Participating Interests
Proportionally consolidated participating interests
The companies listed below are proportionally consolidated because control of these companies is exercised
jointly and directly by virtue of an agreement with the other shareholders.
interest
BrauHolding International AG Munich (Germany) 49.9
Zagorka Brewery A.D. Stara Zagora (Bulgaria) 48.6
Pivara Skopje A.D. Skopje (Macedonia) 27.6
Brasseries du Congo S.A. Brazzaville (Congo) 50.0
Asia Pacific Breweries (Singapore) Pte. Ltd. Singapore 42.2
Shanghai Asia Pacific Brewery Co. Ltd. Shanghai (China) 40.9
Hainan Asia Pacific Brewery Ltd. Haikou (China) 42.2
South Pacific Brewery Ltd. Port Moresby (Papua New Guinea) 31.9
Vietnam Brewery Ltd. Ho Chi Minh City (Vietnam) 25.3
Cambodia Brewery Ltd. Phnom Penh (Cambodia) 33.7
DB Breweries Ltd. Auckland (New Zealand) 32.5
Compania Cervecerias Unidas S.A.1 Santiago (Chile) 30.8
Non-consolidated participating interests
carried at net asset value
Cervecerias Costa Rica S.A.
Guinness Anchor Berhad
Thai Asia Pacific Brewery Co. Ltd.
San José (Costa Rica) 25.0
Petaling Jaya (Malaysia) 10.7
Bangkok (Thailand) 14.8
Other non-consolidated participating
interests carried at cost
Namibia Breweries Ltd.1 Windhoek (Namibia) 14.5
Cervecerias Kaiser Brasil S.A. Sao Paulo (Brazil) 20.0
Acquired in 2003
2 In accordance with the provisions of Section 17 of the Republic of Ireland Companies (Amendment) Act 1986.
Heineken N.V. has given irrevocable guarantees for the financial year from 1 January 2003 to 31 December 2003
in respect of the liabilities, as referred to in Section 5(c) of that Act, of the subsidiary companies
Heineken Ireland Limited and Heineken Ireland Sales Limited.
FINANCIAL STATEMENTS 2003
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