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.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2009 | | pagina 127