Overview Report of the Executive Board Report of the Supervisory Board Financial statements Other information Cash flow sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates constantly applied during the reporting period would have increased (decreased) equity and profit or loss by the amounts shown below (after tax). This analysis assumes that all other variables, in particular foreign currency rates, remain constant and excludes any possible change in fair value of derivatives at period-end because of a change in interest rates. The analysis is performed on the same basis as for 2011. Profit or loss Equity In millions of EUR 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease 31 December 2012 Variable rate instruments (a) 4 (a) a Net interest rate swaps fixed to floating - - - - Cash flow sensitivity (net) (A) 4 (A) A 31 December 2011 Variable rate instruments (20) 20 (20) 20 Net interest rate swaps fixed to floating 8 (8) 8 (8) Cash flow sensitivity (net)(12)12(12)12 Commodity price risk Commodity price risk is the risk that changes in commodity prices will affect HEINEKEN's income. The objective of commodity price risk management is to manage and control commodity risk exposures within acceptable parameters, whilst optimising the return on risk. The main commodity exposure relates to the purchase of cans, glass bottles, malt and utilities. Commodity price risk is in principle addressed by negotiating fixed prices in supplier contracts with various contract durations. So far, commodity hedging with financial counterparties by the Company is limited to the incidental sale of surplus C02 emission rights, aluminium hedging and, to a limited extent, gas hedging, which are done in accordance with risk policies. EIEINEKEN does not enter into commodity contracts other than to meet HEINEKEN's expected usage and sale requirements. As at 31 December 2012, the market value of commodity swaps was EUR(22) million (2011: EUR(25) million). Cash flow hedges The following table indicates the periods in which the cash flows associated with derivatives that are cash flow hedges, are expected to occur. 2012 Carrying amount Expected cash flows Less than 1 year 1 -2 years 2-5 years More than 5 years Interest rate swaps: Assets 96 1,752 85 82 696 889 Liabilities (26) (1,632) (89) (79) (617) (847) Forward exchange contracts: Assets 28 1,296 1,150 1A6 - - Liabilities (16) (1,288) (1,1 A5) (1A3) - - Commodity derivatives: Assets 1 1 1 - - - Liabilities (23) (23) (22) (1) - - 60 106 (20) 5 79 42 The periods in which the cash flows associated with forward exchange contracts that are cash flow hedges are expected to impact profit or loss is on average two months earlier than the occurrence of the cash flows as in the above table. Heineken N.V. Annual Report 2012 133

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2012 | | pagina 135