NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
HEINEKEN N.V. ANNUAL REPORT 200
30. Financial risk management and financial instruments
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to
credit risk at the reporting date was:
In millions of EUR
Note
2008
2007
Loans
17
310
161
Held-to-maturity investments
17
10
3
Available-for-sale investments
17
221
233
Non-current derivatives used for hedging
17
100
Investments held for trading
17
14
14
Trade and other receivables, excluding derivatives
20
2,401
1,680
Current derivatives used for hedging
20
103
89
Cash and cash equivalents
21
698
560
3,857
2,740
The maximum exposure to credit risk for trade and other receivables (excluding derivatives used for hedging)
at the reporting date by geographic region was:
In millions of EUR 2008 2007
Western Europe 1,493
Central and Eastern Europe 512 469
The Americas 122 117
Africa and the Middle East 145 110
Asia Pacific 31 31
Head Office/eliminations 98 53
2,401 1,680
Impairment losses
The ageing of trade and other receivables (excluding derivatives used for hedging) at the reporting date was:
Gross
Impairment
Gross
Impairment
In millions of EUR
2008
2008
2007
Not past due
1,868
(17)
1,239
(7)
Past due 0-30 days
232
(7)
245
(33)
Past due 31 -120 days
241
(56)
167
(23)
More than 120 days
340
(200)
223
(131)
2,681
(280)
1,874
(194)
The movement in the allowance for impairment in respect of trade and other receivables (excluding
derivatives used for hedging) during the year was as follows:
In millions of EUR 2008 2007
Balance as at 1 January 194 194
Changes in consolidation 88
Impairment loss recognised 52 40
Allowance used (13)
Allowance released (31) (30)
Effect of movements in exchange rates (10)
Balance as at 31 December 280 194
