Food Lion 2009 Annual Report Download - page 154

150 - Delhaize Group - Annual Report 2009
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT
OF CASH FLOWS
NOTES TO THE FINANCIAL
STATEMENTS
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
CONSOLIDATED INCOME
STATEMENT
CONSOLIDATED BALANCE SHEET
Liabilities and Equity
(in millions of EUR) 2009 2008
Shareholders’ equity 3 778 2 935
Capital 50 50
Distributable reserves 38 41
Other reserves 2 835 2 817
Profit carried forward 855 27
Provisions and deferred taxation 14 13
Financial liabilities 2 150 2 429
After one year 1 942 1 644
Within one year 208 785
Trade creditors 621 607
Other liabilities 379 351
Other liabilities within one year 337 308
Accruals and deferred income 42 43
Total liabilities and equity 6 942 6 335
Income Statement
(in millions of EUR) 2009 2008
Operating income 4 580 4 406
Sales 4 488 4 285
Other operating income 92 121
Operating expenses (4 460) (4 319)
Merchandise and consumables 3 396 3 274
Salaries, social security and pensions 605 578
Other operating expenses 459 467
Operating profit 120 87
Income from financial fixed assets 17 43
Net financial expense (131) (182)
Current profit before taxation 6 (52)
Exceptional income 986 1
Exceptional expenses (3) (104)
Current year profit before taxation 989 (155)
Transfer (-) to/ release (+) from deferred taxes - -
Current taxation - -
Financial year results 989 (155)
Transfer (-) to/ release (+) from tax-exempt reserves - 1
Financial year results to be appropriated 989 (154)
Appropriation of Profit
(in millions of EUR) 2009 2008
Profit brought forward from previous year 27 30
Transfer from reserves - 300
Profit to carry forward 855 27
Dividends to shareholders(1) (161) (149)
(1) As a result of the exercise of warrants issued under the Delhaize Group 2002 Stock Incentive Plan, the Company might have to issue new ordinary shares, to which coupon no. 48 entitling to the payment of
the 2009 dividend is attached, between the date of adoption of the annual accounts by the Board of Directors and the date of their approval by the Ordinary General Meeting of May 27, 2010. The Board of
Directors will communicate at the Ordinary General Meeting of May 27, 2010 the aggregate number of shares entitled to the 2009 dividend and will submit to this meeting the final amount of the total dividend
for approval. The annual accounts of 2009 will be modified accordingly.
As part of its US organizational restructuring, Delhaize Group SA partly sold and partly contributed its shareholdings in Delhaize The Lion
America LLC and Delhaize America LLC to its wholly owned, newly established US-based subsidiary Delhaize US Holding Inc., at the fair value of
the investments at transaction date. This resulted in an accounting gain, for Belgian statutory purposes only, of approximately EUR 977 million,
representing the difference between the market value, as established by an independent valuation expert, and the book value of the invest-
ment in the books of Delhaize Group SA, both at the time of the transaction. Delhaize Group SA does not have the intention to fully distribute
the recognized internal gain in the foreseeable future, as the dividend policy of Delhaize Group is based on the evolution of the consolidated
results and the reinforcement of the finance structure of the Group as a whole.