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HEINEKEN N.V. ANNUAL REPORT 2008
Hedging reserve
This reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging
instruments where the hedged transaction has not yet occurred. Heineken considers this a legal reserve.
Fair value reserve
This reserve comprises the cumulative net change in the fair value of available-for-sale investments until the
investment is derecognised or impaired. Heineken considers this a legal reserve.
Other legal reserves
These reserves relate to the share of profit of joint ventures and associates over the distribution of which
Heineken does not have control. The movement in these reserves reflects retained earnings of joint ventures
and associates minus dividends received. In case of a legal or other restriction which means that retained
earnings of subsidiaries cannot be freely distributed, a legal reserve is recognised for the restricted part.
Reserve for own shares
Tie reserve for the Company's own shares comprises the cost of the Company's shares held by Heineken.
As at 31 December 2008 Heineken held 1,044,233 of the Company's shares (2007: 800,000).
L vidends
T ie following dividends were declared and paid by Heineken:
lr millions of EUR 2008 2007
f ial dividend previous year €0.46, respectively €0.44 per qualifying ordinary share 226
erim dividend current year €0.28, respectively €0.24 per qualifying ordinary share 137118
tal dividend declared and paid 363 333
ter the balance sheet date the Executive Board proposed the following dividends. The dividends, taken into
c count the interim dividends declared and paid, have not been provided for.
millions of EUR 2008 2007
f ).62 per qualifying ordinary share (2007: €0.70) 304 343
I. Earnings per share
I isic earnings per share
ie calculation of basic earnings per share as at 31 December 2008 is based on the profit attributable
t ordinary shareholders of the Company (net profit) of €209 million (2007: €807 million) and a weighted
erage number of ordinary shares - basic outstanding during the year ended 31 December 2008 of
38,930,340 (2007: 489,353,315). Basic earnings per share for the year amounts to €0.43 (2007: €1.65).
eighted average number of shares - basic
shares
2008
2007
imber of shares - basic- as at 1 January
feet of own shares held
489,174,594
(244,254)
489,564,594
(211,279)
eighted average number of shares - basic - as at 31 December
488,930,340
489,353,315
luted earnings per share
ie calculation of diluted earnings per share as at 31 December 2008 was based on the profit attributable
i ordinary shareholders of the Company (net profit) of €209 million (2007: €807 million) and a weighted
/erage number of ordinary shares - basic outstanding after adjustment for the effects of all dilutive
otential ordinary shares of 489,974,594 (2007: 489,974,594). Diluted earnings per share for the year
mounted to €0.43 (2007: €1.65).
