98 Financial statements Notes to the consolidated financial statements 15. Intangible assets Cash flows were projected based on actual operating results and the three-year business plan. Cash flows for a further seven-year period were extrapolated using expected annual per country volume growth rates, which are based on external sources. Management believes that this forecasted period is justified due to the long-term nature of the beer business and past experiences. The beer price growth per year after the first three-year period is assumed to be at specific per country expected annual long-term inflation, based on external sources. Cash flows after the first ten-year period were extrapolated using a perpetual growth rate equal to the expected annual long-term inflation, in order to calculate the terminal recoverable amount. A per CGU-specific pre-tax Weighted Average Cost of Capital (WACC) was applied in determining the recoverable amount of the units. The values assigned to the key assumptions used for the value-in use calculations are as follows: Expected annual Expected volun long-term inflation growth rate Pre-tax WACC 2014-2020 2014-202 Western Europe 9.6% 1.7% Central and Eastern Europe (excluding Russia) 11.9% 2.2% 2.3%" Russia 12.8% 5.5% 3.0% The Americas (excluding Brazil) 13.4% 2.9% 1~9% Brazil 19.3% 4.1% 2.9% The values assigned to the key assumptions represent management's assessment of future trends in the beer industry and are base on both external sources and internal sources (historical data). For Russia, management has decreased the perpetual growth rate by 3 per cent to reflect management's best estimate, resulting in a perpetual growth rate of 2.5 per cent and a more conservative value in use. Sensitivity to changes in assumptions The outcome of a sensitivity analysis of a 100 basis points adverse change in key assumptions (lower growth rates or higher discou rates respectively) did not result in a materially different outcome of the impairment test. 16. Investments in associates and joint ventures Heineken has the following significant investments in associates and joint ventures: Ownership 2010 Ownershi Joint ventures Brau Holding International GmbH Co KgaA Germany 49.9% 49.9°/ Zagorka Brewery A.D. Bulgaria 49.0% 49.0° Brewinvest S.A. Greece 50.0% 500/' Pivara Skopje A.D. FYC Macedonia 27.6% 27.6 Brasseries du Congo S.A. Congo 50.0% 50.0' Asia Pacific Investment Pte. Ltd. Singapore 50.0% 50.0 Asia Pacific Breweries Ltd. Singapore 41.9% 41.9' Compania Cervecerias Unidas S.A. Chile 33.1% 33.1°/ Tempo Beverages Ltd. Israel 40.0% 40.0 Heineken Lion Australia Pty. Australia 50.0% 50.0 Sirocco FZCo Dubai 50.0% 50.0°/ Diageo Heineken Namibia B.V. Namibia 50.0% 50.0' United Breweries Limited India 37.5% 37.5°/ Millenium Alcobev Private Limited* India 68.8% 68.8°/ DHN Drinks (Pty) Ltd. South Africa 44.5% 44.5°

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2010 | | pagina 95