126 Ahold Annual Report 2013 million 2013 The Netherlands 2012 2013 United States 2012 Equity instruments: Consumer goods 184 168 45 45 Financial services 166 206 48 40 Telecommunications and information 87 75 59 57 Energy and utilities 68 70 27 25 Industry 100 96 30 29 Other 4 4 41 42 Debt instruments: Government 840 755 106 117 Corporate bonds (investment grade) 861 913 143 205 Corporate bonds (non-investment grade) 14 12 37 61 Other - - 23 - Real estate: Retail 41 54 - - Offices 48 54 - - Residential 31 33 - - Other - - 19 17 Investment funds 602 480 265 325 Derivatives: Interest rate swaps (22) 138 - - Forward foreign exchange contracts 10 21 - - Cash and cash equivalents 163 125 11 9 Other (2) (13) - - Total 3,195 3,191 854 972 Virtually all equity and debt instruments have quoted prices in active markets. Derivatives can be classified as level 2 instruments and real estate and investment funds as level 3 instruments based on the definitions in IFRS 13, Fair value measurement. It is the policy of the funds to use interest rate swaps to hedge their exposure to interest rate risk. Foreign currency exposures are hedged by the use of forward foreign exchange contracts.

Jaarverslagen | 2013 | | pagina 30