105
HEINEKEN N.V. ANNUAL REPORT 2008
Expected volume
Post-tax Expected annual growth rates
WACC long-term inflation 2012-2018
Western Europe
7.6%
2.1%
-0.1%
Central and Eastern Europe (excluding Russia)
9.6%
2.9%
1.0%
Russia
14.1%
5.6%
3.5%
The Americas
8.2% -13.1%
1.7% - 7.3%
1.2% -3.0%
Africa and Middle East 8.9%-14.7% 3.1%-7.4% -0.4%-4.4%
The values assigned to the key assumptions represent management's assessment of future trends in the beer
industry and are based on both external sources and internal sources (historical data).
Tie impairment of €275 million in Russia is mainly caused by an increase of the WACC and the reduced
expected long-term growth rate due to the economic crisis. In addition, it is expected that it will take longer
for the Russian market to recover.
1 Investments in associates and joint ventures
Hsineken has the following significant investments in associates and joint ventures:
Country
Ownership
2008
Ownership
2007
J( nt ventures
E Holding International GmbH Co KgaA
Z gorka Brewery A.D.
E awinvest S.A.
F ara Skopje A.D.
B asseries du Congo S.A.
ia Pacific Investment Pte. Ltd.
ia Pacific Breweries Ltd.
C mpania Cervecerias Unidas S.A.
1 npo Beverages Ltd.
I ineken Lion Australia Pty.
S occo FZCo
I ;geo Heineken Namibia B.V.
I ited Breweries Limited
f lenium Alcobev Private Limited
1 N Drinks (Pty) Ltd.
Jibeng Brewery Pty Ltd.
Germany
Bulgaria
Greece
FYR Macedonia
Congo
Singapore
Singapore
Chile
Israel
Australia
Dubai
Namibia
India
India
South Africa
South Africa
49.9%
49.0%
50.0%
27.6%
50.0%
50.0%
41.9%
33.1%
40.0%
50.0%
50.0%
50.0%
37.5%
68.8%
44.5%
75.0%
49.9%
49.0%
50.0%
27.6%
50.0%
50.0%
41.9%
33.1%
40.0%
50.0%
50.0%
50.0%
sociates
rvecerias Costa Rica S.A.
Costa Rica
25.0%
25.0%
1 isserie Nationale d'Haïti S.A.
Haïti
23.3%
23.3%
FE Efes Karaganda Brewery
Kazakhstan
28.0%
F porting date
e reporting date of the financial statements of all Heineken entities and joint ventures disclosed are the
s me as for the Company, except for: Asia Pacific Breweries Ltd., Heineken Lion Australia Pty. and Asia Pacific
I /estment Pte. Ltd, which have a 30 September reporting date, DHN Drinks (Pty) Ltd., which has a 30 June
r porting date and United Breweries Limited and Millenium Alcobev Private Limited which have a 31 March
r porting date.