Contents Overview Report of the Executive Board Report of the Supervisory Board Financial statements Other information Sensitivity analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below. Present value of defined benefit 31 December 2013 obligation Increase in Decrease in In millions of EUR assumption assumption (560) 636 Future salary growth (0.25% movement) 14 (22) Future pension growth (0.25% movement) 236 (225) Medical cost trend rate (0.5% movement) 4 (3) Life expectancy (1 year) 231 (236) Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown. 29. Share-based payments - Long-Term Variable Award As from 1 January 2005 FHEINEKEN established a performance-based share plan (Long-Term Variable award; LTV) for the Executive Board. As from 1 January 2006 a similar plan was established for senior management. Under this LTV plan share rights are conditionally awarded to incumbents on an annual basis since 2010. The vesting of these rights is subject to the performance of Fleineken N.V. on specific internal performance conditions and continued service over a three-year period. The performance conditions for LTV 2011-2013, LTV 2012-2014 and LTV 2013-2015 are the same for the Executive Board and senior management and comprise solely of internal financial measures, being Organic Gross Profit beia growth, Organic EBIT beia growth, Earnings Per Share (EPS) beia growth and Free Operating Cash Flow. For these plans, 100 per cent of the awarded share rights vest at target performance. At threshold performance, 50 per cent of the awarded share rights vest. At maximum performance 200 percent of the awarded share rights vest for the Executive Board as well as senior managers contracted by the US, Mexico and Brazil, and 175 per cent vest for all other senior managers. The performance period for the aforementioned plans are: LTV Performance period start Performance period end 2011-2013 1 January 2011 31 December 2013 2012-2014 1 January 2012 31 December 2014 2013-2015 1 January 2013 31 December 2015 The vesting date for the Executive Board is within five business days, and for senior management the latest of 1 April and 20 business days, after the publication of the annual results of 2013,2014 and 2015 respectively. As FHEINEKEN will withhold the tax related to vesting on behalf of the individual employees, the number of Fleineken N.V. shares to be received by the Executive Board and senior management will be a net number. Fleineken N.V. Annual Report 2013 109

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2013 | | pagina 110