Notes to the Consolidated Financial Statements (continued) - - - - - - - - - - - 11.4 Capital and reserves - - - - O Q, Introduction Report of the Executive Board Report of the Supervisory Board In millions of Unsecured bond issues Unsecured bank loans Secured bank loans Other interest- bearing liabilities Deposits Derivatives from used for third financing parties activities Assets and liabilities used for financing activities Balance as at 1 January 2018 11,948 251 109 1,156 649 (57) 14,056 Consolidation changes 1 2 3 Effect of movements in exchange rates 172 (18) 39 1 (114) 80 Proceeds 1,242 208 8 25 39 172 1,694 Repayments (225) (235) (12) (1,046) (11) (4) (1,533) Other 13 22 (8) 1 1 29 Balance as at 31 December 2018 13,150 228 98 177 678 (2) 14,329 Balance as at 1 January 2017 10,683 243 94 1,259 622 (242) 12,659 Consolidation changes 1 1,076 538 191 1,806 Effect of movements in exchange rates (539) (13) 34 (166) (3) 181 (506) Proceeds 2,976 197 43 19 32 3,267 Repayments (1,182) (177) (1,139) (509) (191) (3,198) Other 10 1 15 (2) 4 28 Balance as at 31 December 2017 11,948 251 109 1,156 649 (57) 14,056 The interest rate on the net debt position as per 31 December 2018 was 3.2% (2017: 3.2%). The average maturity of the bonds as per 31 December 2018 was 8 years (2017: 8 years). Financing headroom The committed financing headroom at Group level was approximately €5.2 billion as at 31 December 2018 and consisted of the undrawn revolving credit facility and centrally available cash. The financing headroom was higher than last year (2017: €4.0 billion) as HEINEKEN maintains higher cash balances in anticipation of the settlement of the transactions related to CR Beer in China. All financing facilities containing an incurrence covenant were settled in August 2018. Financial Statements Heineken N.V. Annual Report 201819 Sustainabil ity Review Other Information Accounting policies Borrowings are initially measured at fair value less transaction costs. Subsequently the borrowings are measured at amortised cost using the effective interest rate method. Borrowings included in a fair value hedge are stated at fair value in respect of the risk being hedged. Borrowings for which HEINEKEN has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date are classified as non-current liabilities. For the accounting policy on derivatives and cash and cash equivalents refer to notes 11.6. and 11.2 respectively. Share capital See the table below for the issued share capital as at 31 December 2018. All issued shares are fully paid. 2018 2017 Ordinary shares Nominal value in Ordinary shares Nominal value in Share capital of €1.60 millions of of €1.60 millions of 1 January 576,002,613 922 576,002,613 922 Changes 31 December 576,002,613 922 576,002,613 922 The Company's authorised capital amounts to €2,500 million, consisting of 1,562,500,000 shares. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholder meetings of the Company. In respect of the treasury shares that are held by HEINEKEN, rights are suspended. Share premium As at 31 December 2018, the share premium amounted to €2,701 million (2017: €2,701 million). Translation reserve The translation reserve comprises foreign currency differences arising from the translation of the assets and liabilities of foreign operations of HEINEKEN (excluding amounts attributable to non-controlling interests) as well as value changes of the hedging instruments in the net investment hedges. HEINEKEN considers this a legal reserve.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2018 | | pagina 98