106 FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
HEINEKEN N.V. ANNUAL REPORT 20i 8
16. Investments in associates and joint ventures
Shareholdings India
In March 2008, the joint venture partners of Heineken in United Breweries Limited (UBL) filed legal
proceedings in India against various Scottish Newcastle, Heineken and Carlsberg entities claiming that
the rights enjoyed by Scottish Newcastle India Private Limited (the entity through which Heineken holds its
investment in UBL) in a shareholders' agreement relating to UBL and the Articles of Association of UBL are
personal to S&N and do not survive the takeover of S&N by Sunrise Acquisitions Limited in April 2008. Since
this date, the joint venture partners and UBL itself have effectively excluded Heineken from the management
of UBL and restricted the scope of the financial information previously available to Scottish Newcastle. The
latter is also applicable to our 50% share in Millenium Alcobev Private Limited (MAPL) in which UBL also has a
50% share. As Heineken only has public Indian GAAP information available, Heineken does not have sufficient
information to apply equity accounting for its investments in UBL and MAPL and has used the share price of
UBL as at 31 December 2008 for the purposes of impairment testing.
Share of profit of associates and joint ventures and impairments thereof
In millions of EUR 2008 2007
Income associates
18
16
Income joint ventures
94
78
Impairments
(214)
(40)
(102)
54
In 2008 the impairments relate to our Indian investments in UBL and MAPL of €200 million and impairments
taken by Asia Pacific Breweries of €14 million (Heineken's share) (2007: €40 million related to Brau Holding
International).
Summary financial information for equity-accounted joint ventures
Joint ventures*
Joint ventures
In millions of EUR
2008
2007
Non-current assets
1,071
892
Current assets
552
550
Non-current liabilities
(280)
(365)
Current liabilities
(626)
(474)
717
603
Revenue
1,564
1,393
Expenses
(1,388)
(1,256)
176
137
Due to lack of information with respect to the S&N shareholdings in India, these joint ventures are not included in the provided figures.
17. Other investments
In millions of EUR
2008
2007
Non-current other investments
Loans
310
161
Held-to-maturity investments
10
3
Available-for-sale investments
221
233
Non-current derivatives used for hedging*
100
641
397
Current other investments
Investments held for trading
14
14
14
14
€89 million in 2008 relates to Heineken N.V.