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.