Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial statements
Other information
The exceptional items in the tax expense are EUR53 million (2011: EUR47 million) related to acquisition related intangibles and the remainder
of EUR2 million represents the net impact of other exceptional items included in EBIT and finance cost.
EBIT and EBIT (beia) are not financial measures calculated in accordance with IFRS. The presentation on these financial measures may
not be comparable to similarly titled measures reported by other companies due to differences in the ways the measures are calculated.
28. Employee benefits
2012
Present value of unfunded obligations
113
96
Present value of funded obligations
7,788
6,804
Total present value of obligations
7,901
6,900
Fair value of defined benefit plan assets
(6,401)
(5,860)
Present value of net obligations
1,500
1,040
Asset ceiling items
1
14
Recognised liability for defined benefit obligations
1,501
1,054
Other long-term employee benefits
131
120
1,632
1,174
Defined benefit plan assets comprise:
2012
Equity securities
2,867
2,520
Government bonds
2,726
2,534
Properties and real estate
429
410
Other plan assets
379
396
6,4015,860
The primary goal of the Heineken pension funds is to monitor the mix of debt and equity securities in its investment portfolio based on market
expectations. Material investments within the portfolio are managed on an individual basis.
Liability for defined benefit obligations
HEINEKEN makes contributions to a number of defined benefit plans that provide pension benefits for employees upon retirement in a number of
countries being mainly the Netherlands and the UK (82 per cent of the total DBO). Other countries with a defined benefit plan are: Ireland, Greece,
Austria, Italy, France, Spain, Mexico, Belgium, Switzerland, Portugal and Nigeria. In other countries the pension plans are defined contribution plans
and/or similar arrangements for employees.
In Ireland the defined benefit scheme for employees (actives) was closed in 2012 and was replaced by a defined contribution scheme.
Other long-term employee benefits mainly relate to long-term bonus plans, termination benefits, medical plans and jubilee benefits.
Heineken N.V. Annual Report 2012
119