115
Investments
Heineken limits its exposure to credit risk, except for held-to-maturity investments as disclosed in note
17, by only investing in liquid securities and only with counterparties that have a credit rating of at least
single A or equivalent.
Guarantees
Heineken's policy is to avoid issuing guarantees where possible unless this leads to substantial savings
for the Group. In cases where Heineken does provide guarantees, such as to banks for loans (by third
parties), Heineken aims to receive security from the third party.
The Company has issued a joint and several liability statement to the provisions of Section 403, Part 9,
Book 2 of the Dutch Civil Code with respect to legal entities established in the Netherlands.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
llions of EUR Note 2007 2006
Held-to-maturity investments
17
218
404
Investments held for trading
17
15
12
Available-for-sale investments
17
234
202
Interest rate swaps used for hedging: assets
17
-
4
Forward exchange contracts used for hedging: assets
17
90
43
7 ade and other receivables
20
1,873
1,779
Cash and cash equivalents
21
715
1,374
3,145
3,818
The maximum exposure to credit risk for trade and other receivables at the reporting date by
gi ographic region was:
In millions of EUR
2007
2006
Western Europe
896
907
C ntral and Eastern Europe
548
478
The Americas
214
205
A rica and the Middle East
126
90
A ia Pacific
78
74
F ad Office/eliminations
11
25
1,873
1,779
1 pairment losses
T e ageing of trade and other receivables at the reporting date was:
Gross
Impairment
Gross
Impairment
In millions of EUR
2007
2007
2006
2006
Nat past due
1,363
(7)
1,385
(8)
P st due 0-30 days
292
(33)
177
(6)
P st due 31-120 days
182
(23)
177
(47)
More than 120 days
244
(145)
248
(147)
2,081
(208)
1,987
(208)
Heineken N.V. Annual Report 2007