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Report of the Report of the
Contents Overview Executive Board Supervisory Board
Financial
statements
Other information
Impairment losses
The ageing of trade and other receivables (excluding current derivatives) at the reporting date was:
In millions of EUR
Gross 2013
Impairment
2013
Gross 2012
Impairment
2012
Not past due
2,016
(83)
2,052
(49)
Past due 0-30 days
281
(15)
323
(14)
Past due 31 -120 days
191
(33)
213
(67)
More than 120 days
312
(287)
373
(331)
2,800
(418)
2,961
(461)
The movement in the allowance for impairment in respect of trade and other receivables (excluding current derivatives) during the
year was as follows:
In millions of EUR
2013
2012
Balance as at 1 January
461
478
Changes in consolidation
(3)
1
Impairment loss recognised
66
104
Allowance used
(66)
(60)
Allowance released
(32)
(66)
Effect of movements in exchange rates
(8)
4
Balance as at 31 December
418
461
The movement in the allowance for impairment in respect of loans during the year was as follows:
In millions of EUR
2013
2012
Balance as at 1 January
158
170
Changes in consolidation
3
Impairment loss recognised
38
Allowance used
5
Allowance released
(14)
(53)
Effect of movements in exchange rates
(2)
3
Balance as at 31 December
150
158
Impairment losses recognised for trade and other receivables (excluding current derivatives) and loans are part of the other non-cash
items in the consolidated statement of cash flows.
The net release in the allowance of EUR14 million (2012: EUR15 million) in respect of loans and the income statement impact of
EUR34 million (2012: EUR38 million) in respect of trade receivables (excluding current derivatives) were included in expenses for raw
materials, consumables and services.
The allowance accounts in respect of trade and other receivables and held-to-maturity investments are used to record impairment
losses, unless HEINEKEN is satisfied that no recovery of the amount owing is possible, at that point the amount considered irrecoverable
is written off against the financial asset.
Liquidity risk
Liquidity risk is the risk that HEINEKEN will encounter difficulty in meeting the obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. HEINEKEN's approach to managing liquidity is to ensure, as far as possible,
that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to HEINEKEN's reputation.
Heineken N.V. Annual Report 2013
115