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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2012 | | pagina 136