113 Other provisions Included are, amongst others, provisions formed for onerous contracts (€22 million), surety provided (€26 million), litigations and claims (€55 million) and environmental provisions (€17 million). 29. Trade and other payables In millions of EUR Note 2007 2006 Trade payables due to associates and joint ventures Other trade payables Returnable packaging deposits Taxation and social security contributions Dividend Interest Derivatives used for hedging Other payables Accruals and deferred income 6 1,164 382 296 36 38 22 174 688 9 1,030 340 301 29 34 10 140 603 30 2,806 2,496 3 Financial risk management and financial instruments Overview Heineken has exposure to the following risks from its use of financial instruments, as they arise in the normal course of Heineken's business: Credit risk Liquidity risk Market risk 1 lis note presents information about Heineken's exposure to each of the above risks, Heineken's objectives, policies and processes for measuring and managing risk, and Heineken's management of capital. Further quantitative disclosures are included throughout these consolidated financial s atements. T ie Executive Board, under the supervision of the Supervisory Board, has overall responsibility for heineken's risk management and control systems. Regional and subsidiary company management are i sponsible for managing performance, underlying risks and effectiveness of operations, within the Rules set by the Executive Board, supported and supervised by Group departments. Heineken's risk management policies are established to identify and analyse the risks faced, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. Heineken, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and ri sponsibilities. 1 ie Executive Board oversees the adequacy and functioning of the entire system of risk management a id internal control, assisted by Group departments. Group Internal Audit provides independent a .surance on the entire risk management and internal control system. The Assurance Meetings at s bsidiary companies and regional level, oversee the adequacy and operating effectiveness of the risk n anagement and internal control system. Regional management and Group Internal Audit participate in these meetings to ensure effective dialogue and transparency. T ie outcome and effectiveness of the risk management and internal control systems have been scussed with the Audit Committee of the Supervisory Board. Heineken N.V. Annual Report 2007

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2007 | | pagina 111