Notes to the Consolidated Financial Statements continued Reportofthe Reportofthe Financial Other Contents Overview Executive Board Supervisory Board Statements 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. Heineken 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. Refer to Note 44 of the Company financial statements. Exposure to credit risk The carrying amount of financial assets and guarantees to banks for loans represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: In millions of EUR Note 2015 Cash and cash equivalents 21 824 668 Trade and other receivables, excluding derivatives 20 2,821 2,621 Current derivatives 20 52 122 Investments held for trading 17 16 13 Available-for-sale investments 17 287 253 Non-current derivatives and investments FVTPL 17 210 97 Loans to customers 17 69 68 Loans to joint ventures and associates 17 22 65 Held-to-maturity investments 17 1 3 Other non-current receivables 17 152 167 Guarantees to banks for loans (to third parties) 34 473 354 4,927 4,431 The maximum exposure to credit risk for trade and other receivables (excluding current derivatives) at the reporting date by geographic regi ion was: In millions of EUR 2015 Europe 1,424 1,433 Americas 542 470 Africa, Middle East Eastern Europe 449 357 Asia Pacific 308 223 Head Office and Other/eliminations 98 138 2,821 2,621 117 Heineken N.V. Annual Report 2015

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2015 | | pagina 118