Notes to the consolidated financial statements
120 Financial statements
30. Financial risk management and financial instruments
Interest rate risk - Profile
At the reporting date the interest rate profile of Heineken's interest-bearing financial instruments was
as follows:
In millions of EUR2007 2006
Fixed rate instruments
Financial assets
Financial liabilities
Interest rate swaps floating to fixed
(1,676) (1,847)
63
(1,779) (1,797)
40 (82)
810
(878) (1,503)
(40) 70
(108) 89
Fair value sensitivity analysis for fixed rate instruments
During 2007, Heineken did not account for any fixed rate financial assets and liabilities at fair value
through profit or loss. Therefore a change in interest rates at the reporting date would not affect profit
or loss or equity.
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates constantly applied during the reporting period would have
increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that
all other variables, in particular foreign currency rates, remain constant. The analysis is performed on
the same basis for 2006.
Profit or loss Equity
100 bp 100 bp 100 bp 100 bp
In millions of EUR increase decrease increase decrease
31 December 2007
Variable rate instruments (1) 1 (1) 1
Interest rate swaps fixed to floating----
Cash flow sensitivity (net)(1)1(1)1
Variable rate instruments
Financial assets
Financial liabilities
Interest rate swaps fixed to floating
31 December 2006
Variable rate instruments
Interest rate swaps fixed to floating
Cash flow sensitivity (net)
(1) 1 (1) 1
1 (1) 1 (1)
Heineken N.V. Annual Report 2007
