Notes to the Consolidated Financial Statements
1 Reporting entity
2 Basis of preparation
3 Significant accounting estimates and judgements
O O Qs
Introduction Report of the Executive Board Report of the Supervisory Board
Heineken NV (the 'Company') is a company domiciled in the Netherlands, with its head office in Amsterdam.
The consolidated financial statements of the Company as at 31 December 2019 comprise the Company, its
subsidiaries (together referred to as 'HEINEKEN') and HEINEKEN's interests in joint ventures and associates.
The Company is registered in the Trade Register of Amsterdam No. 33011433.
HEINEKEN is primarily involved in the brewing and selling of beer and cider. Led by the Heineken® brand,
HEINEKEN has a portfolio of more than 300 international, regional, local and speciality beers and ciders.
The consolidated financial statements are:
- Prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU) and comply with the financial reporting requirements included in Part 9 of Book 2 of
the Dutch Civil Code. All standards and interpretations issued by the International Accounting Standards
Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) effective year-
end 2019 have been adopted by the EU. Consequently, the accounting policies applied by the Company
also comply fully with IFRS as issued by the IASB.
- Prepared by the Executive Board of the Company and authorised for issue on 11 February 2020 and will
be submitted for adoption to the Annual General Meeting of Shareholders on 23 April 2020.
- Prepared on the historical cost basis unless otherwise indicated.
- Presented in Euro, which is the Company's functional currency
- Rounded to the nearest million unless stated otherwise.
The deferred tax note 12.2 has been updated for 2018 to reflect a revised breakdown per deferred
tax category.
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2019 q
Other Information
In preparing these consolidated financial statements, management is required to make estimates and
judgements that affect the application of accounting policies and the reported amounts of assets and
liabilities, income and expenses.
The application of accounting policies requires judgements that impact the amounts recognised. Next to
this, the recognised amounts are based on factors which by default are associated with uncertainties.
Therefore actual results may differ from estimates. Within the consolidated financial statements the
estimates and judgements are described per note (if applicable). The following notes contain the most
significant estimates and judgements:
Note Particular area involving significant estimates and judgements
6.1 Operating segments Judgement on acting as principal versus agent with respect to
excise tax expense
8.1 Intangible assets and Assumptions used in impairment testing
8.2 Property, plant and equipment
8.2 Property, plant and equipment and Judgement used in the determination of the lease term and
11.3 Borrowings assumptions used in the determination of the incremental
borrowing rate
9.1 Post-retirement obligations Assumptions for discount rates, future pension increases and life
expectancy to calculate the defined benefit obligation
9.2 Provisions and 9.3 Contingencies Estimating the likelihood and timing of potential cash flows
relating to claims and litigation
12.2 Deferred tax assets and liabilities Assessment of the recoverability of past tax losses
