131
Heineken has multiple distribution models to deliver goods to end customers. Deliveries are carried out in
some countries via own wholesalers, in other markets directly and in some others via third parties. As such
distribution models are country specific and on consolidated level diverse, as such the results and the balance
sheet items cannot be split between types of customers on a consolidated basis. The various distribution models
are also not centrally managed or monitored.
Heineken establishes an allowance for impairment that represents its estimate of incurred losses in respect of
trade and other receivables and investments. The components of this allowance are a specific loss component
and a collective loss component.
Investments
Heineken limits its exposure to credit risk, except for held-to-maturity investments as disclosed in note 17, by
only investing in liquid securities and only with counterparties that have a credit rating of at least single A or
equivalent for short-term transactions and AA- for long-term transactions. Heineken actively monitors these
credit ratings.
Guarantees
Heineken's policy is to avoid issuing guarantees where possible unless this leads to substantial savings for the
Group. In cases where Heineken does provide guarantees, such as to banks for loans (to third parties), Heineken
aims to receive security from the third party.
Heineken N.V. has issued a joint and several liability statement to the provisions of Section 403, Part 9, Book 2
if the Dutch Civil Code with respect to legal entities established in the Netherlands.
Exposure to credit risk
he carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to
redit risk at the reporting date was:
ions ol EUR Note 2009 2008
oans
17
329
310
leld-to-maturity investments
17
4
10
vvailable-for-sale investments
17
219
221
on-current derivatives used for hedge accounting
17
16
100
ivestments held for trading
17
15
14
rade and other receivables, excluding derivatives
ised for hedge accounting
20
2,261
2,401
urrent derivatives used for hedge accounting
20
49
103
ash and cash equivalents
21
520
698
3,4133,857
Annual Report 2009 - Heineken N.V.
