Contents
Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial
statements
Other
information
Advances to customers
Advances to customers relate to an upfront cash discount to customers. The advances are amortised over the term of the contract as a reduction
of revenue.
In monitoring customer credit risk, refer to the paragraph above relating to trade and other receivables.
Investments
HEINEKEN limits its exposure to credit risk by only investing available cash balances in liguid securities and only with counterparties that have
strong credit ratings. HEINEKEN actively monitors these credit ratings.
Guarantees
HEINEKEN's policy is to avoid issuing guarantees where possible unless this leads to substantial benefits for HEINEKEN. In cases where HEINEKEN
does provide guarantees, such as to banks for loans (to third parties), HEINEKEN aims to receive security from the third party.
Eleineken N.V. has issued a joint and several liability statement to the provisions of Section 403, Part 9, Book 2 of the Dutch Civil Code with
respect to legal entities established in the Netherlands.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
In millions of EUR
Note
2014
2013
Trade and other receivables, excluding current derivatives
20
2,621
2,382
Cash and cash equivalents
21
668
1,290
Current derivatives
20
122
45
Investments held for trading
17
13
11
Available-for-sale investments
17
253
247
Non-current derivatives
17
97
67
Loans to customers
17
68
65
Other loans receivable
17
82
50
Indemnification receivable
17
9
113
Held-to-maturity investments
17
3
4
Other non-current receivables
17
141
128
4,077
4,402
The maximum exposure to credit risk for trade and other receivables (excluding current derivatives) at the reporting date by geographic
region was:
In millions of EUR
2014
2013
Western Europe
1,000
956
Central and Eastern Europe
497
466
The Americas
470
428
Africa Middle East
293
237
Asia Pacific
223
178
Head Office/eliminations
138
117
2,621
2,382
115
Heineken N.V. Annual Report 2014
