Notes to the consolidated financial statements continued
32. Financial risk management and financial instruments :ontinued
In millions of EUR
2011
Carrying
Expected
Less than
More than
amount
cash flows
1 year
1 -2 years
2-5 years
5 years
170
1,904
120
107
726
951
(48)
(1,786)
(136)
(108)
(658)
(884)
15
1,078
871
207
-
-
(49)
(1,111)
(896)
(215)
-
-
Interest rate swaps:
Assets
Liabilities
Forward exchange contracts:
Assets
Liabilities
Commodity derivatives:
Assets
Liabilities
11
11
11
-
-
-
(36)
(36)
(32)
(4)
-
-
63
60
(62)
(13)
68
67
Fair value hedges/net investment hedges
The following table indicates the periods in which the cash flows associated with derivatives that are fair value hedges or net investment 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
19
780
48
492
240
-
Liabilities
(77)
(849)
(6)
(609)
(234)
-
Forward exchange contracts:
Assets
-
181
181
-
-
-
Liabilities
(2)
(183)
(183)
-
-
-
(60)
(71)
40
(117)
6
-
2011
Carrying
Expected
Less than
More than
In millions of EUR
amount
cash flows
1 year
1 -2 years
2-5 years
5 years
Interest rate swaps:
Assets
27
967
171
49
747
-
Liabilities
(136)
(1,059)
(180)
(22)
(857)
-
Forward exchange contracts:
Assets
-
177
177
-
-
-
Liabilities
(12)
(187)
(187)
-
-
-
(121)
(102)
(19)
27
(110)
-
Capital management
There were no major changes in HEINEKEN's approach to capital management during the year. The Executive Board's policy is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future development of business and acquisitions. Capital is
herein defined as equity attributable to equity holders of the Company (total equity minus non-controlling interests).
HEINEKEN is not subject to externally imposed capital requirements other than the legal reserves explained in note 22. Shares are purchased to meet
the requirements under the Long and Short-Term Incentive Plan and the extraordinary share plan as further explained in note 29.
134 Heineken N.V. Annual Report 2012
