n millions of
2013
2014
2015
2016
2017
T hereafter
Fair Value
ixed rates
onds due 2013
80
80
Average interest rate
5.10%
Interest due
4
otes due 2014
215
227
Average interest rate
5.63%
Interest due
12
12
retail Bond due 2018
400
423
Average interest rate
4.25%
Interest due
17
17
17
17
17
17
enior Notes due 2020
400
413
Average interest rate
3.13%
Interest due
13
13
13
13
13
38
loating rates
ank borrowings
1
1
Average interest rate
0.70%
Interest due
otal cash flows
127
257
30
30
30
855
1 144
otal cash flows in
295
357
120
128
450
3 103
2 789
T
T
The variable interest payments arising from financial liabilities with variable coupons were calculated using the last interest rates
fixed before year-end. In the event where a counterpa rty has a choice of when an amount is paid (e.g., on demand deposits), the
liability is allocated to the earliest period in which Delhaize Group can be required to pay. Delhaize Group is managing its liquidity
risk based on contractual maturities.
The fair value of the Group's long -term debt (excluding finance leases, see Note 18.3) is based o n the current market quotes for
publicly traded debt in an active market (multiplying the quoted price with the nominal amount). Fair values of non-public debt or
debt for which there is no active market are estimated using rates publicly available for debt of similar terms and remaining
i aturities offered to the
Grou
p and its subsidiaries.
Collateralization
The portion of Delhaize Group's long -term debt that was collateralized by mortgages and security charges granted or irrevocably
promised on Delhaize Group's assets was €23 million at December 31, 2012, €37 million at December 31, 2011 and €17 million
at December 31, 2010.
At December 31, 2012, 2011 and 2010, €39 million, €56 million and €38 million, respectively, of assets were pledged as
collateral for mortgages.
Debt Covenants for Long-term Debt
Delhaize Group is subject to certain financial and non-financial covenants related to the long-term debt instruments indicated
above. W hile these long-term debt instruments contain certain accelerated repayment terms, as further described below, none
contain accelerated repayment clauses that are subject solely to changes in the Group's credit rating ("rating event"). Further,
none of the debt covenants restrict the abilities of subsidiaries of Delhaize Group to transfer funds to the parent.
jres due in
Indentures covering the notes due in 2014 and 2017 2019 2020 2027 and 2040 the debentur
2031 and the retail bond due in 2018 contain customary provisions related to events of default as well as restrictions in
terms of negative pledge, liens, sale and leaseback, merger, transfer of assets and divestiture. The 2014 and 2017
2019 2020 and 2040 notes and the 2018 bonds also contain a provision granting their holders the right to early
repayment for an amount not in excess of 101% of the outstanding principal amount thereof in the event of a change of control in
combination with a rating event.
The bonds due in 2013 c ontain customary defined non -GAAP mea sure based minimum fixed charge coverage and
leverage ratios.
At December 31, 2012, 2011 and 2010, D elh aize Group w as in compliance with all covenants for long term debt.
i aximur
120 DELHAIZE GROUP FINANCIAL STATEMENTS'^
