o www.ahold.com/reports2009
Notes to the consolidated financial statements
5 Assets held for sale and discontinued operations
Financials
As of 2009, Ahold's 49 percent stake in JMR was reclassified from assets held for sale to investments in joint ventures (see Note 14).
Comparative amounts in this Note have been adjusted from amounts previously reported to reflect the effect of the changes in accounting
policies and retrospective amendments (see Note 3).
Assets held for sale
At year-end 2009 and 2008 the balances classified as held for sale consisted primarily of property, plant and equipment.
Discontinued operations
Income from discontinued operations per operating segment, consisting of results from discontinued operations and results on divestments,
was as follows:
million 2009 2008
Segments Discontinued operations
Schuitema Schuitema -
17
Results from discontinued operations -
17
BI-LO/Bruno's BI-LO and Bruno's (62)
Schuitema Schuitema -
Various1 Various (16)
(1)
161
18
Results on divestments of discontinued operations2 (78)
178
Income (loss) from discontinued operations, net of income taxes (78)
195
1 Includes adjustments to the results on various past divestments (mainly U.S. Foodservice, Tops and Poland).
2 Results on divestments of discontinued operations included income tax benefits of €50 million and €19 million in 2009 and 2008, respectively.
Results from discontinued operations
The following table presents the condensed income statement from the Company's discontinued operations until their respective
divestment dates.
Condensed income statement
million 2009
2008
Net sales -
Cost of sales -
1,672
(1,499)
Gross profit -
Operating expenses -
173
(148)
Operating income -
Net financial expense -
25
(3)
Income before income taxes -
Income taxes -
22
(5)
Results from discontinued operations -
17
Results on divestments of discontinued operations
See Note 28 for the reconciliation between cash received and results on divestments of discontinued operations.
BI-LO and Bruno's
Two former subsidiaries of Ahold, BI-LO, LLC and Bruno's Supermarkets LLC (BI-LO and Bruno's) filed for protection under Chapter 11
of the U.S. Bankruptcy Code in 2009. Related to obligations under the lease guarantees, the Company recognized a net provision of
€62 million, including tax benefit offsets. For more information see Note 34.
Schuitema
On April 23, 2008, Ahold announced that it had reached an agreement with Schuitema and CVC Capital Partners ("CVC") on the
divestment of its 73.2 percent interest in Schuitema to CVC. The sale was completed on June 30, 2008. At the same time, Ahold,
Schuitema and CVC entered into a store purchase agreement for the transfer of 56 Schuitema stores, including owned real estate.
The net consideration for the sale of Ahold's 73.2 percent interest in Schuitema (i.e., net of the 56 stores retained) amounted to
€362 million, as summarized below, resulting in a gain on divestment of €161 million.
Ahold Annual Report 2009 69
