H
fifillslE3
5 Assets and liabilities held for sale and discontinued operations (continued)
Results on divestments before income taxes
-
Our strategy Our performance Governance Investors j
Ahold Annual Report 2013 96
Ahold recorded a gain of €1,614 million as a result on divestment of ICA as presented below:
million
2013
Proceeds net of cost to sell
2,368
Net assets divested
(828)
Results on divestment before recycling of currency exchange differences and other items
1,540
Currency exchange differences transferred from equity
82
Other items previously recognized in other comprehensive income
(9)
1,613
Income taxes 1
Result on divestment of ICA 1,614
Slovakia
On November 14, 2013, it was announced that Ahold had reached an agreement with Condorum regarding the sale of Ahold's Slovakian business. In relation hereto Ahold has agreed to
pay an amount of €44 million. Upon the sale agreement, Ahold Slovakia qualified as held for sale and discontinued operation. The transaction is expected to close in the first half 2014, and is
subject to customary conditions.
The 2013 operating results of Ahold Slovakia as included in the operating results from discontinued operations were a loss of €3 million. The 2012 operating loss of €26 million that was
previously reported as income from continuing operations has been reclassified to income from discontinued operations in the comparative figures (see Note 3). The condensed income
statement for the Slovakian business is as follows:
million
2013
2012
Net sales
139
159
Cost of sales
(105)
(119)
Gross profit
34
40
Total operating expenses
(44)
(64)
Operating loss
(10)
(24)
Net financial expenses
(2)
(2)
Loss before income taxes
(12)
(26)
Income taxes1
9
Operating results from discontinued operations, net of income taxes
(3)
(26)
1 Included in income tax benefits was a €6 million deferred tax asset recognized for 2012 operating losses which was not recognized in the comparative period as it was assessed to be not recoverable unless Ahold was to cease operating in Slovakia.
