Food Lion 2011 Annual Report Download - page 112
Download and view the complete annual report
Please find page 112 of the 2011 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.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
 |
 |
110 // DELHAIZE GROUP FINANCIAL STATEMENTS ’11
18. Financial Liabilities
18.1 Long-term Debt
Delhaize Group manages its debt and overall financing strategies using a combination of short, medium and long-term debt and
interest rate and currency swaps. The Group finances its daily working capital requirements, when necessary, through the use of
its various committed and uncommitted lines of credit. The short and medium-term borrowing arrangements generally bear
interest at the inter-bank offering rate at the borrowing date plus a pre-set margin. Delhaize Group also has a treasury notes
program available.
The carrying values of long-term debt (excluding finance leases, see Note 18.3), net of discounts and premiums, deferred
transaction costs and hedge accounting fair value adjustments were as follows:
(in millions of EUR)
Nominal Interest
Rate Maturity Currency
December 31,
2011 2010 2009
Senior notes, unsecured 5.70% 2040 USD 445 430 —
Debentures, unsecured 9.00% 2031 USD 208 201 553
Notes, unsecured 8.05% 2027 USD 53 51 84
Retail bond, unsecured 4.25% 2018 EUR 400 — —
Bonds, unsecured 6.50% 2017 USD 345 334 309
Notes, unsecured(1) 5.625% 2014 EUR 541 544 543
Senior notes, unsecured(1) 5.875% 2014 USD 231 223 206
Bonds, unsecured(2) 5.10% 2013 EUR 80 80 80
Notes, unsecured 8.125% 2011 USD — 38 35
Bonds, unsecured(2) 3.895% 2010 EUR — — 40
Other debt 4.50% to 7% 2014 to 2031 USD 14 10 5
Mortgages payable 8.25% 2009 to 2016 USD 2 2 2
Senior notes 7.06% 2009 to 2016 USD 6 7 8
Other notes, unsecured 13.21% 2009 to 2013 USD — 1 1
Floating term loan, unsecured LIBOR 6m+45bps 2012 USD 87 84 78
Bank borrowings EUR 1 1 2
Total non-subordinated borrowings 2 413 2 006 1 946
Less current portion
(88) (40) (42)
Total non-subordinated borrowings, non-current 2 325 1 966 1 904
____________________
(1) Notes are part of hedging relationship (see Note 19).
(2) Bonds issued by Delhaize Group’s Greek subsidiary Alfa Beta.
The interest rate on long-term debt (excluding finance leases, see Note 18.3) was on average 5.0%, 5.1% and 5.7% at
December 31, 2011, 2010 and 2009, respectively. These interest rates were calculated considering the interest rate swaps
discussed in Note 19.
Delhaize Group has a multi-currency treasury note program in Belgium. Under this treasury note program, Delhaize Group may
issue both short-term notes (commercial paper) and medium-term notes in amounts up to EUR 500 million, or the equivalent
thereof in other eligible currencies (collectively the “Treasury Program”). No notes were outstanding at December 31, 2011,
2010 and 2009.