Overview Report of the Executive Board Report of the Supervisory Board Financial statements Other information Category Nominal interest rate Carrying amount 2012 Face value 2012 Carrying amount Face value Other interest bearing liabilities 2010 US private placement USD 4.6 2018 548 549 559 561 Other interest 2002 S&N US bearing liabilities private placement USD 5.6 2014 491 455 632 580 Other interest 2005 S&N US bearing liabilities private placement USD 5.4 2015 248 227 258 232 Other interest bearing liabilities 2008 US private placement USD 5.9-6.3 2015-2018 335 336 341 342 Other interest bearing liabilities 2011 US private placement USD 2.8 2017 68 69 69 70 Other interest bearing liabilities 2008 US private placement EUR 7.3 2016 31 31 30 30 Other interest bearing liabilities various various various various 120 120 120 120 Deposits from third parties n/a various various various 482 482 38 13,178 449 449 Finance lease liabilities n/a various various various 38 39 39 13,168 8,976 8,909 As at 31 December 2012 an amount of EUR376 million was drawn on the existing revolving credit facility of EUR2 billion. This revolving credit facility matures in 2017. Financial structure For the first time in the Company's 148 year history, EIEINEKEN was assigned investment grade credit ratings in 2012 by the world's two leading credit agencies, Moody's Investor Service and Standard Poor's. Both long-term credit ratings, were solid Baal and BBB+, respectively and both have a 'stable' outlook per the date of this Annual Report. New Financing On 19 March 2012, HEINEKEN issued EUR1.35 billion of Notes under its EMTN Programme comprising EUR850 million of 7-year Notes with a coupon of 2.5 per cent and EUR500 million of 12-year Notes with a coupon of 3.5 percent. On 3 April 2012, HEINEKEN issued USD750 million of 10-year 144A RegS US Notes with a coupon of 3.4 percent. On 2 August 2012, HEINEKEN issued EUR1.75 billion of Notes under its EMTN Programme, consisting of 8-year Notes for a principal amount of EUR1 billion with a coupon of 2.125 per cent and 13-year Notes for a principal amount of EUR750 million with a coupon of 2.875 per cent. On 3 October 2012, HEINEKEN successfully priced 144A/RegS US Notes for a principal amount of USD3.25 billion. This comprised USD500 million of 3-year Notes at a coupon of 0.8 per cent, USD1.25 billion of 5-year Notes at a coupon of 1.4 per cent, USD1 billion of 10.5-year Notes at a coupon of 2.75 per cent and USD500 million of 30-year Notes at a coupon of 4.0 per cent. The proceeds of the Notes have been mainly used for the financing of the acquisition of APB and APIPL and the repayment of debt facilities. The issues have enabled HEINEKEN to further improve the currency and maturity profile of its long-term debt. The EMTN Programme and the notes issued thereunder are listed on the Luxembourg Stock Exchange. HEINEKEN still has a capacity of EUR5 billion under this programme. HEINEKEN is in the process of updating the programme. Incurrence covenant HEINEKEN has an incurrence covenant in some of its financing facilities. This incurrence covenant is calculated by dividing net debt (calculated in accordance with the consolidation method of the 2007 Annual Accounts) by EBITDA (beia) (also calculated in accordance with the consolidation method of the 2007 Annual Accounts and including the pro-forma full-year EBITDA of any acquisitions made in 2012). As at 31 December 2012 this ratio was 2.8 (20112.1). If the ratio would be beyond a level of 3.5, the incurrence covenant would prevent us from conducting further significant debt financed acquisitions. Heineken N.V. Annual Report 2012 117

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