103 Notes to the Consolidated Financial Statements (continued) Terms and debt repayment schedule (continued) - - - - - - - - - - Financing headroom Incurrence covenant Heineken NV. Report of the Report of the Financial Sustainability Other Annual Report 2016 Introduction Executive Board Supervisory Board Statements Review Information In millions of EUR Category Currency Nominal interest rate Repayment Carrying amount 2016 Face value 2016 Carrying amount 2015 Face value 2015 Unsecured bond issue under 144A/RegS USD 4.0 2042 465 474 450 459 Unsecured bond n.a. EUR 3.5 - 4.5 2020 17 17 19 19 Unsecured bank loans bank facilities EUR 4.8 2016 207 207 Unsecured bank loans bank facilities NGN 15 - 17 2021 51 51 14 16 Unsecured bank loans German Schuldschein notes EUR 1.8 - 6.2 2016 111 111 Unsecured bank loans bank facilities MYR UJ Ln 1 J> Ln 2016 19 19 Unsecured bank loans bank facilities ZAR 8.6 2018 112 112 71 71 Unsecured bank loans various various various various 80 80 58 58 Secured bank loans bank facilities XOF 7.0 2026 57 56 Secured bank loans bank facilities ETB 9.5 2021 20 20 22 22 Secured bank loans various various various various 17 20 24 25 Other interest-bearing liabilities 2011 US private placement GBP 7.3 2016 34 34 Other interest-bearing liabilities 2008 US private placement USD 2.8 2017 85 85 83 83 Other interest-bearing liabilities 2008 US private placement GBP 7.2 2018 37 37 44 44 Other interest-bearing liabilities 2010 US private placement USD 4.6 2018 688 688 665 666 Other interest-bearing liabilities 2008 US private placement USD 6.3 2018 369 370 357 358 Other interest-bearing liabilities facilities from JVs EUR various various 4 4 17 17 Other interest-bearing liabilities various various various various 76 76 33 33 Deposits from third parties n.a. various various various 622 622 595 595 12,901 12,972 12,023 12,093 As at 31 December 2016, no amounts were drawn on the existing revolving credit facility of EUR 2,500 million. This revolving credit facility was extended by one year in May 2016 and matures in 2021. The committed financing headroom at Group level was EUR 3,112 million as at 31 December 2016 and consisted of an undrawn revolving credit facility and centrally available cash, minus commercial paper in issue at Group level. HEINEKEN has an incurrence covenant in some of its financing facilities. This incurrence covenant is calculated by dividing net debt (excluding the market value of cross-currency interest rate swaps) by EBITDA (beia) (both based on proportional consolidation of joint ventures and including acquisitions made in 2016 on a pro-forma basis). As at 31 December 2016 this ratio was 2.3 (2015: 2.4). If the ratio would be beyond a level of 3.5, the incurrence covenant would prevent HEINEKEN from conducting further significant debt financed acquisitions.

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Jaarverslagen | 2016 | | pagina 104