29.2 Income from Investments
31. Earnings Per Share ("EPS")
In February 2009, $300 million senior notes due 2014 were issued, which generated a foreign currency gain of €1 million in 2012
compared to a loss of €7 million and €16 million in re s pectively 2011 and 2010. As the debt was part of a designated cash flow
hedge relationship (see Note 19), this amount, and corresponding effects on interest, is offset by reclassification adjustments
from OCI to profit or loss relating to the hedging instrument (€2 million loss in 2012, €5 million gain in 2011 and €15 million gain
in 2010). Additionally, a loss of €2 million has been recycled from OCI to profit or loss following the tender of the senior notes in
December 2012 (see N ote 18.1) and the termination of hedge accounting.
At December 31, 2012, D elh aize G roup had three outstanding debts w hich are part of a fair value hedge relationship (see Note
19), which had a combined positive impact of €3 million.
Oth e r finance costs mainly contain €17 million net debt refinancing transactions costs (see Note 18.1) and consist o f (i) €36
million of agreed early repayment premiums, (ii) settlement of the underlying cross- currency interest swaps (€3 million), partially
offset by (iii) fair value gains of €22
"lillion on the related notes.
Borrowing costs attributable to the construction or production of qualifying assets were capitalized using an average interest rate
of 5.6%, 62% and 7.5% in 2012, 2011 and 2010, re s pectively.
'n millions of
Interest and dividend incc
Gains on disposal of sect
Foreign currency gains o
Fair value gains (losses)
Other investing incom e
Tota l
from bank depo
30
ige fo rw ard
2012
17
2011
23
2010
9 9
8 2
(2) -
1 1
12
No impairment losses on financial assets were incurred during 2012, 2011 and 2010.
30. N et F oreign Exchange Losses (Gains)
The exchange differences charged (credited) to the income statement, excluding the impact of hedge accounting and economic
hedges, were as follows.
f
2012
2011
2010
-ost of sales
1
1 elling, general and administ
rative expenses
(2)
1
inance costs
29.1
12
(10)
(17)
i come from investments
29.2
(3)
(7)
ota l
8
(16)
(17)
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average
number of ordinary shares outstanding during the year, excluding ordinary shares bought by the Group and held as treasury
shares (see Note 16).
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The G roup only has dilutive potential share-based awards (see Note 21.3).
Dilutive share-based awards are assumed to have been exercised, and the assumed proceeds from these instruments are
regarded as having been received from the issue of ordinary shares at the average market price of ordinary shares during the
period. The d iffe rence be tw een the number of ordinary shares issued and the number of ordinary shares that would have been
issued at the average market price of ordinary shares during the period is treated as an issue of ordinary shares for no
consideration.
Approximately 4 581 153, 2 651 448 and 1 917 112 s hares attributable to the exercise of outstanding stock options and warrants
were excluded from the calculation of diluted earnings per share for 2012, 2011 and 2010, respectively, as their e ffe ct was anti-
dilutive because their average exercise price was higher than the average market price during the year.
148 DELHAIZE GROUP FINANCIAL STATEMENTS'12
