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uncertainty and related risks. The impact on the actuarial assumptions used reflects the current
economic outlook and is mutually compatible, including estimated future salary increases.
The discount rates applied increased compared to the prior year as a result of these macro-economic
developments.
Income taxes
The changes in the economic environment did not affect whether deferred tax assets are realizable
and, therefore, recognized in the balance sheet.
Impairment testing financial assets
The Company measures the loss allowance at an amount equal to the lifetime-expected credit losses
for trade receivables, contract assets and lease receivables. An updated assessment of the lifetime-
expected credit losses was made based on reasonable and supportable information. The overall impact
from the wider macro-economic consequences of the war in Ukraine was not material.
Fair value measurements
Of the Company\u2019s categories of financial instruments, only derivatives, investment in debt instruments
and reinsurance assets (liabilities) are measured and recognized on the balance sheet at fair value.
These fair value measurements are categorized within Level 2 of the fair value hierarchy. The
increased volatility and uncertainty in the financial markets did not materially impact the fair values of
these financial assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
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"value": "
Fair value measurements
For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3, based
on the degree to which the inputs to the fair value measurements are observable and the significance
of the inputs to the fair value measurement in its entirety, which are described as follows:
\u00f3Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets that
the Company can access at the measurement date.
\u00f3Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the
asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
\u00f3Level 3 inputs are unobservable inputs for the asset or liability.
Of Ahold Delhaize\u2019s categories of financial instruments, only derivatives, investments in debt
instruments and reinsurance assets (liabilities) are measured and recognized on the balance sheet at
fair value. These fair value measurements are categorized within Level 2 of the fair value hierarchy.
The Company uses inputs other than quoted prices that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices). The fair value of derivative instruments is
measured by using either a market or income approach (mainly present value techniques). Foreign
currency forward contracts are measured using quoted forward exchange rates and yield curves
derived from quoted interest rates that match the maturity of the contracts. Interest rate swaps are
measured at the present value of expected future cash flows. Expected future cash flows are
discounted by using the applicable yield curves derived from quoted interest rates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
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"value": "Climate changeThe climate-related risks can be divided into two major categories: risks related to the transition to a lower-carbon economy (transition risks) and risks related to the physical impacts of climate change (physical risks). \u00f3Transition risks: Our financial performance may be affected by the nature, speed and focus of policy, legal, technology and market changes.\u00f3Physical risks: Our financial performance may be affected in the future by changes in water availability, sourcing and quality; food security; and extreme temperature changes.2 BASIS OF PREPARATION CONTINUEDWe consider the impact of climate change in assessing whether assets may be impaired or whether the useful life of assets needs to be shortened due to early replacement (see Note 11). We also consider climate-related risks for larger projects and limit financial losses by procuring Property Damage and Business Interruption (PDBI) insurance against damage from natural catastrophes and weather-related events, such as floods, hurricanes and winter storms. Use of estimatesThe preparation of these consolidated financial statements requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities which, by definition, will seldom equal the actual results. The Company regularly updates its significant assumptions and estimates. In relation to this, the wider macro-economic consequences of the war in Ukraine primarily impacted the following areas:ImpairmentsCash-generating units (CGUs), to which goodwill and brand names have been allocated, as well as intangible assets under development and other intangible assets with indefinite lives, are tested for impairment annually, or more frequently when there is an indication that the CGU or an asset may be impaired. An impairment trigger assessment is performed on a quarterly basis to determine whether there is an indication, based on either internal or external sources of information, that an asset or a CGU may be impaired. The Company performed its annual goodwill impairment test in the fourth quarter. Free cash flow projections for the CGUs reflect current macro-economic circumstances, including increases in energy costs and inflation as well as certain cost saving initiatives to reduce negative impacts. The Weighted Average Cost of Capital (WACC) rates applied increased compared to the prior year as a result of these macro-economic developments. For more information, see Note 14. With regard to non-current assets other than goodwill and other intangible assets with indefinite lives, the Company assessed, on a quarterly basis, whether there was any indication that non-current assets were impaired. Where such indicators of impairment existed, the Company estimated the recoverable amount of the individual asset, where possible, or, otherwise, the CGU to which the asset belonged. The pre-tax discount rates that were applied increased compared to the prior year as a result of the wider macro-economic developments. For more information, see Note 11.Pension obligations and self-insurance provisionThe Company's pension and self-insurance provisions were impacted by the increased economic uncertainty and related risks. The impact on the actuarial assumptions used reflects the current economic outlook and is mutually compatible, including estimated future salary increases. The discount rates applied increased compared to the prior year as a result of these macro-economic developments. Income taxesThe changes in the economic environment did not affect whether deferred tax assets are realizable and, therefore, recognized in the balance sheet.Impairment testing financial assetsThe Company measures the loss allowance at an amount equal to the lifetime-expected credit losses for trade receivables, contract assets and lease receivables. An updated assessment of the lifetime-expected credit losses was made based on reasonable and supportable information. The overall impact from the wider macro-economic consequences of the war in Ukraine was not material.Fair value measurementsOf the Company\u2019s categories of financial instruments, only derivatives, investment in debt instruments and reinsurance assets (liabilities) are measured and recognized on the balance sheet at fair value.These fair value measurements are categorized within Level 2 of the fair value hierarchy. The increased volatility and uncertainty in the financial markets did not materially impact the fair values of these financial assets.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzAvZnJhZzphZjUxZDQ2ZjFiNzc0M2VjYWRjMjA4MmZjMDg3NjY3MC90ZXh0cmVnaW9uOmFmNTFkNDZmMWI3NzQzZWNhZGMyMDgyZmMwODc2NjcwXzExNTQ0ODcyMTIyNTc3_4a13f0f5-73d0-4276-bdde-09a55aae7e03": {
"value": "
3 GENERAL ACCOUNTING POLICIES
Where necessary, accounting policies relating to financial statement captions are included in the
relevant notes to the consolidated financial statements. These are presented in a paragraph titled
Accounting policies at the bottom of each note. The accounting policies outlined in this note are applied
throughout the financial statements.
Consolidation
The consolidated financial statements incorporate the financial figures of the Company and its
subsidiaries. Subsidiaries are entities over which the Company has control. The Company controls an
entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. Subsidiaries are fully
consolidated from the date that control commences until the date that control ceases. All intra-group
transactions, balances, income and expenses are eliminated upon consolidation. Unrealized losses on
intra-group transactions are eliminated, unless the transaction provides evidence of an impairment of
the assets transferred.
Non-controlling interests are recorded, as appropriate, on the consolidated balance sheet, in the
consolidated income statement, and in the consolidated statement of comprehensive income for the
non-controlling shareholders\u2019 share in the net assets and the income or loss of subsidiaries. Non-
controlling shareholders\u2019 interest in an acquired subsidiary is initially measured at the non-controlling
interest\u2019s proportion of the net fair value of the assets, liabilities and contingent liabilities recognized.
Ahold Delhaize applies the anticipated acquisition method where it has the right and the obligation to
purchase any remaining non-controlling interest (so-called call-and-put arrangements). Under the
anticipated acquisition method, the interests of the non-controlling shareholder are presented as already
owned, even though legally they are still non-controlling interests. The recognition of the related financial
liability implies that the interests subject to the purchase are deemed to have been acquired already.
Pursuant to IFRS 9, Ahold Delhaize initially recognizes the non-controlling interest (NCI) at fair value
less any transaction costs that are directly attributable to the issuance of the financial liability. The
financial liability is then subsequently measured at amortized cost with any changes in the estimated
cash flows to settle the non-controlling interest resulting in the carrying value of the NCI being
recalculated as the present value of the renegotiated or modified contractual cash flows that are
discounted at the original effective interest rate.
3 GENERAL ACCOUNTING POLICIES CONTINUED
Foreign currency translation
The financial statements of subsidiaries, joint ventures and associates are prepared in their functional
currencies, which are determined based on the primary economic environment in which they operate.
Transactions in currencies other than the functional currency are recorded at the rates of exchange
prevailing on the transaction dates. At each balance sheet date, monetary items denominated in foreign
currencies are translated into the entity\u2019s functional currency at the then prevailing rates. Exchange
differences arising on the settlement and translation of monetary items are included in net income for
the period. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
considered as assets and liabilities denominated in the functional currency of the foreign entity.
Upon consolidation, the assets and liabilities of subsidiaries with a functional currency other than the
euro are translated into euros using the exchange rates prevailing at the balance sheet date. Income
and expense items are translated at the average exchange rates for the respective periods. Exchange
rate differences arising during consolidation and on the translation of investments in subsidiaries are
included in other comprehensive income and in equity, in the currency translation reserve.
Intercompany loans to and from foreign entities for which settlement is neither planned nor likely to
occur in the foreseeable future are considered to increase or decrease the net investment in that
foreign entity; therefore, the exchange rate differences relating to these loans are also included in other
comprehensive income and in equity, in the currency translation reserve.
On the disposal of a foreign operation resulting in loss of control, loss of joint control or loss of
significant influence, the related cumulative exchange rate difference that was included in equity is
transferred to the consolidated income statement.
Financial alternative performance measures
In presenting and discussing Ahold Delhaize\u2019s operating results, management uses certain financial
alternative performance measures not defined by IFRS (Note 6). These financial alternative performance measures should not be viewed in isolation as alternatives to the equivalent IFRS
measures and should be used as supplementary information in conjunction with the most directly
comparable IFRS measures. Financial alternative performance measures do not have a standardized
meaning under IFRS and therefore may not be comparable to similar measures presented by other
companies. Where a non-financial measure is used to calculate an operational or statistical ratio, this
is also considered an alternative performance measure. For the definitions of the financial alternative
New accounting policies effective for 2022
The following amendments and revisions to existing standards became effective for Ahold Delhaize\u2019s
consolidated financial statements as of January 3, 2022:
\u00f3Amendments to IAS 16, \"Property, Plant and Equipment: Proceeds before Intended Use\"
\u00f3Amendments to IAS 37, \"Onerous Contracts Cost of Fulfilling a Contract\"
\u00f3Amendments to IFRS 3, \"Reference to the Conceptual Framework\"
\u00f3Annual improvements cycle 2018-2020, which included amendments to IFRS 1, \"First-time Adoption
of International Financial Reporting Standards,\" IFRS 9, \"Financial Instruments,\" IFRS 16, \"Leases\"
and IAS 41, \"Agriculture\"
These amendments have no impact on the Company\u2019s consolidated financial statements.
New accounting policies not yet effective for 2022
The International Accounting Standards Board (IASB) issued several standards, or revisions to
standards, that are not yet effective for 2022, but\u00a0will become effective in coming years.
IFRS 17, \u201cInsurance contracts\u201d
IFRS 17 replaces IFRS 4, \u2018\u2019Insurance Contracts.\u2019\u2019 It establishes principles for recognition,
measurement, presentation and disclosure requirements for insurance and reinsurance contracts. The
standard introduces a general model for recognition and measurement but allows a premium allocation
approach (\u2018\u2019PAA\u2019\u2019), which is an optional simplification for measurement of liability for remaining coverage
for insurance and reinsurance contracts with short-term coverage. The standard also allows a choice
between recognizing changes in discount rates either in the income statement or directly in other
comprehensive income. IFRS 17 is effective for annual periods beginning on or after January 1, 2023.
The Company\u2019s self-insurance program (see Note 25) is out of scope of IFRS 17. Part of the self- insured risk is ceded under a reinsurance treaty, which is a pooling arrangement between unrelated
parties. At the same time, Ahold Delhaize assumes a share of the reinsurance treaty risks. In
connection with this pooling arrangement, the Company recognizes reinsurance assets and
scope of IFRS 17 and are eligible for recognition and measurement under PAA. The company expects
that the application of IFRS 17 to these contracts will not have a significant effect on the future
consolidated financial statements.
Amendments to IAS 1, \u201cLiabilities as current or non-current\u201d
In January 2020, the IASB issued amendments to IAS 1, to clarify its requirements for the presentation
of liabilities in the statement of financial position. Since approving these amendments, the IASB has
issued further amendments with regard to classification (as current or non-current), presentation and
disclosures of liabilities for which an entity\u2019s right to defer settlement for at least 12 months is subject to
the entity complying with conditions after the reporting period. The amendments are effective for annual
periods beginning on or after January 1, 2024. The Company does not anticipate that the application of
these amendments will have a significant effect on the future consolidated financial statements.
Amendments to IAS 1 and IFRS Practice Statement 2, \u201cDisclosure of
accounting policies\u201d
In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2. The
amendments to IAS 1 require companies to disclose their material accounting policy information rather
than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide
guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments
are effective for annual periods beginning on or after January 1, 2023. The Company does not
anticipate that the application of these amendments will have a significant effect on the future
consolidated financial statements.
3 GENERAL ACCOUNTING POLICIES CONTINUED
Amendments to IAS 8, \u201cDefinition of accounting estimates\u201d
In February 2021, the IASB issued amendments to IAS 8. The amendments clarify how companies
should distinguish changes in accounting policies from changes in accounting estimates. The
distinction is important, because changes in accounting estimates are applied prospectively to future
transactions and other future events, but changes in accounting policies are generally applied
retrospectively to past transactions and other past events as well as the current period. The
amendments are effective for annual periods beginning on or after January 1, 2023. The Company
does not anticipate that the application of these amendments will have a significant effect on the future
consolidated financial statements.
Amendments to IAS 12, \u201cDeferred tax related to assets and liabilities
arising\u00a0from a single transaction\u201d
In May 2021, the IASB issued amendments to IAS 12. The amendments require companies to
recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable
and deductible temporary differences. They will typically apply to transactions such as leases of
lessees and decommissioning obligations and will require the recognition of additional deferred tax
assets and liabilities. The amendments are effective for annual periods beginning on or after
January\u00a01,\u00a02023. The Company does not anticipate that the application of these amendments will have
a significant effect on the future consolidated financial statements.
Amendments to IFRS 16, \u201cLease liability in a sale and leaseback\u201d
In September 2022, the IASB issued amendments to IFRS 16. The amendments clarify how a seller-
lessee should apply the subsequent measurement requirements in IFRS 16 to the lease liability that
arises in the sale and leaseback transaction. These amendments require a seller-lessee to
subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any
amount of the gain or loss that relates to the right of use it retains. The new requirements do not
prevent a seller-lessee from recognizing in profit or loss any gain or loss relating to the partial or full
termination of a lease. The amendments are effective for annual periods beginning on or after
January\u00a01, 2024. The Company does not anticipate that the application of these amendments will have
a significant effect on the future consolidated financial statements.
There are no other IFRSs that have been issued but are not yet effective that are expected to have a
material effect on the future consolidated financial statements.
The Company accounts for business combinations using the acquisition method when control is
transferred to the Group. The consideration transferred in the acquisition is generally measured at fair
value, as are the identifiable net assets acquired and the liabilities assumed. Transaction costs are
expensed as incurred. Any contingent consideration is measured at fair value at the acquisition date.
If\u00a0the contingent consideration is classified as equity, then it is not remeasured and settlement is
accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent
consideration are recognized in profit or\u00a0loss.
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be
recovered through a sale transaction rather than through continuing use. For this to be the case, the
asset (or disposal group) must be available for immediate sale in its present condition and its sale must
be highly probable. Non-current assets (or disposal groups) classified as held for sale are measured at
the lower of the asset\u2019s carrying amount or the fair value less costs of disposal. Depreciation or
amortization of an asset ceases when it is classified as held for sale. Equity accounting ceases for an
investment in a joint venture or associate when it is classified as held for sale; instead, dividends
received are recognized in the consolidated income statement.
A discontinued operation is a component of the Company that either has been disposed of or is
classified as held for sale, and represents a separate major line of business or geographical area of
operations or is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations. Results from discontinued operations that are clearly identifiable as
part of the component disposed of and that will not be recognized subsequent to the disposal are
presented separately as a single amount in the consolidated income statement. Results and cash flows
from discontinued operations are reclassified for prior periods presented in the financial statements so
that the results and cash flows from discontinued operations relate to all operations that have been
discontinued as of the balance sheet date for the latest period presented.
The accounting policies used for the segments are the same as the accounting policies used for the
consolidated financial statements. Ahold Delhaize\u2019s operating segments are its retail operating
companies that engage in business activities from which they earn revenues and incur expenses, and
whose operating results are regularly reviewed by the Executive Committee to make decisions about
resources to be allocated to the segments and to assess their performance. In establishing the
reportable segments, certain operating segments with similar economic characteristics have been
aggregated. As Ahold Delhaize\u2019s operating segments offer similar products using complementary
business models, and there is no discernible difference in customer bases, Ahold Delhaize\u2019s policy on
aggregating its operating segments into reportable segments is based on geography, macro-economic
environment and management oversight.
The segments\u2019 performance is evaluated against several measures, of which operating income and
underlying operating income are the most important. Underlying operating income is regularly reviewed
by the Executive Committee and is defined as total operating income, adjusted for impairments of non-
current assets, gains and losses on the sale of assets, gains and losses on leases and subleases,
restructuring and related charges, and other items considered not to be directly related to the
underlying operating performance. Ahold Delhaize\u2019s management believes this measure provides
better insight into the underlying operating performance of the Company\u2019s operations. This alternative
performance measure should be considered in addition to, but not as substitute for, operating income.
Intersegment sales are executed under normal commercial terms and conditions that would also be
available to unrelated third parties.
Ahold Delhaize generates and recognizes net sales to retail customers as it satisfies its performance
obligation at the point of sale in its stores and upon delivery of goods through its online channel. The
Company also generates revenues from the sale of products to retail franchisees and affiliates that are
recognized upon delivery. Ahold Delhaize recognizes fees from franchisees and affiliates as revenue as
services are performed or the granted rights are used. Revenue from the sale of gift cards and gift
certificates is recognized when the gift card or gift certificate is redeemed by the retail customer. Future
discounts earned by customers in connection with bonus or loyalty cards and other Company-
sponsored programs are deferred on the balance sheet at the time of the sale and subsequently
recognized in the income statement when redeemed. When the Company expects that gift cards and
future discounts under bonus and loyalty programs will not be redeemed, the breakage that is able to
be estimated is recognized proportionately as revenue at the time that the Company\u2019s performance
obligations are satisfied (e.g., as customers redeem their award credits or purchase goods using gift
cards or vouchers).
Ahold Delhaize\u2019s sales activities do not result in the Company having a material amount of
unperformed obligations and, therefore, no contract assets are recognized separately from receivables.
The Company does enter into transactions with customers where contract liabilities result from
consideration being received from the customer prior to the Company satisfying its performance
obligations. These contract liabilities are presented on the balance sheet and in the notes as deferred
income and gift card liabilities; see Note 27. Generally, net sales and cost of sales are recorded based on the gross amount received from the
customer for products sold and the amount paid to the vendor for products purchased, excluding sales
taxes and value-added taxes. However, for certain products or services, such as sales through
bol.com\u2019s partner platform and the sale of lottery tickets, third-party prepaid phone cards, stamps and
public transportation tickets, Ahold Delhaize acts as an agent and, consequently, records the amount of
commission income in its net sales. Net sales also reflect the value of products sold to customers for
which the Company anticipates returns from customers, when such returns are considered to be
material. Currently, customer returns are only considered material with regards to Ahold Delhaize\u2019s
online general merchandise sales. Past customer return practices provide the basis for determining the
anticipated returns that the Company is exposed to at the balance sheet date.
Cost of sales
Cost of sales includes the purchase price of the products sold and other costs incurred in bringing the
inventories to the location and condition ready for sale. These costs include: costs of purchasing;
storing; rent; depreciation of property, plant and equipment and right-of-use assets; salaries; and
transporting products to the extent that it relates to bringing the inventories to the location and condition
ready for sale.
Vendor allowances
Ahold Delhaize receives various types of vendor allowances. The most common allowances vendors
offer are (i) volume allowances, which are off-invoice or amounts billed back to vendors based on the
quantity of products sold to customers or purchased from the vendor and (ii) promotional allowances,
which relate to cooperative advertising and market development efforts. Volume allowances are
recognized as a reduction of the cost of the related products as they are sold. Promotional allowances
are recognized as a reduction of the cost of the related products when the Company has performed the
activities specified in the contract with the vendor. If the contract does not specify any performance
criteria, the allowance is recognized over the term of the contract.
Vendor allowances are generally deducted from cost of sales, unless there is clear evidence that they
should be classified as revenue resulting from the Company providing a distinct good or service to the
vendor. Ahold Delhaize recognizes vendor allowances only where there is evidence of a binding
arrangement with the vendor, the amount can be estimated reliably and receipt is probable.
Selling expenses
Selling expenses relate to our store and online operations and consist of employees\u2019 salaries and
wages, store expenses, depreciation related to owned and leased stores, advertising costs, outbound
logistics costs (order fulfillment and delivery cost) and other selling expenses.
General and administrative expenses
General and administrative expenses consist of support office employees\u2019 salaries and wages, rent and
depreciation of support offices, impairment losses and reversals, gains and losses on the sale of non-
current assets and disposal groups held for sale, restructuring costs, and other general and
administrative expenses.
Income tax expense represents the sum of current and deferred tax. Income tax is recognized in the
income statement except to the extent that it relates to items recognized directly in equity or other
comprehensive income. Current tax expense is based on the best estimate of taxable income for the
year, using tax rates that have been enacted or substantively enacted at the balance sheet date and
adjustments for current taxes payable (receivable) for prior years. Deferred tax is the tax expected to
be payable or recoverable on differences between the carrying amounts of assets and liabilities and the
corresponding tax basis used in the computation of taxable income. Deferred tax assets and liabilities
are generally recognized for all temporary differences. However, deferred tax liabilities are not
recognized if they arise from the initial recognition of goodwill. Deferred income tax is not accounted for
if it arises from the initial recognition of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively
enacted by the end of the reporting period and are expected to apply when the related deferred income
tax asset is realized or the deferred income tax liability is settled.
Deferred tax assets, including deferred tax assets for tax loss carryforward positions and tax credit
carryforward positions, are recognized to the extent that it is probable that future taxable income will be
available against which temporary differences, unused tax losses or unused tax credits can be utilized.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable income will be available to allow all or part of
the assets to be recovered.
Deferred tax assets and liabilities are not discounted. Deferred income tax assets and liabilities are
offset on the balance sheet when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate to income taxes levied by the same
fiscal authority. Current income tax assets and liabilities are offset on the balance sheet when there is a
legally enforceable right to offset and when the Company intends either to settle on a net basis or to
realize the asset and settle the liability simultaneously.
The ultimate tax effects of some transactions can be uncertain for a considerable period of time,
requiring management to estimate the related current and deferred tax positions. The Company
recognizes liabilities for uncertain tax positions when it is probable that additional taxes will be due
or\u00a0recognizes assets for uncertain tax positions when it is probable that the benefit will flow to the
Company and the benefit can be reliably measured. To measure the liability for the uncertain tax
position, management determines whether uncertainties need to be considered separately or together
based on which approach better predicts the resolution of the uncertainty. The Company also
recognizes the liability for either the most likely amount or the expected value (probability weighted
average), depending on which method it expects to better predict the resolution.
These liabilities are presented as current income taxes payable, except in jurisdictions where prior tax
losses are being carried forward to be used to offset future taxes that will be due; in these instances,
the liabilities are presented as a reduction of deferred tax assets. Interest accrued on uncertain tax
positions is considered to be a financial expense of the Company. Any other adjustments to uncertain
tax position liabilities are recognized within income tax expense.
A (voluntary) tax payment of a disputed amount to the tax authority meets the definition of an asset and
is recognized as a current or non-current income tax receivable, depending on the timing of the
expected resolution. The payment is an asset for the Company because it will either be refunded by the
tax authority or be used to settle the tax liability arising from the resolution of the dispute.
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition or
construction of an asset and borrowing costs incurred during construction. Where applicable, estimated
asset retirement costs are added to the cost of an asset. Subsequent expenditures are capitalized only
when it is probable that future economic benefits associated with the item will flow to the Company and
the costs can be measured reliably. All other subsequent expenditures represent repairs and
maintenance and are expensed as incurred.
Depreciation is computed using the straight-line method based on the estimated useful lives of the
items of property, plant and equipment, taking into account the estimated residual value. Where an item
of property, plant and equipment comprises major components having different useful lives, each such
part is depreciated separately.
The ranges of estimated useful lives of property, plant and equipment are:
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Certain structural components of buildings | |
Finish components of buildings | |
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The useful lives, depreciation method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate.
Depreciation of leasehold improvements is calculated on a straight-line basis over either the lease term
(including renewal periods when renewal is reasonably assured) or the estimated useful life of the
asset, whichever is shorter.
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current assets
may be impaired. If indicators of impairment exist, the Company estimates the recoverable amount of
the asset. If it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the CGU to which it belongs. Individual stores are considered
separate CGUs for impairment testing purposes. The carrying value of the store includes mainly its
property, plant and equipment and right-of-use assets (if held under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s value
in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. The estimated future cash flows exclude lease payments if the cash-
generating unit is held under a lease arrangement, but include a replacement CapEx if needed to
maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount.
In subsequent years, Ahold Delhaize assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and, if
required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized only if
it arises from a change in the assumptions that were used to calculate the recoverable amount. The
increase in an asset\u2019s carrying amount due to an impairment reversal is limited to the depreciated
amount that would have been recognized had the original impairment not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes with
adverse effects in the technological, market, economic or legal environment in which the company
operates that have taken place during the period (or will take place in the near future). Transitioning to
a lower-carbon economy may trigger such adverse effects. Therefore, Ahold Delhaize also considers
the impact of climate change in assessing whether assets may be impaired or whether the useful life of
assets needs to be shortened due to early replacement.
For more information on the accounting policies for leases, see Note 33. Investment property consists of land and buildings held by Ahold Delhaize to earn rental income or for
capital appreciation, or both. These properties are not used by the Company in the ordinary course of
business. The Company often owns (or leases) shopping centers containing an Ahold Delhaize as well
as third-party retail units. In these cases, the third-party retail units generate rental income, but are
primarily of strategic importance for operating purposes to Ahold Delhaize in its retail operations. The
Company recognizes the part of an owned (or leased) shopping center that is leased to third-party
retailers as investment property, unless it represents an insignificant portion of the property. Land and
buildings leased to franchisees are not considered to be investment property as they contribute directly
to Ahold Delhaize\u2019s retail operations. Investment property is measured on the same basis as property,
plant and equipment.
Right-of-use assets are separately disclosed as a line in the balance sheet, but right-of-use assets that
meet the definition of investment property are included in \u201cInvestment property\u201d and separately
disclosed in the notes.
Goodwill and impairment of goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and
assumed contingent liabilities at the date of acquisition. It is carried at cost less accumulated
impairment losses. Goodwill on acquisitions of joint ventures and associates is included in the carrying
amount of the investment.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups of CGUs)
that is expected to benefit from the synergies of a business combination. Goodwill is allocated to a
CGU (or group of CGUs) representing the lowest level within the Company at which the goodwill is
monitored for internal management purposes and is never larger than an operating segment before
aggregation. CGUs to which goodwill has been allocated are tested for impairment annually or more
frequently when there is an indication that the CGU may be impaired. Goodwill on acquisitions of joint
ventures and associates is assessed for impairment as part of the investment whenever there is an
indication that the investment may be impaired. An impairment loss is recognized for the amount by
which the CGU\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of a CGU\u2019s fair value less costs of disposal or its value in use. An impairment loss is allocated
first to reduce the carrying amount of the goodwill and then to\u00a0the other assets of the CGU pro rata on
the basis of the carrying amount of each asset. An impairment loss recognized for goodwill is not
reversed in subsequent periods.
On the partial or complete disposal of an operation, the goodwill attributable to that operation is
included in the determination of the gain or loss on disposal.
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost less
accumulated amortization and impairment losses. Intangible assets acquired in a business combination
are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions are
stated at fair value determined using an income approach. Direct costs related to the development of
software for internal use are capitalized only if the costs can be measured reliably, technological
feasibility has been established, future economic benefits are probable, and the Company intends to
complete development and use the software. All other costs, including all overhead, general and
administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives, which are as
follows:
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Franchise and affiliate relationships | |
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The useful lives, amortization method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate. Brand names, intangible assets under development and other intangible assets
with indefinite lives are assessed for impairment annually or whenever there is an indication that the
asset may be impaired.
Investments in joint arrangements are classified as either joint operations or joint ventures depending
on the contractual rights and obligations each investor has rather than the legal structure of the joint
arrangement. Joint operations arise where Ahold Delhaize has both rights to the assets and obligations
for the liabilities relating to the arrangement and, therefore, the Company accounts for its share of
assets, liabilities, revenue and expenses. Joint ventures arise where Ahold Delhaize has rights to the
net assets of the arrangement and, therefore, the Company equity accounts for its interest.
Associates are entities over which Ahold Delhaize has significant influence but not control, generally
accompanying a shareholding of between 20% and 50% of the voting rights. Significant influence is
defined as the power to participate in the financial and operating policy decisions of the entity but not
control or joint control over those policies. Associates are accounted for using the equity method.
Under the equity method, investments in joint ventures and associates are measured initially at cost
and subsequently adjusted for post-acquisition changes in Ahold Delhaize\u2019s share of the net assets of
the investment (net of any accumulated impairment in the value of individual investments). Where
necessary, adjustments are made to the financial figures of joint ventures and associates to ensure
consistency with the accounting policies of the Company.
Unrealized gains on transactions between Ahold Delhaize and its joint ventures and associates are
eliminated to the extent of the Company\u2019s stake in these investments. Unrealized losses are also
eliminated unless the transaction provides evidence of an impairment of the assets transferred.
For more information on the accounting policies for financial assets and reinsurance assets, see
Inventories
Inventories are stated at the lower of cost or net realizable value. Cost consists of all costs of purchase,
cost of conversion and other costs incurred in bringing the inventories to their location and condition
ready for sale, net of vendor allowances attributable to inventories. For certain inventories, cost is
approximated using the retail method, in which the sales value of the inventories is reduced by the
appropriate percentage of gross margin. The cost of inventories is determined using either the first-in,
first-out (FIFO) method or the weighted average cost method, depending on their nature or use. Net
realizable value is the estimated selling price in the ordinary course of business, less the estimated
marketing, distribution and selling\u00a0expenses.
Included in the value of inventory is an amount representing the estimated value of inventories that
have already been sold that the Company expects to be returned for a refund by customers.
Cost of sales
For more information on the accounting policies for cost of sales, see Note 8. Vendor allowances
For more information on the accounting policies for vendor allowances, see Note 8. For more information on the accounting policies for financial assets and reinsurance assets,
Equity instruments issued by the Company are recorded at the value of proceeds received. Own equity
instruments that are bought back (treasury shares) are deducted from equity. When reissued or
cancelled, shares are removed from the treasury shares on a FIFO basis, and recorded as a reduction
of the additional paid-in capital, in accordance with the Company\u2019s Articles of Association. Incremental
costs that are directly attributable to issuing or buying back own equity instruments are recognized
directly in equity, net of the related tax. No gain or loss is recognized in the\u00a0income statement on the
purchase, sale, issuance or cancellation of the Company\u2019s own equity instruments.
Financial guarantees
Financial guarantees made by Ahold Delhaize to third parties that may require the Company to incur
future cash outflows if called upon to satisfy are recognized at inception as liabilities at fair value. Fair
value is measured as the premium received, if any, or calculated using a scenario analysis.
Subsequently, the liability is measured at the higher of the best estimate of the expenditure required to
settle the obligation or the amount initially recognized less cumulative amortization corresponding to the
expiration or repayment of the underlying amount guaranteed.
Reinsurance liabilities
For more information on the accounting policies for reinsurance liabilities, see Note 30. The net assets and net liabilities recognized on the consolidated balance sheet for defined benefit
plans represent the actual surplus or deficit in Ahold Delhaize\u2019s defined benefit plans measured as the
present value of the defined benefit obligations less the fair value of plan assets. Any surplus resulting
from this calculation is limited to the present value of available refunds and reductions in future
contributions to the plan.
Defined benefit obligations are actuarially calculated on the balance sheet date using the projected unit
credit method. The present value of the defined benefit obligations is determined by discounting the
estimated future cash outflows using market yields on high-quality corporate bonds (i.e., bonds rated
AA or higher), which are denominated in the currency in which the benefits will be paid and have an
average duration similar to the expected duration of the related pension liabilities.
Defined benefit costs are split into three categories:
\u00f3Service cost, past service cost, gains and losses on curtailment and settlements
\u00f3Net interest expense or income
\u00f3Remeasurement
The first category is presented as labor costs within operating earnings. Past service costs are
recognized in the income statement in the period of plan amendment. Results from curtailments or
settlements are recognized immediately.
Past service years within the Dutch pension plan are calculated based upon a methodology that uses
the maximum past service years based on accrued benefits or a participant\u2019s actual date of hire.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset and is
presented within net financial expenses.
Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling (if applicable),
and the return on plan assets (excluding interest), are recognized immediately in the balance sheet with
a charge or credit to other comprehensive income in the period in which it occurs. Remeasurements
recorded in other comprehensive income are not recycled to the income statement.
Contributions to defined contribution plans are recognized as an expense when employees have
rendered service entitling them to the contributions. Post-employment benefits provided through industry
MEPs, managed by third parties, are generally accounted for under defined contribution criteria.
Provisions are recognized when (i) the Company has a present (legal or constructive) obligation as a
result of past events, (ii) it is probable that an outflow of resources will be required to settle the
obligation, and (iii) the amount can be reliably estimated. The amount recognized is the best estimate
of the expenditure required to settle the obligation. Provisions are discounted whenever the effect of the
time value of money is significant.
The provision for the Company\u2019s self-insurance program is recorded based on claims filed and an
estimate of claims incurred but not yet reported. The provision includes expenses incurred in the claim
settlement process that can be directly associated with specific claims. Other expenses incurred in the
claim settlement process are expensed when incurred. The Company\u2019s estimate of the required liability
of such claims is recorded on a discounted basis, utilizing an actuarial method based upon various
assumptions that include, but are not limited to, historical loss experience, projected loss development
factors and actual payroll costs.
Restructuring-related provisions for severance and termination benefits are recognized when the
Company has approved a detailed formal restructuring plan and the restructuring has either
commenced or has been announced to those affected by it. Onerous contract provisions are measured
at the amount by which the unavoidable costs to fulfill agreements exceeds the expected benefits from
such agreements.
For more information on the accounting policies for financial liabilities and reinsurance liabilities, see
The Company has chosen to prepare the statement of cash flows using the indirect method, which
presents cash flows from operating activities as the income from continuing operations adjusted for
non-cash transactions, deferrals or accruals of past or future operating cash receipts or payments, and
items of income or expense associated with investing or financing cash flows. Cash flows in foreign
currencies have been translated using weighted average periodic exchange rates. Interest paid on
loans is presented as a financing activity, while interest received is presented as an investing activity.
Acquisitions and divestments of businesses are presented net of cash and cash equivalents acquired
or disposed of, respectively. The Company has chosen to present dividends paid to its shareholders as
a financing activity.
In the cash flow statement, the Company has classified the principal portion of lease payments, as well
as the interest portion, within financing activities. Lease payments are not split between interest and
principal portions but are shown as one line, Repayment of lease liabilities, in the cash flow statement.
Lease payments for short-term leases, lease payments for leases of low-value assets and variable
lease payments not included in the measurement of the lease liability are classified as cash flows from
operating activities.
The Company has classified cash flows from operating leases as operating activities. Cash flows
representing the collection of principal and interest payments for finance lease receivables are
classified as investing activities and disclosed using a single line in the cash flow statement, Lease
payments received on lease receivables.
Basic net income per share is calculated by dividing net income attributable to common shareholders
by the weighted average number of common shares outstanding during the year. Basic income from
continuing operations per share is calculated by dividing income from continuing operations
attributable\u00a0to common shareholders by the weighted average number of common shares outstanding
during the year.
Diluted income per share is calculated by dividing the net income/income from continuing operations
attributable to shareholders by the diluted weighted average number of common shares outstanding. To
determine the diluted weighted average number of common shares outstanding, the weighted average
number of shares outstanding is adjusted for the conditional shares from the share-based
compensation programs.
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual provisions of a
financial instrument. Financial assets are derecognized when the rights to receive cash flows from the
financial assets expire, or if the Company transfers the financial asset to another party and does not
retain control or substantially all risks and rewards of the asset. Purchases and sales of financial assets
in the normal course of business are accounted for at settlement date (i.e., the date that the asset is
delivered to or by the Company).
At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a
financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition or issue of the financial asset.\u00a0
After initial recognition, the Company classifies its financial assets as subsequently measured at either
i) amortized cost, ii) fair value through other comprehensive income (FVOCI) or iii) FVPL on the basis of
both:
\u00f3The Company\u2019s business model for managing the financial assets
\u00f3The contractual cash flow characteristics of the financial asset
Subsequent to initial recognition, financial assets are measured as described below.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both i) the financial asset is held within a business
model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction
cost\u00a0directly attributable to the asset. After initial recognition, the carrying amount of the financial
asset\u00a0measured at amortized cost is determined using the effective interest method, less any
impairment losses.
The Company\u2019s financial assets measured at amortized cost comprise loans receivable, net investment
in leases, trade and other (non-)current receivables, cash and cash equivalents, short-term deposits
and similar instruments.
Financial assets at fair value through other comprehensive income
A financial asset is measured at FVOCI if both i) the financial asset is held within a business model
whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.\u00a0
Investments in debt instruments measured at FVOCI are recognized initially at fair value plus
transaction cost directly attributable to the asset. After initial recognition, the asset is measured at fair
value with changes in fair value included in other comprehensive income. Accumulated gains or losses
recognized through other comprehensive income are reclassified to profit or loss when the debt
instrument is derecognized.
There is no subsequent reclassification of fair value gains and losses to profit or loss following the
derecognition of the investments in equity instruments that are not held for trading and for which the
Company made an irrevocable election at the time of initial recognition to account for the investment in
equity instruments at FVOCI.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets are not met, a
financial asset is classified as \u201cat fair value through profit or loss\u201d and measured at fair value with
changes in fair value recognized in profit or loss.
A financial asset measured at FVPL is recognized initially at fair value and its transaction cost is
recognized in profit or loss when incurred. A gain or loss on a financial asset measured at FVPL is
recognized in the income statement for the reporting period in which it arises.
The Company may, at initial recognition, irrevocably designate a financial asset as measured at FVPL if
doing so eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on
different bases.
The Company\u2019s financial instruments measured at FVPL comprise reinsurance assets, derivatives and
certain investments in debt instruments.
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that a financial
asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit
losses for financial assets measured at either amortized costs or at fair value through other
comprehensive income. If, at the reporting date, the credit risk on a financial instrument has not
increased significantly since initial recognition, the Company measures the loss allowance for the
financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date,
the credit risk on a financial instrument has increased significantly since initial recognition, the
Company measures the loss allowance for the financial instrument at an amount equal to the lifetime-
expected credit losses. The Company always measures the loss allowance at an amount equal to
lifetime-expected credit losses for trade receivables, contract assets and lease receivables.
Financial liabilities
Financial liabilities are recognized when the Company becomes a party to the contractual provisions of
a financial instrument. Financial liabilities are derecognized when the Company\u2019s obligations specified
in the contract expire or are discharged or cancelled.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net
of directly attributable transaction costs.
The Company classifies all financial liabilities as subsequently measured at amortized cost, except for
derivatives and reinsurance liabilities. Any difference between the proceeds and redemption value is
recognized in the income statement over the period of the loans and short-term borrowings using the
effective interest method.
Financial liabilities are classified as current liabilities unless the Company has an unconditional right to
defer settlement of the liability for at least 12 months after the balance sheet date.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized in the
income statement as fair value gains (losses) on financial instruments, unless the derivative qualifies
and is effective as a hedging instrument in a designated hedging relationship. In order for a derivative
financial instrument to qualify as a hedging instrument for accounting purposes, the Company must
document (i) at the inception of the transaction, the relationship between the hedging instrument and
the hedged item, as well as its risk management objectives and strategy for undertaking various
hedging transactions and (ii) its assessment, both at hedge inception and on an ongoing basis, of
whether the derivative that is used in the hedging transaction is highly effective in offsetting changes in
fair values or cash flows of hedged items. Derivatives that are designated as hedges are accounted for
as either cash flow hedges or fair value hedges.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash
flow hedges is recognized initially in the cash flow hedging reserve, a separate component of equity.
The gain or loss relating to the ineffective portion is recognized immediately in the income statement.
Amounts accumulated in equity are reclassified into the income statement in the same period in which
the related exposure impacts the income statement. When a cash flow hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in
equity and is reclassified to the income statement when the forecasted transaction is ultimately
recognized. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss
existing in equity is immediately recognized in the income statement.
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment are
recognized in the income statement in the periods in which they arise, together with any changes in fair
value of the hedged asset or liability. If the hedging instrument no longer meets the criteria for hedge
accounting, the adjustment to the carrying amount of the hedged item is amortized in the income
statement over the hedged item\u2019s remaining period to maturity.
Reinsurance assets and liabilities
Under Ahold Delhaize\u2019s self-insurance program, part of the insurance risk is ceded under a reinsurance
treaty, which is a pooling arrangement between unrelated companies. In accordance with the pooling
arrangement, the Company assumes a share of the reinsurance treaty risks that is measured in relation to
the percentage of Ahold Delhaize\u2019s participation in the treaty. Reinsurance assets include estimated
receivable balances related to reinsurance contracts purchased by the Company. Reinsurance liabilities
represent the expected insurance risks related to reinsurance contracts sold by the Company. Reinsurance
assets and liabilities are measured on a discounted basis using accepted actuarial methods.
Supply chain financing
The supply chain financing arrangements do not expose Ahold Delhaize to additional credit risk nor
provide Ahold Delhaize with a significant benefit of additional financing and, accordingly, it is Ahold
Delhaize\u2019s policy to classify the amounts due under supply chain finance arrangements with banks as
trade payables. In accordance with the Company\u2019s accounting policy, trade payables are presented as
operating activities in the cash flow statement. Suppliers choose to enter into these arrangements,
which provide them with the option of access to earlier payment at favorable interest rates from the
bank based on Ahold Delhaize\u2019s credit rating. If suppliers do not choose early payment under these
arrangements, their invoices are settled by the bank under the applicable payment terms.
The grant date fair value of equity-settled share-based compensation plans is expensed, with a
corresponding increase in equity, on a straight-line basis over the vesting periods of the grants. The
cumulative expense recognized at each balance sheet date reflects the extent to which the vesting
period has expired and the Company\u2019s best estimate of the number of performance shares that will
eventually vest. No expense is recognized for awards that do not ultimately vest, except for awards
where vesting is conditional upon a market condition (e.g., total shareholder return). Those are treated
as vested irrespective of whether or not the market condition is ultimately satisfied, provided that all
non-market conditions (e.g., continued employment) are satisfied.
Definition of a lease
Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an
identified asset for a period of time in exchange for consideration. At inception, or on reassessment of a
contract that contains a lease component, the Company allocates the consideration in the contract to
each lease and non-lease component on the basis of its relative stand-alone price.
The Company applies the recognition exemptions for short-term leases (less than 12 months) and
leases of low-value items, defined by the Company to be below $5,000 per item (on acquisition). The
payments for these exempted leases are recognized in the income statement on a straight-line basis
over the lease terms.
As a lessee
The Company recognizes a right-of-use asset, representing its right to use the underlying asset, and a
lease liability, representing its obligation to make lease payments, at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement date, plus any initial
direct costs incurred (for example, key money and lease contract commissions), less any incentives
received. The right-of-use asset for acquired leases is adjusted for any favorable or unfavorable lease
rights recognized as part of the purchase price allocation. The right-of-use asset is subsequently
depreciated using the straight-line method over the shorter of the lease term or the useful life of the
underlying asset. In addition, the right-of-use asset is reduced by impairment losses, if any, and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its
incremental borrowing rate as the discount rate.
The Company has elected to separate lease and non-lease components included in lease payments for
all leases. Lease payments included in the measurement of the lease liability comprise the following:
\u00f3Fixed payments, including in-substance fixed payments.
\u00f3Variable lease payments\u00a0that depend on an index or a rate, which are initially measured using the
index or rate at the commencement date.
\u00f3Amounts expected to be payable under a residual value guarantee.
\u00f3The exercise price of a purchase option that the Company is reasonably certain to exercise.
\u00f3Lease payments in an optional renewal period if the Company is reasonably certain to exercise an
extension option, and penalties for early termination of a lease unless the Company is reasonably
certain not to terminate early.
The lease liability is measured at amortized cost using the effective interest rate method. The lease
liability is subsequently increased by the interest cost on the lease liability and decreased by lease
payments made. It is remeasured when there is a change in future lease payments arising from a
change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to
be payable under a residual value guarantee, or if the Company changes its assessment of whether it
will exercise a purchase, extension or termination option.
33 LEASES CONTINUED
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in the income statement if the carrying amount of the
right-of-use asset has been reduced to zero.
The lease liability is included in Other current financial liabilities and Other non-current financial
liabilities.
The Company applies judgment to determine the lease term for the lease contracts in which it is a
lessee that include renewal and termination options. The assessment of whether the Company is
reasonably certain to exercise such options impacts the lease term, which significantly affects the value
of lease liabilities and right-of-use assets recognized. See accounting estimates and judgments for
more information.
As a lessor
The Company classifies leases as finance or operating leases at lease inception based upon whether
the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying
asset. As part of this assessment, the Company considers certain indicators, such as whether the lease
is for the majority of the economic life of the asset.
Leases classified as finance leases result in the recognition of a net investment in a lease representing
the Company's right to receive rent payments. The value of the net investment in a lease is the value of
the future rent payments to be received and the unguaranteed residual value of the underlying asset
discounted using the rate implicit in the lease.
When the Company is an intermediate lessor, it accounts for its interests in the head lease and the
sublease separately. It assesses the lease classification of a sublease with reference to the right-of-use
asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-
term lease to which the Company applies the exemption described above, then it classifies the
sublease as an operating lease.
If an arrangement contains lease and non-lease components, the Company applies IFRS 15 to allocate
the consideration in the contract.
The Company recognizes lease payments received under operating leases as income on a straight-line
basis over the lease term as part of Rent income.
Sale and leaseback
Sale and leaseback transactions are defined as transactions that lead to a sale according to IFRS 15
\u201cRevenue from Contracts with Customers.\u201d Under IFRS 15, the seller-lessee must determine whether
the transaction qualifies as a sale for which revenue is recognized (i.e., the transaction is a genuine
sale, where all performance obligations are satisfied and control has transferred to the buyer-lessor), or
the transaction is a collateralized borrowing. More specifically, a sale is considered as such if there is
no repurchase option on the asset at the end of the lease term.
If the sale by the Company as seller-lessee qualifies as a sale, the Company derecognizes the asset
and recognizes a gain (or loss) that is limited to the proportion of the total gain (or loss) relating to the
rights transferred to the buyer-lessor. In addition, the Company recognizes a right-of-use asset arising
from the leaseback and measures it at the proportion of the previous carrying amount of the asset
relating to the right of use retained. In addition, the Company recognizes the lease liability.
If the fair value of the consideration for the sale does not equal the fair value of the asset, or if the
payments for the lease are not at market rates, adjustments are made to measure the sales proceeds
at fair value as follows:
a.Any below-market terms should be accounted for as a prepayment of lease payments.
b.Any above-market terms should be accounted for as additional financing provided by the buyer-
lessor.
If the sale by the Company does not qualify as a sale, the Company keeps the asset transferred on its
balance sheet and recognizes a financing obligation equal to the transferred proceeds or cash received.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzAvZnJhZzphZjUxZDQ2ZjFiNzc0M2VjYWRjMjA4MmZjMDg3NjY3MC90ZXh0cmVnaW9uOmFmNTFkNDZmMWI3NzQzZWNhZGMyMDgyZmMwODc2NjcwXzExNTQ0ODcyMTIyNTcz_9104619d-687a-468b-b85f-c29a8a84643b": {
"value": "
Consolidation
The consolidated financial statements incorporate the financial figures of the Company and its
subsidiaries. Subsidiaries are entities over which the Company has control. The Company controls an
entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. Subsidiaries are fully
consolidated from the date that control commences until the date that control ceases. All intra-group
transactions, balances, income and expenses are eliminated upon consolidation. Unrealized losses on
intra-group transactions are eliminated, unless the transaction provides evidence of an impairment of
the assets transferred.
Non-controlling interests are recorded, as appropriate, on the consolidated balance sheet, in the
consolidated income statement, and in the consolidated statement of comprehensive income for the
non-controlling shareholders\u2019 share in the net assets and the income or loss of subsidiaries. Non-
controlling shareholders\u2019 interest in an acquired subsidiary is initially measured at the non-controlling
interest\u2019s proportion of the net fair value of the assets, liabilities and contingent liabilities recognized.
Ahold Delhaize applies the anticipated acquisition method where it has the right and the obligation to
purchase any remaining non-controlling interest (so-called call-and-put arrangements). Under the
anticipated acquisition method, the interests of the non-controlling shareholder are presented as already
owned, even though legally they are still non-controlling interests. The recognition of the related financial
liability implies that the interests subject to the purchase are deemed to have been acquired already.
Pursuant to IFRS 9, Ahold Delhaize initially recognizes the non-controlling interest (NCI) at fair value
less any transaction costs that are directly attributable to the issuance of the financial liability. The
financial liability is then subsequently measured at amortized cost with any changes in the estimated
cash flows to settle the non-controlling interest resulting in the carrying value of the NCI being
recalculated as the present value of the renegotiated or modified contractual cash flows that are
discounted at the original effective interest rate.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzAvZnJhZzphZjUxZDQ2ZjFiNzc0M2VjYWRjMjA4MmZjMDg3NjY3MC90ZXh0cmVnaW9uOmFmNTFkNDZmMWI3NzQzZWNhZGMyMDgyZmMwODc2NjcwXzExNTQ0ODcyMTI4NDEz_927cc551-cf97-462a-a081-b9c14dfa9db4": {
"value": "
Non-controlling interests are recorded, as appropriate, on the consolidated balance sheet, in the
consolidated income statement, and in the consolidated statement of comprehensive income for the
non-controlling shareholders\u2019 share in the net assets and the income or loss of subsidiaries. Non-
controlling shareholders\u2019 interest in an acquired subsidiary is initially measured at the non-controlling
interest\u2019s proportion of the net fair value of the assets, liabilities and contingent liabilities recognized.
Ahold Delhaize applies the anticipated acquisition method where it has the right and the obligation to
purchase any remaining non-controlling interest (so-called call-and-put arrangements). Under the
anticipated acquisition method, the interests of the non-controlling shareholder are presented as already
owned, even though legally they are still non-controlling interests. The recognition of the related financial
liability implies that the interests subject to the purchase are deemed to have been acquired already.
Pursuant to IFRS 9, Ahold Delhaize initially recognizes the non-controlling interest (NCI) at fair value
less any transaction costs that are directly attributable to the issuance of the financial liability. The
financial liability is then subsequently measured at amortized cost with any changes in the estimated
cash flows to settle the non-controlling interest resulting in the carrying value of the NCI being
recalculated as the present value of the renegotiated or modified contractual cash flows that are
discounted at the original effective interest rate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzAvZnJhZzphZjUxZDQ2ZjFiNzc0M2VjYWRjMjA4MmZjMDg3NjY3MC90ZXh0cmVnaW9uOmFmNTFkNDZmMWI3NzQzZWNhZGMyMDgyZmMwODc2NjcwXzEyMDU2_cc05cd35-ab70-4fc7-8156-9c41708f5f90": {
"value": "
Foreign currency translation
The financial statements of subsidiaries, joint ventures and associates are prepared in their functional
currencies, which are determined based on the primary economic environment in which they operate.
Transactions in currencies other than the functional currency are recorded at the rates of exchange
prevailing on the transaction dates. At each balance sheet date, monetary items denominated in foreign
currencies are translated into the entity\u2019s functional currency at the then prevailing rates. Exchange
differences arising on the settlement and translation of monetary items are included in net income for
the period. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
considered as assets and liabilities denominated in the functional currency of the foreign entity.
Upon consolidation, the assets and liabilities of subsidiaries with a functional currency other than the
euro are translated into euros using the exchange rates prevailing at the balance sheet date. Income
and expense items are translated at the average exchange rates for the respective periods. Exchange
rate differences arising during consolidation and on the translation of investments in subsidiaries are
included in other comprehensive income and in equity, in the currency translation reserve.
Intercompany loans to and from foreign entities for which settlement is neither planned nor likely to
occur in the foreseeable future are considered to increase or decrease the net investment in that
foreign entity; therefore, the exchange rate differences relating to these loans are also included in other
comprehensive income and in equity, in the currency translation reserve.
On the disposal of a foreign operation resulting in loss of control, loss of joint control or loss of
significant influence, the related cumulative exchange rate difference that was included in equity is
transferred to the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzAvZnJhZzphZjUxZDQ2ZjFiNzc0M2VjYWRjMjA4MmZjMDg3NjY3MC90ZXh0cmVnaW9uOmFmNTFkNDZmMWI3NzQzZWNhZGMyMDgyZmMwODc2NjcwXzQ2NzI5MjQ0MjExNDEw_bbbcc9f8-9a1b-4516-90c4-a07c66aa0936": {
"value": "
Foreign currency translation
The financial statements of subsidiaries, joint ventures and associates are prepared in their functional
currencies, which are determined based on the primary economic environment in which they operate.
Transactions in currencies other than the functional currency are recorded at the rates of exchange
prevailing on the transaction dates. At each balance sheet date, monetary items denominated in foreign
currencies are translated into the entity\u2019s functional currency at the then prevailing rates. Exchange
differences arising on the settlement and translation of monetary items are included in net income for
the period. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
considered as assets and liabilities denominated in the functional currency of the foreign entity.
Upon consolidation, the assets and liabilities of subsidiaries with a functional currency other than the
euro are translated into euros using the exchange rates prevailing at the balance sheet date. Income
and expense items are translated at the average exchange rates for the respective periods. Exchange
rate differences arising during consolidation and on the translation of investments in subsidiaries are
included in other comprehensive income and in equity, in the currency translation reserve.
Intercompany loans to and from foreign entities for which settlement is neither planned nor likely to
occur in the foreseeable future are considered to increase or decrease the net investment in that
foreign entity; therefore, the exchange rate differences relating to these loans are also included in other
comprehensive income and in equity, in the currency translation reserve.
On the disposal of a foreign operation resulting in loss of control, loss of joint control or loss of
significant influence, the related cumulative exchange rate difference that was included in equity is
transferred to the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzAvZnJhZzphZjUxZDQ2ZjFiNzc0M2VjYWRjMjA4MmZjMDg3NjY3MC90ZXh0cmVnaW9uOmFmNTFkNDZmMWI3NzQzZWNhZGMyMDgyZmMwODc2NjcwXzExNTQ0ODcyMTIyNTg0_96426df3-4925-40db-b90e-6462093f4232": {
"value": "
New accounting policies effective for 2022
The following amendments and revisions to existing standards became effective for Ahold Delhaize\u2019s
consolidated financial statements as of January 3, 2022:
\u00f3Amendments to IAS 16, \"Property, Plant and Equipment: Proceeds before Intended Use\"
\u00f3Amendments to IAS 37, \"Onerous Contracts Cost of Fulfilling a Contract\"
\u00f3Amendments to IFRS 3, \"Reference to the Conceptual Framework\"
\u00f3Annual improvements cycle 2018-2020, which included amendments to IFRS 1, \"First-time Adoption
of International Financial Reporting Standards,\" IFRS 9, \"Financial Instruments,\" IFRS 16, \"Leases\"
and IAS 41, \"Agriculture\"
These amendments have no impact on the Company\u2019s consolidated financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzAvZnJhZzphZjUxZDQ2ZjFiNzc0M2VjYWRjMjA4MmZjMDg3NjY3MC90ZXh0cmVnaW9uOmFmNTFkNDZmMWI3NzQzZWNhZGMyMDgyZmMwODc2NjcwXzExNTQ0ODcyMTI5MzUz_ec7b569e-8e3e-446a-a78b-5648f75c8450": {
"value": "
New accounting policies effective for 2022
The following amendments and revisions to existing standards became effective for Ahold Delhaize\u2019s
consolidated financial statements as of January 3, 2022:
\u00f3Amendments to IAS 16, \"Property, Plant and Equipment: Proceeds before Intended Use\"
\u00f3Amendments to IAS 37, \"Onerous Contracts Cost of Fulfilling a Contract\"
\u00f3Amendments to IFRS 3, \"Reference to the Conceptual Framework\"
\u00f3Annual improvements cycle 2018-2020, which included amendments to IFRS 1, \"First-time Adoption
of International Financial Reporting Standards,\" IFRS 9, \"Financial Instruments,\" IFRS 16, \"Leases\"
and IAS 41, \"Agriculture\"
These amendments have no impact on the Company\u2019s consolidated financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzMvZnJhZzowZjhiNjg0ZjhiZTI0ODhmOGY5NjQzZjI5ZDRkNWE5Yy90ZXh0cmVnaW9uOjBmOGI2ODRmOGJlMjQ4OGY4Zjk2NDNmMjlkNGQ1YTljXzYxMjM_c729e850-b0f8-484e-a8bc-f5a13cdeeaa6": {
"value": "
4 ACQUISITIONS
Ahold Delhaize completed the acquisition of Cycloon for a total purchase consideration of \u20ac43 million.
The provisional allocation of the fair values of the identifiable assets acquired, liabilities assumed, and
the goodwill arising from the acquisitions during 2022 is as follows:
| | | |
| | | |
Property, plant and equipment | | | |
| | | |
| | | |
Other non-current financial assets | | | |
| | | |
| | | |
| | | |
| | | |
Prepaid expenses and other current assets | | | |
Cash and cash equivalents | | | |
| | | |
| | | |
| | | |
| | | |
Other current financial liabilities | | | |
Other current liabilities | | | |
Net identifiable assets acquired | | | |
| | | |
Total purchase consideration | | | |
Deferred consideration payable \u2013 non-current | | | |
Settlement of deferred consideration payable | | | |
Purchase consideration settlement with other parties | | | |
Cash acquired (excluding restricted cash) | | | |
Acquisition of businesses, net of cash acquired | | | |
1Includes acquisition of two stores in Europe as well as measurement period adjustments recognized subsequent to the amounts
initially recognized and reported for other acquisitions in 2021.
4 ACQUISITIONS CONTINUED
Acquisition of Cycloon
On December 21, 2021, Ahold Delhaize announced that bol.com entered into a strategic alliance with
delivery expert Cycloon. The parties intend to jointly accelerate the growth of Cycloon and bol.com and
share the ambition to make delivery more sustainable and socially responsible.
The transaction closed on April 30, 2022. A majority stake (50% plus one share) was acquired by
bol.com, with an obligation to buy the remaining shares and become full owner in 2026. Ahold Delhaize
paid \u20ac15\u00a0million in cash and recognized \u20ac27\u00a0million in non-current deferred consideration payable
relating to the obligation to increase its shareholding to 100% in 2026.
The deferred consideration for acquiring the remaining shares is classified as \u201cOther long-term financial
liability\u201d and is subsequently measured at amortized cost pursuant to IFRS 9. The goodwill recognized
is attributable to the synergies expected from the combination of the operations of bol.com and
Cycloon. The goodwill from the acquisition of Cycloon is not deductible for tax purposes.
Since the acquisition, Cycloon has had an insignificant impact on net sales and net income in 2022.
| |
| Accounting estimates and judgments |
Intangible assets acquired in a business acquisition and the financial liability related to non-controlling
interest are measured at fair value at the date of the acquisition.
To determine the fair value of intangible assets at the acquisition date, estimates and assumptions are
required. The valuation of the identifiable intangible assets involves estimates of expected sales,
earnings and/or future cash flows and requires use of key assumptions such as discount rate, royalty
rate and growth rates.
The financial liability related to the non-controlling interest is subsequently measured at amortized cost.
The measurement of the financial liability involves estimates of the cash flows to settle the non-
controlling interest based on the most likely scenario of exercise of related call-and-put options.
The Company accounts for business combinations using the acquisition method when control is
transferred to the Group. The consideration transferred in the acquisition is generally measured at fair
value, as are the identifiable net assets acquired and the liabilities assumed. Transaction costs are
expensed as incurred. Any contingent consideration is measured at fair value at the acquisition date.
If\u00a0the contingent consideration is classified as equity, then it is not remeasured and settlement is
accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent
consideration are recognized in profit or\u00a0loss.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzMvZnJhZzowZjhiNjg0ZjhiZTI0ODhmOGY5NjQzZjI5ZDRkNWE5Yy90ZXh0cmVnaW9uOjBmOGI2ODRmOGJlMjQ4OGY4Zjk2NDNmMjlkNGQ1YTljXzYxMjE_0157d711-a671-4b5b-976f-65ee4af2352c": {
"value": "
The Company accounts for business combinations using the acquisition method when control is
transferred to the Group. The consideration transferred in the acquisition is generally measured at fair
value, as are the identifiable net assets acquired and the liabilities assumed. Transaction costs are
expensed as incurred. Any contingent consideration is measured at fair value at the acquisition date.
If\u00a0the contingent consideration is classified as equity, then it is not remeasured and settlement is
accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent
consideration are recognized in profit or\u00a0loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzYvZnJhZzo1YjM1ZGFhYzczZWI0M2FmYTJlYzZlNGM1YmZkNjQ0NC90ZXh0cmVnaW9uOjViMzVkYWFjNzNlYjQzYWZhMmVjNmU0YzViZmQ2NDQ0XzExNTQ0ODcyMDkzODU4_dded7b04-5b1b-49a5-a896-9e41a749a673": {
"value": "
5 ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED
OPERATIONS
Assets and liabilities held for sale
| | |
| | |
Non-current assets and disposal groups held for sale | | |
Total assets held for sale | | |
| |
| |
| Unconsolidated joint ventures JMR (49%) and Super Indo (51%) |
| Global Support Office staff (the Netherlands, Belgium, Switzerland and the United States) |
1Net sales are presented based on country of destination.
2Non-current assets include property, plant and equipment, right-of-use assets, investment property and intangible assets.
Additional segment information
Segment results do not include significant non-cash items other than depreciation, amortization,
reassessments, modifications and additions of right-of-use assets, impairment losses and reversals
and share-based compensation expenses.
Segment information joint ventures \u2013 Other retail (JMR and Super Indo)
The information with respect to JMR and Super Indo is presented in Note\u00a015. | |
| Accounting estimates and judgments |
Reportable segments
To define the reportable segments for Europe and the U.S., management has applied judgment in
determining the key economic characteristics to be assessed for similarities.
Impairments
For more information on the accounting estimates and judgment policies for impairments, see Note 11 The accounting policies used for the segments are the same as the accounting policies used for the
consolidated financial statements. Ahold Delhaize\u2019s operating segments are its retail operating
companies that engage in business activities from which they earn revenues and incur expenses, and
whose operating results are regularly reviewed by the Executive Committee to make decisions about
resources to be allocated to the segments and to assess their performance. In establishing the
reportable segments, certain operating segments with similar economic characteristics have been
aggregated. As Ahold Delhaize\u2019s operating segments offer similar products using complementary
business models, and there is no discernible difference in customer bases, Ahold Delhaize\u2019s policy on
aggregating its operating segments into reportable segments is based on geography, macro-economic
environment and management oversight.
The segments\u2019 performance is evaluated against several measures, of which operating income and
underlying operating income are the most important. Underlying operating income is regularly reviewed
by the Executive Committee and is defined as total operating income, adjusted for impairments of non-
current assets, gains and losses on the sale of assets, gains and losses on leases and subleases,
restructuring and related charges, and other items considered not to be directly related to the
underlying operating performance. Ahold Delhaize\u2019s management believes this measure provides
better insight into the underlying operating performance of the Company\u2019s operations. This alternative
performance measure should be considered in addition to, but not as substitute for, operating income.
Intersegment sales are executed under normal commercial terms and conditions that would also be
available to unrelated third parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
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"value": "86984000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzkvZnJhZzo0NjhlNWQ3MjA2NTY0NDcwOWJmNWNjYzkxYTk2NWRhZS90YWJsZToxODU4MDU0NmI5ZmU0NTQ4ODA4NGEwNjRiOTFjZTFjOS90YWJsZXJhbmdlOjE4NTgwNTQ2YjlmZTQ1NDg4MDg0YTA2NGI5MWNlMWM5XzMtNC0xLTEtMzM2MTI2_604533b3-c022-45e6-8b8f-ec42a16b9bb9": {
"value": "3768000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzkvZnJhZzo0NjhlNWQ3MjA2NTY0NDcwOWJmNWNjYzkxYTk2NWRhZS90YWJsZTpjNjdhYTc4NzVlNDk0MDVhYWI0ZjRkZjY1OGUzMTQzZS90YWJsZXJhbmdlOmM2N2FhNzg3NWU0OTQwNWFhYjRmNGRmNjU4ZTMxNDNlXzEtNC0xLTEtMzM2MTI2_3893d9d4-0802-404c-9c6e-f823d48a4f8b": {
"value": "75601000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzkvZnJhZzo0NjhlNWQ3MjA2NTY0NDcwOWJmNWNjYzkxYTk2NWRhZS90YWJsZTpjNjdhYTc4NzVlNDk0MDVhYWI0ZjRkZjY1OGUzMTQzZS90YWJsZXJhbmdlOmM2N2FhNzg3NWU0OTQwNWFhYjRmNGRmNjU4ZTMxNDNlXzMtNC0xLTEtMzM2MTI2_37e66074-b3f1-43c5-974b-fe1d38653f2c": {
"value": "3320000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zNzkvZnJhZzo0NjhlNWQ3MjA2NTY0NDcwOWJmNWNjYzkxYTk2NWRhZS90ZXh0cmVnaW9uOjQ2OGU1ZDcyMDY1NjQ0NzA5YmY1Y2NjOTFhOTY1ZGFlXzExNTQ0ODcyMTA4MzQz_e3be2661-2ed9-4b30-971a-a740c8028aee": {
"value": "
The accounting policies used for the segments are the same as the accounting policies used for the
consolidated financial statements. Ahold Delhaize\u2019s operating segments are its retail operating
companies that engage in business activities from which they earn revenues and incur expenses, and
whose operating results are regularly reviewed by the Executive Committee to make decisions about
resources to be allocated to the segments and to assess their performance. In establishing the
reportable segments, certain operating segments with similar economic characteristics have been
aggregated. As Ahold Delhaize\u2019s operating segments offer similar products using complementary
business models, and there is no discernible difference in customer bases, Ahold Delhaize\u2019s policy on
aggregating its operating segments into reportable segments is based on geography, macro-economic
environment and management oversight.
The segments\u2019 performance is evaluated against several measures, of which operating income and
underlying operating income are the most important. Underlying operating income is regularly reviewed
by the Executive Committee and is defined as total operating income, adjusted for impairments of non-
current assets, gains and losses on the sale of assets, gains and losses on leases and subleases,
restructuring and related charges, and other items considered not to be directly related to the
underlying operating performance. Ahold Delhaize\u2019s management believes this measure provides
better insight into the underlying operating performance of the Company\u2019s operations. This alternative
performance measure should be considered in addition to, but not as substitute for, operating income.
Intersegment sales are executed under normal commercial terms and conditions that would also be
available to unrelated third parties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODIvZnJhZzplYjE4NzI4MDRiNWQ0Y2U3YmRiYzljOGI2MWM5NTk1ZS90ZXh0cmVnaW9uOmViMTg3MjgwNGI1ZDRjZTdiZGJjOWM4YjYxYzk1OTVlXzExNTQ0ODcyMDk0OTk2_fe22b05d-7821-492a-8825-201cf57b177e": {
"value": "
7 NET SALES
| | |
| | |
| | |
Sales to and fees from franchisees and affiliates | | |
| | |
| | |
| | |
Sales by segment for 2022 are as follows:
| | | |
| | | |
| | | |
Sales to and fees from franchisees and affiliates | | | |
| | | |
| | | |
| | | |
Sales by segment for 2021 are as follows:
| | | |
| | | |
| | | |
Sales to and fees from franchisees and affiliates | | | |
| | | |
| | | |
| | | |
Net sales by product category are as follows:
| |
| Accounting estimates and judgments |
The recognition of revenue requires estimates regarding the timing of redemption of gift cards and
future discounts under bonus and loyalty programs. Consideration received from the customer upon
activation of a gift card is deferred until redemption or until the card expires, at which time the liability is
recognized as revenue. The Company estimates any gift card non-redemptions and recognizes such
breakage on a proportionate basis as redemptions occur.
Ahold Delhaize generates and recognizes net sales to retail customers as it satisfies its performance
obligation at the point of sale in its stores and upon delivery of goods through its online channel. The
Company also generates revenues from the sale of products to retail franchisees and affiliates that are
recognized upon delivery. Ahold Delhaize recognizes fees from franchisees and affiliates as revenue as
services are performed or the granted rights are used. Revenue from the sale of gift cards and gift
certificates is recognized when the gift card or gift certificate is redeemed by the retail customer. Future
discounts earned by customers in connection with bonus or loyalty cards and other Company-
sponsored programs are deferred on the balance sheet at the time of the sale and subsequently
recognized in the income statement when redeemed. When the Company expects that gift cards and
future discounts under bonus and loyalty programs will not be redeemed, the breakage that is able to
be estimated is recognized proportionately as revenue at the time that the Company\u2019s performance
obligations are satisfied (e.g., as customers redeem their award credits or purchase goods using gift
cards or vouchers).
Ahold Delhaize\u2019s sales activities do not result in the Company having a material amount of
unperformed obligations and, therefore, no contract assets are recognized separately from receivables.
The Company does enter into transactions with customers where contract liabilities result from
consideration being received from the customer prior to the Company satisfying its performance
obligations. These contract liabilities are presented on the balance sheet and in the notes as deferred
income and gift card liabilities; see Note 27. Generally, net sales and cost of sales are recorded based on the gross amount received from the
customer for products sold and the amount paid to the vendor for products purchased, excluding sales
taxes and value-added taxes. However, for certain products or services, such as sales through
bol.com\u2019s partner platform and the sale of lottery tickets, third-party prepaid phone cards, stamps and
public transportation tickets, Ahold Delhaize acts as an agent and, consequently, records the amount of
commission income in its net sales. Net sales also reflect the value of products sold to customers for
which the Company anticipates returns from customers, when such returns are considered to be
material. Currently, customer returns are only considered material with regards to Ahold Delhaize\u2019s
online general merchandise sales. Past customer return practices provide the basis for determining the
anticipated returns that the Company is exposed to at the balance sheet date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODIvZnJhZzplYjE4NzI4MDRiNWQ0Y2U3YmRiYzljOGI2MWM5NTk1ZS90ZXh0cmVnaW9uOmViMTg3MjgwNGI1ZDRjZTdiZGJjOWM4YjYxYzk1OTVlXzExNTQ0ODcyMDk1MDAw_702ba352-94f0-44d1-9af6-cf18eebe03c0": {
"value": "
7 NET SALES
| | |
| | |
| | |
Sales to and fees from franchisees and affiliates | | |
| | |
| | |
| | |
Sales by segment for 2022 are as follows:
| | | |
| | | |
| | | |
Sales to and fees from franchisees and affiliates | | | |
| | | |
| | | |
| | | |
Sales by segment for 2021 are as follows:
| | | |
| | | |
| | | |
Sales to and fees from franchisees and affiliates | | | |
| | | |
| | | |
| | | |
Net sales by product category are as follows:
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODIvZnJhZzplYjE4NzI4MDRiNWQ0Y2U3YmRiYzljOGI2MWM5NTk1ZS90YWJsZTo2ZjJiM2FmNTI3ZjM0OTM1ODMyZTAzMGMyY2UwNDZkMi90YWJsZXJhbmdlOjZmMmIzYWY1MjdmMzQ5MzU4MzJlMDMwYzJjZTA0NmQyXzYtMS0xLTEtMzM2MTI2_683f7b07-144a-4a70-af88-0476a2e4ebfc": {
"value": "86984000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODIvZnJhZzplYjE4NzI4MDRiNWQ0Y2U3YmRiYzljOGI2MWM5NTk1ZS90YWJsZTo2ZjJiM2FmNTI3ZjM0OTM1ODMyZTAzMGMyY2UwNDZkMi90YWJsZXJhbmdlOjZmMmIzYWY1MjdmMzQ5MzU4MzJlMDMwYzJjZTA0NmQyXzYtMi0xLTEtMzM2MTI2_3893d9d4-0802-404c-9c6e-f823d48a4f8b": {
"value": "75601000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODIvZnJhZzplYjE4NzI4MDRiNWQ0Y2U3YmRiYzljOGI2MWM5NTk1ZS90YWJsZTo5YjliZDkxYjY2NjM0NzUwODBhNmM4YTRlZmU4MmY2MS90YWJsZXJhbmdlOjliOWJkOTFiNjY2MzQ3NTA4MGE2YzhhNGVmZTgyZjYxXzUtMy0xLTEtMzM2MTI2_683f7b07-144a-4a70-af88-0476a2e4ebfc": {
"value": "86984000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODIvZnJhZzplYjE4NzI4MDRiNWQ0Y2U3YmRiYzljOGI2MWM5NTk1ZS90YWJsZTpkM2Q1ZmM2NTdhZTY0N2ZjOTVlNmI5MGQ4MDhhYjFiZi90YWJsZXJhbmdlOmQzZDVmYzY1N2FlNjQ3ZmM5NWU2YjkwZDgwOGFiMWJmXzUtMy0xLTEtMzM2MTI2_3893d9d4-0802-404c-9c6e-f823d48a4f8b": {
"value": "75601000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODIvZnJhZzplYjE4NzI4MDRiNWQ0Y2U3YmRiYzljOGI2MWM5NTk1ZS90ZXh0cmVnaW9uOmViMTg3MjgwNGI1ZDRjZTdiZGJjOWM4YjYxYzk1OTVlXzExNTQ0ODcyMDk0OTk3_581fd28a-906d-405d-9c44-d3cf14bdcaf0": {
"value": "
Ahold Delhaize generates and recognizes net sales to retail customers as it satisfies its performance
obligation at the point of sale in its stores and upon delivery of goods through its online channel. The
Company also generates revenues from the sale of products to retail franchisees and affiliates that are
recognized upon delivery. Ahold Delhaize recognizes fees from franchisees and affiliates as revenue as
services are performed or the granted rights are used. Revenue from the sale of gift cards and gift
certificates is recognized when the gift card or gift certificate is redeemed by the retail customer. Future
discounts earned by customers in connection with bonus or loyalty cards and other Company-
sponsored programs are deferred on the balance sheet at the time of the sale and subsequently
recognized in the income statement when redeemed. When the Company expects that gift cards and
future discounts under bonus and loyalty programs will not be redeemed, the breakage that is able to
be estimated is recognized proportionately as revenue at the time that the Company\u2019s performance
obligations are satisfied (e.g., as customers redeem their award credits or purchase goods using gift
cards or vouchers).
Ahold Delhaize\u2019s sales activities do not result in the Company having a material amount of
unperformed obligations and, therefore, no contract assets are recognized separately from receivables.
The Company does enter into transactions with customers where contract liabilities result from
consideration being received from the customer prior to the Company satisfying its performance
obligations. These contract liabilities are presented on the balance sheet and in the notes as deferred
income and gift card liabilities; see Note 27. Generally, net sales and cost of sales are recorded based on the gross amount received from the
customer for products sold and the amount paid to the vendor for products purchased, excluding sales
taxes and value-added taxes. However, for certain products or services, such as sales through
bol.com\u2019s partner platform and the sale of lottery tickets, third-party prepaid phone cards, stamps and
public transportation tickets, Ahold Delhaize acts as an agent and, consequently, records the amount of
commission income in its net sales. Net sales also reflect the value of products sold to customers for
which the Company anticipates returns from customers, when such returns are considered to be
material. Currently, customer returns are only considered material with regards to Ahold Delhaize\u2019s
online general merchandise sales. Past customer return practices provide the basis for determining the
anticipated returns that the Company is exposed to at the balance sheet date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODUvZnJhZzo3MTYwNDFkYjRiZGU0NTBlYjk5OGE4ZTg4MmZjMjk0Zi90ZXh0cmVnaW9uOjcxNjA0MWRiNGJkZTQ1MGViOTk4YThlODgyZmMyOTRmXzExNTQ0ODcyMTAyMzUz_1941a71a-56bd-4b8e-a7aa-61fda2a00119": {
"value": "
8 EXPENSES AND OTHER INCOME BY NATURE
Expenses by nature
The aggregate of cost of sales, selling expenses and general and administrative expenses is specified
by nature as follows:
| | |
| | |
| | |
| | |
Other operational expenses | | |
Depreciation and amortization | | |
| | |
Impairment losses and reversals \u2013 net | | |
(Gains) losses on leases and the sale of assets \u2013 net | | |
| | |
The increase in Impairment losses and reversals \u2013 net is mainly driven by impairments on Intangible
assets. For more information, see Note 14. Other income by nature
Other income is specified as follows:
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zODUvZnJhZzo3MTYwNDFkYjRiZGU0NTBlYjk5OGE4ZTg4MmZjMjk0Zi90ZXh0cmVnaW9uOjcxNjA0MWRiNGJkZTQ1MGViOTk4YThlODgyZmMyOTRmXzExNTQ0ODcyMTAyMzUy_dacff1be-1ae1-467f-bdef-0446f7cfb334": {
"value": "
Other income by nature
Other income is specified as follows:
Effective income tax rate on continuing operations
Ahold Delhaize\u2019s effective tax rate in its consolidated income statement differed from the Netherlands\u2019
statutory income tax rate of 25.8%. The following table reconciles the statutory income tax rate with the
effective income tax rate in the consolidated income statement:
| | |
| |
| | |
Income before income taxes | | |
Income tax expense at statutory tax rate | | |
Adjustments to arrive at effective income tax rate: | | |
Rate differential (local rates versus the statutory rate of the Netherlands) | | |
Deferred tax income (expense) related to recognition of deferred tax assets \u2013 net | | |
Non-taxable income (expense) | | |
| | |
| | |
| | |
| |
| | |
Income before income taxes | | |
Income tax expense at statutory tax rate | | |
Adjustments to arrive at effective income tax rate: | | |
Rate differential (local rates versus the statutory rate of the Netherlands) | | |
Deferred tax income (expense) related to recognition of deferred tax assets \u2013 net | | |
Non-taxable income (expense) | | |
| | |
| | |
The rate differential indicates the effect of Ahold Delhaize\u2019s taxable income being generated and taxed
in jurisdictions where tax rates differ from the statutory tax rate in the Netherlands.
Non-taxable income (expense) for 2022 includes a tax expense on non-deductible impairment in the
amount of \u20ac14 million.
Other includes discrete items, such as one-time transactions, movement in tax uncertain positions and
(state) tax rate changes impacting deferred tax in the balance sheet.
In December 2021, the OECD issued model rules for a new global minimum tax framework and several
countries, including the Netherlands, have announced the intention to bring these into effect in the
foreseeable future. While the overarching framework has been published, we are awaiting the
legislation and detailed guidance to assess the full implications.\u00a0
Income taxes on discontinued operations
Current and deferred income tax related to discontinued operations amounted to nil in 2022 (2021: nil).
10 INCOME TAXES CONTINUED
Deferred income tax
The significant components and annual movements of deferred income tax assets and liabilities as of January\u00a01, 2023, and January\u00a02, 2022, are as\u00a0follows:
| | | | | | | |
| | Recognized in income statement | | | Recognized in income statement | | |
| | | | | | | |
Pensions and other (post-)employment benefits | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total gross deductible temporary differences | | | | | | | |
Unrecognized deductible temporary differences | | | | | | | |
Total recognized deductible temporary differences | | | | | | | |
| | | | | | | |
Tax losses and tax credits | | | | | | | |
Unrecognized tax losses and tax credits | | | | | | | |
Total recognized tax losses and tax credits | | | | | | | |
| | | | | | | |
Total net deferred tax asset position | | | | | | | |
| | | | | | | |
Property, plant and equipment and intangible assets | | | | | | | |
| | | | | | | |
| | | | | | | |
Total deferred tax liabilities | | | | | | | |
Net deferred tax assets (liabilities) | | | | | | | |
The majority of the above-mentioned deferred tax assets relate to tax jurisdictions in which Ahold
Delhaize has suffered a tax loss in the current or a preceding period. Operating and capital loss
carryforwards related to one jurisdiction may not be used to offset income taxes in other jurisdictions.
Of the loss carryforwards, \u20ac916 million relates to U.S. state taxes, for which a weighted average tax
rate of 5.5% applies.
No deferred income taxes are recognized on undistributed earnings of Ahold Delhaize\u2019s subsidiaries
and joint ventures, as the undistributed earnings will not be distributed in the foreseeable future. The
cumulative amount of undistributed earnings on which the Group has not recognized deferred income
taxes was approximately \u20ac58 million at January\u00a01, 2023 (January\u00a02, 2022: \u20ac135 million).
Income taxes in equity and comprehensive income
Current and deferred income taxes recognized in and transferred from equity and comprehensive
income are as follows:
| | |
| | |
Remeasurement of pension plans | | |
Currency translation differences on loans | | |
| | |
| | |
| | |
| | |
Income taxes paid
The following table specifies the income taxes paid per country:
In 2021, tax payments in Belgium were impacted by a payment to the Belgian tax authorities for an
adjustment notice relating to the tax return over 2018. Ahold Delhaize decided that the basis to issue an
additional assessment of approximately \u20ac380 million is without any merit and, as such, the Company
recorded a receivable for the full paid amount. In 2022, no tax payments for Romania due to
overpayments in previous years. For more information, see the Taxes section in Note 34. 10 INCOME TAXES CONTINUED
| |
| Accounting estimates and judgments |
The ultimate tax effects of transactions may be uncertain for a considerable period of time, requiring
management to estimate the related current and deferred tax positions. The Company recognizes
liabilities for uncertain tax positions when it is probable that additional tax will be due or\u00a0recognizes
assets for uncertain tax positions when it is probable that the benefit will flow to the Company and the
benefit can be reliably measured. Probability is estimated using the Company\u2019s interpretation of
legislation and relevant case law and the Company assumes that the taxation authorities have full
knowledge of all facts and circumstances.
Management is required to make significant judgment in\u00a0determining whether deferred tax assets are
realizable. The Company determines this on the basis of expected taxable profits arising from the
reversal of recognized deferred tax liabilities and on the\u00a0basis of budgets, cash flow forecasts and
impairment models. The Company assesses and weighs all positive and negative evidence to support
this determination. Where utilization is not considered probable, deferred tax assets are not recognized
in the balance sheet.
Income tax expense represents the sum of current and deferred tax. Income tax is recognized in the
income statement except to the extent that it relates to items recognized directly in equity or other
comprehensive income. Current tax expense is based on the best estimate of taxable income for the
year, using tax rates that have been enacted or substantively enacted at the balance sheet date and
adjustments for current taxes payable (receivable) for prior years. Deferred tax is the tax expected to
be payable or recoverable on differences between the carrying amounts of assets and liabilities and the
corresponding tax basis used in the computation of taxable income. Deferred tax assets and liabilities
are generally recognized for all temporary differences. However, deferred tax liabilities are not
recognized if they arise from the initial recognition of goodwill. Deferred income tax is not accounted for
if it arises from the initial recognition of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively
enacted by the end of the reporting period and are expected to apply when the related deferred income
tax asset is realized or the deferred income tax liability is settled.
Deferred tax assets, including deferred tax assets for tax loss carryforward positions and tax credit
carryforward positions, are recognized to the extent that it is probable that future taxable income will be
available against which temporary differences, unused tax losses or unused tax credits can be utilized.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable income will be available to allow all or part of
the assets to be recovered.
Deferred tax assets and liabilities are not discounted. Deferred income tax assets and liabilities are
offset on the balance sheet when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate to income taxes levied by the same
fiscal authority. Current income tax assets and liabilities are offset on the balance sheet when there is a
legally enforceable right to offset and when the Company intends either to settle on a net basis or to
realize the asset and settle the liability simultaneously.
The ultimate tax effects of some transactions can be uncertain for a considerable period of time,
requiring management to estimate the related current and deferred tax positions. The Company
recognizes liabilities for uncertain tax positions when it is probable that additional taxes will be due
or\u00a0recognizes assets for uncertain tax positions when it is probable that the benefit will flow to the
Company and the benefit can be reliably measured. To measure the liability for the uncertain tax
position, management determines whether uncertainties need to be considered separately or together
based on which approach better predicts the resolution of the uncertainty. The Company also
recognizes the liability for either the most likely amount or the expected value (probability weighted
average), depending on which method it expects to better predict the resolution.
These liabilities are presented as current income taxes payable, except in jurisdictions where prior tax
losses are being carried forward to be used to offset future taxes that will be due; in these instances,
the liabilities are presented as a reduction of deferred tax assets. Interest accrued on uncertain tax
positions is considered to be a financial expense of the Company. Any other adjustments to uncertain
tax position liabilities are recognized within income tax expense.
A (voluntary) tax payment of a disputed amount to the tax authority meets the definition of an asset and
is recognized as a current or non-current income tax receivable, depending on the timing of the
expected resolution. The payment is an asset for the Company because it will either be refunded by the
tax authority or be used to settle the tax liability arising from the resolution of the dispute.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTEvZnJhZzpiYWNjYjA4MDE5OTg0ZGQ3YTIzNmM4MWRjODY4M2MwZi90YWJsZTo2OGI4YWU4MWVhMGU0NTAxYTYyYzQ4OThmZmJmM2I2Yy90YWJsZXJhbmdlOjY4YjhhZTgxZWEwZTQ1MDFhNjJjNDg5OGZmYmYzYjZjXzE0LTEtMS0xLTMzNjEyNg_295384b7-a8a7-4dfa-bde1-7bd78c17fe5a": {
"value": "714000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTEvZnJhZzpiYWNjYjA4MDE5OTg0ZGQ3YTIzNmM4MWRjODY4M2MwZi90YWJsZTo2OGI4YWU4MWVhMGU0NTAxYTYyYzQ4OThmZmJmM2I2Yy90YWJsZXJhbmdlOjY4YjhhZTgxZWEwZTQ1MDFhNjJjNDg5OGZmYmYzYjZjXzE0LTItMS0xLTMzNjEyNg_4d8ee8e0-f573-4ebb-9b22-f03e51e09d0d": {
"value": "591000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTEvZnJhZzpiYWNjYjA4MDE5OTg0ZGQ3YTIzNmM4MWRjODY4M2MwZi90YWJsZTo3NTZjYjIzMmQ2ZTY0ZDljOTM0ZDM0ZTU3ZTM4MGI5MC90YWJsZXJhbmdlOjc1NmNiMjMyZDZlNjRkOWM5MzRkMzRlNTdlMzgwYjkwXzItMS0xLTEtMzM2MTI2_1a717521-31cd-4312-9272-5ba5d6e3332c": {
"value": "3216000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTEvZnJhZzpiYWNjYjA4MDE5OTg0ZGQ3YTIzNmM4MWRjODY4M2MwZi90YWJsZTo3NTZjYjIzMmQ2ZTY0ZDljOTM0ZDM0ZTU3ZTM4MGI5MC90YWJsZXJhbmdlOjc1NmNiMjMyZDZlNjRkOWM5MzRkMzRlNTdlMzgwYjkwXzEyLTEtMS0xLTMzNjEyNg_295384b7-a8a7-4dfa-bde1-7bd78c17fe5a": {
"value": "714000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTEvZnJhZzpiYWNjYjA4MDE5OTg0ZGQ3YTIzNmM4MWRjODY4M2MwZi90YWJsZToyMzg3NjAwOGJmMDk0MWE4YmMxNzM2YjNmZGI0MjYzOC90YWJsZXJhbmdlOjIzODc2MDA4YmYwOTQxYThiYzE3MzZiM2ZkYjQyNjM4XzItMS0xLTEtMzM2MTI2_4eed4d4a-d06d-4cea-a46b-55f311405a88": {
"value": "2803000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTEvZnJhZzpiYWNjYjA4MDE5OTg0ZGQ3YTIzNmM4MWRjODY4M2MwZi90YWJsZToyMzg3NjAwOGJmMDk0MWE4YmMxNzM2YjNmZGI0MjYzOC90YWJsZXJhbmdlOjIzODc2MDA4YmYwOTQxYThiYzE3MzZiM2ZkYjQyNjM4XzEyLTEtMS0xLTMzNjEyNg_4d8ee8e0-f573-4ebb-9b22-f03e51e09d0d": {
"value": "591000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTEvZnJhZzpiYWNjYjA4MDE5OTg0ZGQ3YTIzNmM4MWRjODY4M2MwZi90ZXh0cmVnaW9uOmJhY2NiMDgwMTk5ODRkZDdhMjM2YzgxZGM4NjgzYzBmXzExNTQ0ODcyMTAyMjk1_3fa2b4ea-6572-4683-83f5-cda37827e99b": {
"value": "
Deferred income tax
The significant components and annual movements of deferred income tax assets and liabilities as of January\u00a01, 2023, and January\u00a02, 2022, are as\u00a0follows:
| | | | | | | |
| | Recognized in income statement | | | Recognized in income statement | | |
| | | | | | | |
Pensions and other (post-)employment benefits | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total gross deductible temporary differences | | | | | | | |
Unrecognized deductible temporary differences | | | | | | | |
Total recognized deductible temporary differences | | | | | | | |
| | | | | | | |
Tax losses and tax credits | | | | | | | |
Unrecognized tax losses and tax credits | | | | | | | |
Total recognized tax losses and tax credits | | | | | | | |
| | | | | | | |
Total net deferred tax asset position | | | | | | | |
| | | | | | | |
Property, plant and equipment and intangible assets | | | | | | | |
| | | | | | | |
| | | | | | | |
Total deferred tax liabilities | | | | | | | |
Net deferred tax assets (liabilities) | | | | | | | |
Buildings and land includes stores, distribution centers (DCs), warehouses and improvements to these
assets. Other property, plant and equipment mainly consists of furnishings, machinery and equipment,
trucks, trailers and other vehicles. Assets under construction mainly consists of stores and
improvements to stores and furnishings, machinery and equipment.
The higher of the value in use or fair value less cost of disposal represents an asset\u2019s recoverable
amount. The value-in-use method involves estimating future cash flows. The present value of estimated
future cash flows has been calculated using pre-tax discount rates ranging between 6.2% and 13.5%
(2021: 5.9%-12.0%). Fair value represents the price that would be received to sell an asset in an
orderly transaction between market participants and is generally measured by using an income
approach or a market approach. The income approach is generally applied by using discounted cash
flow projections based on the assets\u2019 highest and best use from a market participants\u2019 perspective. The
market approach requires the comparison of the subject assets to transactions involving comparable
assets by using inputs such as bid or ask prices or market multiples.
In 2022, Ahold Delhaize recognized net impairment losses of \u20ac39\u00a0million for property, plant and
equipment (2021: \u20ac37\u00a0million). These were related to The United States (2022: \u20ac22\u00a0million, 2021:
\u20ac28\u00a0million) and Europe (2022: \u20ac17\u00a0million, 2021: \u20ac9\u00a0million) and were recognized mainly for
underperforming and closed stores.
The additions to property, plant and equipment include capitalized borrowing costs of \u20ac2\u00a0million (2021:
\u20ac5\u00a0million). Generally, the capitalization rate used to determine the amount of capitalized borrowing
costs is a weighted average of the interest rate applicable to the respective operating companies. This
rate ranged between 2.7% and 7.7% (2021: 2.4%-6.5%).
Other movements mainly includes transfers between asset classes and transfers between property,
plant and equipment, investment property and intangible assets.
The carrying amount of buildings and land includes amounts related to assets held under financings of
\u20ac108\u00a0million (January\u00a02, 2022: \u20ac109\u00a0million). Ahold Delhaize does not have legal title to these assets.
Company-owned property, plant and equipment with a carrying amount of \u20ac309\u00a0million (January\u00a02,
2022: \u20ac352\u00a0million) has been pledged as security for liabilities, mainly for loans. Included in this amount
as of January 1, 2023, is FreshDirect\u2019s building with a carrying value of \u20ac247\u00a0million (January\u00a02, 2022:
building and machinery and equipment of \u20ac276\u00a0million) pledged as security for loans.
| |
| Accounting estimates and judgments |
Judgments are required, to determine not only whether there is an indication that an asset may be
impaired, but also whether indications exist that impairment losses previously recognized may no
longer exist or may have decreased (impairment reversal). After indications of impairment have been
identified, estimates and assumptions are used in the determination of the recoverable amount of a
non-current asset. These involve estimates of expected future cash flows (based on future growth rates
and remaining useful life) and residual value assumptions, as well as discount rates to calculate the
present value of the future cash flows.
11 PROPERTY, PLANT AND EQUIPMENT CONTINUED
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition or
construction of an asset and borrowing costs incurred during construction. Where applicable, estimated
asset retirement costs are added to the cost of an asset. Subsequent expenditures are capitalized only
when it is probable that future economic benefits associated with the item will flow to the Company and
the costs can be measured reliably. All other subsequent expenditures represent repairs and
maintenance and are expensed as incurred.
Depreciation is computed using the straight-line method based on the estimated useful lives of the
items of property, plant and equipment, taking into account the estimated residual value. Where an item
of property, plant and equipment comprises major components having different useful lives, each such
part is depreciated separately.
The ranges of estimated useful lives of property, plant and equipment are:
| |
| |
| |
Certain structural components of buildings | |
Finish components of buildings | |
| |
| |
The useful lives, depreciation method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate.
Depreciation of leasehold improvements is calculated on a straight-line basis over either the lease term
(including renewal periods when renewal is reasonably assured) or the estimated useful life of the
asset, whichever is shorter.
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current assets
may be impaired. If indicators of impairment exist, the Company estimates the recoverable amount of
the asset. If it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the CGU to which it belongs. Individual stores are considered
separate CGUs for impairment testing purposes. The carrying value of the store includes mainly its
property, plant and equipment and right-of-use assets (if held under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s value
in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. The estimated future cash flows exclude lease payments if the cash-
generating unit is held under a lease arrangement, but include a replacement CapEx if needed to
maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount.
In subsequent years, Ahold Delhaize assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and, if
required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized only if
it arises from a change in the assumptions that were used to calculate the recoverable amount. The
increase in an asset\u2019s carrying amount due to an impairment reversal is limited to the depreciated
amount that would have been recognized had the original impairment not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes with
adverse effects in the technological, market, economic or legal environment in which the company
operates that have taken place during the period (or will take place in the near future). Transitioning to
a lower-carbon economy may trigger such adverse effects. Therefore, Ahold Delhaize also considers
the impact of climate change in assessing whether assets may be impaired or whether the useful life of
assets needs to be shortened due to early replacement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTQvZnJhZzowNGNhODJhODA3NmE0MzJiODhhZTFhMmQzYzM4OGVlMC90ZXh0cmVnaW9uOjA0Y2E4MmE4MDc2YTQzMmI4OGFlMWEyZDNjMzg4ZWUwXzExNTQ0ODcyMDk5MDc3_0f989f0c-1f1e-4661-ba2a-cd59028f8cdc": {
"value": "
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition or
construction of an asset and borrowing costs incurred during construction. Where applicable, estimated
asset retirement costs are added to the cost of an asset. Subsequent expenditures are capitalized only
when it is probable that future economic benefits associated with the item will flow to the Company and
the costs can be measured reliably. All other subsequent expenditures represent repairs and
maintenance and are expensed as incurred.
Depreciation is computed using the straight-line method based on the estimated useful lives of the
items of property, plant and equipment, taking into account the estimated residual value. Where an item
of property, plant and equipment comprises major components having different useful lives, each such
part is depreciated separately.
The ranges of estimated useful lives of property, plant and equipment are:
| |
| |
| |
Certain structural components of buildings | |
Finish components of buildings | |
| |
| |
The useful lives, depreciation method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate.
Depreciation of leasehold improvements is calculated on a straight-line basis over either the lease term
(including renewal periods when renewal is reasonably assured) or the estimated useful life of the
asset, whichever is shorter.
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current assets
may be impaired. If indicators of impairment exist, the Company estimates the recoverable amount of
the asset. If it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the CGU to which it belongs. Individual stores are considered
separate CGUs for impairment testing purposes. The carrying value of the store includes mainly its
property, plant and equipment and right-of-use assets (if held under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s value
in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. The estimated future cash flows exclude lease payments if the cash-
generating unit is held under a lease arrangement, but include a replacement CapEx if needed to
maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount.
In subsequent years, Ahold Delhaize assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and, if
required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized only if
it arises from a change in the assumptions that were used to calculate the recoverable amount. The
increase in an asset\u2019s carrying amount due to an impairment reversal is limited to the depreciated
amount that would have been recognized had the original impairment not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes with
adverse effects in the technological, market, economic or legal environment in which the company
operates that have taken place during the period (or will take place in the near future). Transitioning to
a lower-carbon economy may trigger such adverse effects. Therefore, Ahold Delhaize also considers
the impact of climate change in assessing whether assets may be impaired or whether the useful life of
assets needs to be shortened due to early replacement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTQvZnJhZzowNGNhODJhODA3NmE0MzJiODhhZTFhMmQzYzM4OGVlMC90ZXh0cmVnaW9uOjA0Y2E4MmE4MDc2YTQzMmI4OGFlMWEyZDNjMzg4ZWUwXzExNTQ0ODcyMDk5MTQ5_08767dc8-ee13-4932-b32a-4d99e2c6b3ab": {
"value": "
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition or
construction of an asset and borrowing costs incurred during construction. Where applicable, estimated
asset retirement costs are added to the cost of an asset. Subsequent expenditures are capitalized only
when it is probable that future economic benefits associated with the item will flow to the Company and
the costs can be measured reliably. All other subsequent expenditures represent repairs and
maintenance and are expensed as incurred.
Depreciation is computed using the straight-line method based on the estimated useful lives of the
items of property, plant and equipment, taking into account the estimated residual value. Where an item
of property, plant and equipment comprises major components having different useful lives, each such
part is depreciated separately.
The ranges of estimated useful lives of property, plant and equipment are:
| |
| |
| |
Certain structural components of buildings | |
Finish components of buildings | |
| |
| |
The useful lives, depreciation method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate.
Depreciation of leasehold improvements is calculated on a straight-line basis over either the lease term
(including renewal periods when renewal is reasonably assured) or the estimated useful life of the
asset, whichever is shorter.
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost less
accumulated amortization and impairment losses. Intangible assets acquired in a business combination
are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions are
stated at fair value determined using an income approach. Direct costs related to the development of
software for internal use are capitalized only if the costs can be measured reliably, technological
feasibility has been established, future economic benefits are probable, and the Company intends to
complete development and use the software. All other costs, including all overhead, general and
administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives, which are as
follows:
| |
| |
| |
| |
| |
Franchise and affiliate relationships | |
| |
The useful lives, amortization method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate. Brand names, intangible assets under development and other intangible assets
with indefinite lives are assessed for impairment annually or whenever there is an indication that the
asset may be impaired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTQvZnJhZzowNGNhODJhODA3NmE0MzJiODhhZTFhMmQzYzM4OGVlMC90ZXh0cmVnaW9uOjA0Y2E4MmE4MDc2YTQzMmI4OGFlMWEyZDNjMzg4ZWUwXzQ1NjI5NzMyNTYwNTE1_bd2dc845-4b6b-4a61-b0c0-6adeab517d46": {
"value": "
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition or
construction of an asset and borrowing costs incurred during construction. Where applicable, estimated
asset retirement costs are added to the cost of an asset. Subsequent expenditures are capitalized only
when it is probable that future economic benefits associated with the item will flow to the Company and
the costs can be measured reliably. All other subsequent expenditures represent repairs and
maintenance and are expensed as incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTQvZnJhZzowNGNhODJhODA3NmE0MzJiODhhZTFhMmQzYzM4OGVlMC90ZXh0cmVnaW9uOjA0Y2E4MmE4MDc2YTQzMmI4OGFlMWEyZDNjMzg4ZWUwXzExNTQ0ODcyMDk5MTUw_2c11030b-3452-43f2-af67-c93dcbe6f311": {
"value": "
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current assets
may be impaired. If indicators of impairment exist, the Company estimates the recoverable amount of
the asset. If it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the CGU to which it belongs. Individual stores are considered
separate CGUs for impairment testing purposes. The carrying value of the store includes mainly its
property, plant and equipment and right-of-use assets (if held under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s value
in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. The estimated future cash flows exclude lease payments if the cash-
generating unit is held under a lease arrangement, but include a replacement CapEx if needed to
maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount.
In subsequent years, Ahold Delhaize assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and, if
required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized only if
it arises from a change in the assumptions that were used to calculate the recoverable amount. The
increase in an asset\u2019s carrying amount due to an impairment reversal is limited to the depreciated
amount that would have been recognized had the original impairment not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes with
adverse effects in the technological, market, economic or legal environment in which the company
operates that have taken place during the period (or will take place in the near future). Transitioning to
a lower-carbon economy may trigger such adverse effects. Therefore, Ahold Delhaize also considers
the impact of climate change in assessing whether assets may be impaired or whether the useful life of
assets needs to be shortened due to early replacement.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups of CGUs)
that is expected to benefit from the synergies of a business combination. Goodwill is allocated to a
CGU (or group of CGUs) representing the lowest level within the Company at which the goodwill is
monitored for internal management purposes and is never larger than an operating segment before
aggregation. CGUs to which goodwill has been allocated are tested for impairment annually or more
frequently when there is an indication that the CGU may be impaired. Goodwill on acquisitions of joint
ventures and associates is assessed for impairment as part of the investment whenever there is an
indication that the investment may be impaired. An impairment loss is recognized for the amount by
which the CGU\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of a CGU\u2019s fair value less costs of disposal or its value in use. An impairment loss is allocated
first to reduce the carrying amount of the goodwill and then to\u00a0the other assets of the CGU pro rata on
the basis of the carrying amount of each asset. An impairment loss recognized for goodwill is not
reversed in subsequent periods.
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that a financial
asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit
losses for financial assets measured at either amortized costs or at fair value through other
comprehensive income. If, at the reporting date, the credit risk on a financial instrument has not
increased significantly since initial recognition, the Company measures the loss allowance for the
financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date,
the credit risk on a financial instrument has increased significantly since initial recognition, the
Company measures the loss allowance for the financial instrument at an amount equal to the lifetime-
expected credit losses. The Company always measures the loss allowance at an amount equal to
lifetime-expected credit losses for trade receivables, contract assets and lease receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTQvZnJhZzowNGNhODJhODA3NmE0MzJiODhhZTFhMmQzYzM4OGVlMC90ZXh0cmVnaW9uOjA0Y2E4MmE4MDc2YTQzMmI4OGFlMWEyZDNjMzg4ZWUwXzExNTQ0ODcyMDk5MTUw_40b5b4a3-d125-49f8-8f07-f3b99147f8a8": {
"value": "
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current assets
may be impaired. If indicators of impairment exist, the Company estimates the recoverable amount of
the asset. If it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the CGU to which it belongs. Individual stores are considered
separate CGUs for impairment testing purposes. The carrying value of the store includes mainly its
property, plant and equipment and right-of-use assets (if held under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s value
in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. The estimated future cash flows exclude lease payments if the cash-
generating unit is held under a lease arrangement, but include a replacement CapEx if needed to
maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount.
In subsequent years, Ahold Delhaize assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and, if
required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized only if
it arises from a change in the assumptions that were used to calculate the recoverable amount. The
increase in an asset\u2019s carrying amount due to an impairment reversal is limited to the depreciated
amount that would have been recognized had the original impairment not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes with
adverse effects in the technological, market, economic or legal environment in which the company
operates that have taken place during the period (or will take place in the near future). Transitioning to
a lower-carbon economy may trigger such adverse effects. Therefore, Ahold Delhaize also considers
the impact of climate change in assessing whether assets may be impaired or whether the useful life of
assets needs to be shortened due to early replacement.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups of CGUs)
that is expected to benefit from the synergies of a business combination. Goodwill is allocated to a
CGU (or group of CGUs) representing the lowest level within the Company at which the goodwill is
monitored for internal management purposes and is never larger than an operating segment before
aggregation. CGUs to which goodwill has been allocated are tested for impairment annually or more
frequently when there is an indication that the CGU may be impaired. Goodwill on acquisitions of joint
ventures and associates is assessed for impairment as part of the investment whenever there is an
indication that the investment may be impaired. An impairment loss is recognized for the amount by
which the CGU\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of a CGU\u2019s fair value less costs of disposal or its value in use. An impairment loss is allocated
first to reduce the carrying amount of the goodwill and then to\u00a0the other assets of the CGU pro rata on
the basis of the carrying amount of each asset. An impairment loss recognized for goodwill is not
reversed in subsequent periods.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF8zOTcvZnJhZzpiNmYyYzIxMzg1YzM0NTBlYjZkMGU4MzhmYjRhODY3Ni90ZXh0cmVnaW9uOmI2ZjJjMjEzODVjMzQ1MGViNmQwZTgzOGZiNGE4Njc2XzExNTQ0ODcyMDkyMTgx_67f585ed-182a-4bb3-bfce-2dc114364504": {
"value": "
12 RIGHT-OF-USE ASSET
| | | |
| | | |
|
Carrying amount as of January 3, 2021 | | | |
| | | |
Year ended January 2, 2022 | | | |
| | | |
Reassessments and modifications to leases | | | |
Acquisitions through business combinations | | | |
| | | |
| | | |
| | | |
Transfer (to) from right-of-use assets \u2013 investment property | | | |
Reclassifications (to) from net investment in leases | | | |
Exchange rate differences | | | |
Carrying amount as of January 2, 2022 | | | |
| | | |
Year ended January 1, 2023 | | | |
| | | |
Reassessments and modifications to leases | | | |
Acquisitions through business combinations | | | |
| | | |
| | | |
| | | |
Transfer (to) from right-of-use assets \u2013 investment property | | | |
Reclassifications (to) from net investment in leases | | | |
Exchange rate differences | | | |
Carrying amount as of January 1, 2023 | | | |
Buildings and land includes stores, DCs and warehouses. Other mainly consists of furnishings,
machinery and equipment and vehicles. Right-of-use assets that meet the criteria of an investment
property are included in Note 13. For more information on leases, see Note 33. 33 LEASES
Ahold Delhaize as lessee
Ahold Delhaize leases a significant number of its stores, as well as DCs, warehouses, offices and other
assets, under lease arrangements. Leases of retail stores typically run for periods of 10 to 20 years,
and warehouses and DCs for 10 years.
The Company also leases equipment, mainly IT equipment, with average contract terms of four years.
The majority of these are short-term leases and/or leases of low-value assets, and the Company has
elected not to recognize right-of-use assets and lease liabilities for these leases. The Company expects
the expenses incurred for short-term leases and leases of low-value assets to remain broadly
consistent in future years.
Right-of-use assets
See Note 12 and Note 13 for more information on the right-of-use assets. Lease liabilities
The following table summarizes the expected maturity profile of the Company\u2019s lease liabilities as
presented in Note 23 (non-current portion) and Note 26 (current portion) as of January\u00a01, 2023, and January\u00a02, 2022, respectively, based on the undiscounted payments.
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total undiscounted lease payments | | |
| | |
Lease liabilities included in the balance sheet | | |
| | |
| | |
General
Leases are managed by local management and, accordingly, lease terms are negotiated on an
individual basis and contain a wide range of different terms and conditions. The terms and conditions of
real estate leases include, among others, extension and termination options as well as (additional)
variable payments. A large proportion of the real estate leases also provide for lease payment
increases that are based on changes in local price indices, which are generally determined annually.
Lease liabilities are remeasured to reflect those revised lease payments only when there is a change in
the cash flows.
The Company does not have leases with significant guaranteed residual values or purchase options.
None of Ahold Delhaize\u2019s leases impose restrictions on the Company\u2019s ability to pay dividends, incur
additional debt or enter into additional leasing arrangements.
Extension and termination options
Extension and termination options are included in a large number of real estate leases across the
Company.\u00a0The majority of extension and termination options held are exercisable only by the Company
and not by the respective lessor.
As of January\u00a01, 2023, potential uncommitted future cash outflows of an estimated \u20ac39\u00a0billion
(undiscounted) (2021: \u20ac36\u00a0billion) have not been included in the lease liability (and right-of-use asset)
because it is not reasonably certain that the leases will be extended (or not terminated).
During the current financial year, an amount of \u20ac1,030\u00a0million (2021: \u20ac1,020\u00a0million) has been recorded
as a net increase in the right-of-use assets due to reassessments and modifications of leases, which
include, among others, the effect of exercising extension and termination options and changes in lease
payments due to inflation-related increases.
33 LEASES CONTINUED
The table below summarizes the rate of exercise of termination options.
| | | |
| Number of contracts with termination options exercisable as of January 1, 2023 Number of leases | Number of contracts with termination options not exercised or not considered reasonably certain to be exercised as of January 1, 2023 Number of leases | Number of contracts with termination options exercised or considered reasonably certain to be exercised as of January 1, 2023 Number of leases |
| | | |
In countries like Greece, Romania and Serbia, it is general practice to be able to terminate contracts,
subject to a notice period. A large portion of the termination options listed above relates to vehicle
leases in Greece, Romania and Serbia.
In Belgium, real estate leases normally have an initial term of 27 years, but the lessee has the right, by
law, to terminate the lease every three years. In practice, contracts are therefore recorded in the real
estate system as having a 27-year term with termination options every three years. These termination
options are then assessed as part of the determination of the lease term, which is normally established
as nine years.
In other countries, limited to no termination options are in place.
Variable payments
Variable payment terms are used for a variety of reasons, including minimizing the fixed cost base for
newly established stores or for reasons of margin control and operational flexibility. Variable lease
payment terms vary widely across the Company:
\u00f3The majority of variable payment terms are based on a range of percentages of store sales.
Percentages vary per contract and generally range between 1% and 6% of net sales of the applicable
store.
\u00f3Some variable payment terms include minimum rent clauses.
Variable lease payments that depend on sales are recognized in profit or loss in the period in which the
condition that triggers those payments occurs. The overall financial effect of using variable payment
terms is that higher rental costs are incurred by stores with higher sales. \u00a0
The Company expects the amount of variable rental payments to remain broadly consistent in
future\u00a0years.
Commitment for leases not yet commenced
In addition to the leases included on the balance sheet, Ahold Delhaize has signed lease
agreements\u00a0for properties under development of which it has not yet taken possession. The future
undiscounted lease payments for these agreements amount to approximately \u20ac1,334\u00a0million (2021:
\u20ac1,311\u00a0million). The\u00a02022 and 2021 numbers mainly relate to an investing commitment of
approximately $1 billion to transform and expand the supply chain operations on the U.S. East Coast.
Sale and leaseback transactions
There have been no significant sale and leaseback transactions in 2022 and 2021. In 2022, the gain on
sale and leaseback transactions of \u20ac1\u00a0million was mainly the result of transactions in the Czech
Republic. In 2021, the gain on sale and leaseback transactions of \u20ac7\u00a0million was the result of
transactions in Belgium, the Czech Republic and the Netherlands.
Amounts recognized in the income statement
| | |
| | |
Variable lease payments not included in the measurement of lease liabilities | | |
Expenses related to short-term leases | | |
Expenses relating to leases of low-value assets that are not shown above as short-term leases | | |
| | |
| | |
Depreciation charge for right-of-use assets | | |
Interest accretion to lease liability | | |
Gains (losses) on sale and leaseback transactions | | |
Income from subleasing right-of-use assets | | |
During 2022, net impairments of \u20ac2\u00a0million (2021: \u20ac3\u00a0million) on right-of-use assets (excluding
investment properties) and \u20ac(1)\u00a0million (2021: nil) on investment property right-of-use assets were
recorded. These impairments mainly relate to buildings leased. No impairments were recognized as a
result of COVID-19. Ahold Delhaize did not apply for rent concessions and did not receive material rent
concessions.
Amounts recognized in the cash flow statement
| | |
| | |
Total cash outflow for leases | | |
Finance leases
Net investment in leases
| | |
| | |
As of the beginning of the year | | |
| | |
| | |
Carrying amount at the beginning of the year | | |
| | |
| | |
Acquisitions through business combinations | | |
| | |
Impairment losses and reversals \u2013 net | | |
| | |
Reassessments and modifications | | |
Reclassifications (to) from right-of-use assets | | |
Exchange rate differences | | |
| | |
| | |
As of the end of the year | | |
| | |
| | |
Carrying amount at the end of the year | | |
The following table sets out the maturity analysis of lease receivables, showing the undiscounted lease
payments to be received after the reporting date:
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total undiscounted lease payments receivable | | |
| | |
Total discounted lease payments receivable | | |
Cumulative impairment losses | | |
| | |
Unguaranteed residual value | | |
| | |
Lease receivables are principally for real estate. Terms range primarily from five to 12 years.
There are no significant changes in the provision for impairment.
The Company, as lessor, manages risks associated with rights retained in the underlying assets mainly
by screening lessees for creditworthiness prior to entering into the lease agreement and following up on
outstanding lease payments as part of debtor management. In addition, lease contracts generally
include terms about rights in case of delinquency and default. Lease contracts rarely include residual
value guarantees.
Amounts recognized in the income statement
| | |
| | |
| | |
Rent income relating to fixed payments on operating leases | | |
Rent income relating to variable payments on operating leases | | |
| | |
| | |
| | |
Interest income on net investment in leases | | |
No significant rent concessions were provided by Ahold Delhaize and no rent concessions were
recognized as a result of COVID-19.
33 LEASES CONTINUED
| |
| Accounting estimates and judgments |
Where the Company is the lessee, management is required to make judgments about whether an
arrangement contains a lease, the lease term and the appropriate discount rate to calculate the present
value of the lease payments.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
readily determined, which is generally the case for leases entered into by the Company as lessee,
management uses the incremental borrowing rate, being the rate that the Company would have to pay
to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar
economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Company uses a build-up approach that starts with a
risk-free interest rate adjusted for credit risk for leases held by the Company and makes adjustments
specific to the lease, for example related to term, country, currency and security. On a quarterly basis,
the Company calculates incremental borrowing rates for each country, broken down into buckets of
duration and underlying asset leased.
In determining the lease term, management considers all facts and circumstances that create an
economic incentive to exercise an extension option, or not to exercise a termination option. Extension
options (or periods after termination options) are only included in the lease term if it is reasonably
certain that the lease will be extended (or not terminated) and, as such, included within lease liabilities.
For leases of stores, DCs and warehouses, the following factors are normally the most relevant:
\u00f3If any leasehold improvements are expected to have a significant remaining value, the Company is
typically reasonably certain to extend (or not terminate).
\u00f3If there are significant penalties to terminate (or not extend), the Company is typically reasonably
certain to extend (or not terminate).
\u00f3Otherwise, the Company considers other factors, including historical lease durations and the costs
and business disruption required to replace the leased asset.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Company
becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only
revised if a significant event or a significant change in circumstances occurs, which affects this
assessment, and is within the lessee\u2019s control; for example, when significant investment in the store is
made that has a useful life beyond the current lease term.
Where the Company is the lessor, the classification of leases as finance leases or operating leases
requires judgments about the fair value of the leased asset, the economic life of the asset, whether or
not to include renewal or termination options in the lease term and the appropriate discount rate to use
to calculate the present value of the lease payments to be received.
Revenue recognition with respect to sale and leaseback transactions is dependent on management\u2019s
judgment of whether the Company has satisfied all of its performance obligations and control of the
asset is transferred to the buyer, and the determination of the fair value of the asset.
Definition of a lease
Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an
identified asset for a period of time in exchange for consideration. At inception, or on reassessment of a
contract that contains a lease component, the Company allocates the consideration in the contract to
each lease and non-lease component on the basis of its relative stand-alone price.
The Company applies the recognition exemptions for short-term leases (less than 12 months) and
leases of low-value items, defined by the Company to be below $5,000 per item (on acquisition). The
payments for these exempted leases are recognized in the income statement on a straight-line basis
over the lease terms.
As a lessee
The Company recognizes a right-of-use asset, representing its right to use the underlying asset, and a
lease liability, representing its obligation to make lease payments, at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement date, plus any initial
direct costs incurred (for example, key money and lease contract commissions), less any incentives
received. The right-of-use asset for acquired leases is adjusted for any favorable or unfavorable lease
rights recognized as part of the purchase price allocation. The right-of-use asset is subsequently
depreciated using the straight-line method over the shorter of the lease term or the useful life of the
underlying asset. In addition, the right-of-use asset is reduced by impairment losses, if any, and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its
incremental borrowing rate as the discount rate.
The Company has elected to separate lease and non-lease components included in lease payments for
all leases. Lease payments included in the measurement of the lease liability comprise the following:
\u00f3Fixed payments, including in-substance fixed payments.
\u00f3Variable lease payments\u00a0that depend on an index or a rate, which are initially measured using the
index or rate at the commencement date.
\u00f3Amounts expected to be payable under a residual value guarantee.
\u00f3The exercise price of a purchase option that the Company is reasonably certain to exercise.
\u00f3Lease payments in an optional renewal period if the Company is reasonably certain to exercise an
extension option, and penalties for early termination of a lease unless the Company is reasonably
certain not to terminate early.
The lease liability is measured at amortized cost using the effective interest rate method. The lease
liability is subsequently increased by the interest cost on the lease liability and decreased by lease
payments made. It is remeasured when there is a change in future lease payments arising from a
change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to
be payable under a residual value guarantee, or if the Company changes its assessment of whether it
will exercise a purchase, extension or termination option.
33 LEASES CONTINUED
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in the income statement if the carrying amount of the
right-of-use asset has been reduced to zero.
The lease liability is included in Other current financial liabilities and Other non-current financial
liabilities.
The Company applies judgment to determine the lease term for the lease contracts in which it is a
lessee that include renewal and termination options. The assessment of whether the Company is
reasonably certain to exercise such options impacts the lease term, which significantly affects the value
of lease liabilities and right-of-use assets recognized. See accounting estimates and judgments for
more information.
As a lessor
The Company classifies leases as finance or operating leases at lease inception based upon whether
the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying
asset. As part of this assessment, the Company considers certain indicators, such as whether the lease
is for the majority of the economic life of the asset.
Leases classified as finance leases result in the recognition of a net investment in a lease representing
the Company's right to receive rent payments. The value of the net investment in a lease is the value of
the future rent payments to be received and the unguaranteed residual value of the underlying asset
discounted using the rate implicit in the lease.
When the Company is an intermediate lessor, it accounts for its interests in the head lease and the
sublease separately. It assesses the lease classification of a sublease with reference to the right-of-use
asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-
term lease to which the Company applies the exemption described above, then it classifies the
sublease as an operating lease.
If an arrangement contains lease and non-lease components, the Company applies IFRS 15 to allocate
the consideration in the contract.
The Company recognizes lease payments received under operating leases as income on a straight-line
basis over the lease term as part of Rent income.
Sale and leaseback
Sale and leaseback transactions are defined as transactions that lead to a sale according to IFRS 15
\u201cRevenue from Contracts with Customers.\u201d Under IFRS 15, the seller-lessee must determine whether
the transaction qualifies as a sale for which revenue is recognized (i.e., the transaction is a genuine
sale, where all performance obligations are satisfied and control has transferred to the buyer-lessor), or
the transaction is a collateralized borrowing. More specifically, a sale is considered as such if there is
no repurchase option on the asset at the end of the lease term.
If the sale by the Company as seller-lessee qualifies as a sale, the Company derecognizes the asset
and recognizes a gain (or loss) that is limited to the proportion of the total gain (or loss) relating to the
rights transferred to the buyer-lessor. In addition, the Company recognizes a right-of-use asset arising
from the leaseback and measures it at the proportion of the previous carrying amount of the asset
relating to the right of use retained. In addition, the Company recognizes the lease liability.
If the fair value of the consideration for the sale does not equal the fair value of the asset, or if the
payments for the lease are not at market rates, adjustments are made to measure the sales proceeds
at fair value as follows:
a.Any below-market terms should be accounted for as a prepayment of lease payments.
b.Any above-market terms should be accounted for as additional financing provided by the buyer-
lessor.
If the sale by the Company does not qualify as a sale, the Company keeps the asset transferred on its
balance sheet and recognizes a financing obligation equal to the transferred proceeds or cash received.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDAvZnJhZzoyMjBkMmQwNGJlY2M0OWMxYTY5Y2M5NzU1Y2YwNTFiYi90ZXh0cmVnaW9uOjIyMGQyZDA0YmVjYzQ5YzFhNjljYzk3NTVjZjA1MWJiXzExNTQ0ODcyMDk1Mjky_9e371771-eb25-4ebd-9d25-3b530cf66a30": {
"value": "
13 INVESTMENT PROPERTY
| | | |
| Right-of-use asset investment property | Company- owned investment property | Total Investment property |
| | | |
| | | |
Accumulated depreciation and impairment losses | | | |
| | | |
| | | |
Year ended January 2, 2022 | | | |
| | | |
Reassessments and modifications to leases | | | |
| | | |
| | | |
| | | |
Assets classified (to) from held for sale or sold | | | |
Reclassifications (to) from net investment in leases | | | |
Transfers (to) from right-of-use assets, property, plant and equipment and intangible assets | | | |
Exchange rate differences | | | |
| | | |
| | | |
| | | |
| | | |
Accumulated depreciation and impairment losses | | | |
| | | |
| | | |
A significant portion of the Company\u2019s investment property comprises shopping centers containing both
an Ahold Delhaize store and third-party retail units. The third-party retail units generate rental income,
but are primarily of strategic importance to Ahold Delhaize in its retail operations. Ahold Delhaize
recognizes the part of a shopping center leased to a third-party retailer as investment property, unless
it\u00a0represents an insignificant portion of the property.
The impairment losses recognized were mainly related to The United States (2022: \u20ac2\u00a0million,
2021:\u00a0\u20ac20\u00a0million).
The company-owned investment property includes an amount related to assets held under financings
of \u20ac17\u00a0million (January\u00a02, 2022: \u20ac17\u00a0million). Ahold Delhaize does not have legal title to these assets.
Company-owned investment property with a carrying amount of \u20ac29\u00a0million (January\u00a02, 2022:
\u20ac72\u00a0million) has been pledged as security for liabilities, mainly for loans.
The fair value of investment property as of January\u00a01, 2023, amounted to approximately \u20ac855\u00a0million
(January\u00a02, 2022: \u20ac948\u00a0million). Fair value of investment property has generally been measured using
an income or market approach. Fair value for right-of-use asset investment property is the fair value of
the right-of-use itself, not the fair value of the property under lease. Approximately 80% of Ahold
Delhaize\u2019s fair value measurements are categorized within Level 2. The most significant inputs into this
valuation approach are observable market retail yields and tenant rents to calculate the fair value. The
remaining fair value measurements that are categorized within Level 3 primarily include the fair value
measurements based on the Company\u2019s own valuation methods and the fair value for certain mixed-
use properties and properties held for strategic purposes. For certain mixed-use properties and
properties held for strategic purposes, Ahold Delhaize cannot determine the fair value of the investment
property reliably. In such cases, the fair value is assumed to be equal to the carrying amount.
Rental income from investment property (both company-owned and right-of-use asset) included
in\u00a0the\u00a0income statement in 2022 amounted to \u20ac78\u00a0million (2021: \u20ac75\u00a0million). Direct operating
expenses\u00a0(including repairs and maintenance but excluding depreciation expense) arising from rental-
income-generating and non-rent-generating investment property in 2022 amounted to \u20ac16\u00a0million
(2021:\u00a0\u20ac23\u00a0million).
| |
| Accounting estimates and judgments |
For more information on the accounting estimates and judgments policies for impairments, see
Investment property consists of land and buildings held by Ahold Delhaize to earn rental income or for
capital appreciation, or both. These properties are not used by the Company in the ordinary course of
business. The Company often owns (or leases) shopping centers containing an Ahold Delhaize as well
as third-party retail units. In these cases, the third-party retail units generate rental income, but are
primarily of strategic importance for operating purposes to Ahold Delhaize in its retail operations. The
Company recognizes the part of an owned (or leased) shopping center that is leased to third-party
retailers as investment property, unless it represents an insignificant portion of the property. Land and
buildings leased to franchisees are not considered to be investment property as they contribute directly
to Ahold Delhaize\u2019s retail operations. Investment property is measured on the same basis as property,
plant and equipment.
Right-of-use assets are separately disclosed as a line in the balance sheet, but right-of-use assets that
meet the definition of investment property are included in \u201cInvestment property\u201d and separately
disclosed in the notes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDAvZnJhZzoyMjBkMmQwNGJlY2M0OWMxYTY5Y2M5NzU1Y2YwNTFiYi90ZXh0cmVnaW9uOjIyMGQyZDA0YmVjYzQ5YzFhNjljYzk3NTVjZjA1MWJiXzQ2NzI5MjQ0MTg0MTI1_0f544535-3ca9-47f2-a499-e9a77ade4cd2": {
"value": "
Investment property consists of land and buildings held by Ahold Delhaize to earn rental income or for
capital appreciation, or both. These properties are not used by the Company in the ordinary course of
business. The Company often owns (or leases) shopping centers containing an Ahold Delhaize as well
as third-party retail units. In these cases, the third-party retail units generate rental income, but are
primarily of strategic importance for operating purposes to Ahold Delhaize in its retail operations. The
Company recognizes the part of an owned (or leased) shopping center that is leased to third-party
retailers as investment property, unless it represents an insignificant portion of the property. Land and
buildings leased to franchisees are not considered to be investment property as they contribute directly
to Ahold Delhaize\u2019s retail operations. Investment property is measured on the same basis as property,
plant and equipment.
Right-of-use assets are separately disclosed as a line in the balance sheet, but right-of-use assets that
meet the definition of investment property are included in \u201cInvestment property\u201d and separately
disclosed in the notes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDMvZnJhZzphMTYyMTc4OGY3ZDI0ZTZjOTM0NTFmZWY3MzkxM2M5OS90ZXh0cmVnaW9uOmExNjIxNzg4ZjdkMjRlNmM5MzQ1MWZlZjczOTEzYzk5XzExNTQ0ODcyMTAxNTk4_57fe222e-ed34-4380-9057-34204fa68b09": {
"value": "
14 INTANGIBLE ASSETS
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated amortization and impairment losses | | | | | | | |
| | | | | | | |
| | | | | | | |
Year ended January 2, 2022 | | | | | | | |
| | | | | | | |
Transfers from under development | | | | | | | |
Acquisitions through business combinations | | | | | | | |
| | | | | | | |
| | | | | | | |
Assets classified to held for sale or sold | | | | | | | |
| | | | | | | |
Exchange rate differences | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated amortization and impairment losses | | | | | | | |
| | | | | | | |
| | | | | | | |
Year ended January 1, 2023 | | | | | | | |
| | | | | | | |
Transfers from under development | | | | | | | |
Acquisitions through business combinations | | | | | | | |
| | | | | | | |
| | | | | | | |
Assets classified to held for sale or sold | | | | | | | |
| | | | | | | |
Exchange rate differences | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated amortization and impairment losses | | | | | | | |
| | | | | | | |
1Other movements mainly includes transfers between asset classes and transfers between intangible assets and property, plant and equipment.
14 INTANGIBLE ASSETS CONTINUED
Goodwill acquired in business combinations is allocated, at acquisition, to the cash-generating units
(CGUs) or groups of CGUs expected to benefit from the business combination.
Brand names include retail brands as well as certain own brands referring to ranges of products. Retail
brands are strong and well-established brands of supermarkets, convenience stores and online stores
protected by trademarks that are renewable indefinitely in their relevant markets. There are not
believed to be any legal, regulatory or contractual provisions that limit the useful lives. Ahold Delhaize
brands play an important role in the Company\u2019s business strategy. Ahold Delhaize believes that there is
currently no foreseeable limit to the period over which the retail brands are expected to generate net
cash inflows, and therefore they are assessed to have an indefinite useful life.
Customer relationships consist primarily of pharmacy scripts and customer lists recognized through the
acquisition of bol.com in 2012 and FreshDirect in 2021. Other mainly includes intangible assets related
to relationships with franchisees and affiliates recognized in connection with the Ahold Delhaize merger,
location development rights, deed restrictions and similar assets. Intangible assets under development
relate mainly to software development.
The carrying amounts of goodwill allocated to Ahold Delhaize\u2019s CGUs and brand names recognized
from business acquisitions are as follows:
| | | | | |
| | | | Brand names January 1, 2023\u00b9 | Brand names January 2, 20221 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Albert Heijn (including the Netherlands and Belgium) | | | | |
| Delhaize (including Belgium and Luxembourg) | | | | |
| bol.com (including the Netherlands and Belgium)4 | | | | |
| | | | | |
| | | | | |
| | | | | |
| Delhaize Serbia (Republic of Serbia) | | | | |
| | | | | |
| | | | | |
| | | | | |
The sales growth rates and operating margins used to estimate future performance are based on past
performance and our experience of growth rates and operating margins achievable in Ahold Delhaize\u2019s
main markets. The sales compound annual growth rates applied in the projected periods ranged
between 0.8% and 10.1% for the CGUs. The average operating margins applied in the projected
periods ranged between 1.4% and 6.8% for the CGUs. The terminal value to extrapolate cash flows
beyond the explicit forecast period included one year of additional growth based on the long-term
inflation expectations that ranged between 2.2% and 3.5% for the CGUs; no additional growth was
assumed thereafter.
Key assumptions relating to CGUs to which a significant amount of goodwill or intangible assets with
indefinite useful lives is allocated are as follows:
| | |
| | Growth rate (terminal value) |
| | |
| | |
| | |
| | |
| | |
Cash flow projections for these CGUs reflect current macro-economic circumstances, including
increases in energy costs and inflation as well as certain cost-saving initiatives to reduce negative
impacts. The post-tax discount rates applied increased compared to prior year as a result of these
macro-economic developments. For more information, see Note 2. Additional capital investments to mitigate climate-related risks can be phased out over a reasonably
long period as part of investments in the normal course of business. Transitioning to a lower-carbon
economy is not expected to trigger significant adverse effects on future cash flows.
Given the macro-economic circumstances, further reasonable negative changes in sales growth,
margins and post-tax discount rates would not result in impairment of these CGUs, except for Delhaize.\u00a0
14 INTANGIBLE ASSETS CONTINUED
For the CGU Delhaize, the Company used discounted cash flow (DCF) projections based on the
assets\u2019 highest and best use from a market participant\u2019s perspective (Level 3 valuation). The key
assumptions used in the DCF projections are revenue growth and improved margin.
Challenging market conditions at Delhaize resulted in the analysis of a plan to change the strategic
direction with an increased focus on the affiliated business. Delhaize has realized a higher operating
margin from the affiliated stores versus owned operated stores in recent years.
As a result, cash flow projections in the projected period include plans to increase productivity and
European sourcing initiatives; to optimize working hours to the declining volumes in the market and
implement further efficiencies through investments in automation and process optimization; and to
expand our affiliated business, which will require significant costs.
The sales growth is based on actual experience, an analysis of market growth and the development of
market share. The margin development is based on actual experience, management\u2019s long-term
projections and the leverage of higher operating margins from the affiliated business.
The recoverable amount for Delhaize exceeds the carrying amount by more than 10%. A sensitivity
analysis indicates that the valuation is sensitive to changes in sales compound annual growth rate,
operating margins and post-tax discount rate. Under the assumption that a change in one of those does
not impact the others, the recoverable amount of Delhaize would be equal to its carrying amount if the
sales compound annual growth rate would be reduced by 1.5% in the projection period, if Delhaize\u2019s
operating margins in the projection period were reduced by 0.4%, or if the post-tax discount rate was
higher by 0.5%.
| |
| Accounting estimates and judgments |
Intangible assets
For accounting estimates and judgments relating to intangible assets, see Note 4. Impairments
Judgments are required to determine whether there is an indication that a CGU to which goodwill has
been allocated may be impaired. Estimates and assumptions are involved in the determination of the
recoverable amount of the CGUs. These include assumptions related to discount rates, cash flow
projections (such as sales growth rates, operating margins and growth rates to determine terminal
value) as well as those related to market multiples.
Goodwill and impairment of goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and
assumed contingent liabilities at the date of acquisition. It is carried at cost less accumulated
impairment losses. Goodwill on acquisitions of joint ventures and associates is included in the carrying
amount of the investment.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups of CGUs)
that is expected to benefit from the synergies of a business combination. Goodwill is allocated to a
CGU (or group of CGUs) representing the lowest level within the Company at which the goodwill is
monitored for internal management purposes and is never larger than an operating segment before
aggregation. CGUs to which goodwill has been allocated are tested for impairment annually or more
frequently when there is an indication that the CGU may be impaired. Goodwill on acquisitions of joint
ventures and associates is assessed for impairment as part of the investment whenever there is an
indication that the investment may be impaired. An impairment loss is recognized for the amount by
which the CGU\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of a CGU\u2019s fair value less costs of disposal or its value in use. An impairment loss is allocated
first to reduce the carrying amount of the goodwill and then to\u00a0the other assets of the CGU pro rata on
the basis of the carrying amount of each asset. An impairment loss recognized for goodwill is not
reversed in subsequent periods.
On the partial or complete disposal of an operation, the goodwill attributable to that operation is
included in the determination of the gain or loss on disposal.
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost less
accumulated amortization and impairment losses. Intangible assets acquired in a business combination
are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions are
stated at fair value determined using an income approach. Direct costs related to the development of
software for internal use are capitalized only if the costs can be measured reliably, technological
feasibility has been established, future economic benefits are probable, and the Company intends to
complete development and use the software. All other costs, including all overhead, general and
administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives, which are as
follows:
| |
| |
| |
| |
| |
Franchise and affiliate relationships | |
| |
The useful lives, amortization method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate. Brand names, intangible assets under development and other intangible assets
with indefinite lives are assessed for impairment annually or whenever there is an indication that the
asset may be impaired.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDMvZnJhZzphMTYyMTc4OGY3ZDI0ZTZjOTM0NTFmZWY3MzkxM2M5OS90ZXh0cmVnaW9uOmExNjIxNzg4ZjdkMjRlNmM5MzQ1MWZlZjczOTEzYzk5XzExNTQ0ODcyMTA5Mzgy_71cd21de-4ff9-4e8c-bad2-3a36bcdd61e7": {
"value": "
14 INTANGIBLE ASSETS
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated amortization and impairment losses | | | | | | | |
| | | | | | | |
| | | | | | | |
Year ended January 2, 2022 | | | | | | | |
| | | | | | | |
Transfers from under development | | | | | | | |
Acquisitions through business combinations | | | | | | | |
| | | | | | | |
| | | | | | | |
Assets classified to held for sale or sold | | | | | | | |
| | | | | | | |
Exchange rate differences | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated amortization and impairment losses | | | | | | | |
| | | | | | | |
| | | | | | | |
Year ended January 1, 2023 | | | | | | | |
| | | | | | | |
Transfers from under development | | | | | | | |
Acquisitions through business combinations | | | | | | | |
| | | | | | | |
| | | | | | | |
Assets classified to held for sale or sold | | | | | | | |
| | | | | | | |
Exchange rate differences | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated amortization and impairment losses | | | | | | | |
| | | | | | | |
1Other movements mainly includes transfers between asset classes and transfers between intangible assets and property, plant and equipment.
14 INTANGIBLE ASSETS CONTINUED
Goodwill acquired in business combinations is allocated, at acquisition, to the cash-generating units
(CGUs) or groups of CGUs expected to benefit from the business combination.
Brand names include retail brands as well as certain own brands referring to ranges of products. Retail
brands are strong and well-established brands of supermarkets, convenience stores and online stores
protected by trademarks that are renewable indefinitely in their relevant markets. There are not
believed to be any legal, regulatory or contractual provisions that limit the useful lives. Ahold Delhaize
brands play an important role in the Company\u2019s business strategy. Ahold Delhaize believes that there is
currently no foreseeable limit to the period over which the retail brands are expected to generate net
cash inflows, and therefore they are assessed to have an indefinite useful life.
Customer relationships consist primarily of pharmacy scripts and customer lists recognized through the
acquisition of bol.com in 2012 and FreshDirect in 2021. Other mainly includes intangible assets related
to relationships with franchisees and affiliates recognized in connection with the Ahold Delhaize merger,
location development rights, deed restrictions and similar assets. Intangible assets under development
relate mainly to software development.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDMvZnJhZzphMTYyMTc4OGY3ZDI0ZTZjOTM0NTFmZWY3MzkxM2M5OS90ZXh0cmVnaW9uOmExNjIxNzg4ZjdkMjRlNmM5MzQ1MWZlZjczOTEzYzk5XzExNTQ0ODcyMTA5Mzgw_d58d5db3-e9e0-4c5e-8361-6833c1048012": {
"value": "
The carrying amounts of goodwill allocated to Ahold Delhaize\u2019s CGUs and brand names recognized
from business acquisitions are as follows:
| | | | | |
| | | | Brand names January 1, 2023\u00b9 | Brand names January 2, 20221 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Albert Heijn (including the Netherlands and Belgium) | | | | |
| Delhaize (including Belgium and Luxembourg) | | | | |
| bol.com (including the Netherlands and Belgium)4 | | | | |
| | | | | |
| | | | | |
| | | | | |
| Delhaize Serbia (Republic of Serbia) | | | | |
| | | | | |
| | | | | |
| | | | | |
The sales growth rates and operating margins used to estimate future performance are based on past
performance and our experience of growth rates and operating margins achievable in Ahold Delhaize\u2019s
main markets. The sales compound annual growth rates applied in the projected periods ranged
between 0.8% and 10.1% for the CGUs. The average operating margins applied in the projected
periods ranged between 1.4% and 6.8% for the CGUs. The terminal value to extrapolate cash flows
beyond the explicit forecast period included one year of additional growth based on the long-term
inflation expectations that ranged between 2.2% and 3.5% for the CGUs; no additional growth was
assumed thereafter.
Key assumptions relating to CGUs to which a significant amount of goodwill or intangible assets with
indefinite useful lives is allocated are as follows:
| | |
| | Growth rate (terminal value) |
| | |
| | |
| | |
| | |
| | |
Cash flow projections for these CGUs reflect current macro-economic circumstances, including
increases in energy costs and inflation as well as certain cost-saving initiatives to reduce negative
impacts. The post-tax discount rates applied increased compared to prior year as a result of these
macro-economic developments. For more information, see Note 2. Additional capital investments to mitigate climate-related risks can be phased out over a reasonably
long period as part of investments in the normal course of business. Transitioning to a lower-carbon
economy is not expected to trigger significant adverse effects on future cash flows.
Given the macro-economic circumstances, further reasonable negative changes in sales growth,
margins and post-tax discount rates would not result in impairment of these CGUs, except for Delhaize.\u00a0
14 INTANGIBLE ASSETS CONTINUED
For the CGU Delhaize, the Company used discounted cash flow (DCF) projections based on the
assets\u2019 highest and best use from a market participant\u2019s perspective (Level 3 valuation). The key
assumptions used in the DCF projections are revenue growth and improved margin.
Challenging market conditions at Delhaize resulted in the analysis of a plan to change the strategic
direction with an increased focus on the affiliated business. Delhaize has realized a higher operating
margin from the affiliated stores versus owned operated stores in recent years.
As a result, cash flow projections in the projected period include plans to increase productivity and
European sourcing initiatives; to optimize working hours to the declining volumes in the market and
implement further efficiencies through investments in automation and process optimization; and to
expand our affiliated business, which will require significant costs.
The sales growth is based on actual experience, an analysis of market growth and the development of
market share. The margin development is based on actual experience, management\u2019s long-term
projections and the leverage of higher operating margins from the affiliated business.
The recoverable amount for Delhaize exceeds the carrying amount by more than 10%. A sensitivity
analysis indicates that the valuation is sensitive to changes in sales compound annual growth rate,
operating margins and post-tax discount rate. Under the assumption that a change in one of those does
not impact the others, the recoverable amount of Delhaize would be equal to its carrying amount if the
sales compound annual growth rate would be reduced by 1.5% in the projection period, if Delhaize\u2019s
operating margins in the projection period were reduced by 0.4%, or if the post-tax discount rate was
higher by 0.5%.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDMvZnJhZzphMTYyMTc4OGY3ZDI0ZTZjOTM0NTFmZWY3MzkxM2M5OS90ZXh0cmVnaW9uOmExNjIxNzg4ZjdkMjRlNmM5MzQ1MWZlZjczOTEzYzk5XzExNTQ0ODcyMTA5Mzgx_dc5d794a-6362-4b3c-81f0-1d03f7cf5148": {
"value": "
Goodwill impairment testing
In the 2022 annual goodwill impairment test, the recoverable amounts of the CGUs were based on fair
value less costs of disposal.
The disposal of a CGU would require the buyer to assume associated lease liabilities for the stores and
DCs, and, therefore, the need to make the contractual lease payments. The fair value less costs of
disposal of the CGU would be the sale price for the CGU including the lease liabilities, less the costs of
disposal. Therefore the cash flow projections used in determining recoverable amounts included the
lease payments. The carrying values of the CGUs tested included their right-of-use assets. To perform
a meaningful comparison, the carrying amounts of the lease liabilities were then deducted when
determining the carrying values of the CGUs tested.
Fair value represents the price that would be received for selling an asset in an orderly transaction
between market participants and is generally measured using an income approach and / or a market
approach. The Company used discounted cash flow projections based on the assets\u2019 highest and best
use from a market participant\u2019s perspective; taking financial plans as approved by management as a
base (Level 3 valuation). The discounted cash flow projections generally cover a period of five years.
Due to the expected continuation of high growth in the relevant online retail markets, the Company
projected cash flows for bol.com over a 10-year period to better reflect the growth expectations in
sales, profitability and cash generation as the business has not yet reached a steady state. The
terminal value is based on the simplified value driver formula (Net operating profit less adjusted taxes
(NOPLAT) / WACC). NOPLAT in perpetuity is determined by extrapolating the amount at the end of an
explicit forecast period by a long-term growth rate. The long-term growth rates are determined using
the long-term inflation expectations based on external market data.\u00a0
An impairment trigger assessment is performed on a quarterly basis to determine whether there is an
indication, based on either internal or external sources of information, that an asset or a cash
generating unit may be impaired. The Q3 2022 assessment triggered a detailed impairment analysis for
FreshDirect, largely related to the broad-based re-rating of sector valuations and reduced scope of that
business, which is now focused on the New York Tri-State area. The Company estimated FreshDirect\u2019s
fair value less costs of disposal by using a business enterprise value sales multiple determined from a
set of observable market multiples for comparable businesses. Impairment losses of \u20ac66 million and
\u20ac122 million were recognized for goodwill and other intangible assets (including brand names),
respectively. The impairment charges reduced the carrying amount of FreshDirect\u2019s goodwill and other
intangibles to nil.
The key assumptions for the goodwill impairment test relate to the weighted average cost of capital
(hereafter: discount rate), sales growth, operating margin and growth rate (terminal value). The post-tax
discount rates are determined based on external market data and reflect specific risks relating to
relevant CGUs, the key assumptions used in the cash flow projections and the composition of the
assets and liabilities included in the CGUs\u2019 carrying value. The post-tax discount rates are as follows:
| |
| |
The U.S. brands (excluding FreshDirect) | |
The brands in the Netherlands (excluding bol.com) | |
| |
| |
| |
| |
| |
Delhaize Serbia (Republic of Serbia) | |
The sales growth rates and operating margins used to estimate future performance are based on past
performance and our experience of growth rates and operating margins achievable in Ahold Delhaize\u2019s
main markets. The sales compound annual growth rates applied in the projected periods ranged
between 0.8% and 10.1% for the CGUs. The average operating margins applied in the projected
periods ranged between 1.4% and 6.8% for the CGUs. The terminal value to extrapolate cash flows
beyond the explicit forecast period included one year of additional growth based on the long-term
inflation expectations that ranged between 2.2% and 3.5% for the CGUs; no additional growth was
assumed thereafter.
Key assumptions relating to CGUs to which a significant amount of goodwill or intangible assets with
indefinite useful lives is allocated are as follows:
| | |
| | Growth rate (terminal value) |
| | |
| | |
| | |
| | |
| | |
Cash flow projections for these CGUs reflect current macro-economic circumstances, including
increases in energy costs and inflation as well as certain cost-saving initiatives to reduce negative
impacts. The post-tax discount rates applied increased compared to prior year as a result of these
macro-economic developments. For more information, see Note 2. Additional capital investments to mitigate climate-related risks can be phased out over a reasonably
long period as part of investments in the normal course of business. Transitioning to a lower-carbon
economy is not expected to trigger significant adverse effects on future cash flows.
Given the macro-economic circumstances, further reasonable negative changes in sales growth,
margins and post-tax discount rates would not result in impairment of these CGUs, except for Delhaize.\u00a0
14 INTANGIBLE ASSETS CONTINUED
For the CGU Delhaize, the Company used discounted cash flow (DCF) projections based on the
assets\u2019 highest and best use from a market participant\u2019s perspective (Level 3 valuation). The key
assumptions used in the DCF projections are revenue growth and improved margin.
Challenging market conditions at Delhaize resulted in the analysis of a plan to change the strategic
direction with an increased focus on the affiliated business. Delhaize has realized a higher operating
margin from the affiliated stores versus owned operated stores in recent years.
As a result, cash flow projections in the projected period include plans to increase productivity and
European sourcing initiatives; to optimize working hours to the declining volumes in the market and
implement further efficiencies through investments in automation and process optimization; and to
expand our affiliated business, which will require significant costs.
The sales growth is based on actual experience, an analysis of market growth and the development of
market share. The margin development is based on actual experience, management\u2019s long-term
projections and the leverage of higher operating margins from the affiliated business.
The recoverable amount for Delhaize exceeds the carrying amount by more than 10%. A sensitivity
analysis indicates that the valuation is sensitive to changes in sales compound annual growth rate,
operating margins and post-tax discount rate. Under the assumption that a change in one of those does
not impact the others, the recoverable amount of Delhaize would be equal to its carrying amount if the
sales compound annual growth rate would be reduced by 1.5% in the projection period, if Delhaize\u2019s
operating margins in the projection period were reduced by 0.4%, or if the post-tax discount rate was
higher by 0.5%.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDMvZnJhZzphMTYyMTc4OGY3ZDI0ZTZjOTM0NTFmZWY3MzkxM2M5OS90ZXh0cmVnaW9uOmExNjIxNzg4ZjdkMjRlNmM5MzQ1MWZlZjczOTEzYzk5XzQ2NzI5MjQ0MTkwNDMx_fba36b58-0f8b-4286-bdb7-d8ee764491c5": {
"value": "
Goodwill and impairment of goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and
assumed contingent liabilities at the date of acquisition. It is carried at cost less accumulated
impairment losses. Goodwill on acquisitions of joint ventures and associates is included in the carrying
amount of the investment.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups of CGUs)
that is expected to benefit from the synergies of a business combination. Goodwill is allocated to a
CGU (or group of CGUs) representing the lowest level within the Company at which the goodwill is
monitored for internal management purposes and is never larger than an operating segment before
aggregation. CGUs to which goodwill has been allocated are tested for impairment annually or more
frequently when there is an indication that the CGU may be impaired. Goodwill on acquisitions of joint
ventures and associates is assessed for impairment as part of the investment whenever there is an
indication that the investment may be impaired. An impairment loss is recognized for the amount by
which the CGU\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of a CGU\u2019s fair value less costs of disposal or its value in use. An impairment loss is allocated
first to reduce the carrying amount of the goodwill and then to\u00a0the other assets of the CGU pro rata on
the basis of the carrying amount of each asset. An impairment loss recognized for goodwill is not
reversed in subsequent periods.
On the partial or complete disposal of an operation, the goodwill attributable to that operation is
included in the determination of the gain or loss on disposal.
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost less
accumulated amortization and impairment losses. Intangible assets acquired in a business combination
are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions are
stated at fair value determined using an income approach. Direct costs related to the development of
software for internal use are capitalized only if the costs can be measured reliably, technological
feasibility has been established, future economic benefits are probable, and the Company intends to
complete development and use the software. All other costs, including all overhead, general and
administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives, which are as
follows:
| |
| |
| |
| |
| |
Franchise and affiliate relationships | |
| |
The useful lives, amortization method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate. Brand names, intangible assets under development and other intangible assets
with indefinite lives are assessed for impairment annually or whenever there is an indication that the
asset may be impaired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDMvZnJhZzphMTYyMTc4OGY3ZDI0ZTZjOTM0NTFmZWY3MzkxM2M5OS90ZXh0cmVnaW9uOmExNjIxNzg4ZjdkMjRlNmM5MzQ1MWZlZjczOTEzYzk5XzExNTQ0ODcyMTA5Mzg1_299f8fb3-1b85-4e5b-9cc3-b48bb085917f": {
"value": "
Goodwill and impairment of goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and
assumed contingent liabilities at the date of acquisition. It is carried at cost less accumulated
impairment losses. Goodwill on acquisitions of joint ventures and associates is included in the carrying
amount of the investment.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups of CGUs)
that is expected to benefit from the synergies of a business combination. Goodwill is allocated to a
CGU (or group of CGUs) representing the lowest level within the Company at which the goodwill is
monitored for internal management purposes and is never larger than an operating segment before
aggregation. CGUs to which goodwill has been allocated are tested for impairment annually or more
frequently when there is an indication that the CGU may be impaired. Goodwill on acquisitions of joint
ventures and associates is assessed for impairment as part of the investment whenever there is an
indication that the investment may be impaired. An impairment loss is recognized for the amount by
which the CGU\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of a CGU\u2019s fair value less costs of disposal or its value in use. An impairment loss is allocated
first to reduce the carrying amount of the goodwill and then to\u00a0the other assets of the CGU pro rata on
the basis of the carrying amount of each asset. An impairment loss recognized for goodwill is not
reversed in subsequent periods.
On the partial or complete disposal of an operation, the goodwill attributable to that operation is
included in the determination of the gain or loss on disposal.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDMvZnJhZzphMTYyMTc4OGY3ZDI0ZTZjOTM0NTFmZWY3MzkxM2M5OS90ZXh0cmVnaW9uOmExNjIxNzg4ZjdkMjRlNmM5MzQ1MWZlZjczOTEzYzk5XzExNTQ0ODcyMTA5Mzg0_8849e6ef-2731-4d23-9a57-b1b14e22739c": {
"value": "
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost less
accumulated amortization and impairment losses. Intangible assets acquired in a business combination
are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions are
stated at fair value determined using an income approach. Direct costs related to the development of
software for internal use are capitalized only if the costs can be measured reliably, technological
feasibility has been established, future economic benefits are probable, and the Company intends to
complete development and use the software. All other costs, including all overhead, general and
administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives, which are as
follows:
| |
| |
| |
| |
| |
Franchise and affiliate relationships | |
| |
The useful lives, amortization method and residual value are reviewed at each balance sheet date and
adjusted, if appropriate. Brand names, intangible assets under development and other intangible assets
with indefinite lives are assessed for impairment annually or whenever there is an indication that the
asset may be impaired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDYvZnJhZzplMzgwMmQ3MjFkNzc0ODNlODgxZGI1NWVhZTQxMTQyYS90ZXh0cmVnaW9uOmUzODAyZDcyMWQ3NzQ4M2U4ODFkYjU1ZWFlNDExNDJhXzExNTQ0ODcyMDk4MTQ5_2193139c-cc61-44a3-8bf4-c1c8e2748670": {
"value": "
15 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
In 1992, Ahold Delhaize partnered with Jer\u00f3nimo Martins, SGPS, S.A. in the joint venture JMR \u2013
Gest\u00e3o de Empresas de Retalho, SGPS, S.A. (\u201cJMR\u201d). Ahold Delhaize holds 49% of the shares in JMR
and shares equal voting power on JMR\u2019s board of directors with Jer\u00f3nimo Martins, SGPS, S.A. JMR
operates food retail stores in Portugal under the brand name Pingo Doce.
Ahold Delhaize holds 51% of the shares in P.T. Lion Super Indo (\u201cSuper Indo\u201d). Super Indo operates
supermarkets in Indonesia. Although Ahold Delhaize has a 51% investment in Super Indo, the
Company cannot exercise its majority voting rights mainly due to (i) a quorum requirement for the board
of directors to decide on critical operating and financing activities and (ii) a requirement of unanimous
affirmative decisions in the board of directors on significant and strategic investing and financing
matters, such as budgets and business plans and any resolution on the allocation of profits and
distribution of dividends.
Therefore, JMR and Super Indo are joint ventures and are accounted for using the equity method.
There are no quoted market prices available.
Ahold Delhaize is also a partner in various smaller joint ventures and associates that are individually
not material to the Group.
Changes in the carrying amount of Ahold Delhaize\u2019s interest in joint ventures and associates are
as\u00a0follows:
| | | | |
| | | | |
| | | |
| | | | |
Investments in associates | | | | |
Share in income (loss) of joint ventures | | | | |
| | | | |
Exchange rate differences | | | | |
| | | | |
| | | | |
| | | | |
| | | |
| | | | |
Investments in associates | | | | |
Share in income (loss) of joint ventures | | | | |
| | | | |
Exchange rate differences | | | | |
| | | | |
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac17 million (2021: a gain of \u20ac1 million) and nil for individually
immaterial associates (2021: nil).
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
| | | | |
| | | | |
| | | |
Summarized statement of comprehensive income | | | | |
| | | | |
Depreciation and amortization | | | | |
| | | | |
| | | | |
Interest accretion to lease liability | | | | |
| | | | |
Income from continuing operations | | | | |
| | | | |
Other comprehensive income | | | | |
Total comprehensive income | | | | |
| | | | |
| | | | |
| | | |
| | | | |
| | | | |
| | | | |
Cash and cash equivalents | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total non-current liabilities | | | | |
| | | | |
Financial liabilities (excluding trade payables) | | | | |
Other current liabilities | | | | |
Total current liabilities | | | | |
| | | | |
15 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES CONTINUED
The reconciliation of the summarized financial information presented above to the carrying amount of
JMR and Super Indo is as follows:
| | | | |
| | | | |
| | | |
| | | | |
| | | | |
| | | | |
Exchange rate differences | | | | |
| | | | |
Interest in joint venture | | | | |
Closing net assets included in the carrying value | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | |
| | | | |
Investments in associates | | | | |
Share in income (loss) of joint ventures | | | | |
| | | | |
Exchange rate differences | | | | |
| | | | |
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac17 million (2021: a gain of \u20ac1 million) and nil for individually
immaterial associates (2021: nil).
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
| | | | |
| | | | |
| | | |
Summarized statement of comprehensive income | | | | |
| | | | |
Depreciation and amortization | | | | |
| | | | |
| | | | |
Interest accretion to lease liability | | | | |
| | | | |
Income from continuing operations | | | | |
| | | | |
Other comprehensive income | | | | |
Total comprehensive income | | | | |
| | | | |
| | | | |
| | | |
| | | | |
| | | | |
| | | | |
Cash and cash equivalents | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total non-current liabilities | | | | |
| | | | |
Financial liabilities (excluding trade payables) | | | | |
Other current liabilities | | | | |
Total current liabilities | | | | |
| | | | |
15 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES CONTINUED
The reconciliation of the summarized financial information presented above to the carrying amount of
JMR and Super Indo is as follows:
| | | | |
| | | | |
| | | |
| | | | |
| | | | |
| | | | |
Exchange rate differences | | | | |
| | | | |
Interest in joint venture | | | | |
Closing net assets included in the carrying value | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | |
| | | | |
Investments in associates | | | | |
Share in income (loss) of joint ventures | | | | |
| | | | |
Exchange rate differences | | | | |
| | | | |
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac17 million (2021: a gain of \u20ac1 million) and nil for individually
immaterial associates (2021: nil).
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
| | | | |
| | | | |
| | | |
Summarized statement of comprehensive income | | | | |
| | | | |
Depreciation and amortization | | | | |
| | | | |
| | | | |
Interest accretion to lease liability | | | | |
| | | | |
Income from continuing operations | | | | |
| | | | |
Other comprehensive income | | | | |
Total comprehensive income | | | | |
| | | | |
| | | | |
| | | |
| | | | |
| | | | |
| | | | |
Cash and cash equivalents | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total non-current liabilities | | | | |
| | | | |
Financial liabilities (excluding trade payables) | | | | |
Other current liabilities | | | | |
Total current liabilities | | | | |
| | | | |
15 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES CONTINUED
The reconciliation of the summarized financial information presented above to the carrying amount of
JMR and Super Indo is as follows:
| | | | |
| | | | |
| | | |
| | | | |
| | | | |
| | | | |
Exchange rate differences | | | | |
| | | | |
Interest in joint venture | | | | |
Closing net assets included in the carrying value | | | | |
| | | | |
| | | | |
For more information on the Net investment in leases, see Note 33. Part of the self-insured risk is ceded under a reinsurance treaty, which is a pooling arrangement
between unrelated companies. At the same time, Ahold Delhaize assumes a share of the reinsurance
treaty risks that is measured by Ahold Delhaize\u2019s participation percentage in the treaty. The
participation percentage is the ratio of premium paid by Ahold Delhaize to the total premium paid by all
treaty members. In connection with this pooling arrangement, the Company recognizes reinsurance
assets and reinsurance liabilities (see also Note 19, Note 23 and Note 26) on\u00a0the\u00a0balance sheet. There were no significant gains or losses related to this pooling arrangement during 2022 or 2021.
Of the non-current loans receivable, \u20ac18\u00a0million matures between one and five years and \u20ac5\u00a0million
after five years (January\u00a02, 2022: \u20ac36\u00a0million between one and five years and \u20ac6\u00a0million after five
years). The current portion of loans receivable of \u20ac13\u00a0million (January\u00a02, 2022: \u20ac43\u00a0million) is included
in Other current financial assets (see Note 19). The defined benefit asset at January\u00a01, 2023, represents defined benefit pension plans for which the
fair value of plan assets exceeds the present value of the defined benefit obligations. For more
information on defined benefit plans, see Note 24. The non-current income tax receivable relates to a \u20ac382 million payment to the Belgian tax authorities
for an additional assessment notice issued for the tax return over 2018. Ahold Delhaize decided that
the basis to issue an additional assessment of \u20ac382 million is without any merit and, as such, the
Company recorded a receivable for the full paid amount. For more information see the Taxes section in
",
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"value": "1193000000",
"decimals": -6,
"dimensions": {
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"entity": "scheme:724500C9GNBV20UYRX36",
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},
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"decimals": -6,
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"entity": "scheme:724500C9GNBV20UYRX36",
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}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MDkvZnJhZzpkOTVlOTVjMjhlMGQ0MjY2YWQxYjdiYzJkNzU3NjQ5Mi90ZXh0cmVnaW9uOmQ5NWU5NWMyOGUwZDQyNjZhZDFiN2JjMmQ3NTc2NDkyXzExNTQ0ODcyMDkzNDc4_3e4ed36e-b0f9-46bf-af87-a03b78e9b3ab": {
"value": "
Part of the self-insured risk is ceded under a reinsurance treaty, which is a pooling arrangement
between unrelated companies. At the same time, Ahold Delhaize assumes a share of the reinsurance
treaty risks that is measured by Ahold Delhaize\u2019s participation percentage in the treaty. The
participation percentage is the ratio of premium paid by Ahold Delhaize to the total premium paid by all
treaty members. In connection with this pooling arrangement, the Company recognizes reinsurance
assets and reinsurance liabilities (see also Note 19, Note 23 and Note 26) on\u00a0the\u00a0balance sheet. There were no significant gains or losses related to this pooling arrangement during 2022 or 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MTIvZnJhZzo3MmJjNGQ5NGRmNGE0NDJlOWM4N2RkODRlMmQ3MWQ3MC90ZXh0cmVnaW9uOjcyYmM0ZDk0ZGY0YTQ0MmU5Yzg3ZGQ4NGUyZDcxZDcwXzExNTQ0ODcyMDkzMjE0_7adb78cd-c8d8-44a3-b3d8-9ade020889ed": {
"value": "
17 INVENTORIES
| | |
| | |
Finished products and merchandise inventories | | |
Raw materials, packaging materials, technical supplies and other | | |
| | |
The receivable balances are presented net of accounts payable and subject to an enforceable netting
arrangement between the Company and the counterparty. The total effect of netting as of January\u00a01,
2023, is \u20ac173\u00a0million (January\u00a02, 2022: \u20ac260\u00a0million).
At January\u00a01, 2023, the aging analysis of receivables was as follows:
| | | | | | |
| | | |
| | | | | | |
| | | | | | |
Vendor allowance receivables | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
\u20ac13 million, 6-12 months decreased by \u20ac15 million and >12 months decreased by \u20ac1 million.
The concentration of credit risk with respect to receivables is limited, as the Company\u2019s customer base
and vendor base are large and unrelated. The Company does not hold any significant collateral on its
receivables. Management believes there is no further credit risk provision required in excess of the
normal individual and collective impairment assessment, based on the aging analysis performed as of
January\u00a01, 2023. For more information about credit risk, see Note 30. The changes in the provision for impairment were as follows:
| | |
| | |
| | |
| | |
| | |
Exchange rate differences | | |
| | |
| |
| Accounting estimates and judgments |
For more information on the accounting estimates and judgments policies for vendor allowances,
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MTUvZnJhZzplZDBlOTRkYjc0NDE0NWU0YTZhNmM1NjkxOTIyZmM2YS90YWJsZTpjNjg1OWJhNjlmM2U0YmEzOTA3YmE4MDkzNDJhMjM1OC90YWJsZXJhbmdlOmM2ODU5YmE2OWYzZTRiYTM5MDdiYTgwOTM0MmEyMzU4XzYtMS0xLTEtMzM2MTI2_248a72ae-be24-472b-9dca-dc811973c942": {
"value": "2391000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MTUvZnJhZzplZDBlOTRkYjc0NDE0NWU0YTZhNmM1NjkxOTIyZmM2YS90YWJsZTpjNjg1OWJhNjlmM2U0YmEzOTA3YmE4MDkzNDJhMjM1OC90YWJsZXJhbmdlOmM2ODU5YmE2OWYzZTRiYTM5MDdiYTgwOTM0MmEyMzU4XzYtMi0xLTEtMzM2MTI2_aee3d16c-423a-4d48-8d95-47854567bfb8": {
"value": "2058000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MTUvZnJhZzplZDBlOTRkYjc0NDE0NWU0YTZhNmM1NjkxOTIyZmM2YS90ZXh0cmVnaW9uOmVkMGU5NGRiNzQ0MTQ1ZTRhNmE2YzU2OTE5MjJmYzZhXzExNTQ0ODcyMDkyNjMz_8160fb13-ed5a-4510-bcb0-2ee545ef2c89": {
"value": "
At January\u00a01, 2023, the aging analysis of receivables was as follows:
| | | | | | |
| | | |
| | | | | | |
| | | | | | |
Vendor allowance receivables | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
\u20ac13 million, 6-12 months decreased by \u20ac15 million and >12 months decreased by \u20ac1 million.
Credit risk
Ahold Delhaize has no significant concentrations of credit risk. The concentration of credit risk
with\u00a0respect to receivables is limited, as the Company\u2019s customer base and vendor base are large and
unrelated. The Company applies the IFRS 9 simplified approach to measuring expected credit losses,
which uses a lifetime-expected loss allowance for all trade receivables. To measure the expected credit
losses, trade receivables have been grouped based on shared credit risk characteristics and the days
past due. The expected loss rate is calculated based on delinquency status and actual historical credit
loss experience. As a result, management believes there is no further credit risk provision required over
the normal individual and collective impairment, based on an aging analysis performed as of
January\u00a01, 2023. For further discussion on Ahold Delhaize\u2019s receivables, see\u00a0Note 16 and\u00a0Note 18. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MTUvZnJhZzplZDBlOTRkYjc0NDE0NWU0YTZhNmM1NjkxOTIyZmM2YS90YWJsZTplMGQwNjM4MzUyMzE0MDg1YWJhODRhNWZjOWU3OGM5Zi90YWJsZXJhbmdlOmUwZDA2MzgzNTIzMTQwODVhYmE4NGE1ZmM5ZTc4YzlmXzctMS0xLTEtMzM2MTI2_248a72ae-be24-472b-9dca-dc811973c942": {
"value": "2391000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MTUvZnJhZzplZDBlOTRkYjc0NDE0NWU0YTZhNmM1NjkxOTIyZmM2YS90YWJsZTpkNDVmM2RlNDBlNmE0NGUxOTI1MjkzYmUwMjg0ZDFlYS90YWJsZXJhbmdlOmQ0NWYzZGU0MGU2YTQ0ZTE5MjUyOTNiZTAyODRkMWVhXzctMS0xLTEtMzM2MTI2_aee3d16c-423a-4d48-8d95-47854567bfb8": {
"value": "2058000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MTgvZnJhZzoyNDc5MTE4YTM0MzE0YzFlYjdiMjBmZjkwY2ZhNDc0ZS90ZXh0cmVnaW9uOjI0NzkxMThhMzQzMTRjMWViN2IyMGZmOTBjZmE0NzRlXzEzMTk0MTM5NTM0ODk0_9c682a50-7e73-4db3-88d8-4fcb4588bc7a": {
"value": "
19 OTHER CURRENT FINANCIAL ASSETS
| | |
| | |
Derivative financial instruments \u2013 current portion | | |
Net investment in leases \u2013 current portion | | |
Investments in debt instruments (FVPL1) \u2013 current portion | | |
Short-term deposits and similar instruments | | |
Reinsurance assets \u2013 current portion (see Note 16) | | |
Short-term loans receivable | | |
| | |
Total other current financial assets | | |
1\u00a0 Fair Value through Profit or Loss (FVPL).
For more information on Net investment in leases \u2013 current portion, see Note 33. The Investments in debt instruments relate primarily to investments in U.S. Treasury bond funds, which
are held by one of the Company\u2019s captive insurance companies.
As of January\u00a01, 2023, short-term deposits and similar instruments included short-term investments
with a maturity at acquisition of between three and 12 months. Of the short-term deposits and similar
instruments as of January\u00a01, 2023, \u20ac16\u00a0million was restricted (January\u00a02, 2022: \u20ac15\u00a0million). The
restricted investments are held for insurance purposes for U.S. workers\u2019 compensation and general
liability programs.
At each reporting date, the Company assesses whether there is evidence that a financial asset or
group of financial assets is impaired and recognizes a loss allowance for expected credit losses for
financial assets measured at amortized costs. In 2022, the Company recognized net impairment
charges for these financial assets of \u20ac1 million (2021: \u20ac2 million). The net impairments were included in
Other gains (losses); see Note 9. 26 OTHER CURRENT FINANCIAL LIABILITIES
| | |
| | |
Lease liabilities \u2013 current portion | | |
| | |
| | |
| | |
Reinsurance liabilities \u2013 current portion (see Note 16 and Note 23) | | |
Loans \u2013 current portion (see Note 22) | | |
| | |
Derivative financial instruments | | |
| | |
Total other current financial liabilities | | |
For more information on lease liabilities, see Note 33. Bank overdrafts includes an amount of \u20ac712\u00a0million (January\u00a02, 2022: \u20ac807\u00a0million) which relates to the
overdraft position of a notional cash pooling arrangement. This bank overdraft is fully offset by an
identical amount included under Cash and cash equivalents (see Note 20 and Note 30). Other includes mainly the current portion of the Local 1500 withdrawal liability; see Note 23 and 30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
Financial risk management
Ahold Delhaize is exposed to a variety of financial risks, including currency, interest rate, funding,
liquidity and counterparty risks. The Company\u2019s financial risk management is centralized through
its\u00a0Treasury function, which operates within a regularly reviewed framework of policies and procedures.
Ahold Delhaize\u2019s Management Board has overall responsibility for the establishment and oversight of
the Treasury risk management framework. Ahold Delhaize\u2019s management reviews material changes to
Treasury policies and receives information related to Treasury activities. The Treasury function does
not\u00a0operate as a profit center and manages the financial risks that arise in relation to underlying
business needs.
In accordance with its Treasury policies, Ahold Delhaize uses derivative instruments solely for the
purpose of hedging exposures. These exposures are mainly the result of interest rate and currency
risks arising from the Company\u2019s operations and its sources of financing. Ahold Delhaize does not enter
into derivative financial instruments for speculative purposes. The transaction of derivative instruments
is restricted to Treasury personnel only and Ahold Delhaize\u2019s Internal Control department reviews the
Treasury internal control environment regularly.
Relationships with credit rating agencies and monitoring of key credit ratios are also managed by the
Treasury department.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
Currency risk
Ahold Delhaize operates internationally and is exposed to foreign exchange risk arising from currency
exposures, primarily with respect to the U.S. dollar. Since Ahold Delhaize's subsidiaries purchase and
sell primarily in local currencies, the Company\u2019s exposure to exchange rate movements in its
commercial operations is limited. The Company is subject to foreign currency exchange risks due to
exchange rate movements in connection with the translation of its foreign subsidiaries\u2019 income, assets
and liabilities into euros for inclusion in its consolidated financial statements. Translation risk related to
Ahold Delhaize\u2019s foreign subsidiaries, joint ventures and associates is not actively hedged; however,
the Company aims to minimize this exposure by funding its foreign operations in their functional
currency wherever feasible.
To protect the value of future foreign currency cash flows, including loan and interest payments, lease
payments, dividends and firm purchase commitments, and the value of assets and liabilities
denominated in foreign currency, Ahold Delhaize seeks to mitigate its foreign currency exchange
exposure by borrowing in local currency and entering into various financial instruments, including
forward contracts and currency swaps. It is Ahold Delhaize\u2019s policy to cover foreign exchange
transaction exposure in relation to existing assets, liabilities and firm purchase commitments.
Foreign currency sensitivity analysis
As of January\u00a01, 2023, Ahold Delhaize carried out a sensitivity analysis with regard to changes in
foreign exchange rates to revalue dollar-denominated cash, cash equivalents and debt in its balance
sheet at year-end. Assuming the euro had strengthened (weakened) by 20% against the U.S. dollar
compared to the actual 2022 rate, with all other variables held constant, the hypothetical result on
income before income taxes would have been an increase (decrease) of \u20ac4\u00a0million (2021: an increase
(decrease) of \u20ac8\u00a0million), as a result of foreign exchange revaluation of U.S. dollar-denominated
monetary assets and liabilities held by non-U.S. dollar functional currency subsidiaries.
The gain on foreign exchange recognized in the 2022 income statement related to the revaluation of
unhedged leases reported in the balance sheet amounted to \u20ac7 million (2021: gain of \u20ac1 million). The
strengthening (weakening) of the euro by 20% against the other currencies, with all other variables held
constant, would result in a loss (gain) of \u20ac168 million (2021:\u00a0\u20ac159\u00a0million).
Interest rate risk
Ahold Delhaize\u2019s outstanding debt and investment position is exposed to changes in interest rates. To
manage interest rate risk, Ahold Delhaize has an interest rate management policy aiming to reduce
volatility in its interest expense and maintaining a target percentage of its debt in fixed-rate instruments.
As of January\u00a01, 2023, 96% of\u00a0Ahold Delhaize\u2019s long-term bonds was at fixed rates of interest
(January\u00a02, 2022: 96%). In 2021, the Company entered into a fixed to floating interest rate swap, which
is taken into account in the percentage as of January 1, 2023, and January 2, 2022, respectively (see
Derivatives).
Interest rate sensitivity analysis
The total interest expense recognized in the 2022 income statement related to the variable rates of
short- and long-term debt amounted to \u20ac4\u00a0million (2021: nil). An increase (decrease) in market interest
rates by 100 basis points, with all other variables (including foreign exchange rates) held constant,
would have resulted in a loss (gain) of \u20ac11 million (2021: \u20ac4 million).
The total interest income recognized in the 2022 income statement amounted to \u20ac69\u00a0million (2021:
\u20ac29\u00a0million), mainly related to variable rate money market fund investments and deposits.
The\u00a0Company estimates that with a possible increase (decrease) of euro and U.S. dollar market
interest rates of 100 basis points, with all other variables (including foreign exchange rates)
held\u00a0constant, this would have resulted in a gain of \u20ac23\u00a0million or a loss of \u20ac23\u00a0million, respectively
(2021: gain of \u20ac22\u00a0million or a loss of \u20ac22\u00a0million).
The above sensitivity analyses are for illustrative purposes only as, in practice, market rates rarely
change in isolation from other factors that also affect Ahold Delhaize\u2019s financial position and results.
Supply chain financing
Ahold Delhaize has supply chain finance arrangements with third-party banks. As of January\u00a01, 2023,
the amounts due under the supply chain finance arrangements classified as trade payables were
\u20ac1,132\u00a0million (January\u00a02, 2022: \u20ac989 million). For more information on the accounting policies
regarding supply chain finance arrangements, see section Accounting policies \u2013 Supply chain
financing. The terms, including the payment terms, of the trade payables that are part of the supply
chain finance arrangements are not substantially different from the terms of the Company\u2019s trade
payables that are not part of the supply chain arrangement.
Credit risk
Ahold Delhaize has no significant concentrations of credit risk. The concentration of credit risk
with\u00a0respect to receivables is limited, as the Company\u2019s customer base and vendor base are large and
unrelated. The Company applies the IFRS 9 simplified approach to measuring expected credit losses,
which uses a lifetime-expected loss allowance for all trade receivables. To measure the expected credit
losses, trade receivables have been grouped based on shared credit risk characteristics and the days
past due. The expected loss rate is calculated based on delinquency status and actual historical credit
loss experience. As a result, management believes there is no further credit risk provision required over
the normal individual and collective impairment, based on an aging analysis performed as of
January\u00a01, 2023. For further discussion on Ahold Delhaize\u2019s receivables, see\u00a0Note 16 and\u00a0Note 18. Financial transactions are entered into predominantly with investment-grade financial institutions. The
Company requires a minimum short-term rating of A1/P1 and a minimum long-term rating of A3/A- for
its deposit and investment products. The Company may deviate from this requirement from time to time
for operational reasons. Regarding credit risk, derivative contracts with counterparties are entered into
primarily under the standard terms and conditions of the International Swaps and Derivatives
Association (ISDA). With certain counterparties, Ahold Delhaize has credit support annexes in place
that materially reduce the counterparty risk exposure because of a contractual exchange of cash
collateral. Ahold Delhaize has policies that limit the amount of counterparty credit exposure to any
single financial institution or investment vehicle and actively monitors these exposures.
Counterparty risk is measured by adding the nominal value of cash, short-term deposits and
marketable securities, and the mark-to-market of derivative instruments, netted with the collateral
posted, if any. As a result, the highest exposure to a single financial counterparty, excluding AAA-rated
money market funds, on January\u00a01, 2023, amounted to \u20ac254\u00a0million (January\u00a02, 2022: \u20ac175\u00a0million).
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
Offsetting of financial instruments
Ahold Delhaize has several financial assets and financial liabilities that are subject to offsetting or
enforceable master netting arrangements and similar agreements.
Cash pool
The Company has implemented a cash pool system, allowing a more efficient management of the daily
working capital needs of the participating operating entities. The settlement mechanism of the cash
pool is provided by an external financial counterparty. The cash pool system exposes the Company to a
single net amount with that financial counterparty rather than the gross amount of several current
accounts and bank overdraft balances with multiple financial counterparties. From an operational
perspective, the balances in the cash pool are netted. However, under the guidance of IAS 32
regarding the offsetting of debit and credit balances for financial reporting purposes, these balances
have to be presented on a gross basis on the balance sheet\u00a0(see Note 20 and Note 26). ISDA master agreements for derivatives
The Company has entered into several ISDA master agreements in connection with its derivative
transactions. In general, under such agreements, the amounts owed by each counterparty to another
on the same day in respect of the same transaction payable in the same currency are aggregated into
a single net amount payable by one party to the other.
Under certain circumstances, if all transactions under the ISDA master agreement are terminated, e.g.,
when a credit event such as payment default occurs, the termination value is assessed and only a single
net amount is payable in the settlement of all transactions governed by the ISDA master agreement.
The ISDA agreements do not meet the criteria for offsetting in the balance sheet. This is because the
Company does not currently have a legally enforceable right to offset recognized amounts, because the
right to offset is enforceable only on the occurrence of a future event such as a default. ISDAs are
considered to be master netting arrangements for IFRS 7 disclosure purposes.
The following table shows the maximum exposure of the Company\u2019s financial assets and financial
liabilities that are subject to offset or enforceable master netting arrangements and similar agreements
for the year ended January\u00a01, 2023.
| | | |
| Gross amounts in the balance sheet | Cash collateral received/ pledged1 | |
| | | |
Cash and cash equivalents | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
1 Amounts not offset in the balance sheet but subject to master netting arrangements (or similar).
Liquidity risk
Ahold Delhaize views available cash balances and funds from operating activities as its primary
sources of liquidity, complemented with access to external sources of funds when deemed to be
required. Ahold Delhaize manages short-term liquidity based on projected cash flows. As of January\u00a01,
2023, the Company\u2019s liquidity position primarily comprised \u20ac2,511\u00a0million of cash (including short-term
deposits and similar instruments and the current portion of investments in debt instruments, adjusted
for cash held under a notional cash pooling arrangement), and the \u20ac1.5 billion revolving credit facility, of
which nil is drawn.
Based on the current operating performance and liquidity position, the Company believes that its
liquidity position will be sufficient for working capital, capital expenditures, commitments related to
acquisitions, interest payments, dividends, the announced \u20ac1 billion share buyback program and
scheduled debt repayments for the next 12 months. In addition, the Company has access to the
amount available on its revolving credit facility and to the debt capital markets based on its current
credit ratings.
The following tables summarize the expected maturity profile of the Company\u2019s financial liabilities
(including derivatives) as of January\u00a01, 2023, and January\u00a02, 2022, respectively, based on contractual
undiscounted payments.
All financial liabilities held at the reporting date, for which payments are already contractually agreed,
have been included. Amounts in foreign currency have been translated using the reporting date closing
rate. Cash flows arising from financial instruments carrying variable interest payments have been
calculated using the\u00a0forward curve interest rates as of January\u00a01, 2023, and January\u00a02, 2022,
respectively. See Note 34 for the liquidity risk related to guarantees. Year ended January\u00a01, 2023
| | | | | |
| | |
| | | |
Non-derivative financial liabilities1 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Other long-term financial liabilities | | | | | |
| | | | | |
| | | | | |
Derivative financial liabilities |
| | | | | |
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
| | | | |
| | |
| | | |
| | | | |
Financial liabilities at amortized cost | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Other long-term financial liabilities1 | | | | |
| | | | |
| | | | |
| | | | |
Financial liabilities at fair value through profit or loss (FVPL) | | | | |
| | | | |
| | | | |
Derivative financial instruments | | | | |
| | | | |
| | | | |
Total financial liabilities excluding lease liabilities | | | | |
| | | | |
| | | | |
| | | | |
Total financial liabilities | | | | |
1Other long-term financial liabilities include a long-term financial liability for the non-controlling interest in FreshDirect in the amount of
$129 million (\u20ac121 million) and a deferred consideration for the remaining shares in Cycloon of \u20ac26\u00a0million (see Note 23). Of Ahold Delhaize\u2019s categories of financial instruments, only derivatives, investments in debt
instruments and reinsurance assets (liabilities) are measured and recognized on the balance sheet at
fair value. These fair value measurements are categorized within Level 2 of the fair value hierarchy.
The Company uses inputs other than quoted prices that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices). The fair value of derivative instruments is
measured by using either a market or income approach (mainly present value techniques). Foreign
currency forward contracts are measured using quoted forward exchange rates and yield curves
derived from quoted interest rates that match the maturity of the contracts. Interest rate swaps are
measured at the present value of expected future cash flows. Expected future cash flows are
discounted by using the applicable yield curves derived from quoted interest rates.
To the extent that no cash collateral is contractually required, the valuation of Ahold Delhaize\u2019s
derivative instruments is adjusted for the credit risk of the counterparty, called Credit Valuation
Adjustment (CVA), and for Ahold Delhaize's own credit risk, called Debit Valuation Adjustment (DVA).
The valuation technique for the CVA/DVA calculation is based on relevant observable market inputs.
No CVA/DVA adjustments are made to the valuation of certain derivative instruments, for which both
Ahold Delhaize and its counterparties are required to post or redeem cash collaterals if the value of a
derivative exceeds a threshold defined in the contractual provisions. Such cash collaterals materially
reduce the impact of both the counterparty and Ahold Delhaize\u2019s own non-performance risk on the
value of the instrument. Ahold Delhaize posted deposits as collateral in the net amount of \u20ac26 million as
of January\u00a01, 2023 (January\u00a02, 2022: nil). The counterparties have an obligation to repay the deposits
to Ahold Delhaize upon settlement of the contracts.
The carrying amount of trade and other (non-)current receivables, cash and cash equivalents, accounts
payable, short-term deposits and similar instruments, and other current financial assets and liabilities
approximate their fair values because of the short-term nature of these instruments and, for
receivables, because any expected recoverability loss is reflected in an impairment loss.
The fair values of quoted borrowings for which an active market exists are based on year-end quoted
prices. The fair value of other non-derivative financial assets and liabilities that are not traded in an
active market is estimated using discounted cash flow analyses based on market rates prevailing at
year-end.
As of January\u00a01, 2023, short-term deposits and similar instruments (\u20ac16\u00a0million) contain short-term
liquid investments that are considered part of Ahold Delhaize\u2019s cash management financial assets.
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments for
accounting purposes are presented in the table below:
| | | | |
| | |
| |
| |
Forward commodity contracts1 | | | | |
| | | | |
| | | | |
| | | | |
Forward foreign currency contracts | | | | |
Total derivatives \u2013 no hedge accounting treatment | | | | |
Total derivative financial instruments | | | | |
1 Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2022.
2Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2022.
| | | | |
| | |
| |
| |
| | | | |
| | | | |
| | | | |
Forward foreign currency contracts | | | | |
Total derivatives \u2013 no hedge accounting treatment | | | | |
Total derivative financial instruments | | | | |
1 Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
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"value": "373000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialAssets",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MTgvZnJhZzoyNDc5MTE4YTM0MzE0YzFlYjdiMjBmZjkwY2ZhNDc0ZS90YWJsZTo0ZDc5MGFiOGRiNDE0ZmE0ODRiNDZhN2M3MWY3ZDQzOS90YWJsZXJhbmdlOjRkNzkwYWI4ZGI0MTRmYTQ4NGI0NmE3YzcxZjdkNDM5XzgtMi0xLTEtMzM2MTI2_7434d2af-256a-4129-8a46-d453b7b83756": {
"value": "356000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialAssets",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00",
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},
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"value": "
20 CASH AND CASH EQUIVALENTS
| | |
| | |
Cash in banks and cash equivalents | | |
| | |
Total cash and cash equivalents | | |
Issued share capital
As of January\u00a01, 2023 and January\u00a02, 2022, the common shares comprise 100% of the issued share
capital. Ahold Delhaize had no cumulative preferred shares and no cumulative preferred financing
shares outstanding as of January\u00a01, 2023 and January\u00a02, 2022.
The holders of common shares are entitled to one vote per share and to participate in the distribution of
dividends and liquidation proceeds. Such rights do not apply in respect of treasury shares that are held
by the Company.
Common shares and additional paid-in capital
Changes in the number of common shares and the number of treasury shares were as follows:
| | | |
| Number of common shares issued and fully paid (x 1,000) | Number of treasury shares (x 1,000) | Number of common shares outstanding (x 1,000) |
Balance as of January 3, 2021 | | | |
| | | |
Cancellation of treasury shares | | | |
| | | |
Balance as of January 2, 2022 | | | |
| | | |
Cancellation of treasury shares | | | |
| | | |
Balance as of January 1, 2023 | | | |
1Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
Dividends on common shares
On April 13, 2022, the General Meeting of Shareholders approved the dividend over 2021 of \u20ac0.95 per
common share. The final dividend for 2021 of \u20ac0.52 per common share was paid on April 28, 2022,
while the interim dividend for 2021 of \u20ac0.43 per common share was paid on September 2, 2021.
On August 10, 2022, the Company announced the interim dividend for 2022 of \u20ac0.46 per common
share, which was paid on September 1, 2022. In the aggregate, in 2022, the Company paid dividends
on common shares in the amount of \u20ac979\u00a0million.
The Management Board, with the approval of the Supervisory Board, proposes that a dividend of \u20ac1.05
per common share be paid with respect to 2022. This dividend is\u00a0subject to approval by the General
Meeting of Shareholders. If approved, a final dividend of \u20ac0.59 per common share will be paid on
April 27, 2023. This is in addition to the interim dividend of \u20ac0.46 per common share, which was paid on
September 1, 2022. The total dividend payment for the full year 2022 would, therefore, total \u20ac1.05 per
common share (2021: \u20ac0.95).
The final dividend of \u20ac0.59 per common share has not been included as a liability on the consolidated
balance sheet as of January\u00a01, 2023. The payment of\u00a0this dividend will not have income tax
consequences for the Company.
Share buyback
On January 3, 2022, the Company commenced the \u20ac1 billion share buyback program that was
announced on November 15, 2021. The program was successfully completed on December 15, 2022.
In total, 36,596,304 of the Company's own shares were repurchased at an average price of \u20ac27.33 per
share. The share buyback execution resulted in a net transactional discount from the dealers of \u20ac3
million.
On January 2, 2023, the Company commenced the \u20ac1 billion share buyback program that was
announced on November 9, 2022. The program is expected to be completed before the end of 2023.
Share-based payments
Share-based payments recognized in equity in the amount of \u20ac66\u00a0million (2021: \u20ac51\u00a0million) relate to
the 2022 Global Reward Opportunity (GRO) share-based compensation expenses (see Note 32) and the associated current and deferred income taxes.
Cumulative preferred shares
The Company\u2019s Articles of Association provide for the possible issuance of cumulative preferred
shares. The Company believes that its ability to issue this class of shares could at least delay an
attempt by a potential bidder to make a hostile takeover bid, allowing the Company and its stakeholders
time to discuss and respond to the offer in an orderly process. According to Dutch law, a response
device is limited in time and therefore cannot permanently block a take-over of the Company
concerned. Instead, it aims to facilitate an orderly process in which the interests of the continuity of the
Company, its shareholders and other stakeholders are safeguarded in the best way possible.
Moreover, outside the scope of a public offer, but also under other circumstances, the ability to issue this
class of shares may safeguard the interests of the Company and its stakeholders and resist influences
that might conflict with those interests by affecting the Company\u2019s continuity, strategy or identity. No
cumulative preferred shares were outstanding as of\u00a0January\u00a01, 2023, or during 2022 and 2021.
21 EQUITY ATTRIBUTABLE TO COMMON SHAREHOLDERS CONTINUED
In March 1989, the Company entered into an agreement with the Dutch foundation Stichting
Continu\u00efteit Ahold Delhaize (SCAD, previously named Stichting Ahold Continu\u00efteit), as amended and
restated in April 1994, March 1997, December 2001, December 2003 and May 2018 (the \u201cOption
Agreement\u201d). Pursuant to the Option Agreement, SCAD has been granted an option to acquire
cumulative preferred shares from the Company from time to time for no consideration.
The Option Agreement entitles SCAD, under certain circumstances, to acquire cumulative preferred
shares from the Company up to a total par value that is equal to the total par value of all issued and
outstanding shares of Ahold Delhaize\u2019s share capital, excluding cumulative preferred shares, at
the\u00a0time of exercising the option. If the authorized share capital of the Company is amended during the
term of the option, the Option Agreement provides for a corresponding change of\u00a0the total par value of
cumulative preferred shares under option.
The holders of the cumulative preferred shares are entitled to one vote per share and a cumulative
dividend expressed as a percentage of the amount called-up and paid-in to purchase the cumulative
preferred shares. The percentage to be applied is the sum of (1) the average basic refinancing
transaction interest rate as set by the European Central Bank \u2013 measured by the number of days
during which that rate was in force in the fiscal year over which the dividend is paid \u2013 plus 2.1%, and
(2) the average interest surcharge rate \u2013 measured by the number of days during which that rate was in
force in the fiscal year over which the dividend is paid \u2013 that would be charged by the largest credit
institution in the Netherlands (based on the balance sheet total as of the close of the fiscal year
immediately preceding the fiscal year over which the dividend is paid). The minimum percentage to be
applied is 5.75%. Subject to limited exceptions, any potential transfer of cumulative preferred shares
requires the approval of the Management Board. Cumulative preferred shares can only be issued in a
registered form. The Company may stipulate that only 25% of the par value will be paid upon
subscription to cumulative preferred shares until payment in full is later required by the Company.
SCAD would then only be entitled to a market-based interest return on its investment.
SCAD is a foundation organized under the laws of the Netherlands. Its purpose under its articles is to
safeguard the interests of the Company and its stakeholders and to resist, to the\u00a0best of its ability,
influences that might conflict with those interests by affecting the Company\u2019s continuity, strategy or
identity. SCAD seeks to realize its objectives by acquiring and holding cumulative preferred shares and
by exercising the rights attached to these shares, including the voting rights. The SCAD board has four
members, who are appointed by the board of SCAD itself.
If the board of SCAD considers acquiring cumulative preferred shares or exercising voting rights on
cumulative preferred shares, it will make an independent assessment and, pursuant to Dutch law, it
must ensure that its actions are proportional and reasonable. If SCAD acquires cumulative preferred
shares, it will only hold them for a limited period of time. These principles are in line with Dutch law,
which only allows response measures that are proportionate, reasonable and limited in time. In the
case of liquidation, the SCAD board will decide on the use of any remaining residual assets.
Legal reserves
In accordance with the Dutch Civil Code and statutory requirements in other countries, legal reserves
have to be established in certain circumstances. Legal reserves are not available for\u00a0distribution to the
Company\u2019s shareholders. The currency translation reserve, cash flow hedging reserve and other
reserves include non-distributable amounts. Of the total equity as per January\u00a01, 2023, of
\u20ac15,405\u00a0million, an amount of \u20ac1,061\u00a0million is non-distributable (January\u00a02, 2022: \u20ac460\u00a0million out of
total equity of \u20ac13,721\u00a0million). See Note 9 to the parent company financial statements for more details on the legal reserves.
Equity instruments issued by the Company are recorded at the value of proceeds received. Own equity
instruments that are bought back (treasury shares) are deducted from equity. When reissued or
cancelled, shares are removed from the treasury shares on a FIFO basis, and recorded as a reduction
of the additional paid-in capital, in accordance with the Company\u2019s Articles of Association. Incremental
costs that are directly attributable to issuing or buying back own equity instruments are recognized
directly in equity, net of the related tax. No gain or loss is recognized in the\u00a0income statement on the
purchase, sale, issuance or cancellation of the Company\u2019s own equity instruments.
",
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"value": "
Shares and share capital
Authorized share capital comprises the following classes of shares:
| | |
| | |
Common shares (2022 and 2021: 1,923,515,827 of \u20ac0.01 par value each) | | |
Cumulative preferred shares (2022 and 2021: 2,250,000,000 of \u20ac0.01 par value each) | | |
Cumulative preferred financing shares (2022 and 2021: 326,484,173 of \u20ac0.01 par value each) | | |
Total authorized share capital | | |
Issued share capital
As of January\u00a01, 2023 and January\u00a02, 2022, the common shares comprise 100% of the issued share
capital. Ahold Delhaize had no cumulative preferred shares and no cumulative preferred financing
shares outstanding as of January\u00a01, 2023 and January\u00a02, 2022.
The holders of common shares are entitled to one vote per share and to participate in the distribution of
dividends and liquidation proceeds. Such rights do not apply in respect of treasury shares that are held
by the Company.
Common shares and additional paid-in capital
Changes in the number of common shares and the number of treasury shares were as follows:
| | | |
| Number of common shares issued and fully paid (x 1,000) | Number of treasury shares (x 1,000) | Number of common shares outstanding (x 1,000) |
Balance as of January 3, 2021 | | | |
| | | |
Cancellation of treasury shares | | | |
| | | |
Balance as of January 2, 2022 | | | |
| | | |
Cancellation of treasury shares | | | |
| | | |
Balance as of January 1, 2023 | | | |
1Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
",
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"value": "
Common shares and additional paid-in capital
Changes in the number of common shares and the number of treasury shares were as follows:
| | | |
| Number of common shares issued and fully paid (x 1,000) | Number of treasury shares (x 1,000) | Number of common shares outstanding (x 1,000) |
Balance as of January 3, 2021 | | | |
| | | |
Cancellation of treasury shares | | | |
| | | |
Balance as of January 2, 2022 | | | |
| | | |
Cancellation of treasury shares | | | |
| | | |
Balance as of January 1, 2023 | | | |
1Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
",
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"value": "
Dividends on common shares
On April 13, 2022, the General Meeting of Shareholders approved the dividend over 2021 of \u20ac0.95 per
common share. The final dividend for 2021 of \u20ac0.52 per common share was paid on April 28, 2022,
while the interim dividend for 2021 of \u20ac0.43 per common share was paid on September 2, 2021.
On August 10, 2022, the Company announced the interim dividend for 2022 of \u20ac0.46 per common
share, which was paid on September 1, 2022. In the aggregate, in 2022, the Company paid dividends
on common shares in the amount of \u20ac979\u00a0million.
The Management Board, with the approval of the Supervisory Board, proposes that a dividend of \u20ac1.05
per common share be paid with respect to 2022. This dividend is\u00a0subject to approval by the General
Meeting of Shareholders. If approved, a final dividend of \u20ac0.59 per common share will be paid on
April 27, 2023. This is in addition to the interim dividend of \u20ac0.46 per common share, which was paid on
September 1, 2022. The total dividend payment for the full year 2022 would, therefore, total \u20ac1.05 per
common share (2021: \u20ac0.95).
The final dividend of \u20ac0.59 per common share has not been included as a liability on the consolidated
balance sheet as of January\u00a01, 2023. The payment of\u00a0this dividend will not have income tax
consequences for the Company.",
"dimensions": {
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},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjQvZnJhZzpiN2FhM2FkYmNmM2M0YzRjOTZiMDVjOTY4ZDkzMDJmMC90ZXh0cmVnaW9uOmI3YWEzYWRiY2YzYzRjNGM5NmIwNWM5NjhkOTMwMmYwXzEzOTU_72ba408d-0580-4a26-85d2-b166120bdc24": {
"value": "979000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "aholddelhaize:OtherReservesInclRetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjQvZnJhZzpiN2FhM2FkYmNmM2M0YzRjOTZiMDVjOTY4ZDkzMDJmMC90ZXh0cmVnaW9uOmI3YWEzYWRiY2YzYzRjNGM5NmIwNWM5NjhkOTMwMmYwXzIyMDU_a4e4776e-7daf-4e23-ba65-73c4daac5566": {
"value": "66000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
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}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjQvZnJhZzpiN2FhM2FkYmNmM2M0YzRjOTZiMDVjOTY4ZDkzMDJmMC90ZXh0cmVnaW9uOmI3YWEzYWRiY2YzYzRjNGM5NmIwNWM5NjhkOTMwMmYwXzIyMTM_02b3d647-1a20-41ee-8998-8c631135bfbe": {
"value": "51000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "aholddelhaize:OtherReservesInclRetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjQvZnJhZzpiN2FhM2FkYmNmM2M0YzRjOTZiMDVjOTY4ZDkzMDJmMC90ZXh0cmVnaW9uOmI3YWEzYWRiY2YzYzRjNGM5NmIwNWM5NjhkOTMwMmYwXzExNTQ0ODcyMTAyMDU5_aaab9936-ff14-406d-8d9d-c620ac535904": {
"value": "
Legal reserves
In accordance with the Dutch Civil Code and statutory requirements in other countries, legal reserves
have to be established in certain circumstances. Legal reserves are not available for\u00a0distribution to the
Company\u2019s shareholders. The currency translation reserve, cash flow hedging reserve and other
reserves include non-distributable amounts. Of the total equity as per January\u00a01, 2023, of
\u20ac15,405\u00a0million, an amount of \u20ac1,061\u00a0million is non-distributable (January\u00a02, 2022: \u20ac460\u00a0million out of
total equity of \u20ac13,721\u00a0million). See Note 9 to the parent company financial statements for more details on the legal reserves.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjQvZnJhZzpiN2FhM2FkYmNmM2M0YzRjOTZiMDVjOTY4ZDkzMDJmMC90ZXh0cmVnaW9uOmI3YWEzYWRiY2YzYzRjNGM5NmIwNWM5NjhkOTMwMmYwXzc0ODk_95f7dfd7-b07b-4bc2-b5de-089cbede4535": {
"value": "15405000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjQvZnJhZzpiN2FhM2FkYmNmM2M0YzRjOTZiMDVjOTY4ZDkzMDJmMC90ZXh0cmVnaW9uOmI3YWEzYWRiY2YzYzRjNGM5NmIwNWM5NjhkOTMwMmYwXzc1NjE_773f7d3d-d625-470e-97c0-f6b8596f98df": {
"value": "13721000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjQvZnJhZzpiN2FhM2FkYmNmM2M0YzRjOTZiMDVjOTY4ZDkzMDJmMC90ZXh0cmVnaW9uOmI3YWEzYWRiY2YzYzRjNGM5NmIwNWM5NjhkOTMwMmYwXzQ2NzI5MjQ0MTg5MzA5_9f40f92e-db17-4eb8-b424-a9b839708c79": {
"value": "
Equity instruments issued by the Company are recorded at the value of proceeds received. Own equity
instruments that are bought back (treasury shares) are deducted from equity. When reissued or
cancelled, shares are removed from the treasury shares on a FIFO basis, and recorded as a reduction
of the additional paid-in capital, in accordance with the Company\u2019s Articles of Association. Incremental
costs that are directly attributable to issuing or buying back own equity instruments are recognized
directly in equity, net of the related tax. No gain or loss is recognized in the\u00a0income statement on the
purchase, sale, issuance or cancellation of the Company\u2019s own equity instruments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjcvZnJhZzo3ZDcxNTYyZjIxODA0ZjVmYTBjNGQ4NjBlZjdmYzhlZC90ZXh0cmVnaW9uOjdkNzE1NjJmMjE4MDRmNWZhMGM0ZDg2MGVmN2ZjOGVkXzExNTQ0ODcyMDk2MzQ1_33d37690-daeb-443a-9e60-2e52412a7c87": {
"value": "
22 LOANS AND CREDIT FACILITIES
The notes in the table below were either issued by or guaranteed by Ahold Delhaize unless otherwise noted. The amortization of the purchase price allocation to the debt acquired through business combinations
is allocated to the respective maturity brackets.
| | | | | | | | | |
\u20ac million, unless otherwise stated | | | | |
Outstanding notional redemption amount | | | | | | | |
| | | | | | | | | |
EUR 750 notes 0.875%, due 2024 | | | | | | | | | |
EUR 600 notes 0.250%, due 2025 | | | | | | | | | |
USD 32 indebtedness 8.62%, due 20252 | | | | | | | | | |
EUR 500 notes 1.125%, due 2026 | | | | | | | | | |
EUR 500 notes 1.75%, due 2027 | | | | | | | | | |
USD 71 notes 8.05%, due 2027 | | | | | | | | | |
USD 500 notes 6.875%, due 2029 | | | | | | | | | |
EUR 600 notes 0.375%, due 2030 | | | | | | | | | |
USD 271 notes 9.00%, due 2031 | | | | | | | | | |
USD 470 notes 5.70%, due 20403 | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
1The $55 million notes were part of the loans acquired with the FreshDirect acquisition in 2021; These notes are not guaranteed by Ahold Delhaize and were reclassified to non-current in 2022 to align with Ahold Delhaize\u2019s accounting policies.
2\u00a0 The notional amount of these lease notes at the end of 2021 amounted to $63 million and was reduced in 2022 to $32 million as a result of regular bond repayments of $19 million as well as additional repayments due to sold locations of $12 million.
3\u00a0 In December 2018, Ahold Delhaize repurchased and cancelled $350 million of its outstanding $827 million notes. In November 2022, Ahold Delhaize repurchased and cancelled an additional $7 million of its outstanding notes.
4The weighted average interest rate for the financing obligations amounted to 6.4% at the end of 2022 (2021: 6.8%).
5Mortgages payable are collateralized by buildings and land. The weighted average interest rate for these mortgages payable amounted to 8.9% at the end of 2022 (2021: 8.4%).
6Other loans mainly include a \u20ac190 million drawing under a committed credit facility, which matures in 2023 (2021: \u20ac250 million, of which \u20ac60 million matures in 2022 and \u20ac190 million matures in 2023).
22 LOANS AND CREDIT FACILITIES CONTINUED
On March 11, 2021, Ahold Delhaize announced it successfully priced its inaugural Sustainability-Linked
Bond, amounting to \u20ac600 million with a term of nine years, maturing on March 18, 2030. The bond pays
an annual coupon of 0.375% and was issued at a price of 99.63% of the nominal value. The bond
settled on March 18, 2021, and is listed on Euronext Amsterdam. The proceeds were used for the
refinancing of debt maturities and general corporate purposes. The bond is linked to Ahold Delhaize
achieving two Sustainability Performance Targets (SPTs) by 2025:
\u00f3SPT 1: Reduction of scope 1 and 2 CO2-e emissions by 29% from a 2018 baseline
\u00f3SPT 2: Reduction of food waste by 32% from a 2016 baseline
The sustainability-linked feature will result in a coupon adjustment if Ahold Delhaize\u2019s performance
does not achieve one or both of the stated SPTs. The sustainability performance reference date is
December 28, 2025. Any adjustment to the rate of interest, if applicable, shall take effect and accrue
from the interest payment date immediately following December 28, 2025 (i.e., prospectively).
On March 19, 2021, Ahold Delhaize repaid its floating EUR 300 notes on maturity.
The fair values of financial instruments, corresponding derivatives, and the foreign exchange and
interest rate risk management policies applied by Ahold Delhaize are disclosed in Note 30. Credit facilities
Ahold Delhaize has access to a \u20ac1.5 billion committed, unsecured, multi-currency and syndicated credit
facility. In December 2022, Ahold Delhaize closed a five-year \u20ac1.5 billion Sustainability-Linked
Revolving Credit Facility, with two one-year extension options. This facility refinanced the 2020-dated
\u20ac1.0 billion facility.
The credit facility has a mechanism to adjust the margin based on the Company\u2019s performance on
predefined sustainability targets. Specifically, the facility includes three sustainability KPIs: to reduce
Ahold Delhaize\u2019s carbon emissions within its own operations (scope 1 and 2), to reduce food waste and
to help customers make healthier choices. The facility also includes the opportunity to add scope 3
carbon emissions reduction performance targets by 2025. The facility contains customary covenants
and is subject to a financial covenant that requires Ahold Delhaize, in the event that its corporate rating
from Standard & Poor\u2019s and Moody\u2019s is lower than BBB/Baa2, respectively, not to exceed a maximum
leverage ratio of 5.5:1.
During 2022 and 2021, the Company was in compliance with these covenants. However, it was not
required to test the financial covenant as a result of its credit rating. As of January\u00a01, 2023, there were
no outstanding borrowings under the facility (January\u00a02, 2022: no outstanding borrowings under the
facility).
Ahold Delhaize also has access to committed and uncommitted credit facilities to cover working capital
requirements, issuance of guarantees and letters of credit. As of January\u00a01, 2023, \u20ac448 million was
utilized (January 2, 2022: \u20ac468 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjcvZnJhZzo3ZDcxNTYyZjIxODA0ZjVmYTBjNGQ4NjBlZjdmYzhlZC90YWJsZTo5ZDIzOTRjN2ZlODQ0YzkwYjExZDdjNjIzYTNlNDVhYS90YWJsZXJhbmdlOjlkMjM5NGM3ZmU4NDRjOTBiMTFkN2M2MjNhM2U0NWFhXzIxLTQtMS0xLTMzNjEyNg_23d163f6-e54a-4024-815f-a64190ff0496": {
"value": "4527000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjcvZnJhZzo3ZDcxNTYyZjIxODA0ZjVmYTBjNGQ4NjBlZjdmYzhlZC90YWJsZTo5ZDIzOTRjN2ZlODQ0YzkwYjExZDdjNjIzYTNlNDVhYS90YWJsZXJhbmdlOjlkMjM5NGM3ZmU4NDRjOTBiMTFkN2M2MjNhM2U0NWFhXzIxLTgtMS0xLTMzNjEyNg_72dfbfcc-bc50-42c1-b9a0-1847f00f704d": {
"value": "4678000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MjcvZnJhZzo3ZDcxNTYyZjIxODA0ZjVmYTBjNGQ4NjBlZjdmYzhlZC90ZXh0cmVnaW9uOjdkNzE1NjJmMjE4MDRmNWZhMGM0ZDg2MGVmN2ZjOGVkXzExNTQ0ODcyMDk2MzQ3_b2ca432d-ec86-4e1f-8488-182e4438ac6a": {
"value": "
On March 11, 2021, Ahold Delhaize announced it successfully priced its inaugural Sustainability-Linked
Bond, amounting to \u20ac600 million with a term of nine years, maturing on March 18, 2030. The bond pays
an annual coupon of 0.375% and was issued at a price of 99.63% of the nominal value. The bond
settled on March 18, 2021, and is listed on Euronext Amsterdam. The proceeds were used for the
refinancing of debt maturities and general corporate purposes. The bond is linked to Ahold Delhaize
achieving two Sustainability Performance Targets (SPTs) by 2025:
\u00f3SPT 1: Reduction of scope 1 and 2 CO2-e emissions by 29% from a 2018 baseline
\u00f3SPT 2: Reduction of food waste by 32% from a 2016 baseline
The sustainability-linked feature will result in a coupon adjustment if Ahold Delhaize\u2019s performance
does not achieve one or both of the stated SPTs. The sustainability performance reference date is
December 28, 2025. Any adjustment to the rate of interest, if applicable, shall take effect and accrue
from the interest payment date immediately following December 28, 2025 (i.e., prospectively).
On March 19, 2021, Ahold Delhaize repaid its floating EUR 300 notes on maturity.
The fair values of financial instruments, corresponding derivatives, and the foreign exchange and
interest rate risk management policies applied by Ahold Delhaize are disclosed in Note 30. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MzAvZnJhZzpjNDZiNmU3YTc2YTI0MzgxYmRlODE4OTlhOWIwZWVlYy90ZXh0cmVnaW9uOmM0NmI2ZTdhNzZhMjQzODFiZGU4MTg5OWE5YjBlZWVjXzExNTQ0ODcyMDk5NzIz_99c5f2d2-d79a-4b30-8ed4-d0af847febe2": {
"value": "
23 OTHER NON-CURRENT FINANCIAL LIABILITIES
| | |
| | |
| | |
| | |
Other long-term financial liabilities | | |
Derivative financial instruments | | |
| | |
Total other non-current financial liabilities | | |
For more information on lease liabilities, see Note 33. The Company recognizes reinsurance liabilities on its balance sheet in connection with a pooling
arrangement between unrelated companies (see Note 16). As of January\u00a01, 2023, Other long-term financial liabilities mainly consists of:
\u00f3$129 million (\u20ac121 million) financial liability for the call-and-put options embedded in the non-
controlling interest of FreshDirect. On January 5, 2021, Ahold Delhaize acquired a majority stake of
80% in FreshDirect and has a right and obligation to acquire the remaining 20% from Centerbridge
(January 2, 2022: $103\u00a0million (\u20ac91 million)).
\u00f3\u20ac26 million deferred consideration for the remaining shares in Cycloon. On April 30, 2022, Ahold
Delhaize acquired a majority stake of 50% plus one share in Cycloon and has the right and obligation
to acquire the remaining shares and become full owner in 2026.
\u00f3$46 million (\u20ac43 million) liability for the discounted amount of the remaining settlement liability,
relating to a 2013 agreement with the New England Teamsters and Trucking Industry Pension Fund
(NETTI) to settle Stop & Shop\u2019s pension liabilities in the fund (January 2, 2022: $44 million
(\u20ac39\u00a0million)).
\u00f3The non-current portion of the liability for the withdrawal from the 1500 Plan is nil (January\u00a02, 2022:
$53 million (\u20ac47 million)). The current portion of the liability amounts to $57\u00a0million (\u20ac54 million) and is
included in other current financial liabilities (January\u00a02, 2022: $57\u00a0million (\u20ac50 million)). See Note 24 | |
| Accounting estimates and judgments |
For more information on the accounting estimates for other long-term financial liabilities, see Note 4. Financial guarantees
Financial guarantees made by Ahold Delhaize to third parties that may require the Company to incur
future cash outflows if called upon to satisfy are recognized at inception as liabilities at fair value. Fair
value is measured as the premium received, if any, or calculated using a scenario analysis.
Subsequently, the liability is measured at the higher of the best estimate of the expenditure required to
settle the obligation or the amount initially recognized less cumulative amortization corresponding to the
expiration or repayment of the underlying amount guaranteed.
Reinsurance liabilities
For more information on the accounting policies for reinsurance liabilities, see Note 30. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MzAvZnJhZzpjNDZiNmU3YTc2YTI0MzgxYmRlODE4OTlhOWIwZWVlYy90YWJsZTowNWQxZjBlNzE2OGU0MWI0ODRmODllNTBhNGFmM2YxZC90YWJsZXJhbmdlOjA1ZDFmMGU3MTY4ZTQxYjQ4NGY4OWU1MGE0YWYzZjFkXzctMS0xLTEtMzM2MTI2_c524d565-0e01-4530-bd17-c7970a44ba57": {
"value": "11055000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MzAvZnJhZzpjNDZiNmU3YTc2YTI0MzgxYmRlODE4OTlhOWIwZWVlYy90YWJsZTowNWQxZjBlNzE2OGU0MWI0ODRmODllNTBhNGFmM2YxZC90YWJsZXJhbmdlOjA1ZDFmMGU3MTY4ZTQxYjQ4NGY4OWU1MGE0YWYzZjFkXzctMi0xLTEtMzM2MTI2_b98aa480-df8f-48bd-9afb-5449b848d144": {
"value": "10473000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MzAvZnJhZzpjNDZiNmU3YTc2YTI0MzgxYmRlODE4OTlhOWIwZWVlYy90ZXh0cmVnaW9uOmM0NmI2ZTdhNzZhMjQzODFiZGU4MTg5OWE5YjBlZWVjXzExNTQ0ODcyMDk0Nzg2_ca6df7cd-0b3f-49df-99fe-b69742503fa7": {
"value": "
Financial guarantees
Financial guarantees made by Ahold Delhaize to third parties that may require the Company to incur
future cash outflows if called upon to satisfy are recognized at inception as liabilities at fair value. Fair
value is measured as the premium received, if any, or calculated using a scenario analysis.
Subsequently, the liability is measured at the higher of the best estimate of the expenditure required to
settle the obligation or the amount initially recognized less cumulative amortization corresponding to the
expiration or repayment of the underlying amount guaranteed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80MzMvZnJhZzozYWI2ZmNjMzUzZjA0OThhYTI4NmMyMjEyZjRiNjU0OS90ZXh0cmVnaW9uOjNhYjZmY2MzNTNmMDQ5OGFhMjg2YzIyMTJmNGI2NTQ5XzExNTQ0ODcyMDkzMzEx_40065d3c-ebcc-4336-bf07-6a698b343a15": {
"value": "
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS
| | |
| | |
Defined benefit liabilities | | |
Other long-term pension plan obligations | | |
Total pension and other post-employment benefits | | |
1In 2022, total pension and other post-employment benefit expenses included a net one-off gain in the amount of \u20ac26 million, mainly
related to an additional adjustment of the FELRA and MAP excess benefit liability due to a reassessment in relation to the American
Rescue Plan Act of 2021 (ARPA); see ARPA section (2021: net one-off gain in the amount of \u20ac129 million, mainly related to an
adjustment of the FELRA and MAP excess benefit liability due to a reassessment in relation to the ARPA).
The following table provides an overview of the remeasurements of the defined benefit pension plans
and other long-term pension plan obligations as recorded in other comprehensive income:
| | |
| | |
Remeasurements defined benefit pension plans1 | | |
Remeasurements other long-term pension plan obligations2 | | |
Total remeasurements pension plans in other comprehensive income | | |
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
The changes in the defined benefit obligations and plan assets in 2022 and 2021 were as follows:
| | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | |
Defined benefit obligations | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Contributions by plan participants | | | | | | | | | | | |
| | | | | | | | | | | |
(Gain) loss from changes in demographic assumptions | | | | | | | | | | | |
(Gain) loss from changes in financial assumptions | | | | | | | | | | | |
Experience (gains) losses | | | | | | | | | | | |
Exchange rate differences | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Fair value of assets, beginning of the year | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Contributions by plan participants | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Return on plan assets, excluding amounts included in net interest (income) expense | | | | | | | | | | | |
Exchange rate differences | | | | | | | | | | | |
Fair value of assets, end of the year | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
The total defined benefit obligation of \u20ac6,706 million as of January\u00a01, 2023, includes \u20ac153 million
related to plans that are wholly unfunded. These plans include pension plans in Greece and Serbia and
other benefits (such as life insurance and medical care) and supplemental executive retirement plans in
the United States.
Following the 2020 Dutch pension plan amendment, which included a decrease in the accrual rate, an
increase in the maximum salary cap to the legal maximum and an increase in the level of employer and
employee contributions, the accrual rate is assessed annually. In 2021, it was agreed to increase the
accrual rate from 1.75% to 1.825%. In 2022, the accrual rate remained at 1.825%.
In 2021, the enactment of the American Rescue Plan Act resulted in a partial release of the FELRA and
MAP excess benefit obligation in the amount of $160 million (\u20ac142\u00a0million), which is presented as past
service cost. In 2022, the issuance of the final rule by the PBGC resulted in an additional release of the
FELRA and MAP excess benefit obligation in the amount of $27 million (\u20ac26 million), also presented as
and ARPA).
In Greece, the actuarial calculations were updated in accordance with the IFRS Interpretation
Committee Agenda Decision issued in May 2021. This resulted in an adjustment of \u20ac40 million in 2021,
which is presented as Experience (gains) losses in Rest of world in the table above.
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
Cash contributions
From 2022 to 2023, Company contributions are expected to increase from \u20ac91 million to \u20ac152 million in
the Netherlands (impacted by a prepayment of the 2022 contributions in the amount of \u20ac55 million in
2021), decrease from $69\u00a0million (\u20ac66\u00a0million) to $66 million (\u20ac61 million) for all defined benefit plans in
the United States, and decrease from \u20ac28\u00a0million to \u20ac19 million for all plans in the rest of the world.
As of year-end 2022, the funding ratio of the Dutch plan, calculated in accordance with regulatory
requirements, was 126%. Under the financing agreement with Ahold Delhaize Pensioen, contributions
are made as a percentage of employees\u2019 pension bases and shared between Ahold Delhaize and the
employees. The agreement also allows for a reduction in premiums if certain funding conditions are
met. In addition, Ahold Delhaize can be required to contribute a maximum amount of \u20ac150\u00a0million over
a five-year period if the funding ratio is below 105%.
The Ahold Delhaize USA pension plan\u2019s funding ratio at year-end 2022 was 104%, measured using
regulatory interest rates allowed by the U.S. government as part of funding relief, which are higher than
otherwise would be allowed. Based upon this funding ratio, under the current funding policy, we do not
expect to make a funding contribution to the Ahold Delhaize USA pension plan in 2023.
Actuarial assumptions
The calculations of the defined benefit obligation and net defined benefit cost are sensitive to the
assumptions set out below. These assumptions require a large degree of judgment. Actual experience
may differ from the assumptions made. The assumptions required to calculate the actuarial present
value of benefit obligations and the net defined benefit costs are determined per plan and are as
follows (expressed as weighted averages):
Assumptions regarding longevity are based on published statistics and mortality tables. These
assumptions translate into an average life expectancy in years for a pensioner retiring at age 65:
| | | | | | | | |
| | | | | |
| | | | | | | | |
Longevity at age 65 for current pensioners |
| | | | | | | | |
| | | | | | | | |
Longevity at age 65 for current members aged 50 |
| | | | | | | | |
| | | | | | | | |
The following table summarizes how the effect on the defined benefit obligations at the end of the
reporting period would have increased (decreased) as a result of a 0.5% change in the respective
assumptions and a one-year increase in life expectancy.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
One-year increase at age 65 | | | | |
Virtually all equity and debt instruments have quoted prices in active markets. Derivatives can be
classified as Level\u00a02 instruments, and real estate and some investment funds as Level\u00a03 instruments
based on the definitions in IFRS\u00a013, \u201cFair Value Measurement.\u201d It is Ahold Delhaize Pensioen\u2019s policy
to use interest rate swaps to partially hedge its exposure to interest rate risk on the pension liability.
Foreign currency exposures are hedged by the use of forward foreign exchange contracts.
In the Netherlands, the plan assets are managed by outside investment managers following investment
strategies based on the composition of the plan liabilities. With the aid of asset liability management
modeling, analyses are made of possible future economic scenarios and investment portfolios. Based
on these analyses, investment strategies are determined to produce optimal investment returns at
acceptable funding ratio risk levels. Less favorable years can be part of these scenarios. During 2022,
the strategic targets for asset allocation of the Dutch pension plan were: 50% return portfolio (equity,
high-yield debt, emerging-market debt, private equity and real estate) and 50% matching portfolio
(government bonds, interest swaps, \u20ac credits, mortgages and cash).
In the United States, the plan assets are managed by external investment managers and rebalanced
periodically. Pension plan assets are invested in a trust intended to comply with the Employee
Retirement Income Security Act of 1974 (ERISA), as amended, the United States Tax Code, and
applicable fiduciary standards. In 2020, AON was approved by the Fiduciary Committee as the pension
plan\u2019s Outsourced Chief Investment Officer (OCIO). The OCIO manages the entire pension plan
portfolio and acts as fiduciary under ERISA. The Fiduciary Committee monitors the OCIO\u2019s
performance. The long-term investment objective for the plan\u2019s assets is to maintain an acceptable
funding ratio of the plan\u2019s assets and liabilities without undue exposure to risk. In 2021, the Fiduciary
Committee approved a new asset allocation approach that terminated the strategic weight to hedge
funds and replaced it with high-yield debt. A revised glide path of the plan (the split between return-
seeking and liability-hedging assets) was also approved. At year-end 2022, the strategic targets were:
8.4% equity securities, 3.6% high yield and 88% liability hedging debt securities.
In 2022, the Dutch plan had nil plan assets invested in Ahold Delhaize\u2019s financial instruments (2021:
\u20ac2\u00a0million). In 2022 or 2021, the U.S. plans did not have any plan assets invested in Ahold Delhaize
financial instruments.
The actual return on plan assets in 2022 was (24.5)% for the Dutch plan (2021: 3.3%) and (18.7)% for
the Ahold Delhaize USA pension plan (2021: 0.6%).
Benefit maturities
The weighted average duration of the defined benefit obligations of the plans in the Netherlands, the
United States and the rest of world are 24.2, 10.7 and 10.7 years, respectively.
The expected schedule of benefit payments for the plans are as follows:
| | | | |
| | | | |
Amount due within one year | | | | |
Amount due between two and five years | | | | |
Amount due between six and ten years | | | | |
direct obligation. While it is our best estimate, based upon information available to us, it is imprecise,
and a reliable estimate of the amount of the obligation cannot be made.
The EIN/Pension Plan Number column provides the Employer Identification Number (EIN) and the
three-digit pension plan number. As with all pension plans, multi-employer pension plans in the U.S. are
regulated by the ERISA; the United States Tax Code, as amended; the Pension Protection Act of 2006
(PPA); and the Multi-employer Pension Reform Act of 2014 (MPRA), among other legislation.
Under the PPA, plans are categorized as \u201cendangered\u201d (Yellow Zone), \u201cseriously endangered\u201d (Orange
Zone), \u201ccritical\u201d (Red Zone), or neither endangered nor critical (Green Zone). This categorization is
based primarily on three measures: the plan\u2019s funded percentage, the number of years before the plan
is projected to have a minimum funding deficiency under ERISA and the number of years before the
plan is projected to become insolvent. A plan is in the \u201cYellow Zone\u201d if the funded percentage is less
than 80% or a minimum funding deficiency is projected within seven years. If both of these triggers are
reached, the plan is in the \u201cOrange Zone.\u201d Generally, a plan is in the \u201cRed Zone\u201d if a funding deficiency
is projected at any time in the next four years (or five years if the funded percentage is less than 65%).
Plans with a funding ratio above 80% are generally designated as being in the \u201cGreen Zone.\u201d A plan in
the \u201cRed Zone\u201d may be further categorized as \u201ccritical and declining\u201d if the plan is projected to become
insolvent within the current year or within either the next 14 years or the next 19 years, depending on
the plan\u2019s ratio of inactive participants to active participants and its specific funding percentage. MEPs
in endangered or critical status are required by U.S. law to develop either a funding improvement plan
(FIP) or a rehabilitation plan (RP) to enhance funding through reductions in benefits, increases in
contributions, or both. The FIP/RP Status Pending/Implemented column in the table below indicates
plans for which an FIP or an RP is pending or has been implemented.\u00a0Additional information regarding
the multi-employer plans listed in the following tables can be found on the website of the U.S.
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
| | | | | | | | | |
\u20ac million, except Ahold Delhaize\u2019s participation percentages | EIN / Pension plan number | | FIP / RP status pending / implemented | | Expiration date of collective bargaining agreement | |
| Plan deficit / (surplus)2 | Ahold Delhaize\u2019s participation | Ahold Delhaize\u2019s proportionate share of deficit (surplus)3 |
New England Teamsters & Trucking Industry Pension | | Red (Critical and declining) | | | | | | | |
UFCW Local 1262 & Employers Pension Fund | | | | | October 23, 2027- February 12, 2028 | | | | |
Warehouse Employees\u2019 Union Local 730 Pension Trust Fund | | Red (Critical and declining) | | | June 20, 2026- May 15, 2027 | | | | |
| | | | | | | | | |
| | | | | | | | | |
2The deficit/(surplus) of the plans is heavily influenced by the discount rate applied by the plans, which ranges between 6.5% and 7.5%, consistent with the prior year, and by the projected assets for the funds, which decreased by between 18% and 27%. MEPs discount the
liabilities at the plan\u2019s expected rate of return on assets. As a plan nearing insolvency reduces liquidity risk and expected volatility, its expected rate of return on assets declines and, as such, the discount rate will decline, resulting in an increase of the deficit within the plan.
The steady liabilities, combined with a significant change in assets, has resulted in erosion of the funded status of these funds.
3Ahold Delhaize\u2019s proportionate share of deficit (surplus) is calculated by multiplying the deficit/(surplus) of each plan that the Company participates in by Ahold Delhaize\u2019s participation percentage in that plan. This proportional share of deficit/(surplus) is an indication of our
share of deficit/(surplus) based on the best available information. The deficit is calculated in accordance with the accounting policies and funding assumptions applied by the relevant plan and does not represent any obligation or liability Ahold Delhaize may have in respect
of the plan, which would be accounted for and measured in accordance with Ahold Delhaize's accounting policies.
4Other plans include Teamsters Local 639 Employers Pension Plan, UFCW Local 464A Pension Fund, Bakery and Confectionery Union Pension Fund and IAM National Pension Fund, with participation percentages as of January 1, 2023, equal to 3.9%, 24.0%, 0.5% and
0.0%, respectively (January 2, 2022: 4.4%, 23.9%, 0.5% and 0.0%).
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
If the underfunded liabilities of the multi-employer pension plans are not reduced, by improved market
conditions, reductions in benefits and/or collective bargaining changes, increased future payments by
the Company and the other participating employers may result. However, all future increases generally
will be subject to the collective bargaining process.
In 2020, Ahold Delhaize withdrew from the United Food & Commercial Workers International Union\u2013
Industry Pension Fund (the \u201cNational Plan\u201d) and the United Food & Commercial Workers (UFCW) \u2013
Local 1500 Pension Fund (the \u201c1500 Plan\u201d), resulting in a total withdrawal liability of $634 million
(\u20ac559\u00a0million) and $222 million (\u20ac183 million), respectively. In 2020, Ahold Delhaize paid $590 million,
which included a transition payment to the new plan, as explained below. In 2021, Ahold Delhaize fully
paid the remaining National Plan withdrawal liability in the amount of $190 million. In 2022, Ahold
Delhaize paid $57 million on the withdrawal liability for the 1500 Plan. The outstanding withdrawal
liability for the 1500 Plan, as of January 1, 2023, amounts to $57 million (\u20ac54 million) (January 2, 2022:
$110 million (\u20ac97 million)). This withdrawal liability is recorded as a financial liability; see Note 23 for the non-current portion and Note 26 for the current portion. For the National Plan, a new multi-employer variable annuity pension plan (VAPP) was established
(effective retrospectively as of July 1, 2020). The new plan is a defined benefit plan and the Company
For the 1500 Plan, the Company will provide associates who are members of the UFCW Local 1500
future service retirement benefits through an existing defined contribution plan for which defined
contribution accounting is applied.
In 2023, the Company expects its total contributions to multi-employer defined benefit plans to be
\u20ac22\u00a0million, which includes RP contribution increases where applicable. Ahold Delhaize has a risk of
increased contributions and withdrawal liability (upon a withdrawal) if any of the participating employers
in an underfunded MEP withdraw from the plan or become insolvent and are no longer able to meet
their contribution requirements or if the MEP itself no longer has sufficient assets available to fund its
short-term obligations to the participants in the plan. If and when a withdrawal liability is assessed, it
may be substantially higher than the proportionate share disclosed above. Any adjustment for a
withdrawal liability will be recorded when it is probable that a liability exists and the amount can be
reliably estimated. Ahold Delhaize does not have a contractual agreement with any MEP that
determines how a deficit will be funded, except for the FELRA and MAP settlement agreement as
described below.
FELRA and MAP settlement agreement
On December 31, 2020, Giant Food, UFCW Locals 27 and 400 (collectively the \u201cUnion Locals\u201d), the
PBGC, the Food Employers Labor Relations Association and United Food and Commercial Workers
Pension Fund (\u201cFELRA\u201d) and the Mid-Atlantic UFCW and Participating Employers Pension Fund
(\u201cMAP\u201d) finalized a settlement agreement on Giant Food\u2019s funding obligations with respect to FELRA
and MAP. As a result of this agreement, the PBGC approved the combining of MAP into FELRA (the
\u201cCombined Plan\u201d) and agreed to provide financial assistance to the Combined Plan following its
insolvency. The agreement intended to resolve all of Giant Food\u2019s existing liabilities with respect to the
FELRA and MAP Plans and improves the security of pension benefits for associates and reduces
financial risk for Giant Food.
In 2020, Giant Food recorded a $609 million pension-related liability and a $211 million defined benefit
obligation related to the new variable annuity single-employer plan, with a corresponding reduction in
the Ahold Delhaize FELRA and MAP MEP off-balance sheet liabilities.
Beginning January 1, 2021, Giant associates who are represented by UFCW Locals 27 and 400 began
to accrue benefits under a single-employer variable annuity plan. In 2021 and 2022, the best estimate
of the defined benefit obligation was revised following the American Rescue Plan Act of 2021; see
section below.
American Rescue Plan Act of 2021 (ARPA)
On March 11, 2021, the American Rescue Plan Act of 2021 (ARPA) was signed into law. ARPA
establishes a special financial assistance program to be administered by the Pension Benefit Guaranty
Corporation (PBGC) and funded by transfers from the U.S. Treasury through September 30, 2030.
Under this program, eligible multi-employer pension plans may apply to receive a one-time cash
payment intended to be the amount required for the plan to pay all benefits through the last day of the
plan year ending in 2051. The payment received under this special financial assistance program would
not be considered a loan and would not need to be paid back.
The Combined Plan is eligible for special financial assistance and submitted an application to the
PBGC on December 30, 2021.The anticipated special financial assistance to the Combined Plan is
expected to significantly delay the insolvency of the Combined Plan and consequently significantly
reduce the liability of the single-employer plan for excess benefits for which Ahold Delhaize recorded a
defined benefit liability in the amount of $211 million in 2020. On January 2, 2022, the best estimate
was revised and the defined benefit obligation was reduced to $54 million.
The PBGC announced on April 29, 2022, that it has approved the application submitted to the Special
Financial Assistance Program by the FELRA Pension Plan. The assistance that the Combined FELRA
and MAP plan will receive is in line with the application submitted to the PBGC on December 30, 2021.
On July 6, 2022, the PBGC issued a final rule implementing changes to the Special Financial
Assistance Program. The changes are responsive to public comments received on the PBGC\u2019s interim
final rule and will better protect the pensions earned by workers and retirees covered by multi-employer
plans eligible for assistance. The final rule became effective on August 8, 2022, and it provides an
option for filers under the interim rule to supplement the application for special financial assistance.
On August 8, 2022, the Combined FELRA and MAP plan supplemented its application to the PBGC.
The amount of the liability for the excess benefits payable under Giant Food\u2019s single-employer plan
was reassessed as part of the supplemental application process, and the liability was reduced to $6
million during 2022, which represents the best estimate based on information available at the year end
and includes judgment to determine the projected insolvency based on an assumed investment return.
ARPA has no impact on the FELRA and MAP withdrawal liability presented as Other long-term
pension\u00a0plan obligations. It also has no impact on the 2020 withdrawals from the National Plan and
the\u00a01500 Plan.
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
Eligible plans include, among others, plans that are in \u201ccritical and declining\u201d status in any plan year
beginning in 2020, 2021 or 2022. Applications for financial assistance must be submitted no later than
December 31, 2025. In addition to the Combined Plan, each of the following plans to which various
subsidiaries of Ahold Delhaize contribute are expected to be eligible, and to apply, for the special
financial assistance:
\u00f3New England Teamsters & Trucking Industry Pension Plan
\u00f3Warehouse Employees\u2019 Union Local 730 Pension Trust Fund
\u00f3Bakery and Confectionery Union and Industry Pension Fund
While ARPA is expected to provide financial assistance to the New England Teamsters & Trucking
Industry Pension Plan, the Warehouse Employees\u2019 Union Local 730 Pension Trust Fund and the
Bakery and Confectionery Union and Industry Pension Fund, the expected future contributions to those
multi\u2010employer plans will not be impacted in the short term. The ongoing contribution requirements will
continue to be based on the collective bargaining agreements in place. Accordingly, the special
financial assistance for these three plans should not have any impact on Ahold Delhaize\u2019s ongoing
contribution obligation.
MEP \u2013 defined contribution plans
Ahold Delhaize also participates in 40 MEPs (2021: 39 MEPs) that are defined contribution plans on
the basis of the terms of the benefits provided. The majority of these plans provide health and welfare
benefits. The Company contributed \u20ac295 million and \u20ac283 million to multi-employer defined contribution
plans during 2022 and 2021, respectively. These contributions are recognized as an expense in the
consolidated income statement and related entirely to continuing operations in 2022 and 2021. These
plans vary significantly in size, with contributions to the three largest plans representing 63% of total
contributions (2021: 62%).
| |
| Accounting estimates and judgments |
The present value of the pension obligations depends on a number of assumptions that are determined
on an actuarial basis. The assumptions used in determining the net cost (income) for pensions include
the discount rate that should be used to determine the present value of estimated future cash outflows
expected to be required to settle the pension obligations. Other key assumptions include longevity and
future salary and pension increases.
The enactment of the ARPA resulted in a partial release of the FELRA and MAP excess benefit
obligation in 2021 and 2022. In the decision to partially release this excess benefit obligation,
management has applied judgment in determining the projected insolvency, as this depends on the
assumed investment return. The effect of ARPA is accounted for as we would account for an
amendment of the plan, with the change recorded as a negative past service cost.
Management applied judgment in the determination to record discount rate-related remeasurements on
the Other long-term pension plan obligations through other comprehensive income.
The net assets and net liabilities recognized on the consolidated balance sheet for defined benefit
plans represent the actual surplus or deficit in Ahold Delhaize\u2019s defined benefit plans measured as the
present value of the defined benefit obligations less the fair value of plan assets. Any surplus resulting
from this calculation is limited to the present value of available refunds and reductions in future
contributions to the plan.
Defined benefit obligations are actuarially calculated on the balance sheet date using the projected unit
credit method. The present value of the defined benefit obligations is determined by discounting the
estimated future cash outflows using market yields on high-quality corporate bonds (i.e., bonds rated
AA or higher), which are denominated in the currency in which the benefits will be paid and have an
average duration similar to the expected duration of the related pension liabilities.
Defined benefit costs are split into three categories:
\u00f3Service cost, past service cost, gains and losses on curtailment and settlements
\u00f3Net interest expense or income
\u00f3Remeasurement
The first category is presented as labor costs within operating earnings. Past service costs are
recognized in the income statement in the period of plan amendment. Results from curtailments or
settlements are recognized immediately.
Past service years within the Dutch pension plan are calculated based upon a methodology that uses
the maximum past service years based on accrued benefits or a participant\u2019s actual date of hire.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset and is
presented within net financial expenses.
Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling (if applicable),
and the return on plan assets (excluding interest), are recognized immediately in the balance sheet with
a charge or credit to other comprehensive income in the period in which it occurs. Remeasurements
recorded in other comprehensive income are not recycled to the income statement.
Contributions to defined contribution plans are recognized as an expense when employees have
rendered service entitling them to the contributions. Post-employment benefits provided through industry
MEPs, managed by third parties, are generally accounted for under defined contribution criteria.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
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"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
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"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
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"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:724500C9GNBV20UYRX36",
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},
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"value": "
The net assets and net liabilities recognized on the consolidated balance sheet for defined benefit
plans represent the actual surplus or deficit in Ahold Delhaize\u2019s defined benefit plans measured as the
present value of the defined benefit obligations less the fair value of plan assets. Any surplus resulting
from this calculation is limited to the present value of available refunds and reductions in future
contributions to the plan.
Defined benefit obligations are actuarially calculated on the balance sheet date using the projected unit
credit method. The present value of the defined benefit obligations is determined by discounting the
estimated future cash outflows using market yields on high-quality corporate bonds (i.e., bonds rated
AA or higher), which are denominated in the currency in which the benefits will be paid and have an
average duration similar to the expected duration of the related pension liabilities.
Defined benefit costs are split into three categories:
\u00f3Service cost, past service cost, gains and losses on curtailment and settlements
\u00f3Net interest expense or income
\u00f3Remeasurement
The first category is presented as labor costs within operating earnings. Past service costs are
recognized in the income statement in the period of plan amendment. Results from curtailments or
settlements are recognized immediately.
Past service years within the Dutch pension plan are calculated based upon a methodology that uses
the maximum past service years based on accrued benefits or a participant\u2019s actual date of hire.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset and is
presented within net financial expenses.
Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling (if applicable),
and the return on plan assets (excluding interest), are recognized immediately in the balance sheet with
a charge or credit to other comprehensive income in the period in which it occurs. Remeasurements
recorded in other comprehensive income are not recycled to the income statement.
Contributions to defined contribution plans are recognized as an expense when employees have
rendered service entitling them to the contributions. Post-employment benefits provided through industry
MEPs, managed by third parties, are generally accounted for under defined contribution criteria.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NTQvZnJhZzo5YzEzYTZhYTgzNmE0YTBiYThlZGVmZTljODQzMTY2Ni90ZXh0cmVnaW9uOjljMTNhNmFhODM2YTRhMGJhOGVkZWZlOWM4NDMxNjY2XzExNTQ0ODcyMTAwNDYx_8e2554c9-d24b-4120-995d-c624c0516c67": {
"value": "
25 PROVISIONS
The table below specifies the changes in total provisions (current and non-current):
| | | | | | |
| | Claims and legal disputes | Severance and termination benefits | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Year ended January 1, 2023 | | | | | | |
Additions charged to income | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Effect of changes in discount rates | | | | | | |
| | | | | | |
Exchange rate differences | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Maturities of total provisions as of January\u00a01, 2023, are as follows:
| | | | | | |
| | Claims and legal disputes | Severance and termination benefits | | | |
Amount due within one year | | | | | | |
Amount due between one and five years | | | | | | |
Amount due after five years | | | | | | |
| | | | | | |
Self-insurance program
Ahold Delhaize is self-insured for certain potential losses, mainly relating to general liability, vehicle
liability, workers\u2019 compensation and property losses incurred by its subsidiaries. Some of Ahold
Delhaize\u2019s self-insured losses are retained at its captive insurance companies. The captives\u2019 maximum
self-insurance retention per occurrence, including defense costs, is $2\u00a0million (\u20ac2\u00a0million) for general
liability, $15\u00a0million (\u20ac14\u00a0million) for commercial vehicle liability, $5\u00a0million (\u20ac5\u00a0million) for workers\u2019
compensation in the United States and an amount equivalent to the capped continued payment of
wages in the Netherlands, and $25 million (\u20ac23 million) for property losses in the United States and
Europe, subject to an annual aggregate of $35 million (\u20ac33 million). Part of the self-insured risk is
ceded under a reinsurance treaty, which is a pooling arrangement between unrelated companies; see
The measurement of the self-insurance provisions involves estimates and judgments to be made
regarding future claim patterns, which include estimates on the number of future claims, timing and
amount of payment of damages and costs associated with the settlement of future claims.
Claims and legal disputes
The Company is party to a number of legal proceedings arising out of its business operations. Such
legal proceedings are subject to inherent uncertainties. Management, supported by internal and
external legal counsel, where appropriate, determines whether it is probable that an outflow of
resources will be required to settle an obligation. If this is the case, the best estimate of the outflow of
resources is recognized.
Severance and termination benefits
This provision relates to payments to employees whose employment with the Company has ended,
either as part of a restructuring or a voluntary separation plan. The measurement of the provision
involves estimates and judgments about the population and number of employees that will ultimately be
affected by the plans, estimates of salary ranges used to measure future cash flows, and assumptions
of periods of service, if relevant.
Onerous contracts
Onerous contract provisions relate to unfavorable contracts where the unavoidable costs of meeting the
obligations under the contracts exceed the benefits expected to be received. The judgments and
estimates made in the measurement of onerous contracts relate to unavoidable future costs anticipated
to be incurred.
Other
Other provisions include loyalty programs, long-term incentives, jubilee payments, asset retirement
obligations, provisions for environmental risks and supplemental medical benefits. The judgments and
estimates made in the measurement of these provisions relate to the estimated costs to be incurred at
an unknown future date.
The loyalty program provision of \u20ac16\u00a0million as of January\u00a01, 2023 (January\u00a02, 2022: \u20ac21\u00a0million),
mainly relates to a third-party customer loyalty program in the Netherlands and reflects the estimated
cost of benefits to which customers participating in the loyalty program are entitled. When measuring
the provision for loyalty programs, management estimates the expected timing of the redemptions by
customers and the expected breakage (benefits granted but never redeemed).
25 PROVISIONS CONTINUED
| |
| Accounting estimates and judgments |
The recognition of provisions requires estimates and assumptions regarding the timing and the amount
of outflow of resources. The main estimates are as follows:
\u00f3Self-insurance program: Estimates and assumptions include an estimate of claims incurred but not
yet reported, historical loss experience, projected loss development factors, estimated changes in
claim reporting patterns, claim settlement patterns, judicial decisions and legislation. It is possible that
the final resolution of claims may result in significant expenditures in excess of existing reserves.
\u00f3Loyalty programs: Estimating the cost of benefits to which customers participating in the loyalty
program are entitled includes assumptions on redemption rates. These estimates and assumptions
apply to all loyalty programs, irrespective of whether they are accounted for as sales deferrals or
provisions for future payments made at redemption.
\u00f3Claims and legal disputes: Management, supported by internal and external legal counsel, where
appropriate, determines whether it is probable that an outflow of resources will be required to settle
an obligation. If this is the case, the best estimate of the outflow of resources is recognized.
\u00f3Severance and termination benefits: The provisions relate to separation plans and agreements and
use the best estimate, based on information available to management, of the cash flows that will
likely occur. The amounts that are ultimately incurred may change as the plans are executed.
\u00f3Onerous contracts: Mainly relate to unfavorable contracts and include the excess of the unavoidable
costs of meeting the contractual obligations over the benefits expected to be received under such
contracts.
Provisions are recognized when (i) the Company has a present (legal or constructive) obligation as a
result of past events, (ii) it is probable that an outflow of resources will be required to settle the
obligation, and (iii) the amount can be reliably estimated. The amount recognized is the best estimate
of the expenditure required to settle the obligation. Provisions are discounted whenever the effect of the
time value of money is significant.
The provision for the Company\u2019s self-insurance program is recorded based on claims filed and an
estimate of claims incurred but not yet reported. The provision includes expenses incurred in the claim
settlement process that can be directly associated with specific claims. Other expenses incurred in the
claim settlement process are expensed when incurred. The Company\u2019s estimate of the required liability
of such claims is recorded on a discounted basis, utilizing an actuarial method based upon various
assumptions that include, but are not limited to, historical loss experience, projected loss development
factors and actual payroll costs.
Restructuring-related provisions for severance and termination benefits are recognized when the
Company has approved a detailed formal restructuring plan and the restructuring has either
commenced or has been announced to those affected by it. Onerous contract provisions are measured
at the amount by which the unavoidable costs to fulfill agreements exceeds the expected benefits from
such agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NTQvZnJhZzo5YzEzYTZhYTgzNmE0YTBiYThlZGVmZTljODQzMTY2Ni90ZXh0cmVnaW9uOjljMTNhNmFhODM2YTRhMGJhOGVkZWZlOWM4NDMxNjY2XzExNTQ0ODcyMTAwNDU4_248a984e-76e3-4804-aca9-df45aca2b014": {
"value": "
Self-insurance program
Ahold Delhaize is self-insured for certain potential losses, mainly relating to general liability, vehicle
liability, workers\u2019 compensation and property losses incurred by its subsidiaries. Some of Ahold
Delhaize\u2019s self-insured losses are retained at its captive insurance companies. The captives\u2019 maximum
self-insurance retention per occurrence, including defense costs, is $2\u00a0million (\u20ac2\u00a0million) for general
liability, $15\u00a0million (\u20ac14\u00a0million) for commercial vehicle liability, $5\u00a0million (\u20ac5\u00a0million) for workers\u2019
compensation in the United States and an amount equivalent to the capped continued payment of
wages in the Netherlands, and $25 million (\u20ac23 million) for property losses in the United States and
Europe, subject to an annual aggregate of $35 million (\u20ac33 million). Part of the self-insured risk is
ceded under a reinsurance treaty, which is a pooling arrangement between unrelated companies; see
The measurement of the self-insurance provisions involves estimates and judgments to be made
regarding future claim patterns, which include estimates on the number of future claims, timing and
amount of payment of damages and costs associated with the settlement of future claims.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NTQvZnJhZzo5YzEzYTZhYTgzNmE0YTBiYThlZGVmZTljODQzMTY2Ni90ZXh0cmVnaW9uOjljMTNhNmFhODM2YTRhMGJhOGVkZWZlOWM4NDMxNjY2XzExNTQ0ODcyMTAwNDY2_8dc1c78b-9141-426a-9190-cbd59e92e5a5": {
"value": "
Provisions are recognized when (i) the Company has a present (legal or constructive) obligation as a
result of past events, (ii) it is probable that an outflow of resources will be required to settle the
obligation, and (iii) the amount can be reliably estimated. The amount recognized is the best estimate
of the expenditure required to settle the obligation. Provisions are discounted whenever the effect of the
time value of money is significant.
The provision for the Company\u2019s self-insurance program is recorded based on claims filed and an
estimate of claims incurred but not yet reported. The provision includes expenses incurred in the claim
settlement process that can be directly associated with specific claims. Other expenses incurred in the
claim settlement process are expensed when incurred. The Company\u2019s estimate of the required liability
of such claims is recorded on a discounted basis, utilizing an actuarial method based upon various
assumptions that include, but are not limited to, historical loss experience, projected loss development
factors and actual payroll costs.
Restructuring-related provisions for severance and termination benefits are recognized when the
Company has approved a detailed formal restructuring plan and the restructuring has either
commenced or has been announced to those affected by it. Onerous contract provisions are measured
at the amount by which the unavoidable costs to fulfill agreements exceeds the expected benefits from
such agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NTQvZnJhZzo5YzEzYTZhYTgzNmE0YTBiYThlZGVmZTljODQzMTY2Ni90ZXh0cmVnaW9uOjljMTNhNmFhODM2YTRhMGJhOGVkZWZlOWM4NDMxNjY2XzQ1NjI5NzMyNTYyMDMx_3c558562-db7d-4c29-912c-a0516e5fd482": {
"value": "
Restructuring-related provisions for severance and termination benefits are recognized when the
Company has approved a detailed formal restructuring plan and the restructuring has either
commenced or has been announced to those affected by it. Onerous contract provisions are measured
at the amount by which the unavoidable costs to fulfill agreements exceeds the expected benefits from
such agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NTcvZnJhZzphMDEzYmQzYzI4ZjA0M2Q4YTU3YzM5YzIwM2VmZDdkMy90YWJsZTo4OWQzOWUzNTI2YjM0YTM5YmYwOWI0YjczMzE1OTYzZC90YWJsZXJhbmdlOjg5ZDM5ZTM1MjZiMzRhMzliZjA5YjRiNzMzMTU5NjNkXzExLTEtMS0xLTMzNjEyNg_11425752-49ad-4f32-a787-d0d1964fb3d2": {
"value": "2689000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NTcvZnJhZzphMDEzYmQzYzI4ZjA0M2Q4YTU3YzM5YzIwM2VmZDdkMy90YWJsZTo4OWQzOWUzNTI2YjM0YTM5YmYwOWI0YjczMzE1OTYzZC90YWJsZXJhbmdlOjg5ZDM5ZTM1MjZiMzRhMzliZjA5YjRiNzMzMTU5NjNkXzExLTItMS0xLTMzNjEyNg_93b5397c-0e1a-44c4-928a-f5133fa8ce84": {
"value": "2552000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjAvZnJhZzo4N2I3NjE0ZmRmMzE0NGQyOTNjYzUxOGJhM2MxZjZiNi90ZXh0cmVnaW9uOjg3Yjc2MTRmZGYzMTQ0ZDI5M2NjNTE4YmEzYzFmNmI2XzYzOQ_80aa2fb4-4084-4768-a489-c9261b7a554d": {
"value": "
27 OTHER CURRENT LIABILITIES
| | |
| | |
| | |
| | |
Payroll taxes, social security and VAT | | |
| | |
| | |
| | |
Total other current liabilities | | |
1Gift card sales for the year in the amount of \u20ac667\u00a0million and exchange rate differences of \u20ac6\u00a0million, offset by redemptions in the
amount of \u20ac633\u00a0million and breakage in the amount of \u20ac15\u00a0million resulted in an ending balance of gift card liabilities of \u20ac274\u00a0million.
2Includes the current portion of the pension-related liability for FELRA and MAP of \u20ac40\u00a0million (January\u00a02, 2022: \u20ac28\u00a0million). See
The non-current portion of the Deferred income amounts to \u20ac33\u00a0million (January\u00a02, 2022: \u20ac51\u00a0million),
and is included in the Other non-current liabilities line of the balance sheet.
| |
| Accounting estimates and judgments |
For more information on the accounting estimates and judgments policies for gift card liabilities, see
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjAvZnJhZzo4N2I3NjE0ZmRmMzE0NGQyOTNjYzUxOGJhM2MxZjZiNi90YWJsZTpjN2VhM2MzNmRkOTM0YmVmODc2MmM3MzgzMmVjYzcxOC90YWJsZXJhbmdlOmM3ZWEzYzM2ZGQ5MzRiZWY4NzYyYzczODMyZWNjNzE4XzctMS0xLTEtMzM2MTI2_56b5cbd9-5c05-488c-abe1-d40b259ffcbe": {
"value": "3595000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialLiabilities",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjAvZnJhZzo4N2I3NjE0ZmRmMzE0NGQyOTNjYzUxOGJhM2MxZjZiNi90YWJsZTpjN2VhM2MzNmRkOTM0YmVmODc2MmM3MzgzMmVjYzcxOC90YWJsZXJhbmdlOmM3ZWEzYzM2ZGQ5MzRiZWY4NzYyYzczODMyZWNjNzE4XzctMi0xLTEtMzM2MTI2_4d341a0f-f16e-49c8-b636-70ec040f55bd": {
"value": "3483000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialLiabilities",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjAvZnJhZzo4N2I3NjE0ZmRmMzE0NGQyOTNjYzUxOGJhM2MxZjZiNi90ZXh0cmVnaW9uOjg3Yjc2MTRmZGYzMTQ0ZDI5M2NjNTE4YmEzYzFmNmI2XzExNTQ0ODcyMDkyMjg4_45ea06d2-7a1e-4038-9dc5-2bedf92d673e": {
"value": "
The non-current portion of the Deferred income amounts to \u20ac33\u00a0million (January\u00a02, 2022: \u20ac51\u00a0million), and is included in the Other non-current liabilities line of the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjMvZnJhZzo4MjQ5ZWQ3ZmRkODE0NWExYjM1OWU4MzA3YWMxNDhlMS90ZXh0cmVnaW9uOjgyNDllZDdmZGQ4MTQ1YTFiMzU5ZTgzMDdhYzE0OGUxXzExNTQ0ODcyMDk1NjAw_b7a41abe-d70c-4670-b3d4-aaba9b3c390d": {
"value": "
28 CASH FLOW
The following table presents the reconciliation between the cash and cash equivalents as presented in
the statement of cash flows and on the balance sheet:
| | |
| | |
Cash and cash equivalents as presented in the statement of cash flows | | |
| | |
Cash and cash equivalents as presented on the balance sheet | | |
1The additions to right-of-use assets (see Note 12 and Note 13) include \u20ac10 million of additions through sale and leaseback transactions and \u20ac7 million of initial direct costs net of lease incentives received (2021: \u20ac79 million of additions through sale and
leaseback transactions and \u20ac2 million of lease incentives received net of initial direct costs), which are excluded from the amount of
non-cash investing activities.
2The modifications and remeasurements to right-of-use assets (see Note 12 and Note 13) and to net investment in leases classified within non-current and current financial assets (see Note 16 and Note 19) include \u20ac4 million of lease incentives received net of initial direct costs (2021: \u20ac5 million of lease incentives received net of initial direct costs), which are excluded from the amount of non-cash
investing activities.
3The amount reported for 2022 included divestment of stores. The amount reported for 2021 predominantly included divestment of a
captive insurance business that did not qualify as a discontinued operation.
28 CASH FLOW CONTINUED
Changes in liabilities arising from financing activities for the years ended January\u00a01, 2023, and January\u00a02, 2022:
| | | | | | |
| | | Short-term borrowings and bank overdrafts | | | |
| | | | | | |
Proceeds from long-term debt | | | | | | |
Acquisitions through business combinations | | | | | | |
Repayments of loans and lease liabilities1 | | | | | | |
Classified (to) held for sale or sold | | | | | | |
Changes in short-term borrowings and overdrafts | | | | | | |
Other cash flows from derivatives | | | | | | |
| | | | | | |
Additions to lease liabilities | | | | | | |
Reassessments and modifications to leases | | | | | | |
| | | | | | |
Amortization of fair value adjustments and interest accretion to lease liability | | | | | | |
| | | | | | |
Exchange rate differences | | | | | | |
| | | | | | |
The calculation of the basic and diluted income from continuing operations per share attributable to
common shareholders is based on the same number of shares as detailed above and the\u00a0following
earnings data:
| | |
| | |
Income from continuing operations, attributable to common shareholders for the purposes of basic and diluted earnings per share | | |
sell primarily in local currencies, the Company\u2019s exposure to exchange rate movements in its
commercial operations is limited. The Company is subject to foreign currency exchange risks due to
exchange rate movements in connection with the translation of its foreign subsidiaries\u2019 income, assets
and liabilities into euros for inclusion in its consolidated financial statements. Translation risk related to
Ahold Delhaize\u2019s foreign subsidiaries, joint ventures and associates is not actively hedged; however,
the Company aims to minimize this exposure by funding its foreign operations in their functional
currency wherever feasible.
To protect the value of future foreign currency cash flows, including loan and interest payments, lease
payments, dividends and firm purchase commitments, and the value of assets and liabilities
denominated in foreign currency, Ahold Delhaize seeks to mitigate its foreign currency exchange
exposure by borrowing in local currency and entering into various financial instruments, including
forward contracts and currency swaps. It is Ahold Delhaize\u2019s policy to cover foreign exchange
transaction exposure in relation to existing assets, liabilities and firm purchase commitments.
Foreign currency sensitivity analysis
As of January\u00a01, 2023, Ahold Delhaize carried out a sensitivity analysis with regard to changes in
foreign exchange rates to revalue dollar-denominated cash, cash equivalents and debt in its balance
sheet at year-end. Assuming the euro had strengthened (weakened) by 20% against the U.S. dollar
compared to the actual 2022 rate, with all other variables held constant, the hypothetical result on
income before income taxes would have been an increase (decrease) of \u20ac4\u00a0million (2021: an increase
(decrease) of \u20ac8\u00a0million), as a result of foreign exchange revaluation of U.S. dollar-denominated
monetary assets and liabilities held by non-U.S. dollar functional currency subsidiaries.
The gain on foreign exchange recognized in the 2022 income statement related to the revaluation of
unhedged leases reported in the balance sheet amounted to \u20ac7 million (2021: gain of \u20ac1 million). The
strengthening (weakening) of the euro by 20% against the other currencies, with all other variables held
constant, would result in a loss (gain) of \u20ac168 million (2021:\u00a0\u20ac159\u00a0million).
Interest rate risk
Ahold Delhaize\u2019s outstanding debt and investment position is exposed to changes in interest rates. To
manage interest rate risk, Ahold Delhaize has an interest rate management policy aiming to reduce
volatility in its interest expense and maintaining a target percentage of its debt in fixed-rate instruments.
As of January\u00a01, 2023, 96% of\u00a0Ahold Delhaize\u2019s long-term bonds was at fixed rates of interest
(January\u00a02, 2022: 96%). In 2021, the Company entered into a fixed to floating interest rate swap, which
is taken into account in the percentage as of January 1, 2023, and January 2, 2022, respectively (see
Derivatives).
Interest rate sensitivity analysis
The total interest expense recognized in the 2022 income statement related to the variable rates of
short- and long-term debt amounted to \u20ac4\u00a0million (2021: nil). An increase (decrease) in market interest
rates by 100 basis points, with all other variables (including foreign exchange rates) held constant,
would have resulted in a loss (gain) of \u20ac11 million (2021: \u20ac4 million).
The total interest income recognized in the 2022 income statement amounted to \u20ac69\u00a0million (2021:
\u20ac29\u00a0million), mainly related to variable rate money market fund investments and deposits.
The\u00a0Company estimates that with a possible increase (decrease) of euro and U.S. dollar market
interest rates of 100 basis points, with all other variables (including foreign exchange rates)
held\u00a0constant, this would have resulted in a gain of \u20ac23\u00a0million or a loss of \u20ac23\u00a0million, respectively
(2021: gain of \u20ac22\u00a0million or a loss of \u20ac22\u00a0million).
The above sensitivity analyses are for illustrative purposes only as, in practice, market rates rarely
change in isolation from other factors that also affect Ahold Delhaize\u2019s financial position and results.
Supply chain financing
Ahold Delhaize has supply chain finance arrangements with third-party banks. As of January\u00a01, 2023,
the amounts due under the supply chain finance arrangements classified as trade payables were
\u20ac1,132\u00a0million (January\u00a02, 2022: \u20ac989 million). For more information on the accounting policies
regarding supply chain finance arrangements, see section Accounting policies \u2013 Supply chain
financing. The terms, including the payment terms, of the trade payables that are part of the supply
chain finance arrangements are not substantially different from the terms of the Company\u2019s trade
payables that are not part of the supply chain arrangement.
Credit risk
Ahold Delhaize has no significant concentrations of credit risk. The concentration of credit risk
with\u00a0respect to receivables is limited, as the Company\u2019s customer base and vendor base are large and
unrelated. The Company applies the IFRS 9 simplified approach to measuring expected credit losses,
which uses a lifetime-expected loss allowance for all trade receivables. To measure the expected credit
losses, trade receivables have been grouped based on shared credit risk characteristics and the days
past due. The expected loss rate is calculated based on delinquency status and actual historical credit
loss experience. As a result, management believes there is no further credit risk provision required over
the normal individual and collective impairment, based on an aging analysis performed as of
January\u00a01, 2023. For further discussion on Ahold Delhaize\u2019s receivables, see\u00a0Note 16 and\u00a0Note 18. Financial transactions are entered into predominantly with investment-grade financial institutions. The
Company requires a minimum short-term rating of A1/P1 and a minimum long-term rating of A3/A- for
its deposit and investment products. The Company may deviate from this requirement from time to time
for operational reasons. Regarding credit risk, derivative contracts with counterparties are entered into
primarily under the standard terms and conditions of the International Swaps and Derivatives
Association (ISDA). With certain counterparties, Ahold Delhaize has credit support annexes in place
that materially reduce the counterparty risk exposure because of a contractual exchange of cash
collateral. Ahold Delhaize has policies that limit the amount of counterparty credit exposure to any
single financial institution or investment vehicle and actively monitors these exposures.
Counterparty risk is measured by adding the nominal value of cash, short-term deposits and
marketable securities, and the mark-to-market of derivative instruments, netted with the collateral
posted, if any. As a result, the highest exposure to a single financial counterparty, excluding AAA-rated
money market funds, on January\u00a01, 2023, amounted to \u20ac254\u00a0million (January\u00a02, 2022: \u20ac175\u00a0million).
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
Offsetting of financial instruments
Ahold Delhaize has several financial assets and financial liabilities that are subject to offsetting or
enforceable master netting arrangements and similar agreements.
Cash pool
The Company has implemented a cash pool system, allowing a more efficient management of the daily
working capital needs of the participating operating entities. The settlement mechanism of the cash
pool is provided by an external financial counterparty. The cash pool system exposes the Company to a
single net amount with that financial counterparty rather than the gross amount of several current
accounts and bank overdraft balances with multiple financial counterparties. From an operational
perspective, the balances in the cash pool are netted. However, under the guidance of IAS 32
regarding the offsetting of debit and credit balances for financial reporting purposes, these balances
have to be presented on a gross basis on the balance sheet\u00a0(see Note 20 and Note 26). ISDA master agreements for derivatives
The Company has entered into several ISDA master agreements in connection with its derivative
transactions. In general, under such agreements, the amounts owed by each counterparty to another
on the same day in respect of the same transaction payable in the same currency are aggregated into
a single net amount payable by one party to the other.
Under certain circumstances, if all transactions under the ISDA master agreement are terminated, e.g.,
when a credit event such as payment default occurs, the termination value is assessed and only a single
net amount is payable in the settlement of all transactions governed by the ISDA master agreement.
The ISDA agreements do not meet the criteria for offsetting in the balance sheet. This is because the
Company does not currently have a legally enforceable right to offset recognized amounts, because the
right to offset is enforceable only on the occurrence of a future event such as a default. ISDAs are
considered to be master netting arrangements for IFRS 7 disclosure purposes.
The following table shows the maximum exposure of the Company\u2019s financial assets and financial
liabilities that are subject to offset or enforceable master netting arrangements and similar agreements
for the year ended January\u00a01, 2023.
| | | |
| Gross amounts in the balance sheet | Cash collateral received/ pledged1 | |
| | | |
Cash and cash equivalents | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
1 Amounts not offset in the balance sheet but subject to master netting arrangements (or similar).
Liquidity risk
Ahold Delhaize views available cash balances and funds from operating activities as its primary
sources of liquidity, complemented with access to external sources of funds when deemed to be
required. Ahold Delhaize manages short-term liquidity based on projected cash flows. As of January\u00a01,
2023, the Company\u2019s liquidity position primarily comprised \u20ac2,511\u00a0million of cash (including short-term
deposits and similar instruments and the current portion of investments in debt instruments, adjusted
for cash held under a notional cash pooling arrangement), and the \u20ac1.5 billion revolving credit facility, of
which nil is drawn.
Based on the current operating performance and liquidity position, the Company believes that its
liquidity position will be sufficient for working capital, capital expenditures, commitments related to
acquisitions, interest payments, dividends, the announced \u20ac1 billion share buyback program and
scheduled debt repayments for the next 12 months. In addition, the Company has access to the
amount available on its revolving credit facility and to the debt capital markets based on its current
credit ratings.
The following tables summarize the expected maturity profile of the Company\u2019s financial liabilities
(including derivatives) as of January\u00a01, 2023, and January\u00a02, 2022, respectively, based on contractual
undiscounted payments.
All financial liabilities held at the reporting date, for which payments are already contractually agreed,
have been included. Amounts in foreign currency have been translated using the reporting date closing
rate. Cash flows arising from financial instruments carrying variable interest payments have been
calculated using the\u00a0forward curve interest rates as of January\u00a01, 2023, and January\u00a02, 2022,
respectively. See Note 34 for the liquidity risk related to guarantees. Year ended January\u00a01, 2023
| | | | | |
| | |
| | | |
Non-derivative financial liabilities1 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Other long-term financial liabilities | | | | | |
| | | | | |
| | | | | |
Derivative financial liabilities |
| | | | | |
sell primarily in local currencies, the Company\u2019s exposure to exchange rate movements in its
commercial operations is limited. The Company is subject to foreign currency exchange risks due to
exchange rate movements in connection with the translation of its foreign subsidiaries\u2019 income, assets
and liabilities into euros for inclusion in its consolidated financial statements. Translation risk related to
Ahold Delhaize\u2019s foreign subsidiaries, joint ventures and associates is not actively hedged; however,
the Company aims to minimize this exposure by funding its foreign operations in their functional
currency wherever feasible.
To protect the value of future foreign currency cash flows, including loan and interest payments, lease
payments, dividends and firm purchase commitments, and the value of assets and liabilities
denominated in foreign currency, Ahold Delhaize seeks to mitigate its foreign currency exchange
exposure by borrowing in local currency and entering into various financial instruments, including
forward contracts and currency swaps. It is Ahold Delhaize\u2019s policy to cover foreign exchange
transaction exposure in relation to existing assets, liabilities and firm purchase commitments.
Foreign currency sensitivity analysis
As of January\u00a01, 2023, Ahold Delhaize carried out a sensitivity analysis with regard to changes in
foreign exchange rates to revalue dollar-denominated cash, cash equivalents and debt in its balance
sheet at year-end. Assuming the euro had strengthened (weakened) by 20% against the U.S. dollar
compared to the actual 2022 rate, with all other variables held constant, the hypothetical result on
income before income taxes would have been an increase (decrease) of \u20ac4\u00a0million (2021: an increase
(decrease) of \u20ac8\u00a0million), as a result of foreign exchange revaluation of U.S. dollar-denominated
monetary assets and liabilities held by non-U.S. dollar functional currency subsidiaries.
The gain on foreign exchange recognized in the 2022 income statement related to the revaluation of
unhedged leases reported in the balance sheet amounted to \u20ac7 million (2021: gain of \u20ac1 million). The
strengthening (weakening) of the euro by 20% against the other currencies, with all other variables held
constant, would result in a loss (gain) of \u20ac168 million (2021:\u00a0\u20ac159\u00a0million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzUwMDI_9411a11c-1dd2-4cf5-99ad-e855f94e1dfa": {
"value": "69000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzUwMTA_32382f06-3e15-486c-b1aa-806481008276": {
"value": "29000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2021-01-04T00:00:00/2022-01-03T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTE4NzI1_185b0c99-b109-4e80-81a3-a7713c70708b": {
"value": "
Credit risk
Ahold Delhaize has no significant concentrations of credit risk. The concentration of credit risk
with\u00a0respect to receivables is limited, as the Company\u2019s customer base and vendor base are large and
unrelated. The Company applies the IFRS 9 simplified approach to measuring expected credit losses,
which uses a lifetime-expected loss allowance for all trade receivables. To measure the expected credit
losses, trade receivables have been grouped based on shared credit risk characteristics and the days
past due. The expected loss rate is calculated based on delinquency status and actual historical credit
loss experience. As a result, management believes there is no further credit risk provision required over
the normal individual and collective impairment, based on an aging analysis performed as of
January\u00a01, 2023. For further discussion on Ahold Delhaize\u2019s receivables, see\u00a0Note 16 and\u00a0Note 18. Financial transactions are entered into predominantly with investment-grade financial institutions. The
Company requires a minimum short-term rating of A1/P1 and a minimum long-term rating of A3/A- for
its deposit and investment products. The Company may deviate from this requirement from time to time
for operational reasons. Regarding credit risk, derivative contracts with counterparties are entered into
primarily under the standard terms and conditions of the International Swaps and Derivatives
Association (ISDA). With certain counterparties, Ahold Delhaize has credit support annexes in place
that materially reduce the counterparty risk exposure because of a contractual exchange of cash
collateral. Ahold Delhaize has policies that limit the amount of counterparty credit exposure to any
single financial institution or investment vehicle and actively monitors these exposures.
Counterparty risk is measured by adding the nominal value of cash, short-term deposits and
marketable securities, and the mark-to-market of derivative instruments, netted with the collateral
posted, if any. As a result, the highest exposure to a single financial counterparty, excluding AAA-rated
money market funds, on January\u00a01, 2023, amounted to \u20ac254\u00a0million (January\u00a02, 2022: \u20ac175\u00a0million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzQ1NjI5NzMyNTkxNzE2_c6793af4-0308-42b9-bcb9-db943480189d": {
"value": "
Offsetting of financial instruments
Ahold Delhaize has several financial assets and financial liabilities that are subject to offsetting or
enforceable master netting arrangements and similar agreements.
Cash pool
The Company has implemented a cash pool system, allowing a more efficient management of the daily
working capital needs of the participating operating entities. The settlement mechanism of the cash
pool is provided by an external financial counterparty. The cash pool system exposes the Company to a
single net amount with that financial counterparty rather than the gross amount of several current
accounts and bank overdraft balances with multiple financial counterparties. From an operational
perspective, the balances in the cash pool are netted. However, under the guidance of IAS 32
regarding the offsetting of debit and credit balances for financial reporting purposes, these balances
have to be presented on a gross basis on the balance sheet\u00a0(see Note 20 and Note 26). ISDA master agreements for derivatives
The Company has entered into several ISDA master agreements in connection with its derivative
transactions. In general, under such agreements, the amounts owed by each counterparty to another
on the same day in respect of the same transaction payable in the same currency are aggregated into
a single net amount payable by one party to the other.
Under certain circumstances, if all transactions under the ISDA master agreement are terminated, e.g.,
when a credit event such as payment default occurs, the termination value is assessed and only a single
net amount is payable in the settlement of all transactions governed by the ISDA master agreement.
The ISDA agreements do not meet the criteria for offsetting in the balance sheet. This is because the
Company does not currently have a legally enforceable right to offset recognized amounts, because the
right to offset is enforceable only on the occurrence of a future event such as a default. ISDAs are
considered to be master netting arrangements for IFRS 7 disclosure purposes.
The following table shows the maximum exposure of the Company\u2019s financial assets and financial
liabilities that are subject to offset or enforceable master netting arrangements and similar agreements
for the year ended January\u00a01, 2023.
| | | |
| Gross amounts in the balance sheet | Cash collateral received/ pledged1 | |
| | | |
Cash and cash equivalents | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
1 Amounts not offset in the balance sheet but subject to master netting arrangements (or similar).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTE5MDY3_840a5b5c-ab7b-427c-a087-00c532f80954": {
"value": "
Liquidity risk
Ahold Delhaize views available cash balances and funds from operating activities as its primary
sources of liquidity, complemented with access to external sources of funds when deemed to be
required. Ahold Delhaize manages short-term liquidity based on projected cash flows. As of January\u00a01,
2023, the Company\u2019s liquidity position primarily comprised \u20ac2,511\u00a0million of cash (including short-term
deposits and similar instruments and the current portion of investments in debt instruments, adjusted
for cash held under a notional cash pooling arrangement), and the \u20ac1.5 billion revolving credit facility, of
which nil is drawn.
Based on the current operating performance and liquidity position, the Company believes that its
liquidity position will be sufficient for working capital, capital expenditures, commitments related to
acquisitions, interest payments, dividends, the announced \u20ac1 billion share buyback program and
scheduled debt repayments for the next 12 months. In addition, the Company has access to the
amount available on its revolving credit facility and to the debt capital markets based on its current
credit ratings.
The following tables summarize the expected maturity profile of the Company\u2019s financial liabilities
(including derivatives) as of January\u00a01, 2023, and January\u00a02, 2022, respectively, based on contractual
undiscounted payments.
All financial liabilities held at the reporting date, for which payments are already contractually agreed,
have been included. Amounts in foreign currency have been translated using the reporting date closing
rate. Cash flows arising from financial instruments carrying variable interest payments have been
calculated using the\u00a0forward curve interest rates as of January\u00a01, 2023, and January\u00a02, 2022,
respectively. See Note 34 for the liquidity risk related to guarantees. Year ended January\u00a01, 2023
| | | | | |
| | |
| | | |
Non-derivative financial liabilities1 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Other long-term financial liabilities | | | | | |
| | | | | |
| | | | | |
Derivative financial liabilities |
| | | | | |
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
| | | | |
| | |
| | | |
| | | | |
Financial liabilities at amortized cost | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Other long-term financial liabilities1 | | | | |
| | | | |
| | | | |
| | | | |
Financial liabilities at fair value through profit or loss (FVPL) | | | | |
| | | | |
| | | | |
Derivative financial instruments | | | | |
| | | | |
| | | | |
Total financial liabilities excluding lease liabilities | | | | |
| | | | |
| | | | |
| | | | |
Total financial liabilities | | | | |
1Other long-term financial liabilities include a long-term financial liability for the non-controlling interest in FreshDirect in the amount of
$129 million (\u20ac121 million) and a deferred consideration for the remaining shares in Cycloon of \u20ac26\u00a0million (see Note 23). Of Ahold Delhaize\u2019s categories of financial instruments, only derivatives, investments in debt
instruments and reinsurance assets (liabilities) are measured and recognized on the balance sheet at
fair value. These fair value measurements are categorized within Level 2 of the fair value hierarchy.
The Company uses inputs other than quoted prices that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices). The fair value of derivative instruments is
measured by using either a market or income approach (mainly present value techniques). Foreign
currency forward contracts are measured using quoted forward exchange rates and yield curves
derived from quoted interest rates that match the maturity of the contracts. Interest rate swaps are
measured at the present value of expected future cash flows. Expected future cash flows are
discounted by using the applicable yield curves derived from quoted interest rates.
To the extent that no cash collateral is contractually required, the valuation of Ahold Delhaize\u2019s
derivative instruments is adjusted for the credit risk of the counterparty, called Credit Valuation
Adjustment (CVA), and for Ahold Delhaize's own credit risk, called Debit Valuation Adjustment (DVA).
The valuation technique for the CVA/DVA calculation is based on relevant observable market inputs.
No CVA/DVA adjustments are made to the valuation of certain derivative instruments, for which both
Ahold Delhaize and its counterparties are required to post or redeem cash collaterals if the value of a
derivative exceeds a threshold defined in the contractual provisions. Such cash collaterals materially
reduce the impact of both the counterparty and Ahold Delhaize\u2019s own non-performance risk on the
value of the instrument. Ahold Delhaize posted deposits as collateral in the net amount of \u20ac26 million as
of January\u00a01, 2023 (January\u00a02, 2022: nil). The counterparties have an obligation to repay the deposits
to Ahold Delhaize upon settlement of the contracts.
The carrying amount of trade and other (non-)current receivables, cash and cash equivalents, accounts
payable, short-term deposits and similar instruments, and other current financial assets and liabilities
approximate their fair values because of the short-term nature of these instruments and, for
receivables, because any expected recoverability loss is reflected in an impairment loss.
The fair values of quoted borrowings for which an active market exists are based on year-end quoted
prices. The fair value of other non-derivative financial assets and liabilities that are not traded in an
active market is estimated using discounted cash flow analyses based on market rates prevailing at
year-end.
As of January\u00a01, 2023, short-term deposits and similar instruments (\u20ac16\u00a0million) contain short-term
liquid investments that are considered part of Ahold Delhaize\u2019s cash management financial assets.
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments for
accounting purposes are presented in the table below:
| | | | |
| | |
| |
| |
Forward commodity contracts1 | | | | |
| | | | |
| | | | |
| | | | |
Forward foreign currency contracts | | | | |
Total derivatives \u2013 no hedge accounting treatment | | | | |
Total derivative financial instruments | | | | |
1 Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2022.
2Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2022.
| | | | |
| | |
| |
| |
| | | | |
| | | | |
| | | | |
Forward foreign currency contracts | | | | |
Total derivatives \u2013 no hedge accounting treatment | | | | |
Total derivative financial instruments | | | | |
1 Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTE4NzI5_ee635d29-7085-4939-ac63-9f575307b8e6": {
"value": "
Financial instruments
Accounting classification and fair values of financial instruments
The following table presents the fair value of financial instruments, based on Ahold Delhaize\u2019s
categories of financial instruments, including current portions, compared to the carrying amount at
which these instruments are included on the balance sheet:
| | | | |
| | |
| | | |
| | | | |
Financial assets at amortized cost | | | | |
| | | | |
Trade and other (non-)current receivables | | | | |
| | | | |
Cash and cash equivalents | | | | |
Short-term deposits and similar investments | | | | |
| | | | |
| | | | |
Financial assets at fair value through profit or loss (FVPL) | | | | |
| | | | |
Investments in debt instruments | | | | |
| | | | |
| | | | |
Derivative financial instruments | | | | |
| | | | |
| | | | |
| | | | |
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
| | | | |
| | |
| | | |
| | | | |
Financial liabilities at amortized cost | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Other long-term financial liabilities1 | | | | |
| | | | |
| | | | |
| | | | |
Financial liabilities at fair value through profit or loss (FVPL) | | | | |
| | | | |
| | | | |
Derivative financial instruments | | | | |
| | | | |
| | | | |
Total financial liabilities excluding lease liabilities | | | | |
| | | | |
| | | | |
| | | | |
Total financial liabilities | | | | |
1Other long-term financial liabilities include a long-term financial liability for the non-controlling interest in FreshDirect in the amount of
$129 million (\u20ac121 million) and a deferred consideration for the remaining shares in Cycloon of \u20ac26\u00a0million (see Note 23). Of Ahold Delhaize\u2019s categories of financial instruments, only derivatives, investments in debt
instruments and reinsurance assets (liabilities) are measured and recognized on the balance sheet at
fair value. These fair value measurements are categorized within Level 2 of the fair value hierarchy.
The Company uses inputs other than quoted prices that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices). The fair value of derivative instruments is
measured by using either a market or income approach (mainly present value techniques). Foreign
currency forward contracts are measured using quoted forward exchange rates and yield curves
derived from quoted interest rates that match the maturity of the contracts. Interest rate swaps are
measured at the present value of expected future cash flows. Expected future cash flows are
discounted by using the applicable yield curves derived from quoted interest rates.
To the extent that no cash collateral is contractually required, the valuation of Ahold Delhaize\u2019s
derivative instruments is adjusted for the credit risk of the counterparty, called Credit Valuation
Adjustment (CVA), and for Ahold Delhaize's own credit risk, called Debit Valuation Adjustment (DVA).
The valuation technique for the CVA/DVA calculation is based on relevant observable market inputs.
No CVA/DVA adjustments are made to the valuation of certain derivative instruments, for which both
Ahold Delhaize and its counterparties are required to post or redeem cash collaterals if the value of a
derivative exceeds a threshold defined in the contractual provisions. Such cash collaterals materially
reduce the impact of both the counterparty and Ahold Delhaize\u2019s own non-performance risk on the
value of the instrument. Ahold Delhaize posted deposits as collateral in the net amount of \u20ac26 million as
of January\u00a01, 2023 (January\u00a02, 2022: nil). The counterparties have an obligation to repay the deposits
to Ahold Delhaize upon settlement of the contracts.
The carrying amount of trade and other (non-)current receivables, cash and cash equivalents, accounts
payable, short-term deposits and similar instruments, and other current financial assets and liabilities
approximate their fair values because of the short-term nature of these instruments and, for
receivables, because any expected recoverability loss is reflected in an impairment loss.
The fair values of quoted borrowings for which an active market exists are based on year-end quoted
prices. The fair value of other non-derivative financial assets and liabilities that are not traded in an
active market is estimated using discounted cash flow analyses based on market rates prevailing at
year-end.
As of January\u00a01, 2023, short-term deposits and similar instruments (\u20ac16\u00a0million) contain short-term
liquid investments that are considered part of Ahold Delhaize\u2019s cash management financial assets.
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments for
accounting purposes are presented in the table below:
| | | | |
| | |
| |
| |
Forward commodity contracts1 | | | | |
| | | | |
| | | | |
| | | | |
Forward foreign currency contracts | | | | |
Total derivatives \u2013 no hedge accounting treatment | | | | |
Total derivative financial instruments | | | | |
1 Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2022.
2Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2022.
| | | | |
| | |
| |
| |
| | | | |
| | | | |
| | | | |
Forward foreign currency contracts | | | | |
Total derivatives \u2013 no hedge accounting treatment | | | | |
Total derivative financial instruments | | | | |
1 Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTE4NzI3_f38f7fa2-4e2e-4957-8877-0ea7b56f280e": {
"value": "
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments for
accounting purposes are presented in the table below:
| | | | |
| | |
| |
| |
Forward commodity contracts1 | | | | |
| | | | |
| | | | |
| | | | |
Forward foreign currency contracts | | | | |
Total derivatives \u2013 no hedge accounting treatment | | | | |
Total derivative financial instruments | | | | |
1 Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2022.
2Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2022.
| | | | |
| | |
| |
| |
| | | | |
| | | | |
| | | | |
Forward foreign currency contracts | | | | |
Total derivatives \u2013 no hedge accounting treatment | | | | |
Total derivative financial instruments | | | | |
1 Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2021.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzQ2NzI5MjQ0MjA3OTAy_4997ed62-5143-44fa-ada8-b62caa535240": {
"value": "
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual provisions of a
financial instrument. Financial assets are derecognized when the rights to receive cash flows from the
financial assets expire, or if the Company transfers the financial asset to another party and does not
retain control or substantially all risks and rewards of the asset. Purchases and sales of financial assets
in the normal course of business are accounted for at settlement date (i.e., the date that the asset is
delivered to or by the Company).
At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a
financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition or issue of the financial asset.\u00a0
After initial recognition, the Company classifies its financial assets as subsequently measured at either
i) amortized cost, ii) fair value through other comprehensive income (FVOCI) or iii) FVPL on the basis of
both:
\u00f3The Company\u2019s business model for managing the financial assets
\u00f3The contractual cash flow characteristics of the financial asset
Subsequent to initial recognition, financial assets are measured as described below.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both i) the financial asset is held within a business
model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction
cost\u00a0directly attributable to the asset. After initial recognition, the carrying amount of the financial
asset\u00a0measured at amortized cost is determined using the effective interest method, less any
impairment losses.
The Company\u2019s financial assets measured at amortized cost comprise loans receivable, net investment
in leases, trade and other (non-)current receivables, cash and cash equivalents, short-term deposits
and similar instruments.
Financial assets at fair value through other comprehensive income
A financial asset is measured at FVOCI if both i) the financial asset is held within a business model
whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.\u00a0
Investments in debt instruments measured at FVOCI are recognized initially at fair value plus
transaction cost directly attributable to the asset. After initial recognition, the asset is measured at fair
value with changes in fair value included in other comprehensive income. Accumulated gains or losses
recognized through other comprehensive income are reclassified to profit or loss when the debt
instrument is derecognized.
There is no subsequent reclassification of fair value gains and losses to profit or loss following the
derecognition of the investments in equity instruments that are not held for trading and for which the
Company made an irrevocable election at the time of initial recognition to account for the investment in
equity instruments at FVOCI.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets are not met, a
financial asset is classified as \u201cat fair value through profit or loss\u201d and measured at fair value with
changes in fair value recognized in profit or loss.
A financial asset measured at FVPL is recognized initially at fair value and its transaction cost is
recognized in profit or loss when incurred. A gain or loss on a financial asset measured at FVPL is
recognized in the income statement for the reporting period in which it arises.
The Company may, at initial recognition, irrevocably designate a financial asset as measured at FVPL if
doing so eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on
different bases.
The Company\u2019s financial instruments measured at FVPL comprise reinsurance assets, derivatives and
certain investments in debt instruments.
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that a financial
asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit
losses for financial assets measured at either amortized costs or at fair value through other
comprehensive income. If, at the reporting date, the credit risk on a financial instrument has not
increased significantly since initial recognition, the Company measures the loss allowance for the
financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date,
the credit risk on a financial instrument has increased significantly since initial recognition, the
Company measures the loss allowance for the financial instrument at an amount equal to the lifetime-
expected credit losses. The Company always measures the loss allowance at an amount equal to
lifetime-expected credit losses for trade receivables, contract assets and lease receivables.
Financial liabilities
Financial liabilities are recognized when the Company becomes a party to the contractual provisions of
a financial instrument. Financial liabilities are derecognized when the Company\u2019s obligations specified
in the contract expire or are discharged or cancelled.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net
of directly attributable transaction costs.
The Company classifies all financial liabilities as subsequently measured at amortized cost, except for
derivatives and reinsurance liabilities. Any difference between the proceeds and redemption value is
recognized in the income statement over the period of the loans and short-term borrowings using the
effective interest method.
Financial liabilities are classified as current liabilities unless the Company has an unconditional right to
defer settlement of the liability for at least 12 months after the balance sheet date.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized in the
income statement as fair value gains (losses) on financial instruments, unless the derivative qualifies
and is effective as a hedging instrument in a designated hedging relationship. In order for a derivative
financial instrument to qualify as a hedging instrument for accounting purposes, the Company must
document (i) at the inception of the transaction, the relationship between the hedging instrument and
the hedged item, as well as its risk management objectives and strategy for undertaking various
hedging transactions and (ii) its assessment, both at hedge inception and on an ongoing basis, of
whether the derivative that is used in the hedging transaction is highly effective in offsetting changes in
fair values or cash flows of hedged items. Derivatives that are designated as hedges are accounted for
as either cash flow hedges or fair value hedges.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash
flow hedges is recognized initially in the cash flow hedging reserve, a separate component of equity.
The gain or loss relating to the ineffective portion is recognized immediately in the income statement.
Amounts accumulated in equity are reclassified into the income statement in the same period in which
the related exposure impacts the income statement. When a cash flow hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in
equity and is reclassified to the income statement when the forecasted transaction is ultimately
recognized. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss
existing in equity is immediately recognized in the income statement.
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment are
recognized in the income statement in the periods in which they arise, together with any changes in fair
value of the hedged asset or liability. If the hedging instrument no longer meets the criteria for hedge
accounting, the adjustment to the carrying amount of the hedged item is amortized in the income
statement over the hedged item\u2019s remaining period to maturity.
Reinsurance assets and liabilities
Under Ahold Delhaize\u2019s self-insurance program, part of the insurance risk is ceded under a reinsurance
treaty, which is a pooling arrangement between unrelated companies. In accordance with the pooling
arrangement, the Company assumes a share of the reinsurance treaty risks that is measured in relation to
the percentage of Ahold Delhaize\u2019s participation in the treaty. Reinsurance assets include estimated
receivable balances related to reinsurance contracts purchased by the Company. Reinsurance liabilities
represent the expected insurance risks related to reinsurance contracts sold by the Company. Reinsurance
assets and liabilities are measured on a discounted basis using accepted actuarial methods.
Supply chain financing
The supply chain financing arrangements do not expose Ahold Delhaize to additional credit risk nor
provide Ahold Delhaize with a significant benefit of additional financing and, accordingly, it is Ahold
Delhaize\u2019s policy to classify the amounts due under supply chain finance arrangements with banks as
trade payables. In accordance with the Company\u2019s accounting policy, trade payables are presented as
operating activities in the cash flow statement. Suppliers choose to enter into these arrangements,
which provide them with the option of access to earlier payment at favorable interest rates from the
bank based on Ahold Delhaize\u2019s credit rating. If suppliers do not choose early payment under these
arrangements, their invoices are settled by the bank under the applicable payment terms.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTI2NjM3_0e3bc1d4-ae64-4a36-a95c-0bb4e5f30cd6": {
"value": "
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual provisions of a
financial instrument. Financial assets are derecognized when the rights to receive cash flows from the
financial assets expire, or if the Company transfers the financial asset to another party and does not
retain control or substantially all risks and rewards of the asset. Purchases and sales of financial assets
in the normal course of business are accounted for at settlement date (i.e., the date that the asset is
delivered to or by the Company).
At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a
financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition or issue of the financial asset.\u00a0
After initial recognition, the Company classifies its financial assets as subsequently measured at either
i) amortized cost, ii) fair value through other comprehensive income (FVOCI) or iii) FVPL on the basis of
both:
\u00f3The Company\u2019s business model for managing the financial assets
\u00f3The contractual cash flow characteristics of the financial asset
Subsequent to initial recognition, financial assets are measured as described below.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both i) the financial asset is held within a business
model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction
cost\u00a0directly attributable to the asset. After initial recognition, the carrying amount of the financial
asset\u00a0measured at amortized cost is determined using the effective interest method, less any
impairment losses.
The Company\u2019s financial assets measured at amortized cost comprise loans receivable, net investment
in leases, trade and other (non-)current receivables, cash and cash equivalents, short-term deposits
and similar instruments.
Financial assets at fair value through other comprehensive income
A financial asset is measured at FVOCI if both i) the financial asset is held within a business model
whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.\u00a0
Investments in debt instruments measured at FVOCI are recognized initially at fair value plus
transaction cost directly attributable to the asset. After initial recognition, the asset is measured at fair
value with changes in fair value included in other comprehensive income. Accumulated gains or losses
recognized through other comprehensive income are reclassified to profit or loss when the debt
instrument is derecognized.
There is no subsequent reclassification of fair value gains and losses to profit or loss following the
derecognition of the investments in equity instruments that are not held for trading and for which the
Company made an irrevocable election at the time of initial recognition to account for the investment in
equity instruments at FVOCI.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets are not met, a
financial asset is classified as \u201cat fair value through profit or loss\u201d and measured at fair value with
changes in fair value recognized in profit or loss.
A financial asset measured at FVPL is recognized initially at fair value and its transaction cost is
recognized in profit or loss when incurred. A gain or loss on a financial asset measured at FVPL is
recognized in the income statement for the reporting period in which it arises.
The Company may, at initial recognition, irrevocably designate a financial asset as measured at FVPL if
doing so eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on
different bases.
The Company\u2019s financial instruments measured at FVPL comprise reinsurance assets, derivatives and
certain investments in debt instruments.
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that a financial
asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit
losses for financial assets measured at either amortized costs or at fair value through other
comprehensive income. If, at the reporting date, the credit risk on a financial instrument has not
increased significantly since initial recognition, the Company measures the loss allowance for the
financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date,
the credit risk on a financial instrument has increased significantly since initial recognition, the
Company measures the loss allowance for the financial instrument at an amount equal to the lifetime-
expected credit losses. The Company always measures the loss allowance at an amount equal to
lifetime-expected credit losses for trade receivables, contract assets and lease receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTI2NjQz_d9da18c7-d866-4f66-b1cd-af82a469cfe8": {
"value": "
At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a
financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition or issue of the financial asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTI2NjQy_f3bcc228-7268-4919-9a73-1105c701b108": {
"value": "
There is no subsequent reclassification of fair value gains and losses to profit or loss following the
derecognition of the investments in equity instruments that are not held for trading and for which the
Company made an irrevocable election at the time of initial recognition to account for the investment in
equity instruments at FVOCI.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzQ1NjI5NzMyNTkxNzE1_4717ed38-138b-4794-bbd4-28c6625f0986": {
"value": "
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets are not met, a
financial asset is classified as \u201cat fair value through profit or loss\u201d and measured at fair value with
changes in fair value recognized in profit or loss.
A financial asset measured at FVPL is recognized initially at fair value and its transaction cost is
recognized in profit or loss when incurred. A gain or loss on a financial asset measured at FVPL is
recognized in the income statement for the reporting period in which it arises.
The Company may, at initial recognition, irrevocably designate a financial asset as measured at FVPL if
doing so eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on
different bases.
The Company\u2019s financial instruments measured at FVPL comprise reinsurance assets, derivatives and
certain investments in debt instruments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTI2NjQx_d2d5f2f7-e48d-431c-b6ad-75915c95f22d": {
"value": "
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that a financial
asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit
losses for financial assets measured at either amortized costs or at fair value through other
comprehensive income. If, at the reporting date, the credit risk on a financial instrument has not
increased significantly since initial recognition, the Company measures the loss allowance for the
financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date,
the credit risk on a financial instrument has increased significantly since initial recognition, the
Company measures the loss allowance for the financial instrument at an amount equal to the lifetime-
expected credit losses. The Company always measures the loss allowance at an amount equal to
lifetime-expected credit losses for trade receivables, contract assets and lease receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTI2NjM5_f2053ea7-32d0-4df3-9541-22ed44b0a758": {
"value": "
Financial liabilities
Financial liabilities are recognized when the Company becomes a party to the contractual provisions of
a financial instrument. Financial liabilities are derecognized when the Company\u2019s obligations specified
in the contract expire or are discharged or cancelled.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net
of directly attributable transaction costs.
The Company classifies all financial liabilities as subsequently measured at amortized cost, except for
derivatives and reinsurance liabilities. Any difference between the proceeds and redemption value is
recognized in the income statement over the period of the loans and short-term borrowings using the
effective interest method.
Financial liabilities are classified as current liabilities unless the Company has an unconditional right to
defer settlement of the liability for at least 12 months after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTI2NjM1_5b5ce397-0afc-4558-8669-3febfd39a8e0": {
"value": "
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized in the
income statement as fair value gains (losses) on financial instruments, unless the derivative qualifies
and is effective as a hedging instrument in a designated hedging relationship. In order for a derivative
financial instrument to qualify as a hedging instrument for accounting purposes, the Company must
document (i) at the inception of the transaction, the relationship between the hedging instrument and
the hedged item, as well as its risk management objectives and strategy for undertaking various
hedging transactions and (ii) its assessment, both at hedge inception and on an ongoing basis, of
whether the derivative that is used in the hedging transaction is highly effective in offsetting changes in
fair values or cash flows of hedged items. Derivatives that are designated as hedges are accounted for
as either cash flow hedges or fair value hedges.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash
flow hedges is recognized initially in the cash flow hedging reserve, a separate component of equity.
The gain or loss relating to the ineffective portion is recognized immediately in the income statement.
Amounts accumulated in equity are reclassified into the income statement in the same period in which
the related exposure impacts the income statement. When a cash flow hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in
equity and is reclassified to the income statement when the forecasted transaction is ultimately
recognized. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss
existing in equity is immediately recognized in the income statement.
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment are
recognized in the income statement in the periods in which they arise, together with any changes in fair
value of the hedged asset or liability. If the hedging instrument no longer meets the criteria for hedge
accounting, the adjustment to the carrying amount of the hedged item is amortized in the income
statement over the hedged item\u2019s remaining period to maturity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTI2NjM2_5473d31d-22ca-41fc-9135-120c9d8a0485": {
"value": "
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized in the
income statement as fair value gains (losses) on financial instruments, unless the derivative qualifies
and is effective as a hedging instrument in a designated hedging relationship. In order for a derivative
financial instrument to qualify as a hedging instrument for accounting purposes, the Company must
document (i) at the inception of the transaction, the relationship between the hedging instrument and
the hedged item, as well as its risk management objectives and strategy for undertaking various
hedging transactions and (ii) its assessment, both at hedge inception and on an ongoing basis, of
whether the derivative that is used in the hedging transaction is highly effective in offsetting changes in
fair values or cash flows of hedged items. Derivatives that are designated as hedges are accounted for
as either cash flow hedges or fair value hedges.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash
flow hedges is recognized initially in the cash flow hedging reserve, a separate component of equity.
The gain or loss relating to the ineffective portion is recognized immediately in the income statement.
Amounts accumulated in equity are reclassified into the income statement in the same period in which
the related exposure impacts the income statement. When a cash flow hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in
equity and is reclassified to the income statement when the forecasted transaction is ultimately
recognized. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss
existing in equity is immediately recognized in the income statement.
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment are
recognized in the income statement in the periods in which they arise, together with any changes in fair
value of the hedged asset or liability. If the hedging instrument no longer meets the criteria for hedge
accounting, the adjustment to the carrying amount of the hedged item is amortized in the income
statement over the hedged item\u2019s remaining period to maturity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NjkvZnJhZzpkMzU4NTA1ZGQ5NzQ0YWVkYWU2ZmI1YmQ3ZDI2ZDcxMy90ZXh0cmVnaW9uOmQzNTg1MDVkZDk3NDRhZWRhZTZmYjViZDdkMjZkNzEzXzExNTQ0ODcyMTI2NjQ0_eabb33dd-81c3-4a10-8f93-7bdd3bee0f6b": {
"value": "
Reinsurance assets and liabilities
Under Ahold Delhaize\u2019s self-insurance program, part of the insurance risk is ceded under a reinsurance
treaty, which is a pooling arrangement between unrelated companies. In accordance with the pooling
arrangement, the Company assumes a share of the reinsurance treaty risks that is measured in relation to
the percentage of Ahold Delhaize\u2019s participation in the treaty. Reinsurance assets include estimated
receivable balances related to reinsurance contracts purchased by the Company. Reinsurance liabilities
represent the expected insurance risks related to reinsurance contracts sold by the Company. Reinsurance
assets and liabilities are measured on a discounted basis using accepted actuarial methods.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NzIvZnJhZzo0OThmNGViYjM4ODU0ZTUxYmZkNGFjOTA1NTg5Yzk1Zi90ZXh0cmVnaW9uOjQ5OGY0ZWJiMzg4NTRlNTFiZmQ0YWM5MDU1ODljOTVmXzExNTQ0ODcyMDk5Nzc3_02ed36b4-0535-436b-8420-e2e6a143305a": {
"value": "
31 RELATED PARTY TRANSACTIONS
Compensation of key management personnel
Key management personnel are those persons having authority and responsibility for planning,
directing and controlling the activities of the Company as a whole. The Company considers all
members of the Executive Committee (ExCo) and Supervisory Board (SB) to be key management
personnel as defined in IAS 24 \u201cRelated Party Disclosures.\u201d At the end of 2022, the ExCo consisted of
the Management Board (MB) and three other members.
The total compensation of key management personnel in 2022 amounted to \u20ac27,311\u00a0thousand (2021:
\u20ac24,571\u00a0thousand). This includes a true-up for the estimated additional wage tax relating to key
management personnel leaving the Company due in accordance with Dutch tax laws of
\u20ac(555)\u00a0thousand (2021: \u20ac952\u00a0thousand).
Remuneration of the Executive Committee including Management Board
The table below specifies the remuneration of the ExCo, comprising the Management Board members
and the former members of the Management Board, and the additional ExCo members who were not
part of the Management Board.
| | | | | | | | |
| | |
| | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Share-based compensation5 | | | | | | | | |
| | | | | | | | |
Remuneration of the members of the ExCo | | | | | | | | |
1The MB members include Frans Muller, Natalie Knight, Kevin Holt and Wouter Kolk. On January 10, 2023, it was announced that
Natalie Knight will leave Ahold Delhaize and that a six-month notice period applies; see the Remuneration report. 2Former MB members includes members that resigned during the respective year.
3The ExCo Incentive Plan (EIP) represents accrued annual cash incentives to be paid in the following year based on an overall
weighted EIP performance. For an explanation of the Company\u2019s Remuneration Policy, see the Remuneration report. The overall 2022 performance multiplier was 125% for MB and other ExCo (2021: 125% for MB and 150% for other ExCo).
4Other mainly includes gross allowances for net pension, tax compensation (tax equalization charges or refunds for expatriates),
allowances for housing expenses, relocation costs, international school fees, employer\u2019s contributions to social security plans,
benefits in kind, such as company cars, tax advice, medical expenses and the associated tax gross-up.
5The fair value of each year\u2019s grant is determined on the grant date and expensed on a straight-line basis over the vesting period. The
expense for 2022 reflects this year's portion of the share grants over the previous four years (plans 2019 to 2022). For more
information on the share-based compensation expenses, see Note 32. 6Pension costs are the total net periodic pension costs of the applicable pension plans.
For more details on the remuneration of the individual members of the Management Board, see the
31 RELATED PARTY TRANSACTIONS CONTINUED
Remuneration of the members of the Supervisory Board
The Remuneration Policy for the Supervisory Board was adopted by the General Meeting of
Shareholders on April 13, 2022, and became effective retroactively as of January 1, 2022. The table
below specifies the total remuneration of the members of the Supervisory Board.
| | | | | | |
| | |
| | | | | |
Remuneration of the members of the Supervisory Board | | | | | | |
For more details on the remuneration of the individual members of the Supervisory Board, see the
Ahold Delhaize does not provide loans or advances to members of the Management Board or the
Supervisory Board. There are no loans or advances outstanding. Ahold Delhaize does not issue
guarantees to the benefit of members of the Management Board or the Supervisory Board. No such
guarantees are outstanding.
Trading transactions
Ahold Delhaize has entered into arrangements with a number of its subsidiaries and affiliated
companies in the course of its business. These arrangements relate to service transactions and
financing agreements. Transactions were conducted at market prices. During 2022 and 2021, the
Company entered into the following transactions with unconsolidated related parties:
For the year ended January\u00a01, 2023
| | | | | | | | | | |
| | Purchases from related parties | Amounts receivable from related parties | Amounts payable to related parties | Commitments to related parties | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
For the year ended January\u00a02, 2022
| | | | | |
| | Purchases from related parties | Amounts receivable from related parties | Amounts payable to related parties | Commitments to related parties |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
These unconsolidated related parties consist of:
\u00f3Allston Yards Parcel B Developer, LLC , a real estate joint venture of which Ahold Delhaize is a
member.
\u00f3Cathedral Commons Partners, LLC, a real estate joint venture of Ahold Delhaize.
\u00f3JMR, a joint venture of Ahold Delhaize in the retail business (see Note 15). There were no significant transactions with JMR in 2022 and 2021.
\u00f3Super Indo, a joint venture of Ahold Delhaize in the retail business (see Note 15). There were no significant transactions with Super Indo in 2022 and 2021.
\u00f3Adhese, an advertising technology company in which Ahold Delhaize acquired a minority stake during
2022.
\u00f3Other, which includes mainly real estate joint ventures in which Ahold Delhaize has an interest and
holding properties operated by Ahold Delhaize and Loyalty Management Nederland B.V., an
associate of\u00a0Ahold Delhaize that renders services relating to the management of customer loyalty
programs to certain Ahold Delhaize subsidiaries in the Netherlands.
\u00f3Ahold Delhaize participates in Coopernic and AMS, which are cooperative European purchase
alliances towards third-party vendors. Receivable and payable positions occur with these buying
alliances. These transactions are considered to reflect the results of the negotiated purchasing terms
with the third-party vendors. As such, these transactions are not shown in the table above of related
party transactions.
Furthermore, the Company\u2019s post-employment benefit plans in the Netherlands and the United States
are considered related parties. For more information on these plans, see Note 24. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NzIvZnJhZzo0OThmNGViYjM4ODU0ZTUxYmZkNGFjOTA1NTg5Yzk1Zi90ZXh0cmVnaW9uOjQ5OGY0ZWJiMzg4NTRlNTFiZmQ0YWM5MDU1ODljOTVmXzExNTQ0ODcyMDk3MDQ1_c87b79b3-93d0-41cc-b655-648561512f7d": {
"value": "
Compensation of key management personnel
Key management personnel are those persons having authority and responsibility for planning,
directing and controlling the activities of the Company as a whole. The Company considers all
members of the Executive Committee (ExCo) and Supervisory Board (SB) to be key management
personnel as defined in IAS 24 \u201cRelated Party Disclosures.\u201d At the end of 2022, the ExCo consisted of
the Management Board (MB) and three other members.
The total compensation of key management personnel in 2022 amounted to \u20ac27,311\u00a0thousand (2021:
\u20ac24,571\u00a0thousand). This includes a true-up for the estimated additional wage tax relating to key
management personnel leaving the Company due in accordance with Dutch tax laws of
\u20ac(555)\u00a0thousand (2021: \u20ac952\u00a0thousand).
Remuneration of the Executive Committee including Management Board
The table below specifies the remuneration of the ExCo, comprising the Management Board members
and the former members of the Management Board, and the additional ExCo members who were not
part of the Management Board.
| | | | | | | | |
| | |
| | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Share-based compensation5 | | | | | | | | |
| | | | | | | | |
Remuneration of the members of the ExCo | | | | | | | | |
1The MB members include Frans Muller, Natalie Knight, Kevin Holt and Wouter Kolk. On January 10, 2023, it was announced that
Natalie Knight will leave Ahold Delhaize and that a six-month notice period applies; see the Remuneration report. 2Former MB members includes members that resigned during the respective year.
3The ExCo Incentive Plan (EIP) represents accrued annual cash incentives to be paid in the following year based on an overall
weighted EIP performance. For an explanation of the Company\u2019s Remuneration Policy, see the Remuneration report. The overall 2022 performance multiplier was 125% for MB and other ExCo (2021: 125% for MB and 150% for other ExCo).
4Other mainly includes gross allowances for net pension, tax compensation (tax equalization charges or refunds for expatriates),
allowances for housing expenses, relocation costs, international school fees, employer\u2019s contributions to social security plans,
benefits in kind, such as company cars, tax advice, medical expenses and the associated tax gross-up.
5The fair value of each year\u2019s grant is determined on the grant date and expensed on a straight-line basis over the vesting period. The
expense for 2022 reflects this year's portion of the share grants over the previous four years (plans 2019 to 2022). For more
information on the share-based compensation expenses, see Note 32. 6Pension costs are the total net periodic pension costs of the applicable pension plans.
For more details on the remuneration of the individual members of the Management Board, see the
31 RELATED PARTY TRANSACTIONS CONTINUED
Remuneration of the members of the Supervisory Board
The Remuneration Policy for the Supervisory Board was adopted by the General Meeting of
Shareholders on April 13, 2022, and became effective retroactively as of January 1, 2022. The table
below specifies the total remuneration of the members of the Supervisory Board.
| | | | | | |
| | |
| | | | | |
Remuneration of the members of the Supervisory Board | | | | | | |
For more details on the remuneration of the individual members of the Supervisory Board, see the
Ahold Delhaize does not provide loans or advances to members of the Management Board or the
Supervisory Board. There are no loans or advances outstanding. Ahold Delhaize does not issue
guarantees to the benefit of members of the Management Board or the Supervisory Board. No such
guarantees are outstanding.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80NzUvZnJhZzpkOGU4ZmEzMTljYzM0ZWZhODkyNWI5MWMzMmRlZDgwMi90ZXh0cmVnaW9uOmQ4ZThmYTMxOWNjMzRlZmE4OTI1YjkxYzMyZGVkODAyXzExNTQ0ODcyMTAxNTI5_d064db58-1246-4619-be85-275efdbafc6e": {
"value": "
32 SHARE-BASED COMPENSATION
In 2022, Ahold Delhaize\u2019s share-based compensation program consisted of a share grant program called
Global Reward Opportunity (GRO). Total 2022 GRO share-based compensation expenses were
\u20ac65\u00a0million (2021: \u20ac48\u00a0million). Ahold Delhaize\u2019s share-based compensation programs are equity-settled.
The fair value of the performance shares granted under the GRO program in 2022 at grant date was
\u20ac50 million, of which \u20ac7 million related to the Management Board members. The fair value is expensed
over the vesting period of the grants, adjusted for expected annual forfeitures of 4% (2021: 5%)
excluding Management Board members. In 2022, the expected annual forfeitures were updated to 4%
based on the historical actual forfeitures. For the share-based compensation expenses allocable to the
GRO program
Main characteristics of performance shares granted in 2019 through 2022
The performance shares granted under this program vest on the day after the annual General Meeting
of Shareholders in the third year of the grant, subject to certain performance conditions being met. The
GRO program employs three financial measures: return on capital (RoC), underlying earnings per
share growth (EPS) and total shareholder return (TSR), as well as non-financial performance measures
related to sustainability targets.
32 SHARE-BASED COMPENSATION CONTINUED
The total GRO award comprises four portions of performance shares. The first 35% is linked to a three-
year RoC target. Depending on performance, the number of performance shares that eventually vest
may range between zero and a maximum of 150% of the number of performance shares granted.
For the performance shares granted in 2019 through 2021, another 35% is linked to a three-year EPS
growth target. For the performance shares granted in 2022, this number is 25%. The number of
performance shares that vest may range between zero and a maximum of 150% of the number of
performance shares granted, depending on the performance.
Another 15% of the total GRO award is linked to TSR (share price growth and dividends paid over the
performance period), with performance at vesting benchmarked against the TSR performance of the
peer group disclosed below. The number of performance shares that vest depends on the Company\u2019s
relative ranking in the peer group and may range between zero and a maximum of 150% of the number
of performance shares granted (see table below for the vesting percentages based on Ahold Delhaize\u2019s
ranking within the peer group).
For the remaining GRO share award, the performance at vesting is measured using sustainability
targets related to the Company\u2019s Healthy and Sustainable ambitions. This applies to 15% of the
performance shares granted in 2019 through 2021, and 25% of the performance shares granted in
2022. Depending on performance, the number of performance shares that eventually vest can range
between zero and a maximum of 150% of the number of performance shares granted.
The table below indicates the percentage of performance shares that could vest based on
Ahold\u00a0Delhaize\u2019s TSR ranking within the peer group, for the performance shares granted in 2019
through 2022:
| |
2019\u20132022 GRO program rank | |
| |
| |
| |
| |
| |
| |
| |
| |
TSR performance peer group for performance shares granted in 2019 through 2022 |
| |
| |
| |
Casino Guichard-Perrachon | |
| |
| |
1Wm Morrison was replaced with Albertsons in the 2022 GRO award.
Performance shares vesting in 2023
In 2023, the performance shares granted in 2020 will vest. The performance shares vesting will
comprise performance shares based on the Company\u2019s RoC, EPS, TSR and sustainability
performance. As of the end of 2022, Ahold Delhaize ranked 5th in the TSR peer group with respect to
the 2020 grant. Based on this TSR ranking, the vesting percentage for the portion of the 2020
performance shares dependent on Ahold Delhaize\u2019s TSR performance was 75%.
At the end of each reporting period, Ahold Delhaize revises its estimates of the number of performance
shares that are expected to vest based on the non-market vesting conditions (RoC, EPS and
sustainability performance). Ahold Delhaize recognizes the impact of the revision to original estimates,
if any, in the income statement, with a corresponding adjustment to equity.
The final vesting percentage for the portion of the 2020 performance shares dependent on Ahold
Delhaize\u2019s RoC, EPS and sustainability performance is 136%, 150% and 140% respectively.
On April 15, 2023, a maximum of 0.4 million performance shares granted in 2020 to current members
of the Management Board under the Ahold Delhaize GRO plan are expected to vest. Except to finance
taxes and social security charges due on the vesting date, members of the Management Board cannot
sell shares for a period of at least five years following the grant date, or until their date of resignation
from the Management Board, if this period is shorter. Any sale of shares is subject to insider trading
restrictions as applicable from time to time.
On April 15, 2023, a maximum of 2.4 million performance shares granted in 2020 to Ahold Delhaize
employees under the Ahold Delhaize GRO plan are expected to vest. As of\u00a0the vesting date,
participants are allowed to sell all or part of the vested shares, subject to insider trading restrictions as
applicable from time to time.
The Company will use treasury shares for the delivery of the vested shares.
The following table summarizes the status of the GRO program during 2022 for the Management Board
members and for all other employees in the aggregate.
| | | | | | |
| Outstanding at the beginning of 2022 | | | | | Outstanding at the end of 2022 |
|
| | | | | | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
1Represents the adjustment to the number of performance shares granted resulting from the TSR, RoC, EPS and sustainability
performance.
2The vesting date of the 2019 grant was April 14, 2022. The share price was \u20ac28.35 on April 14, 2022.
3For an overview of the shares outstanding for the Management Board members, see the Remuneration report. 32 SHARE-BASED COMPENSATION CONTINUED
Valuation model and input variables
The weighted average fair value of the performance shares granted in 2022, for all eligible participants
including Management Board members, amounted to \u20ac13.79 per share for TSR performance shares
and \u20ac25.45 per share for RoC performance shares, EPS performance shares and sustainability
performance shares (2021: \u20ac7.44 per share for TSR performance shares and \u20ac20.34 per share for RoC
performance shares, EPS performance shares and sustainability performance shares). The fair values
of the RoC, EPS and sustainability performance shares are based on the Black-Scholes model. The
fair values of the TSR performance shares are determined using a Monte Carlo simulation model,
which considers the likelihood of Ahold Delhaize\u2019s TSR ending at various ranks as well as the expected
share price at each rank. The most important assumptions used in the valuations of the fair values
were as follows:
| | |
| | |
Closing share price at grant date (\u20ac) | | |
| | |
| | |
| | |
the future rent payments to be received and the unguaranteed residual value of the underlying asset
discounted using the rate implicit in the lease.
When the Company is an intermediate lessor, it accounts for its interests in the head lease and the
sublease separately. It assesses the lease classification of a sublease with reference to the right-of-use
asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-
term lease to which the Company applies the exemption described above, then it classifies the
sublease as an operating lease.
If an arrangement contains lease and non-lease components, the Company applies IFRS 15 to allocate
the consideration in the contract.
The Company recognizes lease payments received under operating leases as income on a straight-line
basis over the lease term as part of Rent income.
Sale and leaseback
Sale and leaseback transactions are defined as transactions that lead to a sale according to IFRS 15
\u201cRevenue from Contracts with Customers.\u201d Under IFRS 15, the seller-lessee must determine whether
the transaction qualifies as a sale for which revenue is recognized (i.e., the transaction is a genuine
sale, where all performance obligations are satisfied and control has transferred to the buyer-lessor), or
the transaction is a collateralized borrowing. More specifically, a sale is considered as such if there is
no repurchase option on the asset at the end of the lease term.
If the sale by the Company as seller-lessee qualifies as a sale, the Company derecognizes the asset
and recognizes a gain (or loss) that is limited to the proportion of the total gain (or loss) relating to the
rights transferred to the buyer-lessor. In addition, the Company recognizes a right-of-use asset arising
from the leaseback and measures it at the proportion of the previous carrying amount of the asset
relating to the right of use retained. In addition, the Company recognizes the lease liability.
If the fair value of the consideration for the sale does not equal the fair value of the asset, or if the
payments for the lease are not at market rates, adjustments are made to measure the sales proceeds
at fair value as follows:
a.Any below-market terms should be accounted for as a prepayment of lease payments.
b.Any above-market terms should be accounted for as additional financing provided by the buyer-
lessor.
If the sale by the Company does not qualify as a sale, the Company keeps the asset transferred on its
balance sheet and recognizes a financing obligation equal to the transferred proceeds or cash received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80ODEvZnJhZzpjMGY0YjcxM2Q1OGE0ODk5ODYyYTJmNWFiYjI4ZGE2MS90ZXh0cmVnaW9uOmMwZjRiNzEzZDU4YTQ4OTk4NjJhMmY1YWJiMjhkYTYxXzExNTQ0ODcyMTExMTUx_9b80a2b5-86a6-46bc-9e31-f2f14ffc1921": {
"value": "
34 COMMITMENTS AND CONTINGENCIES
Investment commitments
As of January\u00a01, 2023, Ahold Delhaize had outstanding investment commitments for property, plant and
equipment and investment property, and for intangible assets of approximately \u20ac579\u00a0million and
\u20ac17\u00a0million, respectively (January\u00a02, 2022: \u20ac369\u00a0million and \u20ac17\u00a0million, respectively). These
investment commitments include contractual commitments for contributions to franchisees. Ahold
Delhaize\u2019s share in the capital investment commitments of its unconsolidated joint ventures JMR and
Super Indo was nil as of January\u00a01, 2023 (January\u00a02, 2022: \u20ac1\u00a0million).
U.S. supply chain
In addition to the capital investments referred to above, on December 10, 2019, Ahold Delhaize
announced that it is investing to transform and expand its supply chain operations on the U.S. East
Coast. This included investments in two new fully automated Ahold Delhaize USA frozen food facilities
to be constructed in the U.S. Northeast and mid-Atlantic regions. On May 14, 2020, Ahold Delhaize
USA entered into a 20-year service agreement for these two facilities, one in Connecticut and one in
Pennsylvania. The development of these facilities started in 2020 and the services will be provided as
of 2023, at which time they will start impacting our consolidated income statement, balance sheet and
statement of cash flows. The future 20-year undiscounted commitment related to this agreement is
approximately $1 billion and is included in commitments for leases not yet commenced (see Note 33). This is the total commitment for the embedded lease which includes lease and non-lease components.
The lease components will be recognized on the balance sheet on the commencement date, which is
expected to be in 2023. The non-lease components will be expensed as incurred. The new self-
distribution supply chain will enable the U.S. businesses to reduce costs, improve speed to shelf,
enhance relationships with vendors, and improve product availability and freshness for customers.
Purchase commitments
Ahold Delhaize enters into purchase commitments with vendors in the ordinary course of business. The
Company has purchase contracts with some vendors for varying terms that require Ahold Delhaize to
buy services and predetermined volumes of goods and goods not-for-resale at fixed prices. As of
January\u00a01, 2023, the Company\u2019s purchase commitments were approximately \u20ac2.8\u00a0billion (January\u00a02,
2022: \u20ac2.4\u00a0billion). In 2021, Food Lion entered into a long-term supply agreement with Maryland-
Virginia Milk Producers Cooperative for milk and milk related products, with an initial term of 10 years.
The related purchase commitment increased in 2022 to $0.8 billion (\u20ac0.7 billion) and is included in the
\u20ac2.8\u00a0billion purchase commitments. In 2021, the purchase commitment amounted to $0.6 billion
(\u20ac0.5\u00a0billion).
34 COMMITMENTS AND CONTINGENCIES CONTINUED
Not included in the purchase commitments are those purchase contracts for which Ahold Delhaize has
received advance vendor allowances, such as upfront signing payments in consideration of its
purchase commitments. These contracts generally may be terminated without satisfying the purchase
commitments upon the repayment of the unearned portions of the advance vendor allowances. The
unearned portion of these advance vendor allowances is recorded as a liability on the balance sheet.
Other commitments
Cooperating agreements
On December 14, 2022, the Company announced that Jan Linders Supermarkets and Albert Heijn
have decided to partner, with family business Jan Linders continuing its operations as an Albert Heijn
franchisee. The vast majority of current stores (63) will remain part of Jan Linders\u2019 new franchise
organization and be converted into Albert Heijn franchise supermarkets. Employees working at these
stores will continue to work there. Some Jan Linders supermarkets will not join the new franchise
organization. In addition, Jan Linders will acquire ten supermarkets from Albert Heijn in the south of the
Netherlands. Employees working at these stores will also continue to work there, with Jan Linders
becoming their employer.
The Jan Linders DC in Nieuw Bergen, the Netherlands, will be acquired by Albert Heijn, while
preserving the function of the DC. All DC employees will keep their jobs, thus ensuring employment in
this region. Jan Linders\u2019 headquarters will continue to exist in a new and compact setup as the Service
Office of the franchise organization. The cooperation agreements are subject to the advice of both
companies\u2019 works councils and approval of the Authority for Consumers and Markets (ACM) for those
supermarkets that will be transferred from Albert Heijn to Jan Linders. The aim is to have converted all
stores involved by the end of 2023. The investment commitments as disclosed above do not incorporate
amounts relating to these cooperation agreements, as these are subject to closing conditions.
Commitments related to business acquisitions
As of January\u00a01, 2023, the Company has no significant outstanding commitments related to business
acquisitions.
Contingent liabilities
Guarantees
Guarantees to third parties issued by Ahold Delhaize can be summarized as follows:
| | |
| | |
| | |
Lease guarantees backed by letters of credit | | |
| | |
| | |
1Other includes the divestment of remedy stores in the U.S. and the divestment of Bradlees.
On a discounted basis, these lease guarantees amount to \u20ac620\u00a0million and \u20ac584\u00a0million as of
January\u00a01, 2023, and January\u00a02, 2022, respectively. If Ahold Delhaize is called upon to satisfy its
obligations under the outstanding lease guarantees, it has several potential defenses to reduce the
Company\u2019s gross exposure.
Lease guarantees backed up by letters of credit
As part of the divestment of U.S. Foodservice in 2007, Ahold Delhaize received an irrevocable standby
letter of credit for $216\u00a0million (\u20ac163 million), which was reduced to $17 million (\u20ac15 million) as of
January 2, 2022, and which was released and terminated in 2022.
Buyback guarantees
Buyback guarantees relate to Ahold Delhaize\u2019s commitment to repurchase stores or inventory from
certain franchisees at predetermined prices. The buyback guarantees reflect the maximum committed
repurchase value under the guarantees. From the outstanding buyback guarantees of \u20ac13 million, an
amount of \u20ac10 million expires in 2023 and \u20ac2 million expires in 2048.
Indemnifications as part of divestments of Ahold Delhaize\u2019s operations
In the relevant sales agreements, Ahold Delhaize has provided customary indemnifications, including
for potential breach of representations and warranties, that often include, but are not limited to,
completeness of books and records, title to assets, schedule of material contracts and arrangements,
litigation, permits, labor matters, and employee benefits and taxes. These representations and
warranties will generally terminate, depending on their specific features, a number of years after the
date of the relevant transaction completion date.
34 COMMITMENTS AND CONTINGENCIES CONTINUED
The most significant divestment of operations is, to the extent not already covered in the guarantee
section above, described below. In addition, specific, limited indemnifications exist for a number of
Ahold Delhaize\u2019s smaller divestments. The aggregate impact of claims, if any, under such
indemnification provisions is not expected to be material.
Disco divestment
As part of the divestment of Disco S.A. (\u201cDisco\u201d) in 2004, Ahold Delhaize is required to indemnify Disco
and its buyers for the outcome of the Uruguayan litigation described in the Legal proceedings section of
this Note. Ahold Delhaize\u2019s indemnification obligation relating to this litigation is not capped at a certain
amount nor restricted to a certain time period.\u00a0
Taxes
Ahold Delhaize operates in a number of countries and is subject to several direct and indirect taxes
including corporate income tax, value added tax, sales and use tax, and wage tax. Its income is subject
to direct and indirect tax in differing jurisdictions where those taxes are levied on a tax base differing
per tax law, jurisdiction and at differing tax rates. Significant judgment is required in determining the
direct and indirect tax position. We seek to organize our affairs in a sustainable manner, taking into
account the applicable regulations of the jurisdictions in which we operate. As a result of Ahold
Delhaize\u2019s multi-jurisdictional operations, it is exposed to a number of different tax risks including, but
not limited to, changes in tax laws or interpretations of such tax laws. The authorities in the jurisdictions
where Ahold Delhaize operates may review the Company\u2019s direct and indirect tax returns and may
disagree with the positions taken in those returns. While the ultimate outcome of such reviews is not
certain, Ahold Delhaize has considered the merits of its filing positions in its overall evaluation of
potential tax liabilities for both direct and indirect taxes and believes it has adequate liabilities recorded
in its consolidated financial statements for exposures on these matters. Based on its evaluation of the
potential tax liabilities and the merits of Ahold Delhaize\u2019s filing positions, it is unlikely that potential tax
exposures over and above the amounts currently recorded as liabilities in its consolidated financial
statements will be material to its financial condition or future results of operations.
In December 2020, Ahold Delhaize\u2019s subsidiary, Delhaize Le Lion/De Leeuw SCA (\u201cDLL\u201d), received an
adjustment notice from the Belgian tax authorities relating to its tax return over 2018. In 2018, DLL
transferred the shares of the former Delhaize USA business from DLL to Koninklijke Ahold Delhaize NV
(share transaction) with the business purpose of combining the former Delhaize USA business with the
former Ahold USA business, to simplify the legal structure and to be able to file one consolidated
federal tax return in the United States. This share transaction is tax exempt in Belgium for DLL and falls
under the participation exemption in the Netherlands for the receiving entity Koninklijke Ahold Delhaize
NV. The applied purchase price of the underlying Delhaize USA shares is supported by an external
valuation report. With the adjustment notice, the Belgian tax authorities informed DLL that, in their
opinion, the applied purchase price does not reflect the market value of the underlying shares and they
thus, rejected the external valuation report. Although the entire share transaction was tax exempt in
Belgium, an upward correction of the purchase price received by DLL is a taxable event under the
Belgian tax code.
The maximum exposure relating to this adjustment notice amounts to \u20ac382 million (including a 10%
penalty increase). Ahold Delhaize does not accept this correction, and, in our opinion, the adjustment
notice and all the arguments of the Belgian tax authorities are without any merit. In January 2021, DLL
filed an objection letter to the adjustment notice. The Belgian tax authorities rejected the provided
arguments as stated in the objection letter and issued for 2018, an additional assessment notice of
\u20ac382 million. We decided to pay the additional assessment notice in order to avoid an interest charge
of 4% per annum on the amount due and to avoid adverse tax consequences such as e.g. the
compensation with all possible tax receivables. In the meanwhile, DLL engaged another independent
third-party valuator as well as an external law firm to perform an assessment of the original valuation
report as well as the legal and tax grounds to issue the additional assessment notice. Based on their
conclusions, we decided that the basis to issue an additional assessment of \u20ac382 million is without any
merit and, as such, DLL recorded a receivable for the full paid amount. DLL, assisted by the external
law firm and the independent third-party valuator, filed a Tax protest claim against the additional
assessment in 2022. DLL will use all legal and tax remediation options to defend its position against the
additional assessment of \u20ac382 million.
Legal proceedings
Ahold Delhaize and certain of its former or current subsidiaries are involved in a number of legal
proceedings, which include litigation as a result of divestments, tax and employment, as well as other
litigation and inquiries. The\u00a0legal proceedings discussed below, whether pending, threatened or
unasserted, if decided adversely or settled, may result in liability material to Ahold Delhaize\u2019s financial
condition, results of operations or cash flows. Ahold Delhaize may enter into discussions regarding the
settlement of these and other proceedings, and may enter into settlement agreements, if it believes
settlement is in the best interest of Ahold Delhaize\u2019s shareholders. In accordance with IAS 37
\u201cProvisions, Contingent Liabilities, and Contingent Assets,\u201d Ahold Delhaize has recognized provisions
with respect to these proceedings, where appropriate, which are reflected on its balance sheet.
Albert Heijn franchising
In 2014, the Vereniging Albert Heijn Franchisenemers (an association of Albert Heijn franchisees or
\u201cVAHFR\u201d) asserted claims against Albert Heijn Franchising B.V. (an Ahold Delhaize subsidiary or
\u201cAHF\u201d) for the years 2008 through 2012, the alleged value of which exceeds \u20ac200 million in aggregate.
On December 24, 2014, proceedings were initiated with respect to these discussions. On November
16, 2016, the District Court in Haarlem issued a judgment rejecting all claims of the VAHFR and the
claimants. On February 13, 2017, VAHFR and 240 individual claimants filed an appeal against the
judgment and, in September 2017, they asserted unquantified claims for the years 2008-2016.
On July 23, 2019, the Court of Appeal issued a judgment rejecting, except for one, all the claims of
VAHFR and the claimants. On October 23, 2019, the VAHFR and the claimants filed an appeal in
cassation to the Supreme Court. On June 18, 2021, the Supreme Court ruled to quash the ruling of the
Court of Appeal in Amsterdam and referred the matter to the Court of Appeal in The Hague. The
proceedings will continue after the VAHFR brings the matter before the court in The Hague. This ruling
does not change our assessment of the merits of the case and AHF and its affiliates will continue to
vigorously defend their interest in the legal proceedings.
Uruguayan litigation
Ahold Delhaize, together with Disco and Disco Ahold International Holdings N.V. (\u201cDAIH\u201d), is party to
one lawsuit in Uruguay related to Ahold Delhaize\u2019s 2002 acquisition of Velox Retail Holdings\u2019 shares in
the capital of DAIH. The two other related lawsuits in Uruguay were decided in favor of Ahold Delhaize
without any further right to appeal of the plaintiffs in 2013. The damages alleged by the plaintiffs,
alleged creditors of certain Uruguayan and other banks, amount to approximately $62 million
34 COMMITMENTS AND CONTINGENCIES CONTINUED
(\u20ac58\u00a0million) plus interest and costs. As part of the divestment of Disco to Cencosud in 2004, Ahold
Delhaize indemnified Cencosud and Disco against the outcome of these legal proceedings. The one
remaining lawsuit is ongoing. Ahold Delhaize continues to believe that the plaintiffs\u2019 claims are without
merit and will continue to vigorously oppose such claims.
National prescription opiate litigation
Several U.S. brands and subsidiaries of Ahold Delhaize have been sued in a number of lawsuits included in
In re: National Prescription Opiate Litigation (MDL No. 2804), a multi-district litigation (MDL) matter pending in
the United States District Court in the Northern District of Ohio. The MDL contains thousands of cases filed
against hundreds of defendants by counties, cities, hospitals and others concerning the impact of opioid
abuse. The suits name Ahold Delhaize as a defendant, as well as various subsidiaries, including American
Sales Company, LLC, which ceased operations prior to being named as a defendant in any MDL-related
case. Although the matters in which Ahold Delhaize or its subsidiaries have been named have been stayed
by the court and, therefore, are not being actively litigated at this time, the court has recently requested status
reports in many stayed cases (including those in which Ahold Delhaize and its subsidiaries have been
named). Ahold Delhaize and its subsidiaries continue to believe the plaintiffs\u2019 claims against Ahold Delhaize
entities are without merit. Ahold Delhaize is not currently able to predict the outcome of these claims.
Pharmacy regulatory investigation
The Ahold Delhaize USA brands are responding to a civil investigative demand (CID) from the U.S.
Department of Justice (DOJ), working together with several state attorneys general, concerning a False
Claims Act investigation relating to pharmacy prescription discount programs. The brands are cooperating
with this investigation and communicating with DOJ regarding the CID. As part of its cooperation, Ahold
Delhaize has provided factual information, produced documents and responded to certain interrogatories.
Ahold Delhaize has also raised legal arguments challenging a significant portion of DOJ\u2019s investigation. Ahold
Delhaize is not currently able to predict the timing or outcome of the investigation.
Other legal proceedings
In addition to the legal proceedings described previously in this Note, Ahold Delhaize and its former or
current subsidiaries are parties to a number of other legal proceedings arising out of their business
operations. Ahold Delhaize believes that\u00a0the ultimate resolution of these other proceedings will not, in
the aggregate, have a material adverse effect on Ahold Delhaize\u2019s financial position, results of
operations or cash flows. Such other legal proceedings, however, are subject to inherent uncertainties
and the outcome of individual matters is unpredictable. It is possible that Ahold Delhaize could be
required to make expenditures, in\u00a0excess of\u00a0established provisions, in amounts that cannot reasonably
be estimated.
| |
| Accounting estimates and judgments |
For accounting estimates and judgments relating to income taxes, see Note 10, and for provisions and ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80ODEvZnJhZzpjMGY0YjcxM2Q1OGE0ODk5ODYyYTJmNWFiYjI4ZGE2MS90ZXh0cmVnaW9uOmMwZjRiNzEzZDU4YTQ4OTk4NjJhMmY1YWJiMjhkYTYxXzExNTQ0ODcyMTE3NzAx_dfffebb1-9a95-4f82-88b0-a18844981cff": {
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Investment commitments
As of January\u00a01, 2023, Ahold Delhaize had outstanding investment commitments for property, plant and
equipment and investment property, and for intangible assets of approximately \u20ac579\u00a0million and
\u20ac17\u00a0million, respectively (January\u00a02, 2022: \u20ac369\u00a0million and \u20ac17\u00a0million, respectively). These
investment commitments include contractual commitments for contributions to franchisees. Ahold
Delhaize\u2019s share in the capital investment commitments of its unconsolidated joint ventures JMR and
Super Indo was nil as of January\u00a01, 2023 (January\u00a02, 2022: \u20ac1\u00a0million).
U.S. supply chain
In addition to the capital investments referred to above, on December 10, 2019, Ahold Delhaize
announced that it is investing to transform and expand its supply chain operations on the U.S. East
Coast. This included investments in two new fully automated Ahold Delhaize USA frozen food facilities
to be constructed in the U.S. Northeast and mid-Atlantic regions. On May 14, 2020, Ahold Delhaize
USA entered into a 20-year service agreement for these two facilities, one in Connecticut and one in
Pennsylvania. The development of these facilities started in 2020 and the services will be provided as
of 2023, at which time they will start impacting our consolidated income statement, balance sheet and
statement of cash flows. The future 20-year undiscounted commitment related to this agreement is
approximately $1 billion and is included in commitments for leases not yet commenced (see Note 33). This is the total commitment for the embedded lease which includes lease and non-lease components.
The lease components will be recognized on the balance sheet on the commencement date, which is
expected to be in 2023. The non-lease components will be expensed as incurred. The new self-
distribution supply chain will enable the U.S. businesses to reduce costs, improve speed to shelf,
enhance relationships with vendors, and improve product availability and freshness for customers.
Purchase commitments
Ahold Delhaize enters into purchase commitments with vendors in the ordinary course of business. The
Company has purchase contracts with some vendors for varying terms that require Ahold Delhaize to
buy services and predetermined volumes of goods and goods not-for-resale at fixed prices. As of
January\u00a01, 2023, the Company\u2019s purchase commitments were approximately \u20ac2.8\u00a0billion (January\u00a02,
2022: \u20ac2.4\u00a0billion). In 2021, Food Lion entered into a long-term supply agreement with Maryland-
Virginia Milk Producers Cooperative for milk and milk related products, with an initial term of 10 years.
The related purchase commitment increased in 2022 to $0.8 billion (\u20ac0.7 billion) and is included in the
\u20ac2.8\u00a0billion purchase commitments. In 2021, the purchase commitment amounted to $0.6 billion
(\u20ac0.5\u00a0billion).
34 COMMITMENTS AND CONTINGENCIES CONTINUED
Not included in the purchase commitments are those purchase contracts for which Ahold Delhaize has
received advance vendor allowances, such as upfront signing payments in consideration of its
purchase commitments. These contracts generally may be terminated without satisfying the purchase
commitments upon the repayment of the unearned portions of the advance vendor allowances. The
unearned portion of these advance vendor allowances is recorded as a liability on the balance sheet.
Other commitments
Cooperating agreements
On December 14, 2022, the Company announced that Jan Linders Supermarkets and Albert Heijn
have decided to partner, with family business Jan Linders continuing its operations as an Albert Heijn
franchisee. The vast majority of current stores (63) will remain part of Jan Linders\u2019 new franchise
organization and be converted into Albert Heijn franchise supermarkets. Employees working at these
stores will continue to work there. Some Jan Linders supermarkets will not join the new franchise
organization. In addition, Jan Linders will acquire ten supermarkets from Albert Heijn in the south of the
Netherlands. Employees working at these stores will also continue to work there, with Jan Linders
becoming their employer.
The Jan Linders DC in Nieuw Bergen, the Netherlands, will be acquired by Albert Heijn, while
preserving the function of the DC. All DC employees will keep their jobs, thus ensuring employment in
this region. Jan Linders\u2019 headquarters will continue to exist in a new and compact setup as the Service
Office of the franchise organization. The cooperation agreements are subject to the advice of both
companies\u2019 works councils and approval of the Authority for Consumers and Markets (ACM) for those
supermarkets that will be transferred from Albert Heijn to Jan Linders. The aim is to have converted all
stores involved by the end of 2023. The investment commitments as disclosed above do not incorporate
amounts relating to these cooperation agreements, as these are subject to closing conditions.
Commitments related to business acquisitions
As of January\u00a01, 2023, the Company has no significant outstanding commitments related to business
acquisitions.
",
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"value": "
Contingent liabilities
Guarantees
Guarantees to third parties issued by Ahold Delhaize can be summarized as follows:
| | |
| | |
| | |
Lease guarantees backed by letters of credit | | |
| | |
| | |
1Other includes the divestment of remedy stores in the U.S. and the divestment of Bradlees.
On a discounted basis, these lease guarantees amount to \u20ac620\u00a0million and \u20ac584\u00a0million as of
January\u00a01, 2023, and January\u00a02, 2022, respectively. If Ahold Delhaize is called upon to satisfy its
obligations under the outstanding lease guarantees, it has several potential defenses to reduce the
Company\u2019s gross exposure.
Lease guarantees backed up by letters of credit
As part of the divestment of U.S. Foodservice in 2007, Ahold Delhaize received an irrevocable standby
letter of credit for $216\u00a0million (\u20ac163 million), which was reduced to $17 million (\u20ac15 million) as of
January 2, 2022, and which was released and terminated in 2022.
Buyback guarantees
Buyback guarantees relate to Ahold Delhaize\u2019s commitment to repurchase stores or inventory from
certain franchisees at predetermined prices. The buyback guarantees reflect the maximum committed
repurchase value under the guarantees. From the outstanding buyback guarantees of \u20ac13 million, an
amount of \u20ac10 million expires in 2023 and \u20ac2 million expires in 2048.
Indemnifications as part of divestments of Ahold Delhaize\u2019s operations
In the relevant sales agreements, Ahold Delhaize has provided customary indemnifications, including
for potential breach of representations and warranties, that often include, but are not limited to,
completeness of books and records, title to assets, schedule of material contracts and arrangements,
litigation, permits, labor matters, and employee benefits and taxes. These representations and
warranties will generally terminate, depending on their specific features, a number of years after the
date of the relevant transaction completion date.
34 COMMITMENTS AND CONTINGENCIES CONTINUED
The most significant divestment of operations is, to the extent not already covered in the guarantee
section above, described below. In addition, specific, limited indemnifications exist for a number of
Ahold Delhaize\u2019s smaller divestments. The aggregate impact of claims, if any, under such
indemnification provisions is not expected to be material.
Disco divestment
As part of the divestment of Disco S.A. (\u201cDisco\u201d) in 2004, Ahold Delhaize is required to indemnify Disco
and its buyers for the outcome of the Uruguayan litigation described in the Legal proceedings section of
this Note. Ahold Delhaize\u2019s indemnification obligation relating to this litigation is not capped at a certain
amount nor restricted to a certain time period.\u00a0
Taxes
Ahold Delhaize operates in a number of countries and is subject to several direct and indirect taxes
including corporate income tax, value added tax, sales and use tax, and wage tax. Its income is subject
to direct and indirect tax in differing jurisdictions where those taxes are levied on a tax base differing
per tax law, jurisdiction and at differing tax rates. Significant judgment is required in determining the
direct and indirect tax position. We seek to organize our affairs in a sustainable manner, taking into
account the applicable regulations of the jurisdictions in which we operate. As a result of Ahold
Delhaize\u2019s multi-jurisdictional operations, it is exposed to a number of different tax risks including, but
not limited to, changes in tax laws or interpretations of such tax laws. The authorities in the jurisdictions
where Ahold Delhaize operates may review the Company\u2019s direct and indirect tax returns and may
disagree with the positions taken in those returns. While the ultimate outcome of such reviews is not
certain, Ahold Delhaize has considered the merits of its filing positions in its overall evaluation of
potential tax liabilities for both direct and indirect taxes and believes it has adequate liabilities recorded
in its consolidated financial statements for exposures on these matters. Based on its evaluation of the
potential tax liabilities and the merits of Ahold Delhaize\u2019s filing positions, it is unlikely that potential tax
exposures over and above the amounts currently recorded as liabilities in its consolidated financial
statements will be material to its financial condition or future results of operations.
In December 2020, Ahold Delhaize\u2019s subsidiary, Delhaize Le Lion/De Leeuw SCA (\u201cDLL\u201d), received an
adjustment notice from the Belgian tax authorities relating to its tax return over 2018. In 2018, DLL
transferred the shares of the former Delhaize USA business from DLL to Koninklijke Ahold Delhaize NV
(share transaction) with the business purpose of combining the former Delhaize USA business with the
former Ahold USA business, to simplify the legal structure and to be able to file one consolidated
federal tax return in the United States. This share transaction is tax exempt in Belgium for DLL and falls
under the participation exemption in the Netherlands for the receiving entity Koninklijke Ahold Delhaize
NV. The applied purchase price of the underlying Delhaize USA shares is supported by an external
valuation report. With the adjustment notice, the Belgian tax authorities informed DLL that, in their
opinion, the applied purchase price does not reflect the market value of the underlying shares and they
thus, rejected the external valuation report. Although the entire share transaction was tax exempt in
Belgium, an upward correction of the purchase price received by DLL is a taxable event under the
Belgian tax code.
The maximum exposure relating to this adjustment notice amounts to \u20ac382 million (including a 10%
penalty increase). Ahold Delhaize does not accept this correction, and, in our opinion, the adjustment
notice and all the arguments of the Belgian tax authorities are without any merit. In January 2021, DLL
filed an objection letter to the adjustment notice. The Belgian tax authorities rejected the provided
arguments as stated in the objection letter and issued for 2018, an additional assessment notice of
\u20ac382 million. We decided to pay the additional assessment notice in order to avoid an interest charge
of 4% per annum on the amount due and to avoid adverse tax consequences such as e.g. the
compensation with all possible tax receivables. In the meanwhile, DLL engaged another independent
third-party valuator as well as an external law firm to perform an assessment of the original valuation
report as well as the legal and tax grounds to issue the additional assessment notice. Based on their
conclusions, we decided that the basis to issue an additional assessment of \u20ac382 million is without any
merit and, as such, DLL recorded a receivable for the full paid amount. DLL, assisted by the external
law firm and the independent third-party valuator, filed a Tax protest claim against the additional
assessment in 2022. DLL will use all legal and tax remediation options to defend its position against the
additional assessment of \u20ac382 million.
Legal proceedings
Ahold Delhaize and certain of its former or current subsidiaries are involved in a number of legal
proceedings, which include litigation as a result of divestments, tax and employment, as well as other
litigation and inquiries. The\u00a0legal proceedings discussed below, whether pending, threatened or
unasserted, if decided adversely or settled, may result in liability material to Ahold Delhaize\u2019s financial
condition, results of operations or cash flows. Ahold Delhaize may enter into discussions regarding the
settlement of these and other proceedings, and may enter into settlement agreements, if it believes
settlement is in the best interest of Ahold Delhaize\u2019s shareholders. In accordance with IAS 37
\u201cProvisions, Contingent Liabilities, and Contingent Assets,\u201d Ahold Delhaize has recognized provisions
with respect to these proceedings, where appropriate, which are reflected on its balance sheet.
Albert Heijn franchising
In 2014, the Vereniging Albert Heijn Franchisenemers (an association of Albert Heijn franchisees or
\u201cVAHFR\u201d) asserted claims against Albert Heijn Franchising B.V. (an Ahold Delhaize subsidiary or
\u201cAHF\u201d) for the years 2008 through 2012, the alleged value of which exceeds \u20ac200 million in aggregate.
On December 24, 2014, proceedings were initiated with respect to these discussions. On November
16, 2016, the District Court in Haarlem issued a judgment rejecting all claims of the VAHFR and the
claimants. On February 13, 2017, VAHFR and 240 individual claimants filed an appeal against the
judgment and, in September 2017, they asserted unquantified claims for the years 2008-2016.
On July 23, 2019, the Court of Appeal issued a judgment rejecting, except for one, all the claims of
VAHFR and the claimants. On October 23, 2019, the VAHFR and the claimants filed an appeal in
cassation to the Supreme Court. On June 18, 2021, the Supreme Court ruled to quash the ruling of the
Court of Appeal in Amsterdam and referred the matter to the Court of Appeal in The Hague. The
proceedings will continue after the VAHFR brings the matter before the court in The Hague. This ruling
does not change our assessment of the merits of the case and AHF and its affiliates will continue to
vigorously defend their interest in the legal proceedings.
Uruguayan litigation
Ahold Delhaize, together with Disco and Disco Ahold International Holdings N.V. (\u201cDAIH\u201d), is party to
one lawsuit in Uruguay related to Ahold Delhaize\u2019s 2002 acquisition of Velox Retail Holdings\u2019 shares in
the capital of DAIH. The two other related lawsuits in Uruguay were decided in favor of Ahold Delhaize
without any further right to appeal of the plaintiffs in 2013. The damages alleged by the plaintiffs,
alleged creditors of certain Uruguayan and other banks, amount to approximately $62 million
34 COMMITMENTS AND CONTINGENCIES CONTINUED
(\u20ac58\u00a0million) plus interest and costs. As part of the divestment of Disco to Cencosud in 2004, Ahold
Delhaize indemnified Cencosud and Disco against the outcome of these legal proceedings. The one
remaining lawsuit is ongoing. Ahold Delhaize continues to believe that the plaintiffs\u2019 claims are without
merit and will continue to vigorously oppose such claims.
National prescription opiate litigation
Several U.S. brands and subsidiaries of Ahold Delhaize have been sued in a number of lawsuits included in
In re: National Prescription Opiate Litigation (MDL No. 2804), a multi-district litigation (MDL) matter pending in
the United States District Court in the Northern District of Ohio. The MDL contains thousands of cases filed
against hundreds of defendants by counties, cities, hospitals and others concerning the impact of opioid
abuse. The suits name Ahold Delhaize as a defendant, as well as various subsidiaries, including American
Sales Company, LLC, which ceased operations prior to being named as a defendant in any MDL-related
case. Although the matters in which Ahold Delhaize or its subsidiaries have been named have been stayed
by the court and, therefore, are not being actively litigated at this time, the court has recently requested status
reports in many stayed cases (including those in which Ahold Delhaize and its subsidiaries have been
named). Ahold Delhaize and its subsidiaries continue to believe the plaintiffs\u2019 claims against Ahold Delhaize
entities are without merit. Ahold Delhaize is not currently able to predict the outcome of these claims.
Pharmacy regulatory investigation
The Ahold Delhaize USA brands are responding to a civil investigative demand (CID) from the U.S.
Department of Justice (DOJ), working together with several state attorneys general, concerning a False
Claims Act investigation relating to pharmacy prescription discount programs. The brands are cooperating
with this investigation and communicating with DOJ regarding the CID. As part of its cooperation, Ahold
Delhaize has provided factual information, produced documents and responded to certain interrogatories.
Ahold Delhaize has also raised legal arguments challenging a significant portion of DOJ\u2019s investigation. Ahold
Delhaize is not currently able to predict the timing or outcome of the investigation.
Other legal proceedings
In addition to the legal proceedings described previously in this Note, Ahold Delhaize and its former or
current subsidiaries are parties to a number of other legal proceedings arising out of their business
operations. Ahold Delhaize believes that\u00a0the ultimate resolution of these other proceedings will not, in
the aggregate, have a material adverse effect on Ahold Delhaize\u2019s financial position, results of
operations or cash flows. Such other legal proceedings, however, are subject to inherent uncertainties
and the outcome of individual matters is unpredictable. It is possible that Ahold Delhaize could be
required to make expenditures, in\u00a0excess of\u00a0established provisions, in amounts that cannot reasonably
be estimated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
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"value": "
35 LIST OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
The following are significant subsidiaries, joint ventures and associates directly or indirectly owned by Ahold
Delhaize as of January\u00a01, 2023. Subsidiaries, joint ventures and associates not important to providing an
insight into the Ahold Delhaize Group as required under Dutch law are omitted from this list.
| | | |
Significant subsidiaries (consolidated) | | | |
| |
| | | |
| | | |
Albert Heijn Franchising B.V.* | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Delhaize Le Lion / De Leeuw NV | | | |
Albert Heijn Belgi\u00eb NV / SA | | | |
| | | |
| | | |
\u201cAlfa-Beta\u201d Vassilopoulos Single Member S.A. | | | |
| | | |
| | | |
Delhaize Serbia d.o.o. Beograd | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Albert \u010cesk\u00e1 republika, s.r.o. | | | |
| | | |
Grand-Duchy of Luxembourg | | | |
| | | |
| | | |
Retail trade United States | |
| | | |
The Stop & Shop Supermarket Company LLC | | | |
| | | |
| | | |
| | | |
| | | |
Fresh Direct Holdings, Inc. | | | |
| | | |
| |
| | | |
Ahold Delhaize Coffee Company B.V.* | | | |
Ahold Europe Real Estate & Construction B.V.* | | | |
Ahold Finance U.S.A., LLC* | | | |
| | | |
35 LIST OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES CONTINUED |
Significant subsidiaries (consolidated) | | | |
Ahold Delhaize Nederland B.V.* | | | |
| | | |
Delhaize \u201cThe Lion\u201d Nederland B.V.* | | | |
| | | |
| | | |
ADUSA Commercial Holdings, Inc. | | | |
ADUSA Supply Chain Services, LLC | | | |
Ahold Information Services, Inc. | | | |
| | | |
| | | |
| | | |
Delhaize US Holding, Inc. | | | |
Guiding Stars Licensing Company, LLC | | | |
MAC Risk Management, Inc. | | | |
| | | |
Retail Business Services LLC | | | |
| | | |
| | | |
Grand-Duchy of Luxembourg | | | |
Lion Lux Finance S.\u00e0.r.l. | | | |
Lion Retail Holding S.\u00e0.r.l. | | | |
| | | |
| | | |
Ahold Delhaize Finance Company N.V. | | | |
Ahold Delhaize International S\u00e0rl | | | |
Ahold Delhaize Licensing S\u00e0rl | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Significant joint ventures and associates (unconsolidated) | |
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A. | | | |
| | | |
With respect to the separate financial statements of the Dutch legal entities included in the
consolidation, substantially all subsidiaries availed themselves of the exemption laid down in section
403, subsection 1 of Book 2 of the Dutch Civil Code. Pursuant to section 403, Ahold Delhaize has
assumed joint and several liability for the debts arising out of the legal acts of these subsidiaries. The
determination of which Dutch subsidiaries of Ahold Delhaize, whether significant in the context of this
Note or not, make use of the 403 exemption follows from the Dutch trade register. Each of these
subsidiaries has filed Ahold Delhaize\u2019s 403 declaration with the Dutch trade register. The above
significant subsidiaries that make use of the 403 exemption are marked by *.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
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"value": "
35 LIST OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
The following are significant subsidiaries, joint ventures and associates directly or indirectly owned by Ahold
Delhaize as of January\u00a01, 2023. Subsidiaries, joint ventures and associates not important to providing an
insight into the Ahold Delhaize Group as required under Dutch law are omitted from this list.
| | | |
Significant subsidiaries (consolidated) | | | |
| |
| | | |
| | | |
Albert Heijn Franchising B.V.* | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Delhaize Le Lion / De Leeuw NV | | | |
Albert Heijn Belgi\u00eb NV / SA | | | |
| | | |
| | | |
\u201cAlfa-Beta\u201d Vassilopoulos Single Member S.A. | | | |
| | | |
| | | |
Delhaize Serbia d.o.o. Beograd | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Albert \u010cesk\u00e1 republika, s.r.o. | | | |
| | | |
Grand-Duchy of Luxembourg | | | |
| | | |
| | | |
Retail trade United States | |
| | | |
The Stop & Shop Supermarket Company LLC | | | |
| | | |
| | | |
| | | |
| | | |
Fresh Direct Holdings, Inc. | | | |
| | | |
| |
| | | |
Ahold Delhaize Coffee Company B.V.* | | | |
Ahold Europe Real Estate & Construction B.V.* | | | |
Ahold Finance U.S.A., LLC* | | | |
| | | |
35 LIST OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES CONTINUED |
Significant subsidiaries (consolidated) | | | |
Ahold Delhaize Nederland B.V.* | | | |
| | | |
Delhaize \u201cThe Lion\u201d Nederland B.V.* | | | |
| | | |
| | | |
ADUSA Commercial Holdings, Inc. | | | |
ADUSA Supply Chain Services, LLC | | | |
Ahold Information Services, Inc. | | | |
| | | |
| | | |
| | | |
Delhaize US Holding, Inc. | | | |
Guiding Stars Licensing Company, LLC | | | |
MAC Risk Management, Inc. | | | |
| | | |
Retail Business Services LLC | | | |
| | | |
| | | |
Grand-Duchy of Luxembourg | | | |
Lion Lux Finance S.\u00e0.r.l. | | | |
Lion Retail Holding S.\u00e0.r.l. | | | |
| | | |
| | | |
Ahold Delhaize Finance Company N.V. | | | |
Ahold Delhaize International S\u00e0rl | | | |
Ahold Delhaize Licensing S\u00e0rl | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Significant joint ventures and associates (unconsolidated) | |
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A. | | | |
| | | |
With respect to the separate financial statements of the Dutch legal entities included in the
consolidation, substantially all subsidiaries availed themselves of the exemption laid down in section
403, subsection 1 of Book 2 of the Dutch Civil Code. Pursuant to section 403, Ahold Delhaize has
assumed joint and several liability for the debts arising out of the legal acts of these subsidiaries. The
determination of which Dutch subsidiaries of Ahold Delhaize, whether significant in the context of this
Note or not, make use of the 403 exemption follows from the Dutch trade register. Each of these
subsidiaries has filed Ahold Delhaize\u2019s 403 declaration with the Dutch trade register. The above
significant subsidiaries that make use of the 403 exemption are marked by *.
",
"dimensions": {
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"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
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"value": "
36 SUBSEQUENT EVENTS
On January 10, 2023, Ahold Delhaize announced that Natalie Knight, Chief Financial Officer since
2020, has informed the company that she will pursue another career opportunity in the United States,
and will leave Ahold Delhaize. A six-month notice period applies. The search for a successor has
started.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500C9GNBV20UYRX36",
"period": "2022-01-03T00:00:00/2023-01-02T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjRlNmMyMTUzYWM2NzQxYWE4ZWRiNjJlZDViYmMzNjM0L3NlYzo0ZTZjMjE1M2FjNjc0MWFhOGVkYjYyZWQ1YmJjMzYzNF80OTAvZnJhZzo1YTVlYjUwODUwYWQ0OTdiOTFlYjM2MjlkOTc0NjhhZS90ZXh0cmVnaW9uOjVhNWViNTA4NTBhZDQ5N2I5MWViMzYyOWQ5NzQ2OGFlXzExNTQ0ODcyMDkxOTcw_1ba6a1a3-8ef6-4616-9d69-9322ab14ccfe": {
"value": "
PARENT COMPANY
FINANCIAL
STATEMENTS
INCOME\u00a0STATEMENT
| | | |
| | 52 weeks ended January 1, 2023 | 52 weeks ended January 2, 2022 |
Intercompany head office and other recharges | | | |
| | | |
General and administrative expenses | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Other financial income (expense) | | | |
| | | |
| | | |
| | | |
| | | |
Income from subsidiaries and investments in joint ventures after income taxes | | | |
| | | |
|
The accompanying notes are an integral part of these parent company financial statements. |
PARENT COMPANY
FINANCIAL
STATEMENTS
BALANCE\u00a0SHEET
Before appropriation of current year
result
| | | |
| | | |
| | | |
Property, plant and equipment | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cash and cash equivalents | | | |
| | | |
| | | |
| | | |
Liabilities and shareholders\u2019 equity | | | |
Issued and paid-in share capital | | | |
Additional paid-in capital | | | |
Currency translation reserve | | | |
Cash flow hedging reserve | | | |
| | | |
| | | |
| | | |
Shareholders\u2019 equity | | | |
| | | |
| | | |
| | | |
Total non-current liabilities | | | |
| | | |
Total liabilities and shareholders\u2019 equity | | | |
|
The accompanying notes are an integral part of these parent company financial statements. |
NOTES TO THE PARENT COMPANY
FINANCIAL\u00a0STATEMENTS
1 SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
Ahold Delhaize\u2019s parent company financial statements have been prepared in accordance with Part 9,
Book 2 of the Dutch Civil Code. In accordance with subsection 8 of section 362, Book 2 of the Dutch
Civil Code, the recognition and measurement principles applied in these parent company financial
statements are the same as those applied in the consolidated financial statements (see accounting
policies relating to financial statement captions included in the relevant notes to the consolidated
financial statements and Note 3 to the consolidated financial statements). Investments in subsidiaries, joint ventures and associates
Investments in subsidiaries, joint ventures and associates are measured at net asset value (equity
method of accounting). Net asset value is based on the measurement of assets (including goodwill),
provisions and liabilities, and determination of profit as described in Note 15 to the consolidated financial statements for investments in joint arrangements and associates. Goodwill is subsumed in the
carrying amount of the net asset value if an investment in a subsidiary is acquired through the
Company\u2019s intermediate subsidiary.
2 EXPENSES BY NATURE
The operating expenses are specified by nature as follows:
| | |
| | |
| | |
Other operational expenses | | |
Depreciation and amortization | | |
| | |
2021
The audit fees listed above relate to the procedures applied to the Company and its consolidated group
entities by accounting firms and external independent auditors as referred to in section 1, subsection 1
of the Audit Firms Supervision Act (\u201cWet toezicht accountantsorganisaties \u2013 Wta\u201d) as well as by Dutch
and foreign-based accounting firms, including their tax services and advisory groups. These audit fees
relate to the audit of the financial statements, regardless of whether the work was performed during the
financial year.
Audit fees relate primarily to the audit of the consolidated financial statements, as included in
results and services related to the statutory and regulatory filings of our subsidiaries. Other audit-
related fees relate mainly to assurance services on non-financial information and other assurance
services. Tax advisory fees relate to tax compliance services performed in the U.S.
5 INCOME TAXES
The following table specifies the current and deferred tax components of income taxes in the income
statement:
| | |
| | |
Current income taxes \u2013 the Netherlands | | |
Deferred income taxes \u2013 the Netherlands | | |
| | |
| | |
| |
| | |
| | |
| | |
Income tax benefit at statutory tax rate | | |
Adjustments to arrive at effective income tax rate: | | |
Reserves, (non-)deductibles and discrete items | | |
Total income taxes (expense) benefit | | |
Deferred income tax
The significant components and annual movements of deferred income tax assets and liabilities as of
January\u00a01, 2023, and January\u00a02, 2022, are as\u00a0follows:
| | | | | | | |
| | Recognized in income statement | | | Recognized in income statement | | |
| | | | | | | |
Blended rate deferred tax fiscal unity | | | | | | | |
Total gross deductible temporary differences | | | | | | | |
Tax losses and tax credits | | | | | | | |
Total net deferred tax asset position | | | | | | | |
| | | | | | | |
Total deferred tax liabilities | | | | | | | |
| | | | | | | |
5 INCOME TAXES (CONTINUED)
Income taxes in equity and comprehensive income
Current and deferred income taxes recognized in and transferred from equity and comprehensive
income are as follows:
7 FINANCIAL ASSETS
| | |
| | |
Investments in subsidiaries, joint ventures and associates | | |
Loans receivable from subsidiaries | | |
| | |
| | |
For a list of subsidiaries, joint ventures and associates, see Note 35 to the consolidated financial statements.
Loans receivable
| | |
| | |
| | |
| | |
| | |
| | |
Non-current portion of loans | | |
The loans receivable are related to loans with subsidiaries.
8 RECEIVABLES
| | |
| | |
Receivables from subsidiaries | | |
| | |
| | |
1Other reserves include, among others, the remeasurements of defined benefit plans. Costs for internally developed software are also included in other reserves (\u20ac2 million as of January\u00a01, 2023, and \u20ac1 million as of January\u00a02, 2022).
10 PROVISIONS
| | |
| | |
Provision for negative equity subsidiaries | | |
| | |
| | |
The long-term loans from subsidiaries mature in 2024 (\u20ac438 million), 2026 (\u20ac391 million), 2027 (\u20ac296
million), 2028 (\u20ac900 million), 2029 (\u20ac758 million) and 2031 (\u20ac520 million). For more information on the
external loans, see Note\u00a022 to the consolidated financial statements. Other loans include a \u20ac190 million drawing under a committed credit facility (matures in 2023).
| | |
| |
| |
EUR 750 notes 0.875%, due 2024 | | |
EUR 600 notes 0.250%, due 2025 | | |
EUR 500 notes 1.125%, due 2026 | | |
EUR 500 notes 1.75%, due 2027 | | |
EUR 600 notes 0.375%, due 2030 | | |
USD 827 notes 5.70%, due 2040 | | |
Long-term loans from subsidiaries | | |
| | |
| | |
| | |
12 CURRENT LIABILITIES
| | |
| | |
Short-term borrowings from subsidiaries | | |
Loans \u2013 current portion | | |
Bank debt and lines of credit | | |
| | |
| | |
| | |
Other current liabilities | | |
Total current liabilities | | |
The current liabilities are liabilities that mature within one year.
13 DERIVATIVES
The parent company regularly enters into derivative contracts with banks to hedge foreign currency and
interest exposures of the parent company or its subsidiaries. Derivative contracts that are entered into
to hedge exposures of subsidiaries are generally mirrored with intercompany derivative contracts with
the subsidiaries that are exposed to the hedged risks on substantially identical terms as the external
derivative contracts. In these parent company financial statements, the external derivative contracts
and the intercompany derivative contracts are presented separately on the balance sheet. In situations
where the external derivative contract qualifies for hedge accounting treatment in the consolidated
financial statements, the external derivative contract and the intercompany derivative contract are
presented as Hedging derivatives external and Hedging derivatives intercompany, respectively. In
situations where the external derivative contract does not qualify for hedge accounting treatment in the
consolidated financial statements, the external derivative contract and the intercompany derivative
contract are presented as Other derivatives external and Other derivatives intercompany, respectively.
13 DERIVATIVES CONTINUED
Fair value movements of external derivative contracts that were entered into to hedge the exposures of
subsidiaries are recorded directly in income, where they effectively offset the fair value movements of
the mirroring intercompany derivatives that are also recorded directly in income. Details of these
derivative contracts, other financial instruments and the parent company\u2019s risk management strategies
are included in Note 30 to the consolidated financial statements and in the tables presented below. Non-current derivatives \u2013 assets
Current derivatives \u2013 liabilities
There were no current derivative liabilities in 2022 and 2021.
14 RELATED PARTY TRANSACTIONS
Koninklijke Ahold Delhaize N.V. has entered into arrangements with a number of its subsidiaries and
affiliated companies in the course of its business. These arrangements relate to service transactions
and financing agreements and were conducted at market prices.
15 COMMITMENTS AND CONTINGENCIES
Koninklijke Ahold Delhaize N.V., as the parent company, is party to a cross-guarantee agreement dated
May 21, 2007, as amended from time to time, with\u00a0Delhaize Le Lion/De Leeuw Comm. VA, Delhaize
US Holding, Inc. and certain of the subsidiaries of Delhaize US Holding, Inc., under which each party
guarantees fully and unconditionally, jointly and severally, the financial indebtedness of the other parties
to the agreement.
Notes and loans issued by certain subsidiaries are guaranteed by the parent company, as disclosed in
Note 22 to the consolidated financial statements. The parent company also guarantees certain lease obligations and other obligations of subsidiaries.
Guarantees issued by the parent company regarding the financial obligations of third parties and non-
consolidated entities, other than under the cross guarantee mentioned above, amount to \u20ac502 million
as of January\u00a01, 2023, (January\u00a02, 2022: \u20ac485 million).
In addition, the Company has provided a guarantee as of July 30, 2010, for Ahold Finance U.S.A.,
LLC\u2019s outstanding current obligations to third parties.
The parent company has also provided a guarantee as of December 31, 2020, for Giant Food relating
to the FELRA and MAP settlement agreement. The parent company guarantees Giant Food\u2019s obligation
to pay any amounts that are necessary to satisfy the funding commitment solely to the extent Giant fails
to satisfy such liabilities when due. The guarantee will be limited to the present value of the PBGC
insolvency benefits payable to eligible Giant participants and eligible non-Giant participants under the
new single-employer plan as of December 31, 2020. For more information on FELRA and MAP plan,
see Note 24 to the consolidated financial statements. As part of the divestment of U.S. Foodservice in 2007, Ahold Delhaize received an irrevocable standby
letter of credit for $216\u00a0million (\u20ac163 million), which was reduced to $17 million (\u20ac15 million) as of
January\u00a02, 2022, and which was released and terminated in 2022.
The parent company has provided customary indemnifications, including for potential breach of
representations and warranties made in agreements of asset disposals. Guarantees and legal
proceedings are further disclosed in Note 34 to the consolidated financial statements. Under its financing agreement with Stichting Ahold Delhaize Pensioen, Koninklijke Ahold Delhaize N.V. is liable
for the pension contributions.
The parent company forms a fiscal unity with Ahold Delhaize\u2019s major Dutch subsidiaries for Dutch
corporate income tax and Dutch VAT purposes and, for that reason, it is jointly and severally liable for
the Dutch corporate income tax liabilities and Dutch VAT liabilities of the whole fiscal unity. Assumptions
of\u00a0liability pursuant to section 403, Book 2 of the Dutch Civil Code are disclosed in Note 35 to the consolidated financial statements.
16 DISTRIBUTION OF PROFIT
If approved by the General Meeting of Shareholders, a final dividend of \u20ac0.59 per common share will
be paid on April 28, 2023. This is in addition to the interim dividend of \u20ac0.46 per share, which was paid
on September 1, 2022. The total dividend payment for the full year 2022 would, therefore, total \u20ac1.05
per share (2021: \u20ac0.95).
17 SUBSEQUENT EVENTS
For information regarding subsequent events, see Note 36 to the consolidated financial statements. ",
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