4.2 A
Receivables mainly consist of trade receivables and other receivables. The gross contractual amount of the receivables due is
€65 million, of which €11 million is expected to be uncollectible, resulting in a final acquisition date fair value of €54 million.
The acquisition date goodwill was €507 million (N ote 6) and has been allocated to the specific cash-generating units that were
expected to benefit from the synergies of the combination, resulting in the following split be twe en the various countries where
Maxi operates, which represent the lowest level at which management monitors goodwill:
Final Acquisition
(in millions of Date value
erbia
448
osnia Herzegov
26
ulgaria
15
1 onte n egro
10
.lbania
8
Total 507
The goodwill reflected the anticipated synergies that could be realized from integrating Delta Maxi into Delhaize Groups
international ne tw ork, especially in the areas of improved procurement, better inventory management and optimized IT and
supply chain systems and processes and is deductible for income tax purposes.
From the date of acquisition, Maxi (including Albania which was reclassified to discontinued operations) has contributed €460
million to the Group's revenues and €(0.2) million to the net profit of the year in 2011. If the business combination had occurred
at the beginning of the year, the 2011 revenues of Delhaize Group would have been approximately €584 million higher. This pro
forma information is provided for informational purposes only and is not necessarily indicative of the revenues that actually would
have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future
revenues. Due to significant differences in accounting policies applied before acquisition date by Delta Maxi and existing policies
applied within Delhaize Group, it was concluded that it would be impracticable to estimate the pro forma impact on the Group's
consolidated net profit for the full year.
Other 2011 acq uisitio ns
In addition, Delhaize CD roup entered into several small agreements acquiring 17 individual stores in various parts of the world.
The total consideration transferred during 2011 for these transactions was €16 million and resulted in an increase of goodwill of
€10 million, mainly representing expected benefits from the integration of the stores into the existing sales ne two rk, the locations
and customer base of the various stores acquired, all resulting in synergy effects for the Group.
Ac quisitions during 2010
During 2010, Delhaize G roup entered into several small agreements acquiring a total of 15 in dividual stores in various parts of
the world, which meet the business definition under IFRS 3 and were accounted for accordingly. Total consideration transferred
during 2010 was €16 million in cash, and additional final payments of €1 million were paid in 2011. Thes e transactions resulted in
an increase of goodwill of €12 million, mai nly representing expected benefits from the integration of the stores into the existing
sales ne tw ork and the locations and customer base of the various stores acquired, all resulting in synergy effects for the Group.
In addition, the Group made a final payment of €3 million during 2010, relating to the acquisition of Koryfi SA, which occurred in
2009 and for which acquisition accounting was completed during 2010.
Ac quisitions during 2012
In June 201 2, the minority shareholder of Ela d.o.o. Kotor irrevocably and unconditionally exercised its put option selling to
Delhaize Group its share of 49% in the subsidiary. In accordance with IAS 32, the Group recognized, as part of the purchase
price allocation, (i) a liability of approximately €13 million in connection with the put option, representing its best estimate of the
expected cash outflow, and (ii) an indemnification asset of approximately €6 million towards the former owner of Delta Maxi. The
Group reclassified the remaining non-controlling interest into retained earnings and recognized the subsequent immaterial
changes in value of the liability and the indemnification asset in profit or loss.
During 2012, Delhaize Group acquired additional non-controlling interests for a total amount of €10 million, including transaction
costs, recognized in equity, mainly relating to other Maxi subsidiaries.
Ac quisitions during 2011
Subsequent to the acquisition of Delta Maxi, Delhaize Group started the process of acquiring non-controlling interests held by
third parties in several Delta Maxi subsidiaries. Until December 31, 2011, the G roup acquired non controlling interests of a
carrying amount of €10 million for a total cash consideration of approximately the same amount.
DELHAIZE GROUP FINANCIAL STATEMENTS '12 93
