124 FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
30. Financial risk management and financial instruments
Contractual maturities
The following are the contractual maturities of non-derivative financial liabilities and derivative financial
assets and liabilities, including interest payments and excluding the impact of netting agreements:
2008
Carrying
Contractual
6 months
More than
In millions of EUR
amount
cash flows
or less 6-12 months
1-2 years
2-5 years
5 years
Financial liabilities
Secured bank loans
520
(600)
(125)
(35)
(44)
(358)
(38)
Unsecured bank loans
6,795
(7,611)
(392)
(207)
(2,017)
(3,655)
(1,340)
Unsecured bond issues
1,122
(1,319)
(40)
(30)
(552)
(690)
(7)
Finance lease liabilities
95
(107)
(11)
(12)
(13)
(38)
(33)
Other interest-bearing liabilities
670
(1,245)
(77)
(39)
(44)
(129)
(956)
Non-interest-bearing liabilities
409
(390)
(36)
(38)
(78)
(80)
(158)
Deposits from third parties
348
(348)
(338)
(10)
-
-
-
Bank overdrafts
94
(102)
(102)
-
-
-
-
Trade and other payables, excluding
interest and dividends
3,666
(3,605)
(3,375)
(213)
(8)
(1)
(8)
Derivative financial (assets) and liabilities
Interest rate swaps used for hedging
Outflow
425
(2,532)
(194)
(191)
(293)
(1,022)
(832)
Inflow
(89)
2,082
160
144
206
888
684
Forward exchange contracts used for hedging
Outflow
58
(2,028)
(1,056)
(677)
(295)
-
-
Inflow
(102)
2,068
1,095
670
303
-
-
Other derivatives used for hedging, net
(12)
-
-
-
-
-
-
13,999
(15,737)
(4,491)
(638)
(2,835)
(5,085)
(2,688)
The total carrying amount and contractual cash flows of derivatives are included in trade and other
receivables (also refer to note 20), other investments (also refer to note 17), trade and other payables
(also refer to note 29) and non-current non-interest bearing liabilities (also refer to note 24).
Because of the acquisition of S&N the overall indebtedness of Heineken has increased substantially. Expected
cash flows and repayment obligations are monitored stringently and money was raised from Debt Capital
Markets in the USA and Germany in 2008.
Heineken established a €3 billion EMTN-programme in September 2008. This programme has been approved
by the Luxembourg Commission de Surveillance du Secteur Financier which is the Luxembourg competent
authority for the purpose of Directive 2003/71/EC and facilitates flexible access to Debt Capital Markets
going forward.
