4 Financial assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Ahold
Annual Report 2011
Groupata glance
Performance
Governance
Notes to the parent company financial statements continued
Investors
million
January 1
2012
January 2,
2011
Investments in subsidiaries
8,000
7,471
Investments in joint ventures
178
Loans receivable from subsidiaries
2,753
2,495
Hedging derivatives external
151
Other derivatives external
239
196
Pensions and other post-employment benefits
12
9
Deferred financing cost
5
1
Total financial assets
11,009
10,501
For more information on derivatives, see Note 11 to these parent company financial statements.
Investments in subsidiaries and joint ventures
million Subsidiaries
Joint
ventures
2011
Total
2010
Total
Beginning of year 7,471
178
7,649
8,725
Share in income 894
11
905
835
Dividends (632)
(3)
(635)
(800)
Intercompany transfers 237
(187)
50
(1,216)
Share of other comprehensive income (loss) and other changes in equity (20)
1
(19)
1
T ransfers (to) from loans receivable -
207
T ransfers (to) from provisions 4
4
(402)
Exchange rate differences 46
46
299
End of year 8,000
8,000
7,649
Intercompany transfers include share premium contributions. For a list of subsidiaries, joint ventures, and associates, see Note 36 to the
consolidated financial statements.
Loans receivable
million Subsidiaries
Other
2011
Total
2010
Total
Beginning of year 2,495
58
2,553
2,264
Issued 192
1
193
3,239
Redemptions -
(59)
(59)
(2,958)
T ransfers (to) from investments -
(207)
Exchange rate differences 66
66
215
End of year 2,753
2,753
2,553
Current portion -
(58)
Non-current portion of loans 2,753
2,753
2,495
In 2010, Ahold commenced an intra-group reorganization of part of its finance and holding activities. Certain investments, including the
investment in Ahold's unconsolidated joint venture ICA, were transferred from the parent company to a newly established Swiss
subsidiary, Ahold International Sarl (AIS), in exchange for a 75 percent ownership interest in AIS. The remaining 25 percent ownership
interest in AIS is owned by another Ahold subsidiary, Ahold Finance U.S.A., LLC. Loans previously held by the parent company from and
to subsidiaries were terminated, and a new loan was issued to AIS in the amount of $2.5 billion. In 2011, as part of this reorganization, the
investment in Ahold's unconsolidated joint venture JMR was transferred from the parent company to AIS as capital contribution in kind.
