Food Lion 2012 Annual Report Download - page 160

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158 // DELHAIZE GROUP FINANCIAL STATEMENTS’12
Results at Identical Exchange Rates
(in millions of €, except per share amounts)
2012
2011(1)
2012/2011
At Actual
Rates
Effect of
Exchange
Rates
At
Identical
Rates
At Actual
Rates
At Actual
Rates
At
Identical
Rates
Revenues
22 737
(1 025)
21 712
21 110
7.7%
2.9%
Operating profit
390
(33)
357
813
(52.0%)
(56.1%)
Net profit from continuing operations
125
(24)
101
477
(73.7%)
(78.9%)
Group share in net profit
105
(24)
81
475
(77.8%)
(82.9%)
Basic earnings from Group share in net
profit
1.05
(0.24)
0.81
4.71
(77.8%)
(82.9%)
Diluted earnings from Group share in net
profit
1.04
(0.24)
0.80
4.68
(77.7%)
(82.8%)
Free cash flow
772
(34)
738
(231)
N/A
N/A
(in millions of €)
December 31, 2012
December 31, 2011
Change
Net debt
2 060
—
2 060
2 647
(22.1%)
(22.2%)
_____________
(1) 2011 was adjusted for the reclassification of the Albanian operations to discontinued operations..
Underlying operating profit reconciliation
December 31, 2012
(in millions of €)
United States
Belgium
Southeastern
Europe and
Asia
Corporate
Total
Operating profit (as reported)
343
202
(113)
(42)
390
Add (substract):
Fixed asset impairment charges (reversals)
63
5
204
—
272
Restructuring expenses (reversals)
—
—
—
—
—
Store closing expenses
109
1
15
—
125
(Gains) losses on disposal of assets
5
7
(1)
1
12
Other
29
(18)
—
—
11
Underling operating profit
549
197
105
(41)
810
2012 was significantly impacted by €272 million impairment charges and the store portfolio optimization expenses: €125 million
store closing expenses and €22 million of related expenses, included in the caption “Other” and mainly consisting of sales price
mark-downs and accelerated depreciation. In addition, the caption “Other” contains storm damage expenses of €5 million, a
retirement expense of €3 million and severance expenses of €6 million, partially compensated by a net gain of €7 million on the
settlement of legal cases in the U.S. and a payroll tax refund (€18 million) in Belgium.
EBITDA reconciliation
(in millions of €)
2012
Operating profit (as reported)
390
Add (substract):
Depreciation and amortization
649
Impairment
272
EBITDA
1 311