O O Qs
Independent Auditor's Report
Report on the audit of the financial statements 2019 included
in the Annual Report 2019
Materiality
Introduction Report of the Executive Board Report of the Supervisory Board
To the Annual General meeting of Heineken N.V.
Our opinion
We have audited the accompanying financial statements for 2019 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 2019, and of its result and its cash flows for 2019 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 2019, and of its result for the year 2019 in accordance with Part 9 of
Book 2 of the Dutch Civil Code.
The consolidated financial statements comprise:
- The statement of financial position as at 31 December 2019.
- The following statements for 2019: the income statement, the statements of comprehensive income,
changes in equity and cash flows.
- 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 2019.
- The Company income statement for 2019.
- The notes comprising a summary of the significant accounting policies and other explanatory information.
Basis for our opinion
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 "Our responsibilities for the audit
of the financial statements" section of our report.
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2019
Other Information
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 €200 million. The materiality is based on 7.0% of consolidated profit before taxation. 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. Based on our professional judgement we consider an
income-based measure as the most appropriate basis to determine materiality.
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.
Component materiality did not exceed EUR 60 million and for the majority of the components, materiality
is significantly less than this amount.
We agreed with the supervisory board that misstatements in excess of €10 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.
Scope of the group audit
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 for our 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 for the 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.
Our group audit mainly focused on significant group entities in terms of size and financial interest or
where significant risks or complex activities were present, leading to full scope audits performed for
25 components.
