12. Oth er F i nancial Assets
13.
Deihaize Group further holds smaller non-current investments in money market and investment funds (€3 million at December
31, 2012) in order to satisfy future pension benefit payments for a limited number of employees, which however do not meet the
definition of plan assets as per IAS 19. The maximum exposure to credit risk at the reporting date is the carrying value of the
investm e nts.
At December 31, 2012, the Group's current investments in securities were €93 million and consisted primarily of investm e nt
funds that are entirely invested in U.S. Treasuries. These investments are predominately held by the Group's captive reinsurance
company, covering the Group's self-insurance exposure (see Note 20.2).
The fair values of Delhaize Group s available -fo r-sale securities (both debt and equity investments) were predominantly
determined by reference to current bid prices in an active market (see Notes 2.3 and 10.1). As mentioned in Note 2.3, the Gro up
assesses at each reporting date whether there is objective evidence that an investment or a group of investments is impaired. In
2012, 2011 and 2010, none of the investments in securities were either past due or impaired.
Other financial assets, non-current and current, include notes receivable, guarantee deposits, restricted cash in escrow, collateral
for derivatives and term deposits and are carried at amortized cost, less any impairment. The fair value of other financial assets
approximates the carrying amount and represents the maximum credit risk.
December 31,
(,n millions of 2012 2011 2010
Non-current 19 18 17
Current 22 3_
Total 19 40 20
laxi (see
The 2011 current financial assets included an amount of €20 million held in escro w relating to the acquisition of Delta
Note 4.1), which has been released during 2012. The 2010 current financial assets contained collateral for derivatives of
€2 million in connection with derivatives under existing International Swap Dealer Association Agreements ("ISDAs
nventories
Inventory predominately represents goods for resale. In 2012, 2011 and 2010, D elhaize Group did not recognize any (or reverse
any previously recognized) material write-downs of inventory in order to reflect decreases in anticipated selling prices below the
carrying value and ensure that inventory at hand is not carried at an amount in excess of amounts expected to be realized from
its future sale or use.
Inventory recognized as an expense during the period is disclosed in
Note 25 as "Product cost."
110 DELHAIZE GROUP FINANCIAL STATEMENTS'12
