ota l
I m pair
pairment losses of prope rtyplant and equipment are recorded in other operating expense;
(Note 28).
During the fourth qua rte r of 2012, the G roup recognized impairment charges of €87 million related to (i) 45 stores (34 Sweetbay,
8 Food Lion and 3 Bottom Dollar Food) that were closed early 2013 and 9 underperforming stores, both in the United States, for
a total amount of €54 million, (ii) the closing of 6 stores and underperformance of 57 stores in Southeastern Europe (€28 million),
and (iii) 1 store closing and the impairment of 6 stores in Belgium (€5 million).
A store po rtfol io review resulted in the decision to close 146 underperforming stores in the first quarter of 2012. C onseq ue ntly,
the G roup recorded in 2011 €115 million i mpairment charges relating to 126 stores in the U.S. (113 Food Lion, 7 Bloom and 6
Bottom Dollar stores) and one distribution center, while the underperformance of 20 M a xi sto res (in S erbia, Bulgaria and Bosnia
and Herzegovina) was already reflected in the fair values of the related assets in the opening balance sheet (see Note 4). In
addition, Delhaize Group recognized impairment reversals of €3 million in the United States, which was offset by impairment
charges in various other parts of the Group.
The 2010 i mpairment losses of €12 million relate to underperforming stores, mainly in the United States, with only insignificant
amounts incurred in connection with store closings.
The impairment charges can be summarized by property, plant and equipment categories as follows.
31,
(in
f
2012
2011
L
L
F
C
P
T ota
115
2010
and and buildings
15
17
easehold improvements
23
24
2
urniture, fixtures, equipment and vehicles
36
39
5
construction in progress
1
'rope rty under finance leases
12
35
5
12
In 2012 and 2011, the Group reclassified property, plant and equipment to investment property (see Note 9) for €44 million an d
€31 million, respectively. In accordance with the Group's policy, closed stores held under finance lease agreements are
reclassified to investment property. In 2011 the G roup also transferred €16 million of assets acquired from Delta Maxi to "Assets
classified as held for sale.
Property under finance leases consists mainly of buildings. The number of owned versus leased stores by segment at December
31, 2012 is as follows.
Affi liated and Franchised
Stores O wned by their
Operators or Directly Leased
Ow ned
Finance
Operating
by their Operators from a
Third Party
Total
1 nited States
229
593
731
1 553
elgium
153
32
208
447
840
outheastern Europe Asia
318
694
46
1 058
700
625
1 633
493
3 451
DELHAIZE GROUP FINANCIAL STATEMENTS '12 103
