Financial statements I Notes to the consolidated financial statements continued 16. Investments in associates and joint ventures continued Share of profit of associates and joint ventures and impairments thereof In millions of EUR20112010 Income associates 25 28 Income joint ventures 215 165 Impairments 240 193 In the year APB (the IV of HEINEKEN and its partner Fraser and Neave) completed the sale of Kingway Brewery for SGD205 million (EUR116 million) of which SGD72 million (EUR41 million) was recorded as income by APB. As HEINEKEN has a share of 45.95 per cent a capital gain of SGD33 million (EUR19 million) is included in the share of profit of IV's. Summary financial information for equity accounted joint ventures and associates Joint ventures 2011 Joint ventures 2010 Associates 2011 Associates 2010 Non-current assets 1,708 1,696 73 50 Current assets 1,005 869 52 51 Non-current liabilities (581) (611) (25) (28) Current liabilities (725) (684) (30) (23) Revenue 2,313 2,108 153 547 (1,914) (1,887) (117) (420) In the above table H EINEKEN represents its share of the aggregated amounts of assets, liabilities, revenues and expenses for its loint Ventures and Associates for the year ended 31 December. 17. Other investments and receivables In millions of EUR Note 2011 2010 Non-current other investments Loans and advances to customers 32 384 455 Indemnification receivable 32 156 145 Other receivables 32 178 174 Held-to-maturity investments 32 5 4 Available-for-sale investments 32 264 190 Non-current derivatives 32 142 135 1,129 1,103 Current other investments Investments held for trading 32 14 17 14 17 Included in loans are loans to customers with a carrying amount of EUR120 million as at 31 December 2011 (2010: EUR166 million). Effective interest rates range from 6 to 12 percent. EUR72 million (2010: EUR100 million) matures between one and five years and EUR48 million (2010: EUR66 million) after five years. The indemnification receivable represents the receivable on FEMSA and Lewiston investments and is a mirroring of the corresponding indemnified liabilities originating from the acquisition of the beer operations of FEMSA and Sona. The other receivables mainly originate from the acquisition of the beer operations of FEMSA and represent a receivable on the Brazilian Authorities on which interest is calculated in accordance with Brazilian legislation. Collection of this receivable is expected to be beyond a period of five years. 108 Heineken N.V. Annual Report 2011

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 110