o www.ahold.com/reports2009
Notes to the consolidated financial statements
30 Financial risk management and financial instruments - continued
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(497)
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Financials
The following tables summarize the expected maturity profile of the Company's derivative financial instruments and non-derivative
financial liabilities as of January 3, 2010 and December 28, 2008, respectively, based on contractual undiscounted payments:
Contractual cash flows
million
Net carrying
amount
Within 1 year
Between
1 and 5 years
After 5 years
Total
Year ended January 3, 2010
Non-derivative financial liabilities
Notes
(1,714)
(464)
(696)
(1,579)
(2,739)
Other loans
(1)
(1)
(1)
Financing obligations
(397)
(42)
(162)
(387)
(591)
Mortgages payable
(10)
(6)
(6)
(1)
(13)
Finance lease liabilities
(1,043)
(140)
(535)
(1,139)
(1,814)
Cumulative preferred financing shares1
(32)
(61)
(23)
(116)
Short-term borrowings
(38)
(38)
(38)
Reinsurance liabilities
(59)
(14)
(31)
(16)
(61)
Accounts payable
(2,137)
(2,137)
(2,137)
Other
(2)
(2)
(2)
Derivative financial assets and liabilities
Cross-currency derivatives and interest flows
185
(30)
67
44
81
Interest derivatives and interest flows
26
10
13
7
30
Contractual cash flows
million
Net carrying
amount
Within 1 year
Between
1 and 5 years
After 5 years
Total
Year ended December 28, 2008
Non-derivative financial liabilities
Notes
(2,204)
(490)
(1,251)
(1,617)
(3,358)
Other loans
(1)
(1)
(1)
Financing obligations
(413)
(42)
(166)
(434)
(642)
Mortgages payable
(14)
(5)
(9)
(4)
(18)
Finance lease liabilities
(1,075)
(143)
(537)
(1,236)
(1,916)
Cumulative preferred financing shares1
(497)
(31)
(82)
(35)
(148)
Short-term borrowings
(37)
(37)
(37)
Reinsurance liabilities
(33)
(10)
(19)
(5)
(34)
Accounts payable
(2,284)
(2,284)
(2,284)
Other
(3)
(3)
(3)
Derivative financial assets and liabilities
Cross-currency derivatives and interest flows
111
(31)
56
(25)
Interest derivatives and interest flows
27
14
16
30
1 Cumulative preferred financing shares have no maturity. For the purposes of the tables above and determining future dividend cash flows, it is assumed that the dividend is
calculated until the coupon reset date of each of the four share-series (2010, 2013, 2016 and 2018), but with no liability redemption.
All derivative financial instruments and non-derivative financial liabilities held at the reporting date, for which payments are already
contractually agreed, have been included. Amounts in foreign currency have been translated using the reporting date closing rate.
Cash flows arising from financial instruments carrying variable interest payments have been calculated using the forward curve interest
rates as of January 3, 2010 and December 28, 2008, respectively.
Credit ratings
As of January 3, 2010, Moody's Long Term Issuer Rating on Ahold was Baa3, unchanged during 2009, while outlook was revised from
stable to positive. In 2009 Standard Poor's upgraded Corporate Credit Rating on Ahold from BBB- to BBB with a stable outlook.
Maintaining investment grade credit ratings is an important part of the Company's strategy as they serve to lower the cost of funds and
to facilitate access to a variety of lenders and markets.
Ahold Annual Report 2009 98
