Notes to the Consolidated Financial Statements continued - - 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

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2015 | | pagina 98