Capital management There were no major changes in HEINEKEN's approach to capital management during the year. The Executive Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of business and acquisitions. Capital is herein defined as equity attributable to equity holders of the Company (total equity minus non-controlling interests). EIEINEKEN is not subject to externally imposed capital requirements other than the legal reserves explained in note 22. Shares are purchased to meet the requirements under the Long-Term Incentive Plan as further explained in note 29. Fair values The fair values of financial assets and liabilities that differ from the carrying amounts shown in the statement of financial position are as follows: Carrying amount 2011 Fair value 2011 Carrying amount 2010 Fair value 2010 Bank loans (3,986) (4,017) (3,665) (3,734) Unsecured bond issues (2,493) (2,727) (2,482) (2,739) Finance lease liabilities (39) (39) (95) (95) Other interest-bearing liabilities (2,009) (2,039) (1,927) (2,260) Basis for determining fair values The significant methods and assumptions used in estimating the fair values of financial instruments reflected in the table above are discussed in note A. Fair value hierarchy IFRS 7 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3). Level 1 Level 2 Level 3 31 December 2011 81 - 183 142 37- 14 95 179 183 Available-for-sale investments Non-current derivative assets Current derivative assets Investments held for trading 177 164 341 Non-current derivative liabilities Current derivative liabilities Heineken N.V. Annual Report 2011 135

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 137