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
