The undiscounted expected future minimum lease payments to be received under non-cancellable operating leases as at
December 31, 2012 can be sum marized as follows:
f
2013 2014
2015
2016
2017 Thereafter
Of w
43
14
27
10
11
5
16
3
107
35
The total amount of €107 million represents expected future lease income to be recognized as such in the income statement and
excludes expected future sub" lease payments to receive in relation to stores being part of the "Closed store provision" (see
Note 20.1).
Contracts including contingent rent clauses are insignificant to the Group.
18.4 Net Debt
Net debt is defined as the non-current financial liabilities, plus current financial liabilities
and derivative fina
ncial liabilities
minus
derivative financial assets, investments in securities, and cash and cash equivalents.
Decem
i ber 31,
(in millions of Note
2012
2011(1)
2010
Non-current financial debt 18.1, 18.3
2 925
3 014
2 650
Current financial liabilities 18.1, 18.2, 18.3
218
209
113
Derivative liabilities 19
14
20
16
Derivative assets 19
(61)
(58)
(66)
Investments in securities non current 11
(11)
(13)
(125)
Investments in securities current 11
(93)
(93)
(43)
Cash and cash equivalents 15
(932)
(432)
(758)
Net debt
2 060
2 647
1 787
Net debt to equity ratio
39.7%
48.8%
35.3%
(1) 2011 was revised to reflect the effects of the com pletion in the second quarter of 2012 of the purchase price a
llocation of the Delta Ma:
xi acquisition.
The following table summarizes the movement of net debt during 2012:
(in millions of
Net debt at January 1, 2012
2 647
Free cash flow
(772)
Adjustment for net cash received from derivative instruments (included in free cash flow)
17
Exercise of stock options and warrants
1
P remium paid on tendered debt
32
P urchase of non-controlling interests
23
Dividends paid
180
Net debt after cash movements
2 128
Non-cash movements
(61)
Currency translation effect on assets and liabilities
(7)
Net debt at December 31, 2012
2 060
Free cash flow is defined as cash flow before financing activities, investments in debt
securities and sale
and maturity
of d ebt
securities and can be sum marized as follows:
i n millions of
2012
let cash provided by operating activities
1 408
let cash used in investing activities
(637)
let investm ent in debt securities
1
Free cash flow 772
DELHAIZE GROUP FINANCIAL STATEMENTS '12 123
