Notes to the Consolidated
1. Reporting entity
Heineken N.V. (the 'Company') is a company domiciled in the Netherlands. The address of the Company's registered office is Tweede Weteringplantsoen
21Amsterdam. The consolidated financial statements of the Company as at and for the year ended 31 December 2012 comprise the Company, its
subsidiaries (together referred to as 'HEINEKEN' or the 'Group' and individually as 'HEINEKEN' entities) and HEINEKEN's interest in jointly controlled
entities and associates.
A summary of the main subsidiaries, jointly controlled entities and associates is included in note 36 and 16 respectively. The APIPL/APB acquisition
has been included in the consolidated financial statements from 15 November 2012.
HEINEKEN is primarily involved in the brewing and selling of beer.
2. Basis of preparation
(a) Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the
EU and also comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code. All standards and interpretations
issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) effective
year-end 2012 have been adopted by the EU, except that the EU carved out certain hedge accounting provisions of IAS 39. The Company does not
utilise this carve-out permitted by the EU, as it is not applicable. Consequently, the accounting policies applied by the Company also comply fully with
IFRS as issued by the IASB.
The consolidated financial statements have been prepared by the Executive Board of the Company and authorised for issue on 12 February 2013
and will be submitted for adoption to the Annual General Meeting of Shareholders on 25 April 2013.
(b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis unless otherwise indicated.
The methods used to measure fair values are discussed further in note 3 and 4
(c) Functional and presentation currency
These consolidated financial statements are presented in euro, which is the Company's functional currency. All financial information presented in Euro
has been rounded to the nearest million unless stated otherwise.
(d) Use of estimates and judgements
The preparation of consolidated financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the
estimates are revised and in any future periods affected.
Heineken N.V. Annual Report 2012