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.