83
4 Acquisitions
5 Assets and liabilities held for sale and discontinued operations
Ahold
Annual Report 2011
Groupata glance
Performance
Governance
Investors
Notes to the consolidated financial statements continued
2011 acquisitions
Acquisition of Norkus Foodtown supermarket stores
In May 2011Stop Shop acquired five supermarket stores in the New Jersey Shore area from Norkus Enterprises Inc. The total
purchase consideration was $26 million (€18 million), including $1 million for working capital items. Goodwill recognized amounted to
$22 million (€15 million) and the total amount is expected to be deductible for tax purposes.
Acquisition of King Kullen supermarket stores
In December 2011Stop Shop acquired three supermarket locations on Staten Island, New York. The total purchase consideration was
$12 million (€9 million). Goodwill recognized amounted to $8 million (€6 million) and is expected to be tax deductible. In January 2012, two
of the supermarkets started operating under the Stop Shop banner and one was closed.
Other 2011 acquisitions
Ahold also completed several other minor acquisitions with a total purchase consideration of €3 million.
All acquisitions were accounted for using the purchase method of accounting.
2010 acquisitions
Acquisition of stores from Ukrop's Super Markets
On February 8, 2010, Ahold announced that Giant Carlisle successfully completed the acquisition of 25 stores from Ukrop's Super
Markets, located in the Greater Richmond and Williamsburg areas of Virginia. The purchase consideration was $140 million (€102 million)
for 25 stores, equipment, lease agreements, and one new store location, plus inventory and the cancellation of a supplier contract for an
additional consideration of $38 million (€29 million). The stores have been converted to and are operating under the Martin's name.
The allocation of the net assets acquired and the goodwill arising on the acquisition date of February 8, 2010 was as follows:
million
Non-current assets
76
Current assets
16
Non-current liabilities
(51)
Current liabilities
(6)
Net assets acquired
35
Goodwill
96
Total purchase consideration 131
Cash acquired (1)
Acquisition of business, net of cash acquired 130
Goodwill recognized is mainly attributable to intangible assets that do not qualify for separate recognition, such as non-contractual
customer relationships. €74 million of the goodwill is deductible for tax purposes.
The acquired stores contributed $458 million (€349 million) to net sales and had a $53 million (€41 million) negative impact on operating
income, or a $31 million (€23 million) negative impact on net income in the period from February 8, 2010 to January 2, 2011.
Acquisition of Shaw's supermarket stores
In April 2010, Stop Shop acquired five Shaw's supermarket stores from Supervalu. The acquired stores are located in Connecticut. The
total purchase consideration was $36 million (€26 million). Goodwill recognized amounted to $16 million (€12 million) and the total amount
is deductible for tax purposes.
Other 2010 acquisitions
Ahold also completed several other minor acquisitions with a total purchase consideration of €3 million.
All acquisitions were accounted for using the purchase method of accounting.
Assets and liabilities held for sale
There were no assets and liabilities held for sale at year-end 2011. At year-end 2010 the balances classified as held for sale consisted
primarily of property, plant and equipment and liabilities related to financing transactions.
