O O 4
Notes to the Consolidated Financial Statements (continued)
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Introduction Report of the Executive Board Report of the Supervisory Board
The exposure to credit risk by geographic region for trade and other receivables excluding prepayments
is as follows:
Exposure to credit risk
5,000
4,000
3,000
c
o
2,000
1,000
0
106
468
518
395
1,056
450
925
1,590
1,463
2019 2018
1 Europe 1 Americas 1 Africa, Middle East Eastern Europe Asia Pacific Head Office and Other/eliminations
Liquidity risk
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 as well as 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.
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2019B10
Other Information
2019
In millions of
Carrying
amount
Contractual
cash flows
Less than
1 year
1-5 years
More than
5 years
Financial liabilities
Interest-bearing liabilities
(15,793)
(18,653)
(3,831)
(5,434)
(9,388)
Lease liabilities
(1,258)
(1,861)
(304)
(683)
(874)
Trade and other payables and
returnable packaging deposits
(excluding interest payable, dividends
and including non-current part)
(7,972)
(7,971)
(7,846)
(91)
(34)
Derivative financial assets and (liabilities)
Cross currency interest rate swaps
(28)
(97)
(8)
(26)
(63)
Forward exchange contracts
(29)
(54)
(53)
(1)
Commodity derivatives
(5)
(5)
(5)
Other derivatives
2
2
2
Total
(25,083)
(28,639)
(12,045)
(6,235)
(10,359)
2018
Financial liabilities
Interest-bearing liabilities
(14,986)
(18,119)
(2,687)
(5,305)
(10,127)
Trade and other payables and returnable
packaging deposits (excluding interest
payable, dividends and including
non-current part)
(7,331)
(7,332)
(7,223)
(84)
(25)
Derivative financial assets and (liabilities)
Cross currency interest rate swaps
2
(38)
(14)
(24)
Forward exchange contracts
(18)
(24)
(23)
(1)
Commodity derivatives
(18)
(18)
(21)
3
Other derivatives
1
1
1
Total
(22,350)
(25,530)
(9,953)
(5,401)
(10,176)
For more information on the derivative assets and liabilities refer to note 11.6.
