Notes to the consolidated financial statements continued
16. Investments in associates and joint ventures continued
Summary financial information for equity accounted joint ventures and associates
Joint ventures
2012
Joint ventures
2011
Associates
2012
Associates
Non-current assets
1,270
1,708
65
73
Current assets
683
1,005
50
52
Non-current liabilities
(512)
(581)
(18)
(25)
Current liabilities
(477)
(725)
(30)
(30)
Revenue
2,234
2,313
203
153
(1,851)
(1,914)
(161)
(117)
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. The revenue and expenses of loint Ventures in 2012 contain 10.5 months of APIPL/APB and 1.5 months
of Guinness Anchor Berhad and Thai Asia Pacific Brewery. Both Guinness Anchor Berhad and Thai Asia Pacific Brewery are included in the joint ventures
2012 ending balances.
17. Other investments and receivables
In millions of EUR
Note
2012
2011
Non-current other investments
Loans and advances to customers
32
368
384
Indemnification receivable
32
136
156
Other receivables
32
148
178
Held-to-maturity investments
32
4
5
Available-for-sale investments
32
327
264
Non-current derivatives
32
116
142
1,099
1,129
Current other investments
Investments held for trading
32
11
14
11
14
Included in loans are loans to customers with a carrying amount of EUR108 million as at 31 December 2012 (2011EUR120 million). Effective interest rates range
from 6 to 12 percent. EUR60 million (2011: EUR72 million) matures between one and five years and EUR48 million (2011: EUR48 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.
The main available-for-sale investments are Caribbean Development Company Ltd, S.A. Des Brasseries du Cameroun, Consorcio Cervecero de Nicaragua
S.A, Desnoes Geddes Ltd. and Sabeco Ltd. As far as these investments are listed they are measured at their quoted market price. For others the value
in use or multiples are used. Debt securities (which are interest-bearing) with a carrying amount of EUR21 million (2011: EUR20 million) are included in
available-for-sale investments.
Sensitivity analysis - equity price risk
An amount of EUR193 million as at 31 December 2012 (2011: EUR95 million) of available-for-sale investments and investments held for trading is listed
on stock exchanges. An impact of 1 per cent increase or decrease in the share price at the reporting date would not result in a material impact on
a consolidated Group level.
108
Heineken N.V. Annual Report 2012
