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"decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-330": { "value": "-93000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-331": { "value": "1815000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-332": { "value": "1755000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-333": { "value": "1044000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-334": { "value": "979000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-335": { "value": "999000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-336": { "value": "997000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-337": { "value": "0", "decimals": -6, "dimensions": { "concept": "aholddelhaize:OtherCashFlowsFromDerivatives", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-338": { "value": "0", "decimals": -6, "dimensions": { "concept": "aholddelhaize:OtherCashFlowsFromDerivatives", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-339": { "value": "-3000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-340": { "value": "-28000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-341": { "value": "-3781000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesContinuingOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-342": { "value": "-4188000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesContinuingOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-343": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-344": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-345": { "value": "-3781000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-346": { "value": "-4188000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-347": { "value": "475000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-348": { "value": "-92000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-349": { "value": "3054000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-350": { "value": "2968000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00", "unit": "iso4217:EUR" } }, "f-351": { "value": "-54000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-352": { "value": "178000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-353": { "value": "3475000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-354": { "value": "3054000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-355": { "value": "
1 THE COMPANY AND ITS OPERATIONS
The principal activity of Koninklijke Ahold Delhaize N.V. (\u201cAhold Delhaize \u201d or the \u201cCompany\u201d or \u201cGroup\u201d
or \u201c Ahold Delhaize Group\u201d), a public limited liability company with its registered seat and head office in
Zaandam, the Netherlands , is the operation of retail food stores and e-commerce primarily in the United
States and Europe. The Company is registered with the Dutch Trade Register under number
35000363.
On February 27, 2024, the Management Board authorized the financial statements. The financial
statements, as presented in this Annual Report, are subject to adoption by the Ahold Delhaize General
Meeting of Shareholders. The Company has the ability to amend and reissue the financial statements
up to the moment the financial statements have been adopted by the General Meeting of Shareholders.
Ahold Delhaize\u2019s significant subsidiaries, joint ventures and associates are listed in Note 35.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-356": { "value": "Koninklijke Ahold Delhaize N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-357": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-358": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-359": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-360": { "value": "operation of retail food stores and e-commerce primarily in the United States and Europe", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-361": { "value": "United States and Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-362": { "value": "
On February 27, 2024, the Management Board authorized the financial statements. The financial
statements, as presented in this Annual Report, are subject to adoption by the Ahold Delhaize General
Meeting of Shareholders. The Company has the ability to amend and reissue the financial statements
up to the moment the financial statements have been adopted by the General Meeting of Shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-363": { "value": "
2 BASIS OF PREPARATION
These financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union (EU) and also comply with the financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code.
Historical cost is used as the measurement basis unless otherwise indicated. The financial statements
have been prepared on the basis of the going concern assumption.
Ahold Delhaize\u2019s financial year is a 52- or 53-week period ending on the Sunday nearest to December
31 for the Company and our European operations or the Saturday nearest to December 31 for our
operations in the United States. The financial year 2023 consisted of 52 weeks and ended on
December\u00a031, 2023. The comparative financial year 2022 consisted of 52 weeks and ended on
January\u00a01, 2023.
These consolidated financial statements are presented in millions of euros (\u20ac), unless otherwise stated.
Due to rounding, numbers presented may not add up precisely to the totals provided.
2 BASIS OF PREPARATION CONTINUED
The following exchange rates of the euro (\u20ac) against the U.S. dollar\u00a0($), the Czech crown (CZK), the
Romanian leu (RON) and the Serbian dinar (RSD) have been used in the preparation of these financial
statements:
2023
2022
U.S. dollar
Average exchange rate
0.9248
0.9515
Year-end closing exchange rate
0.9059
0.9341
Czech crown
Average exchange rate
0.0417
0.0407
Year-end closing exchange rate
0.0405
0.0414
Romanian leu
Average exchange rate
0.2022
0.2028
Year-end closing exchange rate
0.2010
0.2022
Serbian dinar
Average exchange rate
0.0085
0.0085
Year-end closing exchange rate
0.0085
0.0085
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-364": { "value": "
These financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union (EU) and also comply with the financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-365": { "value": "financial year 2023 consisted of 52 weeks and ended on December\u00a031, 2023", "dimensions": { "concept": "ifrs-full:PeriodCoveredByFinancialStatements", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-366": { "value": "The comparative financial year 2022 consisted of 52 weeks and ended on January\u00a01, 2023.", "dimensions": { "concept": "ifrs-full:PeriodCoveredByFinancialStatements", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00" } }, "f-367": { "value": "in millions", "dimensions": { "concept": "ifrs-full:LevelOfRoundingUsedInFinancialStatements", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-368": { "value": "euros (\u20ac)", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-369": { "value": "
Significant estimates, assumptions and judgments
The preparation of 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.
All assumptions, expectations and forecasts used as a basis for certain estimates within these financial
statements represent good faith assessments of Ahold Delhaize\u2019s current and future performance for
which management believes there is a reasonable basis. They involve risks, uncertainties and other
factors that could cause the Company\u2019s actual future results, performance and achievements to differ
materially from those forecasted.
Information on the estimates, assumptions and judgments that management considers most critical are
included in the notes as listed below.
Area
Note
Description
Judgments1
Estimates2
Vendor allowances
Expenses by nature
\u00fc
\u00fc
Inventories
Receivables
Income taxes
Income taxes
\u00fc
\u00fc
Commitments and contingencies
Intangible assets
Acquisitions
\u00fc
\u00fc
Intangible assets
Leases and sale and
leaseback transactions
Right-of-use asset
\u00fc
\u00fc
Leases
Impairments
Segment reporting
\u00fc
\u00fc
Expenses by nature
Property, plant and equipment
Right-of-use asset
Investment property
Intangible assets
Company and multi-employer
pension obligations
Pensions and other post-
employment benefits
\u00fc
\u00fc
Provisions and contingencies
Provisions
\u00fc
\u00fc
Commitments and contingencies
1In applying Ahold Delhaize\u2019s accounting policies, management makes judgments that may have a significant effect on the amounts
recognized in the financial statements (i.e., current recognition).
2Management makes assumptions about the future and other major sources of estimation uncertainty at the end of the reporting
period, that may have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the
next financial year.
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:
\u00f3 Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets that
the Company can access at the measurement date.
\u00f3 Level 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).
\u00f3 Level 3 inputs are unobservable inputs for the asset or liability.
Risks and uncertainties
An integrated comprehensive analysis of the principal risks faced by Ahold Delhaize is included in the
Risks and opportunities section of this Annual Report. The main risks relate to macroeconomic and
sociopolitical developments and the competitive environment. Climate-related risks are becoming an
increasingly important element of the risk profile of the Company.
2 BASIS OF PREPARATION CONTINUED
Macroeconomic developments and geopolitical tensions
The rate of rising inflation became less significant during the second half of 2023 as the impact of
increased interest rates started taking effect. However, inflation rates are generally still above target
levels and cost-of-living pressures are putting continued upward pressure on costs and, simultaneously,
in conjunction with competitive pressure, presenting challenges in passing on the costs into prices.
The conflicts in Ukraine and Israel/Gaza are causing disruption and uncertainty around global
economic prospects, and security risks have increased in many regions. While the Group does not
have any operations in Israel or Gaza, we performed an initial assessment of the overall impact of the
conflict on our global risk profile. Currently, we don\u2019t see any significant increases in the risk profile of
the Company as a whole; however, a further escalation of this conflict or the war in Ukraine might
impact our risk profile more significantly, including impacts related to downward macroeconomic trends
and supply chain disruption. We are closely monitoring and assessing the evolution of any potential
related impacts on our people and on macroeconomic, operational and supply chain aspects in our
brands\u2019 markets.
Climate change
The 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).
\u00f3 Transition risks: Our financial performance may be affected by the nature, speed and focus of policy,
legal, technology and market changes.
\u00f3 Physical risks: Our financial performance may be affected in the future by changes in water
availability, sourcing and quality; food security; and extreme temperature changes.
We 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 and Note 14). 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 estimates
The 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, current macroeconomic developments and geopolitical tensions primarily impacted the following
areas:
Impairments
Cash-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 macroeconomic circumstances, as well as certain cost-savings
initiatives to reduce negative impacts. The weighted average cost of capital (WACC) rates applied are
aligned with the current macroeconomic environment. 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 are aligned with the current economic environment. For
more information, see Note 11.
Pension obligations and self-insurance provision
The Company\u2019s 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.
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
of the wider macroeconomic developments was not material.
Fair value measurements
Of the Company\u2019s categories of financial instruments, only derivatives, investments in debt and certain
equity 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 volatility
and uncertainty in the financial markets did not materially impact the fair values of these financial
assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-370": { "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:
\u00f3 Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets that
the Company can access at the measurement date.
\u00f3 Level 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).
\u00f3 Level 3 inputs are unobservable inputs for the asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-371": { "value": "Risks and uncertaintiesAn integrated comprehensive analysis of the principal risks faced by Ahold Delhaize is included in the Risks and opportunities section of this Annual Report. The main risks relate to macroeconomic and sociopolitical developments and the competitive environment. Climate-related risks are becoming an increasingly important element of the risk profile of the Company.2 BASIS OF PREPARATION CONTINUED Macroeconomic developments and geopolitical tensions The rate of rising inflation became less significant during the second half of 2023 as the impact of increased interest rates started taking effect. However, inflation rates are generally still above target levels and cost-of-living pressures are putting continued upward pressure on costs and, simultaneously, in conjunction with competitive pressure, presenting challenges in passing on the costs into prices. The conflicts in Ukraine and Israel/Gaza are causing disruption and uncertainty around global economic prospects, and security risks have increased in many regions. While the Group does not have any operations in Israel or Gaza, we performed an initial assessment of the overall impact of the conflict on our global risk profile. Currently, we don\u2019t see any significant increases in the risk profile of the Company as a whole; however, a further escalation of this conflict or the war in Ukraine might impact our risk profile more significantly, including impacts related to downward macroeconomic trends and supply chain disruption. We are closely monitoring and assessing the evolution of any potential related impacts on our people and on macroeconomic, operational and supply chain aspects in our brands\u2019 markets.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). \u00f3 Transition risks: Our financial performance may be affected by the nature, speed and focus of policy, legal, technology and market changes.\u00f3 Physical risks: Our financial performance may be affected in the future by changes in water availability, sourcing and quality; food security; and extreme temperature changes.We 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 and Note 14). 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, current macroeconomic developments and geopolitical tensions 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 macroeconomic circumstances, as well as certain cost-savings initiatives to reduce negative impacts. The weighted average cost of capital (WACC) rates applied are aligned with the current macroeconomic environment. 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 are aligned with the current economic environment. For more information, see Note 11.Pension obligations and self-insurance provisionThe Company\u2019s 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. 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 of the wider macroeconomic developments was not material.Fair value measurementsOf the Company\u2019s categories of financial instruments, only derivatives, investments in debt and certain equity 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 volatility and uncertainty in the financial markets did not materially impact the fair values of these financial assets and liabilities.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-372": { "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.
3 GENERAL ACCOUNTING POLICIES CONTINUED
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 (i.e., 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 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 non-controlling interest being
recalculated as the present value of the renegotiated or modified contractual cash flows that are
discounted at the original effective interest rate.
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
performance measures, see Definitions and abbreviations. For reconciliations between financial
alternative performance measures and IFRS measures, see Financial Alternative Performance
Measures.
New accounting policies effective for 2023
On May 23, 2023, the International Accounting Standards Board (IAS Board or IASB) issued
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 (the Amendments) to
clarify the application of IAS 12 Income Taxes to income taxes arising from tax law enacted or
substantively enacted to implement the Organisation for Economic Co-operation and Development
(OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules
(Pillar Two income taxes).
The Amendments introduce:
\u00f3 A mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules
\u00f3 Disclosure requirements for affected entities to help users of the financial statements better
understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly
before its effective date
The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies
immediately. The remaining annual disclosure requirements apply for annual reporting periods
beginning on or after January 1, 2023. The new disclosures are included in Note 10.
In addition, the following amendments and revisions to existing standards became effective for Ahold
Delhaize\u2019s consolidated financial statements as of January 2, 2023:
\u00f3 Amendments to IAS 1 and IFRS Practice Statement 2, \u201cDisclosure of Accounting policies\u201d
\u00f3 Amendments to IAS 8, \u201cDefinition of Accounting Estimates\u201d
\u00f3 Amendments to IAS 12, \u201cDeferred Tax related to Assets and Liabilities arising from a Single
Transaction\u201d
These amendments do not have a significant impact on the Company\u2019s consolidated financial
statements.
Furthermore, the following standard became effective for Ahold Delhaize\u2019s consolidated financial
statements as of January 2, 2023:
\u00f3 IFRS 17, \u201cInsurance Contracts\u201d
IFRS 17 replaces IFRS 4, \u201cInsurance Contracts.\u201d 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 reinsurance liabilities (see Note 16, Note 19, Note 23 and Note 26). These
contracts fall within the scope of IFRS 17 and are eligible for recognition and measurement under the
premium allocation approach (PAA).
3 GENERAL ACCOUNTING POLICIES CONTINUED
The Company adopted IFRS 17 on January 2, 2023, and applied the full retrospective transition
approach. Therefore, the comparative figures for the 2022 financial year have been restated, as
presented below.
The impact of IFRS 17 on the 2022 balance sheet was as follows:
\u20ac million
January 1, 2023,
as reported
Effect of IFRS
17 adoption
January 1, 2023,
restated
Assets
Receivables
2,391
(51)
2,340
Other current financial assets
373
51
424
Total current assets
10,818
\u2014
10,818
Total assets
48,555
\u2014
48,555
Equity and liabilities
Equity attributable to common shareholders
15,405
\u2014
15,405
Accounts payable
8,191
(29)
8,162
Other current financial liabilities
2,689
29
2,718
Total current liabilities
15,082
\u2014
15,082
Total liabilities and shareholders' equity
48,555
\u2014
48,555
The impact of IFRS 17 on the reinsurance contract asset and the reinsurance contract liability as of
January 1, 2023, as presented in Note 16, Note 19, Note 23, Note 26 and Note 30, was as follows:
\u20ac million
January 1, 2023,
as reported
Effect of IFRS
17 adoption
January 1, 2023,
restated
Reinsurance contract asset
283
51
333
Non-current
188
\u2014
188
Current
94
51
145
Reinsurance contract liability
273
29
302
Non-current
179
\u2014
179
Current
93
29
122
The impact of IFRS 17 on the opening balance sheet at transition date was as follows:
\u20ac million
January 3, 2022,
as reported
Effect of IFRS
17 adoption
January 3, 2022,
restated
Assets
Receivables
2,058
(52)
2,005
Other current financial assets
356
52
408
Prepaid expenses and other current assets
387
(119)
268
Total current assets
9,584
(119)
9,465
Total assets
45,712
(119)
45,593
Equity and liabilities
Equity attributable to common shareholders
13,721
\u2014
13,721
Accounts payable
7,563
(32)
7,531
Other current financial liabilities
2,552
32
2,584
Other current liabilities
3,483
(119)
3,364
Total current liabilities
14,179
(119)
14,060
Total liabilities and shareholders\u2019 equity
45,712
(119)
45,593
The impact of IFRS 17 on the 2022 cash flow statement was as follows:
\u20ac million
52 weeks ended
January 1, 2023,
as reported
Effect of IFRS
17 adoption
52 weeks ended
January 1, 2023,
restated
Operating cash flows before changes in operating assets
and liabilities
7,296
\u2014
7,296
Changes in working capital:
Changes in receivables and other current assets
(162)
(132)
(294)
Changes in payables and other current liabilities
451
133
583
Changes in other non-current assets, other non-current liabilities
and provisions
(331)
\u2014
(331)
Cash generated from operations
6,507
\u2014
6,507
3 GENERAL ACCOUNTING POLICIES CONTINUED
New accounting policies not yet effective for 2023
The IASB has issued several standards, or revisions to standards, that are not yet effective for 2023,
but\u00a0will become effective in coming years.
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 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 means 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.
Amendments to IAS 7 and IFRS 7, \u201cSupplier Finance Arrangements\u201d
In May 2023, the IASB issued amendments to IAS 7 and IFRS 7. The amendments aim to improve the
transparency of supply chain finance arrangements that enables investors to assess their effects on a
company\u2019s liabilities, cash flows and exposure to liquidity risk. 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 21, \u201cLack of exchangeability\u201d
In August 2023, the IASB issued amendments to IAS 21. The amendments specify when a currency is
exchangeable into another currency and when it is not, and how an entity determines the exchange
rate to apply when a currency is not exchangeable. The amendments also require additional
information to be disclosed when a currency is not exchangeable. The amendments are effective for
annual periods beginning on or after January\u00a01, 2025. 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.
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
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 amounts 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.
\"Methodology
Accounting policies
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 (ExCo) 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, macroeconomic
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 ExCo 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.
\"Methodology
Accounting policies
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\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 mainly relate to Ahold Delhaize\u2019s online general merchandise
sales, and are included in Accrued expenses in Note 27. Past customer return practices provide the
basis for determining the anticipated returns that the Company is exposed to at the balance sheet date.
\"Methodology
Accounting policies
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, amortization of intangible
assets, 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, amortization of intangible assets, 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.
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
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:
Land
indefinite
Buildings
30\u201340 years
Certain structural components of buildings
10\u201320 years
Finish components of buildings
5\u201310 years
Machinery and equipment
3\u201315 years
Other
5\u201310 years
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.
\"Methodology
Accounting policies
For more information on the accounting policies for leases, see Note 33.
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
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, technical 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:
Software
3\u201310 years
Customer relationships
7\u201325 years
Retail brands
indefinite
Own brands
10\u201315 years
Franchise and affiliate relationships
14\u201340 years
Other
5 years\u2013indefinite
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.
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
For more information on the accounting policies for financial assets and reinsurance contract assets,
see Note\u00a030.
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
For more information on the accounting policies for financial assets and reinsurance assets,
see\u00a0Note\u00a030.
\"Methodology
Accounting policies
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
canceled, 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.
\"Methodology
Accounting policies
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 contract liability
For more information on the accounting policies for the reinsurance contract liability, see Note 30.
\"Methodology
Accounting policies
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:
\u00f3 Service cost, past service cost, gains and losses on curtailment and settlements
\u00f3 Net interest expense or income
\u00f3 Remeasurement
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.
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
For more information on the accounting policies for financial liabilities and reinsurance contract
liabilities, see Note 30 .
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
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 FVPL, transaction costs that are directly attributable to the acquisition or issue of
the financial asset.\u00a0
Upon 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:
\u00f3 The Company\u2019s business model for managing the financial assets
\u00f3 The 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
The Company also has the option to designate other financial assets at FVOCI. In such situations, the
fair value movements are recognized in other comprehensive income, but any dividends earned are
recognized in profit or loss.
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 FVPL
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
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
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 canceled.
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.
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 contract 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. Ahold Delhaize applies the PAA as the
reinsurance contracts have a coverage period of one year or less. Reinsurance contract 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 contract 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 or
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.
\"Methodology
Accounting policies
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.
\"Methodology
Accounting policies
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.
33 LEASES CONTINUED
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:
\u00f3 Fixed payments, including in-substance fixed payments
\u00f3 Variable lease payments\u00a0that depend on an index or a rate, which are initially measured using the
index or rate at the commencement date
\u00f3 Amounts expected to be payable under a residual value guarantee
\u00f3 The exercise price of a purchase option that the Company is reasonably certain to exercise
\u00f3 Lease 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.
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\u2019s 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-373": { "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.
3 GENERAL ACCOUNTING POLICIES CONTINUED
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 (i.e., 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 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 non-controlling interest 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-374": { "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 (i.e., 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 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 non-controlling interest 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-376": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-375": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-378": { "value": "
New accounting policies effective for 2023
On May 23, 2023, the International Accounting Standards Board (IAS Board or IASB) issued
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 (the Amendments) to
clarify the application of IAS 12 Income Taxes to income taxes arising from tax law enacted or
substantively enacted to implement the Organisation for Economic Co-operation and Development
(OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules
(Pillar Two income taxes).
The Amendments introduce:
\u00f3 A mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules
\u00f3 Disclosure requirements for affected entities to help users of the financial statements better
understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly
before its effective date
The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies
immediately. The remaining annual disclosure requirements apply for annual reporting periods
beginning on or after January 1, 2023. The new disclosures are included in Note 10.
In addition, the following amendments and revisions to existing standards became effective for Ahold
Delhaize\u2019s consolidated financial statements as of January 2, 2023:
\u00f3 Amendments to IAS 1 and IFRS Practice Statement 2, \u201cDisclosure of Accounting policies\u201d
\u00f3 Amendments to IAS 8, \u201cDefinition of Accounting Estimates\u201d
\u00f3 Amendments to IAS 12, \u201cDeferred Tax related to Assets and Liabilities arising from a Single
Transaction\u201d
These amendments do not have a significant impact on the Company\u2019s consolidated financial
statements.
Furthermore, the following standard became effective for Ahold Delhaize\u2019s consolidated financial
statements as of January 2, 2023:
\u00f3 IFRS 17, \u201cInsurance Contracts\u201d
IFRS 17 replaces IFRS 4, \u201cInsurance Contracts.\u201d 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 reinsurance liabilities (see Note 16, Note 19, Note 23 and Note 26). These
contracts fall within the scope of IFRS 17 and are eligible for recognition and measurement under the
premium allocation approach (PAA).
3 GENERAL ACCOUNTING POLICIES CONTINUED
The Company adopted IFRS 17 on January 2, 2023, and applied the full retrospective transition
approach. Therefore, the comparative figures for the 2022 financial year have been restated, as
presented below.
The impact of IFRS 17 on the 2022 balance sheet was as follows:
\u20ac million
January 1, 2023,
as reported
Effect of IFRS
17 adoption
January 1, 2023,
restated
Assets
Receivables
2,391
(51)
2,340
Other current financial assets
373
51
424
Total current assets
10,818
\u2014
10,818
Total assets
48,555
\u2014
48,555
Equity and liabilities
Equity attributable to common shareholders
15,405
\u2014
15,405
Accounts payable
8,191
(29)
8,162
Other current financial liabilities
2,689
29
2,718
Total current liabilities
15,082
\u2014
15,082
Total liabilities and shareholders' equity
48,555
\u2014
48,555
The impact of IFRS 17 on the reinsurance contract asset and the reinsurance contract liability as of
January 1, 2023, as presented in Note 16, Note 19, Note 23, Note 26 and Note 30, was as follows:
\u20ac million
January 1, 2023,
as reported
Effect of IFRS
17 adoption
January 1, 2023,
restated
Reinsurance contract asset
283
51
333
Non-current
188
\u2014
188
Current
94
51
145
Reinsurance contract liability
273
29
302
Non-current
179
\u2014
179
Current
93
29
122
The impact of IFRS 17 on the opening balance sheet at transition date was as follows:
\u20ac million
January 3, 2022,
as reported
Effect of IFRS
17 adoption
January 3, 2022,
restated
Assets
Receivables
2,058
(52)
2,005
Other current financial assets
356
52
408
Prepaid expenses and other current assets
387
(119)
268
Total current assets
9,584
(119)
9,465
Total assets
45,712
(119)
45,593
Equity and liabilities
Equity attributable to common shareholders
13,721
\u2014
13,721
Accounts payable
7,563
(32)
7,531
Other current financial liabilities
2,552
32
2,584
Other current liabilities
3,483
(119)
3,364
Total current liabilities
14,179
(119)
14,060
Total liabilities and shareholders\u2019 equity
45,712
(119)
45,593
The impact of IFRS 17 on the 2022 cash flow statement was as follows:
\u20ac million
52 weeks ended
January 1, 2023,
as reported
Effect of IFRS
17 adoption
52 weeks ended
January 1, 2023,
restated
Operating cash flows before changes in operating assets
and liabilities
7,296
\u2014
7,296
Changes in working capital:
Changes in receivables and other current assets
(162)
(132)
(294)
Changes in payables and other current liabilities
451
133
583
Changes in other non-current assets, other non-current liabilities
and provisions
(331)
\u2014
(331)
Cash generated from operations
6,507
\u2014
6,507
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-377": { "value": "
New accounting policies effective for 2023
On May 23, 2023, the International Accounting Standards Board (IAS Board or IASB) issued
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 (the Amendments) to
clarify the application of IAS 12 Income Taxes to income taxes arising from tax law enacted or
substantively enacted to implement the Organisation for Economic Co-operation and Development
(OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules
(Pillar Two income taxes).
The Amendments introduce:
\u00f3 A mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules
\u00f3 Disclosure requirements for affected entities to help users of the financial statements better
understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly
before its effective date
The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies
immediately. The remaining annual disclosure requirements apply for annual reporting periods
beginning on or after January 1, 2023. The new disclosures are included in Note 10.
In addition, the following amendments and revisions to existing standards became effective for Ahold
Delhaize\u2019s consolidated financial statements as of January 2, 2023:
\u00f3 Amendments to IAS 1 and IFRS Practice Statement 2, \u201cDisclosure of Accounting policies\u201d
\u00f3 Amendments to IAS 8, \u201cDefinition of Accounting Estimates\u201d
\u00f3 Amendments to IAS 12, \u201cDeferred Tax related to Assets and Liabilities arising from a Single
Transaction\u201d
These amendments do not have a significant impact on the Company\u2019s consolidated financial
statements.
Furthermore, the following standard became effective for Ahold Delhaize\u2019s consolidated financial
statements as of January 2, 2023:
\u00f3 IFRS 17, \u201cInsurance Contracts\u201d
IFRS 17 replaces IFRS 4, \u201cInsurance Contracts.\u201d 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 reinsurance liabilities (see Note 16, Note 19, Note 23 and Note 26). These
contracts fall within the scope of IFRS 17 and are eligible for recognition and measurement under the
premium allocation approach (PAA).
3 GENERAL ACCOUNTING POLICIES CONTINUED
The Company adopted IFRS 17 on January 2, 2023, and applied the full retrospective transition
approach. Therefore, the comparative figures for the 2022 financial year have been restated, as
presented below.
The impact of IFRS 17 on the 2022 balance sheet was as follows:
\u20ac million
January 1, 2023,
as reported
Effect of IFRS
17 adoption
January 1, 2023,
restated
Assets
Receivables
2,391
(51)
2,340
Other current financial assets
373
51
424
Total current assets
10,818
\u2014
10,818
Total assets
48,555
\u2014
48,555
Equity and liabilities
Equity attributable to common shareholders
15,405
\u2014
15,405
Accounts payable
8,191
(29)
8,162
Other current financial liabilities
2,689
29
2,718
Total current liabilities
15,082
\u2014
15,082
Total liabilities and shareholders' equity
48,555
\u2014
48,555
The impact of IFRS 17 on the reinsurance contract asset and the reinsurance contract liability as of
January 1, 2023, as presented in Note 16, Note 19, Note 23, Note 26 and Note 30, was as follows:
\u20ac million
January 1, 2023,
as reported
Effect of IFRS
17 adoption
January 1, 2023,
restated
Reinsurance contract asset
283
51
333
Non-current
188
\u2014
188
Current
94
51
145
Reinsurance contract liability
273
29
302
Non-current
179
\u2014
179
Current
93
29
122
The impact of IFRS 17 on the opening balance sheet at transition date was as follows:
\u20ac million
January 3, 2022,
as reported
Effect of IFRS
17 adoption
January 3, 2022,
restated
Assets
Receivables
2,058
(52)
2,005
Other current financial assets
356
52
408
Prepaid expenses and other current assets
387
(119)
268
Total current assets
9,584
(119)
9,465
Total assets
45,712
(119)
45,593
Equity and liabilities
Equity attributable to common shareholders
13,721
\u2014
13,721
Accounts payable
7,563
(32)
7,531
Other current financial liabilities
2,552
32
2,584
Other current liabilities
3,483
(119)
3,364
Total current liabilities
14,179
(119)
14,060
Total liabilities and shareholders\u2019 equity
45,712
(119)
45,593
The impact of IFRS 17 on the 2022 cash flow statement was as follows:
\u20ac million
52 weeks ended
January 1, 2023,
as reported
Effect of IFRS
17 adoption
52 weeks ended
January 1, 2023,
restated
Operating cash flows before changes in operating assets
and liabilities
7,296
\u2014
7,296
Changes in working capital:
Changes in receivables and other current assets
(162)
(132)
(294)
Changes in payables and other current liabilities
451
133
583
Changes in other non-current assets, other non-current liabilities
and provisions
(331)
\u2014
(331)
Cash generated from operations
6,507
\u2014
6,507
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-379": { "value": "
4 ACQUISITIONS
Ahold Delhaize completed acquisitions of various stores and a distribution center in Europe and of a
store in the United States for a total purchase consideration of \u20ac52 million. The allocation of the fair
values of the identifiable assets acquired, liabilities assumed, and goodwill arising from the acquisitions
during 2023 is as follows:
\u20ac million
2023
Property, plant and equipment
21
Right-of-use asset
1
Other intangible assets
3
Assets held for sale
1
Inventories
3
Prepaid expenses and other current assets
\u2014
Cash and cash equivalents
\u2014
Lease liabilities
(1)
Other current liabilities
\u2014
Net identifiable assets acquired
27
Goodwill
24
Total purchase consideration
52
Purchase consideration \u2013 in kind
(18)
Cash acquired (excluding restricted cash)
\u2014
Acquisition of businesses, net of cash acquired
34
4 ACQUISITIONS CONTINUED
\"Data
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.
\"Methodology
Accounting policies
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-380": { "value": "
\"Methodology
Accounting policies
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-381": { "value": "
5 ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED
OPERATIONS
Assets and liabilities held for sale
\u20ac million
December 31,
2023
January 1,
2023
Non-current assets and disposal groups held for sale
205
26
Total assets held for sale
205
26
Assets held for sale at December\u00a031, 2023, primarily comprises non-current assets of two meat
processing facilities in The United States of \u20ac137 million (January\u00a01, 2023: nil) and non-current assets
of various retail locations in Europe of \u20ac68 million (January\u00a01, 2023: \u20ac26 million).
Transformation of Delhaize integrated stores to affiliates
On March 7, 2023, Ahold Delhaize\u2019s Belgian brand, Delhaize, announced its intention to transform all of
its integrated supermarkets in Belgium into independently operated Delhaize stores to strengthen its
position in the country's competitive retail market. In the second quarter of 2023, the store assets
qualified as assets held for sale. These assets are being sold to the local entrepreneurs, who will
become independent operators under the affiliate business model. Before they were classified as
assets held for sale, Delhaize Belgium recognized a \u20ac108 million impairment for the assets based on
fair value less costs to sell.
During 2023, and subsequently on January 15 and February 19, 2024, Delhaize Belgium announced
that a buyer was found and asset purchase agreements signed for all 128 stores (by December 31,
2023: 89 stores). Of these, 33 were already transformed into operating affiliate stores during 2023 and,
it is Delhaize\u2019s intention to transform the remaining stores during 2024. At December\u00a031, 2023,
Delhaize Belgium\u2019s assets held for sale relating to the aforementioned affiliate business model
transformation have a carrying value of \u20ac34 million.
FreshDirect
FreshDirect has been reported under The United States reportable segment.
Ahold Delhaize acquired FreshDirect, an online grocer based in New York City, in January 2021. In
April 2023, Ahold Delhaize began to explore its strategic options for the FreshDirect business. In Q3
2023, Ahold Delhaize recognized an impairment loss of \u20ac153 million based on fair value less costs to
sell. The impairment was included in General and administrative expenses in the consolidated income
statement.
On November 8, 2023, Ahold Delhaize announced it had entered into an agreement to sell its
FreshDirect business to Getir. The business did not qualify as a discontinued operation.
The transaction closed on December 6, 2023. Upon the divestment, Ahold Delhaize recorded a pre-tax
loss of \u20ac250 million as a result on sale, offset by a net tax benefit of \u20ac75 million, which were included
within General and administrative expenses and Income taxes in the consolidated income statement,
respectively. Divestment of business, net of cash divested was a negative \u20ac144 million. See Note 28.
5 ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED
OPERATIONS CONTINUED
Discontinued operations
Discontinued operations for the years ended 2023 and 2022 included minor adjustments on various
past divestments qualified as discontinued operations.
\"Methodology
Accounting policies
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 amounts 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-382": { "value": "
Assets and liabilities held for sale
\u20ac million
December 31,
2023
January 1,
2023
Non-current assets and disposal groups held for sale
205
26
Total assets held for sale
205
26
Assets held for sale at December\u00a031, 2023, primarily comprises non-current assets of two meat
processing facilities in The United States of \u20ac137 million (January\u00a01, 2023: nil) and non-current assets
of various retail locations in Europe of \u20ac68 million (January\u00a01, 2023: \u20ac26 million).
Transformation of Delhaize integrated stores to affiliates
On March 7, 2023, Ahold Delhaize\u2019s Belgian brand, Delhaize, announced its intention to transform all of
its integrated supermarkets in Belgium into independently operated Delhaize stores to strengthen its
position in the country's competitive retail market. In the second quarter of 2023, the store assets
qualified as assets held for sale. These assets are being sold to the local entrepreneurs, who will
become independent operators under the affiliate business model. Before they were classified as
assets held for sale, Delhaize Belgium recognized a \u20ac108 million impairment for the assets based on
fair value less costs to sell.
During 2023, and subsequently on January 15 and February 19, 2024, Delhaize Belgium announced
that a buyer was found and asset purchase agreements signed for all 128 stores (by December 31,
2023: 89 stores). Of these, 33 were already transformed into operating affiliate stores during 2023 and,
it is Delhaize\u2019s intention to transform the remaining stores during 2024. At December\u00a031, 2023,
Delhaize Belgium\u2019s assets held for sale relating to the aforementioned affiliate business model
transformation have a carrying value of \u20ac34 million.
FreshDirect
FreshDirect has been reported under The United States reportable segment.
Ahold Delhaize acquired FreshDirect, an online grocer based in New York City, in January 2021. In
April 2023, Ahold Delhaize began to explore its strategic options for the FreshDirect business. In Q3
2023, Ahold Delhaize recognized an impairment loss of \u20ac153 million based on fair value less costs to
sell. The impairment was included in General and administrative expenses in the consolidated income
statement.
On November 8, 2023, Ahold Delhaize announced it had entered into an agreement to sell its
FreshDirect business to Getir. The business did not qualify as a discontinued operation.
The transaction closed on December 6, 2023. Upon the divestment, Ahold Delhaize recorded a pre-tax
loss of \u20ac250 million as a result on sale, offset by a net tax benefit of \u20ac75 million, which were included
within General and administrative expenses and Income taxes in the consolidated income statement,
respectively. Divestment of business, net of cash divested was a negative \u20ac144 million. See Note 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-383": { "value": "205000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-384": { "value": "26000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-386": { "value": "
Discontinued operations
Discontinued operations for the years ended 2023 and 2022 included minor adjustments on various
past divestments qualified as discontinued operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-385": { "value": "
Discontinued operations
Discontinued operations for the years ended 2023 and 2022 included minor adjustments on various
past divestments qualified as discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-387": { "value": "
\"Methodology
Accounting policies
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 amounts 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-388": { "value": "
6 SEGMENT REPORTING
Reportable segments
Ahold Delhaize\u2019s retail operations are presented in two reportable segments. In addition, Ahold
Delhaize\u2019s Global Support Office is presented separately.
Ahold Delhaize\u2019s unconsolidated joint ventures JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A.
(\u201cJMR\u201d) and P.T. Lion Super Indo (\u201cSuper Indo\u201d) are excluded from the segment information below. See
Note 15 for disclosures related to the unconsolidated joint ventures.
All reportable segments sell a wide range of perishable and non-perishable food and non-food
consumer products.
Reportable segment
Operating segments included in the Reportable segment
The United States
Stop & Shop, Food Lion, The GIANT Company, Hannaford, Giant Food and
FreshDirect 1
Europe
Albert Heijn (including the Netherlands and Belgium)
Delhaize (\u201cDelhaize Le Lion\u201d including Belgium and Luxembourg)
bol (including the Netherlands and Belgium)
Albert (Czech Republic)
Alfa Beta (Greece)
Mega Image (Romania)
Delhaize Serbia (Republic of Serbia)
Etos (the Netherlands)
Gall & Gall (the Netherlands)
Other
Included in Other
Other retail
Unconsolidated joint ventures JMR (49%) and Super Indo (51%)
Global Support Office
Global Support Office staff (the Netherlands, Belgium, Switzerland and the
United States)
1 FreshDirect was divested on December 6, 2023. For more information, see Note 5.
6 SEGMENT REPORTING CONTINUED
Segment reporting 2023
\u20ac million
The United
States
Europe
Global Support
Office
Ahold Delhaize
Group
Net sales
54,536
34,113
\u2014
88,649
Of which: online sales
4,247
4,768
\u2014
9,015
Operating income (loss)
2,044
870
(68)
2,846
Adjusted for:
Impairment losses and reversals \u2013 net1
228
147
\u2014
375
(Gains) losses on leases and the sale of assets \u2013
net
220
(40)
\u2014
180
Restructuring and related charges and other
items
61
143
(2)
202
Underlying operating income (loss)
2,553
1,120
(69)
3,604
Other segment information
Additions to non-current assets2
2,157
1,920
23
4,099
Depreciation and amortization3
2,088
1,365
15
3,469
Share-based compensation expenses
30
13
9
53
1Net impairments of property, plant and equipment; investment property; right-of-use assets; and intangible assets. Includes a net
impairment reversal of \u20ac1 million on assets held for sale.
2Additions to property, plant and equipment; right-of-use assets; investment property; and intangible assets (including assets acquired
through business combinations as well as net reassessments and modifications of right-of-use assets).
3Depreciation and amortization of property, plant and equipment; right-of-use assets; investment property; and intangible assets.
Segment reporting 2022
\u20ac million
The United
States
Europe
Global Support
Office
Ahold Delhaize
Group
Net sales
55,218
31,767
\u2014
86,984
Of which: online sales
4,157
4,461
\u2014
8,618
Operating income (loss)
2,605
1,173
(10)
3,768
Adjusted for:
Impairment losses and reversals \u2013 net1
212
24
\u2014
235
(Gains) losses on leases and the sale of assets \u2013
net
(181)
(17)
\u2014
(198)
Restructuring and related charges and other
items
(33)
(49)
4
(78)
Underlying operating income (loss)
2,603
1,131
(6)
3,728
Other segment information
Additions to non-current assets2
2,283
1,798
26
4,107
Depreciation and amortization3
2,114
1,305
14
3,433
Share-based compensation expenses
36
17
12
65
1Net impairments of property, plant and equipment; investment property; right-of-use assets; and intangible assets.
2Additions to property, plant and equipment; right-of-use assets; investment property; and intangible assets (including assets acquired
through business combinations as well as net reassessments and modifications of right-of-use assets).
3Depreciation and amortization of property, plant and equipment; right-of-use assets; investment property; and intangible assets.
Information about geographical areas
\u20ac million
The Netherlands
(country of
domicile)
The United
States
Rest of world
Ahold Delhaize
Group
2023
Net sales1
18,697
54,536
15,416
88,649
Non-current assets2
6,609
20,916
7,194
34,719
2022
Net sales1
17,284
55,218
14,482
86,984
Non-current assets2
6,336
22,242
7,347
35,925
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.
6 SEGMENT REPORTING CONTINUED
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.
\"Data
Accounting estimates and judgments
Reportable segments
To define the reportable segments for Europe and The United States, 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
and Note 14.
\"Methodology
Accounting policies
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 (ExCo) 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, macroeconomic
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 ExCo 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-389": { "value": "88649000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-390": { "value": "2846000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-391": { "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" } }, "f-392": { "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" } }, "f-393": { "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 (ExCo) 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, macroeconomic
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 ExCo 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-395": { "value": "
7 NET SALES
\u20ac million
2023
2022
Sales from owned stores
71,485
71,090
Sales to and fees from franchisees and affiliates
7,851
6,957
Online sales
9,015
8,618
Wholesale sales
298
319
Net sales
88,649
86,984
Sales by segment for 2023 are as follows:
\u20ac million
The United
States
Europe
Ahold Delhaize
Group
Sales from owned stores
50,087
21,397
71,485
Sales to and fees from franchisees and affiliates
\u2014
7,851
7,851
Online sales
4,247
4,768
9,015
Wholesale sales
202
97
298
Net sales
54,536
34,113
88,649
Sales by segment for 2022 are as follows:
\u20ac million
The United
States
Europe
Ahold Delhaize
Group
Sales from owned stores
50,846
20,244
71,090
Sales to and fees from franchisees and affiliates
\u2014
6,957
6,957
Online sales
4,157
4,461
8,618
Wholesale sales
215
104
319
Net sales
55,218
31,767
86,984
Net sales by product category are as follows:
Percentage of net sales
2023
2022
Food: perishable
44%
45%
Food: non-perishable
36%
35%
Non-food
15%
15%
Pharmacy
3%
3%
Gasoline
1%
2%
Net sales
100%
100%
7 NET SALES CONTINUED
\"Data
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.
\"Methodology
Accounting policies
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\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 mainly relate to Ahold Delhaize\u2019s online general merchandise
sales, and are included in Accrued expenses in Note 27. 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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-394": { "value": "
7 NET SALES
\u20ac million
2023
2022
Sales from owned stores
71,485
71,090
Sales to and fees from franchisees and affiliates
7,851
6,957
Online sales
9,015
8,618
Wholesale sales
298
319
Net sales
88,649
86,984
Sales by segment for 2023 are as follows:
\u20ac million
The United
States
Europe
Ahold Delhaize
Group
Sales from owned stores
50,087
21,397
71,485
Sales to and fees from franchisees and affiliates
\u2014
7,851
7,851
Online sales
4,247
4,768
9,015
Wholesale sales
202
97
298
Net sales
54,536
34,113
88,649
Sales by segment for 2022 are as follows:
\u20ac million
The United
States
Europe
Ahold Delhaize
Group
Sales from owned stores
50,846
20,244
71,090
Sales to and fees from franchisees and affiliates
\u2014
6,957
6,957
Online sales
4,157
4,461
8,618
Wholesale sales
215
104
319
Net sales
55,218
31,767
86,984
Net sales by product category are as follows:
Percentage of net sales
2023
2022
Food: perishable
44%
45%
Food: non-perishable
36%
35%
Non-food
15%
15%
Pharmacy
3%
3%
Gasoline
1%
2%
Net sales
100%
100%
7 NET SALES CONTINUED
\"Data
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.
\"Methodology
Accounting policies
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\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 mainly relate to Ahold Delhaize\u2019s online general merchandise
sales, and are included in Accrued expenses in Note 27. 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-396": { "value": "88649000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-397": { "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" } }, "f-398": { "value": "88649000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-399": { "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" } }, "f-400": { "value": "
\"Methodology
Accounting policies
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\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 mainly relate to Ahold Delhaize\u2019s online general merchandise
sales, and are included in Accrued expenses in Note 27. 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-401": { "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:
\u20ac million
2023
2022
Cost of product
61,174
59,965
Labor costs
12,875
12,674
Other operational expenses
8,153
7,699
Depreciation and amortization
3,469
3,433
Rent expenses
75
70
Impairment losses and reversals \u2013 net
375
235
(Gains) losses on leases and the sale of assets \u2013 net
180
(198)
Total expenses by nature
86,302
83,879
(Gains) losses on leases and the sale of assets \u2013 net is in 2023 predominantly related to the
divestment of FreshDirect. It also contains gains and losses on the sale of Delhaize stores to new
franchisees. More information about the divestment of FreshDirect and the sale of the Delhaize stores
is included in Note 5.
Other income by nature
Other income is specified as follows:
\u20ac million
2023
2022
Rent income
162
155
Advertising income
21
28
Other income1
316
480
Total other income
499
663
1In 2023, the Company classified on a net basis \u20ac125 million as part of Cost of product which was reported in prior year as Other
income and Other operational expenses. The comparative numbers have not been restated since the classification does not have a
material impact on the financial statements (2022: \u20ac103 million).
For more information on rent expenses and rent income, see Note 33.
\"Data
Accounting estimates and judgments
Vendor allowances
When vendor allowances cannot be specifically identified in the purchase price of products, this requires
management to apply judgments and estimates, mainly surrounding the timing of when performance
obligations have been fulfilled, the volume of purchases that will be made during a period of time, the
product remaining in ending inventory, and the probability that funds can be collected from vendors.
Using these judgments and estimates, management\u2019s practice is to allocate earned vendor allowances
between cost of sales and inventory based upon the amount of related product that was sold and the
amount that remains in ending inventories. This practice is based upon the turnover of the inventories.
8 EXPENSES AND OTHER INCOME BY NATURE CONTINUED
Impairments
For more information on the accounting estimates and judgments for impairments, see Note 11 and
Note 14.
\"Methodology
Accounting policies
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, amortization of intangible
assets, 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, amortization of intangible assets, 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-402": { "value": "
Expenses by nature
The aggregate of cost of sales, selling expenses, and general and administrative expenses is specified
by nature as follows:
\u20ac million
2023
2022
Cost of product
61,174
59,965
Labor costs
12,875
12,674
Other operational expenses
8,153
7,699
Depreciation and amortization
3,469
3,433
Rent expenses
75
70
Impairment losses and reversals \u2013 net
375
235
(Gains) losses on leases and the sale of assets \u2013 net
180
(198)
Total expenses by nature
86,302
83,879
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-403": { "value": "
Other income by nature
Other income is specified as follows:
\u20ac million
2023
2022
Rent income
162
155
Advertising income
21
28
Other income1
316
480
Total other income
499
663
1In 2023, the Company classified on a net basis \u20ac125 million as part of Cost of product which was reported in prior year as Other
income and Other operational expenses. The comparative numbers have not been restated since the classification does not have a
material impact on the financial statements (2022: \u20ac103 million).
For more information on rent expenses and rent income, see Note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-404": { "value": "499000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-405": { "value": "663000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-406": { "value": "
\"Methodology
Accounting policies
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, amortization of intangible
assets, 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, amortization of intangible assets, 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-407": { "value": "
9 NET FINANCIAL EXPENSES
\u20ac million
2023
2022
Interest income
174
69
Interest expense
(336)
(248)
Net interest expense on defined benefit pension plans
(17)
(17)
Interest accretion to lease liability
(382)
(356)
Gains (losses) on foreign exchange
4
13
Fair value gains (losses) on financial instruments
3
(19)
Other gains (losses)
7
7
Other financial income (expense)
15
\u2014
Net financial expenses
(546)
(552)
Interest income relates primarily to interest earned on cash and cash equivalents, short-term cash
deposits and similar instruments.
Interest expense relates primarily to notes and financing obligations and also includes:
\u00f3 Interest accretions to provisions, which mainly consists of interest accretions to the provision for self
insurance in the amount of \u20ac56 million (2022: \u20ac39\u00a0million). For details, see Note 25.
\u00f3 Interest accretion on the Food Employers Labor Relations Association (FELRA) settlement liability of
\u20ac23 million (2022: \u20ac19 million). See Note 24.
\u00f3 Interest expenses on the other long-term financial liabilities of \u20ac25 million (2022: \u20ac31 million), which
included the interest accretion on the financial liability for the non-controlling interest of FreshDirect
and Cycloon and interest accretion on the Local 1500 Pension Fund withdrawal liability. These
liabilities were settled in 2023; see Note 23.
Net interest expense on defined benefit pension plans is related to the Company\u2019s pension plans being
in a net liability position over 2023 and 2022.
For more information on leases and the interest accretion thereon, see Note 33.
Foreign exchange results arising from the purchase of goods for sale or goods and services consumed
in Ahold Delhaize\u2019s operations are included in cost of sales or in the appropriate element of operating
expenses, respectively. In 2023, the Company recorded a net exchange gain of \u20ac1 million in operating
income (2022: net exchange gain of \u20ac2 million).
Other gains (losses) in 2023 mainly include a \u20ac25 million gain on the settlement of the financial liability
to acquire the remaining shares in Cycloon, partly offset by a \u20ac15 million loss on the loan
extinguishment at FreshDirect; see Note 22 and Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-408": { "value": "174000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-409": { "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" } }, "f-410": { "value": "336000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-411": { "value": "248000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-412": { "value": "-17000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-413": { "value": "-17000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-414": { "value": "382000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseOnLeaseLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-415": { "value": "356000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseOnLeaseLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-416": { "value": "15000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherFinanceIncomeCost", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-417": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherFinanceIncomeCost", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-418": { "value": "-546000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-419": { "value": "-552000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-420": { "value": "
Interest income relates primarily to interest earned on cash and cash equivalents, short-term cash
deposits and similar instruments.
Foreign exchange results arising from the purchase of goods for sale or goods and services consumed
in Ahold Delhaize\u2019s operations are included in cost of sales or in the appropriate element of operating
expenses, respectively. In 2023, the Company recorded a net exchange gain of \u20ac1 million in operating
income (2022: net exchange gain of \u20ac2 million).
Other gains (losses) in 2023 mainly include a \u20ac25 million gain on the settlement of the financial liability
to acquire the remaining shares in Cycloon, partly offset by a \u20ac15 million loss on the loan
extinguishment at FreshDirect; see Note 22 and Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-421": { "value": "
Interest expense relates primarily to notes and financing obligations and also includes:
\u00f3 Interest accretions to provisions, which mainly consists of interest accretions to the provision for self
insurance in the amount of \u20ac56 million (2022: \u20ac39\u00a0million). For details, see Note 25.
\u00f3 Interest accretion on the Food Employers Labor Relations Association (FELRA) settlement liability of
\u20ac23 million (2022: \u20ac19 million). See Note 24.
\u00f3 Interest expenses on the other long-term financial liabilities of \u20ac25 million (2022: \u20ac31 million), which
included the interest accretion on the financial liability for the non-controlling interest of FreshDirect
and Cycloon and interest accretion on the Local 1500 Pension Fund withdrawal liability. These
liabilities were settled in 2023; see Note 23.
Net interest expense on defined benefit pension plans is related to the Company\u2019s pension plans being
in a net liability position over 2023 and 2022.
For more information on leases and the interest accretion thereon, see Note 33.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-422": { "value": "
10 INCOME TAXES
Income taxes on continuing operations
The following table specifies the current and deferred tax components of income taxes on continuing
operations in the income statement:
\u20ac million
2023
2022
Current income taxes
Domestic taxes (the Netherlands)
(143)
(158)
Foreign taxes
United States
(201)
(294)
Europe \u2013 Other
(98)
(102)
Total current tax expense
(442)
(553)
Deferred income taxes
Domestic taxes (the Netherlands)
(37)
\u2014
Foreign taxes
United States
(32)
(138)
Europe \u2013 Other
55
(23)
Total deferred tax expense
(14)
(161)
Total income taxes on continuing operations
(456)
(714)
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:
2023
\u20ac million
Tax rate
Income before income taxes
2,300
Income tax expense at statutory tax rate
(593)
25.8%
Adjustments to arrive at effective income tax rate:
Rate differential (local rates versus the statutory rate of the Netherlands)
115
(5.0)%
Deferred tax income (expense) related to recognition of deferred tax assets \u2013
net
(9)
0.4%
Non-taxable income (expense)
18
(0.8)%
Other
13
(0.6)%
Total income taxes
(456)
19.8%
2022
\u20ac million
Tax rate
Income before income taxes
3,216
Income tax expense at statutory tax rate
(830)
25.8%
Adjustments to arrive at effective income tax rate:
Rate differential (local rates versus the statutory rate of the Netherlands)
107
(3.3)%
Deferred tax income (expense) related to recognition of deferred tax assets \u2013
net
3
(0.1)%
Non-taxable income (expense)
(16)
0.5%
Other
23
(0.7)%
Total income taxes
(714)
22.2%
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 2023 includes a tax benefit on divestments in the amount of \u20ac16
million. For 2022, it 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.
OECD Pillar Two model rules
On December 14, 2022, the Council of the EU adopted the Pillar Two directive (the Global Anti-Base
erosion Proposal or \u201cGloBE\u201d \u2013 EU Directive 2022/2523). It states that large multinationals will be
required to compute their effective tax rate according to the GloBE rules (referred to as GloBE income
and GloBE effective tax rate) in each jurisdiction where they operate. They will be liable to pay a top-up
tax for the difference between their GloBE effective tax rate in that jurisdiction and the minimum
corporate tax rate set at 15%.
For Ahold Delhaize, the new rules will be applicable as of fiscal year 2024.
In the 2023 financial statements, Ahold Delhaize applies the temporary exemption for recognizing and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as
provided in the amendments to IAS 12 issued in May 2023.
Ahold Delhaize performed an impact analysis of the Pillar Two rules, based on historical data. Based
on this analysis, including the transitional implementation guidance, we expect that we will be excluded
from a top-up tax for most jurisdictions where we operate.
The Pillar Two impact, based on historical data, will not have material impact on the effective tax rate of
the Group. Ahold Delhaize will closely monitor all jurisdictions, due to the current ongoing
developments regarding the interpretation of the Pillar Two rules.
Income taxes on discontinued operations
Current and deferred income tax related to discontinued operations amounted to nil in 2023 (2022: nil).
10 INCOME TAXES CONTINUED
Deferred income tax
The significant components and annual movements of deferred income tax assets and liabilities as of December\u00a031, 2023, and January\u00a01, 2023, are as\u00a0follows:
\u20ac million
January 2,
2022
Recognized in
income
statement
Other
January 1, 2023
Recognized in
income
statement
Other
December 31,
2023
Leases and financings
404
(7)
18
416
4
(16)
404
Pensions and other (post-)employment benefits
461
15
(118)
359
(10)
(7)
342
Provisions
105
(24)
43
123
(48)
23
98
Interest
74
(12)
3
65
(3)
(4)
58
Other
65
(12)
(32)
21
(17)
12
16
Total gross deductible temporary differences
1,109
(40)
(85)
984
(74)
8
918
Unrecognized deductible temporary differences
(7)
\u2014
\u2014
(7)
\u2014
3
(4)
Total recognized deductible temporary differences
1,102
(40)
(86)
977
(74)
11
914
Tax losses and tax credits
366
(30)
9
346
81
(50)
377
Unrecognized tax losses and tax credits
(267)
3
(5)
(269)
(8)
47
(230)
Total recognized tax losses and tax credits
99
(27)
5
77
73
(3)
147
Total net deferred tax asset position
1,202
(67)
(81)
1,053
(1)
8
1,061
Property, plant and equipment and intangible assets
(1,438)
(34)
(50)
(1,522)
(9)
27
(1,504)
Inventories
(217)
(60)
(12)
(289)
(4)
8
(285)
Other
(3)
\u2014
(2)
(5)
\u2014
5
\u2014
Total deferred tax liabilities
(1,659)
(93)
(64)
(1,816)
(13)
40
(1,789)
Net deferred tax assets (liabilities)
(457)
(161)
(145)
(763)
(14)
48
(729)
The column Other in the table above includes amounts recorded in equity, acquisitions, divestments
and exchange rate differences, as well as reclassifications between deferred tax components and the
application of tax losses and tax credits against current year income tax payables.
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. The deferred tax assets and
liabilities are presented as non-current assets and liabilities on the balance sheet as follows:
\u20ac million
December 31,
2023
January 1,
2023
Deferred tax assets
196
242
Deferred tax liabilities
(925)
(1,005)
Net deferred tax liabilities
(729)
(763)
10 INCOME TAXES CONTINUED
As of December\u00a031, 2023, Ahold Delhaize had operating and capital loss carryforwards of a total nominal amount of \u20ac1,963 million (January\u00a01, 2023: \u20ac2,001 million). The following table specifies the years in
which Ahold Delhaize\u2019s operating and capital loss carryforwards and tax credits are scheduled to expire:
\u20ac million
2024
2025
2026
2027
2028
2029\u20132033
2034\u20132038
After 2038
Does not
expire
Total
Operating and capital losses (nominal value)
20
77
10
44
62
370
193
\u2014
1,186
1,963
Operating and capital losses (tax value)
1
4
\u2014
2
4
21
11
\u2014
315
358
Tax credits
1
1
2
2
2
7
3
\u2014
2
20
Tax losses and tax credits
2
5
2
4
6
28
14
\u2014
317
377
Unrecognized tax losses and tax credits
(1)
(1)
(1)
(1)
(2)
\u2014
\u2014
\u2014
(224)
(230)
Total recognized tax losses and tax credits
1
4
1
3
4
28
14
\u2014
93
147
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, \u20ac767 million relates to U.S. state taxes, for which a weighted average tax
rate of 5.42% 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 \u20ac67 million at December\u00a031, 2023 (January\u00a01, 2023: \u20ac58 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:
\u20ac million
2023
2022
Remeasurement of pension plans
37
(137)
Currency translation differences on loans
1
(1)
Cash flow hedges
3
\u2014
Share buyback
\u2014
(1)
Share-based compensation
3
1
Total
44
(139)
Income taxes paid
The following table specifies the income taxes paid per country:
\u20ac million
2023
2022
The United States
(224)
(190)
The Netherlands
(188)
(120)
Belgium
367
(17)
Greece
(3)
(12)
Czech Republic
(13)
(13)
Serbia
(14)
(12)
Romania
(9)
\u2014
Switzerland
(112)
(30)
Luxembourg
(4)
(3)
Total income taxes paid
(200)
(397)
In March 2023, Ahold Delhaize signed an agreement with the Belgian tax authorities relating to its tax
return over 2018. Based on this agreement, Ahold Delhaize fully recovered its associated outstanding
receivable in 2023. In 2022, there were no tax payments for Romania due to overpayments in previous
years.
10 INCOME TAXES CONTINUED
Taxes accrued
The following table specifies the taxes accrued (current tax) per country:
\u20ac million
2023
2022
The United States
(201)
(294)
The Netherlands
(143)
(158)
Belgium
(5)
(13)
Greece
(2)
\u2014
Czech Republic
(15)
(10)
Serbia
(10)
(17)
Romania
(8)
(8)
Switzerland
(57)
(52)
Luxembourg
(1)
(2)
Total income taxes accrued
(442)
(553)
\"Data
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.
\"Methodology
Accounting policies
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-423": { "value": "456000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-424": { "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" } }, "f-425": { "value": "2300000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-426": { "value": "456000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-427": { "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" } }, "f-428": { "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" } }, "f-429": { "value": "
Deferred income tax
The significant components and annual movements of deferred income tax assets and liabilities as of December\u00a031, 2023, and January\u00a01, 2023, are as\u00a0follows:
\u20ac million
January 2,
2022
Recognized in
income
statement
Other
January 1, 2023
Recognized in
income
statement
Other
December 31,
2023
Leases and financings
404
(7)
18
416
4
(16)
404
Pensions and other (post-)employment benefits
461
15
(118)
359
(10)
(7)
342
Provisions
105
(24)
43
123
(48)
23
98
Interest
74
(12)
3
65
(3)
(4)
58
Other
65
(12)
(32)
21
(17)
12
16
Total gross deductible temporary differences
1,109
(40)
(85)
984
(74)
8
918
Unrecognized deductible temporary differences
(7)
\u2014
\u2014
(7)
\u2014
3
(4)
Total recognized deductible temporary differences
1,102
(40)
(86)
977
(74)
11
914
Tax losses and tax credits
366
(30)
9
346
81
(50)
377
Unrecognized tax losses and tax credits
(267)
3
(5)
(269)
(8)
47
(230)
Total recognized tax losses and tax credits
99
(27)
5
77
73
(3)
147
Total net deferred tax asset position
1,202
(67)
(81)
1,053
(1)
8
1,061
Property, plant and equipment and intangible assets
(1,438)
(34)
(50)
(1,522)
(9)
27
(1,504)
Inventories
(217)
(60)
(12)
(289)
(4)
8
(285)
Other
(3)
\u2014
(2)
(5)
\u2014
5
\u2014
Total deferred tax liabilities
(1,659)
(93)
(64)
(1,816)
(13)
40
(1,789)
Net deferred tax assets (liabilities)
(457)
(161)
(145)
(763)
(14)
48
(729)
The column Other in the table above includes amounts recorded in equity, acquisitions, divestments
and exchange rate differences, as well as reclassifications between deferred tax components and the
application of tax losses and tax credits against current year income tax payables.
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. The deferred tax assets and
liabilities are presented as non-current assets and liabilities on the balance sheet as follows:
\u20ac million
December 31,
2023
January 1,
2023
Deferred tax assets
196
242
Deferred tax liabilities
(925)
(1,005)
Net deferred tax liabilities
(729)
(763)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-430": { "value": "196000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-431": { "value": "242000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-432": { "value": "-37000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-433": { "value": "137000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-434": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-435": { "value": "1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-436": { "value": "-3000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-437": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-439": { "value": "
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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-438": { "value": "
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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-440": { "value": "
11 PROPERTY, PLANT AND EQUIPMENT
\u20ac million
Buildings and
land
Other
Under
construction
Total
As of January 2, 2022
At cost
13,600
10,167
576
24,343
Accumulated depreciation and impairment losses
(6,245)
(6,260)
\u2014
(12,505)
Carrying amount
7,355
3,907
576
11,838
Year ended January 1, 2023
Additions
302
798
817
1,918
Transfers from under construction
434
470
(904)
\u2014
Acquisitions through business combinations
\u2014
3
\u2014
3
Depreciation
(684)
(1,005)
\u2014
(1,689)
Impairment losses
(27)
(13)
\u2014
(40)
Impairment reversals
1
\u2014
\u2014
1
Assets classified (to) from held for sale or sold
(38)
(7)
(1)
(46)
Other movements
3
(4)
47
45
Exchange rate differences
298
155
(1)
452
Closing carrying amount
7,644
4,303
534
12,482
As of January 1, 2023
At cost
14,681
11,431
534
26,647
Accumulated depreciation and impairment losses
(7,037)
(7,127)
\u2014
(14,164)
Carrying amount
7,644
4,303
534
12,482
Year ended December 31, 2023
Additions
235
708
929
1,872
Transfers from under construction
637
330
(968)
\u2014
Acquisitions through business combinations
20
1
\u2014
21
Depreciation
(674)
(1,001)
\u2014
(1,675)
Impairment losses
(147)
(196)
\u2014
(343)
Impairment reversals
\u2014
\u2014
\u2014
\u2014
Assets classified (to) from held for sale or sold
(362)
(104)
(4)
(470)
Other movements
(5)
17
(16)
(4)
Exchange rate differences
(146)
(84)
(6)
(237)
Closing carrying amount
7,202
3,974
470
11,647
As of December 31, 2023
At cost
14,487
11,080
470
26,037
Accumulated depreciation and impairment losses
(7,285)
(7,105)
\u2014
(14,390)
Carrying amount
7,202
3,974
470
11,647
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 6.3% and 13.8%
(2022: 6.2%-13.5%). 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 2023, Ahold Delhaize recognized net impairment losses of \u20ac343\u00a0million for property, plant and
equipment (2022: \u20ac39\u00a0million). These were related to The United States (2023: \u20ac210\u00a0million, 2022:
\u20ac22\u00a0million) and Europe (2023: \u20ac133\u00a0million, 2022: \u20ac17\u00a0million) and were recognized mainly for
FreshDirect (2023: \u20ac141\u00a0million), store assets related to the transformation of Delhaize\u2019s integrated
stores into affiliates (2023: \u20ac102\u00a0million) and underperforming and closed stores.
The additions to property, plant and equipment include capitalized borrowing costs of \u20ac2\u00a0million (2022:
\u20ac2\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 3.0% and 8.1% (2022: 2.7%-7.7%).
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
\u20ac95\u00a0million (January\u00a01, 2023: \u20ac108\u00a0million). Ahold Delhaize does not have legal title to these assets.
Property, plant and equipment with a carrying amount of \u20ac10\u00a0million (January\u00a01, 2023: \u20ac309\u00a0million) has
been pledged as security for liabilities, mainly for loans. Included in this amount as of January 1, 2023,
was FreshDirect\u2019s building with a carrying value of \u20ac247\u00a0million pledged as security for loans.
\"Data
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
\"Methodology
Accounting policies
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:
Land
indefinite
Buildings
30\u201340 years
Certain structural components of buildings
10\u201320 years
Finish components of buildings
5\u201310 years
Machinery and equipment
3\u201315 years
Other
5\u201310 years
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-441": { "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:
Land
indefinite
Buildings
30\u201340 years
Certain structural components of buildings
10\u201320 years
Finish components of buildings
5\u201310 years
Machinery and equipment
3\u201315 years
Other
5\u201310 years
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-442": { "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:
Land
indefinite
Buildings
30\u201340 years
Certain structural components of buildings
10\u201320 years
Finish components of buildings
5\u201310 years
Machinery and equipment
3\u201315 years
Other
5\u201310 years
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, technical 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:
Software
3\u201310 years
Customer relationships
7\u201325 years
Retail brands
indefinite
Own brands
10\u201315 years
Franchise and affiliate relationships
14\u201340 years
Other
5 years\u2013indefinite
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-443": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-445": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-444": { "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
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-446": { "value": "
12 RIGHT-OF-USE ASSET
\u20ac million
Buildings and
land
Other
Total
Carrying amount as of January 2, 2022
8,861
149
9,010
Year ended January 1, 2023
Additions
476
83
559
Reassessments and modifications to leases
1,030
5
1,035
Acquisitions through business combinations
(1)
1
\u2014
Depreciation
(1,216)
(57)
(1,274)
Termination of leases
(13)
(1)
(14)
Impairment losses
(2)
\u2014
(2)
Transfer (to) from right-of-use assets \u2013 investment property
(7)
\u2014
(7)
Reclassifications (to) from net investment in leases
(82)
\u2014
(82)
Exchange rate differences
379
4
383
Carrying amount as of January 1, 2023
9,423
184
9,607
Year ended December 31, 2023
Additions
494
94
588
Reassessments and modifications to leases
1,077
3
1,080
Acquisitions through business combinations
1
\u2014
1
Depreciation
(1,249)
(63)
(1,311)
Termination of leases
(30)
(4)
(34)
Impairment losses
(8)
\u2014
(8)
Impairment reversals
\u2014
\u2014
\u2014
Assets classified (to) from held for sale or sold
(134)
(11)
(144)
Transfer (to) from right-of-use assets \u2013 investment property
(1)
(1)
(2)
Reclassifications (to) from net investment in leases
(92)
\u2014
(92)
Exchange rate differences
(199)
(3)
(201)
Carrying amount as of December 31, 2023
9,283
200
9,483
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.
\"Data
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for leases, see Note 33, and
for impairments, see Note 11.
\"Methodology
Accounting policies
For more information on the accounting policies for 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 25 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 December\u00a031, 2023, and
January 1, 2023, respectively, based on the undiscounted payments.
\u20ac million
December 31,
2023
January 1,
2023
Less than one year
1,694
1,673
One to five years
5,969
5,822
Five to 10 years
4,162
4,085
10 to 15 years
1,656
1,774
More than 15 years
1,039
1,162
Total undiscounted lease payments
14,520
14,515
Lease liabilities included in the balance sheet
11,826
11,965
Current portion (Note 26)
1,281
1,327
Non-current portion (Note 23)
10,545
10,637
33 LEASES CONTINUED
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 December\u00a031, 2023, potential uncommitted future cash outflows of an estimated \u20ac38\u00a0billion
(undiscounted) (2022: \u20ac39\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 \u20ac1,091 million (2022: \u20ac1,030 million) 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.
The table below summarizes the rate of exercise of termination options.
Number of contracts with
termination options exercisable as
of December 31, 2023
Number of leases
Number of contracts with
termination options not exercised or
not considered reasonably certain to
be exercised as of December 31,
2023
Number of leases
Number of contracts with
termination options exercised or
considered reasonably certain to be
exercised as of December 31, 2023
Number of leases
Total
Ahold Delhaize
2,586
2,308
278
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, with a maximum duration of 45
years by tacit extension of the contract. 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, consistent with the
investment cycle in the stores.
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:
\u00f3 The 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.
\u00f3 Some 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. 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 \u20ac1,107\u00a0million (2022:
\u20ac1,334\u00a0million). The 2023 and 2022 numbers mainly relate to an investment commitment of
approximately $1 billion to transform and expand the supply chain operations on the U.S. East Coast,
which was partially recognized on the balance sheet in 2023. The lease components for the second
facility are expected to be recognized on the balance sheet in the first half of 2024.
Sale and leaseback transactions
There have been no significant sale and leaseback transactions in 2023 and 2022. In 2023, the gain on
sale and leaseback transactions of \u20ac1\u00a0million was the result of transactions in the Netherlands, the
Czech Republic and Serbia. In 2022, the gain on sale and leaseback transactions of \u20ac1\u00a0million was the
result of transactions in the Czech Republic.
Amounts recognized in the income statement
\u20ac million
2023
2022
Variable lease payments not included in the measurement of lease liabilities
(23)
(19)
Expenses related to short-term leases
(33)
(36)
Expenses relating to leases of low-value assets that are not shown above as
short-term leases
(19)
(15)
Total rent expense
(75)
(70)
Depreciation charge for right-of-use assets
(1,336)
(1,300)
Interest accretion to lease liability
(382)
(356)
Gains (losses) on sale and leaseback transactions
1
1
Income from subleasing right-of-use assets
63
57
During 2023, net impairments of \u20ac8\u00a0million (2022: \u20ac2\u00a0million) on right-of-use assets (excluding
investment properties) and \u20ac2\u00a0million (2022: \u20ac1\u00a0million) on investment property right-of-use assets were
recorded. These impairments mainly relate to the divestment of FreshDirect. Ahold Delhaize did not
apply for rent concessions and did not receive material rent concessions.
33 LEASES CONTINUED
Amounts recognized in the cash flow statement
\u20ac million
2023
2022
Total cash outflow for leases
(1,891)
(1,824)
The total cash outflow for leases consists of repayment of lease liabilities (both the principal and
interest portion of lease payments), the cash outflows from short-term and low-value leases and
variable lease payments not included in the measurement of lease liabilities.
Ahold Delhaize as lessor
Ahold Delhaize rents out its investment properties (mainly retail units in shopping centers containing an
Ahold Delhaize store) and also (partially) subleases various other properties that are leased by Ahold
Delhaize. Ahold Delhaize classifies these leases as operating or finance leases.
Operating leases
The following table sets out the maturity analysis of lease payments, showing the undiscounted lease
payments to be received after the reporting date:
\u20ac million
December 31,
2023
January 1,
2023
Less than one year
105
92
One to two years
88
71
Two to three years
70
54
Three to four years
42
38
Four to five years
31
25
More than five years
68
64
Total undiscounted lease payments
404
344
Finance leases
Net investment in leases
\u20ac million
2023
2022
As of the beginning of the year
Current portion
96
91
Non-current portion
524
475
Carrying amount at the beginning of the year
620
566
Interest accretion
13
12
Divestment of businesses
(19)
\u2014
Repayments
(117)
(115)
Impairment losses and reversals \u2013 net
(1)
1
Terminations
(1)
(4)
Reassessments and modifications
43
55
Reclassifications (to) from right-of-use assets
104
92
Exchange rate differences
(5)
12
Closing carrying amount
636
620
As of the end of the year
Current portion
98
96
Non-current portion
538
524
Carrying amount at the end of the year
636
620
The following table sets out the maturity analysis of lease receivables, showing the undiscounted lease
payments to be received after the reporting date:
\u20ac million
December 31,
2023
January 1,
2023
Less than one year
107
105
One to two years
102
98
Two to three years
89
87
Three to four years
68
71
Four to five years
56
57
More than five years
161
147
Total undiscounted lease payments receivable
585
565
Unearned finance income
(52)
(44)
Total discounted lease payments receivable
533
521
Cumulative impairment losses
(4)
(3)
Lease receivable
529
518
Unguaranteed residual value
107
101
Net investment in leases
636
620
33 LEASES CONTINUED
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
\u20ac million
2023
2022
Operating leases
Rent income relating to fixed payments on operating leases
158
151
Rent income relating to variable payments on operating leases
4
4
Total rent income
162
155
Interest income on net investment in leases
13
12
No significant rent concessions were provided by Ahold Delhaize.
\"Data
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:
\u00f3 If any leasehold improvements are expected to have a significant remaining value, the Company is
typically reasonably certain to extend (or not terminate).
\u00f3 If there are significant penalties to terminate (or not extend), the Company is typically reasonably
certain to extend (or not terminate).
\u00f3 Otherwise, 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.
\"Methodology
Accounting policies
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.
33 LEASES CONTINUED
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:
\u00f3 Fixed payments, including in-substance fixed payments
\u00f3 Variable lease payments\u00a0that depend on an index or a rate, which are initially measured using the
index or rate at the commencement date
\u00f3 Amounts expected to be payable under a residual value guarantee
\u00f3 The exercise price of a purchase option that the Company is reasonably certain to exercise
\u00f3 Lease 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.
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\u2019s 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-447": { "value": "
13 INVESTMENT PROPERTY
\u20ac million
Right-of-use
asset investment
property
Company-
owned
investment
property
Total
investment
property
As of January 2, 2022
At cost
712
941
1,653
Accumulated depreciation and impairment losses
(471)
(474)
(945)
Carrying amount
241
467
708
Year ended January 1, 2023
Additions
2
9
11
Reassessments and modifications to leases
(5)
\u2014
(5)
Depreciation
(26)
(21)
(47)
Impairment losses
(1)
(2)
(3)
Termination of leases
(1)
\u2014
(1)
Assets classified (to) from held for sale or sold
\u2014
(49)
(49)
Reclassifications (to) from net investment in leases
(1)
\u2014
(1)
Transfers (to) from right-of-use assets, property, plant and
equipment and intangible assets
7
4
12
Exchange rate differences
14
22
37
Closing carrying amount
231
430
661
As of January 1, 2023
At cost
710
880
1,590
Accumulated depreciation and impairment losses
(479)
(449)
(928)
Carrying amount
231
430
661
13 INVESTMENT PROPERTY CONTINUED
\u20ac million
Right-of-use
asset investment
property
Company-
owned
investment
property
Total
investment
property
Year ended December 31, 2023
Additions
5
10
15
Reassessments and modifications to leases
11
\u2014
11
Depreciation
(24)
(20)
(44)
Impairment losses
(2)
(3)
(5)
Termination of leases
(2)
\u2014
(2)
Assets classified (to) from held for sale or sold
\u2014
(14)
(14)
Reclassifications (to) from net investment in leases
(6)
\u2014
(6)
Transfers (to) from right-of-use assets, property, plant and
equipment and intangible assets
2
(12)
(10)
Exchange rate differences
(6)
(9)
(15)
Closing carrying amount
209
382
591
As of December 31, 2023
At cost
628
812
1,440
Accumulated depreciation and impairment losses
(419)
(430)
(849)
Carrying amount
209
382
591
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 related to The United States (2023: \u20ac3\u00a0million,
2022:\u00a0\u20ac2\u00a0million) and Europe (2023: \u20ac2 million, 2022: nil).
The company-owned investment property includes an amount related to assets held under financings
of \u20ac16\u00a0million (January\u00a01, 2023: \u20ac17\u00a0million). Ahold Delhaize does not have legal title to these assets.
Company-owned investment property with a carrying amount of \u20ac15\u00a0million (January\u00a01, 2023:
\u20ac29\u00a0million) has been pledged as security for liabilities, mainly for loans.
The fair value of investment property as of December\u00a031, 2023, amounted to approximately
\u20ac793\u00a0million (January\u00a01, 2023: \u20ac855\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 75%
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 2023 amounted to \u20ac73\u00a0million (2022: \u20ac78\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 2023 amounted to \u20ac13\u00a0million
(2022:\u00a0\u20ac16\u00a0million).
\"Data
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for impairments, see
Note 11.
\"Methodology
Accounting policies
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-448": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-450": { "value": "
14 INTANGIBLE ASSETS
\u20ac million
Goodwill
Brand names
Software
Customer
relationships
Other
Under
development
Total
As of January 2, 2022
At cost
7,649
3,292
2,177
215
967
348
14,649
Accumulated amortization and impairment losses
(8)
(13)
(1,471)
(133)
(255)
\u2014
(1,879)
Carrying amount
7,641
3,280
706
82
713
348
12,770
Year ended January 1, 2023
Additions
\u2014
\u2014
147
\u2014
18
370
535
Transfers from under development
\u2014
\u2014
408
\u2014
9
(417)
\u2014
Acquisitions through business combinations
38
6
2
5
\u2014
\u2014
51
Amortization
\u2014
(3)
(371)
(14)
(35)
\u2014
(423)
Impairments
(66)
(93)
(10)
(11)
\u2014
(11)
(191)
Assets classified to held for sale or sold
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements1
\u2014
\u2014
(2)
\u2014
(1)
(47)
(50)
Exchange rate differences
307
138
20
3
5
8
482
Closing carrying amount
7,920
3,328
900
66
709
251
13,174
As of January 1, 2023
At cost
7,990
3,431
2,591
228
998
258
15,495
Accumulated amortization and impairment losses
(69)
(103)
(1,692)
(161)
(289)
(7)
(2,321)
Carrying amount
7,920
3,328
900
66
709
251
13,174
Year ended December 31, 2023
Additions
\u2014
\u2014
40
3
2
440
485
Transfers from under development
\u2014
\u2014
457
\u2014
\u2014
(457)
\u2014
Acquisitions through business combinations
24
\u2014
\u2014
1
2
\u2014
27
Amortization
\u2014
(2)
(392)
(10)
(34)
\u2014
(438)
Impairments
\u2014
(1)
(14)
(5)
\u2014
(1)
(21)
Assets classified to held for sale or sold
\u2014
\u2014
(3)
\u2014
(1)
\u2014
(3)
Other movements1
\u2014
\u2014
\u2014
\u2014
\u2014
15
15
Exchange rate differences
(157)
(65)
(13)
(1)
(3)
(2)
(241)
Closing carrying amount
7,788
3,259
976
55
675
246
12,998
As of December 31, 2023
At cost
7,796
3,278
2,661
216
952
246
15,149
Accumulated amortization and impairment losses
(8)
(19)
(1,686)
(161)
(277)
\u2014
(2,151)
Carrying amount
7,788
3,259
976
55
675
246
12,998
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 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 their 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 in 2012. In 2023, customer relationships in the amount of \u20ac5 million arising from the
acquisition of Cycloon by bol were fully impaired. 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. Software and software development represent both costs from
external purchases as well as internal development costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-449": { "value": "
14 INTANGIBLE ASSETS
\u20ac million
Goodwill
Brand names
Software
Customer
relationships
Other
Under
development
Total
As of January 2, 2022
At cost
7,649
3,292
2,177
215
967
348
14,649
Accumulated amortization and impairment losses
(8)
(13)
(1,471)
(133)
(255)
\u2014
(1,879)
Carrying amount
7,641
3,280
706
82
713
348
12,770
Year ended January 1, 2023
Additions
\u2014
\u2014
147
\u2014
18
370
535
Transfers from under development
\u2014
\u2014
408
\u2014
9
(417)
\u2014
Acquisitions through business combinations
38
6
2
5
\u2014
\u2014
51
Amortization
\u2014
(3)
(371)
(14)
(35)
\u2014
(423)
Impairments
(66)
(93)
(10)
(11)
\u2014
(11)
(191)
Assets classified to held for sale or sold
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements1
\u2014
\u2014
(2)
\u2014
(1)
(47)
(50)
Exchange rate differences
307
138
20
3
5
8
482
Closing carrying amount
7,920
3,328
900
66
709
251
13,174
As of January 1, 2023
At cost
7,990
3,431
2,591
228
998
258
15,495
Accumulated amortization and impairment losses
(69)
(103)
(1,692)
(161)
(289)
(7)
(2,321)
Carrying amount
7,920
3,328
900
66
709
251
13,174
Year ended December 31, 2023
Additions
\u2014
\u2014
40
3
2
440
485
Transfers from under development
\u2014
\u2014
457
\u2014
\u2014
(457)
\u2014
Acquisitions through business combinations
24
\u2014
\u2014
1
2
\u2014
27
Amortization
\u2014
(2)
(392)
(10)
(34)
\u2014
(438)
Impairments
\u2014
(1)
(14)
(5)
\u2014
(1)
(21)
Assets classified to held for sale or sold
\u2014
\u2014
(3)
\u2014
(1)
\u2014
(3)
Other movements1
\u2014
\u2014
\u2014
\u2014
\u2014
15
15
Exchange rate differences
(157)
(65)
(13)
(1)
(3)
(2)
(241)
Closing carrying amount
7,788
3,259
976
55
675
246
12,998
As of December 31, 2023
At cost
7,796
3,278
2,661
216
952
246
15,149
Accumulated amortization and impairment losses
(8)
(19)
(1,686)
(161)
(277)
\u2014
(2,151)
Carrying amount
7,788
3,259
976
55
675
246
12,998
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 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 their 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 in 2012. In 2023, customer relationships in the amount of \u20ac5 million arising from the
acquisition of Cycloon by bol were fully impaired. 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. Software and software development represent both costs from
external purchases as well as internal development costs.
The carrying amounts of goodwill allocated to Ahold Delhaize\u2019s CGUs and brand names recognized
from business acquisitions are as follows:
\u20ac million
Goodwill
December 31,
2023
Goodwill
January 1,
2023
Brand names
December 31,
2023 1
Brand names
January 1,
20231
Cash-generating unit
The United States
Stop & Shop
1,015
1,046
\u2014
\u2014
Food Lion
1,084
1,118
1,309
1,351
The GIANT Company
582
600
\u2014
\u2014
Hannaford
1,849
1,893
778
803
Giant Food
342
353
\u2014
\u2014
Europe
Albert Heijn (including the
Netherlands and Belgium)
1,760
1,751
\u2014
\u2014
Delhaize (including Belgium
and Luxembourg)
439
439
786
786
bol (including the Netherlands
and Belgium)2
235
235
91
92
Albert (Czech Republic)
187
191
\u2014
\u2014
Alfa Beta (Greece)
143
142
136
136
Mega Image (Romania)
130
131
83
83
Delhaize Serbia (Republic of
Serbia)
12
12
76
76
Etos
8
8
\u2014
\u2014
Gall & Gall
1
1
\u2014
\u2014
Ahold Delhaize
Group
7,788
7,920
3,259
3,328
1Included own brands at Food Lion (\u20ac4 million; January 1, 2023: \u20ac5 million), Hannaford (\u20ac4 million; January 1, 2023: \u20ac5 million),
Greece (\u20ac2 million; January 1, 2023: \u20ac2 million) and Romania (\u20ac2 million; January 1, 2023: \u20ac2 million).
2The goodwill and brand names arising from the acquisition of Cycloon by bol in 2022 amounted to \u20ac33 million and \u20ac6 million,
respectively. In 2023, an impairment of \u20ac1 million was recognized for the brand name.
14 INTANGIBLE ASSETS CONTINUED
Goodwill impairment testing
In the 2023 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, 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 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) / weighted average cost of capital (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
The third quarter 2022 impairment indication analysis triggered a detailed impairment test for
FreshDirect, largely related to the broad-based re-rating of sector valuations and reduced scope of that
business. 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 intangible assets to nil. In April 2023, Ahold Delhaize began
to explore its strategic options for the FreshDirect business. In Q3 2023, Ahold Delhaize recognized an
impairment loss of \u20ac153 million mainly for FreshDirect\u2019s Property, plant and equipment. On December
6, 2023, the Company divested FreshDirect and recorded a pre-tax loss of \u20ac250 million and a net tax
benefit of \u20ac75 million (see Note 5).
The key assumptions for the goodwill impairment test relate to the WACC (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:
Post-tax
discount rate
The U.S. brands (excluding FreshDirect)
6.5%
The brands in the Netherlands (excluding bol)
5.3%
Delhaize
6.0%
bol
10.5%
Albert (Czech Republic)
6.5%
Alfa Beta (Greece)
7.3%
Mega Image (Romania)
10.4%
Delhaize Serbia (Republic of Serbia)
9.9%
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 1.8% and 8.8% for the CGUs. The average operating margins applied in the projected periods
ranged between 1.8% and 7.5% 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 1.8% and 2.9% 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:
Post-tax
discount rate
Growth rate
(terminal value)
Stop & Shop
6.5%
2.2%
Food Lion
6.5%
2.2%
Hannaford
6.5%
2.2%
Albert Heijn
5.3%
2.1%
Delhaize
6.0%
2.0%
Cash flow projections for these CGUs reflect current macroeconomic 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 are aligned with the current macroeconomic environment.
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 macroeconomic 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 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 discounted cash flow projections are revenue growth and improved margin. 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 affiliates business model.
As explained in Note 5, Delhaize signed purchase agreements for all of the 128 stores to be
transformed into affiliate stores. Given the progress on the transformation and the transformation costs
absorbed in 2023, the estimation uncertainty decreased and the headroom increased compared to last
year\u2019s impairment test. The recoverable amount for Delhaize exceeds the carrying amount by more
than 25% (2022: more than 10%).
A sensitivity analysis indicates that the valuation is sensitive to changes in operating margins and post-
tax discount rate. The recoverable amount of Delhaize would be equal to its carrying amount if
Delhaize\u2019s operating margins in the projection period were reduced, in absolute terms, by 0.7%, or if
the post-tax discount rate was, in absolute terms, higher by 1.1%.
\"Data
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) and market multiples.
\"Methodology
Accounting policies
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, technical 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:
Software
3\u201310 years
Customer relationships
7\u201325 years
Retail brands
indefinite
Own brands
10\u201315 years
Franchise and affiliate relationships
14\u201340 years
Other
5 years\u2013indefinite
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-451": { "value": "
The carrying amounts of goodwill allocated to Ahold Delhaize\u2019s CGUs and brand names recognized
from business acquisitions are as follows:
\u20ac million
Goodwill
December 31,
2023
Goodwill
January 1,
2023
Brand names
December 31,
2023 1
Brand names
January 1,
20231
Cash-generating unit
The United States
Stop & Shop
1,015
1,046
\u2014
\u2014
Food Lion
1,084
1,118
1,309
1,351
The GIANT Company
582
600
\u2014
\u2014
Hannaford
1,849
1,893
778
803
Giant Food
342
353
\u2014
\u2014
Europe
Albert Heijn (including the
Netherlands and Belgium)
1,760
1,751
\u2014
\u2014
Delhaize (including Belgium
and Luxembourg)
439
439
786
786
bol (including the Netherlands
and Belgium)2
235
235
91
92
Albert (Czech Republic)
187
191
\u2014
\u2014
Alfa Beta (Greece)
143
142
136
136
Mega Image (Romania)
130
131
83
83
Delhaize Serbia (Republic of
Serbia)
12
12
76
76
Etos
8
8
\u2014
\u2014
Gall & Gall
1
1
\u2014
\u2014
Ahold Delhaize
Group
7,788
7,920
3,259
3,328
1Included own brands at Food Lion (\u20ac4 million; January 1, 2023: \u20ac5 million), Hannaford (\u20ac4 million; January 1, 2023: \u20ac5 million),
Greece (\u20ac2 million; January 1, 2023: \u20ac2 million) and Romania (\u20ac2 million; January 1, 2023: \u20ac2 million).
2The goodwill and brand names arising from the acquisition of Cycloon by bol in 2022 amounted to \u20ac33 million and \u20ac6 million,
respectively. In 2023, an impairment of \u20ac1 million was recognized for the brand name.
14 INTANGIBLE ASSETS CONTINUED
Goodwill impairment testing
In the 2023 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, 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 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) / weighted average cost of capital (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
The third quarter 2022 impairment indication analysis triggered a detailed impairment test for
FreshDirect, largely related to the broad-based re-rating of sector valuations and reduced scope of that
business. 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 intangible assets to nil. In April 2023, Ahold Delhaize began
to explore its strategic options for the FreshDirect business. In Q3 2023, Ahold Delhaize recognized an
impairment loss of \u20ac153 million mainly for FreshDirect\u2019s Property, plant and equipment. On December
6, 2023, the Company divested FreshDirect and recorded a pre-tax loss of \u20ac250 million and a net tax
benefit of \u20ac75 million (see Note 5).
The key assumptions for the goodwill impairment test relate to the WACC (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:
Post-tax
discount rate
The U.S. brands (excluding FreshDirect)
6.5%
The brands in the Netherlands (excluding bol)
5.3%
Delhaize
6.0%
bol
10.5%
Albert (Czech Republic)
6.5%
Alfa Beta (Greece)
7.3%
Mega Image (Romania)
10.4%
Delhaize Serbia (Republic of Serbia)
9.9%
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 1.8% and 8.8% for the CGUs. The average operating margins applied in the projected periods
ranged between 1.8% and 7.5% 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 1.8% and 2.9% 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:
Post-tax
discount rate
Growth rate
(terminal value)
Stop & Shop
6.5%
2.2%
Food Lion
6.5%
2.2%
Hannaford
6.5%
2.2%
Albert Heijn
5.3%
2.1%
Delhaize
6.0%
2.0%
Cash flow projections for these CGUs reflect current macroeconomic 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 are aligned with the current macroeconomic environment.
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 macroeconomic 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 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 discounted cash flow projections are revenue growth and improved margin. 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 affiliates business model.
As explained in Note 5, Delhaize signed purchase agreements for all of the 128 stores to be
transformed into affiliate stores. Given the progress on the transformation and the transformation costs
absorbed in 2023, the estimation uncertainty decreased and the headroom increased compared to last
year\u2019s impairment test. The recoverable amount for Delhaize exceeds the carrying amount by more
than 25% (2022: more than 10%).
A sensitivity analysis indicates that the valuation is sensitive to changes in operating margins and post-
tax discount rate. The recoverable amount of Delhaize would be equal to its carrying amount if
Delhaize\u2019s operating margins in the projection period were reduced, in absolute terms, by 0.7%, or if
the post-tax discount rate was, in absolute terms, higher by 1.1%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-452": { "value": "
Goodwill impairment testing
In the 2023 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, 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 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) / weighted average cost of capital (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
The third quarter 2022 impairment indication analysis triggered a detailed impairment test for
FreshDirect, largely related to the broad-based re-rating of sector valuations and reduced scope of that
business. 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 intangible assets to nil. In April 2023, Ahold Delhaize began
to explore its strategic options for the FreshDirect business. In Q3 2023, Ahold Delhaize recognized an
impairment loss of \u20ac153 million mainly for FreshDirect\u2019s Property, plant and equipment. On December
6, 2023, the Company divested FreshDirect and recorded a pre-tax loss of \u20ac250 million and a net tax
benefit of \u20ac75 million (see Note 5).
The key assumptions for the goodwill impairment test relate to the WACC (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:
Post-tax
discount rate
The U.S. brands (excluding FreshDirect)
6.5%
The brands in the Netherlands (excluding bol)
5.3%
Delhaize
6.0%
bol
10.5%
Albert (Czech Republic)
6.5%
Alfa Beta (Greece)
7.3%
Mega Image (Romania)
10.4%
Delhaize Serbia (Republic of Serbia)
9.9%
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 1.8% and 8.8% for the CGUs. The average operating margins applied in the projected periods
ranged between 1.8% and 7.5% 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 1.8% and 2.9% 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:
Post-tax
discount rate
Growth rate
(terminal value)
Stop & Shop
6.5%
2.2%
Food Lion
6.5%
2.2%
Hannaford
6.5%
2.2%
Albert Heijn
5.3%
2.1%
Delhaize
6.0%
2.0%
Cash flow projections for these CGUs reflect current macroeconomic 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 are aligned with the current macroeconomic environment.
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 macroeconomic 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 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 discounted cash flow projections are revenue growth and improved margin. 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 affiliates business model.
As explained in Note 5, Delhaize signed purchase agreements for all of the 128 stores to be
transformed into affiliate stores. Given the progress on the transformation and the transformation costs
absorbed in 2023, the estimation uncertainty decreased and the headroom increased compared to last
year\u2019s impairment test. The recoverable amount for Delhaize exceeds the carrying amount by more
than 25% (2022: more than 10%).
A sensitivity analysis indicates that the valuation is sensitive to changes in operating margins and post-
tax discount rate. The recoverable amount of Delhaize would be equal to its carrying amount if
Delhaize\u2019s operating margins in the projection period were reduced, in absolute terms, by 0.7%, or if
the post-tax discount rate was, in absolute terms, higher by 1.1%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-453": { "value": "
\"Methodology
Accounting policies
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, technical 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:
Software
3\u201310 years
Customer relationships
7\u201325 years
Retail brands
indefinite
Own brands
10\u201315 years
Franchise and affiliate relationships
14\u201340 years
Other
5 years\u2013indefinite
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-454": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-455": { "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, technical 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:
Software
3\u201310 years
Customer relationships
7\u201325 years
Retail brands
indefinite
Own brands
10\u201315 years
Franchise and affiliate relationships
14\u201340 years
Other
5 years\u2013indefinite
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-458": { "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 for 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:
\u20ac million
JMR
Super Indo
Other
Total
2023
2023
2023
2023
Beginning of the year
167
64
30
262
Investments in joint ventures
\u2014
\u2014
\u2014
\u2014
Share in income (loss) of joint ventures
19
10
1
30
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
(1)
Dividend
(17)
(2)
(2)
(22)
Exchange rate differences
\u2014
(1)
(1)
(2)
End of the year
168
71
29
268
\u20ac million
JMR
Super Indo
Other
Total
2022
2022
2022
2022
Beginning of the year
165
62
18
244
Investments in associates
\u2014
\u2014
12
12
Share in income (loss) of joint ventures
19
8
17
44
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(3)
(18)
(38)
Exchange rate differences
\u2014
(2)
1
(1)
End of the year
167
64
30
262
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac1 million (2022: a gain of \u20ac17 million) and nil for individually
immaterial associates (2022: nil).
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
\u20ac million
JMR
JMR
Super Indo
Super Indo
2023
2022
2023
2022
Summarized statement of comprehensive
income
Net sales
5,471
5,038
666
628
Depreciation and amortization
(188)
(158)
(20)
(20)
Interest income
\u2014
\u2014
2
1
Interest expense
(3)
(1)
\u2014
\u2014
Interest accretion to lease liability
(22)
(22)
(3)
(3)
Income tax expense
(10)
(33)
(4)
(5)
Income from continuing operations
39
39
20
15
Net income
39
39
20
15
Other comprehensive income
(1)
\u2014
\u2014
\u2014
Total comprehensive income
38
39
20
15
\u20ac million
JMR
JMR
Super Indo
Super Indo
December 31,
2023
January 1,
2023
December 31,
2023
January 1,
2023
Summarized balance sheet
Non-current assets
1,829
1,710
121
118
Current assets
Cash and cash equivalents
94
130
108
91
Other current assets
483
463
78
75
Total current assets
577
593
186
165
Non-current liabilities
Financial liabilities
384
382
46
43
Other liabilities
60
52
6
5
Total non-current liabilities
444
434
52
49
Current liabilities
Financial liabilities (excluding trade payables)
200
63
7
7
Other current liabilities
1,419
1,465
127
120
Total current liabilities
1,619
1,529
134
126
Net assets
343
340
121
108
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:
\u20ac million
JMR
JMR
Super Indo
Super Indo
2023
2022
2023
2022
Opening net assets
340
336
108
102
Net income
39
39
20
15
Other comprehensive income
(1)
\u2014
\u2014
\u2014
Dividend
(35)
(35)
(4)
(6)
Exchange rate differences
\u2014
\u2014
(2)
(3)
Closing net assets
343
340
121
108
Interest in joint venture
49%
49%
51%
51%
Closing net assets included in the carrying value
168
167
62
55
Goodwill
\u2014
\u2014
9
9
Carrying value
168
167
71
64
Commitments and contingent liabilities in respect of joint ventures and
associates
Pingo Doce, an indirectly wholly-owned subsidiary of JMR in Portugal, is involved in several
proceedings, already pending in court, regarding the challenge of decisions by the Portuguese
Competition Authority (AdC) on alleged breaches of the respective antitrust laws for some products
sold in its stores. Following search-and-seizure actions carried out in late 2016 and early 2017 in
several companies operating in the food distribution sector, AdC decided to open several inquiries.
Within the scope of these inquiries, it has issued, since then, several statements of objections for
alleged anti-competitive practices against various suppliers and retailers, including Pingo Doce. Pingo
Doce received 10 statements of objections for alleged anti-competitive practices, consisting of price
alignment for certain products. Throughout the course of these investigations, Pingo Doce has fully
cooperated with the authorities.
Up to the end of 2023, Pingo Doce was notified of decisions issued by the AdC regarding the 10\u00a0
above-mentioned proceedings, imposing fines on several retailers and their suppliers, including Pingo
Doce. In the case of Pingo Doce, these decisions resulted in the imposition of fines in the amount of
\u20ac190\u00a0million.
Pingo Doce disagrees with these decisions, which it considers to be completely ungrounded. As such,
Pingo Doce filed the respective appeals before the Competition, Regulation and Supervision Court
(\u201cTribunal da Concorr\u00eancia, Regula\u00e7\u00e3o e Supervis\u00e3o\u201d) in accordance with the applicable deadlines.
Under the terms of the applicable law, Pingo Doce also requested suspensive effect to the appeals,
subject to providing a guarantee, to prevent the immediate payment of the fine. Based on the opinion of
its legal counsels and economic advisors, Pingo Doce is fully convinced of the strength and merits of its
position. Therefore, no provision was recognized for this imposed fine in Pingo Doce\u2019s accounts.
In 2023, a consumer protection association filed class actions against Pingo Doce in respect to
damages arising from an alleged discrepancy in prices between what is displayed on the shelf and
what appears at the checkout counter in its supermarkets. The safeguarding of the legitimate interests
of the consumer is always a priority for Pingo Doce, and therefore, as Pingo Doce is convinced that
there is no ground for these actions, it will contest them in due time.
In addition, our JMR joint venture is involved in several tax proceedings that challenge decisions by the
Portuguese tax authorities. These tax claims are contested by our JMR joint venture. For these tax
claims, JMR issued several bank guarantees for a total amount of \u20ac211 million. Ahold Delhaize\u2019s
indirect share of these JMR-issued guarantees is \u20ac103 million, based on our ownership interest.
There are no other significant contingent liabilities or restrictions relating to the Company\u2019s interest in
the joint ventures and associates. The commitments are presented in Note 34.
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "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 for 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:
\u20ac million
JMR
Super Indo
Other
Total
2023
2023
2023
2023
Beginning of the year
167
64
30
262
Investments in joint ventures
\u2014
\u2014
\u2014
\u2014
Share in income (loss) of joint ventures
19
10
1
30
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
(1)
Dividend
(17)
(2)
(2)
(22)
Exchange rate differences
\u2014
(1)
(1)
(2)
End of the year
168
71
29
268
\u20ac million
JMR
Super Indo
Other
Total
2022
2022
2022
2022
Beginning of the year
165
62
18
244
Investments in associates
\u2014
\u2014
12
12
Share in income (loss) of joint ventures
19
8
17
44
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(3)
(18)
(38)
Exchange rate differences
\u2014
(2)
1
(1)
End of the year
167
64
30
262
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac1 million (2022: a gain of \u20ac17 million) and nil for individually
immaterial associates (2022: nil).
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
\u20ac million
JMR
JMR
Super Indo
Super Indo
2023
2022
2023
2022
Summarized statement of comprehensive
income
Net sales
5,471
5,038
666
628
Depreciation and amortization
(188)
(158)
(20)
(20)
Interest income
\u2014
\u2014
2
1
Interest expense
(3)
(1)
\u2014
\u2014
Interest accretion to lease liability
(22)
(22)
(3)
(3)
Income tax expense
(10)
(33)
(4)
(5)
Income from continuing operations
39
39
20
15
Net income
39
39
20
15
Other comprehensive income
(1)
\u2014
\u2014
\u2014
Total comprehensive income
38
39
20
15
\u20ac million
JMR
JMR
Super Indo
Super Indo
December 31,
2023
January 1,
2023
December 31,
2023
January 1,
2023
Summarized balance sheet
Non-current assets
1,829
1,710
121
118
Current assets
Cash and cash equivalents
94
130
108
91
Other current assets
483
463
78
75
Total current assets
577
593
186
165
Non-current liabilities
Financial liabilities
384
382
46
43
Other liabilities
60
52
6
5
Total non-current liabilities
444
434
52
49
Current liabilities
Financial liabilities (excluding trade payables)
200
63
7
7
Other current liabilities
1,419
1,465
127
120
Total current liabilities
1,619
1,529
134
126
Net assets
343
340
121
108
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:
\u20ac million
JMR
JMR
Super Indo
Super Indo
2023
2022
2023
2022
Opening net assets
340
336
108
102
Net income
39
39
20
15
Other comprehensive income
(1)
\u2014
\u2014
\u2014
Dividend
(35)
(35)
(4)
(6)
Exchange rate differences
\u2014
\u2014
(2)
(3)
Closing net assets
343
340
121
108
Interest in joint venture
49%
49%
51%
51%
Closing net assets included in the carrying value
168
167
62
55
Goodwill
\u2014
\u2014
9
9
Carrying value
168
167
71
64
Commitments and contingent liabilities in respect of joint ventures and
associates
Pingo Doce, an indirectly wholly-owned subsidiary of JMR in Portugal, is involved in several
proceedings, already pending in court, regarding the challenge of decisions by the Portuguese
Competition Authority (AdC) on alleged breaches of the respective antitrust laws for some products
sold in its stores. Following search-and-seizure actions carried out in late 2016 and early 2017 in
several companies operating in the food distribution sector, AdC decided to open several inquiries.
Within the scope of these inquiries, it has issued, since then, several statements of objections for
alleged anti-competitive practices against various suppliers and retailers, including Pingo Doce. Pingo
Doce received 10 statements of objections for alleged anti-competitive practices, consisting of price
alignment for certain products. Throughout the course of these investigations, Pingo Doce has fully
cooperated with the authorities.
Up to the end of 2023, Pingo Doce was notified of decisions issued by the AdC regarding the 10\u00a0
above-mentioned proceedings, imposing fines on several retailers and their suppliers, including Pingo
Doce. In the case of Pingo Doce, these decisions resulted in the imposition of fines in the amount of
\u20ac190\u00a0million.
Pingo Doce disagrees with these decisions, which it considers to be completely ungrounded. As such,
Pingo Doce filed the respective appeals before the Competition, Regulation and Supervision Court
(\u201cTribunal da Concorr\u00eancia, Regula\u00e7\u00e3o e Supervis\u00e3o\u201d) in accordance with the applicable deadlines.
Under the terms of the applicable law, Pingo Doce also requested suspensive effect to the appeals,
subject to providing a guarantee, to prevent the immediate payment of the fine. Based on the opinion of
its legal counsels and economic advisors, Pingo Doce is fully convinced of the strength and merits of its
position. Therefore, no provision was recognized for this imposed fine in Pingo Doce\u2019s accounts.
In 2023, a consumer protection association filed class actions against Pingo Doce in respect to
damages arising from an alleged discrepancy in prices between what is displayed on the shelf and
what appears at the checkout counter in its supermarkets. The safeguarding of the legitimate interests
of the consumer is always a priority for Pingo Doce, and therefore, as Pingo Doce is convinced that
there is no ground for these actions, it will contest them in due time.
In addition, our JMR joint venture is involved in several tax proceedings that challenge decisions by the
Portuguese tax authorities. These tax claims are contested by our JMR joint venture. For these tax
claims, JMR issued several bank guarantees for a total amount of \u20ac211 million. Ahold Delhaize\u2019s
indirect share of these JMR-issued guarantees is \u20ac103 million, based on our ownership interest.
There are no other significant contingent liabilities or restrictions relating to the Company\u2019s interest in
the joint ventures and associates. The commitments are presented in Note 34.
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-456": { "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 for 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:
\u20ac million
JMR
Super Indo
Other
Total
2023
2023
2023
2023
Beginning of the year
167
64
30
262
Investments in joint ventures
\u2014
\u2014
\u2014
\u2014
Share in income (loss) of joint ventures
19
10
1
30
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
(1)
Dividend
(17)
(2)
(2)
(22)
Exchange rate differences
\u2014
(1)
(1)
(2)
End of the year
168
71
29
268
\u20ac million
JMR
Super Indo
Other
Total
2022
2022
2022
2022
Beginning of the year
165
62
18
244
Investments in associates
\u2014
\u2014
12
12
Share in income (loss) of joint ventures
19
8
17
44
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(3)
(18)
(38)
Exchange rate differences
\u2014
(2)
1
(1)
End of the year
167
64
30
262
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac1 million (2022: a gain of \u20ac17 million) and nil for individually
immaterial associates (2022: nil).
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
\u20ac million
JMR
JMR
Super Indo
Super Indo
2023
2022
2023
2022
Summarized statement of comprehensive
income
Net sales
5,471
5,038
666
628
Depreciation and amortization
(188)
(158)
(20)
(20)
Interest income
\u2014
\u2014
2
1
Interest expense
(3)
(1)
\u2014
\u2014
Interest accretion to lease liability
(22)
(22)
(3)
(3)
Income tax expense
(10)
(33)
(4)
(5)
Income from continuing operations
39
39
20
15
Net income
39
39
20
15
Other comprehensive income
(1)
\u2014
\u2014
\u2014
Total comprehensive income
38
39
20
15
\u20ac million
JMR
JMR
Super Indo
Super Indo
December 31,
2023
January 1,
2023
December 31,
2023
January 1,
2023
Summarized balance sheet
Non-current assets
1,829
1,710
121
118
Current assets
Cash and cash equivalents
94
130
108
91
Other current assets
483
463
78
75
Total current assets
577
593
186
165
Non-current liabilities
Financial liabilities
384
382
46
43
Other liabilities
60
52
6
5
Total non-current liabilities
444
434
52
49
Current liabilities
Financial liabilities (excluding trade payables)
200
63
7
7
Other current liabilities
1,419
1,465
127
120
Total current liabilities
1,619
1,529
134
126
Net assets
343
340
121
108
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:
\u20ac million
JMR
JMR
Super Indo
Super Indo
2023
2022
2023
2022
Opening net assets
340
336
108
102
Net income
39
39
20
15
Other comprehensive income
(1)
\u2014
\u2014
\u2014
Dividend
(35)
(35)
(4)
(6)
Exchange rate differences
\u2014
\u2014
(2)
(3)
Closing net assets
343
340
121
108
Interest in joint venture
49%
49%
51%
51%
Closing net assets included in the carrying value
168
167
62
55
Goodwill
\u2014
\u2014
9
9
Carrying value
168
167
71
64
Commitments and contingent liabilities in respect of joint ventures and
associates
Pingo Doce, an indirectly wholly-owned subsidiary of JMR in Portugal, is involved in several
proceedings, already pending in court, regarding the challenge of decisions by the Portuguese
Competition Authority (AdC) on alleged breaches of the respective antitrust laws for some products
sold in its stores. Following search-and-seizure actions carried out in late 2016 and early 2017 in
several companies operating in the food distribution sector, AdC decided to open several inquiries.
Within the scope of these inquiries, it has issued, since then, several statements of objections for
alleged anti-competitive practices against various suppliers and retailers, including Pingo Doce. Pingo
Doce received 10 statements of objections for alleged anti-competitive practices, consisting of price
alignment for certain products. Throughout the course of these investigations, Pingo Doce has fully
cooperated with the authorities.
Up to the end of 2023, Pingo Doce was notified of decisions issued by the AdC regarding the 10\u00a0
above-mentioned proceedings, imposing fines on several retailers and their suppliers, including Pingo
Doce. In the case of Pingo Doce, these decisions resulted in the imposition of fines in the amount of
\u20ac190\u00a0million.
Pingo Doce disagrees with these decisions, which it considers to be completely ungrounded. As such,
Pingo Doce filed the respective appeals before the Competition, Regulation and Supervision Court
(\u201cTribunal da Concorr\u00eancia, Regula\u00e7\u00e3o e Supervis\u00e3o\u201d) in accordance with the applicable deadlines.
Under the terms of the applicable law, Pingo Doce also requested suspensive effect to the appeals,
subject to providing a guarantee, to prevent the immediate payment of the fine. Based on the opinion of
its legal counsels and economic advisors, Pingo Doce is fully convinced of the strength and merits of its
position. Therefore, no provision was recognized for this imposed fine in Pingo Doce\u2019s accounts.
In 2023, a consumer protection association filed class actions against Pingo Doce in respect to
damages arising from an alleged discrepancy in prices between what is displayed on the shelf and
what appears at the checkout counter in its supermarkets. The safeguarding of the legitimate interests
of the consumer is always a priority for Pingo Doce, and therefore, as Pingo Doce is convinced that
there is no ground for these actions, it will contest them in due time.
In addition, our JMR joint venture is involved in several tax proceedings that challenge decisions by the
Portuguese tax authorities. These tax claims are contested by our JMR joint venture. For these tax
claims, JMR issued several bank guarantees for a total amount of \u20ac211 million. Ahold Delhaize\u2019s
indirect share of these JMR-issued guarantees is \u20ac103 million, based on our ownership interest.
There are no other significant contingent liabilities or restrictions relating to the Company\u2019s interest in
the joint ventures and associates. The commitments are presented in Note 34.
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-459": { "value": "262000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-460": { "value": "30000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-461": { "value": "268000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-462": { "value": "44000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-463": { "value": "
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-464": { "value": "
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-465": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-466": { "value": "
16 OTHER NON-CURRENT FINANCIAL ASSETS
\u20ac million
December 31,
2023
January 1,
2023
Net investment in leases
538
524
Reinsurance contract asset
184
188
Loans receivable
116
23
Defined benefit asset
51
54
Derivative financial instruments
\u2014
\u2014
Investments in equity instruments
27
\u2014
Non-current income tax receivable
\u2014
382
Other
32
22
Total other non-current financial assets
949
1,193
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
contract asset and reinsurance contract liability (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 2023 or 2022.
Of the non-current loans receivable, \u20ac44\u00a0million matures between one and five years and \u20ac72\u00a0million
after five years (January\u00a01, 2023: \u20ac18\u00a0million between one and five years and \u20ac5\u00a0million after five
years). The current portion of loans receivable of \u20ac12\u00a0million (January\u00a01, 2023: \u20ac13\u00a0million) is included
in Other current financial assets (see Note 19).
The defined benefit asset at December\u00a031, 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 at January 1, 2023, related to a \u20ac382 million payment to the
Belgian tax authorities for an additional assessment notice issued for the tax return over 2018. In March
2023, Ahold Delhaize signed an agreement with the Belgian tax authorities relating to its tax return over
2018. Based on this agreement, Ahold Delhaize fully recovered its associated outstanding receivable in
May 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-467": { "value": "949000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-468": { "value": "1193000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-469": { "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
contract asset and reinsurance contract liability (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 2023 or 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-470": { "value": "
17 INVENTORIES
\u20ac million
December 31,
2023
January 1,
2023
Finished products and merchandise inventories
4,487
4,505
Raw materials, packaging materials, technical supplies and other
97
107
Total inventories
4,583
4,611
In 2023, \u20ac2,109\u00a0million has been recognized as a write-off of inventories within cost of sales in the
income statement (2022: \u20ac1,970\u00a0million). Write-offs include, among others, spoilage, damaged product,
theft and product donated to food banks.
\"Data
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for vendor allowances, see
Note 8.
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-471": { "value": "4583000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-472": { "value": "4611000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-473": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-474": { "value": "
18 RECEIVABLES
\u20ac million
December 31,
2023
January 1, 2023,
restated
Trade receivables
1,505
1,346
Vendor allowance receivables
674
686
Other receivables1
420
413
2,599
2,444
Provision for impairment
(111)
(104)
Total receivables
2,488
2,340
1Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
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
December\u00a031, 2023, is \u20ac319\u00a0million (January\u00a01, 2023, restated: \u20ac294\u00a0million).
At December\u00a031, 2023, the aging analysis of receivables was as follows:
Past due
\u20ac million
Total
Not past
due
0\u20133
months
3\u20136
months
6\u201312
months
> 12
months
Trade receivables
1,505
1,101
284
22
25
73
Vendor allowance
receivables
674
573
67
10
12
12
Other receivables
420
271
59
12
9
69
2,599
1,945
410
44
45
154
Provision for impairment
(111)
(2)
(14)
(5)
(15)
(75)
Total receivables
2,488
1,943
396
39
31
79
Expected credit loss
4.3%
0.1%
3.5%
11.1%
32.4%
48.9%
At January\u00a01, 2023, restated, the aging analysis of receivables was as follows:
Past due
\u20ac million
Total
Not past
due
0\u20133
months
3\u20136
months
6\u201312
months
> 12
months
Trade receivables
1,346
869
354
21
32
69
Vendor allowance
receivables
686
516
97
30
27
16
Other receivables1
413
222
106
14
9
62
2,444
1,607
557
65
68
147
Provision for impairment
(104)
(10)
(9)
(7)
(9)
(68)
Total receivables
2,340
1,597
548
58
58
78
Expected credit loss
4.3%
0.6%
1.7%
10.7%
13.7%
46.7%
1 Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
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
December\u00a031, 2023. For more information about credit risk, see Note 30.
The changes in the provision for impairment were as follows:
\u20ac million
2023
2022
Beginning of the year
(104)
(96)
Charged to income
(37)
(39)
Used
29
32
Exchange rate differences
1
(1)
End of the year
(111)
(104)
\"Data
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for vendor allowances,
see\u00a0Note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-475": { "value": "2488000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-476": { "value": "2340000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-477": { "value": "
At December\u00a031, 2023, the aging analysis of receivables was as follows:
Past due
\u20ac million
Total
Not past
due
0\u20133
months
3\u20136
months
6\u201312
months
> 12
months
Trade receivables
1,505
1,101
284
22
25
73
Vendor allowance
receivables
674
573
67
10
12
12
Other receivables
420
271
59
12
9
69
2,599
1,945
410
44
45
154
Provision for impairment
(111)
(2)
(14)
(5)
(15)
(75)
Total receivables
2,488
1,943
396
39
31
79
Expected credit loss
4.3%
0.1%
3.5%
11.1%
32.4%
48.9%
At January\u00a01, 2023, restated, the aging analysis of receivables was as follows:
Past due
\u20ac million
Total
Not past
due
0\u20133
months
3\u20136
months
6\u201312
months
> 12
months
Trade receivables
1,346
869
354
21
32
69
Vendor allowance
receivables
686
516
97
30
27
16
Other receivables1
413
222
106
14
9
62
2,444
1,607
557
65
68
147
Provision for impairment
(104)
(10)
(9)
(7)
(9)
(68)
Total receivables
2,340
1,597
548
58
58
78
Expected credit loss
4.3%
0.6%
1.7%
10.7%
13.7%
46.7%
1 Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
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
December\u00a031, 2023. For more information about credit risk, see Note 30.
The changes in the provision for impairment were as follows:
\u20ac million
2023
2022
Beginning of the year
(104)
(96)
Charged to income
(37)
(39)
Used
29
32
Exchange rate differences
1
(1)
End of the year
(111)
(104)
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
December\u00a031, 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-478": { "value": "2488000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-479": { "value": "2340000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-480": { "value": "
19 OTHER CURRENT FINANCIAL ASSETS
\u20ac million
December 31,
2023
January 1, 2023,
restated
Derivative financial instruments \u2013 current portion
\u2014
2
Net investment in leases \u2013 current portion
98
96
Investments in debt instruments (FVPL1 ) \u2013 current portion
\u2014
125
Short-term deposits and similar instruments
15
16
Reinsurance contract asset2 \u2013 current portion (see Note 16)
143
145
Short-term loans receivable
12
13
Other
33
27
Total other current financial assets
302
424
1Fair value through profit or loss (FVPL).
2Prior year numbers have been restated due to the implementation of IFRS 17; see Note 3.
For more information on Net investment in leases \u2013 current portion, see Note 33.
The Investments in debt instruments related to investments in U.S. Treasury bond funds held by one of
the Company\u2019s captive insurance companies, which were sold in 2023.
As of December\u00a031, 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 December\u00a031, 2023, \u20ac15\u00a0million was restricted (January\u00a01, 2023: \u20ac16\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 2023, the Company recognized net impairment
charges for these financial assets of nil (2022: \u20ac1 million). The net impairments were included in Other
gains (losses); see Note 9.
26 OTHER CURRENT FINANCIAL LIABILITIES
\u20ac million
December 31,
2023
January 1, 2023,
restated
Lease liabilities \u2013 current portion
1,281
1,327
Interest payable
48
37
Short-term borrowings
250
204
Bank overdrafts
767
712
Reinsurance contract liability1 \u2013 current portion (see Note 16 and Note 23 )
114
122
Loans \u2013 current portion (see Note 22)
787
233
Deposit liabilities
15
15
Derivative financial instruments
1
\u2014
Other
12
68
Total other current financial liabilities
3,275
2,718
1Prior year numbers have been restated due to the implementation of IFRS 17; see Note 3.
For more information on lease liabilities, see Note 33.
Bank overdrafts includes an amount of \u20ac767\u00a0million (January\u00a01, 2023: \u20ac712\u00a0million ) that 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).
The current portion of loans mainly includes the \u20ac750 million notes, which are due in 2024 (see Note
22).
In 2022, Other included mainly the current portion of the Local 1500 withdrawal liability in the amount of
$57 million, which was fully repaid in 2023; see Note\u00a024.
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 December\u00a031, 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 2023 rate, with all other variables held constant, the hypothetical result on
income before income taxes would have been an increase (decrease) of \u20ac4\u00a0million (2022: an increase
(decrease) of \u20ac4\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 2023 income statement related to the revaluation of
unhedged leases reported in the balance sheet amounted to \u20ac8 million ( 2022: gain of \u20ac7 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 \u20ac179 million ( 2022:\u00a0\u20ac168\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 December\u00a031, 2023, 96% of\u00a0Ahold Delhaize\u2019s long-term bonds was at fixed rates of interest
(January\u00a01, 2023: 96%). The fixed to floating interest rate swap is taken into account in the percentage
as of December 31, 2023, and January 1, 2023 (see Derivatives).
Interest rate sensitivity analysis
The total interest expense recognized in the 2023 income statement related to the variable rates of
short- and long-term debt amounted to \u20ac25\u00a0million (2022: \u20ac4 million). 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 \u20ac7 million (2022: \u20ac11 million).
The total interest income recognized in the 2023 income statement amounted to \u20ac174\u00a0million (2022:
\u20ac69\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
(2022: gain of \u20ac23\u00a0million or a loss of \u20ac23\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 December\u00a031,
2023, the amounts due under the supply chain finance arrangements classified as trade payables were
\u20ac1,313\u00a0million (January\u00a01, 2023: \u20ac1,132 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
December\u00a031, 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 December\u00a031, 2023, amounted to \u20ac183\u00a0million (January\u00a01, 2023:
\u20ac254\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 December\u00a031, 2023.
\u20ac million
Gross amounts
in the balance
sheet
Cash collateral
received/
pledged 1
Net exposure
Assets
Cash and cash equivalents
808
767
41
Total
808
767
41
Liabilities
Bank overdrafts
767
767
\u2014
Total
767
767
\u2014
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
December\u00a031, 2023, the Company\u2019s liquidity position primarily comprised \u20ac2,733\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 December\u00a031, 2023, and January\u00a01, 2023, 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 December\u00a031, 2023, and January\u00a01, 2023,
respectively. See Note 34 for the liquidity risk related to guarantees.
Year ended December\u00a031, 2023
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(4,758)
(889)
(2,607)
(2,071)
(5,566)
Other loans
(3)
\u2014
\u2014
(3)
(3)
Financing obligations
(163)
(27)
(68)
(1)
(97)
Accounts payable
(8,278)
(8,278)
\u2014
\u2014
(8,278)
Short-term borrowings
(1,017)
(1,017)
\u2014
\u2014
(1,017)
Reinsurance contract liability
(283)
(124)
(142)
(51)
(317)
Other long-term financial liabilities
(58)
(10)
(52)
\u2014
(62)
Other
(24)
(15)
\u2014
\u2014
(15)
Derivative financial liabilities
Derivatives
(32)
(1)
\u2014
(32)
(32)
1The maturity analysis for lease liabilities is included in Note 33.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
Year ended January\u00a01, 2023, restated
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(4,373)
(129)
(2,854)
(2,289)
(5,273)
Other loans
(193)
(193)
\u2014
(3)
(196)
Financing obligations
(194)
(33)
(93)
(9)
(135)
Accounts payable2
(8,162)
(8,162)
\u2014
\u2014
(8,162)
Short-term borrowings
(915)
(915)
\u2014
\u2014
(915)
Reinsurance contract liability2
(302)
(135)
(143)
(60)
(337)
Other long-term financial liabilities
(269)
(64)
(205)
(1)
(270)
Other
(26)
(15)
\u2014
\u2014
(15)
Derivative financial liabilities
Derivatives
(26)
\u2014
\u2014
(26)
(26)
1The maturity analysis for lease liabilities is included in Note 33.
2Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
Credit ratings
Maintaining investment-grade credit ratings is a cornerstone of Ahold Delhaize\u2019s financial strategy
because such ratings optimize the cost of funding and facilitate access to a variety of lenders and
markets. Ahold Delhaize\u2019s current credit ratings from the solicited rating agencies are:
\u00f3 Standard & Poor\u2019s: Corporate credit rating BBB+, with a stable outlook as of March 2023 (previous
rating BBB assigned in September 2022).
\u00f3 Moody\u2019s: Issuer credit rating Baa1, with a stable outlook as of February 2018\u00a0(previous rating Baa2
assigned in August 2015).
Capital management
The Company\u2019s primary objective to manage capital is the optimization of its debt and equity balances
to sustain the future development of the business, maintain its\u00a0investment-grade credit rating and
maximize shareholder value.
Ahold Delhaize may balance its capital structure in several ways, including through the payment of
dividends, capital repayment, new share issues, share buybacks and the issuance or redemption of debt.
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:
\u20ac million
December 31, 2023
January 1, 2023, restated
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets at amortized cost
Loans receivable
129
130
36
34
Trade and other (non-)current receivables1
2,542
2,542
2,379
2,379
Lease receivable
529
505
518
498
Cash and cash equivalents
3,484
3,484
3,082
3,082
Short-term deposits and similar investments
15
15
16
16
6,699
6,677
6,031
6,009
Financial assets at fair value through profit or
loss
Reinsurance contract asset1
327
327
333
333
Investments in debt instruments
11
11
136
136
338
338
469
469
Financial assets at fair value through other
comprehensive income
Investments in equity instruments
27
27
\u2014
\u2014
Derivative financial instruments
Derivatives
\u2014
\u2014
2
2
Total financial assets
7,065
7,043
6,501
6,479
1Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
\u20ac million
December 31, 2023
January 1, 2023, restated
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial liabilities at amortized cost
Notes
(4,758)
(4,617)
(4,373)
(4,075)
Other loans
(3)
(3)
(193)
(193)
Financing obligations
(163)
(80)
(194)
(109)
Accounts payable1
(8,278)
(8,278)
(8,162)
(8,162)
Short-term borrowings
(1,017)
(1,017)
(915)
(915)
Interest payable
(48)
(48)
(37)
(37)
Other long-term financial liabilities2
(58)
(59)
(269)
(268)
Other
(24)
(24)
(26)
(26)
(14,349)
(14,126)
(14,168)
(13,785)
Financial liabilities at fair value through profit
or loss
Reinsurance contract liability1
(283)
(283)
(302)
(302)
Derivative financial instruments
Derivatives
(32)
(32)
(26)
(26)
Total financial liabilities excluding lease
liabilities
(14,665)
(14,442)
(14,496)
(14,113)
Long-term lease liabilities
(11,826)
N/A
(11,965)
N/A
Total financial liabilities
(26,491)
N/A
(26,461)
N/A
1Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
2The Other long-term financial liabilities relating to FreshDirect and Cycloon were settled in 2023 (see Note 23).
Of Ahold Delhaize\u2019s categories of financial instruments, only derivatives, investments in debt and
certain equity 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.\u00a0
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 \u20ac33 million as
of December\u00a031, 2023 (January 1, 2023: \u20ac26 million). The counterparties have an obligation to repay
the deposits to Ahold Delhaize upon settlement of the contracts.\u00a0
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 December\u00a031, 2023, short-term deposits and similar instruments (\u20ac15\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:
\u20ac million
Maturity
December 31, 2023
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
After 5 years
\u2014
(11)
300
Total cash flow hedges
\u2014
(11)
300
Forward commodity contracts1
Within 1 year
\u2014
(1)
8
Interest rate swaps2
After 5 years
\u2014
(20)
181
Total fair value hedges
\u2014
(21)
190
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
66
Total derivatives \u2013 no hedge accounting
treatment
\u2014
\u2014
66
Total derivative financial instruments
\u2014
(32)
555
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
\u20ac million
Maturity
January 1, 2023
Fair value
Notional
amount
Assets
Liabilities
Forward commodity contracts1
Within 1 year
2
\u2014
21
Interest rate swaps2
After 5 years
\u2014
(26)
187
Total fair value hedges
2
(26)
207
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
42
Total derivatives \u2013 no hedge accounting
treatment
\u2014
\u2014
42
Total derivative financial instruments
2
(26)
249
1\u00a0 Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2023 and 2022.
2Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": "302000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-482": { "value": "424000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-483": { "value": "
20 CASH AND CASH EQUIVALENTS
\u20ac million
December 31,
2023
January 1,
2023
Cash in banks and cash equivalents
3,128
2,772
Cash on hand
356
310
Total cash and cash equivalents
3,484
3,082
Cash and cash equivalents include all cash-on-hand balances, checks, debit and credit card
receivables, short-term highly liquid cash investments, and time deposits with original maturities of
three months or less. Time deposits and similar instruments with original maturities of more than three
months but less than 12 months are classified as other current financial assets. Bank overdrafts are
included in short-term borrowings.
Of the cash and cash equivalents as of December\u00a031, 2023, \u20ac10\u00a0million was restricted (January\u00a01,
2023: \u20ac28\u00a0million).
Cash and cash equivalents include \u20ac767 million\u00a0(January\u00a01, 2023: \u20ac712 million) held under a notional
cash pooling arrangement which was fully offset by an identical amount included under Other current
financial liabilities. From an operational perspective, the balances in the cash pool are netted. However,
in accordance with the guidance of IAS 32 regarding the offsetting of debit and credit balances for
financial reporting purposes, certain balances have to be presented on a gross basis on the balance
sheet (see Note 26 and Note 30).
Ahold Delhaize\u2019s banking arrangements allow the Company to fund outstanding checks when
presented to the bank for payment. This cash management practice may result in a net cash book
overdraft position, which occurs when the total issued checks exceed available cash balances within
the Company\u2019s cash concentration structure. Such book overdrafts are classified in accounts payable
and amounted to \u20ac335\u00a0million (January\u00a01, 2023: \u20ac414\u00a0million). No right to offset with other bank
balances exists for these book overdraft positions.
\"Methodology
Accounting policies
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "3484000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-485": { "value": "3082000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-486": { "value": "
Cash and cash equivalents include all cash-on-hand balances, checks, debit and credit card
receivables, short-term highly liquid cash investments, and time deposits with original maturities of
three months or less. Time deposits and similar instruments with original maturities of more than three
months but less than 12 months are classified as other current financial assets. Bank overdrafts are
included in short-term borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-487": { "value": "
Of the cash and cash equivalents as of December\u00a031, 2023, \u20ac10\u00a0million was restricted (January\u00a01,
2023: \u20ac28\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-488": { "value": "
21 EQUITY ATTRIBUTABLE TO COMMON SHAREHOLDERS
Shares and share capital
Authorized share capital comprises the following classes of shares:
\u20ac million
December 31,
2023
January 1,
2023
Common shares
(2023 and 2022: 1,923,515,827 of \u20ac0.01 par value each)
19
19
Cumulative preferred shares
(2023 and 2022: 2,250,000,000 of \u20ac0.01 par value each)
23
23
Cumulative preferred financing shares
(2023 and 2022: 326,484,173 of \u20ac0.01 par value each)
3
3
Total authorized share capital
45
45
Issued share capital
As of December\u00a031, 2023 , and January\u00a01, 2023, 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 December\u00a031, 2023, and January\u00a01, 2023.
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 2, 2022
1,045,725
34,387
1,011,338
Share buyback
\u2014
36,596
(36,596)
Cancellation of treasury shares
(52,000)
(52,000)
\u2014
Share-based payments1
\u2014
(2,611)
2,611
Balance as of January 1, 2023
993,725
16,372
977,353
Share buyback
34,138
(34,138)
Cancellation of treasury shares
(41,360)
(41,360)
\u2014
Share-based payments1
(2,799)
2,799
Balance as of December 31, 2023
952,365
6,352
946,013
1Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
Note\u00a032).
Dividends on common shares
On April 12, 2023, the General Meeting of Shareholders approved the dividend over 2022 of \u20ac1.05 per
common share. The final dividend for 2022 of \u20ac0.59 per common share was paid on April 27, 2023,
while the interim dividend for 2022 of \u20ac0.46 per common share was paid on September 1, 2022.
On August 9, 2023, the Company announced the interim dividend for 2023 of \u20ac0.49 per common share,
which was paid on August 31, 2023. In the aggregate, in 2023, the Company paid dividends on
common shares in the amount of \u20ac1,044\u00a0million.
The Management Board, with the approval of the Supervisory Board, proposes that a dividend of \u20ac1.10
per common share be paid with respect to 2023. This dividend is\u00a0subject to approval by the General
Meeting of Shareholders. If approved, a final dividend of \u20ac0.61 per common share will be paid on
April 25, 2024. This is in addition to the interim dividend of \u20ac0.49 per common share, which was paid on
August 31, 2023. The total dividend payment for the full year 2023 would, therefore, total \u20ac1.10 per
common share (2022: \u20ac1.05 ).
The final dividend of \u20ac0.61 per common share has not been included as a liability on the consolidated
balance sheet as of December\u00a031, 2023. The payment of\u00a0this dividend will not have income tax
consequences for the Company.
Share buyback
On January 2, 2023, the Company commenced the \u20ac1 billion share buyback program that was
announced on November 9, 2022. The program was successfully completed on November 24, 2023.
In total, 34,138,442 of the Company's own shares were repurchased at an average price of \u20ac29.29 per
share. The share buyback program resulted in a net transactional discount from the dealers of \u20ac1
million.
On January 2, 2024, the Company commenced the \u20ac1 billion share buyback program that was
announced on November 8, 2023. The program is expected to be completed before the end of 2024.
Share-based payments
Share-based payments recognized in equity in the amount of \u20ac57\u00a0million (2022: \u20ac66\u00a0million) relate to
the 2023 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 takeover 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 of 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\u00a0December\u00a031, 2023, or during 2023 and
2022.
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 five
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 December\u00a031, 2023, of
\u20ac14,755\u00a0million, an amount of \u20ac1,039\u00a0million is non-distributable (January\u00a01, 2023: \u20ac1,407\u00a0million
(restated) out of total equity of \u20ac15,405\u00a0million). See Note 9 to the parent company financial statements
for more details on the legal reserves.
\"Methodology
Accounting policies
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
canceled, 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:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-489": { "value": "
Issued share capital
As of December\u00a031, 2023 , and January\u00a01, 2023, 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 December\u00a031, 2023, and January\u00a01, 2023.
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 2, 2022
1,045,725
34,387
1,011,338
Share buyback
\u2014
36,596
(36,596)
Cancellation of treasury shares
(52,000)
(52,000)
\u2014
Share-based payments1
\u2014
(2,611)
2,611
Balance as of January 1, 2023
993,725
16,372
977,353
Share buyback
34,138
(34,138)
Cancellation of treasury shares
(41,360)
(41,360)
\u2014
Share-based payments1
(2,799)
2,799
Balance as of December 31, 2023
952,365
6,352
946,013
1Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
Note\u00a032).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-490": { "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 2, 2022
1,045,725
34,387
1,011,338
Share buyback
\u2014
36,596
(36,596)
Cancellation of treasury shares
(52,000)
(52,000)
\u2014
Share-based payments1
\u2014
(2,611)
2,611
Balance as of January 1, 2023
993,725
16,372
977,353
Share buyback
34,138
(34,138)
Cancellation of treasury shares
(41,360)
(41,360)
\u2014
Share-based payments1
(2,799)
2,799
Balance as of December 31, 2023
952,365
6,352
946,013
1Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
Note\u00a032).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-491": { "value": "
Dividends on common shares
On April 12, 2023, the General Meeting of Shareholders approved the dividend over 2022 of \u20ac1.05 per
common share. The final dividend for 2022 of \u20ac0.59 per common share was paid on April 27, 2023,
while the interim dividend for 2022 of \u20ac0.46 per common share was paid on September 1, 2022.
On August 9, 2023, the Company announced the interim dividend for 2023 of \u20ac0.49 per common share,
which was paid on August 31, 2023. In the aggregate, in 2023, the Company paid dividends on
common shares in the amount of \u20ac1,044\u00a0million.
The Management Board, with the approval of the Supervisory Board, proposes that a dividend of \u20ac1.10
per common share be paid with respect to 2023. This dividend is\u00a0subject to approval by the General
Meeting of Shareholders. If approved, a final dividend of \u20ac0.61 per common share will be paid on
April 25, 2024. This is in addition to the interim dividend of \u20ac0.49 per common share, which was paid on
August 31, 2023. The total dividend payment for the full year 2023 would, therefore, total \u20ac1.10 per
common share (2022: \u20ac1.05 ).
The final dividend of \u20ac0.61 per common share has not been included as a liability on the consolidated
balance sheet as of December\u00a031, 2023. The payment of\u00a0this dividend will not have income tax
consequences for the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-492": { "value": "1044000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "aholddelhaize:OtherReservesInclRetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-493": { "value": "57000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-494": { "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": "aholddelhaize:OtherReservesInclRetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-495": { "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 December\u00a031, 2023, of
\u20ac14,755\u00a0million, an amount of \u20ac1,039\u00a0million is non-distributable (January\u00a01, 2023: \u20ac1,407\u00a0million
(restated) out of total equity of \u20ac15,405\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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": "14755000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-497": { "value": "15405000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-498": { "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
canceled, 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "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
December 31, 2023
January 1, 2023
Outstanding notional
redemption amount
Current portion
Non-current
portion
Total
Current portion
Non-current
portion
Total
USD 55 notes 5.6%1
USD
\u2014
\u2014
\u2014
\u2014
\u2014
51
51
EUR 750 notes 0.875%, due 2024
EUR
750
750
\u2014
750
\u2014
750
750
EUR 600 notes 0.250%, due 2025
EUR
600
\u2014
600
600
\u2014
600
600
USD 16 indebtedness 8.62%, due 20252
USD
16
13
1
15
13
16
29
EUR 500 notes 1.125%, due 2026
EUR
500
\u2014
500
500
\u2014
500
500
EUR 500 notes 1.75%, due 2027
EUR
500
\u2014
500
500
\u2014
500
500
USD 71 notes 8.05%, due 2027
USD
71
2
70
72
2
75
77
EUR 500 notes 3.5%, due 2028
EUR
500
\u2014
500
500
\u2014
\u2014
\u2014
USD 500 notes 6.875%, due 2029
USD
500
\u2014
432
432
\u2014
441
441
EUR 600 notes 0.375%, due 2030
EUR
600
\u2014
600
600
\u2014
600
600
USD 271 notes 9.00%, due 2031
USD
271
7
298
305
7
314
321
USD 470 notes 5.70%, due 20403
USD
470
3
498
501
3
516
519
Deferred financing costs
(7)
(10)
(17)
(5)
(12)
(17)
Total notes
768
3,989
4,758
21
4,352
4,373
Financing obligations4
19
144
163
22
172
194
Other loans5
\u2014
3
3
190
3
193
Total loans
787
4,137
4,924
233
4,527
4,760
1The $55 million notes were part of the loans acquired with the FreshDirect acquisition in 2021; These notes were repaid on August 8, 2023, and the settlement loss was recognized in Other financial income (expense), see Note 9.
2\u00a0 The notional amount of these lease notes at the end of 2022 amounted to $32 million and was reduced in 2023 to $16 million as a result of regular bond repayments of $15 million as well as additional repayments due to sold locations of $1 million.
3\u00a0 In December 2018, Ahold Delhaize repurchased and canceled $350 million of its outstanding $827 million notes. In November 2022, Ahold Delhaize repurchased and canceled an additional $7 million of its outstanding notes.
4The weighted average interest rate for the financing obligations amounted to 5.9% at the end of 2023 (2022: 6.4%).
5As of January 1, 2023, other loans mainly included a \u20ac190 million drawing under a committed credit facility, which matured and was repaid in 2023.
22 LOANS AND CREDIT FACILITIES CONTINUED
On March 28, 2023, Ahold Delhaize announced that it successfully launched and priced a \u20ac500 million
Green Bond, with a term of five years, maturing on April 4, 2028. The issuance was priced at 99.851%
and carries an annual coupon of 3.5%. The settlement of the bond issue took place on April 4, 2023.
The bond proceeds will finance and refinance Ahold Delhaize's new or existing assets with a positive
measurable environmental impact in the following categories:
\u2022Green buildings
\u2022Renewable energy
\u2022Energy efficiency
\u2022Clean transportation
\u2022Pollution prevention and control
This inaugural Green Bond reinforces the continued alignment of the Company's funding strategy to its
sustainability strategy and overall ESG ambitions.
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
revolving credit facility. In December 2022, Ahold Delhaize entered into a five-year \u20ac1.5 billion Credit
Facility, with two one-year extension options. The Company structured the facility as a sustainability-
linked loan, whereby the margin paid is based on the Company\u2019s performance on three predefined
sustainability targets.
The sustainability KPIs relate to reducing Ahold Delhaize\u2019s GHG emissions within its own operations
(scope 1 and 2), reducing food waste and helping customers make healthier choices. The facility also
includes the opportunity to add scope 3 GHG emissions reduction performance targets by 2025. The
facility contains customary covenants and is subject to a financial covenant that requires Ahold
Delhaize, if 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 2023 and 2022, the Company complied with the covenants and was not required to test the
financial covenant because of its credit ratings exceeding the thresholds. As of December\u00a031, 2023,
there were no outstanding borrowings under the facility (January\u00a01, 2023: no outstanding borrowings
under the facility).
On November 23, 2023, Ahold Delhaize entered into a one-year \u20ac1.2 billion committed, unsecured and
syndicated bridge facility, with two six-months extension options. The facility is subject to the same
financial covenant as the Company\u2019s \u20ac1.5 billion credit facility.
Ahold Delhaize has access to other uncommitted credit facilities to cover working capital requirements,
issuance of guarantees and letters of credit. As of December\u00a031, 2023, borrowings under these
facilities were \u20ac252 million (January\u00a01, 2023: \u20ac448 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "value": "4137000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-501": { "value": "4527000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-502": { "value": "
On March 28, 2023, Ahold Delhaize announced that it successfully launched and priced a \u20ac500 million
Green Bond, with a term of five years, maturing on April 4, 2028. The issuance was priced at 99.851%
and carries an annual coupon of 3.5%. The settlement of the bond issue took place on April 4, 2023.
The bond proceeds will finance and refinance Ahold Delhaize's new or existing assets with a positive
measurable environmental impact in the following categories:
\u2022Green buildings
\u2022Renewable energy
\u2022Energy efficiency
\u2022Clean transportation
\u2022Pollution prevention and control
This inaugural Green Bond reinforces the continued alignment of the Company's funding strategy to its
sustainability strategy and overall ESG ambitions.
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-503": { "value": "
23 OTHER NON-CURRENT FINANCIAL LIABILITIES
\u20ac million
December 31,
2023
January 1,
2023
Lease liabilities
10,545
10,637
Reinsurance contract liability
169
179
Other long-term financial liabilities
48
203
Derivative financial instruments
32
26
Financial guarantees
8
9
Total other non-current financial liabilities
10,801
11,055
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 December\u00a031, 2023 , Other long-term financial lia bilities mainly includes a settlement liability
relating to a 2013 agreement with the New England Teamsters & Trucking Industry Pension Fund
(NETTI) to settle Stop & Shop\u2019s pension liabilities in the fund in the amount of $48 million (\u20ac43 million)
(January 1, 2023: $46 million (\u20ac43\u00a0million)).
As of January\u00a01, 2023, Other long-term financial liabilities, in addition to the above described NETTI
settlement liability, also included:
\u00f3 Financial liability for the call-and-put options embedded in the non-controlling interest of FreshDirect
in the amount of $129\u00a0million (\u20ac121 million). On October 17, 2023, Ahold Delhaize settled this
outstanding liability.
\u00f3 Deferred consideration for the remaining shares in Cycloon in the amount of \u20ac26 million. On July 26,
2023, Ahold Delhaize acquired the remaining shares in Cycloon for an amount of \u20ac2 million. The
result on the transaction was recorded in Other financial income (expense); see Note 9.
\"Methodology
Accounting policies
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 contract liability
For more information on the accounting policies for the reinsurance contract liability, see Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-504": { "value": "10801000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-505": { "value": "11055000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-506": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-507": { "value": "
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS
\u20ac million
December 31,
2023
January 1,
2023
Defined benefit liabilities
440
338
Other long-term pension plan obligations
352
358
Total pension and other post-employment benefits
792
696
Post-employment benefits are provided through a number of funded and unfunded defined benefit
plans and defined contribution plans, the most significant of which are in the United States and the
Netherlands. For more information on the defined benefit liabilities and the other long-term pension
plan obligations as presented in the table above, see the sections titled Defined benefit plans, Multi-
employer plans (MEPs), and FELRA and MAP settlement agreement. The current portion of other
long-term pension plan obligations in the amount of \u20ac39\u00a0million is included in Note 27 (January 1,
2023:\u00a0\u20ac40\u00a0million).
The following table provides an overview of the pension and other post-employment benefit expenses
recorded in the income statement:
\u20ac million
2023
2022
Defined benefit costs
215
293
Defined benefit costs \u2013 FELRA and MAP settlement agreement
\u2014
(26)
Total defined benefit costs (see section Defined benefit plans )
215
267
Defined contribution plans (see section Defined contribution plans)
155
152
Multi-employer plans (see section Multi-employer plans (MEPs) ):
Defined benefit plans
21
21
Defined contribution plans
294
295
Total pension and other post-employment benefit expenses1
685
735
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.
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:
\u20ac million
2023
2022
Remeasurements defined benefit pension plans1
135
(367)
Remeasurements other long-term pension plan obligations2
10
(148)
Total remeasurements pension plans in other comprehensive income
145
(516)
1For a breakdown of the remeasurements of the defined benefit pension plans, see Defined benefit plans.
2The long-term pension plan obligations were remeasured at a discount rate of 5.4% (2022: 5.8%).
More information on the defined benefit plans, defined contribution plans and multi-employer plans is
provided in the sections below.
Defined benefit plans
Ahold Delhaize has a number of defined benefit pension plans covering a substantial number of
employees, former employees and retirees in the Netherlands, the United States, Belgium, Greece and
Serbia.
Net assets relating to one plan are not offset against liabilities of another plan, resulting in the following
presentation of the pension and other post-employment benefits on the consolidated balance sheet:
\u20ac million
December 31,
2023
January 1,
2023
Defined benefit liabilities
440
338
Defined benefit assets
(51)
(54)
Total net defined benefit plan funded status
390
283
The defined benefit assets are part of the other non-current financial assets; for more information, see
Note 16.
In the Netherlands, the Company has a career average plan covering all employees, except for bol
employees, over the age of 21. The plan provides benefits to participants or beneficiaries upon
retirement, death or disability. The plan\u2019s assets, which are made up of contributions from Ahold
Delhaize and its employees, are managed by Stichting Ahold Delhaize Pensioen (\u201cAhold Delhaize
Pensioen\u201d), an independent foundation. The contributions are established in a funding agreement
between Ahold Delhaize, employee representatives and Ahold Delhaize Pensioen and are generally set
every five years, or at the time of a plan change. The contributions are determined as a percentage of
an employee\u2019s pension base.
In the United States, the Company maintains a funded plan covering a limited population of employees.
This plan is closed to new participants. The plan provides a life annuity benefit based upon final pay to
participants or beneficiaries upon retirement, death or disability. The assets of the plan, which are made
up of contributions from Ahold Delhaize, are maintained with various trustees. Contributions to the plan
are required under the current funding policy if the prior year-end funding ratio falls below 100% as
measured using regulatory interest rates without funding relief in order to avoid variable Pension
Benefit Guaranty Corporation (PBGC) premiums. In addition, the Company provides additional pension
benefits for certain Company executives and life insurance and medical care benefits for certain retired
employees meeting age and service requirements at its U.S. subsidiaries, all of which the Company
funds as claims are incurred.
In Belgium, the Company sponsors plans for substantially all of its employees. The plans are funded by
fixed monthly contributions from both the Company and employees, which are adjusted annually
according to the Belgian consumer price index. Certain employees who were employed before 2005
could choose not to participate in the employee contribution part of the plans. The plans ensure that
employees receive a lump-sum payment at retirement based on the contributions made, and provide
employees with death-in-service benefits. Belgian law prescribes a variable minimum guaranteed rate
of return with Belgian 10-year government bonds as the underlying benchmark, and collars of 1.75%
and 3.75%. The Company substantially insures these returns with external insurance companies that
receive and manage the contributions to the plans. According to the relevant legislation, a shortfall only
needs to be compensated by the employer at the point in time when the employee either retires or
leaves the Company. As these plans have defined benefit features (when the return provided by the
insurance company can be below the legally required minimum return, in which case the employer has
to cover the gap with additional contributions), the Company treats these plans as defined benefit
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
plans. In order to avoid the gap, or reduce it to a minimum, the Company has opened a new cash
balance plan, under branch 23 rules in Belgium, as of July 1, 2017. All new employees who begin
service after this date will be included in this new plan. The level of contributions remains unchanged,
but the new plan is expected to experience higher returns in the long term than those generated under
the branch 21 rules followed by the older plans.
Additionally, in Belgium, the Company maintains a plan covering Company executives that provides
lump-sum benefits to participants upon death or retirement based on a formula applied to the last
annual salary of the participant before his or her retirement or death. The plan is subject to the legal
requirement to guarantee a minimum return on contributions. The plan\u2019s assets, which are made up of
contributions, are managed through a fund that is administered by an independent insurance company,
providing a minimum guaranteed return. The plan participants\u2019 contributions are defined in the terms of
the plan, while the annual contributions to be paid by the Company are determined based on the
funding level of the plan and are calculated based on current salaries, taking into account the legal
minimum funding requirement, which is based on the vested reserves to which employees are entitled
upon retirement or death. The plan mainly invests in debt securities in order to achieve the required
minimum return. The Company bears any risk above the minimum guarantee given by the insurance
company. There are no asset ceiling restrictions. In order to avoid returns being less than the minimum
guaranteed return, or to reduce the risk to a minimum, the level of contributions at July 1, 2017, has
been capped and applied under the classic branch 21 rules. Any increase in contributions after July 1,
2017, will be managed in accordance with branch 23 rules, which are expected to experience higher
returns in the long term.
In Greece, the Company operates an unfunded defined benefit post-employment plan. This plan relates
to retirement benefits prescribed by Greek law, consisting of lump-sum compensation payable in case
of normal retirement or termination of employment. The amount of the indemnity is based on an
employee\u2019s monthly earnings and a multiple depending on the length of service and the status of the
employee. There is no legal requirement to fund these plans with contributions or other plan assets.
Employees participate in the plan once they have completed a minimum service period, which is
generally one year.
In Serbia, the Company has an unfunded defined benefit plan that provides a lump-sum benefit upon
the employee\u2019s retirement, as prescribed by Serbian law. The benefit is based on a fixed multiple of the
higher of the (i) average gross salary of the employee, (ii) average gross salary in the Company or (iii)
average gross salary in the country, each determined at the time the employee retires. There is no legal
requirement to fund these plans with contributions or other plan assets.
The pension plans expose the Company to actuarial risks such as: longevity risk, interest rate risk,
currency risk, salary risk and investment risk. Longevity risk relates to the mortality assumptions used
to value the defined benefit obligation, where an increase in participants\u2019 life expectancies will increase
a plan\u2019s liability. Interest rate risk relates to the discount rate used to value the defined benefit
obligation, where a decrease in the discount rate will increase a plan\u2019s liability; however, this will be
partially offset by an increase in the return on a plan\u2019s investments in debt instruments. The pension
plans may mitigate interest rate risk by entering into interest rate swap contracts. Currency risk relates
to the fact that a plan holds investments that may not be denominated in the same currency as the
plan\u2019s obligations. The pension plans may mitigate currency risk by purchasing forward currency
instruments. Salary risk relates to salary increase assumptions used to value the defined benefit
obligation, where an increase will result in a higher plan liability. See section Plan assets for more
details on the asset-liability matching strategy the Company employed to manage its investment risk.
The net defined benefit costs in 2023 and 2022 were as follows:
\u20ac million
2023
2022
Service cost:
Current service cost
181
257
Past service cost
(2)
(29)
Net interest expense
17
17
Administrative cost
16
16
Termination benefits
4
7
Components of defined benefit cost recorded in the income statement
215
267
Remeasurements recognized:
Return on plan assets, excluding amounts included in net interest (income)
expense
(321)
2,059
(Gain) loss from changes in demographic assumptions
4
64
(Gain) loss from changes in financial assumptions
262
(2,555)
Experience (gains) losses
190
65
Components of defined benefit cost recognized in other comprehensive income
135
(367)
Total net defined benefit cost
350
(99)
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
The changes in the defined benefit obligations and plan assets in 2023 and 2022 were as follows:
\u20ac million
The Netherlands
The United States
Rest of world
Total
2023
2022
2023
2022
2023
2022
2023
2022
Defined benefit obligations
Beginning of the year
5,104
6,799
1,357
1,696
246
339
6,706
8,835
Current service cost
128
189
42
50
11
18
181
257
Past service cost
\u2014
\u2014
\u2014
(29)
(1)
\u2014
(2)
(29)
Interest expense
190
76
76
57
10
4
276
137
Termination benefits
\u2014
\u2014
\u2014
\u2014
4
7
4
7
Contributions by plan participants
28
33
\u2014
\u2014
1
1
29
34
Benefits paid
(112)
(110)
(88)
(90)
(32)
(20)
(231)
(220)
(Gain) loss from changes in demographic assumptions
4
61
(1)
5
\u2014
(2)
4
64
(Gain) loss from changes in financial assumptions
209
(2,020)
38
(431)
16
(104)
262
(2,555)
Experience (gains) losses
190
75
2
(13)
(2)
3
190
65
Exchange rate differences
\u2014
\u2014
(39)
112
\u2014
\u2014
(39)
112
End of the year
5,742
5,104
1,386
1,357
252
246
7,380
6,706
Plan assets
Fair value of assets, beginning of the year
4,973
6,587
1,247
1,429
203
279
6,423
8,295
Interest income
183
71
68
46
8
3
259
120
Company contribution
160
91
64
66
21
28
245
184
Contributions by plan participants
28
33
\u2014
\u2014
1
1
29
34
Benefits paid
(112)
(110)
(88)
(90)
(32)
(20)
(231)
(220)
Administrative cost
(9)
(10)
(6)
(5)
\u2014
\u2014
(16)
(16)
Return on plan assets, excluding amounts included in net interest (income) expense
278
(1,689)
28
(283)
15
(88)
321
(2,059)
Exchange rate differences
\u2014
\u2014
(41)
85
\u2014
\u2014
(41)
85
Fair value of assets, end of the year
5,502
4,973
1,272
1,247
215
203
6,989
6,423
Funded status
(240)
(130)
(113)
(110)
(37)
(43)
(390)
(283)
The total defined benefit obligation of \u20ac7,380 million as of December\u00a031, 2023, includes \u20ac163 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.
In 2022, the release of the FELRA and MAP excess benefit obligation in the amount of $27 million (\u20ac26
million) was presented as past service cost (see Multi-employer defined benefit plans \u2013 FELRA and
MAP settlement agreement and ARPA).
Cash contributions
From 2023 to 2024, Company contributions are expected to increase from \u20ac160 million to \u20ac175 million
in the Netherlands, decrease from $69\u00a0million (\u20ac64\u00a0million) to $67 million (\u20ac61 million) for all defined
benefit plans in the United States, and decrease from \u20ac21\u00a0million to \u20ac15 million for all plans in the rest
of the world.
The Ahold Delhaize USA pension plan\u2019s funding ratio at year-end 2023 was 107%, measured using
regulatory interest rates allowed by the U.S. government as part of funding relief that 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 2024.
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
As of year-end 2023, the funding ratio of the Dutch plan, calculated in accordance with regulatory
requirements, was 127%. 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%.
On May 30, 2023, the new Pensions Act (\u201cWet toekomst pensioenen\u201d (Wtp)), relating to the new Dutch
pension system, passed the Senate. On July 1, 2023, the Wtp came into force and by January 1, 2028,
the transition to the new pension system will have to be completed. Ahold Delhaize Pensioen
established a task force to prepare the Company for the implementation of the Wtp and anticipates a
transfer before this date. Under the proposed law, future benefits will be based on a defined
contribution plan definition.
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):
The Netherlands
The United States
Rest of world
%
2023
2022
2023
2022
2023
2022
Discount rate
3.1
3.6
5.4
5.7
3.2
3.8
Future salary
increases
2.5
2.5
4.3
4.3
4.0
3.6
Future pension
increases
1.9
2.3
0.0
0.0
0.0
0.0
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:
The Netherlands
The United States
Rest of world
Years
2023
2022
2023
2022
2023
2022
Longevity at age 65 for current pensioners
Male
21.3
21.2
20.3
20.3
N/A
N/A
Female
23.7
23.6
22.3
22.2
N/A
N/A
Longevity at age 65 for current members aged 50
Male
22.9
22.8
21.5
21.4
N/A
N/A
Female
25.3
25.2
23.4
23.3
N/A
N/A
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.
\u20ac million
The Netherlands
The United
States
Rest of world
Total
Discount rate
0.5% increase
(606)
(58)
(12)
(676)
0.5% decrease
715
64
13
791
Future salary increases
0.5% increase
57
\u2014
3
60
0.5% decrease
(54)
\u2014
(3)
(57)
Future pension increases
0.5% increase
752
\u2014
N/A
752
0.5% decrease
(559)
\u2014
N/A
(559)
Life expectancy
One-year increase at age 65
226
42
1
268
The above sensitivity analyses are based on a change in each respective assumption while holding all
other assumptions constant. In reality, one might expect interrelationships between the assumptions,
especially between discount rate and future salary increases, as both depend to a certain extent on
expected inflation rates. The methods and types of assumptions used in preparing the sensitivity
analyses did not change compared to the previous period.
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
Plan assets
The pension plan asset allocation differs per plan. The allocation of plan assets was as follows:
\u20ac million
The Netherlands
The United States
Rest of world
2023
2022
2023
2022
2023
2022
Equity instruments:
Consumer goods
293
265
56
49
\u2014
\u2014
Financial services
180
156
14
16
\u2014
\u2014
Telecommunications
and information
272
220
8
9
\u2014
\u2014
Energy and utilities
81
94
15
23
\u2014
\u2014
Industry
319
319
7
5
\u2014
\u2014
Other
325
303
126
99
22
20
Debt instruments:
Government bonds
1,768
1,612
97
95
\u2014
\u2014
Corporate bonds
(investment grade)
459
431
453
419
\u2014
\u2014
Corporate bonds
(non-investment
grade)
354
6
25
23
\u2014
\u2014
Other
5
\u2014
82
78
31
30
Real estate:
Retail
\u2014
\u2014
9
7
\u2014
\u2014
Offices
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Residential
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
\u2014
\u2014
50
59
\u2014
\u2014
Investment funds
1,302
1,621
42
176
\u2014
\u2014
Insurance contracts
\u2014
\u2014
\u2014
\u2014
162
152
Derivatives:
Interest rate swaps
(524)
(519)
\u2014
\u2014
\u2014
\u2014
Forward foreign
exchange contracts
20
30
\u2014
\u2014
\u2014
\u2014
Cash and cash
equivalents
665
440
178
86
\u2014
\u2014
Other
(17)
(4)
112
103
\u2014
\u2014
Total
5,502
4,973
1,272
1,247
215
203
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 external 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 2023, 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, euro 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 2023, the strategic targets were:
8.4% equity, 3.6% multi-asset credit and 88% liability-hedging debt securities.
In 2023, the Dutch plan had nil plan assets invested in Ahold Delhaize\u2019s financial instruments (2022:
nil). In 2023 or 2022, the U.S. plans did not have any plan assets invested in Ahold Delhaize financial
instruments.
The actual return on plan assets in 2023 was 9.6% for the Dutch plan (2022: (24.5)%) and 8.0% for the
Ahold Delhaize USA pension plan (2022: (18.7)%).
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 24.1, 10.9 and 10.5 years, respectively.
The expected schedule of benefit payments for the plans are as follows:
\u20ac million
The Netherlands
The United
States
Rest of world
Total
Amount due within one year
121
91
9
221
Amount due between two and five years
501
383
55
939
Amount due between six and ten years
854
515
91
1,460
Defined contribution plans
The Company operates defined contribution plans in the Netherlands, the United States, Belgium,
Greece and the Czech Republic. As mentioned above, the defined contribution plans in Belgium are
accounted for as defined benefit plans due to the guaranteed return elements of the plans. The largest
defined contribution plans exist in the United States, where the Company sponsors profit-sharing
retirement plans that include a 401(k) feature that permits participating employees to make elective
deferrals of their compensation and requires the Company to make matching contributions.
During 2023 and 2022, the Company contributed \u20ac155 million and \u20ac152 million, respectively, to its
defined contribution plans. These contributions were recognized as an expense in the income
statement and related entirely to continuing operations in 2023 and 2022.
Multi-employer plans (MEPs)
A number of union employees in the United States are covered by MEPs based on obligations arising
from collective bargaining agreements. These plans provide retirement and other benefits to
participants generally based on their service to contributing employers. The benefits are paid from
assets held in trust for that purpose. Trustees are appointed in equal number by employers and unions,
and they are typically responsible for oversight of the investment of the assets and administration of the
plan. Contribution rates and, in some instances, benefit levels are generally determined through the
collective bargaining process between the participating employers and unions. At year-end, none of the
Company\u2019s collective bargaining agreements required an increase in the Company\u2019s total pension
contributions for MEPs to meet minimum funding requirements.
Most of these plans are defined contribution plans. The plans that are defined benefit plans, on the
basis of the terms of the benefits provided, are accounted for as defined contribution plans because,
among other things, there is insufficient information available to account for these plans as defined
benefit plans. These plans are generally flat dollar benefit plans. Ahold Delhaize is generally one of
several employers participating in most of these plans and, in the event that Ahold Delhaize withdraws
from a plan, its allocable share of the plan\u2019s obligations (with certain exceptions) would be based upon
unfunded vested benefits in the plan at the time of such withdrawal. Ahold Delhaize\u2019s obligation to pay
for its allocable share of a plan\u2019s unfunded vested benefits is called a withdrawal liability. The
withdrawal liability payable by Ahold Delhaize at such time as it experiences a withdrawal from a plan is
based upon the applicable statutory formula, plan computation methods and actuarial assumptions,
and the amount of the plan\u2019s unfunded benefits. Ahold Delhaize does not have sufficient information to
accurately determine its ratable share of plan obligations and assets following defined benefit
accounting principles, and the financial statements of the MEPs are drawn up on the basis of other
accounting policies than those applied by Ahold Delhaize. Consequently, these MEPs are not included
in the Company\u2019s balance sheet.
The risks of participating in MEPs are different from the risks of single-employer plans. Ahold Delhaize\u2019s
contributions are pooled with the contributions of other contributing employers, and are, therefore, used
to provide benefits to employees of these other participating employers. If other participating employers
cease to participate in the plan without paying their allocable portion of the plan\u2019s unfunded obligations,
this could result in increases in the amount of the plan\u2019s unfunded benefits and, thus, Ahold Delhaize\u2019s
future contributions. Similarly, if a number of employers cease to have employees participating in the
plan, Ahold Delhaize could be responsible for an increased share of the plan\u2019s deficit. If Ahold Delhaize
seeks to withdraw from an MEP, it generally must obtain the agreement of the applicable unions and
will likely be required to pay withdrawal liability in connection with this.
Under normal circumstances, when an MEP reaches insolvency, it must reduce all accrued benefits to
the maximum level guaranteed by the United States\u2019 PBGC. MEPs pay annual insurance premiums to
the PBGC for such benefit insurance.
MEP \u2013 defined benefit plans
At the end of 2023 and 2022, Ahold Delhaize participated in seven MEPs that are defined benefit plans
on the basis of the terms of the benefits provided. The Company\u2019s participation in these MEPs is
outlined in the tables on the next page.
Ahold Delhaize\u2019s participation percentage is an indication based on the relevant amount of its
contributions during the year in relation to the total contributions made to the plan.
The estimate of the Company\u2019s net proportionate share of the plans\u2019 deficits is based on the latest
available information received from these plans, such as the plans\u2019 measurement of plan assets and
the use of discount rates between 6.5% and 7.5%. The estimate does not represent Ahold Delhaize's
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, 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.
Department of Labor (www.efast.dol.gov).
24 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS CONTINUED
\u20ac million, except Ahold Delhaize\u2019s participation percentages
EIN / Pension
plan number
ERISA zone
status
FIP / RP status
pending /
implemented
Year of Form
55001
Expiration date of
collective
bargaining
agreement
December 31, 2023
Annual
contributions
Plan
deficit /
(surplus)2
Ahold Delhaize\u2019s
participation
Ahold Delhaize\u2019s
proportionate
share of deficit
(surplus) 3
New England Teamsters & Trucking Industry Pension
04-6372430/001
Red (Critical and
declining)
Implemented
2022
March 29, 2025
4
\u2014
1.8%
\u2014
UFCW Local 1262 & Employers Pension Fund
22-6074414/001
Red
Implemented
2022
October 23, 2027-
February 12, 2028
6
91
30.3%
28
Warehouse Employees\u2019 Union Local 730 Pension Trust Fund
52-6124754/001
Red (Critical and
declining)
Implemented
2022
June 20, 2026-
May 15, 2027
4
121
86.6%
105
Other plans4
7
7,007
0.4%
(30)
Total
21
7,219
103
\u20ac million, except Ahold Delhaize\u2019s participation percentages
EIN / Pension
plan number
ERISA zone
status
FIP / RP status
pending /
implemented
Year of Form
55001
Expiration date of
collective
bargaining
agreement
January 1, 2023
Annual
contributions
Plan
deficit /
(surplus)2
Ahold Delhaize\u2019s
participation
Ahold Delhaize\u2019s
proportionate
share of deficit
(surplus) 3
New England Teamsters & Trucking Industry Pension
04-6372430/001
Red (Critical and
declining)
Implemented
2021
March 29, 2025
5
\u2014
2.0%
\u2014
UFCW Local 1262 & Employers Pension Fund
22-6074414/001
Red
Implemented
2021
October 23, 2027-
February 12, 2028
6
260
33.7%
88
Warehouse Employees\u2019 Union Local 730 Pension Trust Fund
52-6124754/001
Red (Critical and
declining)
Implemented
2021
June 20, 2026-
May 15, 2027
4
146
87.3%
128
Other plans4
6
9,527
0.0%
3
Total
21
9,933
219
1Form 5500 is part of ERISA\u2019s overall reporting and disclosure framework and includes the financial statements of a MEP.
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 increased by between 6% and 22%. 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 better market conditions have resulted in a more favorable funded status for these funds, both individually and in the aggregate.
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 December 31, 2023, equal to 3.7%, 21.8%, 0.5%
and 0.0%, respectively (January 1, 2023: 3.9%, 24.0%, 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 and
$222 million, respectively. In 2020, Ahold Delhaize paid $590 million, which included a transition
payment to the new plan. In 2021, Ahold Delhaize fully paid the remaining National Plan withdrawal
liability in the amount of $190 million. Ahold Delhaize paid $57 million on the withdrawal liability for the
1500 Plan in 2022, and the remaining $57 million in 2023. As of December 31, 2023, there are no
remaining withdrawal liabilities for the National Plan and the 1500 Plan.\u00a0
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
applies defined benefit accounting (the plan is included in the Defined benefit plans above).
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 2024, the Company expects its total contributions to multi-employer defined benefit plans to be
\u20ac21\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 ARPA; see section below.
American Rescue Plan Act of 2021 (ARPA)
On March 11, 2021, the ARPA was signed into law. ARPA establishes a special financial assistance
program to be administered by the 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 received the special financial assistance in 2022 and 2023. The amount of the
liability for the excess benefits payable under Giant Food\u2019s single-employer plan was reassessed as
part of the application process, and the liability was reduced to $6 million during 2022. As of December
31, 2023, the liability remained $6 million.
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.
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, applied for the special financial assistance in 2023:
\u00f3 New England Teamsters & Trucking Industry Pension Plan
\u00f3 Warehouse Employees\u2019 Union Local 730 Pension Trust Fund
\u00f3 Bakery 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 36 MEPs (2022: 40 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 \u20ac294 million and \u20ac295 million to multi-employer defined contribution
plans during 2023 and 2022, respectively. These contributions are recognized as an expense in the
consolidated income statement and related entirely to continuing operations in 2023 and 2022. These
plans vary significantly in size, with contributions to the three largest plans representing 63% of total
contributions (2022: 63%).
\"Data
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.
Management applied judgment in the determination to record discount rate-related remeasurements on
the Other long-term pension plan obligations through other comprehensive income.
\"Methodology
Accounting policies
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:
\u00f3 Service cost, past service cost, gains and losses on curtailment and settlements
\u00f3 Net interest expense or income
\u00f3 Remeasurement
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-508": { "value": "792000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-509": { "value": "696000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-510": { "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:
\u00f3 Service cost, past service cost, gains and losses on curtailment and settlements
\u00f3 Net interest expense or income
\u00f3 Remeasurement
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-511": { "value": "
25 PROVISIONS
The table below specifies the changes in total provisions (current and non-current):
\u20ac million
Self-
insurance
program
Claims
and legal
disputes
Severance
and
termination
benefits
Onerous
contracts
Other
Total
As of January 1, 2023
Current portion
306
33
13
5
20
377
Non-current portion
655
21
1
17
48
742
Carrying amount
961
54
14
23
68
1,120
Year ended December 31, 2023
Additions charged to income
247
40
66
88
41
480
Used during the year
(238)
(5)
(32)
(4)
(23)
(303)
Released to income
(19)
(3)
(1)
(1)
(1)
(26)
Interest accretion
56
\u2014
\u2014
\u2014
\u2014
57
Effect of changes in discount rates
(1)
\u2014
\u2014
\u2014
(3)
(4)
Classified to liabilities related to assets
held for sale or sold
(25)
(4)
\u2014
\u2014
\u2014
(29)
Other movements
\u2014
(8)
\u2014
\u2014
\u2014
(8)
Exchange rate differences
(28)
(1)
\u2014
(1)
(1)
(31)
Closing carrying amount
952
72
46
104
81
1,256
As of December 31, 2023
Current portion
319
59
46
43
26
492
Non-current portion
633
13
1
61
56
764
Carrying amount
952
72
46
104
81
1,256
Maturities of total provisions as of December\u00a031, 2023 , are as follows:
\u20ac million
Self-
insurance
program
Claims
and legal
disputes
Severance
and
termination
benefits
Onerous
contracts
Other
Total
Amount due within one year
319
59
46
43
26
492
Amount due between one and five years
411
12
1
58
22
504
Amount due after five years
222
1
\u2014
3
34
259
Total
952
72
46
104
81
1,256
25 PROVISIONS CONTINUED
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 (\u20ac32 million). Part of the self-insured risk is
ceded under a reinsurance treaty, which is a pooling arrangement between unrelated companies; see
Note\u00a016.
The measurement of the self-insurance provisions involves estimates and judgments to be made
regarding claims incurred but not yet reported, timing and amount of payment of damages, and costs
associated with the settlement of 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 \u20ac21\u00a0million as of December\u00a031, 2023 (January\u00a01, 2023: \u20ac16\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).
\"Data
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:
\u00f3 Self-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.
\u00f3 Loyalty 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.
\u00f3 Claims 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.
\u00f3 Severance 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.
\u00f3 Onerous 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.
\"Methodology
Accounting policies
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-512": { "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 (\u20ac32 million). Part of the self-insured risk is
ceded under a reinsurance treaty, which is a pooling arrangement between unrelated companies; see
Note\u00a016.
The measurement of the self-insurance provisions involves estimates and judgments to be made
regarding claims incurred but not yet reported, timing and amount of payment of damages, and costs
associated with the settlement of claims.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-513": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-514": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-515": { "value": "3275000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-516": { "value": "2718000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-517": { "value": "
27 OTHER CURRENT LIABILITIES
\u20ac million
December 31,
2023
January 1,
2023
Accrued expenses
1,929
1,960
Compensated absences
509
585
Payroll taxes, social security and VAT
598
617
Deferred income
108
109
Gift card liabilities1
263
274
Other2
45
50
Total other current liabilities
3,451
3,595
1Gift card sales for the year in the amount of \u20ac684\u00a0million and exchange rate differences of \u20ac5\u00a0million, offset by redemptions in the
amount of \u20ac670\u00a0million and breakage in the amount of \u20ac20\u00a0million , resulted in an ending balance of gift card liabilities of
\u20ac263\u00a0million.
2Other mainly includes the current portion of the pension-related liability for FELRA and MAP of \u20ac39\u00a0million (January\u00a01, 2023:
\u20ac40\u00a0million). For more information, see Note 24.
The non-current portion of the Deferred income amounts to \u20ac26\u00a0million (January\u00a01, 2023: \u20ac33\u00a0million),
and is included in the Other non-current liabilities line of the balance sheet.\u00a0
\"Data
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for gift card liabilities, see
Note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-518": { "value": "3451000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentNonfinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-519": { "value": "3595000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentNonfinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-520": { "value": "
The non-current portion of the Deferred income amounts to \u20ac26\u00a0million (January\u00a01, 2023: \u20ac33\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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-521": { "value": "
28 CASH FLOW
Cash and cash equivalents
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:
\u20ac million
December 31,
2023
January 1,
2023
Cash and cash equivalents as presented in the statement of cash flows
3,475
3,054
Restricted cash
10
28
Cash and cash equivalents as presented on the balance sheet
3,484
3,082
Additional cash flow information
\u20ac million
2023
2022
Non-cash investing activities
Accounts payable at year end related to purchased non-current assets
318
390
Assets acquired under leases1
563
544
Reassessments and modifications to leases2
1,142
1,089
\u20ac million
2023
2022
Acquisition of businesses (see Note 4)
Total purchase consideration
(52)
(44)
Purchase consideration \u2013 in kind
18
\u2014
Deferred consideration payable \u2013 non-current
\u2014
27
Settlement of deferred consideration payable
\u2014
(1)
Purchase consideration settled with / paid by other parties
\u2014
(1)
Cash acquired (excluding restricted cash)
\u2014
\u2014
Acquisition of businesses, net of cash acquired
(34)
(20)
Divestments of businesses
Net cash flows from divestment of subsidiaries and businesses
8
13
Other net cash flows related to past divestments
\u2014
\u2014
Divestment of businesses
8
12
Cash divested3
(138)
\u2014
Divestment of businesses, net of cash divested
(130)
12
Reconciliation between results on divestments of discontinued operations
and cash (paid) received
Result on divestments of discontinued operations before income taxes
\u2014
\u2014
Result on divestment of subsidiaries and businesses (not qualified as
discontinued operations)3
(238)
11
Net assets (liabilities) divested
306
2
Currency exchange differences transferred from equity
(30)
\u2014
Changes in other non-current financial assets and provisions \u2013 net
(35)
\u2014
Transaction costs payable
4
\u2014
Divestment of businesses
8
12
Cash divested3
(138)
\u2014
Divestment of businesses, net of cash divested3
(130)
12
1The additions to right-of-use assets (see Note 12 and Note 13) include \u20ac26 million of additions through sale and leaseback
transactions and \u20ac4 million of initial direct costs net of lease incentives received (2022: \u20ac10 million of additions through sale and
leaseback transactions and \u20ac7 million of initial direct costs net of lease incentives received), 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 \u20ac8 million of lease incentives received net of initial
direct costs (2022: \u20ac4 million of lease incentives received net of initial direct costs), which are excluded from the amount of non-cash
investing activities.
3Result on divestment of subsidiaries and business in 2023 included divestment of FreshDirect (a loss of \u20ac250 million) and divestment
of stores (a net gain of \u20ac12 million). The amount reported for 2022 predominantly included divestment of stores. Divestment of
business, net of cash divested from sale of FreshDirect was a negative \u20ac144 million with cash divested of \u20ac138 million.
Other investing cash flows
Other investing cash flows in 2023 mainly consisted of a payment related to the exercise of an option in
order to settle a non-controlling interest accounted for under the anticipated acquisition method.
28 CASH FLOW CONTINUED
Changes in liabilities arising from financing activities for the years ended December\u00a031, 2023, and January\u00a01, 2023:
\u20ac million
Loans
Lease liabilities
Short-term
borrowings and
bank overdrafts
Derivative
assets
Derivative
liabilities
Total
As of January 1, 2023
4,760
11,965
915
(2)
26
17,664
Proceeds from long-term debt1
494
\u2014
\u2014
\u2014
\u2014
494
Acquisitions through business combinations
\u2014
1
\u2014
\u2014
\u2014
1
Repayments of loans and lease liabilities2,3
(277)
(1,819)
\u2014
\u2014
\u2014
(2,096)
Classified (to) held for sale or sold
(3)
(155)
\u2014
\u2014
\u2014
(158)
Changes in short-term borrowings and overdrafts
\u2014
\u2014
97
\u2014
\u2014
97
Other cash flows from derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Fair value changes
5
\u2014
\u2014
2
7
14
Additions to lease liabilities
\u2014
608
\u2014
\u2014
\u2014
608
Reassessments and modifications to leases
\u2014
1,124
\u2014
\u2014
\u2014
1,124
Termination of leases
\u2014
(37)
\u2014
\u2014
\u2014
(37)
Amortization of fair value adjustments and interest accretion to lease liability
(7)
382
\u2014
\u2014
\u2014
375
Other non-cash movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange rate differences
(48)
(243)
5
\u2014
(1)
(287)
As of December 31, 2023
4,924
11,826
1,017
\u2014
32
17,799
1The amount is net of deferred financing costs of \u20ac6 million, of which \u20ac3 million is included in Interest paid and \u20ac3 million is included in Other within financing cash flows from continuing operations in the statement of cash flows.
2Repayment of loans as presented in the statement of cash flows includes a premium paid of \u20ac15 million.
3Repayment of lease liabilities as presented in the statement of cash flows includes \u20ac4 million of lease incentives net of initial direct costs paid.
\u20ac million
Loans
Lease liabilities
Short-term
borrowings and
bank overdrafts
Derivative
assets
Derivative
liabilities
Total
As of January 2, 2022
4,874
11,262
952
\u2014
2
17,090
Proceeds from long-term debt
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Acquisitions through business combinations
\u2014
1
\u2014
\u2014
\u2014
1
Repayments of loans and lease liabilities1
(162)
(1,751)
\u2014
\u2014
\u2014
(1,913)
Classified (to) held for sale or sold
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Changes in short-term borrowings and overdrafts
\u2014
\u2014
(93)
\u2014
\u2014
(93)
Other cash flows from derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Fair value changes
(25)
\u2014
\u2014
(2)
24
(3)
Additions to lease liabilities
\u2014
557
\u2014
\u2014
\u2014
557
Reassessments and modifications to leases
\u2014
1,090
\u2014
\u2014
\u2014
1,090
Termination of leases
\u2014
(26)
\u2014
\u2014
\u2014
(26)
Amortization of fair value adjustments and interest accretion to lease liability
(9)
356
\u2014
\u2014
\u2014
347
Other non-cash movements
(22)
\u2014
\u2014
\u2014
\u2014
(22)
Exchange rate differences
105
476
56
\u2014
\u2014
637
As of January 1, 2023
4,760
11,965
915
(2)
26
17,664
1Repayment of lease liabilities as presented in the statement of cash flows includes \u20ac4 million of initial direct costs net of lease incentives received.
28 CASH FLOW CONTINUED
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-522": { "value": "3475000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-523": { "value": "3054000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-524": { "value": "-130000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-525": { "value": "12000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-526": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-527": { "value": "
29 EARNINGS PER SHARE
The calculation of basic and diluted net income per share attributable to common shareholders is
based on the following data:
2023
2022
Earnings (\u20ac million)
Net income attributable to common shareholders for the purposes of
basic and diluted earnings per share
1,874
2,546
Number of shares (in millions)
Weighted average number of common shares for the purposes of basic
earnings per share
962
995
Effect of dilutive potential common shares:
Conditional shares from share-based compensation programs
4
6
Weighted average number of common shares for the purposes of diluted
earnings per share
966
1,001
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:
\u20ac million
2023
2022
Income from continuing operations, attributable to common shareholders
for the purposes of basic and diluted earnings per share
1,874
2,546
Both basic and diluted income per share from discontinued operations attributable to common
shareholders amounted to \u20ac0.00 (2022: \u20ac0.00), based on the income (loss) from discontinued
operations attributable to common shareholders of nil (2022: nil) and the denominators detailed above.
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-528": { "value": "
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-529": { "value": "
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 December\u00a031, 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 2023 rate, with all other variables held constant, the hypothetical result on
income before income taxes would have been an increase (decrease) of \u20ac4\u00a0million (2022: an increase
(decrease) of \u20ac4\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 2023 income statement related to the revaluation of
unhedged leases reported in the balance sheet amounted to \u20ac8 million ( 2022: gain of \u20ac7 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 \u20ac179 million ( 2022:\u00a0\u20ac168\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 December\u00a031, 2023, 96% of\u00a0Ahold Delhaize\u2019s long-term bonds was at fixed rates of interest
(January\u00a01, 2023: 96%). The fixed to floating interest rate swap is taken into account in the percentage
as of December 31, 2023, and January 1, 2023 (see Derivatives).
Interest rate sensitivity analysis
The total interest expense recognized in the 2023 income statement related to the variable rates of
short- and long-term debt amounted to \u20ac25\u00a0million (2022: \u20ac4 million). 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 \u20ac7 million (2022: \u20ac11 million).
The total interest income recognized in the 2023 income statement amounted to \u20ac174\u00a0million (2022:
\u20ac69\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
(2022: gain of \u20ac23\u00a0million or a loss of \u20ac23\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 December\u00a031,
2023, the amounts due under the supply chain finance arrangements classified as trade payables were
\u20ac1,313\u00a0million (January\u00a01, 2023: \u20ac1,132 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
December\u00a031, 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 December\u00a031, 2023, amounted to \u20ac183\u00a0million (January\u00a01, 2023:
\u20ac254\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 December\u00a031, 2023.
\u20ac million
Gross amounts
in the balance
sheet
Cash collateral
received/
pledged 1
Net exposure
Assets
Cash and cash equivalents
808
767
41
Total
808
767
41
Liabilities
Bank overdrafts
767
767
\u2014
Total
767
767
\u2014
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
December\u00a031, 2023, the Company\u2019s liquidity position primarily comprised \u20ac2,733\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 December\u00a031, 2023, and January\u00a01, 2023, 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 December\u00a031, 2023, and January\u00a01, 2023,
respectively. See Note 34 for the liquidity risk related to guarantees.
Year ended December\u00a031, 2023
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(4,758)
(889)
(2,607)
(2,071)
(5,566)
Other loans
(3)
\u2014
\u2014
(3)
(3)
Financing obligations
(163)
(27)
(68)
(1)
(97)
Accounts payable
(8,278)
(8,278)
\u2014
\u2014
(8,278)
Short-term borrowings
(1,017)
(1,017)
\u2014
\u2014
(1,017)
Reinsurance contract liability
(283)
(124)
(142)
(51)
(317)
Other long-term financial liabilities
(58)
(10)
(52)
\u2014
(62)
Other
(24)
(15)
\u2014
\u2014
(15)
Derivative financial liabilities
Derivatives
(32)
(1)
\u2014
(32)
(32)
1The maturity analysis for lease liabilities is included in Note 33.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
Year ended January\u00a01, 2023, restated
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(4,373)
(129)
(2,854)
(2,289)
(5,273)
Other loans
(193)
(193)
\u2014
(3)
(196)
Financing obligations
(194)
(33)
(93)
(9)
(135)
Accounts payable2
(8,162)
(8,162)
\u2014
\u2014
(8,162)
Short-term borrowings
(915)
(915)
\u2014
\u2014
(915)
Reinsurance contract liability2
(302)
(135)
(143)
(60)
(337)
Other long-term financial liabilities
(269)
(64)
(205)
(1)
(270)
Other
(26)
(15)
\u2014
\u2014
(15)
Derivative financial liabilities
Derivatives
(26)
\u2014
\u2014
(26)
(26)
1The maturity analysis for lease liabilities is included in Note 33.
2Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
Credit ratings
Maintaining investment-grade credit ratings is a cornerstone of Ahold Delhaize\u2019s financial strategy
because such ratings optimize the cost of funding and facilitate access to a variety of lenders and
markets. Ahold Delhaize\u2019s current credit ratings from the solicited rating agencies are:
\u00f3 Standard & Poor\u2019s: Corporate credit rating BBB+, with a stable outlook as of March 2023 (previous
rating BBB assigned in September 2022).
\u00f3 Moody\u2019s: Issuer credit rating Baa1, with a stable outlook as of February 2018\u00a0(previous rating Baa2
assigned in August 2015).
Capital management
The Company\u2019s primary objective to manage capital is the optimization of its debt and equity balances
to sustain the future development of the business, maintain its\u00a0investment-grade credit rating and
maximize shareholder value.
Ahold Delhaize may balance its capital structure in several ways, including through the payment of
dividends, capital repayment, new share issues, share buybacks and the issuance or redemption of debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-530": { "value": "
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 December\u00a031, 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 2023 rate, with all other variables held constant, the hypothetical result on
income before income taxes would have been an increase (decrease) of \u20ac4\u00a0million (2022: an increase
(decrease) of \u20ac4\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 2023 income statement related to the revaluation of
unhedged leases reported in the balance sheet amounted to \u20ac8 million ( 2022: gain of \u20ac7 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 \u20ac179 million ( 2022:\u00a0\u20ac168\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-531": { "value": "174000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-532": { "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" } }, "f-533": { "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
December\u00a031, 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 December\u00a031, 2023, amounted to \u20ac183\u00a0million (January\u00a01, 2023:
\u20ac254\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-534": { "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 December\u00a031, 2023.
\u20ac million
Gross amounts
in the balance
sheet
Cash collateral
received/
pledged 1
Net exposure
Assets
Cash and cash equivalents
808
767
41
Total
808
767
41
Liabilities
Bank overdrafts
767
767
\u2014
Total
767
767
\u2014
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-535": { "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
December\u00a031, 2023, the Company\u2019s liquidity position primarily comprised \u20ac2,733\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 December\u00a031, 2023, and January\u00a01, 2023, 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 December\u00a031, 2023, and January\u00a01, 2023,
respectively. See Note 34 for the liquidity risk related to guarantees.
Year ended December\u00a031, 2023
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(4,758)
(889)
(2,607)
(2,071)
(5,566)
Other loans
(3)
\u2014
\u2014
(3)
(3)
Financing obligations
(163)
(27)
(68)
(1)
(97)
Accounts payable
(8,278)
(8,278)
\u2014
\u2014
(8,278)
Short-term borrowings
(1,017)
(1,017)
\u2014
\u2014
(1,017)
Reinsurance contract liability
(283)
(124)
(142)
(51)
(317)
Other long-term financial liabilities
(58)
(10)
(52)
\u2014
(62)
Other
(24)
(15)
\u2014
\u2014
(15)
Derivative financial liabilities
Derivatives
(32)
(1)
\u2014
(32)
(32)
1The maturity analysis for lease liabilities is included in Note 33.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
Year ended January\u00a01, 2023, restated
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(4,373)
(129)
(2,854)
(2,289)
(5,273)
Other loans
(193)
(193)
\u2014
(3)
(196)
Financing obligations
(194)
(33)
(93)
(9)
(135)
Accounts payable2
(8,162)
(8,162)
\u2014
\u2014
(8,162)
Short-term borrowings
(915)
(915)
\u2014
\u2014
(915)
Reinsurance contract liability2
(302)
(135)
(143)
(60)
(337)
Other long-term financial liabilities
(269)
(64)
(205)
(1)
(270)
Other
(26)
(15)
\u2014
\u2014
(15)
Derivative financial liabilities
Derivatives
(26)
\u2014
\u2014
(26)
(26)
1The maturity analysis for lease liabilities is included in Note 33.
2Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-536": { "value": "
Capital management
The Company\u2019s primary objective to manage capital is the optimization of its debt and equity balances
to sustain the future development of the business, maintain its\u00a0investment-grade credit rating and
maximize shareholder value.
Ahold Delhaize may balance its capital structure in several ways, including through the payment of
dividends, capital repayment, new share issues, share buybacks and the issuance or redemption of debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-538": { "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:
\u20ac million
December 31, 2023
January 1, 2023, restated
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets at amortized cost
Loans receivable
129
130
36
34
Trade and other (non-)current receivables1
2,542
2,542
2,379
2,379
Lease receivable
529
505
518
498
Cash and cash equivalents
3,484
3,484
3,082
3,082
Short-term deposits and similar investments
15
15
16
16
6,699
6,677
6,031
6,009
Financial assets at fair value through profit or
loss
Reinsurance contract asset1
327
327
333
333
Investments in debt instruments
11
11
136
136
338
338
469
469
Financial assets at fair value through other
comprehensive income
Investments in equity instruments
27
27
\u2014
\u2014
Derivative financial instruments
Derivatives
\u2014
\u2014
2
2
Total financial assets
7,065
7,043
6,501
6,479
1Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
\u20ac million
December 31, 2023
January 1, 2023, restated
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial liabilities at amortized cost
Notes
(4,758)
(4,617)
(4,373)
(4,075)
Other loans
(3)
(3)
(193)
(193)
Financing obligations
(163)
(80)
(194)
(109)
Accounts payable1
(8,278)
(8,278)
(8,162)
(8,162)
Short-term borrowings
(1,017)
(1,017)
(915)
(915)
Interest payable
(48)
(48)
(37)
(37)
Other long-term financial liabilities2
(58)
(59)
(269)
(268)
Other
(24)
(24)
(26)
(26)
(14,349)
(14,126)
(14,168)
(13,785)
Financial liabilities at fair value through profit
or loss
Reinsurance contract liability1
(283)
(283)
(302)
(302)
Derivative financial instruments
Derivatives
(32)
(32)
(26)
(26)
Total financial liabilities excluding lease
liabilities
(14,665)
(14,442)
(14,496)
(14,113)
Long-term lease liabilities
(11,826)
N/A
(11,965)
N/A
Total financial liabilities
(26,491)
N/A
(26,461)
N/A
1Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
2The Other long-term financial liabilities relating to FreshDirect and Cycloon were settled in 2023 (see Note 23).
Of Ahold Delhaize\u2019s categories of financial instruments, only derivatives, investments in debt and
certain equity 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.\u00a0
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 \u20ac33 million as
of December\u00a031, 2023 (January 1, 2023: \u20ac26 million). The counterparties have an obligation to repay
the deposits to Ahold Delhaize upon settlement of the contracts.\u00a0
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 December\u00a031, 2023, short-term deposits and similar instruments (\u20ac15\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:
\u20ac million
Maturity
December 31, 2023
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
After 5 years
\u2014
(11)
300
Total cash flow hedges
\u2014
(11)
300
Forward commodity contracts1
Within 1 year
\u2014
(1)
8
Interest rate swaps2
After 5 years
\u2014
(20)
181
Total fair value hedges
\u2014
(21)
190
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
66
Total derivatives \u2013 no hedge accounting
treatment
\u2014
\u2014
66
Total derivative financial instruments
\u2014
(32)
555
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
\u20ac million
Maturity
January 1, 2023
Fair value
Notional
amount
Assets
Liabilities
Forward commodity contracts1
Within 1 year
2
\u2014
21
Interest rate swaps2
After 5 years
\u2014
(26)
187
Total fair value hedges
2
(26)
207
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
42
Total derivatives \u2013 no hedge accounting
treatment
\u2014
\u2014
42
Total derivative financial instruments
2
(26)
249
1\u00a0 Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2023 and 2022.
2Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-537": { "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:
\u20ac million
December 31, 2023
January 1, 2023, restated
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets at amortized cost
Loans receivable
129
130
36
34
Trade and other (non-)current receivables1
2,542
2,542
2,379
2,379
Lease receivable
529
505
518
498
Cash and cash equivalents
3,484
3,484
3,082
3,082
Short-term deposits and similar investments
15
15
16
16
6,699
6,677
6,031
6,009
Financial assets at fair value through profit or
loss
Reinsurance contract asset1
327
327
333
333
Investments in debt instruments
11
11
136
136
338
338
469
469
Financial assets at fair value through other
comprehensive income
Investments in equity instruments
27
27
\u2014
\u2014
Derivative financial instruments
Derivatives
\u2014
\u2014
2
2
Total financial assets
7,065
7,043
6,501
6,479
1Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
\u20ac million
December 31, 2023
January 1, 2023, restated
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial liabilities at amortized cost
Notes
(4,758)
(4,617)
(4,373)
(4,075)
Other loans
(3)
(3)
(193)
(193)
Financing obligations
(163)
(80)
(194)
(109)
Accounts payable1
(8,278)
(8,278)
(8,162)
(8,162)
Short-term borrowings
(1,017)
(1,017)
(915)
(915)
Interest payable
(48)
(48)
(37)
(37)
Other long-term financial liabilities2
(58)
(59)
(269)
(268)
Other
(24)
(24)
(26)
(26)
(14,349)
(14,126)
(14,168)
(13,785)
Financial liabilities at fair value through profit
or loss
Reinsurance contract liability1
(283)
(283)
(302)
(302)
Derivative financial instruments
Derivatives
(32)
(32)
(26)
(26)
Total financial liabilities excluding lease
liabilities
(14,665)
(14,442)
(14,496)
(14,113)
Long-term lease liabilities
(11,826)
N/A
(11,965)
N/A
Total financial liabilities
(26,491)
N/A
(26,461)
N/A
1Prior year numbers have been restated due to the implementation of IFRS 17, see Note 3.
2The Other long-term financial liabilities relating to FreshDirect and Cycloon were settled in 2023 (see Note 23).
Of Ahold Delhaize\u2019s categories of financial instruments, only derivatives, investments in debt and
certain equity 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.\u00a0
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 \u20ac33 million as
of December\u00a031, 2023 (January 1, 2023: \u20ac26 million). The counterparties have an obligation to repay
the deposits to Ahold Delhaize upon settlement of the contracts.\u00a0
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 December\u00a031, 2023, short-term deposits and similar instruments (\u20ac15\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:
\u20ac million
Maturity
December 31, 2023
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
After 5 years
\u2014
(11)
300
Total cash flow hedges
\u2014
(11)
300
Forward commodity contracts1
Within 1 year
\u2014
(1)
8
Interest rate swaps2
After 5 years
\u2014
(20)
181
Total fair value hedges
\u2014
(21)
190
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
66
Total derivatives \u2013 no hedge accounting
treatment
\u2014
\u2014
66
Total derivative financial instruments
\u2014
(32)
555
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
\u20ac million
Maturity
January 1, 2023
Fair value
Notional
amount
Assets
Liabilities
Forward commodity contracts1
Within 1 year
2
\u2014
21
Interest rate swaps2
After 5 years
\u2014
(26)
187
Total fair value hedges
2
(26)
207
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
42
Total derivatives \u2013 no hedge accounting
treatment
\u2014
\u2014
42
Total derivative financial instruments
2
(26)
249
1\u00a0 Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2023 and 2022.
2Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-539": { "value": "
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments for
accounting purposes are presented in the table below:
\u20ac million
Maturity
December 31, 2023
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
After 5 years
\u2014
(11)
300
Total cash flow hedges
\u2014
(11)
300
Forward commodity contracts1
Within 1 year
\u2014
(1)
8
Interest rate swaps2
After 5 years
\u2014
(20)
181
Total fair value hedges
\u2014
(21)
190
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
66
Total derivatives \u2013 no hedge accounting
treatment
\u2014
\u2014
66
Total derivative financial instruments
\u2014
(32)
555
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
\u20ac million
Maturity
January 1, 2023
Fair value
Notional
amount
Assets
Liabilities
Forward commodity contracts1
Within 1 year
2
\u2014
21
Interest rate swaps2
After 5 years
\u2014
(26)
187
Total fair value hedges
2
(26)
207
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
42
Total derivatives \u2013 no hedge accounting
treatment
\u2014
\u2014
42
Total derivative financial instruments
2
(26)
249
1\u00a0 Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2023 and 2022.
2Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-540": { "value": "
\"Methodology
Accounting policies
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 FVPL, transaction costs that are directly attributable to the acquisition or issue of
the financial asset.\u00a0
Upon 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:
\u00f3 The Company\u2019s business model for managing the financial assets
\u00f3 The 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
The Company also has the option to designate other financial assets at FVOCI. In such situations, the
fair value movements are recognized in other comprehensive income, but any dividends earned are
recognized in profit or loss.
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 FVPL
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
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
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 canceled.
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.
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 contract 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. Ahold Delhaize applies the PAA as the
reinsurance contracts have a coverage period of one year or less. Reinsurance contract 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 contract 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 or
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-541": { "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 FVPL, transaction costs that are directly attributable to the acquisition or issue of
the financial asset.\u00a0
Upon 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:
\u00f3 The Company\u2019s business model for managing the financial assets
\u00f3 The 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
The Company also has the option to designate other financial assets at FVOCI. In such situations, the
fair value movements are recognized in other comprehensive income, but any dividends earned are
recognized in profit or loss.
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 FVPL
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
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-542": { "value": "
At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a
financial asset not at 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-543": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-544": { "value": "
Financial assets at FVPL
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-545": { "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
30 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
CONTINUED
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-546": { "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 canceled.
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-549": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-548": { "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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-547": { "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:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-550": { "value": "
Reinsurance contract 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. Ahold Delhaize applies the PAA as the
reinsurance contracts have a coverage period of one year or less. Reinsurance contract 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 contract assets and liabilities are measured on a discounted basis using accepted actuarial
methods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-551": { "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 2023, the ExCo consisted of
the Management Board (MB) and three other members.
The total compensation of key management personnel in 2023 amounted to \u20ac29,858\u00a0thousand ( 2022:
\u20ac27,311\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
\u20ac1,238\u00a0thousand (2022: \u20ac(555)\u00a0thousand).
Remuneration of the Executive Committee including Management Board
The table below specifies the remuneration of the ExCo, comprising the MB members and the former
members of the MB, and the additional ExCo members who were not part of the MB.
31 RELATED PARTY TRANSACTIONS CONTINUED
\u20ac thousand
2023
2022
MB
members1
Former MB
members 2
Other ExCo
Total ExCo
MB
members1
Former MB
members 2
Other ExCo
Total ExCo
Base salary
2,674
1,429
1,603
5,706
3,686
\u2014
1,402
5,088
EIP3
3,168
1,246
1,900
6,314
4,601
\u2014
1,772
6,373
Other4
817
438
642
1,897
1,168
6
807
1,981
Share-based
compensation5
5,032
4,390
2,731
12,153
10,036
\u2014
2,157
12,193
Pensions6
179
612
173
964
554
\u2014
80
634
Remuneration of the
members of the ExCo
11,870
8,115
7,049
27,034
20,045
6
6,218
26,269
1The 2023 MB members include Frans Muller, Jolanda Poots-Bijl, JJ Fleeman and Wouter Kolk. The 2022 MB members include
Frans Muller, Natalie Knight, Kevin Holt and Wouter Kolk.\u00a0
2Former MB members for 2023 include Natalie Knight (resigned) and Kevin Holt (retired). Former MB members for 2022 include Jeff
Carr (resigned) and Pierre Bouchut (retired).
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
2023 performance multiplier was 118.5% for MB and other ExCo (2022: 124.8% for MB and 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 2023 reflects this year's portion of the share grants over the previous four years (plans 2020 to 2023). For more
information on the share-based compensation expenses, see Note 32. The share-based compensation for former MB members
includes \u20ac5,276 thousand for Kevin Holt and \u20ac(886) thousand for Natalie Knight. Kevin Holt\u2019s service period ended upon his
retirement date (i.e., December 31, 2023); as such, the expenses for the plans 2020 to 2023 were expensed over the shorter service
period. For Natalie Knight, the plans 2021, 2022 and 2023 were forfeited, and this resulted in a reversal of expenses.
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 MB, see the Remuneration
report.
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 SB.
\u20ac thousand
2023
2022
SB members
Former SB
members
Total SB
SB members
Former SB
members
Total SB
Remuneration of the
members of the
Supervisory Board
1,543
43
1,586
1,556
41
1,597
For more details on the remuneration of the individual members of the SB, see the Remuneration
report.
Ahold Delhaize does not provide loans or advances to members of the MB or the SB. There are no
loans or advances outstanding. Ahold Delhaize does not issue guarantees to the benefit of members of
the MB or the SB. 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 2023 and 2022, the
Company entered into the following transactions with unconsolidated related parties:
For the year ended December\u00a031, 2023
\u20ac million
Sales to
related parties
Purchases from
related parties
Amounts
receivable from
related parties
Amounts
payable to
related parties
Commitments to
related parties
Cathedral Commons
\u2014
1
\u2014
\u2014
16
Adhese
\u2014
\u2014
5
\u2014
8
Other
\u2014
5
3
2
8
Total
\u2014
6
8
2
32
For the year ended January\u00a01, 2023
\u20ac million
Sales to
related parties
Purchases from
related parties
Amounts
receivable from
related parties
Amounts
payable to
related parties
Commitments to
related parties
Cathedral Commons
\u2014
2
1
\u2014
18
Adhese
\u2014
\u2014
4
\u2014
8
Other
\u2014
3
4
\u2014
4
Total
\u2014
5
9
\u2014
30
These unconsolidated related parties consist of:
\u00f3 Cathedral Commons Partners, LLC, a real estate joint venture of Ahold Delhaize.
\u00f3 Adhese, an advertising technology company in which Ahold Delhaize acquired a minority stake during
2022.
\u00f3 Other, 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.
\u00f3 JMR, a joint venture of Ahold Delhaize in the retail business (see Note 15). There were no significant
transactions with JMR in 2023 and 2022.
\u00f3 Super Indo, a joint venture of Ahold Delhaize in the retail business (see Note 15). There were no
significant transactions with Super Indo in 2023 and 2022.
\u00f3 Ahold 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-552": { "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 2023, the ExCo consisted of
the Management Board (MB) and three other members.
The total compensation of key management personnel in 2023 amounted to \u20ac29,858\u00a0thousand ( 2022:
\u20ac27,311\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
\u20ac1,238\u00a0thousand (2022: \u20ac(555)\u00a0thousand).
Remuneration of the Executive Committee including Management Board
The table below specifies the remuneration of the ExCo, comprising the MB members and the former
members of the MB, and the additional ExCo members who were not part of the MB.
31 RELATED PARTY TRANSACTIONS CONTINUED
\u20ac thousand
2023
2022
MB
members1
Former MB
members 2
Other ExCo
Total ExCo
MB
members1
Former MB
members 2
Other ExCo
Total ExCo
Base salary
2,674
1,429
1,603
5,706
3,686
\u2014
1,402
5,088
EIP3
3,168
1,246
1,900
6,314
4,601
\u2014
1,772
6,373
Other4
817
438
642
1,897
1,168
6
807
1,981
Share-based
compensation5
5,032
4,390
2,731
12,153
10,036
\u2014
2,157
12,193
Pensions6
179
612
173
964
554
\u2014
80
634
Remuneration of the
members of the ExCo
11,870
8,115
7,049
27,034
20,045
6
6,218
26,269
1The 2023 MB members include Frans Muller, Jolanda Poots-Bijl, JJ Fleeman and Wouter Kolk. The 2022 MB members include
Frans Muller, Natalie Knight, Kevin Holt and Wouter Kolk.\u00a0
2Former MB members for 2023 include Natalie Knight (resigned) and Kevin Holt (retired). Former MB members for 2022 include Jeff
Carr (resigned) and Pierre Bouchut (retired).
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
2023 performance multiplier was 118.5% for MB and other ExCo (2022: 124.8% for MB and 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 2023 reflects this year's portion of the share grants over the previous four years (plans 2020 to 2023). For more
information on the share-based compensation expenses, see Note 32. The share-based compensation for former MB members
includes \u20ac5,276 thousand for Kevin Holt and \u20ac(886) thousand for Natalie Knight. Kevin Holt\u2019s service period ended upon his
retirement date (i.e., December 31, 2023); as such, the expenses for the plans 2020 to 2023 were expensed over the shorter service
period. For Natalie Knight, the plans 2021, 2022 and 2023 were forfeited, and this resulted in a reversal of expenses.
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 MB, see the Remuneration
report.
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 SB.
\u20ac thousand
2023
2022
SB members
Former SB
members
Total SB
SB members
Former SB
members
Total SB
Remuneration of the
members of the
Supervisory Board
1,543
43
1,586
1,556
41
1,597
For more details on the remuneration of the individual members of the SB, see the Remuneration
report.
Ahold Delhaize does not provide loans or advances to members of the MB or the SB. There are no
loans or advances outstanding. Ahold Delhaize does not issue guarantees to the benefit of members of
the MB or the SB. No such guarantees are outstanding.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-553": { "value": "
32 SHARE-BASED COMPENSATION
In 2023, Ahold Delhaize\u2019s share-based compensation program consisted of a share grant program called
Global Reward Opportunity (GRO). Total 2023 GRO share-based compensation expenses were
\u20ac53\u00a0million (2022: \u20ac65\u00a0million). Ahold Delhaize\u2019s share-based compensation programs are equity-settled.
The fair value of the 2023 GRO award performance shares granted in 2023 at grant date was \u20ac65
million, of which \u20ac8 million related to the MB members. The fair value is expensed over the vesting
period of the grants, adjusted for expected annual forfeitures of 4% (2022: 4%) excluding MB members.
For the share-based compensation expenses allocable to the individual MB members, see the
Remuneration report.
GRO program
Main characteristics of performance shares granted in 2020 through 2023
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.
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% relative to the number of performance shares
granted.
For the performance shares granted in 2020 and 2021, another 35% is linked to a three-year EPS
growth target. For the performance shares granted in 2022 and 2023, this number is 25%. The number
of performance shares that vest may range between zero and a maximum of 150% relative to 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% relative to 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 2020 and 2021, and 25% of the performance shares granted in 2022
and 2023. Depending on performance, the number of performance shares that eventually vest can
range between zero and a maximum of 150% relative to 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 2020 through
2023:
2020\u20132023 GRO program rank
All participants
1
150%
2
125%
3
110%
4
100%
5
75%
6
50%
7\u201312
0%
TSR performance peer group for performance shares granted in 2020 through 2023
Tesco
Kroger
Carrefour
Costco
Metro Cash & Carry
Target
Casino Guichard-Perrachon
Walgreens Boots Alliance
J Sainsbury
Walmart
Albertsons1
1For the 2020 and 2021 GRO awards Wm Morrison was used instead of Albertsons.
Performance shares vesting in 2024
In 2024, the performance shares granted in 2021 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 2023, Ahold Delhaize ranked seventh in the TSR peer group with respect
to the 2021 grant. Based on this TSR ranking, the vesting percentage for the portion of the 2021
performance shares dependent on Ahold Delhaize\u2019s TSR performance was 0%.
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 2021 performance shares dependent on Ahold
Delhaize\u2019s RoC, EPS and sustainability performance is 127%, 150% and 150%, respectively.
On April 11, 2024, a maximum of 0.2 million performance shares granted in 2021 to current members of
the MB 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.
32 SHARE-BASED COMPENSATION CONTINUED
On April 11, 2024, a maximum of 2.1 million performance shares granted in 2021 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 2023 for the MB members and
for all other employees in the aggregate.
Outstanding at the
beginning of 2023
Granted
Performance
adjustment1
Vested2
Forfeited
Outstanding at
the end of 2023
MB members
Shares MB members3
972,859
396,449
108,057
442,107
153,682
881,576
Other employees
2020 grant
1,798,912
(656)
573,860
2,353,191
18,925
\u2014
2021 grant
1,717,846
11,636
\u2014
2,032
95,588
1,631,862
2022 grant
1,690,569
10,199
\u2014
1,481
122,174
1,577,113
2023 grant
\u2014
2,007,364
\u2014
\u2014
95,629
1,911,735
Total number of
shares
6,180,186
2,424,992
681,917
2,798,811
485,998
6,002,286
1Represents the adjustment to the number of performance shares granted resulting from the TSR, RoC, EPS and sustainability
performance.
2The vesting date of the 2020 grant was April 13, 2023. The share price was \u20ac31.55 on April 13, 2023.
3For an overview of the shares outstanding for the MB members, see the Remuneration report. As a result of JJ Fleeman becoming a
member of the MB in 2023, 56,837 shares in the opening balance have moved from \u201cOther employees\u201d to \u201cMB members.\u201d
Valuation model and input variables
The weighted average fair value of the 2023 GRO award performance shares granted in 2023, for all
eligible participants including MB members, amounted to \u20ac21.24 per share for TSR performance
shares and \u20ac28.00 per share for RoC performance shares, EPS performance shares and sustainability
performance shares (2022 restated: \u20ac14.27 per share for TSR performance shares and \u20ac25.45 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
shares granted in 2023 and 2022 were as follows:
2023
2022
Closing share price at grant date (\u20ac)
31.30
28.42
Risk-free interest rate
2.7%
0.4%
Volatility
20.7%
22.0%
Assumed dividend yield
3.7%
3.6%
Expected volatility has been determined based on historical volatilities for a period of three years.
\"Methodology
Accounting policies
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-554": { "value": "53000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-555": { "value": "65000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-556": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-557": { "value": "382000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseOnLeaseLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-558": { "value": "356000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseOnLeaseLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2022-01-03T00:00:00/2023-01-02T00:00:00", "unit": "iso4217:EUR" } }, "f-559": { "value": "
\"Methodology
Accounting policies
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.
33 LEASES CONTINUED
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:
\u00f3 Fixed payments, including in-substance fixed payments
\u00f3 Variable lease payments\u00a0that depend on an index or a rate, which are initially measured using the
index or rate at the commencement date
\u00f3 Amounts expected to be payable under a residual value guarantee
\u00f3 The exercise price of a purchase option that the Company is reasonably certain to exercise
\u00f3 Lease 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.
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\u2019s 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:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-560": { "value": "
34 COMMITMENTS AND CONTINGENCIES
Investment commitments
As of December\u00a031, 2023 , Ahold Delhaize had outstanding investment commitments for property, plant
and equipment and investment property, and for intangible assets of approximately \u20ac412\u00a0million and
\u20ac15\u00a0million, respectively (January\u00a01, 2023 : \u20ac579\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 December\u00a031, 2023 (January\u00a01, 2023: nil).
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
December\u00a031, 2023, the Company\u2019s purchase commitments were approximately \u20ac3.2\u00a0billion (January
1, 2023: \u20ac2.8\u00a0billion). The purchase commitments include $0.5 billion (\u20ac0.5 billion) commitments
relating to a long-term supply agreement with Maryland-Virginia Milk Producers Cooperative for milk
and milk-related products (2022: $0.8 billion (\u20ac0.7 billion)).
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 September 7, 2023, a cooperation agreement between Albert Heijn and Jan Linders became
effective, and 44 stores were converted into Albert Heijn franchise supermarkets in 2023. As part of the
cooperation, several contributions were agreed upon. There are no material outstanding investment
commitments related to this transaction; the main part of the contributions is recognized on the balance
sheet as part of Other non-current assets and Accounts payable. Also, the agreement for the
acquisition of 10 existing Albert Heijn stores by Jan Linders became effective on September 1, 2023.
The acquisition of the Jan Linders DC and the Jan Linders headquarters was fully completed on
January 29, 2024.
Commitments related to business acquisitions
On October 30, 2023, Ahold Delhaize announced it has agreed to acquire 100% of Romanian grocery
retailer Profi Rom Food SRL (Profi) from MidEuropa. Profi is a leading traditional grocery retailer in\u00a0
Romania, operating 1,654 stores in the country. The acquisition more than doubles the size of Ahold
Delhaize\u2019s existing Romanian business, which operates under the Mega Image brand and has 969
stores, predominantly in urban areas. The combination will complement and expand Ahold Delhaize\u2019s
existing Romanian footprint to better serve both urban and rural areas. This acquisition is still subject to
approval by relevant regulatory authorities. Ahold Delhaize will pay an enterprise value of
approximately \u20ac1.3 billion, corresponding to a lease-adjusted enterprise value of \u20ac1.8 billion (post IFRS
16). The acquisition consideration will be 100% debt funded, with the transaction expected to close in
2024, following the satisfaction of customary closing conditions, including regulatory clearance. On
November 23, 2023, Ahold Delhaize entered into a one-year \u20ac1.2 billion committed, unsecured and
syndicated bridge facility, with two six-months extension options; see Note 22.
Contingent liabilities
Guarantees
Guarantees to third parties issued by Ahold Delhaize can be summarized as follows:
\u20ac million
December 31,
2023
January 1,
2023
Lease guarantees
626
718
Loan guarantees
6
\u2014
Corporate and buyback guarantees
35
13
Total
667
731
The amounts included in the table above are the maximum undiscounted amounts the Group could be
forced to settle under the arrangement for the full guaranteed amount, if that amount is\u00a0claimed by the
counterparty to the guarantee. For lease guarantees, this is based on the committed lease terms as
communicated to Ahold Delhaize.
Lease guarantees
Ahold Delhaize or its subsidiaries may be contingently liable for leases that have been assigned and/or
transferred to third parties in connection with facility closings and dispositions. Ahold Delhaize could be
required to perform the financial obligations under these leases if any of the third parties are unable to
fulfill their lease obligations. The lease guarantees are based on the nominal value of future minimum
lease payments of the relevant leases. The amounts of the lease guarantees set forth in the table
above exclude the cost of common area maintenance and real estate taxes; such amounts may vary in
time, per region and per property. Certain amounts related to these leases are recognized as a
provision or a financial liability; for more information, see Note 23 and Note 25.
As of December\u00a031, 2023, the \u20ac626\u00a0million in the undiscounted lease guarantees as presented in the
table above mainly relates to divestments. The following table sets out the undiscounted lease
guarantees by divestment:
\u20ac million
December 31,
2023
January 1,
2023
Tops divestments
252
274
BI-LO/Bruno\u2019s divestment
127
159
Sweetbay, Harveys and Reid\u2019s divestment
62
73
Bottom Dollar Food divestment
72
84
Other1
112
128
Total lease guarantees
626
718
1Other mainly includes the divestment of remedy stores in the U.S. and the divestment of Bradlees.
On a discounted basis, these lease guarantees amount to \u20ac522\u00a0million and \u20ac620\u00a0million as of
December\u00a031, 2023, and January\u00a01, 2023, 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.
34 COMMITMENTS AND CONTINGENCIES CONTINUED
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 \u20ac11 million, an
amount of \u20ac9 million expires in 2024 and \u20ac2 million expires in 2025.
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.
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 or 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.
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
(\u20ac56\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.
34 COMMITMENTS AND CONTINGENCIES CONTINUED
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. Several U.S. brands and subsidiaries of Ahold Delhaize also
have been sued in a number of lawsuits pending in courts in New York, which are not part of the MDL.\u00a0
The MDL and New York 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 MDL 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 requested status reports in many stayed cases (including those in which Ahold Delhaize
and its subsidiaries have been named). The New York matters in which Ahold Delhaize or its
subsidiaries have been named are also currently stayed. Ahold Delhaize and its subsidiaries continue
to believe there are strong factual and legal defenses to the plaintiffs\u2019 claims. 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.
\"Data
Accounting estimates and judgments
For accounting estimates and judgments relating to income taxes, see Note 10, and for provisions and
contingencies, see Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-561": { "value": "
Investment commitments
As of December\u00a031, 2023 , Ahold Delhaize had outstanding investment commitments for property, plant
and equipment and investment property, and for intangible assets of approximately \u20ac412\u00a0million and
\u20ac15\u00a0million, respectively (January\u00a01, 2023 : \u20ac579\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 December\u00a031, 2023 (January\u00a01, 2023: nil).
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
December\u00a031, 2023, the Company\u2019s purchase commitments were approximately \u20ac3.2\u00a0billion (January
1, 2023: \u20ac2.8\u00a0billion). The purchase commitments include $0.5 billion (\u20ac0.5 billion) commitments
relating to a long-term supply agreement with Maryland-Virginia Milk Producers Cooperative for milk
and milk-related products (2022: $0.8 billion (\u20ac0.7 billion)).
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 September 7, 2023, a cooperation agreement between Albert Heijn and Jan Linders became
effective, and 44 stores were converted into Albert Heijn franchise supermarkets in 2023. As part of the
cooperation, several contributions were agreed upon. There are no material outstanding investment
commitments related to this transaction; the main part of the contributions is recognized on the balance
sheet as part of Other non-current assets and Accounts payable. Also, the agreement for the
acquisition of 10 existing Albert Heijn stores by Jan Linders became effective on September 1, 2023.
The acquisition of the Jan Linders DC and the Jan Linders headquarters was fully completed on
January 29, 2024.
Commitments related to business acquisitions
On October 30, 2023, Ahold Delhaize announced it has agreed to acquire 100% of Romanian grocery
retailer Profi Rom Food SRL (Profi) from MidEuropa. Profi is a leading traditional grocery retailer in\u00a0
Romania, operating 1,654 stores in the country. The acquisition more than doubles the size of Ahold
Delhaize\u2019s existing Romanian business, which operates under the Mega Image brand and has 969
stores, predominantly in urban areas. The combination will complement and expand Ahold Delhaize\u2019s
existing Romanian footprint to better serve both urban and rural areas. This acquisition is still subject to
approval by relevant regulatory authorities. Ahold Delhaize will pay an enterprise value of
approximately \u20ac1.3 billion, corresponding to a lease-adjusted enterprise value of \u20ac1.8 billion (post IFRS
16). The acquisition consideration will be 100% debt funded, with the transaction expected to close in
2024, following the satisfaction of customary closing conditions, including regulatory clearance. On
November 23, 2023, Ahold Delhaize entered into a one-year \u20ac1.2 billion committed, unsecured and
syndicated bridge facility, with two six-months extension options; see Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-562": { "value": "
Contingent liabilities
Guarantees
Guarantees to third parties issued by Ahold Delhaize can be summarized as follows:
\u20ac million
December 31,
2023
January 1,
2023
Lease guarantees
626
718
Loan guarantees
6
\u2014
Corporate and buyback guarantees
35
13
Total
667
731
The amounts included in the table above are the maximum undiscounted amounts the Group could be
forced to settle under the arrangement for the full guaranteed amount, if that amount is\u00a0claimed by the
counterparty to the guarantee. For lease guarantees, this is based on the committed lease terms as
communicated to Ahold Delhaize.
Lease guarantees
Ahold Delhaize or its subsidiaries may be contingently liable for leases that have been assigned and/or
transferred to third parties in connection with facility closings and dispositions. Ahold Delhaize could be
required to perform the financial obligations under these leases if any of the third parties are unable to
fulfill their lease obligations. The lease guarantees are based on the nominal value of future minimum
lease payments of the relevant leases. The amounts of the lease guarantees set forth in the table
above exclude the cost of common area maintenance and real estate taxes; such amounts may vary in
time, per region and per property. Certain amounts related to these leases are recognized as a
provision or a financial liability; for more information, see Note 23 and Note 25.
As of December\u00a031, 2023, the \u20ac626\u00a0million in the undiscounted lease guarantees as presented in the
table above mainly relates to divestments. The following table sets out the undiscounted lease
guarantees by divestment:
\u20ac million
December 31,
2023
January 1,
2023
Tops divestments
252
274
BI-LO/Bruno\u2019s divestment
127
159
Sweetbay, Harveys and Reid\u2019s divestment
62
73
Bottom Dollar Food divestment
72
84
Other1
112
128
Total lease guarantees
626
718
1Other mainly includes the divestment of remedy stores in the U.S. and the divestment of Bradlees.
On a discounted basis, these lease guarantees amount to \u20ac522\u00a0million and \u20ac620\u00a0million as of
December\u00a031, 2023, and January\u00a01, 2023, 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.
34 COMMITMENTS AND CONTINGENCIES CONTINUED
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 \u20ac11 million, an
amount of \u20ac9 million expires in 2024 and \u20ac2 million expires in 2025.
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.
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 or 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.
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
(\u20ac56\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.
34 COMMITMENTS AND CONTINGENCIES CONTINUED
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. Several U.S. brands and subsidiaries of Ahold Delhaize also
have been sued in a number of lawsuits pending in courts in New York, which are not part of the MDL.\u00a0
The MDL and New York 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 MDL 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 requested status reports in many stayed cases (including those in which Ahold Delhaize
and its subsidiaries have been named). The New York matters in which Ahold Delhaize or its
subsidiaries have been named are also currently stayed. Ahold Delhaize and its subsidiaries continue
to believe there are strong factual and legal defenses to the plaintiffs\u2019 claims. 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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-564": { "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 December\u00a031, 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)
Ownership %
Retail trade Europe
The Netherlands
Albert Heijn B.V.*
Zaandam
100%
Albert Heijn Franchising B.V.*
Zaandam
100%
Gall & Gall B.V.*
Zaandam
100%
Etos B.V.*
Zaandam
100%
bol.com B.V.*
Utrecht
100%
Belgium
Delhaize Le Lion / De Leeuw NV
Asse
100%
Albert Heijn Belgi\u00eb NV / SA
Antwerp
100%
Greece
\u201cAlfa-Beta\u201d Vassilopoulos Single Member S.A.
Athens
100%
Serbia
Delhaize Serbia d.o.o. Beograd
Belgrade
100%
Romania
Mega Image SRL
Bucharest
100%
Czech Republic
Albert \u010cesk\u00e1 republika, s.r.o.
Prague
100%
Grand-Duchy of Luxembourg
Delhaize Luxembourg S.A.
Pommerloch
100%
Retail trade United States
United States
The Stop & Shop Supermarket Company LLC
Quincy
Massachusetts
100%
Food Lion LLC
Salisbury
North Carolina
100%
The GIANT Company LLC
Carlisle
Pennsylvania
100%
Giant of Maryland LLC
Landover
Maryland
100%
Hannaford Bros. Co., LLC
Scarborough
Maine
100%
Other
The Netherlands
Ahold Delhaize Coffee Company B.V.*
Zaandam
100%
Ahold Europe Real Estate & Construction B.V.*
Zaandam
100%
Ahold Finance U.S.A., LLC*
Zaandam
100%
Significant subsidiaries (consolidated)
Ownership %
Ahold Delhaize Nederland B.V.*
Zaandam
100%
bol.com holding N.V.*
Utrecht
100%
Delhaize \u201cThe Lion\u201d Nederland B.V.*
Zaandam
100%
United States
ADUSA Commercial Holdings, Inc.
Salisbury
North Carolina
100%
ADUSA Supply Chain Services, LLC
Salisbury
North Carolina
100%
Ahold Information Services, Inc.
Greenville
South Carolina
100%
Ahold Lease U.S.A., Inc.
Quincy
Massachusetts
100%
Ahold Delhaize USA, Inc.
Quincy
Massachusetts
100%
Ahold U.S.A., Inc.
Quincy
Massachusetts
100%
Delhaize America, LLC
Salisbury
North Carolina
100%
Delhaize US Holding, Inc.
Salisbury
North Carolina
100%
Guiding Stars Licensing Company, LLC
Scarborough
Maine
100%
MAC Risk Management, Inc.
Quincy
Massachusetts
100%
The MollyAnna Company
Williston
Vermont
100%
Retail Business Services LLC
Salisbury
North Carolina
100%
Peapod Digital Labs, LLC
Chicago
Illinois
100%
Grand-Duchy of Luxembourg
Lion Lux Finance S.\u00e0.r.l.
Pommerloch
100%
Lion Retail Holding S.\u00e0.r.l.
Pommerloch
100%
Switzerland
Ahold Delhaize Finance Company N.V.
Geneva
100%
Ahold Delhaize International S\u00e0rl
Geneva
100%
Ahold Delhaize Licensing S\u00e0rl
Geneva
100%
Cura\u00e7ao
Ahold Insurance N.V.
Willemstad
100%
CUW B.V.
Willemstad
100%
Significant joint ventures and associates (unconsolidated)
Ownership %
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A.
Lisbon
Portugal
49%
P.T. Lion Super Indo
Jakarta
Indonesia
51%
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": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-563": { "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 December\u00a031, 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)
Ownership %
Retail trade Europe
The Netherlands
Albert Heijn B.V.*
Zaandam
100%
Albert Heijn Franchising B.V.*
Zaandam
100%
Gall & Gall B.V.*
Zaandam
100%
Etos B.V.*
Zaandam
100%
bol.com B.V.*
Utrecht
100%
Belgium
Delhaize Le Lion / De Leeuw NV
Asse
100%
Albert Heijn Belgi\u00eb NV / SA
Antwerp
100%
Greece
\u201cAlfa-Beta\u201d Vassilopoulos Single Member S.A.
Athens
100%
Serbia
Delhaize Serbia d.o.o. Beograd
Belgrade
100%
Romania
Mega Image SRL
Bucharest
100%
Czech Republic
Albert \u010cesk\u00e1 republika, s.r.o.
Prague
100%
Grand-Duchy of Luxembourg
Delhaize Luxembourg S.A.
Pommerloch
100%
Retail trade United States
United States
The Stop & Shop Supermarket Company LLC
Quincy
Massachusetts
100%
Food Lion LLC
Salisbury
North Carolina
100%
The GIANT Company LLC
Carlisle
Pennsylvania
100%
Giant of Maryland LLC
Landover
Maryland
100%
Hannaford Bros. Co., LLC
Scarborough
Maine
100%
Other
The Netherlands
Ahold Delhaize Coffee Company B.V.*
Zaandam
100%
Ahold Europe Real Estate & Construction B.V.*
Zaandam
100%
Ahold Finance U.S.A., LLC*
Zaandam
100%
Significant subsidiaries (consolidated)
Ownership %
Ahold Delhaize Nederland B.V.*
Zaandam
100%
bol.com holding N.V.*
Utrecht
100%
Delhaize \u201cThe Lion\u201d Nederland B.V.*
Zaandam
100%
United States
ADUSA Commercial Holdings, Inc.
Salisbury
North Carolina
100%
ADUSA Supply Chain Services, LLC
Salisbury
North Carolina
100%
Ahold Information Services, Inc.
Greenville
South Carolina
100%
Ahold Lease U.S.A., Inc.
Quincy
Massachusetts
100%
Ahold Delhaize USA, Inc.
Quincy
Massachusetts
100%
Ahold U.S.A., Inc.
Quincy
Massachusetts
100%
Delhaize America, LLC
Salisbury
North Carolina
100%
Delhaize US Holding, Inc.
Salisbury
North Carolina
100%
Guiding Stars Licensing Company, LLC
Scarborough
Maine
100%
MAC Risk Management, Inc.
Quincy
Massachusetts
100%
The MollyAnna Company
Williston
Vermont
100%
Retail Business Services LLC
Salisbury
North Carolina
100%
Peapod Digital Labs, LLC
Chicago
Illinois
100%
Grand-Duchy of Luxembourg
Lion Lux Finance S.\u00e0.r.l.
Pommerloch
100%
Lion Retail Holding S.\u00e0.r.l.
Pommerloch
100%
Switzerland
Ahold Delhaize Finance Company N.V.
Geneva
100%
Ahold Delhaize International S\u00e0rl
Geneva
100%
Ahold Delhaize Licensing S\u00e0rl
Geneva
100%
Cura\u00e7ao
Ahold Insurance N.V.
Willemstad
100%
CUW B.V.
Willemstad
100%
Significant joint ventures and associates (unconsolidated)
Ownership %
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A.
Lisbon
Portugal
49%
P.T. Lion Super Indo
Jakarta
Indonesia
51%
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:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-565": { "value": "
36 SUBSEQUENT EVENTS
There have been no significant subsequent events.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } }, "f-566": { "value": "Provincialeweg 11 1506 MA Zaandam The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2023-01-02T00:00:00/2024-01-01T00:00:00" } } } }