Food Lion 2008 Annual Report Download - page 97
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Please find page 97 of the 2008 Food Lion annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.As of December 31, 2008, 2007 and 2006, USD 18 million (EUR 13 million), USD 30 million (EUR 20 million) and USD 42 million (EUR 32 million) in aggregate
principal amount of the notes was outstanding, respectively. Cash committed to fund the escrow and not available for general corporate purposes is considered
restricted. At December 31, 2008, 2007 and 2006, restricted securities of USD 21 million (EUR 15 million), USD 32 million (EUR 22 million) and USD 45 million
(EUR 34 million), respectively, were recorded in investment in securities on the balance sheet.
Long-term Debt by Currency
The main currencies in which Delhaize Group’s long-term (excluding finance leases) debt are denominated are as follows:
(in millions of EUR) December 31,
2008 2007 2006
U.S. dollar 1 112 1 060 1 719
Euro 980 961 632
Total 2 092 2 021 2 351
The principal payments (premiums and discounts not taken into account) and related interest rates (before effect of interest rate swaps) of the Group’s long-term
debt by currency (before effect of cross-currency interest rate swaps) can be summarized and compared with the fair values of the debts as follows:
Debt held in USD
(in millions of USD) 2009 2010 2011 2012 2013 Thereafter Fair Value
Notes due 2011 - - 50 - - - 52
Average interest rate - - 8.13% - - - -
Notes due 2017 - - - - - 450 418
Average interest rate - - - - - 6.50% -
Notes due 2027 - - - - - 126 116
Average interest rate - - - - - 8.05% -
Debentures due 2031 - - - - - 805 796
Average interest rate - - - - - 9.00% -
Term loan - - - 113 - - 115
Average Interest Rate - - - 2.28% - - -
Senior and other notes 6 2 2 - - 9 19
Average interest rate 7.17% 6.58% 6.58% - - 7.06% -
Mortgages payable 1 1 1 1 - 1 5
Average interest rate 7.75% 7.75% 8.25% 8.25% - 8.25% -
Total debt held in USD 7 3 53 114 0 1 391 1 521
Total debt held in USD translated
in millions of EUR 5 2 38 82 0 1 000 1 093
Debt held in EUR (in millions of EUR) 2009 2010 2011 2012 2013 Thereafter Fair Value
Bonds due 2009 150 - - - - - 150
Average interest rate 4.63% - - - - - -
Convertible bonds due 2009 171 - - - - - 172
Average interest rate 2.75% - - - - - -
Bonds due 2010 - 40 - - - - 40
Average interest rate - 3.90% - - - - -
Bond due in 2013 - - - - 80 - 85
Average interest rate - - - - 5.10% - -
Notes due 2014 - - - - - 500 420
Average interest rate - - - - - 5.63% -
Bank borrowings - - - - - 3 3
Average interest rate - - - - - 6.72% -
Total debt held in EUR 321 40 0 0 80 503 870
Total debt 326 42 38 82 80 1 503 1 963
Fair Value of Long-term Debt
The fair value of the Group’s long-term debt is based on the current market quotes for publicly traded debt. Fair values of non-public debt are estimated using
rates currently available for debt of similar terms and remaining maturities offered to the Group and its subsidiaries:
(in millions of EUR) December 31,
2008 2007 2006
Fair value of long-term debt 1 963 2 146 2 653
Carrying value of long-term debt:
Current 326 109 181
Non-current 1 766 1 912 2 170
Total 2 092 2 021 2 351
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Certification of Responsible
Persons
Historical
Financial Overview
Report of the
Statutory Auditor
Summary Statutory Accounts of
Delhaize Group SA
Supplementary
Information