Proportionally consolidated participations
Proportional consolidation ofthe participations listed below takes place because control in
the companies concerned is exercised jointly and directly by virtue of an agreement with
the other shareholders.
interest
Zagorka Brewery A.D.
Brasseries du Congo S.A.
Brasseries du Logone S.A.
Asia Pacific Breweries (Singapore) Pte. Ltd.
South Pacific Brewery Ltd.
Vietnam Brewery Ltd.
Hatay Brewery Ltd.
Cambodia Brewery Ltd.
Hainan Asia Pacific Brewery Co. Ltd.
DB Group Ltd.
Stara Zagora (Bulgaria) 43.2%
Brazzaville (Congo) 50.0%
Moundou (Chad) 50.0%
Singapore 42.5%
Port Moresby (Papua New Guinea) 31.9%
Ho Chi Minh City (Vietnam) 25.5%
Hanoi (Vietnam) 25.5%
Phnom Penh (Cambodia) 34.0%
Haikou (China) 34.0%
Auckland (New Zealand) 24.8%
Non-consolidated participations valued
at net asset value
Zywiec S.A.
Guinness Anchor Berhad
Shanghai Mila Brew Co. Ltd.
Tee Yih Jia (Fujian) Brewery Co. Ltd.
Nigerian Breweries Pic
Other non-consolidated participations and capital
investments valued at cost of acquisition
Pivovar KarSay Spol. S.R.O.
Quilmes International (Bermuda) Ltd.
Cervejarias Kaiser S.A.
ABC Brewery Ltd.
Zywiec (Poland)
Petalingjaya (Malaysia)
Shanghai (China)
Fuzhou (China)
Lagos (Nigeria)
Nitra (Slowakia)
Hamilton (Bermuda)
Rio de Janeiro (Brazil)
Accra (Ghana)
31.8%
10.8%
17.5%
17.0%
30.0%
49.0%
15.0%
14.2%
90.0%
This list contains the capital investments which are significant for the true and fair view required by law.
In accordance with the provisions of Section 17 of the Republic of Ireland Companies (Amendment) Act 1986,
Heineken N.V. has given irrevocable guarantees in respect of the financial year from January 1,1997 to
December p, 1997 in respect of the liabilities, as are referred to in Section 5(c) of that Act, for the subsidiary
companies Murphy Brewery Ireland Limited and Murphy Brewery Sales Limited.
HEINEKEN N. V.
ANNUAL ACCOU
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