Food Lion 2001 Annual Report Download - page 63

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|61
Deferred taxation increased significantly due to the deferred tax liability
that was recorded in connection with the purchase price allocation of the
share exchange with Delhaize America.
14. Amounts Falling Due after more than One Year
Long-term Borrowings
Financial liabilities (excl. liabilities under financial leases) are as follows:
(in thousands of EUR)
United States 2001 2000
Debenture, 9.00% (due 2031) 1,021,219 -
Notes, 8.125% (due 2011) 1,248,156 -
Notes, 7,375% (due 2006) 680,812 -
Debt securities, 7.55% to 8.05%
(due 2007 to 2027) 333,075 322,407
Medium-term notes, 5.00% to 14.15%
(due 2002 to 2016) 123,105 246,060
Mortgages payable, 7.50% to 10.20%
(due 2003 to 2016) 45,205 51,093
Medium-term credit institution
borrowings 6.77% -21,430
Total non-subordinated borrowings 3,451,572 640,990
Less: current portion (18,525) (135,396)
Total non-subordinated borrowings,
long-term 3,433,047 505,594
(in thousands of EUR)
Europe 2001 2000
1999 Eurobonds, 4.625% (due 2009) 149,002 148,866
2001 Eurobonds, 5.50% (due 2006) 150,000 -
Medium-term Treasury Program notes,
6.80% (due 2006) 12,395 12,395
Medium-term credit institution
borrowings, 5.14% and 5.75%,
respectively 14,392 15,817
Other 4,035 10,568
Total non-subordinated borrowings 329,824 187,646
Less: current portion (1,735 ) (3,461)
Total non-subordinated borrowings,
long-term 328,089 184,185
Analysis of Long-Term Debt Payable by Due Date (in thousands of EUR)
Debts by Due Date
Due in Less than One Year Due in More than One Year Due in More than
and Less than Five Years Five Years
(Account n° 42) (Account n° 17) (Account n° 17)
Financial debt 64,768 1,191,080 3,338,795
Non-subordinated debenture loans 18,525 926,255 2,818,189
Liabilities under leasing and similar contracts 44,508 248,133 520,606
Credit institutions 1,735 16,546 -
Other loans - 146 -
Trade creditors 1,775 2,158 -
Other debt - 116 14,003
Total 66,543 1,193,354 3,352,798
Foreign Currency 2003 2004 2005 2006 >2006 Average
(in millions) Rate
Debenture loan
USD 26.6 13.0 14.0 619.5 2,352.4 8.14%*
EUR - - - 162.4 149.0 5.13% fixed
Liabilities under financing leases
USD 54.7 54.9 53.8 53.5 458.8 11.28% fixed
EUR 1.3 0.6 0.1 - - -
Credit institutions
EUR 2.1 - - - - -
CZK - 460 - - 5.14% floating
(*) 90% is fixed
Rates are on average 8.46%, 7.88% excluding liabilities under financing
leases.
On April 19, 2001, Delhaize America refinanced the approximately
EUR 2.7 billion term loan facility used to fund the acquisition of Hannaford
by completing a private offering of USD 600,000,000 7.375% notes due
2006, USD 1,100,000,000 8.125% notes due 2011 and USD 900,000,000
9.000% debentures due 2031. Delhaize America used the proceeds of this
offering to repay in full the EUR 2.6 billion outstanding under the term loan
facility. These debt securities are general unsecured obligations of Delhaize
America and are unconditionally guaranteed by Food Lion, LLC, a wholly-
owned subsidiary of Delhaize America. In September 2001, Delhaize
America filed a registration statement with the Securities and Exchange
Commission, allowing to exchange the old securities of its private offering.