123 Fair value sensitivity analysis for fixed rate instruments During 2010, Heineken opted to apply fair value hedge accounting on certain fixed rate financial liabilities. The fair value movements on these instruments are recognised in profit or loss. The change in fair value on these instruments was EUR(67) million in 2010 (2009: EUR73 million), which was offset by the change in fair value of the hedge accounting instruments, which was EUR70 million (2009: EUR(73) million). A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below (after tax). Profit or lossEquity millions of EUR100 bp increase 100 bp decrease 100 bp increase 100 bp decrease 31 December 2010 Instruments designated at fair value 39 (40) 40 (40) Interest rate swaps (25) 27 (4) 5 Fair value sensitivity (net) 14 (13) 36 (35) 31 December 2009 Instruments designated at fair value 45 (48) 45 (48) nterest rate swaps (19) 21 49 (47) air value sensitivity (net) 26 (27) 94 (95) As part of the acquisition of Scottish Newcastle in 2008, Heineken took over a specific portfolio of euro floating-to-fixed interest rate swaps of which currently EUR940 million is still outstanding. Although interest rate risk is hedged economically, it is not possible o apply hedge accounting on this portfolio. A movement in interest rates will therefore lead to a fair value movement in the profit or loss under the other net financing income/(expenses). Any related non-cash income or expenses in our profit or loss are expected to reverse over time. lash flow sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates constantly applied during the reporting period would have increased (decreased) equity and profit or loss by the amounts shown below (after tax). This analysis assumes that all other variables, in particular foreign currency rates, remain constant and excludes any possible change in fair value of derivatives at period-end because of a change n interest rates. The analysis is performed on the same basis for 2009. Profit or lossEquity In millions of EUR 100 bp increase 31 December 2010 Variable rate instruments (16) 16 (16) 16 let interest rate swaps fixed to floating 3 (3) 3 (3) lash flow sensitivity (net) (13) 13 (13) 13 31 December 2009 Variable rate instruments (21) 21 (21) 21 nterest rate swaps fixed to floating 19 (19) 19 (19) lash flow sensitivity (net) (2) 2 (2) 2 Heineken N.V. Annual Report 2010

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