Notes to the Consolidated Financial Statements (continued) Liquidity risk O Q, Introduction Report of the Executive Board Report of the Supervisory Board Guarantees HEINEKEN's policy is to avoid issuing guarantees unless this leads to substantial benefits for HEINEKEN. For some loans (to customers) HEINEKEN does issue guarantees. In these cases HEINEKEN aims to receive security from the customer to limit the credit risk exposure. Heineken N.V. has issued a joint and several liability statement to the provisions of Section 403, Part 9, Book 2 of the Dutch Civil Code with respect to legal entities established in the Netherlands. Refer to note A.1 of the Company financial statements. Exposure to credit risk Below the maximum exposure to credit risk as per reporting date is shown: In millions of Note 2018 2017 Cash and cash equivalents 11.2 2,903 2,442 Trade and other receivables, excluding prepayments 7.2 3,358 3,277 Derivative assets 11.6 70 255 Fair value through OCI investments* 8.4 501 481 Loans and advances to customers 8.3 341 331 Other non-current receivables 8.4 218 196 Guarantees to banks for loans (to third parties) 9.3 325 307 7,716 7,289 In 2017 these investments were classified as available-for-sale investments. Heineken N.V. Annual Report 2018! 100 Financial Statements Sustainability Review Other Information The exposure to credit risk by geographic region for trade and other receivables excluding prepayments is as follows: Exposure to credit risk 4,000 180 201 3,000 395 364 O 450 441 2,000 c 870 836 1,000 1,463 1,435 2018 2017 1 Europe Americas 1 Africa, Middle East Eastern Europe 1 Asia Pacific 1 Head Office and Other/eliminations Liquidity risk is the risk that HEINEKEN will have difficulties to meet payment obligations associated with its financial liabilities, like payment of financial debt or trade payables when they are due. HEINEKEN's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient funds to meet its liabilities when due without incurring unacceptable losses. HEINEKEN has a clear focus on ensuring sufficient access to capital markets to finance long-term growth and to refinance maturing debt obligations. HEINEKEN seeks to align the maturity profile of its long-term debts with its forecasted cash flow generation. More information about borrowing facilities is presented in note 11.3. Furthermore, strong cost and cash management and controls over investment proposals are in place. Contractual maturities The following table presents an overview of the expected timing of cash out and inflows of non-derivative financial liabilities and derivative financial assets and liabilities, including interest payments.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2018 | | pagina 101