Report of the
Report of the
Contents
Overview
Executive Board
Supervisory Board
Financial
statements
Other
information
Fair value reserve
This reserve comprises the cumulative net change in the fair value of available-for-sale investments until the investment is derecognised
or impaired. HEINEKEN considers this a legal reserve.
Other legal reserves
These reserves relate to the share of profit of joint ventures and associates over the distribution of which HEINEKEN does not have control.
The movement in these reserves reflects retained earnings of joint ventures and associates minus dividends received. In case of a legal or other
restriction which means that retained earnings of subsidiaries cannot be freely distributed, a legal reserve is recognised for the restricted part.
Reserve for own shares
The reserve for the Company's own shares comprises the cost of the Company's shares held by HEINEKEN. As at 31 December 2014,
HEINEKEN held 1,395,435 of the Company's shares (2013:1,010,213).
During the period from 1 January to 31 December 2014, HEINEKEN acguired 550,000 shares for delivery against LTV and other share-based
payment plans.
Dividends
The following dividends were declared and paid by HEINEKEN:
In millions of EUR 2014 2013
305
Interim dividend current year EUR0.36, respectively EUR0.36 per qualifying ordinary share 207
Total dividend declared and paid 512 530
HEINEKEN has widened the pay-out ratio for its annual dividend from 30-35 per cent to 30-40 percent of net profit (beia). For 2014,
a payment of a total cash dividend of EUR1.10 per share (2013: EUR0.89) will be proposed attheAGM. If approved, a final dividend of
EUR0.74 per share will be paid on 5 May 2015, as an interim dividend of EUR0.35 per share was paid on 2 September 2014. The payment
will be subject to 15 per cent Dutch withholding tax.
After the balance sheet date, the Executive Board proposed the following dividends. The dividends, taking into account the interim dividends
declared and paid, have not been provided for.
2014
Per qualifying ordinary share EUR1.10 (2013: EUR0.89) 632 512
Non-controlling interests
The non-controlling interests (NCI) relate to minority stakes held by third parties in HEINEKEN consolidated subsidiaries. The total non-controlling
interest as at 31 December 2014 amounted to EUR1,043 million (2013: EUR954 million). Refer to note 35 for the disclosure of material NCIs.
99
Heineken N.V. Annual Report 2014
