Notes to the consolidated financial statements continued - - - - Report of the Report of the Financial Other Contents Overview Executive Board Supervisory Board statements information 32. Financial risk management and financial instruments Interest rate risk - profile At the reporting date, the interest rate profile of HEINEKEN's interest-bearing financial instruments was as follows: In millions of EUR 2014 2013 Fixed rate instruments Financial assets 99 96 Financial liabilities (10,225) (11,017) Net interest rate swaps 56 471 (10,070) (10,450) Variable rate instruments Financial assets 917 1,488 Financial liabilities (1,532) (1,153) Net interest rate swaps (56) (471) (671) (136) Fair value sensitivity analysis for fixed rate instruments HEIN EKEN applies fair value and cash flow hedge accounting on certain fixed rate financial liabilities and designates derivatives (interest rate swaps) as hedging instruments. The fixed rate financial liabilities that were accounted for at fair value through profit and loss and the designated interest rate swaps were repaid/settled in 2014. The termination of these fair value hedges did not have a material impact on profit and loss. A change of 100 basis points in interest rates would have increased (decreased) eguity by EUR nil million (2013: EUR 5 million). Cash flow sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates constantly applied during the reporting period would have increased (decreased) eguity and profit or loss by the amounts shown below (after tax). This analysis assumes that all other variables, in particular foreign currency rates, remain constant and excludes any possible change in fair value of derivatives at period-end because of a change in interest rates. The analysis is performed on the same basis as for 2013. Profit or loss Equity 100 bp 100 bp 100 bp 100 bp In millions of EUR increase decrease increase decrease 31 December 2014 Variable rate instruments (5) 5 (5) 5 Net interest rate swaps Cash flow sensitivity (net) (5) 5 (5) 5 31 December 2013 Variable rate instruments 3 (3) 3 (3) Net interest rate swaps (4) 4 (4) 4 Cash flow sensitivity (net) (1) 1 (1) 1 120 Heineken N.V. Annual Report 2014

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2014 | | pagina 122