o www.ahold.com/reports2009
Notes to the parent company financial statements
11 Derivatives - continued
-
-
-
-
-
-
-
12 Commitments and contingencies
Financials
Non-current hedging derivatives - assets
million
Hedging
derivatives
external
Other
derivatives
external
2009
Total
2008
Total
Beginning of year
Reclassification
158
101
259
338
(12)
Contracts matured or terminated
(1)
Fair value changes
15
61
76
(66)
End of year
173
162
335
259
Non-current hedging derivatives - liabilities
million
Hedging
derivatives
external
Hedging
derivatives
intercompany
Other
derivatives
intercompany
2009
Total
2008
Total
Beginning of year
Reclassification
116
158
101
375
478
(5)
Contracts matured or terminated
(1)
Fair value changes
8
15
61
84
(97)
End of year
124
173
162
459
375
Fair value changes include exchange rate differences and installments paid on a cross-currency swap that was entered into on behalf of
one of the Parent company's subsidiaries.
Notes and loans issued by certain subsidiaries are guaranteed by the Parent company, as disclosed in Note 21 to the consolidated
financial statements. The Parent company also guarantees certain lease obligations and other obligations of subsidiaries. Guarantees
issued by the Parent company regarding the financial obligations of third parties and non-consolidated entities amount to €898 million
as of January 3, 2010 (December 28, 2008: €1,092 million).
As part of the divestment of Ahold's Polish retail operations, Ahold received a guarantee from Carrefour for €152 million in June 2007.
The outstanding amount of this guarantee as of January 3, 2010 was €7 million. As part of the divestment of U.S. Foodservice in 2007,
Ahold received an irrevocable standby letter of credit for $216 million (€151 million) which was reduced to $150 million (€105 million)
as of January 3, 2010. These reductions followed the decreases in the underlying guarantees given by Ahold.
Under customary provisions the Parent company guarantees certain representations and warranties made in agreements of asset disposals.
Guarantees and legal proceedings are further disclosed in Note 34 to the consolidated financial statements. The Parent company forms a
fiscal unity with Ahold's major Dutch subsidiaries for Dutch corporate income tax and Dutch VAT purposes and, for that reason, it is jointly
and severally liable for the Dutch corporate income tax liabilities and Dutch VAT liabilities of the whole fiscal unity. Assumptions of liability
pursuant to section 403, Book 2 of the Netherlands Civil Code are disclosed in Note 36 to the consolidated financial statements.
Corporate Executive Board Supervisory Board
Amsterdam, the Netherlands
March 3, 2010
Ahold Annual Report 2009 120
