Financial statements - Notes to the consolidated financial statements
Note 12
Other retail - Spain
Other retail - Disco
Other retail - Paiz Ahold
In September 2005, Ahold completed the sale of its 50% interest in Paiz Ahold to Wal-Mart Stores Inc. Paiz Ahold held an
interest of 66.7% in CARHCO, which operates food stores in Guatemala, El Salvador, Costa Rica, Nicaragua and Honduras.
The transaction resulted in a gain on divestment of USD 165 (EUR 135).
2004 Divestments of discontinued operations
Other retail - Bompreco/Hipercard
In March 2004, Ahold completed the sale of its Brazilian food retailer Bomprego S.A. Supermercados do Nordeste
("Bomprego") to Wal-Mart Stores Inc. Concurrently, Ahold sold its Brazilian credit card operation Hipercard Administradora
de Cartao de Crédito ("Hipercard") to Unibanco S.A. The combined transaction resulted in a gain on divestments of USD 98
(EUR 79).
Other retail - CRC.Ahold
In March 2004, Ahold sold its stake in CRC.Ahold, operating in Thailand, to its partner, the Central Group resulting in a gain
on divestments of EUR 6. With this divestment Ahold completed the divestment of all of its Asian operations.
In December 2004, Ahold completed the sale of its Spanish retail activities to the Permira Funds resulting in a gain on
divestments of EUR 64.
In November 2004, Ahold partially completed the sale of its 99.94% controlling interest in Disco S.A. ("Disco") to Chilean
retailer Cencosud S.A. ("Cencosud") by transferring the ownership of approximately 85% of the outstanding Disco shares.
Ahold intends to transfer the remaining Disco shares to Cencosud as soon as legally possible. These shares are subject to
certain Uruguayan court orders processed and executed in Argentina, which could potentially prohibit their transfer. Pending
the transfer of these shares, Ahold has agreed to exercise its voting rights with regard to those shares according to Cencosud's
instructions and to pay to Cencosud any dividends received on such shares.
The transaction resulted in a gain on divestments of USD 116 (EUR 89). Ahold received the escrowed funds for the transferred
85% of Disco shares on March 23, 2005. The purchase price for the remaining approximately 15% of the Disco shares that
have not been transferred remains in escrow until such shares can be transferred to Cencosud. Ahold has agreed to indemnify
Cencosud for losses incurred if Ahold were to lose legal ownership of any of those shares.
The transfer of Ahold's entire interest in Disco is subject to approval by the Argentine antitrust authorities. In the event that
the antitrust authorities do not approve the transfer of the Disco shares to Cencosud, under the terms of the contract, Ahold is
not under any obligation to repay any amount to Cencosud. Instead Ahold will hold the Disco shares for the risk and account of
Cencosud and Cencosud shall take all relevant action to effect that the Disco shares are transferred to a third party. For more
information on the legal proceedings related to Disco, see Note 35.
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