Notes to the consolidated financial statements continued
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Report of the
Report of the
Financial
Other
Contents
Overview
Executive Board
Supervisory Board
statements
information
25. Loans and borrowings
Nominal
Carrying
Face
Carrying
Face
interest
amount
value
amount
value
In millions of EUR
Category
Currency
rate
Repayment
2014
2014
2013
2013
Unsecured bank loans
German Schuldschein notes
EUR
1.0-6.2
2016
110
Unsecured bank loans
bank facilities
PGK
4.7
2019
35
35
10.0-
Unsecured bank loans
bank facilities
BIF
15.0
2017
10
10
Unsecured bank loans
various
various
various
various
1
1
7
7
Secured bank loans
bank facilities
GBP
1.8
2016
8 8
9
9
Secured bank loans
bank facilities
HTG
8.5
2019
16
16
Secured bank loans
bank facilities
ETB
10
2021
20
20
Secured bank loans
various
various
various
various
12
12
19
19
Other interest-bearing
2002 S&N US private
liabilities
placement
USD
5.6
2014
452
435
Other interest-bearing
2005 S&N US private
liabilities
placement
USD
5.4
2015
229
218
Other interest-bearing
liabilities
2008 US private placement
USD
5.9
2015
43
43
38
38
Other interest-bearing
liabilities
2011 US private placement
USD
2.8
2017
74
74
65
65
Other interest-bearing
liabilities
2008 US private placement
GBP
7.3
2016
32
32
30
30
Other interest-bearing
liabilities
2008 US private placement
GBP
7.2
2018
41
41
38
38
Other interest-bearing
liabilities
2010 US private placement
USD
4.6
2018
597
597
526
526
Other interest-bearing
liabilities
2008 US private placement
USD
6.3
2018
321
321
282
282
Other interest-bearing
liabilities
facilities from JV's
EUR
various
various
150
150
61
61
Other interest-bearing
liabilities
various
various
various
various
16
16
21
21
Deposits from
third parties
n.a.
various
various
various
564
564
543
543
Finance lease liabilities
n.a.
various
various
various
15
15
9
9
11,162
11,227
11,992
12,040
Financing headroom1
As at 31 December 2014, no amounts were drawn on the existing revolving credit facility of EUR2,500 million. This revolving credit facility was
extended and amended in May 2014 and now matures in 2019. The committed financing headroom at Group level was EUR2,169 million as
at 31 December 2014 and consisted of undrawn revolving credit facility and centrally available cash, minus centrally managed overdraft balances.
Incurrence covenant1
HEINEKEN has an incurrence covenant in some of its financing facilities. This incurrence covenant is calculated by dividing net debt by EBITDA
(beia) (both based on proportional consolidation of joint ventures and including acquisitions made in 2014 on a pro-forma basis). As at
31 December 2014 this ratio was 2.4 (2013: 2.5). If the ratio would be beyond a level of 3.5, the incurrence covenant would prevent us from
conducting further significant debt financed acquisitions.
1Non-GAAP measures: unaudited
104
Heineken N.V. Annual Report 2014
