17. Other investments
millions of EUR Note 2009 2008
Non-current other investments
Loans
32
329
310
Held-to-maturity investments
32
4
10
Available-for-sale investments
32
219
221
Non-current derivatives used for hedge accounting
32
16
100
568
641
Current other investments
Investments held for trading
32
15
14
15
14
Included in loans are loans to customers with a carrying amount of EUR 150 million as at 31 December 2009
(2008: EUR 190 million). Effective interest rates range from 3 to 11 per cent. EUR 145 million (2008:
EUR 182 million) matures between one and five years and EUR 5 million (2008: EUR 8 million) after five years.
The main available-for sale-investments are Consorcio Cervecero de Nicaragua S.A., Desnoes Geddes Ltd. and
Cervejarias Kaiser Brasil S/A ('Kaiser'). As far as these investments are listed they are measured at their quoted
n arket price. For others the value in use or multiples is used. Debt securities (which are interest-bearing) with
a carrying amount of EUR 21 million (2008: EUR 23 million) are included in available-for-sale investments.
S msitivity analysis - equity price risk
An amount of EUR57 million as at 31 December 2009 (2008: EUR47 million) of available-for-sale investments
and investments held for trading is listed on stock exchanges. A 1 per cent increase in the share price at the
r porting date would have increased equity by EUR1 million (2008: EUR1 million); an equal change in the
opposite direction would have decreased equity by EUR1 million (2008: EUR1 million).
Annual Report 2009 - Heineken N.V.
