Food Lion 2010 Annual Report Download - page 154

150
CONSOLIDATED BALANCE SHEET CONSOLIDATED INCOME
STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS NOTES TO THE FINANCIAL STATEMENTS
Liabilities and Equity
(in millions of EUR) 2010 2009
Shareholders’ equity 3 708 3 778
Capital 51 50
Share premium 2 778 2 739
Distributable reserves 33 38
Other reserves 100 96
Profit carried forward 746 855
Provisions and deferred taxation 21 14
Financial liabilities 3 834 2 150
After one year 3 664 1 942
Within one year 170 208
Trade creditors 614 621
Other liabilities 428 379
Other liabilities within one year 371 337
Accruals and deferred income 57 42
Total liabilities and equity 8 605 6 942
Income Statement
(in millions of EUR) 2010 2009
Operating income 4 766 4 580
Sales 4 665 4 488
Other operating income 101 92
Operating expenses (4 592) (4 460)
Merchandise and consumables 3 510 3 396
Salaries, social security and pensions 618 605
Other operating expenses 464 459
Operating profit 174 120
Income from financial fixed assets 29 17
Net financial expense (154) (131)
Current profit before taxation 49 6
Exceptional income 97 986
Exceptional expenses (79) (3)
Current year profit before taxation 67 989
Transfer (-) to/ release (+) from deferred taxes - -
Current taxation (1) -
Financial year results 66 989
Transfer (-) to/ release (+) from tax-exempt reserves - -
Financial year results to be appropriated 66 989
Appropriation of Profit
(in millions of EUR) 2010 2009
Profit brought forward from previous year 855 27
Transfer from reserves - -
Profit to carry forward 746 855
Dividends to shareholders(1) (175) (161)
(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. 49 entitling to the payment of
the 2010 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 26, 2011. The Board of
Directors will communicate at the Ordinary General Meeting of May 26, 2011 the aggregate number of shares entitled to the 2010 dividend and will submit to this meeting the final amount of the total dividend
for approval. The annual accounts of 2010 will be modified accordingly.
In 2009, 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 investment 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.