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