Food Lion 2007 Annual Report Download - page 37

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DEBT MATURITY PROFILE
DELHAIZE GROUP*
DECEMBER 31, 2007 (IN MILLIONS OF EUR)
* Excluding fi nance leases; principal payments (related premiums
and discounts not taken into account).
149 326 42 39 77 770 632
2008
2009
2010
2011
2012
2013-2017
2027-2031
Short-term borrowings
Convertible
Euro Denominated Debt
USD Denominated Debt
2,9 2,6 2,2
2005 2006 2007
Net Debt
(IN BILLIONS OF EUR)
82% 74% 61%
2005 2006 2007
Net Debt
to Equity
of EUR 37.7 million), the conversion of part of the convertible bond and the
generation of free cash fl ow. The net debt to equity ratio continued to improve,
decreasing from 74.0% at the end of 2006 to 61.0% at the end of 2007.
At the end of 2007, Delhaize Group had total annual minimum operating
lease commitments for 2008 of EUR 198.8 million, including approximately
EUR 15.8 million related to closed stores. These leases generally have terms
that range between three and 27 years with renewal options ranging within
similar ranges.
RECENT EVENTS
In January 2008, Delhaize Group’s Greek subsidiary, Alfa-Beta, announced
that it had entered into an agreement with the German Tengelmann Group to
acquire its Greek subsidiary Plus Hellas. The acquisition includes 33 new stores
with an average selling area of 795m² and a new distribution facility measuring
36,000m² in the north of Greece. Many stores are located in the north of
Greece, where Alfa-Beta has a limited presence. Plus Hellas also has several
new stores in the development pipeline. The purchase price is EUR 69.5 million,
subject to contractual adjustments. The acquisition of Plus Hellas is subject to
customary conditions, including the approval by the Greek antitrust authorities.
The transaction is expected to close in the second quarter of 2008. The Plus
stores will be converted to Alfa-Beta banners.
DELHAIZE GROUP / ANNUAL REPORT 2007 35