22.7
Cash Flow Statement
Balance Sheet
billion
was €125 million or €1.27 basic
earnings per share (€4.74 in 2011).
Delhaize Group recorded a loss of
€22 million in discontinued opera
tions related to the Albanian oper
ations (including an impairment
charge of €16 million) following an
agreement to sell these operations
in February 2013.
Group share in net profit amounted
to €105 million, a decrease of 77.8%
at actual exchange rates (-82.9% at
identical exchange rates) compared
to 2011, mainly due to portfolio opti
mization and impairment charges,
partly offset by the favorable impact
of lower effective tax charges. Per
share, basic net profit was €1.05
(€4.71 in 2011) and diluted net profit
was €1.04 (€4.68 in 2011).
In 2012, net cash provided by
operating activities was €1 408
million, an increase of €302 mil
lion compared to 2011, primarily
as a result of inventory reduction
initiatives across the Group and
especially in the U.S., an improved
payment process in Belgium and
improvement in the working capital
position at Maxi over the course of
2012.
Net cash used in investing activi
ties decreased by €628 million,
mainly due to the acquisition of
Delta Maxi in 2011 as well as more
capex discipline in 2012.
During 2012, Delhaize Group made
capital expenditures of €688 mil
lion, consisting of €590 million in
property, plant and equipment,
€92 million in intangible assets
and €6 million in investment prop
erty. In 2011 capital expenditures
amounted to €762 million.
51.5% of total capital expenditures
were invested in the U.S. activities
of the Group, 22.3% in the Belgian
operations, 22.8% in the South
eastern Europe Asia segment
and 3.4% in Corporate activities.
Investments in new store openings
amounted to €160 million (23.3%
of total capital expenditures), a
decrease of €71 million compared
to 2011 due to capex discipline.
Delhaize Group invested €235 mil
lion (34.1% of capital expenditures)
in store remodeling and expan
sions (€185 million in 2011).
Capital spending in information
technologies, logistics and distribu
tion, and miscellaneous categories
amounted to €293 million (42.6%
of total capital expenditures), com
pared to €346 million in 2011.
Net cash used in financing activi
ties amounted to €262 million, an
increase of €116 million compared
to the prior year mainly due to
the higher repayment of long
term loans partly offset by higher
proceeds from the issuance new
bonds.
At the end of 2012, Delhaize
Group's total assets amounted to
€11.9 billion, 2.9% less than at the
end of 2011.
At the end of 2012, Delhaize
Group's sales network consisted
of 3451 stores, a net increase of
43 stores compared to 2011. Of
these stores, 700 were owned by
the Company. Delhaize Group also
owned 29 warehousing facilities in
the U.S., Belgium and Southeast
ern Europe.
At the end of 2012, total equity
decreased by 4.2% to €5.2 billion.
In 2012, Delhaize Group did not
purchase any treasury shares and
issued 29 308 shares of common
stock for €1 million in the fourth
quarter as a consequence of the
exercise of warrants, and used
1 39 81 3 treasury shares to satisfy
the vesting of restricted stock units
that were granted as part of the
share-based incentive plans. The
Group owned 1 044 135 treasury
shares as of December 31, 2012.
At the end of 2012, Delhaize
Group's net debt decreased by
€587 million to €2.1 billion mainly
as a result of strong free cash flow
generation partially offset by the
payment of dividends.
revenues in 2012
GROUP SHARE IN NET PROFIT
(in millions of
10 11 12
BASIC NET PROFIT
(group share) (in
10 11 12
CAPITAL EXPENDITURES
(in millions of
10 11 12
NET DEBT
(in billions of
10 11 12
DELHAIZE GROUP ANNUAL REPORT '12 27
