see(3)
Adjustments:
Liabilities
FINANCIAL STATEMENTS
Year ended December 31, 2012 (in millions of United States
Belgium (2)
Corporate
Total
Revenues'1'
12 767
4 922
2 825
20 514
Cost of sales
(9 404)
(3 921)
(2 161)
(15 486)
Gross profit
3 363
1 001
664
5 028
Gross margin
26.3%
20.3%
23.5%
N/A
24.5%
Other operating income
57
39
18
114
Selling, general and administrative expenses
(2 867)
(824)
(560)
(41)
(4 292)
Other operating expenses
(147)
(15)
(113)
(1)
(276)
Operating profit (loss)
406
201
9
(42)
574
Operating margin
3.2%
4.1%
0.3%
N/A
2.8%
Impairment losses (reversals)
19
5
111
135
Store closing expenses (reversals)
110
1
1
112
(Gains) losses on disposal of assets
4
7
11
Other
30
(18)
1
13
Underlying operating profit (loss)
569
196
121
(41)
845
Underlying operating margin
4.5%
4.0%
4.3%
N/A
4.1%
Other information (incl. discontinued operations and assets held for sale)
Assets
7 189
1 838
2 271
617(5)
11 915
2 511
1 345
869
2 004
6 729
Capital expenditures
354
153
150
24
681
Non-cash operating activities:
Depreciation and amortization
444
116
79
9
648
Impairment losses (4)
63
5
220
288
Share-based compensation
11
1
1
13
Operating result of discontinued operations
(65)
(130)
(195)
(1) All revenues are from external parties.
(2) Belgium includes Delhaize Group's operations in Belgium and the Grand Duchy of Luxembourg.
(3) The segment "Southeastern Europe" includes operations in Greece, Romania and Serbia.
(4) No impairment loss was recorded or reversed in equity. The 2014, 2013 and 2012 impairment losses include €138 million, €12 million, and €16 million,
respectively, on the re-measurement of assets of the disposal group (see Note 5.3).
(5) Includes the Group's equity accounted investment in Super Indo.
Total revenues can be further analyzed as follows:
(As a percentage of revenues)
2014
2013
2012
Retail revenues
- Food - perishable
40.6%
39.8%
39.5%
- Food - non-perishable
34.3%
34.6%
35.2%
- Non-food
12.8%
13.0%
13.2%
Total retail revenues
87.7%
87.4%
87.9%
Wholesale revenues
12.3%
12.6%
12.1%
Total revenues
100.0%
100.0%
100.0%
There are no individual customers for whom the total amount of revenue was more than 10% of Delhaize Group's revenue during
2014, 2013 and 2012.
