Food Lion 2014 Annual Report Download - page 97

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DELHAIZE GROUP FINANCIAL STATEMENTS 2014 // 93
Year ended December 31, 2014 (in millions of €)
United States
Belgium
(2)
SEE
(3)
Corporate
Total
Revenues
(1)
13 360
4 919
3 082
—
21 361
Cost of sales
(9 898)
(3 985)
(2 339)
—
(16 222)
Gross profit
3 462
934
743
—
5 139
Gross margin
25.9%
19.0%
24.1%
N/A
24.1%
Other operating income
58
43
16
2
119
Selling, general and administrative expenses
(2 970)
(864)
(632)
(37)
(4 503)
Other operating expenses
(17)
(152)
(163)
—
(332)
Operating profit (loss)
533
(39)
(36)
(35)
423
Operating margin
4.0%
(0.8%)
(1.2%)
N/A
2.0%
Adjustments:
Impairment losses (reversals)
8
2
156
—
166
Reorganization expenses (reversals)
—
137
—
—
137
Store closing expenses (reversals)
(2)
—
—
—
(2)
(Gains) losses on disposal of assets
3
3
1
—
7
Other
—
15
14
2
31
Underlying operating profit (loss)
542
118
135
(33)
762
Underlying operating margin
4.1%
2.4%
4.4%
N/A
3.6%
Other information (incl. discontinued operations and assets held for sale)
Assets
7 095
1 889
2 047
1 096
(5)
12 127
Liabilit
ies
2 506
1 604
865
1 699
6 674
Capital expenditures
281
129
167
29
606
Non
-cash operating activities:
Depreciation and amortization
376
121
82
14
593
Impairment losses
(4)
134
2
170
—
306
Share-based compensation
9
1
—
2
12
Operating result of discontinued operations
1
—
(9)
—
(8)
Year ended December 31, 2013 (in millions of €)
United States
Belgium
(2)
SEE
(3)
Corporate
Total
Revenues
(1)
12 536
5 072
2 985
—
20 593
Cost of sales
(9 259)
(4 046)
(2 274)
—
(15 579)
Gross profit
3 277
1 026
711
—
5 014
Gross margin
26.1%
20.2%
23.8%
N/A
24.3%
Other operating income
56
44
27
—
127
Selling, general and administrative expenses
(2 835)
(866)
(598)
(48)
(4 347)
Other operating expenses
(41)
(17)
(200)
1
(257)
O
perating profit (loss)
457
187
(60)
(47)
537
Operating margin
3.6%
3.7%
(2.0%)
N/A
2.6%
Adjustments:
Impairment losses (reversals)
13
2
191
—
206
Reorganization expenses (reversals)
18
—
—
—
18
Store closing expenses (reversals)
5
—
—
—
5
(Gains) losses on disposal of assets
(2)
8
2
2
10
(Gains) losses on disposal of businesses
—
(9)
—
—
(9)
Other
10
10
(3)
5
22
Underlying operating profit (loss)
501
198
130
(40)
789
Underlying operating margin
4.0%
3.9%
4.4%
N/A
3.8%
Other information (incl. discontinued operations and assets held for sale)
Assets
6 983
1 867
2 105
639
(5)
11 594
Liabilities
2 482
1 399
807
1 833
6 52
1
Capital expenditures
276
140
127
22
565
Non
-cash operating activities:
Depreciation and amortization
391
115
83
10
599
Impairment losses
(4)
23
2
206
—
231
Share-based compensation
13
1
—
2
16
Operating result of discontinued operations
(58)
—
(28)
—
(86)
Delhaize Group Annual Report 2014 • 95