5. D ivestitures, Disposal Group As sets I leld for Sale and Discontinued
Operatio n s
5.1 D,
Ac quisitions during 2010
On May 18, 2009, Delhaize G roup announced the launch of a voluntary tender offer for all of the shares of its Greek subsidiary
Alfa Beta Vassilopou los S.A. ("Alfa Beta") which were not yet held by any of the consolidated companies of Delhaize Group at a
price of €30.50 per Alfa B eta share. On J une 29, 2009, the offer price was increased to €34.00 per share, based on an
agreement with tw o major shareholders (approximately 12 of Alfa B eta. At the end of the acceptance period on July 9, 2009,
Delhaize Group held 89.56% of Alfa B eta shares. During the second half of 2009, Delhaize G roup acquired additional shares on
the market and at December 31, 2009 D elhaize Group o w ne d 11 451 109 sh ares (representing 89.93%).
On March 12, 2010, Delhaize Group launched through its wholly owned Dutch subsidiary Delhaize "The Lion" Nederland BV
("Delned") a new tender offer to acquire the remaining shares of Alfa Beta at €35.73 per share.
On June 4, 2010, Delned requested from the Hellenic Capital Market Commission the approval to squeeze-out the remaining
minority shares in Alfa B eta, which was granted on July 8, 2010. The last date of trading Alfa B eta shares at the Ath ens
Exchange was July 29, 2010 and settlement occurred on August 9, 2010.
Since A ugust 9, 2010, D elh aize G roup o w n s 100% of the voting rights in Alfa B eta, which was delisted from the Ath ens
Exchange as of October 1, 2010.
The difference between the carrying amount of non-controlling interest (€16 million) and the fair value of the consideration paid
(€47 million), including transactions costs (€1 million), was recognized directly in equity and a ttri buted to the shareholders of the
Group and, therefore, had no impact on goodwill or profit or loss.
ve stiture s
On February 14, 2012, D elhaize G roup reached a binding agreement to sell Wa mbacq Peeters SA, a B elgian transport
company, to Van Moer G roup. This transaction did not meet the criteria of a "Discontinued Operation" and was completed on
April 30, 2012.
Delhaize Group received €3 million in cash and recorded a gain on disposal of €1 million in 2012.
No divestitures took place in 2011 and 2010.
5.2 D
Disposal of Delhaize Al bania SHPK
The assets and liabilities related to the Group's operations in Albania (part of the S outheastern Europe Asia se gment) have
been presented as he ld for sale following the approval of Delhaize Group's Board of D i re cto rs on December 19, 2012 to sell
Delhaize Albania SHPK. In Ja nuary 2013, D elhaize Group reached a binding agreement with Ba lfi n SHPK and agreed on a sales
price of €2 million, subject to contractual adjustments. The transaction was completed in F ebruary 2013.
At December 31, 2012 the carrying value of assets classified as assets held for sale and associated liabilities were as follows:
i n millions of EUR) 2012
Prope rtyplant and equipment 1
Inventories 3
Receivables and other current assets 1
Cash and cash equivalents 1
Assets classified as held for sale 6
Non-current liabilities (1)
Accounts payable and accrued expenses (3)
As sets classified as held for sale, net of associated liabilities 2
The Group recognized an impairment loss of €16 million (see also Note 5.3) to write down the carrying value of Delhaize Albania
to its fair value less costs to sell, which includes goodwill impairment charges of approximately €8 million.
94 DELHAIZE GROUP FINANCIAL STATEMENTS'12
