Notes to the consolidated financial statements continued 22. Capital and reserves continued The Company's authorised capital amounts to EUR2.5 billion, comprising of 1.562,500,000 shares. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. In respect of the Company's shares that are held by EIEINEKEN (see below), rights are suspended. Translation reserve The translation reserve comprises foreign currency differences arising from the translation of the financial statements of foreign operations of the Group (excluding amounts attributable to non-controlling interests) as well as value changes of the hedging instruments in the net investment hedges. HEINEKEN considers this a legal reserve. Hedging reserve This reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments where the hedged transaction has not yet occurred. HEINEKEN considers this a legal reserve. Fair value reserve This reserve comprises the cumulative net change in the fair value of available-for-sale investments until the investment is derecognised or impaired. HEINEKEN considers this a legal reserve. Other legal reserves These reserves relate to the share of profit of joint ventures and associates over the distribution of which HEINEKEN does not have control. The movement in these reserves reflects retained earnings of joint ventures and associates minus dividends received. In case of a legal or other restriction which causes that retained earnings of subsidiaries cannot be freely distributed, a legal reserve is recognised for the restricted part. Reserve for own shares The reserve for the Company's own shares comprises the cost of the Company's shares held by HEINEKEN. As at 31 December 2012, HEINEKEN held 891,561 of the Company's shares (2011:1,265,140). The coupon paid on the ASDI in 2011 amounts to EUR15 million. During the period of 1 lanuary through 31 December 2012 HEINEKEN acquired no shares for LTV delivery. Dividends The following dividends were declared and paid by HEINEKEN: 2012 Final dividend previous year EUR0.53, respectively EUR0.50 per qualifying ordinary share 305 299 Interim dividend current year EUR0.33, respectively EUR0.30 per qualifying ordinary share 189 175 Total dividend declared and paid 494 474 The Heineken N.V. dividend policy is to pay-out a ratio of 30 per cent to 35 per cent of full-year net profit (beia). The interim dividend is fixed at 40 per cent of the total dividend of the previous year. After the balance sheet date the Executive Board proposed the following dividends. The dividends, taking into account the interim dividends declared and paid, have not been provided for. In millions of EUR20122011 per qualifying ordinary share EUR0.89 (2011: EUR0.83)512477 112 Heineken N.V. Annual Report 2012

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2012 | | pagina 114