92. Notes to the consolidated financial statements
18. Changes in accounting policy continued
In 2004 under IFRS, Heineken did not recognise derivatives. In accordance with IAS 32 and IAS 39
derivatives should be recognised at fair value.
The changes in accounting policy had the following impact on the opening balance of 1 January 2005.
Balance 31
December
Effect of
policy
Balance
1 January
2005
Deferred tax assets
269
9
278
Other investments
632
37
669
Inventories
782
(14)
768
Trade and other receivables
1,646
68
1,714
Non-interest bearing loans and borrowings
(23)
(23)
(46)
Deferred tax liabilities
(384)
(20)
(404)
Trade and other payables
(2,025)
(13)
(2,038)
Recognised direction equity
(44)
19. Interest-bearing loans and borrowings
This note provides information about the contractual terms of Heineken's interest-bearing loans and
borrowings. For more information about Heineken's exposure to interest rate risk and foreign currency
risk, refer to note 23.
Non-current liabilities
In m ons of EUI-20052004
Non-current liabilities
Secured bank loans
7
12
Unsecured bank loans
841
1,274
Unsecured bond issues
1,341
1,329
Finance lease liabilities
6
2,195
2,615
Current liabilities
2005
2004
Current portion of unsecured bank loans
404
143
Current portion of unsecured bond issues
3
3
Current portion of finance lease liabilities
2
Bank overdrafts
351
517
Deposits from third parties
284
273
Other
16
10
1,060
946
Heineken N.V. - Annual Report 2005
