Independent Auditor's Report
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To: The Annual General Meeting of Heineken N.V.
Report on the audit of the financial statements 2015
Our opinion
We have audited the financial statements 2015 of Heineken N.V. ('the Company'), based in Amsterdam. The financial statements include the consolidated
financial statements and the 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 2015 and of its result and
its cash flows for 2015 in accordance with International Financial Reporting Standards as adopted by the European Union ('EUTFRS') and with Part 9 of
Book 2 of the Dutch Civil Code.
The company financial statements give a true and fair view of the financial position of Heineken N.V. as at 31 December 2015 and of its result for the
year 2015 in accordance with Part 9 of Book 2 of the Dutch Civil Code.
The consolidated financial statements comprise:
The consolidated statement of financial position as at 31 December 2015.
The following consolidated statements for 2015: the income statement, the statement of comprehensive income, the statement of cash flows and the
statement of changes in eguity.
The 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 2015.
The company income statement for 2015.
The 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 our 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 the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Materiality
Misstatements can arise from fraud or error and are considered material if, individually or in the 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 judgement we determined the materiality for the financial statements as a whole at EUR100 million. The materiality is based on
consolidated profit before taxation (4%). We have also taken into account misstatements and/or possible misstatements that in our opinion are material
for the users of the financial statements for gualitative reasons.
Audits of group entities (components) were performed using materiality levels determined by the judgement 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.
We agreed with the Supervisory Board that misstatements in excess of EUR5 million, which are identified during the audit, would be reported to them, as
well as smaller misstatements that, in our view, must be reported on gualitative grounds.
142 Heineken N.V. Annual Report 2015
