<p>ICA has released its year end report for 2011. The company is a joint venture with 60% owned by Royal Ahold and 40% owned by Hakon Invest AB. A shareholder agreement, allows the owners to jointly share a controlling influence over ICA AB. Net sales for the fourth quarter of 2011 totaled SEK 24,921 million (24,493.) The number is up 1.7 percent when compared to the similar period last year, according to a press release. Net sales increased by 1.4 percent at constant exchange rates. Net sales for the fiscal year of 2011 amounted to SEK 95,179 million, a number reflecting an increase of 1.4 percent. With constant exchange rates, the net sales numbers increased by 2.6 percent.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Kenneth Bengtsson, CEO and President ICA AB, states, "In light of the economic turbulence and weak development in our markets, we are very pleased with the ICA Group’s results for 2011. Net sales rose by 2.6 percent at constant exchange rates as a result of higher sales in ICA Sweden and increased income for ICA Bank and ICA Real Estate. The ICA Group delivered operating income excluding capital gains and impairments of over three billion Swedish kronor, our highest profit until now. The reasons were a strong recovery by Rimi Baltic, a very successful year for ICA Bank and ICA Real Estate, and stable development by ICA Sweden. ICA Norway remained a major challenge, but a lower loss in the fourth quarter was a cautious sign of a recovery."</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>www.ahold.com</p><hr class="legacyRuler"><hr class="invisible minimal-padding">
