Notes to the Consolidated Financial Statements continued
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Reportofthe Reportofthe Financial Other
Contents Overview Executive Board Supervisory Board Statements Information
Sensitivity to changes in assumptions
The outcome of a sensitivity analysis of a 100 basis points adverse change in key assumptions (lower growth rates or higher discount rates respectively) did
not result in a materially different outcome of the impairment test.
16. Investments in associates and joint ventures
HEINEKEN has interests in a number of individually insignificant joint ventures and associates.
Acquisition of 50 per cent stake in Lagunitas (US)
The acquisition of a 50 per cent shareholding in the Lagunitas Brewing Company was completed on 15 October 2015 and is accounted for as a joint
venture using the equity method.
Summarised financial information for equity accounted joint ventures and associates
The following table includes, in aggregate, the carrying amount and El EIN EKEN's share of profit and OCI of joint ventures and associates:
Joint ventures Associates
In millions of EUR
2015
2015
Carrying amount of interests
1,852
1,964
133
69
Share of:
Profit or loss from continuing operations
151
135
21
13
Other comprehensive income
7
(7)
158
128
21
13
17. Other investments and receivables
In millions of EUR
Note
2015
2014
Non-current other investments and receivables
Available-for-sale investments
32
287
253
Non-current derivatives
32
210
97
Loans to customers
32
69
68
Loans to joint ventures and associates
32
22
65
Long-term prepayments
115
84
Held-to-maturity investments
32
1
3
Indemnification receivable
32
4
9
Other receivables
32
148
158
856
737
Current other investments
Investments held for trading
32
16
13
16
13
Effective interest rates on loans to customers range from 0.5-12 per cent.
The other receivables mainly originate from the acquisition of the beer operations of FEMSA and represent a receivable on the Brazilian authorities on
which interest is calculated in accordance with Brazilian legislation. Collection of this receivable is expected to be beyond a period of five years.
HEINEKEN has interests in several entities where it has less than significant influence. These are classified as available-for-sale investments and valued
based on their share price when publicly listed. For investments that are not listed fair values are established using multiples. Debt securities (which are
interest-bearing) with acarrying amount of EUR15 million (2014: EUR14 million) are included in available-for-sale investments.
97 Helneken N.V. Annual Report 2015