98
Notes to the Consolidated Financial Statements (continued)
25. Loans and borrowings
Non-current liabilities
Current interest-bearing liabilities
Net interest-bearing debt position
Report of the
Report of the
Financial
Sustainability
Other
Introduction
Executive Board
Supervisory Board
Statements
Review
Information
Heineken N.V. Annual Report2017
This note provides information about the contractual terms of HEINEKEN's interest-bearing loans and borrowings. For more information about
HEINEKEN's exposure to interest rate risk and foreign currency risk, refer to note 30.
In millionsof Note 2017 2016
Unsecured bond issues
11,789
9,432
Unsecured bank loans
109
239
Secured bank loans
105
84
Other non-current interest-bearing liabilities
163
1,165
Non-current interest-bearing liabilities
12,166
10,920
Non-current non-interest-bearing liabilities
78
24
Non-current derivatives
57
10
Non-current liabilities
12,301
10,954
In millionsof
Note
2017
2016
Current portion of unsecured bonds issued
159
1,251
Current portion of unsecured bank loans
142
4
Current portion of secured bank loans
4
10
Current portion of other non-current interest-bearing liabilities
993
94
Total current portion of non-current interest-bearing liabilities
1,298
1,359
Deposits from third parties (mainly employee loans)
649
622
1,947
1,981
Bank overdrafts and commercial papers
21
1,265
1,669
Current interest-bearing liabilities
3,212
3,650
For further details regarding the interest-bearing liabilities refer to terms and debt repayment schedule included in this note.
In millionsof
Note
2017
2016
Non-current interest-bearing liabilities
12,166
10,920
Current portion of non-current interest-bearing liabilities
1,298
1,359
Deposits from third parties (mainly employee deposits)
649
622
Total current and non-current loans and borrowings
14,113
12,901
Bank overdrafts and commercial papers
21
1,265
1,669
Gross debt
15,378
14,570
Market value of cross-currency interest rate swaps
30
(57)
(242)
Cash, cash equivalents and current other investments
17/21
(2,442)
(3,035)
Net interest-bearing debt position
12,879
11,293
Net interest-bearing debt isthe key metric for HEINEKEN to measure debt and the basis forthe calculation of the Net debt/EBITDA (beia) ratio as
used forthe long-term target net debt/EBITDA (beia) ratio and the incurrence covenant. Please referto the end of this note for more information
on the incurrence covenant calculation.