Notes to the Consolidated Financial Statements continued
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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 El EIN EKEN 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 EHEINEKEN. As at 31 December 2015. EHEINEKEN held
6,318,958 of the Company's shares (2014:1,395,435).
During the period from 1 January to 31 December 2015, El EIN EKEN acguired 270,000 shares for an amount of EUR19 million for delivery against LTV
and other share-based payment plans.
Dividends
The following dividends were declared and paid by HEINEKEN:
In millions of EUR
2015
Final dividend previous year EUR0.74, respectively EUR0.53 per qualifying ordinary share
425
305
Interim dividend current year EUR0.44, respectively EUR0.36 per qualifying ordinary share
251
207
Total dividend declared and paid
676
512
As announced at the AGM of 21 April 2015, HEINEKEN widened the payout ratio for its annual dividend from 30-35 per cent to 30-40 per cent of net profit
(beia). For 2015, a payment of a total cash dividend of EUR1.30 per share (2014: EUR1.10) will be proposed at the AGM. If approved, a final dividend
of EUR0.85 per share will be paid on 4 May 2015, as an interim dividend of EUR0.44 per share was paid on 12 August 2015. The payment will be subject
to 15 percent 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.
In millions of EUR20152014
Per qualifying ordinary share EUR1.30 (2014: EUR1.10)741632
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 2015 amounted to EUR1.535 million (2014: EUR1.043 million). Refer to note 36 for the disclosure of material NCIs.
101 Eleineken N.V. Annual Report 2015