Kitsu® noodle
bar. These new product categories are branded exclusively for SPAR and offer opportunities
to increase sales and margins. These concepts were rolled out to SPAR countries during the
last year. They have not only done well in developed markets but the Treehouse®, CENSA® and
Kitsu® concepts have been successfully introduced to China.

The foundation of the Warehouse Action Group enabled SPAR International to begin to
support the introduction of best international practice in Distribution Centre development and
management. Initially, the Group studied best practice both inside SPAR and internationally
working toward the production of a Distribution Centre best practice manual. The Group
quickly moved on to support the development of large modern Distribution Centres in China
and Russia. The first major project, a 40,000m² Distribution Centre in Dongguan, China, will
open before the end of 2009.

SPAR International also supports the introduction of new technology. The work of the STOREIT
group has encouraged the introduction of three main initiatives; self scanning and electronic
shelf labels at store level and voice picking in Distribution Centres.

China - the launch of the SPAR International category

innovations, Treehouse® Juice & Smoothie Bar, Kitsu® Noodle
Bar and the Caffé® coffee solution have been highly successful.
6 SPAR International Annual Report 2008
Russia - fresh sevice departments, featuring excellent
cross-merchandising and a wide selection of products,
provide added-value to consumers.
8 SPAR International Annual Report 2008 SPAR International Annual Report 2008 9
 New Country Development India
SPAR International also creates value through the development of SPAR organisations in new Three large SPAR stores, with a total sales area of 13,500m2, are now operational in India.
countries. The key focus is on the large developing markets of China, India and Russia. Continuous innovation and development in the fresh categories have been instrumental in the
success of SPAR in India. This has been aided by the development of a ‘fresh’ distribution
China platform on the outskirts of Bangalore with the focus primarily on procurement and quality
SPAR China retail sales area has more than doubled to 300,000m² in 2008. Much of this new control. The fourth SPAR store is due to open in Bangalore in August 2009. This is a flagship
sales area was added in the second half of the year so we can expect considerable further project for SPAR India. It will be a hypermarket with 6,000m² sales area on one floor. It has an
sales growth from existing stores in 2009. It also lays a solid foundation for further growth in excellent location in what will be the largest shopping mall in India.
this decade.
The development of the SPAR business has been impeded by difficulties in securing suitable
sites and the high level of rent. This position, however, is now changing with a drop in rents as
“SPAR International also a result of the financial crisis.
creates value through
the development of
SPAR organisations in
new countries.”

Page 10
China - strong branding is
supported by clear communication
of the product offer.

Vertical colour blocking enhances

the appeal of Fruit & Vegetable
displays.

Bold gondola ends and Real Deal

communication in the value aisle.

Page 11
India - Every Day Low Prices
(EDLP) is clearly communicated.

India - eye-catching graphics are a

feature of stores.

Russia - self service display units

A total of 88 SPAR stores are operated in China under two formats, SPAR Hypermarket and
SPAR Supermarket. The SPAR Central office in Shanghai is now operational and has introduced
130 private label products in food, near food and non-food ranges.
A new partner, Meetall Supermarket Co. Ltd, from Shanxi province and parts of Inner Mongolia,
was recruited during the year bringing SPAR to six provinces of China. The operator of SPAR
Shanxi has since signed a SPAR agreement with the ten largest independent chain operators
in his province. This will enable SPAR Shanxi to become the number 1 retailer in the region.
in the Delicatessen department.
Russia
SPAR Russia sales grew by 20% to `600 million but it is important to note that the growth Russia - local delicacies are
was significantly higher in roubles. SPAR store numbers grew to 182 of which 121 are owned attractively displayed on a bed
of ice.
and operated by one of our 5 regional partners. The financial crisis has resulted in a shortage
of finance for new developments. This, together with high interest rates, will postpone the
opening of hypermarkets in the other regions.
A new SPAR Russia structure was put in place with the active participation of all five partners.
The key focus for 2009 will be the development of a strong private label range and the
negotiation of federal contracts with branded suppliers.
SPAR worldwide
A short report on the development of each SPAR country can be found on pages 32 to 45.

10 SPAR International Annual Report 2008 SPAR International Annual Report 2008 11
 SPAR International Board
Building SPAR Brand Awareness
The continued sponsorship of European Athletics Championships is a major area of brand
building for SPAR worldwide. The sponsorship of European Athletics continued in 2008 with
the European Indoor Cup in Moscow, the SPAR European Cup in Annecy, and the SPAR
Cross Country Championships in Brussels. Viewers had the opportunity to watch 213 hours
of Television coverage of the event through 66 different TV channels in Europe, Asia and
Australia.
Leo Crawford Gerhard Drexel Henrik Gundelach Claudio Giannetti Knut Johannson

The main event in 2009 is the European Indoor Championships in Turin which is the flagship
event of the sponsorship. The European Athletics Championships will be held in Barcelona in
August 2010.

“The SPAR International

sponsorship of
Wayne Hook Peter Blakemore
European Athletics is
a major brandbuilding
The SPAR International Board met 4
activity for SPAR times during 2008. The first meeting,
wordwide.” combined with the InterSPAR Executive
meeting, was hosted by SPAR Austria
in Salzburg. The 2nd meeting was held
Gordon Campbell Tobias Wasmuht
during the International SPAR Congress
in Cannes, France. In October the
Board was hosted by SPAR Germany
in Berlin while the final meeting was
held in the Central Office in Amsterdam.
The main focus of the Board in 2008
was on the development of SPAR in
new countries, especially in the large
developing markets.

Responsible Retailing
Responsible Retailing and Corporate Social Responsibility remain firmly on the agenda. SPAR International Board InterSPAR Executive Committee Managing Directors Action Group
Many SPAR country organisations have already embarked on the implementation of formal
programmes to address these issues. Indeed, SPAR organisations in Continental Europe have Chairman: Leo Crawford Chairman: Leo Crawford Chairman: Gordon Campbell
been involved in energy saving and waste management programmes for more than a decade. SPAR International: Evelyne Tax
SPAR Norway has initiated an ambitious and action orientated programme to reduce their
carbon footprint. Members: Members: Members:
Gerhard Drexel A Karl Feurhuber A Fritz Poppmeier A
SPAR International set up an Action Group to draw on these experiences and develop a Henrik Gundelach DK Gerhard Drexel A Frans Colruyt B
programme to support the implementation of responsible retailing throughout the worldwide Leo Crawford IRL Finn Degn Ovesen DK Michael Østergaard DK
SPAR organisation. Claudio Giannetti ITA Henrik Gundelach DK Angel de la Torre ESP
Knut Johannson NOR Stefan Knäbke D Pierre Rizzo FRA
Annual Congress and Shareholders Meeting Wayne Hook SA Leo Crawford IRL Peter Kealy IRL
This Annual Report will be issued during the 54th International SPAR Congress and Shareholders’ Peter Blakemore UK John Clohisey IRL Gianluca Di Venanzo IT
meeting in Lucerne, Switzerland on 25th and 26th May. Gordon Campbell SPAR INT Claudio Giannetti ITA Sjaak Kranendonk NL
Tobias Wasmuht SPAR INT Martin Pircher ITA Nils Moesødegård NOR
We will hold the 55th International SPAR Congress and Shareholders’ meeting in Guangdong Knut Johannson NOR Stefan Leuthold SUI
Province of the Peoples’ Republic of China at the end of May 2010. This will give the delegates Paul Oliversen NOR Jerry Marwood UK
the opportunity to see at first hand the development of SPAR in this very dynamic retail Wayne Hook SA Gordon Campbell SPAR INT
market. Dan Maluleke SA
Peter Blakemore UK
Dr. Gordon R Campbell, Kevin Hunt UK
Managing Director, SPAR International Gordon Campbell SPAR INT
Tobias Wasmuht SPAR INT

12 SPAR International Annual Report 2008 SPAR International Annual Report 2008 13
 Austria - SPAR has led the way in the integration of the
INTERSPAR Hypermarket format into shopping centres.
14 SPAR International Annual Report 2008 SPAR International Annual Report 2008 15
 Retail Formats
SPAR operates a four format retail strategy with 12,680 outlets totalling
over 5.8 million m2 of selling space worldwide. Each of the formats are
internationally tried and tested and benefits from being locally adapted
to meet the needs of the individual market place.
SPAR Express
The SPAR Express is successful in high
customer footfall locations such as city centre,
transient and forecourt locations.
International trends towards an increase in
the number of single households, a decrease
in household size and the propensity for
consumers to opt for convenience and ready-
tailored solutions has allowed the SPAR
Express concept to be adapted with ease in
many countries.
SPAR Express continues to develop in
response to an increasingly mobile customer
group seeking varying solutions throughout
the day. During 2008, SPAR International
worked in co-operation with a number of
SPAR countries to further develop the format
and to introduce it in new markets.
By the end of 2008, a total of 10 countries
were operating SPAR Express stores. In
Germany, 255 SPAR Express outlets had
been opened by the end of 2008.
16 SPAR International Annual Report 2008
SPAR Express in Germany
SPAR Germany has recently extended its
co-operation with Conoco Philips to partner
SPAR Express retail outlets at Jet Forecourts
across Germany.
This new development was also tried and
tested with regional forecourt operators in
Berlin.
The latest SPAR Express Forecourt concept
store near Berlin has been enthusiastically
received by the industry. This new concept
includes a modern convenience offer with
ample in-store seating combined with a café
and food-to-go. The SPAR Express also
offers considerably lower prices and private
label products, thus differentiating it from its
price premium competitors.
The next development is the roll out of
standalone city centre SPAR Express
convenience stores in Germany. SPAR
International is actively working with SPAR
Germany to support this development.
SPAR
The SPAR neighbourhood store is the most
widespread of the 4 SPAR retail formats with
some 10,000 stores to be found in all SPAR
countries worldwide. The ongoing strategy of
modernising and updating this extensive store
network centres on improving the productivity
of the stores.
SPAR International, in co-operation with
SPAR member countries, has initiated an
International Flagship Store Programme in
which shared best practice, learning and
innovation ensure that SPAR stays at the
cutting edge of retail.
A key strength of SPAR is the ability to best
tailor a global brand to a local community
and respond to consumers needs in the
immediate catchment area. This is due to the
strong connection of our stores with their local
community, resulting in a store with a product
offer that meets our customers’ needs.
The combination of the owner-operated store
with the ability to adapt to the locality is a clear
competitive advantage of SPAR.
SPAR country organisations can also draw
upon the depth of experience of other SPAR
countries worldwide. This increases the speed
to the market of proven concepts.
In 2008, SPAR demonstrated this by taking
internationally award winning concepts from
the Flagship Store Programme in SPAR
Ireland and SPAR UK to new markets.
Examples include the introduction of category
innovations such as the Treehouse® by SPAR
Australia in 2008.
These innovations strengthened the
development of SPAR Australia, which has
grown its retail selling area four-fold in the last
4 years.
Page16
Belgium - SPAR Express offers
Best of Global and Local convenience to commuters at
The success of these international projects Antwerp railway station.
can also be seen in the highly successful
Page 17
introduction of cutting edge modern Australia - the adoption of the
supermarkets to the emerging retail markets red feature portal has improved
of India and China. visibility of the store.
Australia - Treehouse®, the
In Hyderabad, India, the opening of the first SPAR International category
SPAR marked the arrival of a city centre fresh innovation, has been successfully
concept targeted at the growing affluent implemented.
consumer base.
In Dongguan, China, a 660m2 store marked
the introduction of the first supermarket.
Previously 15 SPAR Hypermarkets had been
developed. The first supermarket incorporated
the Kitsu® Noodle Bar, Treehouse® Juice and
Smoothie Bar, a full Italian style café and a
locally developed food-to-go offer.
SPAR International Annual Report 2008 17
 EUROSPAR The stores offer a focused product
The EUROSPAR format, called SUPERSPAR assortment catering to local tastes and
in Southern Africa, is aimed at weekly family needs. Bulk merchandising of everyday value
shopping. This format has seen increased products provide essential daily goods for
popularity and growth in numerous markets all the family. The fresh departments are
and has been a key growth driver for all large and feature volume displays of
countries that have introduced the format. agricultural products sourced directly from
community farmers.
Examples are Norway and Ireland, where, in
less than 5 years of operation, EUROSPAR The customer reaction has been extremely
has grown to 17% and 30% of their total retail positive with these owner-operated stores
sales respectively. Following the development growing to be an integral part of the local
Page 18
of the latest SPAR International EUROSPAR community and making life better for all. South Africa - the SUPERSPAR
Flagship Store in Bergen in 2007, the number in Fourways, Johannesburg, has
of EUROSPAR stores in Norway has grown to SPAR International has identified tremendous an excellent Pasta offer.
38 outlets. potential for the development of large format
Page 19
owner-operated EUROSPAR / SUPERSPAR China - store openings are always
In 2009, SPAR Norway and SPAR International stores in other emerging markets such as a great event.
are embarking on the development of an China and India.
environmentally friendly EUROSPAR Flagship Austria - an illuminated ceiling
feature highlights this department.
Store in the Arctic Circle of Northern Norway. The opening of a 2,200m2 Flagship
supermarket store in Taiyuan in Shanxi
In South Africa, the 228 SUPERSPAR stores province, China in the autumn of 2008
account for over 50% of retail sales. This marked an important milestone for SPAR
format continues to grow. A major driver in Northern China. Following the successful
of growth in sales has been the opening of development of hypermarkets averaging
SUPERSPAR stores in developing townships 8,000m2, this store heralded the arrival of a INTERSPAR INTERSPAR continues to flourish in the highly
and regions of South Africa. new format for rapid roll-out. INTERSPAR, the SPAR Hypermarket competitive retail landscape of central Europe
format, has a total selling space of between with the 100th INTERSPAR opening in the
3,500m2 and 10,000m2. Especially popular ASPIAG region in early 2009.
in Austria, Croatia, Czech Republic, Hungary,
Italy and Slovenia, some 200 INTERSPAR The emerging markets of Russia, China and
SUPERSPAR South Africa Hypermarkets in these countries account for India also offer significant opportunity for the
approximately `3.8 billion in retail sales.This growth of SPAR market share through the
represents an increasingly large proportion of development of hypermarkets.
Closer to the customer overall SPAR sales worldwide.
In the Electrostal region of Moscow, the first
In South Africa adapting to customers’ needs is the key point of difference SPAR Austria continues to innovate in the large scale INTERSPAR opened in the latter
for the 100% independently owned and operated SPAR stores. Two development of the hypermarket format. One part of 2008. This hypermarket is part of a
SUPERSPAR stores in the suburbs of Johannesburg highlight this. of its most modern stores is the INTERSPAR major shopping complex, developed by the
in Linz-Wegscheid. SPAR partner.
In the Suburbs of Fourways, Pat Tarr operates a store which has been
voted a Top 100 store in the world to visit. Pat believes that retail is about A highlight of this INTERSPAR is the wide In China the rapid expansion of SPAR
selling a lifestyle and thus has created a 3,500m2 SUPERSPAR which is a range of over 700 organic products, including hypermarkets continues with a further 28
destination shop of choice. The store features a restaurant quality Home 400 products from the SPAR Natur*pur range. developed in the last year. The largest of
Meal Replacement, including Pasta and Sushi Bars and a Continental Bakery. Organic products are also sourced from local these has a selling area of over 20,000m2.
and regional suppliers. The average size of hypermarkets developed
Travelling south we reach Alexandria SUPERSPAR, owned by Fitos with the SPAR partners in China is
Englezakis. This 2,300m2 store is extremely popular with the 8,000 daily INTERSPAR continues to see excellent approximately 8,000m2.
customers. A strategy of providing value for everyday needs, at everyday expansion in central Europe. SPAR Austria
low prices has been rewarded by the trust and loyalty of its customers. and ASPIAG opened or completely revamped SPAR International shall continue to focus
Focus is placed on large volume bulk display of guaranteed best priced 10 new INTERSPAR Hypermarkets. Many on the expansion and development of SPAR
everyday popular items. of these were developed in conjunction with hypermarkets in Russia, India and China
company owned shopping centres. throughout 2009.

18 SPAR International Annual Report 2008 SPAR International Annual Report 2008 19
 SPAR European Cup held in Annecy, France,
offered a great brand building opportunity.
20 SPAR International Annual Report 2008 SPAR International Annual Report 2008 21
 Passion for Food
Through the ‘Passion for Food’ programme SPAR International actively
assists SPAR countries in implementing best international practice in
store design, layout and merchandising. This is supported through Store
Development Seminars and Travelling Retail Seminars.
More than 85 store development managers
and marketing directors from 26 SPAR
organisations participated in the SPAR
International Store Development Seminar,
held in Germany in late February 2008. This
seminar was in conjunction with the EuroShop
trade fair which is held every three years and
showcases the latest thinking of suppliers in
relation to store fittings and equipment.
The Store Development Seminar provided
a platform for SPAR countries to update
their SPAR colleagues on innovation in store
design, and emerging trends from around
the world. It also provided an opportunity to
review developments in the SPAR International
Flagship Programme.
Washington and Atlanta hosted a record
participation by SPAR countries in the
Travelling Retail Seminar to the United
States. This week long seminar consists of
an intensive programme of structured store
visits, presentations by guest speakers and
workshops designed to optimise the learning
experience. In the course of the programme,
participants were hosted by many of the
22 SPAR International Annual Report 2008
leading food retailers including Harris Teeter,
Kroger, Wegmans, Safeway Giant and Publix.
Paris was the venue for the 2009 Travelling
Retail Seminar. The programme was
structured to provide the 42 participants with
a different perspective on each of the three
days. Of particular interest was the approach
adopted by Carrefour in communicating its
price message. The programme of stores
visited included Casino, Monoprix, Daily
Monops, Lafayette Gourmet and a number of
speciality food retailers.
In the latter part of 2008, a Merchandising
Manual was published. This built on
the lessons learnt in the seminar and
programmes, as well as the experience
gained in the SPAR International Flagship
Programme. The objective of the Manual is
to provide SPAR retailers worldwide with the
necessary information and techniques to
improve merchandising in a way which builds
sales and margin. SPAR International has also
developed a comprehensive set of in-store
communication material for each of the SPAR
retail formats.
Promoting the SPAR Brand
SPAR International undertakes an extensive programme to promote
the SPAR Brand. As principal sponsor of European Athletics, SPAR
is closely associated with a sport which attracts significant media
coverage and millions of viewers worldwide.
SPAR is involved, through the member The year then closed on 14th December
countries, in sponsorship of many different with the SPAR European Cross-Country
activities including athletics. As principal Championships in Brussels. The event was
sponsor of European Athletics, SPAR is integrated into the marketing activities of
now closely identified with a sport which SPAR Belgium in November and December.
ranges from early school days through to
major international championships attracting In an effort to make athletics more appealing
significant media coverage. In 2008, SPAR was to audiences in the stadium and at home, a
the principal sponsor of three competitions, number of changes are being implemented.
and title sponsor of two of these.
One such change is the new format for the
The year kicked off on February 16th in SPAR European Team Championships. SPAR
Moscow with the European Indoor Cup, which International is enthusiastic about the changes Page 22
was held within one of the stadia built for the which will greatly improve viewers enjoyment Record attendance at the Travelling
Winter Olympics. This team competition was of the events. Retail Seminar to the United States.
enthusiastically supported by SPAR Russia.
Page 23
SPAR International also continued to innovate A highly competitive field delivered
The SPAR European Cup 2008 was held on in new media, with the launch of its ‘Get Ready excellent results for the UK athletes.
June 20th and 21st in the city of Annecy, for Football’ online promotion associated
France. The SPAR European Cup is a team with the 2008 Euro Football Championship,
competition featuring the leading international jointly hosted by Austria and Switzerland. This
athletes in Europe striving to win the title of promotion proved exceptionally popular with
European Champion. consumers in the participating countries.
2010 European Championships
The European Championships will be held in the Olympic
Stadium in Barcelona, Spain, 27th July to 1st August 2010.
This world-class international sporting event is the premier event in the 4-year
cycle of events. The 2010 Championship will be the largest athletics event in
Europe in 2010, making it the focus of the media during a 2-week period.
SPAR will be strongly represented through a series of brand-building elements
both in and around the stadium and the city. As principal sponsor, SPAR will
receive the highest level of brand visibility in all media formats which publicise
the event. The TV coverage will not be exclusive to Europe, with broadcasters
in Asia, Africa and Australia expressing interest in the competition.
SPAR members are urged to take maximum advantage of this opportunity,
incorporating the event details into their marketing campaigns during the
period, thereby linking our retail outlets directly to this major sporting event.
SPAR International Annual Report 2008 23
 Responsible Retailing
Corporate Social Responsibility has been an important issue at all levels within SPAR UK is active at a national level and
also at a regional and local level in a wide
SPAR. Increasingly SPAR Partners are formally reporting on their activities in range of responsible retailing activities.
this area. SPAR International is supporting this commitment to society and the SPAR is recognised throughout the UK for
environment through its Responsible Retailing Programme. its fundraising for children’s charities. A.F.
Blakemore, the largest of the SPAR UK
wholesalers, published its first Corporate
Responsibility Review in 2004/5, and recently
published its 4th Review. In 2007 Blakemore’s
received national recognition for its work in
raising the achievement of young people.
The SPAR wholesaler in Northern Ireland, the
Henderson Group, launched its CSR initiative
in 2007 and has branded their programme
“Tomorrow Matters”.
SPAR Norway is part of a major CSR initiative
launched by the NorgesGruppen. This
NorgesGruppen initiative has very ambitious
targets in terms of environmental measures.
These relate to energy use and also the
reduction in waste. It is also proposed
Sustainable Development Report each year.
The 2008 Report will be the 7th such report
and shows the progress of the Casino Group
in combining growth with social responsibility.
Other SPAR countries actively engaged in
Responsible Retailing include:
s:IMBABWEDESPITEECONOMICANDTRADING
difficulties is the major sponsor of
Childline and also supports tree planting.
s#ROATIARAISESFUNDSFORLOCALCHILDRENS
charities under its campaign ‘Each Kuna will
make a child smile’
s#ZECH2EPUBLICCONTINUESITSSUPPORTFOR
Page 24
the Tereza Maxová Foundation. SPAR Zimbabwe continue to focus
on Corporate Social Responsibility.
A comprehensive profile of responsible
retailing within SPAR worldwide is currently in Page 25
UK - A.F. Blakemore publish a
preparation and will be published. Corporate Responsibility Review.
The experience and knowledge of all the above Austria - continue to implement
SPAR countries will inform the development of environmentally friendly stores.

Today an increasing number of SPAR countries
formally report on their commitments to
society and environmental sustainability. For
many years SPAR retailers and wholesalers
have been engaged in a wide range of
community and charity related activities. The
scope of such activities reflects the passion of
the individuals involved.
SPAR is actively engaged in fundraising for
children with disabilities; undertaking renewal
projects in the communities for the elderly;
supporting young people in achieving their
potential; assisting in the construction of new
homes; raising funds for medical treatment
and research; and sponsoring the welfare and
education of AIDS orphans.
SPAR Partners have also been active in
implementing initiatives to reduce the impact
of our business on the environment. SPAR
has been to the forefront in the introduction of
reusable shopping bags, focusing on organic
and locally sourced products and monitoring
energy use. Increasingly SPAR is embracing
environmentally friendly design at both retail
and distribution centre level.
In transport, investment has been made
in both trucks and software to improve
environmental performance in terms of CO²
emissions and to reduce costs.
In developing the Responsible Retailing
Programme, SPAR International is drawing on
the experience of a number of SPAR countries
in implementing such programmes.
SPAR Austria has a history in CSR activities.
This was recognised in 2008 when it was the
highest ranking retailer in a national survey on
CSR. Its initiatives are wide-ranging, extending
from a commitment to healthy eating including
providing information on nutrition through to
sourcing of environmentally friendly foods.
The company also has a long track record
on energy saving and recent developments
include incorporating green technology in
new stores.
The commitment of the company to training
was also recognised in 2008, winning the
Austrian Government ‘Fit for Future’ award for
the best apprentice training company.
to introduce Organic, Fairtrade and Eco the SPAR Responsible Retailing Programme.
products. SPAR Norway also has a well The programme is designed to support all
developed social programme for the local and SPAR Partners in implementing Corporate
international community. Social Responsibility at national, regional
and local level. A toolkit of initiatives will be
SPAR France, as part of the Casino Group, provided, which can be easily implemented.
enjoys the longest track record in formally These initiatives will be illustrated in a series of
reporting on CSR. Casino publishes its SPAR case studies.
EUROSPAR - the eco supermarket
SPAR Partners have developed new EUROSPAR
stores designed to have a low carbon footprint and be
environmentally friendly. Among the new projects is the
EUROSPAR in Klagenfurt, Austria, the EUROSPAR of the
Future in Northern Ireland and the opening of the eco
EUROSPAR by Lake Garda, Italy which has focused on
energy efficiency.
SPAR Austria is pioneering a new sustainable cooling system in Austria in the
EUROSPAR Klagenfurt. This technology results in energy savings of 30%.
Henderson Group has introduced a low carbon blueprint to the design of
their new EUROSPAR in Bangor, Northern Ireland, which reduces the carbon
footprint of the store.
Many other SPAR partners are also actively implementing environmentally
friendly principles in the design of new stores, in terms of building materials,
the use of natural light, the selection of low energy equipment and the use of
smart systems to reduce overall energy use. This work is actively supported
by SPAR International.

24 SPAR International Annual Report 2008 SPAR International Annual Report 2008 25
 SPAR has focused on delivering friendly customer service
through the development of employee training programmes.
26 SPAR International Annual Report 2008 SPAR International Annual Report 2008 27
 Operations
Through its programme of conferences, study visits and exchange of
knowledge, SPAR International supports best practice in all aspects of
operations throughout the supply chain. An important recent initiative in
this area has been the establishment of the Warehouse Action Group.
Operational Excellence
A major initiative in 2008 was the establishment
of the Warehousing Action Group. This small
group of leading logistics experts from Austria,
South Africa and the United Kingdom
supported the SPAR International team.
The primary objective of the Action Group is
the preparation of a Distribution Centre Best
Practice Manual. This manual will be invaluable
to all SPAR countries planning to build and
operate Distribution Centres [DC].
This Action Group is an excellent example of
SPAR members working together to share
their knowledge and experience. The first
meeting was hosted by SPAR China in
January 2008. The members of the Action
Group developed a framework of best practice
which was presented to the SPAR Partners in
a workshop in Shanghai.
The group also provided technical support on
the design and layout of a SPAR China
Flagship DC in Dongguan, which will
incorporate best international practice.
28 SPAR International Annual Report 2008
The work of the Action Group continued
throughout the year with a follow-up workshop
on best practice for new SPAR countries in
Vienna in October, delivered in association
with the LOGIT 2008.
More recently the Action Group met in Cape
Town, South Africa where the Group worked
on the detail of the SPAR Warehouse Best
Practice Manual in the context of the recently
opened Western Cape DC, which embodies
the current thinking of SPAR South Africa.
The SPAR Partners in Russia have also
received assistance in developing their
logistics strategy, with SPAR International
organising a Logistics Workshop in Moscow
and a technical study visit to the rapidly
developing DC operations of SPAR Tula,
SPAR Middle Volga and SPAR Moscow.
In addition to the work in Russia, study visits
to best practice DCs were arranged. A number
of these visits were hosted by SPAR Austria,
who have been very supportive through their
exchange of knowledge and expertise.
Sharing knowledge through Action Groups The STOREIT Action Group operates on a
SPAR International have placed an increasing similar basis to the Warehouse Action Group
focus on best practice. In supporting SPAR by bringing together experts from 6 SPAR
countries implement best practice, SPAR countries to review developments in the
International provides a platform for the application of retail technology and to monitor
exchange of knowledge and experience. This the experience of SPAR countries in
is achieved through the work of the Action implementing some of the newer technology.
Groups, through study visits and through
conferences. The most important is the LOGIT In 2008, the STOREIT Group met in association
conference for logistics directors, IT directors with the EuroCIS trade fair for retail technology
and senior management. in Düsseldorf. The work of the STOREIT Group
continues in 2009 with the active review of
LOGIT 2008, which was hosted in Vienna by issues arising from the implementation of new Page 28
2008 saw a number of countries
SPAR Austria, attracted a record 98 technology whilst also monitoring
embark on the development of
participants from 26 SPAR member developments in software applications at Distribution Centres.
organisations. The keynote speaker was Mr. retail, warehouse and enterprise level.
Frank Fischler, former EU Commissioner for Page 29
Countries continue to invest in
Food and Agriculture who addressed meeting SPAR is actively engaged in encouraging the
new technologies.
future challenges in the food industry. adoption of new technology. The main
investment within SPAR has been self– SPAR South Africa opened an
The theme of LOGIT 2008 was Innovation. checkouts, which are at various stages of innovative Distribution Centre in
the Western Cape.
Delegates were briefed on the application of rollout in 6 SPAR countries. The adoption of
RFID technology in monitoring the temperature Electronic Shelf Labels has been faster, with 8
of frozen goods, in an effort to eliminate the countries using this technology.
food safety risk. Other pioneering
developments reported included the opening Other areas where SPAR countries are actively
of a new DC in Hungary, the introduction of engaged in new technology are cash
automated warehousing by NorgesGruppen management technologies, the use of IP
and a highly innovative approach to managing security cameras and alternative approaches
slow-moving goods by Aspiag Italy. to payment including contactless payment.
New DC - combining green with new technology
SPAR South Africa has developed a new Distribution Centre
in Western Cape. The first phase of the development
includes 26,400m² of dry goods and 7,200m² of
perishables together with the regional office and conference
centre. This new DC was required following sustained
growth of the SPAR business.
The building construction is designed to include as much natural light as
possible thereby reducing energy costs. Translucent sheets are provided in
the roof and also in the side cladding .The natural daylight also ensures that
there is a good working environment in the DC.
The design includes a clear internal operating height of 14m to take
advantage of developments in handling equipment. Other innovations include
the control of access to the DC by using fingerprint recognition and the use
of RFID to track assets. The DC also features a new concept for slow moving
goods with the use of a picking tunnel.
SPAR International Annual Report 2008 29
 Connecting Our People
SPAR is a partnership of people with common goals and values
working together for our customers. Friendly customer service
is a core value of SPAR and remains a primary focus of our
Human Resources programme of work with SPAR countries.
Friendly Customer Service, which is one
of the core values of SPAR worldwide, will
become increasingly important in giving SPAR
a competitive edge in the recession. The
importance of friendly service was one of the
major themes at the recent Human Resources
Conference, hosted in Copenhagen by SPAR
Denmark. Keynote speaker Derek Williams
illustrated the steps which some retailers
adopt in focusing staff on customers.
The focus on Customer Service has been
a priority for the Human Resources Action
Group, and remains a major focus for the
coming year. In the last year, the Action Group
has also focused on identifying employee
values, which are seen as being strongly linked
to outstanding customer service. The Action
Group also addressed e-learning initiatives
within SPAR and focused on opportunities
to improve the effectiveness of training, while
reducing costs.
Budapest was the location for the 2008
SPAR Human Resources Conference hosted
by SPAR Hungary. This Conference, which
attracted a record attendance in terms of
30 SPAR International Annual Report 2008
participants and countries represented,
focused on approaches to identifying and
developing future leaders and using IT to
support the efficient management of people.
A total of 44 participants from 18 SPAR
organisations took part in the 2008 Future
Leaders Programme. This programme, which
is structured to develop the next generation
of management for SPAR in retailing and
wholesaling, was hosted by CJ Lang, the
Scottish SPAR Wholesaler. The programme
is focused on widening the participant's
knowledge regarding all aspects of the SPAR
business and also encouraging teamwork.
A Human Resource Yearbook, which
profiles all aspects of Human Resources
management and training by SPAR Partners
was prepared and work is ongoing to develop
Human Resources training material for SPAR
Countries. The HR tool-kit is currently being
updated and will be circulated in 2009. The
updated tool-kit will be designed to support
SPAR members in setting up their Human
Resources Department and assist with the
daily challenges of HR Management.
SPAR Buying Together
Buying together has become increasingly vital to the success
of SPAR in responding to consumer demand for lower prices
and value. The SPAR International buying activates have an
important role to play in using our collective buying power.
SPAR International responded to the needs of
the SPAR countries for low prices and more
promotional activity.
In Buying International Group SPAR [BIGS]
we focused on combining the volumes of the
best selling lines to negotiate lower prices. In
Intergroup Trading [IGT] we have extended the
scope of our trading activities, resulting in a
34% sales increase. We have also been active
in using our collective strength to reduce the
cost of equipment and services through IFAG,
by continuing to work with preferred suppliers
to concentrate our purchases, thus earning
valuable bonus income for our members.
BIGS brings together the private label buyers
from 12 countries in the BIGS Action Group.
The Action Group meets 4 times a year to
direct the programme of work. In the last year,
the focus of the work of BIGS, has been on
developing the SPAR International private
label range, updating the packaging and also
incorporating the GDA panel. It is planned that
all products will incorporate the panel by the
end of 2009, thus ensuring that consumers
have easy access to important nutritional
information.
Management at SPAR International are also
actively working with suppliers to arrange
promotions and renegotiate prices. Prices and
terms are actively benchmarked to ensure that
the International brands are very competitive,
while ensuring that there is no compromise on
the agreed specifications or quality.
The scale of purchasing through IGT continued
to grow in 2008 with more countries taking
advantage of the lower costs achieved
through the purchasing power of SPAR. IGT
provides SPAR with a buying service and a
logistics service and is actively working on
increasing the range of products purchased
to include non-food goods.
IGT originally focused on joint buying of
commodities but is increasing developing the Page 30
scope of its services to offer a comprehensive The Future Leaders programme
is structured to develop the next
set of trading services to SPAR countries. generation of management.
These services include the facilitation of SPAR
members with the purchase, logistics and Page 31
import of International SPAR brands. The SPAR responds to consumer
demands for lower prices and
scope of IGT’s activities now extends across value.
western, Eastern and Central Europe.
Italy - a new range of locally
The continued investment by SPAR countries sourced products are available.
in the development of stores, warehousing and
transport provides an important opportunity
to exercise the purchasing power of the
worldwide organisation by concentrating
purchases with preferred suppliers. The IFAG
buying initiative for roll cages was successfully
renewed in 2008.
The development of joint purchasing of non-
resalables has been driven by IFAG, which
continues to work closely with SPAR countries
to develop new opportunities to extend the
network of suppliers.
The buying activities of SPAR International are
currently managed through three companies
BIGS, IGT and IFAG. Increasingly, however,
these are being strategically integrated as
SPAR International Buying.
SPAR International Annual Report 2008 31
 SPAR Worldwide at a Glance

SPAR has expanded from its

foundation in the Netherlands
in 1932, to having a presence
in 33 countries worldwide.

The Netherlands
Year Founded: 1932
Store Numbers: 336
Sales: `502 million

Ireland United Kingdom Denmark Norway Namibia

Year Joined: 1963 Year Joined: 1956 Year Joined: 1954 Year Joined: 1984 Year Joined: 2004
Store Numbers: 468 Store Numbers: 2,544 Store Numbers: 458 Store Numbers: 310 Store Numbers: 23
Sales: `1,312 million Sales: `2,771 million Sales: `910 million Sales: `1,084 million Sales: `60 million

Portugal France Belgium Finland Zambia Poland Czech Republic Hungary Russia China
Year Joined: 2006 Year Joined: 1955 Year Joined: 1947 Year Joined: 1962 Year Joined: 2003 Year Joined: 1995 Year Joined: 1992 Year Joined: 1992 Year Joined: 2000 Year Joined: 2004
Store Numbers: 6 Store Numbers: 930 Store Numbers: 339 Store Numbers: 73 Store Numbers: 7 Store Numbers: 56 Store Numbers: 139 Store Numbers: 391 Store Numbers: 182 Store Numbers: 88
Sales: `6 million Sales: `955 million Sales: `725 million Sales: `124 million Sales: `46 million Sales: `74 million Sales: `510 million Sales: `1,415 million Sales: `600 million Sales: `198 million

Spain Italy Switzerland Germany Zimbabwe Slovenia Croatia Romania Ukraine Japan
Year Joined: 1959 Year Joined: 1959 Year Joined: 1989 Year Joined: 1953 Year Joined: 1966 Year Joined: 1992 Year Joined: 2004 Year Joined: 2005 Year Joined: 2001 Year Joined: 1977
Store Numbers: 823 Store Numbers: 1,870 Store Numbers: 155 Store Numbers: 495 Store Numbers: 69 Store Numbers: 75 Store Numbers: 6 Store Numbers: 21 Store Numbers: 31 Store Numbers: 285
Sales: `1,060 million Sales: `4,040 million Sales: `358 million Sales: `593 million Sales: `96 million Sales: `678 million Sales: `142 million Sales: `44 million Sales: `57 million Sales: `312 million

Greece Austria Botswana South Africa Mauritius India Australia

Year Joined: 1969 Year Joined: 1954 Year Joined: 2004 Year Joined: 1963 Year Joined: 2000 Year Joined: 2004 Year Joined: 1994
Store Numbers: 168 Store Numbers: 1,413 Store Numbers: 24 Store Numbers: 802 Store Numbers: 6 Store Numbers: 3 Store Numbers: 84
Sales: `657 million Sales: `4,783 million Sales: `66 million Sales: `2,693 million Sales: `18 million Sales: `25 million Sales: `98 million

32 SPAR International Annual Report 2008 SPAR International Annual Report 2008 33
 Worldwide
Austria
With retail sales growing by 6.3%
to `4.8 billion, 2008 was another
outstanding year for SPAR Austria.
By year end there were in excess of
1,400 SPAR stores, with almost 50%
run by independent retailers. SPAR
Austria has continued its store investment
programme with 10 new SPAR stores
opening and 40 stores relaunched.
SPAR launched the ‘S-Budget’ discount
brand of SPAR which by year end had
100 products in the range. SPAR
continues to lead in healthy eating with
an increased number of healthy SPAR
'Vital' branded products available.
Further investments have been made
in-store for the convenience of the
customer. In 2008, SPAR became
the first food retail company in Austria
to accept credit cards and they also
extended the number of stores offering
an in-store bank machine.
34 SPAR International Annual Report 2008
Opening hours were extended from Australia Belgium China Croatia
the beginning of the year, when the law Sales grew by a record 53% in 2008, Retail sales increased by 4.5% in an 2008 ended strongly for SPAR in China, SPAR Croatia recorded a strong year
changed to allow stores to open for 72 reaching `98 million with a total of increasingly competitive market. with total sales growing by 131% to with retail sales growing 33% to `142
hours per week. 84 stores operated by independent SPAR was the only major food chain now exceed `197 million. Total retail million. 2008 saw the opening of
retailers. The strongest growth was that saw its market share increase. selling space doubled in the last year to Croatia’s 6th INTERSPAR and the launch
SPAR Austria was named leading experienced by SPAR Express. SPAR SPAR now has a total of 339 stores in 300,000m². of the ‘S-Budget’ range, of which 80%
retailer in a national survey on Corporate also opened two SPAR supermarkets 3 Formats - EUROSPAR, SPAR and is locally sourced. SPAR also continued
Social Responsibility. Support for the in the important Sydney market. SPAR Express. In the last year a new partner has joined its CSR programme and was the first
work of SOS Kinderdorf for deprived SPAR China with stores in a number of retailer to introduce bio-degradable
children continued and INTERSPAR New product formats in the ‘food-to- Following the successful launch of provinces. This partner, SPAR Shanxi, shopping bags.
became the first retailer to offer go’ arena were introduced including SPAR Express in 2007 by SPAR Retail, has recently signed an agreement with
Fairtrade textiles. Treehouse® and Russell & Ryan®. The this format is now being extended. 10 large independent retailers to convert Czech Republic
SPAR Stars Awards Programme was 70 hypermarkets to the SPAR brand. SPAR enjoyed sales growth of 8%
SPAR has also focused on the use of also launched. This provides stores Lambrechts BV, the second SPAR having opened 4 new stores in 2008 and
energy efficient technology in new store with specific guidelines and standards partner in Belgium, is currently rolling In addition to the focus on retail launched the ‘S-Budget’and ‘SPAR
development, and the new EUROSPAR to encourage excellent retail standards. out this format, the first of which has development with the opening of SPAR Vital’ ranges. Healthy eating was
in Klagenfurt has a sustainable cooling been very successful. Hypermarkets and SPAR Supermarkets, extended to the INTERSPAR restaurants
system in store. Botswana a number of the partners are actively with the inclusion of organic meals.
Retail sales again performed strongly SPAR’s reputation among consumers engaged in developing DCs.
With 34,000 employees, SPAR Austria with an annual growth of 31%. SPAR continues to grow, and SPAR is New customer services included the
is the largest private employer in Austria. now accounts for a 48% share of now positioned 4th in the food retail A new project is currently underway with introduction of 24 hour shopping and
SPAR Austria is also the largest training the measured market. The opening sector. Following the introduction of the support of SPAR International which a ‘cash back’ facility. SPAR continues
company nationally and in 2008 won of a new SUPERSPAR store in 2008 the ‘Everyday’ brand, SPAR Belgium links small scale farmers into the modern its support for the Tereza Maxová
the National Award for the ‘Best training brought total store numbers to 24. improved its ranking to 3rd place supply chain. This is a major initiative to Foundation, which gives financial
company – fit for the future 2008’. amongst the value brands. support the development of agriculture. support to disadvantaged children.
SPAR International Annual Report 2008 35
 Worldwide
Denmark
Sales in SPAR Denmark grew to `911
million in the last year, in what is an
increasingly competitive market. This
represents an increase in turnover of
7.7% despite the declining economy.
SPAR Denmark is positioned for
significant growth following the
successful acquisition by Dagrofa of
another food retailer. These stores will
be converted to SPAR during 2009.
Renovation and refurbishment of stores
continued during 2008 together with
investment in technology aimed at
supporting business development. By
the end of 2008 store numbers stood at
458 with an average size of 300m².
Finland
Following the acquisition of SPAR
Finland by the SOK Group, the last
SPAR stores were closed in 2008.
36 SPAR International Annual Report 2008
France
Retail sales increased 2.6% to `955
million and SPAR France continued its
expansion with a sustained commitment
to new store openings. Store numbers
increased by 22 to 930 stores in total.
180 of these are company owned.
2008 has been a difficult year for
many French retailers as consumer
spending has been constrained. French
hypermarkets have been particularly
affected and SPAR France has
benefited from the move towards local
neighbourhood shopping.
SPAR, which is operated in France by
Casino, is a key brand for the group in
driving its penetration of neighbourhood
retailing with independent retailers and
franchisees.
SPAR France continues to invest in the
roll out of retail technology in its stores,
in particular with electronic shelf edge
labels and also self checkouts.
Germany
SPAR Germany continued its expansion
in 2008 with an increase in store
numbers to 495. There was a particular
emphasis on the SPAR Express format,
with 57 SPAR Express stores opened in
partnership with Jet/Conoco.
Despite this expansion in store
numbers, the retail environment in
Germany is very difficult and SPAR’s
retail sales fell by 2.6% in 2008 to
`593 million.
Retail selling space also declined by
9% to 106,000m². Despite this, SPAR
Germany will continue to expand
and plans to open a further 50 SPAR
Express stores in 2009.
The opening of the Flagship SPAR
Express in Berlin was one of SPAR
Germany’s highlights during 2008.
This flagship store clearly positions
SPAR Express to the forefront of the
expanding convenience sector.
Greece
SPAR Greece increased sales by 8%
following the opening of 5 new stores,
including its largest EUROSPAR, with
a total selling space of 2,500m². In
addition to the investment in new
stores, 6 stores were fully renovated.
Further store expansion is unlikely in the
current climate and SPAR Greece has
decided to concentrate on converting the
Asteras Stores, acquired during 2008,
into SPAR stores.
A strong marketing campaign was
devised for 2008 with campaigns
launched in the press.
SPAR Greece also became the first
Greek food retailer to introduce an
environmental friendly biodegradable
shopping bag. These bags are given
out to customers free of charge
and have been very well received
throughout the country.
Hungary
SPAR Hungary continued to grow with
sales increasing by 32%. The number
of SPAR stores grew from 204 to
391 following the acquisition of 177
Plus Markets from the German group
Tengelmann.
In addition, 14 new SPAR supermarkets
were opened, together with a second
DC in Üllö, measuring 47,000m².
The successful City SPAR format was
extended with the third such store
opening in Budapest in 2008. This City
SPAR has doubled in size, enabling the
inclusion of deli, cheese and bakery.
During 2008, a number of SPAR Brands
were introduced by SPAR Hungary.
These included the ‘S Budget’ and
‘Vital’ Ranges which proved very
popular. A magazine dedicated to
healthy eating, ‘Harmónia’, was also
popular with customers.
India
The number of SPAR stores grew to
three in 2008. In response to harder
economic times, SPAR India relaunched
its ‘Value’ proposition, with a total of
179 products.
SPAR India introduced deli counters
and hot food counters during 2008,
which have proved very successful.
SPAR India also continues to innovate
with its fresh offer, through development
of a fresh supply chain. SPAR’s
expansion is likely to accelerate in 2009
with store numbers more than doubling.
Japan
The SPAR Business in Japan has
declined 50% to `312 million
following the reorganisation and
restructuring of food retailing over the
last 2 years. SPAR is now operating
as a regional retailer in Hokkaido.
SPAR International Annual Report 2008 37
 Zambia - SPAR Chawama Supermarket combines modern
technology with colourful graphics and bulk merchandising
to the delight of enthusiastic customers.
38 SPAR International Annual Report 2008 SPAR International Annual Report 2008 39
 Worldwide
Ireland
2008 was a difficult year for SPAR
Ireland as the economic crisis impacted
on consumer confidence. Under these
circumstances the increase of 2.6% in
retail sales was a very satisfactory result.
Despite the difficult economy SPAR
Ireland, together with its retail partners,
invested `85 million in opening 44 new
stores. By the end of 2008, there were
468 stores in Ireland, and retail selling
space amounted to 122,758m².
The EUROSPAR format performed well
with numbers increasing to 50 stores,
and sales up 8.7%.
2008 also saw the opening of the
international SPAR Express Flagship
Store, which boasts the country’s first
‘drive-thru’ Tim Horton’s coffee facility.
In addition, a new food concept store
was opened in the centre of Dublin.
40 SPAR International Annual Report 2008
Italy
SPAR Italy continued to enjoy growth
with the successful conversion of
acquired stores to SPAR. Two new
INTERSPAR Hypermarkets were
opened following their conversion from
ESP Meran and Supertip Bruneck.
In addition a total of 70 DeSPAR and
EUROSPAR stores were opened, some
61 of which were as a result of the
takeover of Lombardi in Veneto and
Friaul Julisch in Venice.
A major focus was placed on the
development of private label sales
during the last year. Sales grew by 20%
as consumers responded positively to
the value/price proposition.
DESPAR has launched a premium
private label range. The ’Supra’
range was developed as a result of
collaboration of local producers and
leading chefs. Currently 60 products
are available, including preserves, extra
virgin olive oil and confectionery.
With the launch of www.desparitalia.it
a new communication channel has
been developed, which opens new
approaches to marketing to customers.
Mauritius
SPAR performed well despite economic
difficulties in Mauritius, with sales of
almost `18 million. Store numbers
remain unchanged at 6. The relaunch
of SPAR Pasadena saw sales grow by
15% as a result of the fresh offer.
Namibia
SPAR Namibia enjoyed a strong
performance in the last year with retail
sales growing by 27% and retains its
leadership position in food retailing. This
strong performance is based on a new
generation of SUPERSPAR stores.
Netherlands
Retail sales grew by a remarkable 27%
in the last year and store numbers grew
by 37 to 336. Total retail selling space
has increased by 28%. Retail sales now
exceed `500 million. The trend towards
larger store size has accelerated in the
last year.
This outstanding performance by SPAR
Netherlands was achieved following
the merger and integration of the Attent
chain. To accommodate this growth in
business, an additional 20% has been
added to SPAR warehouse space.
SPAR International is working closely
with the design team of SPAR
Netherlands to implement a new
layout and design concept. The
project team is tasked with the design
of an attractive retail environment
for consumers, including instore
merchadising to be delivered at the
target cost.
Norway
SPAR continued to enjoy growth in
2008, with retail sales increasing by
5% to almost `1.1 billion and store
numbers now totalling 310.
SPAR Norway is active in rolling out
its management programme for
retailers. This programme, KLAR, aims
to develop skills necessary for future
management roles within SPAR.
In September 2008, SPAR Norway
invited all SPAR Norway retailers on
a working cruise in the Mediterranean.
The programme included retailer
meetings, a trade fair and motivational
guest speakers. Issues discussed
included best practice in human
resources and shop development.
SPAR Norway’s consumer magazine,
Mersmak, with readership levels of
45,000, was voted in the Top 10
Norwegian customer magazines.
Poland
Sales declined by 2.7% to `74 million
and store numbers fell by 2 to 56. This
performance highlights the need to
develop the business through acquisition.
SPAR Poland is seeking to merge with
a larger wholesale partner, which will
give SPAR Poland the necessary scale.
Portugal
SPAR Portugal increased store numbers
to 6 in 2008, with an average size
of 370m². Retail sales amounted to
`6.5million. Total number of stores are
expected to double by year end.
Romania
Store numbers increased by 7 to 21
stores, all of which are company owned.
Sales increased by 18% to `44 million.
2008 saw the closure of the
hypermarket in Targu Mures due
to the decision to focus on the
supermarket format.
SPAR International Annual Report 2008 41
 Worldwide
Russia
Strong growth for the six SPAR
Partners in Russia continued in 2008.
Store numbers reached 182 with retail
sales of `600 million.
A new SPAR Russia structure was put
into place during 2008. The key focus
for 2009 is developing SPAR private
label and negotiating federal contracts
with branded suppliers.
The first SPAR Hypermarket in Russia
opened in Moscow in December 2008,
with a retail sales area of 5,000m². It
is unlikely that other regions will open
hypermarkets in 2009 due to the poor
economic outlook.
Due to shortage of credit and higher
interest rates future development plans
have been curtailed. Expansion plans
for 2009 have been significantly cut
back. It is now expected that store
numbers will reach 250.
42 SPAR International Annual Report 2008
Slovenia
A very successful year was experienced
by SPAR Slovenia in 2008. Sales grew
by 10% to `678 million and selling
space increased by 9%. Store numbers
increased to 75 with the opening of 1
INTERSPAR and 5 SPAR supermarkets.
SPAR Slovenia continued to expand
the SPAR own brand which accounts
for 20% of total food sales. New labels
introduced included the ‘S Budget’ and
‘Pamina’ range. SPAR ‘Natur*Pur’ and
other organic products were expanded.
The healthy eating campaign also
continued with a focus on providing
expert nutritional advice to consumers.
SPAR Slovenia introduced a number
of new promotions aimed at extending
market share in a competitive market.
A 10% discount is offered to all
pensioners on the first Monday of every
month, together with further discounts
in-store on specific products.
Spain
SPAR Spain experienced significant
changes during 2008 with the loss of 5
wholesalers from the Covalco Group.
SPAR Spain is actively seeking new
wholesale partners.
While SPAR experienced a decline
in retail sales in the last year as a
result of these changes, the other
SPAR Partners enjoyed growth as a
result of the continued investment in
modernising stores.
The SPAR Wholesaler in Seville acquired
10 stores during 2008 which have been
relaunched with great success. Sales
have grown 30% since these stores
were reopened. SPAR Spain is also
active in developing new stores.
In November 2008, the buying group
EUROMADI bought a 25% share of
SPAR Spain, thus becoming the largest
shareholder.
South Africa
SPAR South Africa enjoyed another
excellent year in its 45th anniversary
year, with turnover up 22% to `2.7
billion. SPAR has again increased its
market share and now accounts for
27.6 % share of the national market.
While store numbers have increased,
most of the increase in turnover in the
last year has been as a result of organic
growth, with the new generation of
SUPERSPAR stores.
38 SPAR stores were opened during
the year – 25 SUPERSPAR and 13
SPAR’s. The ongoing programme of
upgrading existing stores resulted in
major revamps in 144 stores.
SPAR continues to invest in retail
technology and in the last 18 months,
50 SPAR and Tops stores have
introduced electronic shelf labelling.
Retailers have enthusiastically
welcomed this technology and report
excellent payback as a result of the
impact of the inflation on food prices.
The SPAR Distribution Centre for the
Western Cape celebrated its official
opening in the middle of 2008. This
is part of SPAR South Africa’s plan
to spend `81 million to develop and
enhance its distribution system over
the next two years.
Over the past 10 years SPAR South
Africa has focused on supporting
women’s sport. The SPAR Women’s
10km Challenge was held in Durban in
June 2008.
SPAR South Africa is also committed
to supporting local charities, including
co-sponsoring a 3,500km run with
funds raised going to ‘Operation Smile
SA’, which will enable people who don’t
have access to medical treatment to
undergo surgery.
Switzerland
SPAR Switzerland enjoyed another
excellent year, with retail sales growing
by 7% to `358 million. Store numbers
increased to 155, of which 45 are
company owned.
As a result of sustained growth,
SPAR Switzerland expanded its DC.
`10.5 million was spent to increase
the warehouse space by 10,000 m².
This development incorporated energy
saving technology including an eco-
friendly cooling system.
SPAR Switzerland continued to be
innovative in advertising and product
promotion. An extensive TV advertising
campaign promoting the ‘Splendid’
range was fronted by Marcia Cross of
Desperate Housewives fame.
A new Swiss beer ‘Renzo Beer’,
developed by Swiss personality Renzo
Blumenthal, is exclusively to SPAR.
SPAR International Annual Report 2008 43
 Austria - EUROSPAR Supermarkets are characterised by a
distinctive architectural style incorporating powerful brand-
ing, dramatic lighting and clear views into the store.
United Kingdom
SPAR UK performed well in 2008,
with retail sales growing by 4% and an
increase in store numbers to 2,544
of which 563 are company owned.
Over the past year, SPAR UK focused
on developing a number of Flagship
stores as part of their ‘Stores of the
Future’ programme. The programme
will create stores driven by the customer,
through store specific consumer
research. It is envisaged that this
customer focus will encourage greater
spend and loyalty in spite of the economic
downturn. An example of one such
Flagship is at Broomhill in Glasgow.
Based on research, the decision was
made to expand the fresh produce
section, the organic range and other
premium products. Customer
responses to the changes have been
overwhelmingly positive and early
indications are excellent.
44 SPAR International Annual Report 2008
A new campaign aimed at convenience
shoppers was launched by SPAR UK.
The ‘Sorted’ campaign is based on the
concept that SPAR has the exact item
that the customer needs, for example,
posters prompting suggestions for
tonight’s dinner.
SPAR UK performed well at the BBC
Radio’s Food and Farming Awards
with a SPAR retailer in Wales, Conrad
Davies, judged winner of the ‘Best
Local Food Retailer’ award. This
was based in a commitment to local
sourcing. A labelling system has been
developed with information indicating
how many miles/ hours the food has
travelled before reaching the shelves.
SPAR UK continued to be active in
supporting charities in 2008. `1.26
million was raised by SPAR retailers
and their staff for the NSPCC to protect
children from cruelty, support vulnerable
families and raise awareness.
Ukraine
SPAR performed strongly in early 2008,
increasing store numbers and sales.
The financial crisis however, resulted
in a sharp fall in disposable income
mirrored by a fall in SPAR retail sales.
Zambia
SPAR performed strongly with retail
sales amounting to `32 million. Store
numbers increased by one to 7, with
company owned stores generating 78%
of sales turnover.
Zimbabwe
2008 was one of the most difficult
trading years in the history of SPAR
:IMBABWE&ACEDWITHTHEWORLDS
highest inflation, price controls,
shortages and economic turmoil,
the first six months brought many
challenges. Under these conditions six
stores closed. There are now 69 SPAR
stores nationwide and SPAR remains
the largest retailer.
SPAR International Annual Report 2008 45
 SPAR Partners Worldwide
The continued success of SPAR is based on the
commitment to outstanding service throughout
the SPAR Partnership of Retailers, Wholesalers
and Entrepreneurs.

Australia Greece Norway Switzerland

SPAR Australia Limited Veropoulos Bros S.A. Kjøpmannshuset Norge AS (part of NorgesGruppen ASA) SPAR Handels AG (Schweiz)

Austria Hungary Poland Ukraine

SPAR Österreichische Warenhandels AG SPAR Magyarország Kereskedelmi Kft. (part of ASPIAG) SPAR Polska Sp. z.o.o. Cherkassy Trade House SPAR Ukraine (part of JSC)

Belgium Ireland Portugal United Kingdom

SPAR Retail NV (part of Colruyt) SPAR Ireland (part of BWG Foods Ltd.) Portspar, S.A. SPAR UK Ltd.
SPAR Lambrechts NV
India Romania SPAR Regional Companies:
Botswana MAX Hypermarket India Pvt. Ltd. SPAR Romania (part of SC Astral Impex Srl) Appleby Westward Group Plc
SPAR Botswana A.F. Blakemore & Sons Ltd
The SPAR Group Limited, South Africa Italy Russia Capper & Co. Ltd
DESPAR Italia Consorzio a r.l. SPAR Retail Moscow James Hall & Co. (Southport) Ltd
China SPAR Vostok Henderson Wholesale Ltd
Shandong Jia Jia Yue Group Co Ltd SPAR Regional Companies: SPAR Middle Volga C.J. Lang & Son Ltd
Henan Star Commercial Co., Ltd Aspiag Service S.r.l. SPAR Povolzhye
Hubei Yasi Chain Commercial Co., Ltd Cavamarket S.p.A. SPAR Tula Zambia
Guangong Dongguan Jia Rong Supermarket Co Ltd C.A.D.L.A. S.r.l. 30!2:HUKOVSKY 30!2:AMBIA,TD
Shanxi Meet All Chain Supermarkets Co., Ltd FIORINO S.n.c.
G.A.M. S.p.A. Slovenia Zimbabwe
Croatia SADAS S.p.A. SPAR Slovenija d.o.o (part of ASPIAG) 30!2:IMBABWE,TD
SPAR Hrvatska d.o.o. (part of ASPIAG) Aligrup S.p.A.
Gruppo 6 G.D.O. S.r.l. South Africa SPAR Regional Companies:
Czech Republic IPA SUD S.r.l. The SPAR Group Limited SPAR Eastern Region
SPAR ¹eská obchodní spole£nost s.r.o. (part of ASPIAG) DESA - CS&D scpa SPAR Western Region
SPAR ëumava s.r.o. TUO S.p.A. Spain
SPAR Española, S.L.
Denmark Japan
SPAR Danmark A/S (part of Dagrofa A/S) All Japan SPAR Central Co., Ltd SPAR Regional Companies:
Agrucan, S.L.
France SPAR Regional Companies: Cencosu, S.A.
SPAR France SAS (part of Groupe Casino) Hiroshima Higashi District SPAR Central Co. Ltd. Domingo Marqués, S.A.
Hokkaido SPAR Co., Ltd Excluib, S.A.
Germany Fragadis, S.L.
Deutsche SPAR Mauritius Insular General Alimentaria, S.A.
SOMAGS Ltée/SPAR Mauritius (part of Groupe Bourbon) José Espinosa Pomares, S.A.
SPAR Handels AG José Padilla Francés, S.L.
30!2:ENTRALE/BERPFALZ Namibia Lider Aliment, S.A.
SPAR Namibia Pascual Hermanos, S.L.
The SPAR Group Limited, South Africa Romen, S.L.
Supermercados Marcial, S.L.
Netherlands Tomás Barreto, S.A.
SPAR Holding B.V.(part of Sperwer Group) Valvi Alimentació I Serveis, S.L.
Victoriano Moldes Ruibal, S.A.

46 SPAR International Annual Report 2008 SPAR International Annual Report 2008 47
 SPAR International Action Groups Statistics 2008
The Action Groups provide a unique platform for
working together and exchanging knowledge.

Marketing Action Group BIGS Action Group Country Retail Sales Retail Store Retail Sales
000’s Numbers Area (m2)
Chairman: Tobias Wasmuht Chairman: Gordon Campbell
SPAR International: Gary Harris, Ulrike Freudenberg, BIGS: Joop Elderhorst, Marinus Koelewijn, Natasha Nadj Austria 4,783,090 1,413 1,000,300
Nicole Iking, Penny van der Kaars Italy 4,040,000 1,870 821,983
Robert Schaumburger A United Kingdom 2,770,976 2,544 361,000
Manu Suffeleers B Johannes Holzleitner Aspiag South Africa 2,692,592 802 827,833
Linda McBeth DK Iris Grieshofer Aspiag Hungary 1,414,631 391 384,817
Jesús González ESP Louis Chabert B Ireland 1,311,848 468 122,758
Suzanne Weldon IRL Bernhard Schwendinger CH Norway 1,083,591 310 171,363
Marco Orsenigo ITA Jacob Heinz DK Spain 1,060,412 823 292,596
Stephan Thijssen NL Konstantin Simos GRE France 954,742 930 235,415
Nils Moesødegård NOR Simon Marriott IRL Denmark 910,470 458 137,850
Susan Darbyshire UK Gianluca Di Venanzo ITA Belgium 724,774 339 143,881
Jan-Hein van Spaandonk NL Slovenia 678,238 75 124,614
Peter Miller UK Greece 656,558 168 124,515
Human Resources Action Group Russia 599,805 182 91,742
Germany 593,139 495 106,129
Chairman: Frank O’Donoghue STOREIT 2010 Action Group Czech Republic 509,743 139 144,116
SPAR International: Jutta Klassen, Richard Dady The Netherlands 501,964 336 118,262
Chairman: Frank O’Donoghue Switzerland 358,470 155 65,328
Raimund Lainer A SPAR International: Rob Karman Japan 311,887 285 33,864
Mary Wall IRL China 197,675 88 307,827
Helene Renton Eidsvig NOR Hannes Leobacher A Croatia 141,662 6 26,350
Helena ëubelj SL Jernej Pirç Aspiag Finland * 124,000 73 41,000
Stephen Cloves UK Per Erland DK Australia 97,852 84 35,800
Sam Davidson UK Preben Gaardsøe DK :IMBABWE   
Svein Krakk N Poland 73,776 56 13,777
Enno Stelma SA Botswana 65,960 24 16,972
Warehouse Action Group Roy Ford UK Namibia 60,211 23 21,523
Joanne Kelly UK Ukraine 57,072 31 41,000
Chairman: Frank O’Donoghue :AMBIA   
SPAR International: Rob Karman, Dieter Dornauer Romania 44,294 21 20,328
India 24,953 3 12,811
Trevor Currie SA Mauritius 17,889 6 5,300
Hilton Briner SA Portugal 6,450 6 2,220
Anthony Barton UK
Dominic Hall UK Total 27,011,237 12,680 5,884,591
Pat McGarry UK
* Ceased trading in 2008 - part year.

48 SPAR International Annual Report 2008 SPAR International Annual Report 2008 49