Capital management There were no major changes in Heineken's approach to capital management during the year. The Executive Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of business and acquisitions. Capital is herein defined as equity attributable to equity holders of the Company (total equity minus minority interests). Heineken is not subject to externally imposed capital requirements other than the legal reserves explained in note 22. Shares are purchased to meet the requirements under the Long-Term Incentive Plan as further explained in note 29. Fair values The fair values of financial assets and liabilities, together with the carrying amounts shown in the statement of financial position, are as follows: Carrying Fair Carrying Fair amount value amount value n millions of EUR 2009 2009 2008 2008 Loans 329 329 310 310 Held-to-maturity investments 4 4 10 10 \vailable-for-sale investments 219 219 221 221 Advances to customers 319 319 346 346 nvestments held for trading 15 15 14 14 rade and other receivables, excluding derivatives jsed for hedge accounting 2,261 2,261 2,401 2,401 Tash and cash equivalents 520 520 698 698 nterest rate swaps used for hedge accounting: Assets 17 17 89 89 Liabilities (438) (438) (425) (425) orward exchange contracts used for hedge accounting: Assets 48 48 102 102 Liabilities (26) (26) (55) (55) tther derivatives, net - - 12 12 3ank loans (3,311) (3,362) (7,315) (7,401) Jnsecured bond issues (2,945) (3,058) (1,122) (1,204) inance lease liabilities (108) (108) (95) (95) Dther interest-bearing liabilities (1,342) (1,423) (670) (679) Jon-interest-bearing liabilities (93) (93) (16) (16) Jon-current derivatives used for hedge accounting (370) (370) (393) (393) )eposits from third parties and other interest-bearing liabilities (377) (377) (348) (348) Tade and other payables excluding dividend, iterest and derivatives used for hedge accounting (3,444) (3,444) (3,579) (3,579) ■ank overdrafts (156) (156) (94) (94) 3asis for determining fair values The significant methods and assumptions used in estimating the fair values of financial instruments reflected in he table above are discussed in note 4. :air value hierarchy ffective 1 January 2009, Heineken adopted the amendment to 1FRS 7 for financial instruments that are measured in the statement of financial position at fair value (refer 3b). This requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3). Annual Report 2009 - Heineken N.V.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2009 | | pagina 137