Food Lion 2014 Annual Report Download - page 117

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DELHAIZE GROUP FINANCIAL STATEMENTS 2014 // 113
December 31, 2012
Financial
Amounts not offset in the balance
Gross
instruments
Net
sheet but subject to master netting
amounts
that are
amounts
arrangements (or similar)
(in millions of €)
in the
balance
sheet
offset in the
balance
sheet
presented in
the balance
sheet
Financial
assets/liabilities
Cash collateral
received/pledged
Net
exposure
Non-Current
Derivative financial assets
61
—
61
7
—
54
Current
Receivables
107
107
—
—
—
—
Cash and cash equivalents
355
229
126
—
—
126
Total
523
336
187
7
—
180
Non-Current
Derivative financial liabilities
10
—
10
7
—
3
Current
Derivative financial liabilities
4
—
4
—
—
4
Accounts payable
450
107
343
—
—
343
Bank overdrafts
229
229
—
—
—
—
Total
693
336
357
7
—
350
11. Investments in Securities
Investments in securities contain investments in debt and equity securities, which are held as available for sale. Securities are
included in current assets, except for debt securities with maturities of more than 12 months from the balance sheet date, which
are classified as non-current assets. The carrying amounts of the available for sale financial assets are as follows:
December 31,
(in millions of €)
2014
2013
2012
Non
-current
8
8
11
Current
149
126
93
Total
157
134
104
At December 31, 2014, the Group’s non-current investments in debt securities were €8 million, primarily held in escrow related to
defeasance provisions of outstanding Hannaford debt and were therefore not available for general company purposes (see Note
18.1). The escrow funds have the following maturities:
(in millions)
2015
2016
2017
Total
Cash flows in USD
1
9
—
10
Cash flows translated into EUR
1
7
—
8
Delhaize Group further holds some minor non-current investments in money market and investment funds in order to satisfy
future pension benefit payments for a limited number of employees, which however do not meet the definition of plan assets as
per IAS 19. The maximum exposure to credit risk at the reporting date is the carrying value of the investments.
At December 31, 2014, the Group’s current investments in securities were €149 million and consisted primarily of investment
funds that are entirely invested in U.S. Treasuries. These investments are predominantly held by the Group’s captive reinsurance
company, covering the Group’s self-insurance exposure (see Note 20.2).
Investments in securities are classified as available for sale and measured at fair value through OCI (see Note 2.3). The fair
value level hierarchy and valuation technique used in measuring these instruments are disclosed in Note 10.1.
The Group assesses at each reporting date whether there is objective evidence that an investment or a group of investments is
impaired. In 2014, 2013 and 2012, none of the investments in securities were either past due or impaired.
Delhaize Group Annual Report 2014 • 115