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Contents
Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial
statements
Other information
2012
Assets
Liabilities
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
96
1,752
85
82
696
889
Liabilities
(26)
(1,632)
(89)
(79)
(617)
(847)
Forward exchange contracts:
Assets
28
1,296
1,150
146
Liabilities
(16)
(1,288)
(1,145)
(143)
Commodity derivatives:
1
(23)
60
1
(23)
106
1
(22)
(20)
(1)
5
79
42
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.
2013
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
547
325
222
Liabilities
(104)
(642)
(408)
(234)
Forward exchange contracts:
Assets
Liabilities
(104)
(95)
(83)
(12)
2012
Carrying Expected Less than More than
In millions of EUR amount cashflows 1 year 1-2 years 2-5 years 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
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 the
business and acguisitions. Capital is herein defined as eguity attributable to eguity holders of the Company (total eguity minus
non-controlling interests).
HEINEKEN is not subject to externally imposed capital reguirements other than the legal reserves explained in note 22. Shares are
purchased to meet the reguirements of the share-based payment awards as further explained in note 29.
Heineken N.V. Annual Report 2013
121
