Ahold has posted a massive1.2bn euros net loss for its restated 2002 figures and expects further losses relating to its US Foodservice unit where financial irregularities were first unearthed in February.

The Dutch group said there would be an additional unaudited goodwill impairment of about 3.2bn euros for 2002, of which 2.7bn euros relates to its US Foodservice operations.

Ahold reported pre-tax loss for 2002 of 769m euros on group net sales of 62.7bn euros.

President and chief executive Anders Moberg said: “The publication of these results is a major milestone that draws a line under recent events and enables us to move forward.”

Chief financial officer Hannu Ryopponen said the deadline for delivering the results to its syndicate of banks was met to secure its 2.65m euros credit facility. He added that based on cashflow projections Ahold “will not need access” to the unsecured tranche of $915m.

Ahold’s net income for 2001 was cut by 363m euros while for 2000, it was lowered by 196m euros.