15. Investment in associates
Heineken has the following investments in associates, direct or indirect through subsidiaries
or joint ventures:
Ownership Ownership
Country 2006 2005
Ccrvecerias Costa Rica S.A. Costa Rica 25.0% 25.0%
Brasserie Nationale d'Haïti
Haïti
23.3%
23.3%
Guinness Ghana Breweries Ltd.
Ghana
20.0%
20.0%
Sierra Leone Brewery
Sierra Leone
42.5%
42.5%
Guinness Anchor Berhad*
Malaysia
10.7%
10.7%
Thai Asia Pacific Brewery Co. Ltd.4*
Thailand
14.7%
14.7%
Jiangsu DaFuHao Breweries Co. Ltd.4*
China
22.5%
Indirect through joint ventures.
4T:ie reporting date of the financial statements of this associate is 30 September
Hi ineken's share in the profit of associates for the year ended 31 December 2006 was €27 million
(2 )05: €29 million). Guinness Anchor Berhad is listed on the Malaysian stock exchange. Fair value as
at 31 December 2006 amounted €42 million.
1( Other investments
In illions of EUR
2006
2005
N' n-current other investments
H d to maturity investments
584
481
A ailable-for-sale investments
202
165
786
646
C rent other investments
12
Ir Iuded in held-to-maturity investments are loans to customers with a carrying amount €329 million
a at 31 December 2006 (2005: €375 million). Effective interest rates range from 2 to 10 per cent.
17 million (2005: €355 million) matures between 1 and 5 years and €12 million (2005: €20 million)
a er 5 years. Also included in held-to-maturity investments are part of the deferred payments in
r ation to the sale of a brewery site in Seville, Spain, amounting to €147 million.
T a impairment loss in respect to loans to customers recognised in the current year was €37 million.
Heineken N.V. QC
Annual Report 2006 «/O
