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.
The fair values of financial assets and liabilities that differ from the carrying amounts shown in the statement of financial position are as follows:
Unsecured bond issues
Finance lease liabilities
Other interest-bearing liabilities
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
95 179 183
Non-current derivative assets
Current derivative assets
Investments held for trading
Non-current derivative liabilities
Current derivative liabilities
Heineken N.V. Annual Report 2011