Exposure to foreign currency risk Heineken's transactional exposure to the British pound, US dollar and euro was as follows based on notional amounts. The euro column relates to transactional exposure to the euro within subsidiaries which are reporting in other currencies. 2009 2009 2009 2008 2008 In millions EUR GBP USD GBP USD Loans and held-to-maturity investments - - - 480 257 Trade and other receivables 25 - 7 12 142 Cash and cash equivalents 46 - 2 24 19 Secured bank loans - - (1) - - Unsecured bank loans (100) (57) (1,492) (537) (1,720) Unsecured bond issues - (400) - - 2 Non-interest-bearing liabilities (10) - (1) (2) Bank overdrafts (63) - (2) (13) Trade and other payables (88) - (26) (4) (58) Gross balance sheet exposure (190) (457) (1,513) (25) (1,373) Estimated forecast sales next year 140 1 885 2 1,000 Estimated forecast purchases next /ear (402) (1) (88) 1 (295) Gross exposure (452) (457) (716) (22) (668) Cash flow hedge accounting orward exchange contracts 61 427 (375) (1) (545) Gther hedge accounting forward exchange contracts (945) - 1,061 57 799 let exposure (1,336) (30) (30) 34 (414) Including in the US dollar amounts are intra-Heineken cash flows. Within the other hedge accounting forward exchange contracts, the cross-currency interest rate swaps of Heineken UK forms the largest component. As a •esult of the 2008 Scottish Newcastle acquisition, Heineken had assumed debt swapped back into euro which is maintained as a net investment hedge. The following significant exchange rates applied during the year: Average rate Year-end rate n EUR2009 2008 2009 2008 1.1224 1.2577 1.1260 1.0499 JSD 0.7170 0.6832 0.6942 0.7185 Sensitivity analysis 10 per cent strengthening of the euro against the British pound and US dollar or in case of the euro a trenghtening of the euro against all other currencies as at 31 December would have increased (decreased) equity and profit by the amounts shown below. This analysis assumes that all other variables, in particular nterest rates, remain constant. The analysis is performed on the same basis for 2008. Equity Profit or loss n millions of EUR 31 December 2009 2008 2009 2008 EUR 1 (3) GBP 2 (2) 2 (2) JSD 39 54 - 6 10 per cent weakening of the euro against the British pound and US dollar or in case of the euro a weakening )f the euro against all other currencies as at 31 December would have had the equal but opposite effect on the jasis that all other variables remain constant. Annual Report 2009 - Heineken N.V.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2009 | | pagina 133