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 nterest and dividends 3,666 (3,605) (3,375) (213) (8) (1) (8) Derivative financial (assets) and liabilities nterest rate swaps used for ledge accounting: Inflow (89) 2,082 160 144 206 888 684 Outflow 425 (2,532) (194) (191) (293) (1,022) (832) -orward exchange contracts used for hedge accounting: Inflow (102) 2,068 1,095 670 303 Outflow 55 (2,028) (1,056) (677) (295) fther derivatives not used or hedge accounting, net(12)---ZZZ_ 13,996 (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 note 20) and trade and other payables (note 31) and non-current non-interest bearing liabilities (note 25). Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity Drices will affect Heineken's income or the value of its holdings of financial instruments. The objective of market isk management is to manage and control market risk exposures within acceptable parameters, whilst iptimising the return on risk. leineken uses derivatives in the ordinary course of business, and also incurs financial liabilities, in order to nanage market risks. Generally, Heineken seeks to apply hedge accounting or make use of natural hedges in >rder to minimise the effects of foreign currency fluctuations in the income statement. ierivatives that can be used are interest rate swaps, forward rate agreements, caps and floors, commodity waps, spot and forward exchange contracts and options. Transactions are entered into with a limited number )f counterparties with strong credit ratings. Foreign currency, interest rate and commodity hedging operations ire governed by internal policies and rules approved and monitored by the Executive Board. Annual Report 2009 - Heineken N.V.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2009 | | pagina 131