Notes to the consolidated financial statements
100 Financial statements
16. Investments in associates
Fleineken has the following investments in associates, direct or indirect through subsidiaries or joint
ventures:
Ownership Ownership
Country 2007 2006
Costa Rica 25.0% 25.0%
Haïti 23.3% 23.3%
Ghana 20.0% 20.0%
Sierra Leone 42.5% 42.5%
Malaysia 10.7% 10.7%
Thailand 14.7% 14.7%
China 22.5% 22.5%
1 Indirect through joint ventures.
2 The reporting date of the financial statements of these associates is 30 September.
Cervecerias Costa Rica S.A.
Brasserie Nationale d'Haïti
Guinness Ghana Breweries Ltd.
Sierra Leone Brewery
Guinness Anchor Berhad1'2
Thai Asia Pacific Brewery Co. Ltd.12
Jiangsu DaFuHao Breweries Co. Ltd.1-2
Heineken's share in the profit of associates for the year ended 31 December 2007 was €25 million
(2006: €27 million).
Guinness Anchor Berhad is listed on the Malaysian stock exchange. Fair value as at 31 December 2007
amounted to €37 million (2006: €42 million).
Heineken is considered to have significant influence in Guinness Anchor Berhad and Thai Asia Pacific
Brewery Co. Ltd. indirectly via Heineken's interest in Asia Pacific Investment Pte. Ltd.
Heineken N.V. Annual Report 2007