Cash flow sensitivity analysis for variable rate instruments Achangeof 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 in interest rates. The analysis is performed on the same basis for 2010. Profit or loss Equity 100 bp increase 100 bp decrease 100 bp increase 100 bp Decrease 31 December 2011 Variable rate instruments (20) 20 (20) 20 Net interest rate swaps fixed to floating 8 (8) 8 (8) Cash flow sensitivity (net) (12) 12 (12) 12 31 December 2010 Variable rate instruments (16) 16 (16) 16 Net interest rate swaps fixed to floating 3 (3) 3 (3) Cash flow sensitivity (net) (13) 13 (13) 13 Commodity price risk Commodity price risk is the risk that changes in commodity prices will affect HEINEKEN's income. The objective of commodity price risk management is to manage and control commodity risk exposures within acceptable parameters, whilst optimising the return on risk. The main commodity exposure relates to the purchase of cans, glass bottles, malt and utilities. Commodity price risk is in principle addressed by negotiating fixed prices in supplier contracts with various contract durations. So far, commodity hedging with financial counterparties by the Company is limited to the incidental sale of surplus C02 emission rights and to aluminium hedging and, to a limited extent, gas hedging, which is done in accordance with risk policies. EIEINEKEN does not enter into commodity contracts other than to meet El EINEKEN's expected usage and sale requirements. As at 31 December 2011 the market value of aluminium swaps was EUR(22) million (2010: EUR12 million). Cash flow hedges The following table indicates the periods in which the cash flows associated with derivatives that are cash flow hedges, are expected to occur. 2011 In millions of EUR Carrying amount Expected cash flows Less than 1 year 1 -2 years 2-5 years More than 5 years Interest rate swaps: Assets 170 1,904 120 107 726 951 Liabilities m (1,786) (136) (108) (658) (884) Forward exchange contracts: Assets 15 1,078 871 207 - - Liabilities (49) (1,111) (896) (215) - - Commodity derivatives: Assets 11 11 11 - - - Liabilities (36) (36) (32) (4) - - 63 60 (62) (13) 68 67 The periods in which the cash flows associated with forward exchange contracts that are cash flow hedges are expected to impact profit or loss is on average two months earlier than the occurrence of the cash flows as in the above table. Eleineken N.V. Annual Report 2011 133

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 135