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