Contents
Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial
statements
Other information
Interest-bearing loans and borrowings decreased to EUR12.170 million (from EUR13,359 million as at 31 December 2012), due to
strong free operating cash flow, a net cash inflow from acguisitions and disposals and foreign currency impact.
Currency split of net debt
This currency breakdown includes the effect of derivatives, which are used to hedge intercompany lending denominated in currencies
other than Euro.
Of total net interest-bearing debt, approximately 58 per cent is denominated in Euro and 29 per cent is US dollar denominated. This
is including the effect of cross-currency interest rate swaps on non-Euro denominated debt such as the GBP bond and the US private
placements at both Heineken N.V. and Heineken UK. The fair value of these swaps does not form part of net debt.
Currency split of net debt
Obligatory debt repayments
in millions of EUR
MXN/Other
2015
1,133
2016
902
2017
1,034
2018
1,062
2019
850
2020
1,013
2023
725
2024
500
2025
750
On 7 March 2012 Heineken N.V. was assigned solid investment grade credit ratings by Moody's Investor Service and Standard
Poor's. Both long-term credit ratings, Baal and BBB+, respectively, have'stable' outlooks as at the date of this Annual Report.
On 4 April 2013, HEINEKEN issued 8-year Notes for a principal amount of EUR500 million with a coupon of 2.0 per cent, followed by
a private placement of approximately EUR680 million of Notes with a weighted average yield of 2.5 per cent.
15 April 2013, 20-year Notes for a principal amount of EUR180 million;
15 April 2013, 2-year Notes for a principal amount of SGD75 million;
18 April 2013, 5-year Notes for a principal amount of EUR100 million;
19 April 2013, 20-year Notes for a principal amount of EUR100 million;
17 May 2013,4-year Notes for a principal amount of SGD100 million;
2 July 2013, 5-year Notes for a principal amount of SGD95 million;
2 July 2013, 30-year Notes for a principal amount of EUR75 million;
4 July 2013, 5-year Notes for a principal amount of EUR50 million.
Heineken N.V. Annual Report 2013
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