Group performance - continued
Financial position
Performance o www.ahold.com/reports2009
Income (loss) from discontinued operations
In 2009, losses from discontinued operations of €78 million consisted of a €62 million
provision (net of tax) related to Ahold's former subsidiaries BI-LO and Bruno's as well as
various adjustments to the results of prior years' divestments (primarily U.S. Foodservice,
Tops and Poland). BI-LO and Bruno's filed for protection under Chapter 11 of the U.S.
Bankruptcy Code in 2009; the net loss is our best estimate of our obligations under various
lease guarantees.
The 2008 income from discontinued operations of €195 million related primarily to
the divestment of our 73.2 percent stake in Schuitema. For further information about
discontinued operations, see Note 5 to the consolidated financial statements.
Earnings per share
Diluted income from continuing operations per common share was €0.81, an increase
of 9.5 percent compared to 2008. The average number of outstanding common shares
increased by 0.5 percent, as a result of shares that were issued under employee share-
based compensation programs. Since its 2007 share buyback program, the Company has
held treasury shares in order to deliver shares under share-based compensation programs.
Income from continuing operations
per common share (diluted)
(0.07)
Ahold's consolidated balance sheets as of January 3, 2010 and December 28, 2008 are
summarized as follows:
January 3, 2010
December
28, 2008
million
million
Property, plant and equipment
5,407
38.8
5,526
40.6
Other non-current assets
3,421
24.6
2,940
21.6
Cash, cash equivalents and short-term deposits
2,983
21.4
2,863
21.1
Other current assets
2,122
15.2
2,274
16.7
Total assets
13,933
100.0
13,603
100.0
Equity 5,440 39.0 4,687 34.5
Non-current portion of long-term debt 3,242 23.3 3,782 27.8
Other non-current liabilities 1,226 8.8 996 7.3
Short-term borrowings and current portion
of long-term debt 458 3.3 459 3.4
Other current liabilities 3,567 25.6 3,679 27.0
Total equity and liabilities 13,933 100.0 13,603 100.0
Property, plant and equipment decreased by €119 million, primarily reflecting the weakening
of the U.S. dollar against the euro. Capital expenditures amounted to €789 million, or
2.8 percent of sales, and related primarily to remodels, expansions, relocations and other
investments in existing stores.
The increase in other non-current assets primarily relates to our investments in joint
ventures and the improved financial position of our pension plans. Our investments in joint
ventures increased by €94 million, as a result of our share in income exceeding dividends
received as well as foreign exchange differences positively impacting the valuation of our
60 percent stake in ICA. Other non-current assets also include pension assets, primarily
related to the Dutch pension plan, which increased by €166 million compared to
December 28, 2008. For the total group, our defined benefit plans showed a deficit of
€78 million as of January 3, 2010 compared to a deficit of €199 million as of December 28,
2008. This improvement was due to positive investment results on the plan assets and
cash contributions made to the plans, partially offset by lower interest rates.
Ahold Annual Report 2009 15
