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Notes to the Heineken N.V. Financial Statements
A.2 Borrowings
m Heineken N.V. Report of the Report of the Financial Sustainability Other
Annual Report 2020 Introduction Executive Board Supervisory Board Statements Review Information
A declaration of joint and several liability pursuant to the provisions of Section 403, Part 9, Book 2, of the
Dutch Civil Code has been issued with respect to the following legal entities established in the Netherlands:
Country of
incorporation
Percentage of ownership
2020
2019
Heineken Nederlands Beheer B.V.
The Netherlands
100%
100%
Heineken Group B.V.
The Netherlands
100%
100%
Heineken Brouwerijen B.V.
The Netherlands
100%
100%
Heineken CEE Investments B.V.
The Netherlands
100%
100%
Heineken Nederland B.V.
The Netherlands
100%
100%
Heineken International B.V.
The Netherlands
100%
100%
Heineken Supply Chain B.V.
The Netherlands
100%
100%
Heineken Global Procurement B.V.
The Netherlands
100%
100%
Heineken Mexico B.V.
The Netherlands
100%
100%
HIBV Skopje Holdings B.V.
The Netherlands
100%
100%
Heineken Beer Systems B.V.
The Netherlands
100%
100%
Amstel Brouwerij B.V.
The Netherlands
100%
100%
Vrumona B.V.
The Netherlands
100%
100%
B.V. Beleggingsmaatschappij Limba
The Netherlands
100%
100%
Brand Bierbrouwerij B.V.
The Netherlands
100%
100%
Brasinvest B.V.
The Netherlands
100%
100%
Heineken Asia Pacific B.V.
The Netherlands
100%
100%
B.V. Handel- en Exploitatie Maatschappij Schoonhoven1
The Netherlands
n/a
100%
Distilled Trading International B.V.
The Netherlands
100%
100%
Premium Beverages International B.V.
The Netherlands
100%
100%
De Brouwketel B.V.
The Netherlands
100%
100%
Proseco B.V.
The Netherlands
100%
100%
Roeminck Insurance N.V.
The Netherlands
100%
100%
Heineken Americas B.V.
The Netherlands
100%
100%
Heineken Export Americas B.V.
The Netherlands
100%
100%
Amstel Export Americas B.V.
The Netherlands
100%
100%
Heineken Brazil B.V.
The Netherlands
100%
100%
B.V. Panden Exploitatie Maatschappij PEM
The Netherlands
100%
100%
Heineken Exploitatie Maatschappij B.V.
The Netherlands
100%
100%
Hotel De L'Europe B.V.
The Netherlands
100%
100%
Hotel De L'Europe Monumenten I B.V.
The Netherlands
100%
100%
Hotel De L'Europe Monumenten II B.V.
The Netherlands
100%
100%
Heineken Groothandel B.V.
The Netherlands
100%
100%
Heineken Horeca Services B.V.
The Netherlands
100%
100%
Percentage of ownership
incorporation
2020
2019
Beerwulf B.V.
The Netherlands
100%
100%
Heineken Belize B.V.
The Netherlands
100%
100%
Heineken Netherlands Supply B.V.
The Netherlands
100%
100%
1 Entity ceased to exist during 2020 following a legal merger.
Accounting policies
Investments in other entities are measured on the basis of the equity method. The share of profit of these
investments is the Company's share of the investments' results. Results on transfers of assets and liabilities
between the Company and its participating interests are eliminated.
The Company shall eliminate any expected credit losses on intercompany loans or receivables against
the book value of the intercompany loan or receivable in accordance with Directive 100.107a of the Dutch
Accounting Standards Board.
The borrowings of the Company comprise the following:
In millions of
2020
2019
Unsecured bond issues
14,420
12,748
Commercial paper
698
532
Derivatives used for financing activities
14
28
Total
15,132
13,308
The interest rate on the outstanding bonds as at 31 December 2020 was 2.3% (2019: 2.5%). As at 31 December
2020, 8.8 billion (2019: €7.7 billion) of the outstanding bonds have a maturity longer than 5 years.
The movement in other net finance income/expense for the year is due to the positive transactional foreign
exchange effects on foreign currency denominated loans.
