113 Notes to the Consolidated Financial Statements (continued) Balance as at 1 January Liquidity risk Contractual maturities - - - - - - - - Heineken NV. Report of the Report of the Financial Sustainability Other Annual Report 2016 Introduction Executive Board Supervisory Board Statements Review Information The movement in the allowance for impairment in respect of loans to customers during the year was as follows: In millions of EUR 2016 2015 121 135 Changes in consolidation - 1 Impairment loss recognised 1 - Allowance used - - Allowance released (8) (14) Effect of movements in exchange rates (3) (1) Balance as at 31 December 111 121 Impairment losses recognised for trade and other receivables (excluding current derivatives) and loans to customers are part of the other non-cash items in the consolidated statement of cash flows. The income statement impact of EUR 7 million gain (2015: EUR 14 million gain) in respect of loans to customers and EUR 57 million expense (2015: EUR 61 million expense) in respect of trade and other receivables (excluding current derivatives) were included in expenses for raw materials, consumables and services. The allowance accounts in respect of trade and other receivables and held-to-maturity investments are used to record impairment losses, unless HEINEKEN is satisfied that no recovery of the amount owing is possible; at that point, the amount considered irrecoverable is written off against the financial asset. Liquidity risk is the risk that HEINEKEN will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. HEINEKEN's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to HEINEKEN's reputation. HEINEKEN has a clear focus on ensuring sufficient access to capital markets to finance long-term growth and to refinance maturing debt obligations. Financing strategies, including the diversification of funding sources are under continuous evaluation (information about borrowing facilities is presented in Note 25). In addition, HEINEKEN seeks to align the maturity profile of its long-term debts with its forecasted cash flow generation. Strong cost and cash management and controls over investment proposals are in place to ensure effective and efficient allocation of financial resources. The following are the contractual maturities of non-derivative financial liabilities and derivative financial assets and liabilities, including interest payments: 2016 Carrying Contractual Less than More than In millions of EUR amount cash flows 1 year 1-2 years 2-5 years 5 years Financial liabilities Interest-bearing liabilities (14,570) (16,792) (4,006) (1,703) (4,895) (6,188) Trade and other payables (excluding interest payable, dividends and derivatives and including non-current part) (5,994) (5,994) (5,963) (16) (2) (13) Derivative financial assets and (liabilities) Interest rate swaps used for hedge accounting (net) 242 283 17 266 Forward exchange contracts used for hedge accounting (net) (23) (32) (24) (8) Commodity derivatives used for hedge accounting (net) 11 11 4 2 5 Derivatives not used for hedge accounting (net) (13) (14) (14) (20,347) (22,538) (9,986) (1,459) (4,892) (6,201)

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2016 | | pagina 114