Financial statements I Notes to the consolidated financial statements continued 3. Significant accounting policies continued (w) Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Board, who is considered to be the Group's chief operating decision maker. An operating segment is a component of EIEINEKEN that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of HEINEKEN's other components. All operating segments' operating results are reviewed regularly by the Executive Board to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would also be available to unrelated third parties. Segment results, assets and liabilities that are reported to the Executive Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated result items comprise net finance expenses and income tax expenses. Unallocated assets comprise current other investments and cash call deposits. Segment capital expenditure is the total cost incurred during the period to acquire P, P E, and intangible assets other than goodwill. (x) Emission rights Emission rights are related to the emission of C02, which relates to the production of energy. These rights are freely tradable. Bought emission rights and liabilities due to production of C02 are measured at cost, including any directly attributable expenditure. Emission rights received for free are also recorded at cost, i.e. with a zero value. (y) Recently issued IFRS (i) Standards effective in 2011 and reflected in these consolidated financial statements IAS 19 Pensions and IFRIC14 (amendments effective 1 lanuary 2011) - The limit on a Defined Benefit Assets, Minimum Funding Requirements and their Interaction. These amendments remove unintended consequences arising from the treatment of prepayments where there is a minimum funding requirement. These amendments result in prepayments of contributions in certain circumstances being recognised as an asset rather than an expense. IFRS 7 Financial Instruments: Disclosure (amendments effective 1 lanuary 2011). The amendments add an explicit statement that qualitative disclosure should be made to better enable users to evaluate an entity's exposure to risk arising from financial instruments. These amendments are reflected in disclosure note 32 Financial Instruments. Other standards and interpretations effective from 1 lanuary 2011 did not have a significant impact on the Company. 90 Heineken N.V. Annual Report 2011

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