156
Independent Auditor's Report
Report on the audit of the financial statements 2017 included in the Annual Report 2017
Our opinion
Basis for our opinion
Materiality
Scope of the Group audit
Report of the
Report of the
Financial
Sustainability
Other
Introduction
Executive Board
Supervisory Board
Statements
Review
Information
Heineken N.V. Annual Report 2017
To: The Annual General Meeting of Heineken N.V.
We have audited the accompanying financial statements 2017 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 accompanying consolidated financial statements give a true and fair view of the financial position of Heineken N.V. as at 31 December 2017
and of its result and its cash flows for 2017 in accordance with International Financial Reporting Standards as adopted by the European Union
('EU-IFRS') and with Part 9 of Book 2 of the Dutch Civil Code.
-The accompanying Company financial statements give a true and fair view of the financial position of Heineken N.V. as at 31 December 2017 and
of its result for the year 2017 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 2017.
- The following consolidated statements for 2017: the income statement, the statement of comprehensive income, the statement of cash flows and
the statement of changes in equity.
- 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 2017.
- The Company income statement for 2017.
- The notes comprising a summary of the significant accounting policies and other explanatory information.
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 EU Regulation on specific requirements regarding statutory audit of public-interest
entities, the Wet toezicht accountantsorganisaties (Wta, Audit firms supervision act), the Verordening inzake de onafhankelijkheid van accountants bij
assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence
regulations in the Netherlands. Furthermore we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code
of Ethics).
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Based on our professional judgement we determined the materiality for the financial statements as a whole at €150 million. The materiality is based
on consolidated profit before taxation (5.2%). 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 qualitative 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 €60 million and forthe majority of the
components, materiality is significantly less than this amount.
We agreed with the Supervisory Board that misstatements in excess of €7.5 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 qualitative grounds.
Heineken N.V. is at the head of a group of entities. The financial information of this group is included in the consolidated financial statements of
Heineken N.V.
Because we are ultimately responsible forthe opinion, we are also responsible for directing, supervising and performing the Group audit. In this respect
we have determined the nature and extent of the audit procedures to be carried out forthe Group entities (components). Decisive were size and/or risk
profile of the components. On this basis, we selected components for which an audit or review had to be carried out on the complete set of financial
information or specific items.
