Dutch multinational Ahold has posted a massive €1.2bn 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 its annual return to the US authorities had not yet been made, but because of differences between US and Dutch accounting regulations there was likely to be an additional goodwill impairment of about €3.2bn for 2002, of which €2.7bn related to its US Foodservice operations.

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

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 €2.65bn credit facility. The restated accounts also cut Ahold’s net income for 2001 by €363m and for 2000, it was lowered by €196m.