16. Investments in associates and joint ventures
Shareholdings India
Share of profit of associates and joint ventures and impairments thereof
Summary financial information for equity-accounted joint ventures
995
Financial Statements
Notes to the consolidated financial statements
In March 2008, the joint venture partners of Heineken in UBL filed legal proceedings in India against various
Scottish Newcastle (S&N), 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. On 7 December 2009, Heineken and its joint
venture partners in UBL settled their disputes and legal proceedings in India were withdrawn. Also on that date,
Heineken and its joint venture partners in UBL entered into a new shareholders agreement pursuant to which
Heineken appointed board members and has access to financial information relating to UBL. This information
has been used to finalise the S&N purchase price allocation and to adjust the financial information reported
under Indian GAAP to comply with Heineken's accounting policies.
In millions of EUR 2009 2008
Income associates
7
18
Income joint ventures
120
94
Impairments
-
(214)
127
(102)
In 2009 no impairments were recognised in respect of associates and JVs (2008: EUR 200 million related to our
Indian investments in UBL and MAPL and EUR 14 million taken by APB).
In millions of EUR
Joint ventures
2009
Joint ventures*
2008
Non-current assets
1,375
1,197
Current assets
681
622
Non-current liabilities
(430)
(365)
Current liabilities
(631)
(659)
795
Revenue
1,540
1,564
Expenses
(1,377)
(1,388)
163
176
Including S&N shareholdings in India.
112
Annual Report 2009 - Heineken N.V.
