108
Financial statements Notes to the consolidated financial statements
25. Loans and borrowings
As part of the acquisition of the beer operations of FEMSA, Fleineken acquired a net debt position of EUR1,564 million. From this
amount loans and borrowings in Mexico and Brazil amount to EUR1,595 million, the remainder is cash (net of bank overdrafts) of
EUR31 million. This position largely consisted of bank loans from local financial institutions as well as several loans from FEMSA, the
seller of FEMSA. These loans, which amounted to EUR573 million as at 30 April 2010, were repaid in May and June 2010. These loan
have been refinanced by drawings under the Revolving Credit Facility of Heineken. As at 31 December 2010 the available headrooi
(including cash available in the Group cash pool) is approximately EUR2.1 billion, as the Revolving Credit Facility was undrawn.
On 13 August 2010, Fleineken N.V. received the funds related to the 8-year private loan notes, which were placed on 7 May 2010
with institutional investors in the United States. The principal amount of the loan notes is USD725 million and the coupon was fixed
at 4.6 per cent. The maturity date is 15 August 2018. Fleineken has swapped the proceeds into EUR559 million with a fixed coupon
of 3.9 per cent.
EMTN Programme
The Euro Medium Term Note Programme ('EMTN') was updated and increased to EUR5 billion in September 2010 and is registered
on the Luxembourg Stock Exchange. As currently approximately EUR1.9 billion is outstanding, Fleineken still has a capacity of
EUR3.1 billion under this programme. The programme can be used for issuing up to one year after its latest update.
26. Finance lease liabilities
Finance lease liabilities are payable as follows:
Present
Preset
Future
value of
Future
value o
minimum
minimum
minimum
lease
lease
lease
payments
Interest
payments
payments
Interest
paymen
2010
2010
2010
Less than one year
49
(1)
48
(3)
Between one and five years
39
(3)
36
76
(9)
More than five years
13
(2)
11
(1)
101
(6)
95
121
(13)
10
