Independent Auditor's Report
Materiality
Contents
Overview
Report of the
Executive Board
Report of the
Supervisory Board
Financial
statements
To: Annual General Meeting of Heineken N.V.
Report on the audit of the Financial statements 201A
Our opinion
We have audited the Financial statements 2014 of Heineken N.V. (the Company), based in Amsterdam. The Financial statements include the
Consolidated and Company financial statements.
In our opinion:
the Consolidated financial statements give a true and fair view of the financial position of Heineken N.V. as at 31 December 2014, and of
its result and its cash flows for 2014 in accordance with International Financial Reporting Standards as adopted by the European Union
(EU-IFRS) and with Part 9 of Book 2 of the Netherlands Civil Code
the Company financial statements give a true and fair view of the financial position of Heineken N.V. as at 31 December 2014, and of its
result for 2014 in accordance with Part 9 of Book 2 of the Netherlands Civil Code
The Consolidated financial statements comprise:
the Consolidated statement of financial position as at 31 December 2014
the following Consolidated statements for 2014: the income statement, the statements of comprehensive income, changes in eguity
and cash flows
notes, comprising a summary of the significant accounting policies and other explanatory information
The Company financial statements comprise:
the Company balance sheet as at 31 December 2014
the Company income statement for 2014
notes, comprising a summary of the significant accounting policies and other explanatory information
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards
are further described in the section "Our responsibilities for the audit of the Financial statements" of this report.
We are independent of Heineken N.V. in accordance with the "Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten"
(ViO) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the "Verordening gedrags- en
beroepsregels accountants" (VGBA).
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and
extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.
Based on our professional judgment we determined the materiality for the Consolidated financial statements as a whole at EUR95 million.
The materiality is determined with reference to consolidated profit before taxation (3.9 per cent) and consolidated revenue (0.5 per cent).
We also take into account misstatements and/or possible misstatements, if any, that in our opinion are material for gualitative reasons.
Audits of group entities (components) were performed using materiality levels determined by the judgment of the group audit team, having
regard to the materiality of the Consolidated financial statements as a whole. Component materiality did not exceed EUR40 million and for
the majority of the components, materiality is significantly less than this amount.
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Heineken N.V. Annual Report 2014