The following exchange rates, for most important countries in which Heineken has operations, were used whilst preparing these consolidated financial statements: In EUR 2009 Year-end 2008 2009 Average 2008 GBP 1.1260 1.0499 1.1224 1.2577 EGP 0.1273 0.1303 0.1292 0.1255 NGN 0.0047 0.0051 0.0048 0.0057 PLN 0.2436 0.2408 0.2311 0.2856 RUB 0.0232 0.0242 0.0227 0.0275 USD 0.6942 0.7185 0.7170 0.6832 Hedge of net investments in foreign operations Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised in other comprehensive income to the extent that the hedge is effective, and are presented within equity in the translation reserve. To the extent that the hedge is ineffective, siich differences are recognised in the income statement. When the hedged part of a net investment is disposed ol, the relevant amount in the translation reserve is transferred to the income statement as part of the profit or loss on disposal. Non-derivative financial instruments General N m-derivative financial instruments comprise investments in equity and debt securities, trade and other r ceivables, cash and cash equivalents, loans and borrowings, and trade and other payables. Non-derivative fh ancial instruments are recognised initially at fair value plus, for instruments not at fair value through profit loss, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial ruments are measured as described subsequently. C sh and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on cf ;nand and form an integral part of Heineken's cash management are included as a component of cash and c sh equivalents for the purpose of the statement of cash flows. A counting policies for interest income, interest expenses and other net finance income and expenses are d cussed in note 3t. Annual Report 2009 - Heineken N.V.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2009 | | pagina 78