Notes to the Consolidated Financial Statements continued
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Reportofthe Reportofthe Financial Other
Contents Overview Executive Board Supervisory Board Statements Information
32. Financial risk management and financial instruments continued
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
2015
Fixed rate instruments
Financial assets
93
99
Financial liabilities
(11,057)
(10,225)
Net interest rate swaps
(42)
56
(11,006)
(10,070)
Variable rate instruments
Financial assets
1,023
917
Financial liabilities
(1,508)
(1,532)
Net interest rate swaps
42
(56)
(443)
(671)
Cash flow sensitivity analysis for variable rate instruments
HEINEKEN applies cash flow hedge accounting on certain floating rate financial liabilities and designates derivatives as hedging 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. This analysis is performed on the same basis as for 2014
Profit or loss
Equity
In millions of EUR
100 bp increase
100 bp decrease
100 bp increase
100 bp decrease
31 December 2015
Variable rate instruments
(4)
4
(4)
4
Net interest rate swaps
Cash flow sensitivity (net)
(4)
4
(4)
4
31 December 2014
Variable rate instruments
(5)
5
(5)
5
Net interest rate swaps
Cash flow sensitivity (net)
(5)
5
(5)
5
122 Helneken N.V. Annual Report 2015
