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
