32. Financial risk management and financial instruments
Financial Statements
Notes to the consolidated financial statements
Cash flow hedges
The following table indicates the periods in which the cash flows associated with derivatives that are cash flow
hedges, are expected to occur.
2009
In millions of EUR
Carrying
amount
Expected
cash flows
6 months
or less
6-12 months
1-2 years
2-5 years
More than
5 years
Interest rate swaps:
Assets
(17)
503
16
16
27
66
378
Liabilities
226
(740)
(65)
(78)
(80)
(163)
(354)
Forward exchange contracts:
Assets
(48)
1,015
615
282
118
-
-
Liabilities
26
(996)
(608)
(268)
(120)
-
-
187
(218)
(42)
(48)
(55)
(97)
24
2008
In millions of EUR
Carrying
amount
Expected
cash flows
6 months
or less
6-12 months
1-2 years
2-5 years
More than
5 years
Interest rate swaps:
Assets
(89)
856
80
64
124
139
449
Liabilities
206
(1,097)
(100)
(97)
(212)
(214)
(474)
Forward exchange contracts:
Assets
(102)
2,068
1,095
670
303
Liabilities
55
(2,028)
(1,056)
(677)
(295)
70
(201)
19
(40)
(80)
(75)
(25)
The periods in which the cash flows associated with forward exchange contracts that are cash flow hedges are
expected to impact the income statement is on average two months earlier than the occurrence of the cash
flows as in the above table.
Fair value hedges/net investment hedges
The following table indicates the periods in which the cash flows associated with derivatives that are fair value
hedges or net investment hedges are expected to occur.
2009
In millions of EUR
Carrying
amount
Expected
cash flows
6 months
or less
6-12 months
1-2 years
2-5 years
More than
5 years
Interest rate swaps:
Assets
-
987
27
20
61
666
213
Liabilities
(212)
(1,079)
(9)
(11)
(22)
(802)
(235)
(212)
(92)
18
9
39
(136)
(22)
2008
In millions of EUR
Carrying
amount
Expected
cash flows
6 months
or less
6-12 months
1-2 years
2-5 years
More than
5 years
Interest rate swaps:
Assets
-
1,106
62
61
47
701
235
Liabilities
167
(1,316)
(76)
(76)
(45)
(761)
(358)
167
(210)
(14)
(15)
2
(60)
(123)
140 Annual Report 2009 - Heineken N.V.
