Financial statements Notes to the consolidated financial statements
90
6. Acquisitions and disposals of subsidiaries and non-controlling interests
Acquisition of non-controlling interest
On 12 May 2010, Heineken International acquired an additional interest in Commonwealth Brewery Limited (CBL) of 47 per cent ant
Burns House Limited (BHL) of 60 per centincreasing its ownership to 100 per cent in both entities. Before this acquisition, Heinek<
International already had control in CBL BHL. On 17 November 2010, Heineken International acquired an additional 5 per cent
interest in Brasseries et Limonaderies du Rwanda S.A., increasing its ownership to 75 per centDuring the year, several other
non-controlling interests were bought out, which is regular business practice within the Heineken Group. The cash paid for all the
acquired non-controlling interests during 2010 amounts to EUR92 million, decreased our non-controlling interests by EUR34 million
and resulted in a net decrease of our retained earnings of ELIR58 million.
Due to non-disclosure agreements, Heineken cannot provide the consideration paid on an individual level. Considering the overall
amounts disclosed above we deem these to be individually as well as aggregated to be immaterial in nature.
Disposals
On 10 February 2010 and 13 April 2010, Heineken N.V. transferred in total a 78.3 percent stake in PT Multi Bintang Indonesia (MBI)
and Heineken's 87 per cent stake in Grande Brasserie de Nouvelle-Caledonie S.A. (GBNC) to its joint venture Asia Pacific Breweries
(APB). Heineken retains a direct shareholding in MBI of 6.8 percent. As a result of the transaction a gain of EUR157 million before
tax has been recognised in other income including the remeasurement to fair value of the Group's remaining 6.8 per cent share
amounting to EUR29 million. The sale price of this transaction was EÜR265 million.
Other disposals during 2010 include TBS Waverley in the UK and certain smaller entities in the Caribbean. Due to competitive
sensitivity and the non-disclosure agreements with the parties involved, the disposal prices are not individually disclosed.
The disposals had the following effect on Heineken's assets and liabilities on disposal date:
Total Disposa
Property, plant equipment
(61
Intangible assets
Investments in associates joint ventures
Other investments
Deferred tax assets
(4
Inventories
(35)
Trade and other receivables
69
Cash and cash equivalents
Assets
(195
Loans and borrowings
2
Employee benefits
1
Provisions
17
Deferred tax liabilities
6
Trade and other payables
147
Tax liabilities
Liabilities
178
Net identifiable assets and liabilities
(17
Non-controlling interests
Gain on sale of subsidiaries
(282
Consideration received in cash
(294)
Net cash disposed of
Net cash outflow/jinflowj
(270
EUR101 million of the gain on disposal is eliminated, reflecting the Heineken share in APB.
