fixed assets' in property, plant and equipment (refer to note 8.2) includes \u20ac1,018 million (2021: \u20ac830 million) of
returnable packaging materials.
Returnable packaging deposit liability
In certain markets, HEINEKEN has the legal or constructive obligation to take back the materials from the market. A
deposit value is generally charged upon the sale of the finished product, which is reimbursed when the empty returnable
packaging material is returned.
| | |
| | |
Returnable packaging deposits | | |
\u00a0 Accounting estimates The main accounting estimate relating to returnable packaging materials is determining the returnable packaging
materials in the market and the expected return thereof. This is based on circulation times and losses of returnable
packaging materials in the market.
\u00a0 Accounting policies\u00a0 Returnable packaging materials\u00a0
Returnable packaging materials may be classified as property, plant and equipment or inventory. The classification
mainly depends on whether ownership is transferred and if HEINEKEN has the legal or constructive obligation to buy
back the materials.
Refer to note 8.2 for the general accounting policy on property, plant and equipment. Specifically for returnable
packaging materials, the estimated useful life depends on the loss of the materials in the market as well as on
HEINEKEN's sites.
Returnable packaging deposit liability\u00a0
HEINEKEN recognises a deposit liability when a legal or constructive obligation exists to reimburse the customer for
returnable packaging materials that are returned. The returnable packaging deposit liability is based on the estimated
returnable packaging materials in the market, the expected return thereof and the deposit value.
In light of increasing inflationary pressures and HEINEKEN\u2019s BaBW ambitions, the deposit value for a number of returnable
packaging materials were increased. In the event the deposit value is increased, the relating liability is remeasured through
profit and loss taking into account the returnable packaging materials which are already in the market.",
"dimensions": {
"concept": "heia:DisclosureOfReturnablePackagingMaterialTextBlock",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTEvZnJhZzpjOGE2YjkyZjc2MTk0YzNhOWFhNjhjNDMxN2ZkOTFlMC90ZXh0cmVnaW9uOmM4YTZiOTJmNzYxOTRjM2E5YWE2OGM0MzE3ZmQ5MWUwXzIxOTkwMjMyNTc1MzI_0628418d-06f5-4f41-a801-5ebc04dbeef9": {
"value": "
Returnable packaging materials\u00a0
Returnable packaging materials may be classified as property, plant and equipment or inventory. The classification
mainly depends on whether ownership is transferred and if HEINEKEN has the legal or constructive obligation to buy
back the materials.
Refer to note 8.2 for the general accounting policy on property, plant and equipment. Specifically for returnable
packaging materials, the estimated useful life depends on the loss of the materials in the market as well as on
HEINEKEN's sites.
Returnable packaging deposit liability\u00a0
HEINEKEN recognises a deposit liability when a legal or constructive obligation exists to reimburse the customer for
returnable packaging materials that are returned. The returnable packaging deposit liability is based on the estimated
returnable packaging materials in the market, the expected return thereof and the deposit value.
In light of increasing inflationary pressures and HEINEKEN\u2019s BaBW ambitions, the deposit value for a number of returnable
packaging materials were increased. In the event the deposit value is increased, the relating liability is remeasured through
profit and loss taking into account the returnable packaging materials which are already in the market.",
"dimensions": {
"concept": "heia:DescriptionOfAccountingPolicyForReturnablePackagingTextBlock",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTcvZnJhZzpjY2JmNjczYjQ1Zjc0MmE4YmYyMzc5MzAyMDM1M2M1MS90ZXh0cmVnaW9uOmNjYmY2NzNiNDVmNzQyYThiZjIzNzkzMDIwMzUzYzUxXzE4NjkxNjk3NjgxOTk4_8019493f-b142-4522-9fc7-e40566ed9487": {
"value": "
8.1\u00a0 \u00a0 Intangible assets
Intangible assets within HEINEKEN are mainly goodwill, brands and customer-related intangibles such as customer lists. The majority of intangible assets have been recognised by HEINEKEN as part of acquisitions. Refer to the table below for the
historical cost per asset class and the movements during the year including amortisation.
| | | | | | | | | | | | | |
| | | |
| | | | Customer- related intangibles | Contract- based intangibles | Software, research and development and other | | | | Customer- related intangibles | Contract- based intangibles | Software, research and development and other | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation restatement to 1 January 2022 | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Purchased/internally developed | | | | | | | | | | | | | |
Transfer (to)/from assets classified as held for sale | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation adjustment | | | | | | | | | | | | | |
Effect of movements in exchange rates | | | | | | | | | | | | | |
Balance as at 31 December | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Amortisation and impairment losses | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation restatement to 1 January 2022 | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Amortisation charge for the year | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Transfer to/(from) assets classified as held for sale | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation adjustment | | | | | | | | | | | | | |
Effect of movements in exchange rates | | | | | | | | | | | | | |
Balance as at 31 December | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Goodwill impairment testing
For impairment testing, goodwill in respect of Europe, Americas (excluding Brazil) and Asia Pacific (excluding India) is
allocated and monitored on a regional basis. For Brazil, India, subsidiaries within Africa, Middle East & Eastern Europe and
Head Office, goodwill is allocated and monitored on an individual country basis. The total amount of goodwill of
\u20ac12,250 million (2021: \u20ac11,810 million) is allocated to each (group of) Cash Generating Unit (CGU) as follows:
The increase in goodwill of \u20ac440 million compared to 2021, mainly relates to application of hyperinflation accounting in
Ethiopia of \u20ac157 million and the movement in exchange rates of \u20ac174 million.
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The recoverable amounts of the (group
of) CGUs are based on the higher of the fair value less costs of disposal (FVLCD) and value in use (VIU) calculations. CGUs
for which the recoverable amount is based on a VIU model represent 94% of goodwill. VIU is determined by discounting the
future cash flows generated from the continuing use of the CGU using a pre-tax discount rate.
The key assumptions used for the value in use calculations are as follows:
\u2013Cash flows are projected based on actual operating results and the approved business plan. Cash flows thereafter are
extrapolated up to a 10-year period (Europe 5-year) using an expected annual volume growth rate per country, which
is based on external sources. The extrapolated cash flows are therefore projected using steady or progressively
declining net cash flow growth rates. Based on past experience, management considers this period to reflect the long-
term development of the local beer business.
\u2013The beer price growth per year, after the forecast period, is assumed to be the expected country-specific annual long-
term inflation, which is based on external sources.
\u2013Cash flows after the first 10-year period (Europe 5-year) are extrapolated using a perpetual growth rate equal to the
expected 30-year average inflation to calculate the terminal recoverable amount. For Europe, a return on inflation-
linked bond rates is used to extrapolate cash flows.
\u2013A CGU-specific pre-tax weighted average cost of capital (WACC) was applied per CGU in determining the recoverable
amount of the\u00a0units.
The values assigned to the key assumptions used for the VIU calculations are as follows:
| | | |
| | Expected annual long-term inflation applied for years 2026-2032 | Expected volume growth rates\u00a0 applied for years 2026-2032 |
| | | |
Americas (excluding Brazil) | | | |
| | | |
Africa, Middle East & Eastern Europe | | | |
Asia Pacific (excluding India) | | | |
| | | |
In 2022, there has been a general increase in the WACC applied across most CGUs, due to increased interest rates.
Impairment losses
The annual goodwill impairment test did not result in an impairment loss for the current year (2021: nil). The impairment
test required as a result of the identification of impairment indicators resulted in an impairment reversal of \u20ac189 million
on intangible assets other than goodwill (2021: \u20ac72 million on intangible assets other than goodwill, net impairment),
which was charged to profit and loss (refer to note 8.2).
Sensitivity to changes in assumptions
The outcome of a sensitivity analysis of a 200 basis points adverse change in key assumptions (i.e. lower growth rates or
higher discount rates respectively) did not result in a materially different outcome for the impairment test.
Brands, customer-related and contract-based intangibles\u00a0
The main brands capitalised are the brands acquired in various acquisitions. The main customer-related and contract-
based intangibles relate to customer relationships (constituted either by way of a contractual agreement or by way of
non-contractual relations) and re-acquired rights.
\u00a0 Accounting estimates and judgements The cash flow projections used in the value in use calculations for goodwill impairment testing contain various judgements
and estimations as described in the key assumptions for the VIU calculations. Such judgements and estimates are subject to
change because of changing economic conditions and climate impact and actual cash flows may differ from forecasts. The
below additional considerations have been applied by HEINEKEN regarding the potential financial impact of the macro-
economic environment and uncertainties including increasing inflationary pressures worldwide:
\u2013Changes in the interest rate environment are taken into consideration when determining the discount rates
\u2013Terminal growth rates do not exceed the long-term annual inflation rate of the country or region, thus excluding any
increased inflation growth experiences in the short-term
\u2013Sensitivity scenarios are applied to the key assumptions used in the impairment testing.
The impact of climate change risk on future cash flows have also been considered at an CGU and asset level, including
committed capex and operational expenditure. No material financial impacts to the current year impairment assessment
were identified.
For intangible assets, other than goodwill, estimates are required to determine the (remaining) useful lives. Useful lives
are determined based on the market position (for brands), estimated remaining useful life of the customer relationships
or the period of the contractual arrangements, or estimates on technological and commercial developments (for
software/development expenditure).
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. HEINEKEN believes that
straight-line depreciation most accurately reflects the expected pattern of consumption of the future economic benefits
embodied in the intangible asset.
\u00a0 Accounting policies Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price of the
acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the carrying amount of the
associates and joint ventures.\u00a0
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups of CGUs
for impairment testing and is tested annually for impairment. Negative goodwill is recognised directly in profit or loss as
other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are recognised at
fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the estimated useful life of
the individual brand, respectively over the remaining useful life of the customer relationships or the period of the
contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed software is
capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge, is recognised in
profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised
on a straight-line basis over their estimated useful lives from the date they are available for use. The estimated useful
lives are as follows:
\u2013Strategic brands 40 \u2013 50 years
\u2013Other brands 5 \u2013 25 years
\u2013Customer-related and contract-based intangibles 5 \u2013 25 years
\u2013Re-acquired rights 3 \u2013 12 years
\u2013Software 3 \u2013 7 years
\u2013Capitalised development costs 3 years\u00a0
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or residual
value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented in profit or loss
as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is derecognised when the related
CGU is sold.
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for inventories and
deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, the
recoverable amount is estimated. The existence of any immediate or short-term physical threats due to climate change
were also considered in assessing for any indication of impairment. Furthermore, HEINEKEN assesses goodwill and other
intangible assets with an indefinite useful life annually for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from continuing
use. The CGU for other non-financial assets is often the operating company on a country level. The recoverable amount
of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its recoverable
amount. Impairment losses are first allocated to goodwill and intangible assets with an indefinite useful life. A remaining
impairment loss is then allocated to the other assets in the unit on a pro-rata basis. In respect of other assets, impairment
losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no
longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation if no impairment loss had",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTcvZnJhZzpjY2JmNjczYjQ1Zjc0MmE4YmYyMzc5MzAyMDM1M2M1MS90ZXh0cmVnaW9uOmNjYmY2NzNiNDVmNzQyYThiZjIzNzkzMDIwMzUzYzUxXzIxOTkwMjMyNjQ4ODU_51b04967-d991-4733-9480-b7fbfadc83fa": {
"value": "
8.1\u00a0 \u00a0 Intangible assets
Intangible assets within HEINEKEN are mainly goodwill, brands and customer-related intangibles such as customer lists. The majority of intangible assets have been recognised by HEINEKEN as part of acquisitions. Refer to the table below for the
historical cost per asset class and the movements during the year including amortisation.
| | | | | | | | | | | | | |
| | | |
| | | | Customer- related intangibles | Contract- based intangibles | Software, research and development and other | | | | Customer- related intangibles | Contract- based intangibles | Software, research and development and other | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation restatement to 1 January 2022 | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Purchased/internally developed | | | | | | | | | | | | | |
Transfer (to)/from assets classified as held for sale | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation adjustment | | | | | | | | | | | | | |
Effect of movements in exchange rates | | | | | | | | | | | | | |
Balance as at 31 December | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Amortisation and impairment losses | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation restatement to 1 January 2022 | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Amortisation charge for the year | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Transfer to/(from) assets classified as held for sale | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation adjustment | | | | | | | | | | | | | |
Effect of movements in exchange rates | | | | | | | | | | | | | |
Balance as at 31 December | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Goodwill impairment testing
For impairment testing, goodwill in respect of Europe, Americas (excluding Brazil) and Asia Pacific (excluding India) is
allocated and monitored on a regional basis. For Brazil, India, subsidiaries within Africa, Middle East & Eastern Europe and
Head Office, goodwill is allocated and monitored on an individual country basis. The total amount of goodwill of
\u20ac12,250 million (2021: \u20ac11,810 million) is allocated to each (group of) Cash Generating Unit (CGU) as follows:
The increase in goodwill of \u20ac440 million compared to 2021, mainly relates to application of hyperinflation accounting in
Ethiopia of \u20ac157 million and the movement in exchange rates of \u20ac174 million.
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The recoverable amounts of the (group
of) CGUs are based on the higher of the fair value less costs of disposal (FVLCD) and value in use (VIU) calculations. CGUs
for which the recoverable amount is based on a VIU model represent 94% of goodwill. VIU is determined by discounting the
future cash flows generated from the continuing use of the CGU using a pre-tax discount rate.
The key assumptions used for the value in use calculations are as follows:
\u2013Cash flows are projected based on actual operating results and the approved business plan. Cash flows thereafter are
extrapolated up to a 10-year period (Europe 5-year) using an expected annual volume growth rate per country, which
is based on external sources. The extrapolated cash flows are therefore projected using steady or progressively
declining net cash flow growth rates. Based on past experience, management considers this period to reflect the long-
term development of the local beer business.
\u2013The beer price growth per year, after the forecast period, is assumed to be the expected country-specific annual long-
term inflation, which is based on external sources.
\u2013Cash flows after the first 10-year period (Europe 5-year) are extrapolated using a perpetual growth rate equal to the
expected 30-year average inflation to calculate the terminal recoverable amount. For Europe, a return on inflation-
linked bond rates is used to extrapolate cash flows.
\u2013A CGU-specific pre-tax weighted average cost of capital (WACC) was applied per CGU in determining the recoverable
amount of the\u00a0units.
The values assigned to the key assumptions used for the VIU calculations are as follows:
| | | |
| | Expected annual long-term inflation applied for years 2026-2032 | Expected volume growth rates\u00a0 applied for years 2026-2032 |
| | | |
Americas (excluding Brazil) | | | |
| | | |
Africa, Middle East & Eastern Europe | | | |
Asia Pacific (excluding India) | | | |
| | | |
In 2022, there has been a general increase in the WACC applied across most CGUs, due to increased interest rates.
Impairment losses
The annual goodwill impairment test did not result in an impairment loss for the current year (2021: nil). The impairment
test required as a result of the identification of impairment indicators resulted in an impairment reversal of \u20ac189 million
on intangible assets other than goodwill (2021: \u20ac72 million on intangible assets other than goodwill, net impairment),
which was charged to profit and loss (refer to note 8.2).
Sensitivity to changes in assumptions
The outcome of a sensitivity analysis of a 200 basis points adverse change in key assumptions (i.e. lower growth rates or
higher discount rates respectively) did not result in a materially different outcome for the impairment test.
Brands, customer-related and contract-based intangibles\u00a0
The main brands capitalised are the brands acquired in various acquisitions. The main customer-related and contract-
based intangibles relate to customer relationships (constituted either by way of a contractual agreement or by way of
non-contractual relations) and re-acquired rights.
\u00a0 Accounting estimates and judgements The cash flow projections used in the value in use calculations for goodwill impairment testing contain various judgements
and estimations as described in the key assumptions for the VIU calculations. Such judgements and estimates are subject to
change because of changing economic conditions and climate impact and actual cash flows may differ from forecasts. The
below additional considerations have been applied by HEINEKEN regarding the potential financial impact of the macro-
economic environment and uncertainties including increasing inflationary pressures worldwide:
\u2013Changes in the interest rate environment are taken into consideration when determining the discount rates
\u2013Terminal growth rates do not exceed the long-term annual inflation rate of the country or region, thus excluding any
increased inflation growth experiences in the short-term
\u2013Sensitivity scenarios are applied to the key assumptions used in the impairment testing.
The impact of climate change risk on future cash flows have also been considered at an CGU and asset level, including
committed capex and operational expenditure. No material financial impacts to the current year impairment assessment
were identified.
For intangible assets, other than goodwill, estimates are required to determine the (remaining) useful lives. Useful lives
are determined based on the market position (for brands), estimated remaining useful life of the customer relationships
or the period of the contractual arrangements, or estimates on technological and commercial developments (for
software/development expenditure).
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. HEINEKEN believes that
straight-line depreciation most accurately reflects the expected pattern of consumption of the future economic benefits
embodied in the intangible asset.
\u00a0 Accounting policies Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price of the
acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the carrying amount of the
associates and joint ventures.\u00a0
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups of CGUs
for impairment testing and is tested annually for impairment. Negative goodwill is recognised directly in profit or loss as
other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are recognised at
fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the estimated useful life of
the individual brand, respectively over the remaining useful life of the customer relationships or the period of the
contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed software is
capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge, is recognised in
profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised
on a straight-line basis over their estimated useful lives from the date they are available for use. The estimated useful
lives are as follows:
\u2013Strategic brands 40 \u2013 50 years
\u2013Other brands 5 \u2013 25 years
\u2013Customer-related and contract-based intangibles 5 \u2013 25 years
\u2013Re-acquired rights 3 \u2013 12 years
\u2013Software 3 \u2013 7 years
\u2013Capitalised development costs 3 years\u00a0
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or residual
value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented in profit or loss
as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is derecognised when the related
CGU is sold.
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for inventories and
deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, the
recoverable amount is estimated. The existence of any immediate or short-term physical threats due to climate change
were also considered in assessing for any indication of impairment. Furthermore, HEINEKEN assesses goodwill and other
intangible assets with an indefinite useful life annually for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from continuing
use. The CGU for other non-financial assets is often the operating company on a country level. The recoverable amount
of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its recoverable
amount. Impairment losses are first allocated to goodwill and intangible assets with an indefinite useful life. A remaining
impairment loss is then allocated to the other assets in the unit on a pro-rata basis. In respect of other assets, impairment
losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no
longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTcvZnJhZzpjY2JmNjczYjQ1Zjc0MmE4YmYyMzc5MzAyMDM1M2M1MS90ZXh0cmVnaW9uOmNjYmY2NzNiNDVmNzQyYThiZjIzNzkzMDIwMzUzYzUxXzIxOTkwMjMyNjQ4OTY_77a911d3-1e73-418c-8b2b-f3fe18c1883b": {
"value": "
Goodwill impairment testing
For impairment testing, goodwill in respect of Europe, Americas (excluding Brazil) and Asia Pacific (excluding India) is
allocated and monitored on a regional basis. For Brazil, India, subsidiaries within Africa, Middle East & Eastern Europe and
Head Office, goodwill is allocated and monitored on an individual country basis. The total amount of goodwill of
\u20ac12,250 million (2021: \u20ac11,810 million) is allocated to each (group of) Cash Generating Unit (CGU) as follows:
The increase in goodwill of \u20ac440 million compared to 2021, mainly relates to application of hyperinflation accounting in
Ethiopia of \u20ac157 million and the movement in exchange rates of \u20ac174 million.
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The recoverable amounts of the (group
of) CGUs are based on the higher of the fair value less costs of disposal (FVLCD) and value in use (VIU) calculations. CGUs
for which the recoverable amount is based on a VIU model represent 94% of goodwill. VIU is determined by discounting the
future cash flows generated from the continuing use of the CGU using a pre-tax discount rate.
The key assumptions used for the value in use calculations are as follows:
\u2013Cash flows are projected based on actual operating results and the approved business plan. Cash flows thereafter are
extrapolated up to a 10-year period (Europe 5-year) using an expected annual volume growth rate per country, which
is based on external sources. The extrapolated cash flows are therefore projected using steady or progressively
declining net cash flow growth rates. Based on past experience, management considers this period to reflect the long-
term development of the local beer business.
\u2013The beer price growth per year, after the forecast period, is assumed to be the expected country-specific annual long-
term inflation, which is based on external sources.
\u2013Cash flows after the first 10-year period (Europe 5-year) are extrapolated using a perpetual growth rate equal to the
expected 30-year average inflation to calculate the terminal recoverable amount. For Europe, a return on inflation-
linked bond rates is used to extrapolate cash flows.
\u2013A CGU-specific pre-tax weighted average cost of capital (WACC) was applied per CGU in determining the recoverable
amount of the\u00a0units.
The values assigned to the key assumptions used for the VIU calculations are as follows:
| | | |
| | Expected annual long-term inflation applied for years 2026-2032 | Expected volume growth rates\u00a0 applied for years 2026-2032 |
| | | |
Americas (excluding Brazil) | | | |
| | | |
Africa, Middle East & Eastern Europe | | | |
Asia Pacific (excluding India) | | | |
| | | |
In 2022, there has been a general increase in the WACC applied across most CGUs, due to increased interest rates.
Impairment losses
The annual goodwill impairment test did not result in an impairment loss for the current year (2021: nil). The impairment
test required as a result of the identification of impairment indicators resulted in an impairment reversal of \u20ac189 million
on intangible assets other than goodwill (2021: \u20ac72 million on intangible assets other than goodwill, net impairment),
which was charged to profit and loss (refer to note 8.2).
Sensitivity to changes in assumptions
The outcome of a sensitivity analysis of a 200 basis points adverse change in key assumptions (i.e. lower growth rates or
higher discount rates respectively) did not result in a materially different outcome for the impairment test.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTcvZnJhZzpjY2JmNjczYjQ1Zjc0MmE4YmYyMzc5MzAyMDM1M2M1MS90ZXh0cmVnaW9uOmNjYmY2NzNiNDVmNzQyYThiZjIzNzkzMDIwMzUzYzUxXzIxOTkwMjMyNjQ4OTc_3841c5e9-836a-43d8-9c3f-0a3d78a893de": {
"value": "
Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price of the
acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the carrying amount of the
associates and joint ventures.\u00a0
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups of CGUs
for impairment testing and is tested annually for impairment. Negative goodwill is recognised directly in profit or loss as
other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are recognised at
fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the estimated useful life of
the individual brand, respectively over the remaining useful life of the customer relationships or the period of the
contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed software is
capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge, is recognised in
profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised
on a straight-line basis over their estimated useful lives from the date they are available for use. The estimated useful
lives are as follows:
\u2013Strategic brands 40 \u2013 50 years
\u2013Other brands 5 \u2013 25 years
\u2013Customer-related and contract-based intangibles 5 \u2013 25 years
\u2013Re-acquired rights 3 \u2013 12 years
\u2013Software 3 \u2013 7 years
\u2013Capitalised development costs 3 years\u00a0
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or residual
value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented in profit or loss
as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is derecognised when the related
CGU is sold.
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for inventories and
deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, the
recoverable amount is estimated. The existence of any immediate or short-term physical threats due to climate change
were also considered in assessing for any indication of impairment. Furthermore, HEINEKEN assesses goodwill and other
intangible assets with an indefinite useful life annually for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from continuing
use. The CGU for other non-financial assets is often the operating company on a country level. The recoverable amount
of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its recoverable
amount. Impairment losses are first allocated to goodwill and intangible assets with an indefinite useful life. A remaining
impairment loss is then allocated to the other assets in the unit on a pro-rata basis. In respect of other assets, impairment
losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no
longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation if no impairment loss had been recognised. HEINEKEN reviews whether indicators for impairment exist on a CGU level. When an indicator of impairment exists,
assets are tested for impairment. Impairment losses on assets, other than goodwill, recognised in prior periods are
assessed at each reporting date for any indication of a reversal, due to observable indications that the asset's value has
increased significantly or other significant changes with favourable effects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTcvZnJhZzpjY2JmNjczYjQ1Zjc0MmE4YmYyMzc5MzAyMDM1M2M1MS90ZXh0cmVnaW9uOmNjYmY2NzNiNDVmNzQyYThiZjIzNzkzMDIwMzUzYzUxXzIxOTkwMjMyNjQ4ODc_a0c06d4e-a950-40c8-a3d6-3a412722a32b": {
"value": "
Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price of the
acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the carrying amount of the
associates and joint ventures.\u00a0
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups of CGUs
for impairment testing and is tested annually for impairment. Negative goodwill is recognised directly in profit or loss as
other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are recognised at
fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the estimated useful life of
the individual brand, respectively over the remaining useful life of the customer relationships or the period of the
contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed software is
capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge, is recognised in
profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised
on a straight-line basis over their estimated useful lives from the date they are available for use. The estimated useful
lives are as follows:
\u2013Strategic brands 40 \u2013 50 years
\u2013Other brands 5 \u2013 25 years
\u2013Customer-related and contract-based intangibles 5 \u2013 25 years
\u2013Re-acquired rights 3 \u2013 12 years
\u2013Software 3 \u2013 7 years
\u2013Capitalised development costs 3 years\u00a0
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or residual
value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented in profit or loss
as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is derecognised when the related
CGU is sold.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTcvZnJhZzpjY2JmNjczYjQ1Zjc0MmE4YmYyMzc5MzAyMDM1M2M1MS90ZXh0cmVnaW9uOmNjYmY2NzNiNDVmNzQyYThiZjIzNzkzMDIwMzUzYzUxXzIxOTkwMjMyNjQ4OTU_b31dc2f8-6a02-49c4-ba48-d863d04a9f18": {
"value": "
Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price of the
acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the carrying amount of the
associates and joint ventures.\u00a0
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups of CGUs
for impairment testing and is tested annually for impairment. Negative goodwill is recognised directly in profit or loss as
other income. An impairment loss in respect of goodwill cannot be reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTcvZnJhZzpjY2JmNjczYjQ1Zjc0MmE4YmYyMzc5MzAyMDM1M2M1MS90ZXh0cmVnaW9uOmNjYmY2NzNiNDVmNzQyYThiZjIzNzkzMDIwMzUzYzUxXzE4NjkxNjk3NjkwNjgy_63aa74e8-16c7-44bc-b112-7723a830731d": {
"value": "
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are recognised at
fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the estimated useful life of
the individual brand, respectively over the remaining useful life of the customer relationships or the period of the
contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed software is
capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge, is recognised in
profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised
on a straight-line basis over their estimated useful lives from the date they are available for use. The estimated useful
lives are as follows:
\u2013Strategic brands 40 \u2013 50 years
\u2013Other brands 5 \u2013 25 years
\u2013Customer-related and contract-based intangibles 5 \u2013 25 years
\u2013Re-acquired rights 3 \u2013 12 years
\u2013Software 3 \u2013 7 years
\u2013Capitalised development costs 3 years\u00a0
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or residual
value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented in profit or loss
as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is derecognised when the related
CGU is sold.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNTcvZnJhZzpjY2JmNjczYjQ1Zjc0MmE4YmYyMzc5MzAyMDM1M2M1MS90ZXh0cmVnaW9uOmNjYmY2NzNiNDVmNzQyYThiZjIzNzkzMDIwMzUzYzUxXzIxOTkwMjMyNjQ4ODg_0c755ffa-6039-4d6c-9fd3-5cf0052ccc3b": {
"value": "
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for inventories and
deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, the
recoverable amount is estimated. The existence of any immediate or short-term physical threats due to climate change
were also considered in assessing for any indication of impairment. Furthermore, HEINEKEN assesses goodwill and other
intangible assets with an indefinite useful life annually for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from continuing
use. The CGU for other non-financial assets is often the operating company on a country level. The recoverable amount
of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its recoverable
amount. Impairment losses are first allocated to goodwill and intangible assets with an indefinite useful life. A remaining
impairment loss is then allocated to the other assets in the unit on a pro-rata basis. In respect of other assets, impairment
losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no
longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjAvZnJhZzo2MjgyZDQ1YjZlYWQ0NGU3ODMzNGYwMDE1ZWQ2Yzc2Zi90ZXh0cmVnaW9uOjYyODJkNDViNmVhZDQ0ZTc4MzM0ZjAwMTVlZDZjNzZmXzIxOTkwMjMyNjQ0NzY_892fadf5-d770-4dd2-89c8-aa3dc756a465": {
"value": "
8.2\u00a0 \u00a0 Property, plant and equipment
Property, plant and equipment (P,P&E) are fixed assets that are owned by HEINEKEN, as well as right of use (ROU) assets
under a lease agreement. Owned and ROU assets are held for use in HEINEKEN's operating activities. Refer to the table
below for the split between owned assets and ROU assets as per balance sheet date:
| | |
| | |
Property, plant and equipment - owned assets | | |
| | |
| | |
Owned assets
The table below details the historical cost per asset class and the movements during the year for owned assets.
| | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation restatement to 1 January 2022 | | | | | | | | | | | | | |
Changes in consolidation and other transfers | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Transfer of completed projects under construction | | | | | | | | | | | | | |
Transfer (to)/from assets classified as held for sale | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation adjustment | | | | | | | | | | | | | |
Effect of movements in exchange rates | | | | | | | | | | | | | |
Balance as at 31 December | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Depreciation and impairment losses | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation restatement to 1 January 2022 | | | | | | | | | | | | | |
Changes in consolidation and other transfers | | | | | | | | | | | | | |
Depreciation charge for the year | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Transfer to/(from) assets classified as held for sale | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation adjustment | | | | | | | | | | | | | |
Effect of movements in exchange rates | | | | | | | | | | | | | |
Balance as at 31 December | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Land and buildings include the breweries and offices of HEINEKEN as well as stores, pubs and bars. The plant and
machinery asset class contains all the assets needed in HEINEKEN's brewing, packaging and filling activities. Other fixed
assets mainly consist of returnable packaging materials, commercial fixed assets and furniture, fixtures and fittings. Refer
to note 7.4 for further information on returnable packaging materials that are included in this category.
Impairment losses
A net impairment reversal of \u20ac27 million on owned P,P&E (2021: \u20ac16 million, net impairment), \u20ac4 million impairment
reversal on ROU assets (2021: \u20ac20 million, net impairment) and \u20ac189 million impairment reversal on intangible assets with
finite useful life (2021: \u20ac72 million, net impairment) were recorded for the year ended 31 December 2022. The net
impairment reversal mainly relates to impairment reversal in the CGU Papua New Guinea (\u20ac234 million) which is included in
the Asia Pacific operating segment. The reversal is primarily driven by an improved performance and stronger recovery from
COVID-19 in a more favourable macro-economic environment, since the recognition of the impairment in 2020.
The determination of the recoverable amount of Papua New Guinea is based on a VIU valuation, which is based on a
discounted 10-year cash flow forecast. The key assumptions used to determine the cash flows are based on market
expectations and management's best estimate. Cash flows thereafter are extrapolated using a perpetual growth rate
equal to the expected 30-year compounded average inflation, in order to calculate the terminal recoverable amount.\u00a0
Impairments (reversals) are recorded on the line 'amortisation, depreciation and impairments' in the Income Statement.
For a split per asset class, refer to the movement schedules in notes 8.1 and 8.2.
See the table below for the key assumptions:
| | |
| |
| | |
Pre-tax WACC (in local currency) | | |
Expected annual long-term inflation | | |
| | |
In 2022, \u20ac218 million was added to the ROU assets as a result of entering into new lease contracts and the
remeasurement of existing leases (2021: \u20ac223 million). The depreciation and impairments of ROU assets for the
financial year ending 31 December is as follows:
| | |
| | |
| | |
| | |
Depreciation and impairments for ROU assets | | |
\u00a0 Accounting estimates and judgements Estimates are required to determine the (remaining) useful lives of fixed assets. Useful lives are determined based on an
asset's age, the frequency of its use, repair and maintenance policy, technology changes in production, redundancies or
changes due to climate risks and expected restructuring.
HEINEKEN estimates the expected residual value per asset item. The residual value is the higher of the expected sales
price (based on recent market transactions of similar sold items) and its material scrap value.
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of items of P,P&E.
HEINEKEN believes that straight-line depreciation most closely reflects the expected pattern of consumption of the
future economic benefits embodied in the asset.
Judgement is required to determine the lease term. The assessment of whether HEINEKEN is reasonably certain to exercise
such options impacts the lease term, which as a result could affect the amount of lease liabilities and ROU assets recognised.
\u00a0 Accounting policies Owned assets
A fixed asset is recognised when it is probable that future economic benefits associated with the P,P&E item will flow to
HEINEKEN and when the cost of the P,P&E can be reliably measured. The majority of the P,P&E of HEINEKEN are owned
assets, rather than leased assets.
P,P&E are recognised at historical cost less accumulated depreciation and impairment losses. Historical cost includes all
costs directly attributable to the purchase of an asset. The cost of self-constructed assets includes all directly attributable
costs to make the asset ready for its intended use. Spare parts that meet the definition of P,P&E are capitalised and
accounted for accordingly. If spare parts do not meet the recognition criteria of P,P&E, they are either carried in inventory
or consumed and recorded in profit or loss.
Subsequent costs are capitalised only when it is probable that the expenses will lead to future economic benefits and can be
measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.
All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
For the contractual commitments on ordered P,P&E refer to note 13.2.
Depreciation and impairments
Depreciation is calculated using the straight-line method, based on the estimated useful life of the asset class.
The\u00a0estimated useful lives of the main asset classes are as follows:
\u2013Buildings15 \u2013 40 years
\u2013Plant and equipment\u00a0 5 \u2013 30 years
\u2013Other fixed assets\u00a0 3 \u2013 10 years
Land and assets under construction are not depreciated. When assets under construction are ready for their intended use,
they are transferred to the relevant category and depreciation starts. All other P,P&E items are depreciated over their
estimated useful life to the asset's residual value.
The depreciation method, residual value and useful lives are reassessed annually. Changes in useful lives or residual value
are recognised prospectively.
HEINEKEN reviews whether indicators for impairment exist on a CGU level. When an indicator of impairment exists,
assets are tested for impairment. Impairment losses on assets, other than goodwill, recognised in prior periods are
assessed at each reporting date for any indication of a reversal, due to observable indications that the asset's value has
increased significantly or other significant changes with favourable effects.\u00a0
Derecognition of Property, plant and equipment
P,P&E is derecognised when it is scrapped or sold. Gains on sale of P,P&E are presented in profit or loss as other income
(refer to note 6.2); losses on sale are included in depreciation.
Right of use (ROU) assets
Definition of a lease
A contract contains a lease if it provides the right to control the use of an identified asset for a period of time in exchange
for an amount payable to the lessor. The right to control the use of the identified asset exists when having the right to
obtain substantially all of the economic benefits from the use of that asset and when having the right to direct the use of
that asset.
HEINEKEN as a lessee
At the start date of the lease, HEINEKEN (lessee) recognises a ROU asset and a lease liability on the balance sheet. The
ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation and impairment losses,
and adjusted for certain remeasurements of the lease liability. For measurement of the lease liability, refer to note 11.3.
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013The short-term lease exemption means that leases with a duration of less than a year are expensed in the income
statement on a straight-line basis.
\u2013The low-value lease exemption, meaning that leased assets with an individual value of \u20ac5,000 or less if bought new,
are expensed in the income statement on a straight-line basis.
HEINEKEN as a lessor
A lease is classified as a finance lease when it transfers substantially all the risks and rewards relating to ownership of the
underlying asset to the lessee. For contracts where HEINEKEN acts as an intermediate lessor, the subleases are classified
with reference to the ROU asset.
Lease related notes
For lease liabilities, refer to note 11.3 Borrowings. For short-term and low-value leases, refer to other expenses in note 6.3
Raw materials, consumables and services. For the lease receivables, refer to other receivables in note 8.4 Other non-
current assets and other receivables in note 7.2 Trade and other receivables. For the contractual maturities of lease
liabilities, refer to note 11.5 Credit, liquidity and market risk.",
"dimensions": {
"concept": "heia:DisclosureOfPropertyPlantAndEquipmentAndRightOfUseAssetsTextBlock",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjAvZnJhZzo2MjgyZDQ1YjZlYWQ0NGU3ODMzNGYwMDE1ZWQ2Yzc2Zi90ZXh0cmVnaW9uOjYyODJkNDViNmVhZDQ0ZTc4MzM0ZjAwMTVlZDZjNzZmXzIxOTkwMjMyNjQ0ODc_44989a78-5f03-4afb-8f9f-c853993a4fb8": {
"value": "
8.2\u00a0 \u00a0 Property, plant and equipment
Property, plant and equipment (P,P&E) are fixed assets that are owned by HEINEKEN, as well as right of use (ROU) assets
under a lease agreement. Owned and ROU assets are held for use in HEINEKEN's operating activities. Refer to the table
below for the split between owned assets and ROU assets as per balance sheet date:
| | |
| | |
Property, plant and equipment - owned assets | | |
| | |
| | |
Owned assets
The table below details the historical cost per asset class and the movements during the year for owned assets.
| | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation restatement to 1 January 2022 | | | | | | | | | | | | | |
Changes in consolidation and other transfers | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Transfer of completed projects under construction | | | | | | | | | | | | | |
Transfer (to)/from assets classified as held for sale | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation adjustment | | | | | | | | | | | | | |
Effect of movements in exchange rates | | | | | | | | | | | | | |
Balance as at 31 December | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Depreciation and impairment losses | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation restatement to 1 January 2022 | | | | | | | | | | | | | |
Changes in consolidation and other transfers | | | | | | | | | | | | | |
Depreciation charge for the year | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Transfer to/(from) assets classified as held for sale | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Hyperinflation adjustment | | | | | | | | | | | | | |
Effect of movements in exchange rates | | | | | | | | | | | | | |
Balance as at 31 December | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Land and buildings include the breweries and offices of HEINEKEN as well as stores, pubs and bars. The plant and
machinery asset class contains all the assets needed in HEINEKEN's brewing, packaging and filling activities. Other fixed
assets mainly consist of returnable packaging materials, commercial fixed assets and furniture, fixtures and fittings. Refer
to note 7.4 for further information on returnable packaging materials that are included in this category.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjAvZnJhZzo2MjgyZDQ1YjZlYWQ0NGU3ODMzNGYwMDE1ZWQ2Yzc2Zi90ZXh0cmVnaW9uOjYyODJkNDViNmVhZDQ0ZTc4MzM0ZjAwMTVlZDZjNzZmXzIxOTkwMjMyNjQ0ODk_d0a7e2be-0836-4600-9e97-b4582221d30e": {
"value": "
Right of use (ROU) assets
HEINEKEN leases stores, pubs, offices, warehouses, cars, (forklift) trucks and other equipment in the ordinary course of
business. HEINEKEN has around 36,000 leases with a wide range of different terms and conditions, depending on local
regulations and practices. Many leases contain extension and termination options, which are included in the lease term if
HEINEKEN is reasonably certain to exercise the option. Refer to the table below for the carrying amount of ROU assets
per asset class per balance sheet date:
| | |
| | |
| | |
| | |
Carrying amount ROU assets as at 31 December | | |
In 2022, \u20ac218 million was added to the ROU assets as a result of entering into new lease contracts and the
remeasurement of existing leases (2021: \u20ac223 million). The depreciation and impairments of ROU assets for the
financial year ending 31 December is as follows:
| | |
| | |
| | |
| | |
Depreciation and impairments for ROU assets | | |
",
"dimensions": {
"concept": "heia:DisclosureOfRightOfUseAssetTextBlock",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjAvZnJhZzo2MjgyZDQ1YjZlYWQ0NGU3ODMzNGYwMDE1ZWQ2Yzc2Zi90ZXh0cmVnaW9uOjYyODJkNDViNmVhZDQ0ZTc4MzM0ZjAwMTVlZDZjNzZmXzIxOTkwMjMyNjQ0ODA_55bd939d-f56c-47e6-b5cd-e65ab47a1eb2": {
"value": "
Owned assets
A fixed asset is recognised when it is probable that future economic benefits associated with the P,P&E item will flow to
HEINEKEN and when the cost of the P,P&E can be reliably measured. The majority of the P,P&E of HEINEKEN are owned
assets, rather than leased assets.
P,P&E are recognised at historical cost less accumulated depreciation and impairment losses. Historical cost includes all
costs directly attributable to the purchase of an asset. The cost of self-constructed assets includes all directly attributable
costs to make the asset ready for its intended use. Spare parts that meet the definition of P,P&E are capitalised and
accounted for accordingly. If spare parts do not meet the recognition criteria of P,P&E, they are either carried in inventory
or consumed and recorded in profit or loss.
Subsequent costs are capitalised only when it is probable that the expenses will lead to future economic benefits and can be
measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.
All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjAvZnJhZzo2MjgyZDQ1YjZlYWQ0NGU3ODMzNGYwMDE1ZWQ2Yzc2Zi90ZXh0cmVnaW9uOjYyODJkNDViNmVhZDQ0ZTc4MzM0ZjAwMTVlZDZjNzZmXzIxOTkwMjMyNjQ0ODM_a6c1e800-e4f9-497c-adf4-f0facdf1c40e": {
"value": "
Depreciation and impairments
Depreciation is calculated using the straight-line method, based on the estimated useful life of the asset class.
The\u00a0estimated useful lives of the main asset classes are as follows:
\u2013Buildings15 \u2013 40 years
\u2013Plant and equipment\u00a0 5 \u2013 30 years
\u2013Other fixed assets\u00a0 3 \u2013 10 years
Land and assets under construction are not depreciated. When assets under construction are ready for their intended use,
they are transferred to the relevant category and depreciation starts. All other P,P&E items are depreciated over their
estimated useful life to the asset's residual value.
The depreciation method, residual value and useful lives are reassessed annually. Changes in useful lives or residual value
are recognised prospectively.
HEINEKEN reviews whether indicators for impairment exist on a CGU level. When an indicator of impairment exists,
assets are tested for impairment. Impairment losses on assets, other than goodwill, recognised in prior periods are
assessed at each reporting date for any indication of a reversal, due to observable indications that the asset's value has
increased significantly or other significant changes with favourable effects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjAvZnJhZzo2MjgyZDQ1YjZlYWQ0NGU3ODMzNGYwMDE1ZWQ2Yzc2Zi90ZXh0cmVnaW9uOjYyODJkNDViNmVhZDQ0ZTc4MzM0ZjAwMTVlZDZjNzZmXzIxOTkwMjMyNjQ0ODE_0507e864-2247-4a32-896b-0a2bc458e4be": {
"value": "
Right of use (ROU) assets
Definition of a lease
A contract contains a lease if it provides the right to control the use of an identified asset for a period of time in exchange
for an amount payable to the lessor. The right to control the use of the identified asset exists when having the right to
obtain substantially all of the economic benefits from the use of that asset and when having the right to direct the use of
that asset.
HEINEKEN as a lessee
At the start date of the lease, HEINEKEN (lessee) recognises a ROU asset and a lease liability on the balance sheet. The
ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation and impairment losses,
and adjusted for certain remeasurements of the lease liability. For measurement of the lease liability, refer to note 11.3.
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013The short-term lease exemption means that leases with a duration of less than a year are expensed in the income
statement on a straight-line basis.
\u2013The low-value lease exemption, meaning that leased assets with an individual value of \u20ac5,000 or less if bought new,
are expensed in the income statement on a straight-line basis.
HEINEKEN as a lessor
A lease is classified as a finance lease when it transfers substantially all the risks and rewards relating to ownership of the
underlying asset to the lessee. For contracts where HEINEKEN acts as an intermediate lessor, the subleases are classified
with reference to the ROU asset.
Lease related notes
For lease liabilities, refer to note 11.3 Borrowings. For short-term and low-value leases, refer to other expenses in note 6.3
Raw materials, consumables and services. For the lease receivables, refer to other receivables in note 8.4 Other non-
current assets and other receivables in note 7.2 Trade and other receivables. For the contractual maturities of lease
liabilities, refer to note 11.5 Credit, liquidity and market risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjMvZnJhZzo5ZWNhOTVhMmIwN2E0NjAyYjNlMjRlMDViNjljNjgxMS90ZXh0cmVnaW9uOjllY2E5NWEyYjA3YTQ2MDJiM2UyNGUwNWI2OWM2ODExXzIxOTkwMjMyNTY5MDk_0025bf4d-5b30-45b2-ade9-ee9f340683fd": {
"value": "
8.3\u00a0 \u00a0 Loans and advances to customers
Loans and advances to customers are inherent to HEINEKEN's business model. Loans to customers are repaid in cash on
fixed dates while the settlement of advances to customers is linked to the sales volume of the customer. Loans and
advances to customers are usually backed by collateral such as properties.
| | |
| | |
| | |
| | |
Loans and advances to customers | | |
The movement in allowance for impairment losses for loans and advances to customers during the year is as follows:
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Effect of movements in exchange rates | | |
Balance as at 31 December | | |
11.5. \u00a0 Accounting policies Loans and advances to customers are initially measured at fair value and subsequently at amortised cost minus any
impairment losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjMvZnJhZzo5ZWNhOTVhMmIwN2E0NjAyYjNlMjRlMDViNjljNjgxMS90ZXh0cmVnaW9uOjllY2E5NWEyYjA3YTQ2MDJiM2UyNGUwNWI2OWM2ODExXzE4NjkxNjk3NjczOTcz_f2c18daf-63fd-49f6-a374-26cb359a9405": {
"value": "
Loans and advances to customers are inherent to HEINEKEN's business model. Loans to customers are repaid in cash on
fixed dates while the settlement of advances to customers is linked to the sales volume of the customer. Loans and
advances to customers are usually backed by collateral such as properties.
| | |
| | |
| | |
| | |
Loans and advances to customers | | |
Loans and advances to customers
HEINEKEN\u2019s loans and receivables include loans and advances to customers. Loans and advances to customers are
usually backed by collateral such as properties. HEINEKEN charges interest on loans to its customers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjMvZnJhZzo5ZWNhOTVhMmIwN2E0NjAyYjNlMjRlMDViNjljNjgxMS90ZXh0cmVnaW9uOjllY2E5NWEyYjA3YTQ2MDJiM2UyNGUwNWI2OWM2ODExXzIxOTkwMjMyNTY5MTA_ba33f424-e8da-4037-b442-1e162248929e": {
"value": "Loans and advances to customers are initially measured at fair value and subsequently at amortised cost minus any impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjYvZnJhZzo2N2UwMWMzMjM0YTY0Y2UxOGQyMTdlZmRkMjJmOTcwZS90ZXh0cmVnaW9uOjY3ZTAxYzMyMzRhNjRjZTE4ZDIxN2VmZGQyMmY5NzBlXzIxOTkwMjMyNTg0NjM_13bc14ce-5465-498f-8c77-60813b20cde8": {
"value": "
8.4\u00a0 \u00a0 Other non-current assets
Other non-current assets mainly consist of Fair Value through other comprehensive income (FVOCI) investments, long-
term prepayments and other receivables with a duration longer than 12 months.
| | | |
| | | |
Fair value through OCI investments | | | |
| | | |
Loans to joint ventures and associates | | | |
| | | |
| | | |
| | | |
11.5.\u00a0 Accounting policies Fair value through OCI investments
HEINEKEN\u2019s investments in equity securities are classified as FVOCI. These investments are interests in entities where
HEINEKEN has less than significant influence. This is generally the case by ownership of less than 20% of the voting
rights. Upon the sale of these equity securities the accumulated fair value and currency translation changes are
transferred to retained earnings.
FVOCI investments are measured at fair value (refer to note 13.1). The fair value changes are recognised in OCI and
presented within equity in the fair value reserve. Dividend income is recognised in profit or loss.
Non-current derivatives
Refer to the accounting policies on derivative financial instruments in note 11.6.
Other
The remaining non-current assets as presented in the previous table are initially measured at fair value and subsequently
at amortised cost minus any impairment losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjYvZnJhZzo2N2UwMWMzMjM0YTY0Y2UxOGQyMTdlZmRkMjJmOTcwZS90ZXh0cmVnaW9uOjY3ZTAxYzMyMzRhNjRjZTE4ZDIxN2VmZGQyMmY5NzBlXzIxOTkwMjMyNTg0NjM_b43199e0-e9ef-4261-b80a-dfbc661ed36f": {
"value": "
8.4\u00a0 \u00a0 Other non-current assets
Other non-current assets mainly consist of Fair Value through other comprehensive income (FVOCI) investments, long-
term prepayments and other receivables with a duration longer than 12 months.
| | | |
| | | |
Fair value through OCI investments | | | |
| | | |
Loans to joint ventures and associates | | | |
| | | |
| | | |
| | | |
11.5.\u00a0 Accounting policies Fair value through OCI investments
HEINEKEN\u2019s investments in equity securities are classified as FVOCI. These investments are interests in entities where
HEINEKEN has less than significant influence. This is generally the case by ownership of less than 20% of the voting
rights. Upon the sale of these equity securities the accumulated fair value and currency translation changes are
transferred to retained earnings.
FVOCI investments are measured at fair value (refer to note 13.1). The fair value changes are recognised in OCI and
presented within equity in the fair value reserve. Dividend income is recognised in profit or loss.
Non-current derivatives
Refer to the accounting policies on derivative financial instruments in note 11.6.
Other
The remaining non-current assets as presented in the previous table are initially measured at fair value and subsequently
at amortised cost minus any impairment losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNjYvZnJhZzo2N2UwMWMzMjM0YTY0Y2UxOGQyMTdlZmRkMjJmOTcwZS90ZXh0cmVnaW9uOjY3ZTAxYzMyMzRhNjRjZTE4ZDIxN2VmZGQyMmY5NzBlXzIxOTkwMjMyNTg0NjY_9415a730-0c32-4675-8ebb-4cf5d236618f": {
"value": "
Fair value through OCI investments
HEINEKEN\u2019s investments in equity securities are classified as FVOCI. These investments are interests in entities where
HEINEKEN has less than significant influence. This is generally the case by ownership of less than 20% of the voting
rights. Upon the sale of these equity securities the accumulated fair value and currency translation changes are
transferred to retained earnings.
FVOCI investments are measured at fair value (refer to note 13.1). The fair value changes are recognised in OCI and
presented within equity in the fair value reserve. Dividend income is recognised in profit or loss.
Non-current derivatives
Refer to the accounting policies on derivative financial instruments in note 11.6.
Other
The remaining non-current assets as presented in the previous table are initially measured at fair value and subsequently
at amortised cost minus any impairment losses.",
"dimensions": {
"concept": "heia:DescriptionOfAccountingPolicyForOtherNonCurrentAssetsTextBlock",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xNzIvZnJhZzplOWNlOWYzZGRlNjY0ZGQyODY2ODU0ODIzOTBjOGM1My90ZXh0cmVnaW9uOmU5Y2U5ZjNkZGU2NjRkZDI4NjY4NTQ4MjM5MGM4YzUzXzIxOTkwMjMyNjgyMDQ_552f8983-3e23-426f-afb4-eb0d4466c27c": {
"value": "
9.1\u00a0 \u00a0 Post-retirement obligations
HEINEKEN makes contributions to pension plans that provide pension benefits to (former) employees upon retirement,
both via defined benefit as well as defined contribution plans. Other long-term employee benefits include long-term
bonus plans, termination benefits, medical plans and jubilee benefits. Refer to note 6.4 for the contribution to defined
contribution plans. This note relates to HEINEKEN's defined benefit pension plans. Refer to the table below for the
present value of the defined benefit plans as at 31 December.
| | |
| | |
Present value of unfunded defined benefit obligations | | |
Present value of funded defined benefit obligations | | |
Total present value of defined benefit obligations | | |
Fair value of defined benefit plan assets | | |
Present value of net obligations | | |
| | |
Defined benefit plans included under non-current assets | | |
Recognised liability for defined benefit obligations | | |
Other long-term employee benefits | | |
| | |
The defined benefit pension plans in the Netherlands (NL) and the United Kingdom (UK) represent the majority of the
total defined benefit plan assets and the present value of the defined benefit obligations.
Refer to the table below for the split of these plans in the total present value of the net obligations of HEINEKEN.
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Total present value of defined benefit obligations | | | | | | | | |
Fair value of defined benefit plan assets | | | | | | | | |
Present value of net obligations | | | | | | | | |
thus relate to past service before plan closure. Based on the triennial review finalised in early 2019, HEINEKEN has
renewed the funding plan (until 31 May 2023) including an annual deficit reduction contribution of GBP39.2 million in
2018, thereafter increasing with GBP1.7 million per year. At the end of 2018, an agreement (the 'Funding Agreement')
was reached with the UK pension fund Trustees on a more conservative longer-term funding and investment approach
towards 2030. This agreement has been formalised during 2019 and signed in early 2020, which leads to a gradual
decrease in investment risk. The current schedule of deficit recovery payments until May 2023 will remain in place. As of
June 2023, deficit recovery payments will stop. Going forward recovery payments will be conditional on the funding
position of the pension fund and capped on the current contribution level.
In 2022, the decrease in the fair value of defined benefit plan assets is mainly due to the lower value of debt
investments, as a result of an increase in interest rates. The increase in interest rates lowered not only the plan assets, but
also the plan liabilities. As the fund is closed to future accrual, the strategic asset allocation is more conservative with high
interest and inflation hedging levels.
Defined benefit plans in other countries
In a few other countries, HEINEKEN offers defined benefit plans, which are individually not significant to HEINEKEN. The
majority of these plans are closed for new participants.
Movement in net defined benefit obligation
The movement in the net defined benefit obligation during the year is as follows:\u00a0
| | | | | | | |
| | Present value of\u00a0 defined benefit obligations | Fair value of defined\u00a0 benefit plan assets | Present value\u00a0 of net obligations |
| | | | | | | |
| | | | | | | |
Included in profit or loss | | | | | | | |
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Past service cost/(credit) | | | | | | | |
| | | | | | | |
Expense recognised in personnel expenses | | | | | | | |
Interest expense/(income) | | | | | | | |
| | | | | | | |
| | | | | | | |
Remeasurement loss/(gain): | | | | | | | |
Actuarial loss/(gain) arising from | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Return on plan assets excluding interest\u00a0income1 | | | | | | | |
Effect of movements in exchange rates | | | | | | | |
| | | | | | | |
| | | | | | | |
Changes in consolidation and reclassification | | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Balance as at 31 December | | | | | | | |
1The total OCI impact for the current year also included movement resulting from asset ceiling increase between 2021 and 2022.
Defined benefit plan assets
| | | | | | |
| | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Bonds \u2013 investment grade | | | | | | |
Bonds \u2013 non-investment grade | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Properties and real estate | | | | | | |
Cash and cash equivalents | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Balance as at 31 December | | | | | | |
The HEINEKEN pension funds monitor the mix of debt and equity securities in their investment portfolios based on
market expectations. Material investments within the portfolio are managed on an individual basis. Through its defined
benefit pension plans, HEINEKEN is exposed to several risks, the most significant are detailed below.
Risks associated with defined benefit plans
Asset volatility
The plan liabilities are calculated using a discount rate set with reference to AA corporate bond yields. If the return on the
plan assets is less than the return on the liabilities implied by this assumption, this will create a deficit. The plan in the
Netherlands holds a significant proportion of equities, which are expected to outperform corporate bonds in the long
term while providing volatility and risk in the short term.
In the Netherlands, an Asset-Liability Matching (ALM) study is performed at least on a triennial basis, the last ALM study
was performed in 2021. The ALM study is the basis for the strategic investment policies and the (long-term) strategic
investment mix. As at 31 December 2022, the strategic asset mix comprises 33.5% of plan assets in equity securities,
25% in bonds and swaps, 18% in alternative investments, 11% in mortgage and 12.5% in real estate.
In the UK, an actuarial valuation is performed at least on a triennial basis. The valuation is the basis for the funding plan,
strategic investment policies and the (long-term) strategic investment mix. The valuation was performed in 2021. As at
31 December 2022, the strategic mix of assets comprises 30% of plan assets in liability-driven investments, 26.5% in
corporate bonds, 15% in higher-yielding credit, 15% in private markets, 7.5% in long lease property and 6% in equities. As
part of the Funding Agreement, the strategic asset mix will evolve between now and 2030 to provide greater certainty of
return, lower volatility and higher cash generation.
Interest rate risk
A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the
value of the plans\u2019 fixed-rate instruments holdings.
In the Netherlands, interest rate risk is managed through fixed-income investments and interest rate swap instruments.
These investments and instruments match the liabilities by 38% as at 31 December 2022 (2021: 24%). In the UK,
interest rate risk is managed through the use of a mixture of fixed income investments and interest rate swap
instruments. These investments and instruments match 96% of the interest rate sensitivity of the total liabilities as
measured on a Gilts +1% liability basis (2021: 96% as measured on the same basis).
Inflation risk
Some of the pension obligations are linked to inflation. Higher inflation will lead to higher liabilities, although in most
cases caps on the level of inflationary increases are in place to protect the plan against extreme inflation. The majority of
the plan assets are either unaffected by or loosely correlated with inflation, meaning that an increase in inflation will
increase the deficit.
HEINEKEN provides employees in the Netherlands with an average pay pension plan, whereby indexation of accrued
benefits is conditional on the funded status of the pension fund. In the UK, inflation risk is partly managed through the
use of a mixture of inflation-linked derivative instruments. These instruments match 96% of the inflation-linked liabilities
as measured on a Gilts +1% liability basis (2021: 96% as measured on the same basis).
Life expectancy
The majority of the plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will
increase the plans\u2019 liabilities. This is particularly significant in the UK plan, where inflation-linked increases result in higher
sensitivity to changes in life\u00a0expectancy. In 2015, the Trustee of HEINEKEN UK's pension plan implemented a longevity
hedge to remove the risk of a higher increase in life expectancy than anticipated for the 2015 population of pensioners.\u00a0
Principal actuarial assumptions as at the balance sheet date
Based on the significance of the Dutch and UK pension plans compared with the other plans, the table below refers to
the major actuarial assumptions for those two plans as at 31 December:
| | | | |
| | |
| | | | |
Discount rate as at 31 December | | | | |
| | | | |
| | | | |
Assumptions regarding future mortality rates are based on published statistics and mortality tables. For the Netherlands,
the rates are obtained from the \u2018AG-Prognosetafel 2022\u2019, fully generational. For the UK, the future mortality rates are
obtained by applying the Continuous Mortality Investigation 2021 projection model.
The weighted average duration of the defined benefit obligation at the end of the reporting period is 16 years
(2021:\u00a018\u00a0years).
Except for the reduction in recovery contributions for the UK pension fund, HEINEKEN expects the contributions to be
paid for the defined benefit plans for 2023 to be in line with 2022.
Sensitivity analysis
As at 31 December, changes to one of the relevant actuarial assumptions that are considered reasonably possible,
holding other assumptions constant, would have affected the defined benefit obligation by the following amounts:
| | | | |
| | |
Effect in millions of \u20ac | | | | |
Discount rate (0.5% movement) | | | | |
Future salary growth (0.25% movement) | | | | |
Future pension growth (0.25% movement) | | | | |
Medical cost trend rate (0.5% movement) | | | | |
| | | | |
\u00a0 Accounting estimates To make the actuarial calculations for the defined benefit plans, HEINEKEN needs to make use of assumptions for
discount rates, future pension increases and life expectancy as described in this note. The actuarial calculations are made
by external actuaries based on inputs from observable market data, such as corporate bond returns and yield curves to
determine the discount rates used, mortality tables to determine life expectancy and inflation numbers to determine
future salary and pension growth assumptions.\u00a0
\u00a0 Accounting policies Defined contribution plans
A defined-contribution plan is a post-retirement plan for which HEINEKEN pays fixed contributions to a\u00a0separate entity.
HEINEKEN has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets
to pay out employees.
Defined benefit plans
A defined benefit plan is a post-retirement plan that is not a defined contribution plan. Typically, defined benefit plans
define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more
factors such as age, years of service and compensation.
HEINEKEN\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by
estimating the amount of future benefits that employees have earned in return for their service in the current and prior
periods; those benefits are discounted to determine its present value. The fair value of any defined benefit plan assets is
deducted. The discount rate is the yield at balance sheet date on high quality credit-rated bonds that have maturity
dates approximating to the terms of HEINEKEN\u2019s obligations and are denominated in the same currency in which the
benefits are expected to be paid.
The calculations are performed annually by qualified actuaries using the projected unit credit method. When the
calculation results in a benefit to HEINEKEN, the recognised asset is limited to the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate
the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any
plan in HEINEKEN. An economic benefit is available to HEINEKEN if it is realisable during the life of the plan, or on
settlement of the plan liabilities. When the benefits of a plan are changed, the expense or benefit is recognised
immediately in profit or loss.
HEINEKEN recognises all actuarial gains and losses arising from defined benefit plans immediately in other
comprehensive income and all expenses related to defined benefit plans in personnel expenses and other net finance
income and expenses in profit or loss.\u00a0
For changes to a defined benefit plan, which result in a plan amendment or a curtailment or settlement, HEINEKEN
determines the amount of any past service cost, or gain or loss on settlement, by remeasuring the net defined benefit
liability before and after the amendment, using current assumptions and the fair value of plan assets at the time of the
amendment. In case the net defined benefit liability is remeasured to determine the impact of the changes, current
service cost and net interest for the remainder of the year are remeasured using the same assumptions and the same fair
value of plan assets.
",
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Defined contribution plans
A defined-contribution plan is a post-retirement plan for which HEINEKEN pays fixed contributions to a\u00a0separate entity.
HEINEKEN has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets
to pay out employees.
Defined benefit plans
A defined benefit plan is a post-retirement plan that is not a defined contribution plan. Typically, defined benefit plans
define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more
factors such as age, years of service and compensation.
HEINEKEN\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by
estimating the amount of future benefits that employees have earned in return for their service in the current and prior
periods; those benefits are discounted to determine its present value. The fair value of any defined benefit plan assets is
deducted. The discount rate is the yield at balance sheet date on high quality credit-rated bonds that have maturity
dates approximating to the terms of HEINEKEN\u2019s obligations and are denominated in the same currency in which the
benefits are expected to be paid.
The calculations are performed annually by qualified actuaries using the projected unit credit method. When the
calculation results in a benefit to HEINEKEN, the recognised asset is limited to the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate
the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any
plan in HEINEKEN. An economic benefit is available to HEINEKEN if it is realisable during the life of the plan, or on
settlement of the plan liabilities. When the benefits of a plan are changed, the expense or benefit is recognised
immediately in profit or loss.
HEINEKEN recognises all actuarial gains and losses arising from defined benefit plans immediately in other
comprehensive income and all expenses related to defined benefit plans in personnel expenses and other net finance
income and expenses in profit or loss.\u00a0
For changes to a defined benefit plan, which result in a plan amendment or a curtailment or settlement, HEINEKEN
determines the amount of any past service cost, or gain or loss on settlement, by remeasuring the net defined benefit
liability before and after the amendment, using current assumptions and the fair value of plan assets at the time of the
amendment. In case the net defined benefit liability is remeasured to determine the impact of the changes, current
service cost and net interest for the remainder of the year are remeasured using the same assumptions and the same fair
value of plan assets.
",
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},
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"value": "
9.2\u00a0 \u00a0 Provisions
Provisions within HEINEKEN mainly relate to restructuring, and claims and litigation that arise in the ordinary course of
business. The outcome depends on future events, which are by nature uncertain.
| | | | | | | |
| | | | | | | |
Balance as at 1 January 2022 | | | | | | | |
| | | | | | | |
Provisions made during the year | | | | | | | |
Provisions used during the year | | | | | | | |
Provisions reversed during the year | | | | | | | |
Effect of movements in exchange rates | | | | | | | |
| | | | | | | |
Balance as at 31 December 2022 | | | | | | | |
| | | | | | | |
| | | | | | | |
Claims and litigation
The provisions for claims and litigation of \u20ac150 million (2021: \u20ac196 million) mainly relate to civil and labour claims in Brazil.
Taxes
The provisions for taxes of \u20ac283 million (2021: \u20ac344 million) relate to indirect taxes not within the scope of IAS 12 and
mainly relate to Brazil. Tax legislation in Brazil is highly complex and subject to interpretation, therefore the timing of the
cash outflows for these provisions is uncertain.
Other provisions
Included are, among others, provisions for credit risk on surety and guarantees issued of \u20ac50 million (2021: \u20ac53 million).
\u00a0 Accounting estimates In determining the likelihood and timing of potential cash outflows, HEINEKEN needs to make estimates. For claims,
litigation and tax provisions, HEINEKEN bases its assessment on internal and external legal assistance and established
precedents. For a large restructuring, management assesses the timing of the costs to be incurred, which influences the
classification as current or non-current liabilities.
\u00a0 Accounting policies A provision is a liability of uncertain timing or amount. A provision is recognised when HEINEKEN has a present legal or
constructive obligation as a result of past events that can be estimated reliably, and it is probable (>50%) that an outflow
of economic benefits will be required to settle the obligation. In the case of accounting for business combinations,
provisions are also recognised when the likelihood is less than probable but more than remote (>5%).
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a
pre-tax rate that reflects the time value of money and the risks specific to the obligation. The increase in the provision
due to the passage of time is recognised as part of net finance expenses.
The impact of climate change is also considered in identifying whether HEINEKEN has a present legal or constructive
obligation related to fines or penalties.
Restructuring
A provision for restructuring is recognised when HEINEKEN has approved a detailed and formal restructuring plan, and
the restructuring has either commenced or has been announced publicly. Future operating losses are not provided for.
The provision includes the benefit commitments in connection with early retirement and redundancy schemes.
Onerous contracts
A provision for onerous contracts is recognised when the expected benefits to be received by HEINEKEN are lower than
the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the
lower of the expected cost of terminating the contract, and the expected net cost of continuing with the contract. Before
a provision is established, HEINEKEN recognises any impairment loss on the assets associated with that contract.
Other provisions\u00a0
A provision for guarantees is recognised at the time the guarantee is issued (refer to note 9.3 for the total guarantees
outstanding). The provision is initially measured at fair value and subsequently at the higher of the amount determined
in accordance with the expected credit loss model and the amount initially recognised.
",
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},
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"value": "
A provision is a liability of uncertain timing or amount. A provision is recognised when HEINEKEN has a present legal or
constructive obligation as a result of past events that can be estimated reliably, and it is probable (>50%) that an outflow
of economic benefits will be required to settle the obligation. In the case of accounting for business combinations,
provisions are also recognised when the likelihood is less than probable but more than remote (>5%).
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a
pre-tax rate that reflects the time value of money and the risks specific to the obligation. The increase in the provision
due to the passage of time is recognised as part of net finance expenses.
The impact of climate change is also considered in identifying whether HEINEKEN has a present legal or constructive
obligation related to fines or penalties.
Restructuring
A provision for restructuring is recognised when HEINEKEN has approved a detailed and formal restructuring plan, and
the restructuring has either commenced or has been announced publicly. Future operating losses are not provided for.
The provision includes the benefit commitments in connection with early retirement and redundancy schemes.
Onerous contracts
A provision for onerous contracts is recognised when the expected benefits to be received by HEINEKEN are lower than
the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the
lower of the expected cost of terminating the contract, and the expected net cost of continuing with the contract. Before
a provision is established, HEINEKEN recognises any impairment loss on the assets associated with that contract.
Other provisions\u00a0
A provision for guarantees is recognised at the time the guarantee is issued (refer to note 9.3 for the total guarantees
outstanding). The provision is initially measured at fair value and subsequently at the higher of the amount determined
in accordance with the expected credit loss model and the amount initially recognised.
",
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"value": "
9.3\u00a0 \u00a0 Contingencies
HEINEKEN\u2019s contingencies are mainly in the area of tax, civil cases and guarantees.
Tax
The tax contingencies mainly relate to tax positions in Latin America and include a large number of cases with a risk
assessment lower than probable but possible. Assessing the amount of tax contingencies is highly judgemental, and
the\u00a0timing of possible outflows is uncertain. The best estimate of tax-related contingent liabilities is \u20ac1,489 million (2021:
\u20ac1,139 million), out of which \u20ac73 million (2021: \u20ac77 million) qualifies for indemnification. For several tax contingencies
that were part of acquisitions, an amount of \u20ac173 million (2021: \u20ac175 million) has been recognised as provisions and
other non-current liabilities in the balance sheet (refer to notes 9.2 and 11.6).
Other contingencies
Brazil civil cases
Part of other contingencies relates to civil cases in Brazil. Management's best estimate of the potential financial impact
for these cases is \u20ac57 million (2021: \u20ac47 million).
Other
Part of other contingencies relate to two follow-on damage cases for a total amount claimed of \u20ac478 million, which
arose as a result of the fine imposed by the Greek Competition Commission in 2014 against our subsidiary Athenian
Brewery for alleged abuse of its dominant position. It is not possible to estimate the outcome of these claims with any
degree of certainty for a number of reasons, including but not limited to the fact that (i) Athenian Brewery\u2019s appeal
against the fine imposed by the Greek Competition Commission is pending before the Greek Council of State, (ii) the
question whether the Dutch courts can assume (international) jurisdiction over these claims, insofar they are made
against Athenian Brewery, is pending before the Dutch Supreme Court, and (iii) Athenian Brewery and HEINEKEN have
raised defences against these claims, both on procedural grounds and on the merits. The amount of these potential
liabilities (if any) can therefore not be measured with sufficient reliability. There are no reimbursements applicable for
these cases.
As at 31 December 2022, \u20ac37 million (2021: \u20ac37 million) of other contingencies related to acquisitions is included in
provisions (refer to note 9.2).
Guarantees
| | | | | |
| | | | | |
Guarantees to banks for loans (to third parties) | | | | | |
| | | | | |
| | | | | |
Guarantees to banks for loans relate to loans and advances to customers, which are given to external parties in the
ordinary course of business of HEINEKEN. HEINEKEN provides guarantees to the banks to cover the credit risk related to
these loans (refer to note 9.2 for the provision for credit risk on these guarantees).
Other guarantees include a \u20ac1.1 billion (2021: \u20ac1.1 billion) guarantee issued concerning the offer to acquire Distell Group
Holdings Limited (refer to note 13.2).
\u00a0 Accounting estimates and judgements HEINEKEN operates in a high number of jurisdictions and is subject to a wide variety of taxes per jurisdiction. Tax
legislation can be highly complex and subject to interpretation. As a result, HEINEKEN is required to exercise significant
judgement in the recognition of taxes payable and determination of tax contingencies.
Also for the other contingencies including climate change, HEINEKEN is required to exercise judgement to determine
whether the risk of loss is possible but not probable. Contingencies involve inherent uncertainties including, but not
limited to, court rulings, negotiations between affected parties and governmental actions.
\u00a0 Accounting policies A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the balance sheet
because the existence can only be confirmed by the occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of HEINEKEN or because the risk of loss is estimated to be possible (>5%) but not
probable (<50%) or because the amount cannot be measured reliably.",
"dimensions": {
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},
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"value": "
A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the balance sheet
because the existence can only be confirmed by the occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of HEINEKEN or because the risk of loss is estimated to be possible (>5%) but not
probable (<50%) or because the amount cannot be measured reliably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xODQvZnJhZzpkY2Q3MDY5ZTk0ZTc0Y2FlYTNmNmUwNDJjYTE1MmRjNy90ZXh0cmVnaW9uOmRjZDcwNjllOTRlNzRjYWVhM2Y2ZTA0MmNhMTUyZGM3XzE4NjkxNjk3Njg1MTg1_14dcc491-b191-40c1-ba28-82624abefe15": {
"value": "
10.1\u00a0 \u00a0 Acquisitions and disposals of subsidiaries and non-controlling interests
Acquisition and disposals of subsidiaries in 2022
During 2022, there were no significant acquisitions or disposals.\u00a0
Acquisition of non-controlling interests
In 2022, transactions with non-controlling interests mainly consists of a transaction where HEINEKEN purchased
3,409,660 shares and 95,798 shares of Grupa \u017bywiec S.A. from Harbin B.V. and other minority shareholders, respectively.
This increased HEINEKEN\u2019s shareholding from 65.16% to 99.28%. The consideration paid for the acquisition of non-
controlling interest in 2022 and the related equity impact are disclosed in the table below:
| | | |
| | Value on non- controlling interest | |
| | | |
| | | |
| | | |
\u00a0 Accounting policies Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and
therefore no goodwill is recognised as a result. Adjustments to non-controlling interests arising from transactions that do
not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary.
Non-controlling interests
The non-controlling interests (NCI) relate to minority stakes held by third parties in HEINEKEN consolidated subsidiaries.
The total NCI as at 31 December 2022 amounted to \u20ac2,369 million (2021: \u20ac2,344 million), refer to note 10.1 for more
information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xODQvZnJhZzpkY2Q3MDY5ZTk0ZTc0Y2FlYTNmNmUwNDJjYTE1MmRjNy90ZXh0cmVnaW9uOmRjZDcwNjllOTRlNzRjYWVhM2Y2ZTA0MmNhMTUyZGM3XzIxOTkwMjMyNjA4Mjk_a44477d7-82f1-46fe-8f6c-e0856ccc4e6d": {
"value": "
10.1\u00a0 \u00a0 Acquisitions and disposals of subsidiaries and non-controlling interests
Acquisition and disposals of subsidiaries in 2022
During 2022, there were no significant acquisitions or disposals.\u00a0
Acquisition of non-controlling interests
In 2022, transactions with non-controlling interests mainly consists of a transaction where HEINEKEN purchased
3,409,660 shares and 95,798 shares of Grupa \u017bywiec S.A. from Harbin B.V. and other minority shareholders, respectively.
This increased HEINEKEN\u2019s shareholding from 65.16% to 99.28%. The consideration paid for the acquisition of non-
controlling interest in 2022 and the related equity impact are disclosed in the table below:
| | | |
| | Value on non- controlling interest | |
| | | |
| | | |
| | | |
\u00a0 Accounting policies Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and
therefore no goodwill is recognised as a result. Adjustments to non-controlling interests arising from transactions that do
not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xODQvZnJhZzpkY2Q3MDY5ZTk0ZTc0Y2FlYTNmNmUwNDJjYTE1MmRjNy90ZXh0cmVnaW9uOmRjZDcwNjllOTRlNzRjYWVhM2Y2ZTA0MmNhMTUyZGM3XzE4NjkxNjk3Njg1MTg2_3b859009-7338-4cea-818e-75cfc7126d16": {
"value": "
Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and
therefore no goodwill is recognised as a result. Adjustments to non-controlling interests arising from transactions that do
not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xODcvZnJhZzo5YzZiMmExNzM4MjU0MDNmOWJiZjQ5NjE0ZmY3MDhmMC90ZXh0cmVnaW9uOjljNmIyYTE3MzgyNTQwM2Y5YmJmNDk2MTRmZjcwOGYwXzIxOTkwMjMyNTY4MDk_84536084-c0c1-4d6a-8682-7277ad1e7053": {
"value": "
10.2\u00a0 \u00a0 Assets or disposal groups classified as held for sale
The assets and liabilities below are classified as held for sale for the year ended 31 December 2022:
| | | | |
| | |
| | | | |
| | | | |
Property, plant and equipment | | | | |
| | | | |
| | | | |
Assets of disposal group held for sale | | | | |
| | | | |
| | | | |
Liabilities associated with assets classified as held for sale | | | | |
Limited, operating in the beer business in China. Consequently, HEINEKEN has an effective 20.67% economic interest in
CR Beer. Based on the closing share price of HKD54.55 as at 31 December 2022 (2021: HKD63.85), the fair value of this
economic interest in CR Beer amounts to \u20ac4,398 million (2021: \u20ac4,847 million). The carrying amount of CBL as at
31\u00a0December 2022 amounts to \u20ac2,908 million (2021: \u20ac2,752 million).
Set out below is the summarised financial information of CR Beer, not adjusted for the percentage of ownership held by
HEINEKEN. The financial information has been amended to reflect adjustments made by HEINEKEN when using the
equity method (such as fair value adjustments). Due to a difference in reporting timelines, the financial information is
included with a two-month delay. This means that the financial information included relates to the period November
2021-October 2022. The reconciliation of the summarised financial information to the carrying amount of the effective
interest in CR Beer is also presented.
| | |
| | |
Summarised balance sheet (100%) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Reconciliation to carrying amount | | |
| | |
| | |
Other comprehensive income | | |
| | |
| | |
| | |
| | |
Company\u2019s share in % | | |
| | |
| | |
| | |
| | |
| November 2021 to October 2022 | November 2020 to October 2021 |
Summarised income statement (100%) | | |
| | |
| | |
Other comprehensive income | | |
Total comprehensive income | | |
| | |
| | |
1Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are considered to be
individually\u00a0immaterial.
\u00a0 Accounting policies\u00a0 Associates are entities in which HEINEKEN has significant influence, but not control or joint control. Significant influence
is generally obtained by ownership of more than 20% but less than 50% of the voting rights. Joint ventures (JVs) are the
arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting, meaning they
are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s share of the net profit or loss of
the associates and JVs whereby the result is determined using the accounting policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an obligation or
has made a payment on behalf of the associate or JV.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTAvZnJhZzpmZTdiOWRiZGI0YTU0N2I3YTZhNDk1OTRiOWE2ZmU1Ni90ZXh0cmVnaW9uOmZlN2I5ZGJkYjRhNTQ3YjdhNmE0OTU5NGI5YTZmZTU2XzIxOTkwMjMyNTg5MDg_cad559f9-13d7-41ee-8f0b-33cc62cb9cec": {
"value": "
10.3\u00a0 \u00a0 Investments in associates and joint ventures
HEINEKEN has interests in several joint ventures and associates. The total carrying amount of these associates and joint
ventures was \u20ac4,296 million as at 31 December 2022 (2021: \u20ac4,148 million) and the total share of profit and other
comprehensive income was a profit of \u20ac177 million in 2022 (2021: \u20ac304 million). The share of profit of associates and
joint ventures includes an impairment loss of \u20ac4 million (2021: \u20ac10 million, impairment reversal).
The associate CRH (Beer) Limited (\u2018CBL\u2019) is considered to be individually material. HEINEKEN holds a shareholding of 40%
in CBL as of 29 April 2019. CBL holds a controlling interest of 51.67% in China Resources Beer (Holdings) Co. Ltd.
('CR\u00a0Beer'), a company incorporated in Hong Kong and listed on the Main Board of The Stock Exchange of Hong Kong
Limited, operating in the beer business in China. Consequently, HEINEKEN has an effective 20.67% economic interest in
CR Beer. Based on the closing share price of HKD54.55 as at 31 December 2022 (2021: HKD63.85), the fair value of this
economic interest in CR Beer amounts to \u20ac4,398 million (2021: \u20ac4,847 million). The carrying amount of CBL as at
31\u00a0December 2022 amounts to \u20ac2,908 million (2021: \u20ac2,752 million).
Set out below is the summarised financial information of CR Beer, not adjusted for the percentage of ownership held by
HEINEKEN. The financial information has been amended to reflect adjustments made by HEINEKEN when using the
equity method (such as fair value adjustments). Due to a difference in reporting timelines, the financial information is
included with a two-month delay. This means that the financial information included relates to the period November
2021-October 2022. The reconciliation of the summarised financial information to the carrying amount of the effective
interest in CR Beer is also presented.
| | |
| | |
Summarised balance sheet (100%) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Reconciliation to carrying amount | | |
| | |
| | |
Other comprehensive income | | |
| | |
| | |
| | |
| | |
Company\u2019s share in % | | |
| | |
| | |
| | |
| | |
| November 2021 to October 2022 | November 2020 to October 2021 |
Summarised income statement (100%) | | |
| | |
| | |
Other comprehensive income | | |
Total comprehensive income | | |
| | |
| | |
1Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are considered to be
individually\u00a0immaterial.
\u00a0 Accounting policies\u00a0 Associates are entities in which HEINEKEN has significant influence, but not control or joint control. Significant influence
is generally obtained by ownership of more than 20% but less than 50% of the voting rights. Joint ventures (JVs) are the
arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting, meaning they
are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s share of the net profit or loss of
the associates and JVs whereby the result is determined using the accounting policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an obligation or
has made a payment on behalf of the associate or JV.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTAvZnJhZzpmZTdiOWRiZGI0YTU0N2I3YTZhNDk1OTRiOWE2ZmU1Ni90ZXh0cmVnaW9uOmZlN2I5ZGJkYjRhNTQ3YjdhNmE0OTU5NGI5YTZmZTU2XzE0NA_bdd4b1cb-50c2-4bc4-87db-402f6b104527": {
"value": "4296000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTAvZnJhZzpmZTdiOWRiZGI0YTU0N2I3YTZhNDk1OTRiOWE2ZmU1Ni90ZXh0cmVnaW9uOmZlN2I5ZGJkYjRhNTQ3YjdhNmE0OTU5NGI5YTZmZTU2XzE3Mw_fda0ea6f-327a-48cd-868f-98c0b113639c": {
"value": "4148000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTAvZnJhZzpmZTdiOWRiZGI0YTU0N2I3YTZhNDk1OTRiOWE2ZmU1Ni90ZXh0cmVnaW9uOmZlN2I5ZGJkYjRhNTQ3YjdhNmE0OTU5NGI5YTZmZTU2XzIxOTkwMjMyNTg5MDk_1af4ce00-791c-4231-849a-5e65524b6340": {
"value": "
Associates are entities in which HEINEKEN has significant influence, but not control or joint control. Significant influence
is generally obtained by ownership of more than 20% but less than 50% of the voting rights. Joint ventures (JVs) are the
arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting, meaning they
are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s share of the net profit or loss of
the associates and JVs whereby the result is determined using the accounting policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an obligation or
has made a payment on behalf of the associate or JV.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTAvZnJhZzpmZTdiOWRiZGI0YTU0N2I3YTZhNDk1OTRiOWE2ZmU1Ni90ZXh0cmVnaW9uOmZlN2I5ZGJkYjRhNTQ3YjdhNmE0OTU5NGI5YTZmZTU2XzIxOTkwMjMyNTg5MDk_52eeb32a-6443-4781-8b5c-580b99ab14f0": {
"value": "
Associates are entities in which HEINEKEN has significant influence, but not control or joint control. Significant influence
is generally obtained by ownership of more than 20% but less than 50% of the voting rights. Joint ventures (JVs) are the
arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting, meaning they
are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s share of the net profit or loss of
the associates and JVs whereby the result is determined using the accounting policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an obligation or
has made a payment on behalf of the associate or JV.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTAvZnJhZzpmZTdiOWRiZGI0YTU0N2I3YTZhNDk1OTRiOWE2ZmU1Ni90ZXh0cmVnaW9uOmZlN2I5ZGJkYjRhNTQ3YjdhNmE0OTU5NGI5YTZmZTU2XzIxOTkwMjMyNTg5MDk_b232d2e2-8c99-44bb-bfd8-12d867e9ce5f": {
"value": "
Associates are entities in which HEINEKEN has significant influence, but not control or joint control. Significant influence
is generally obtained by ownership of more than 20% but less than 50% of the voting rights. Joint ventures (JVs) are the
arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting, meaning they
are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s share of the net profit or loss of
the associates and JVs whereby the result is determined using the accounting policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an obligation or
has made a payment on behalf of the associate or JV.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzE4NjkxNjk3NjczNDA3_532f235b-9ed0-49c4-935b-14ec78f946d4": {
"value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and bank loans
(refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value changes of financial
assets and liabilities measured at fair value, transactional foreign exchange gains and losses (on a net basis), monetary
gain resulting from hyperinflation accounting, unwinding of discount on provisions and interest on the net defined
benefit obligation.
| | | |
| | | |
| | | |
| | | |
| | | |
Dividend income from fair value through OCI investments | | | |
Net change in fair value of derivatives | | | |
Net foreign exchange gain/(loss)1 | | | |
Net monetary gain arising from hyperinflationary economies | | | |
Unwinding discount on provisions | | | |
Interest on the net defined benefit obligation | | | |
| | | |
Other net finance income/(expenses) | | | |
| | | |
Net finance income/(expenses) | | | |
1Transactional foreign exchange effects of working capital and foreign currency-denominated loans, the latter being partially offset by the net change in fair value
of derivatives.
Interest expenses include the interest component of lease liabilities of \u20ac49 million (2021: \u20ac58 million). The line other in 2021
mainly includes \u20ac96 million of finance income due to the recognition of tax credits in Brazil, refer to note 6.2.
In 2022, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia, refer to note 5(c).
\u00a0 Accounting policies Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive payment is
established, which is the ex-dividend date in the case of quoted securities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzE4NjkxNjk3NjczNDA3_6b7d4136-14bc-4490-8229-aa1747b66b79": {
"value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and bank loans
(refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value changes of financial
assets and liabilities measured at fair value, transactional foreign exchange gains and losses (on a net basis), monetary
gain resulting from hyperinflation accounting, unwinding of discount on provisions and interest on the net defined
benefit obligation.
| | | |
| | | |
| | | |
| | | |
| | | |
Dividend income from fair value through OCI investments | | | |
Net change in fair value of derivatives | | | |
Net foreign exchange gain/(loss)1 | | | |
Net monetary gain arising from hyperinflationary economies | | | |
Unwinding discount on provisions | | | |
Interest on the net defined benefit obligation | | | |
| | | |
Other net finance income/(expenses) | | | |
| | | |
Net finance income/(expenses) | | | |
1Transactional foreign exchange effects of working capital and foreign currency-denominated loans, the latter being partially offset by the net change in fair value
of derivatives.
Interest expenses include the interest component of lease liabilities of \u20ac49 million (2021: \u20ac58 million). The line other in 2021
mainly includes \u20ac96 million of finance income due to the recognition of tax credits in Brazil, refer to note 6.2.
In 2022, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia, refer to note 5(c).
\u00a0 Accounting policies Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive payment is
established, which is the ex-dividend date in the case of quoted securities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzE4NjkxNjk3NjczNDA3_767dd420-9628-4828-80d5-51ecc2b44486": {
"value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and bank loans
(refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value changes of financial
assets and liabilities measured at fair value, transactional foreign exchange gains and losses (on a net basis), monetary
gain resulting from hyperinflation accounting, unwinding of discount on provisions and interest on the net defined
benefit obligation.
| | | |
| | | |
| | | |
| | | |
| | | |
Dividend income from fair value through OCI investments | | | |
Net change in fair value of derivatives | | | |
Net foreign exchange gain/(loss)1 | | | |
Net monetary gain arising from hyperinflationary economies | | | |
Unwinding discount on provisions | | | |
Interest on the net defined benefit obligation | | | |
| | | |
Other net finance income/(expenses) | | | |
| | | |
Net finance income/(expenses) | | | |
1Transactional foreign exchange effects of working capital and foreign currency-denominated loans, the latter being partially offset by the net change in fair value
of derivatives.
Interest expenses include the interest component of lease liabilities of \u20ac49 million (2021: \u20ac58 million). The line other in 2021
mainly includes \u20ac96 million of finance income due to the recognition of tax credits in Brazil, refer to note 6.2.
In 2022, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia, refer to note 5(c).
\u00a0 Accounting policies Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive payment is
established, which is the ex-dividend date in the case of quoted securities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzE4NjkxNjk3NjczNDA3_8dbba186-cc97-4585-9ff7-2eb3272e7cf0": {
"value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and bank loans
(refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value changes of financial
assets and liabilities measured at fair value, transactional foreign exchange gains and losses (on a net basis), monetary
gain resulting from hyperinflation accounting, unwinding of discount on provisions and interest on the net defined
benefit obligation.
| | | |
| | | |
| | | |
| | | |
| | | |
Dividend income from fair value through OCI investments | | | |
Net change in fair value of derivatives | | | |
Net foreign exchange gain/(loss)1 | | | |
Net monetary gain arising from hyperinflationary economies | | | |
Unwinding discount on provisions | | | |
Interest on the net defined benefit obligation | | | |
| | | |
Other net finance income/(expenses) | | | |
| | | |
Net finance income/(expenses) | | | |
1Transactional foreign exchange effects of working capital and foreign currency-denominated loans, the latter being partially offset by the net change in fair value
of derivatives.
Interest expenses include the interest component of lease liabilities of \u20ac49 million (2021: \u20ac58 million). The line other in 2021
mainly includes \u20ac96 million of finance income due to the recognition of tax credits in Brazil, refer to note 6.2.
In 2022, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia, refer to note 5(c).
\u00a0 Accounting policies Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive payment is
established, which is the ex-dividend date in the case of quoted securities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzE4NjkxNjk3NjczNDA3_df987157-7132-44cf-8cb2-ad795ff87433": {
"value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and bank loans
(refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value changes of financial
assets and liabilities measured at fair value, transactional foreign exchange gains and losses (on a net basis), monetary
gain resulting from hyperinflation accounting, unwinding of discount on provisions and interest on the net defined
benefit obligation.
| | | |
| | | |
| | | |
| | | |
| | | |
Dividend income from fair value through OCI investments | | | |
Net change in fair value of derivatives | | | |
Net foreign exchange gain/(loss)1 | | | |
Net monetary gain arising from hyperinflationary economies | | | |
Unwinding discount on provisions | | | |
Interest on the net defined benefit obligation | | | |
| | | |
Other net finance income/(expenses) | | | |
| | | |
Net finance income/(expenses) | | | |
1Transactional foreign exchange effects of working capital and foreign currency-denominated loans, the latter being partially offset by the net change in fair value
of derivatives.
Interest expenses include the interest component of lease liabilities of \u20ac49 million (2021: \u20ac58 million). The line other in 2021
mainly includes \u20ac96 million of finance income due to the recognition of tax credits in Brazil, refer to note 6.2.
In 2022, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia, refer to note 5(c).
\u00a0 Accounting policies Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive payment is
established, which is the ex-dividend date in the case of quoted securities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzIxOTkwMjMyNTY3MTQ_91a27105-7485-4d75-8f16-b4daa28aa17d": {
"value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and bank loans
(refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value changes of financial
assets and liabilities measured at fair value, transactional foreign exchange gains and losses (on a net basis), monetary
gain resulting from hyperinflation accounting, unwinding of discount on provisions and interest on the net defined
benefit obligation.
| | | |
| | | |
| | | |
| | | |
| | | |
Dividend income from fair value through OCI investments | | | |
Net change in fair value of derivatives | | | |
Net foreign exchange gain/(loss)1 | | | |
Net monetary gain arising from hyperinflationary economies | | | |
Unwinding discount on provisions | | | |
Interest on the net defined benefit obligation | | | |
| | | |
Other net finance income/(expenses) | | | |
| | | |
Net finance income/(expenses) | | | |
1Transactional foreign exchange effects of working capital and foreign currency-denominated loans, the latter being partially offset by the net change in fair value
of derivatives.
Interest expenses include the interest component of lease liabilities of \u20ac49 million (2021: \u20ac58 million). The line other in 2021
mainly includes \u20ac96 million of finance income due to the recognition of tax credits in Brazil, refer to note 6.2.
In 2022, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia, refer to note 5(c).
\u00a0 Accounting policies Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive payment is
established, which is the ex-dividend date in the case of quoted securities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzIxOTkwMjMyNTY3MTU_98cc2c51-1068-4406-8399-bdd2f08b6000": {
"value": "
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive payment is
established, which is the ex-dividend date in the case of quoted securities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzIxOTkwMjMyNTY3MTU_ada46687-d48d-45ac-93b2-6e64359d8c8a": {
"value": "
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive payment is
established, which is the ex-dividend date in the case of quoted securities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTYvZnJhZzpkNDZhZDk2ODgxNzI0NDFhYmNkYzBjODY5ZGRiYmJiZC90ZXh0cmVnaW9uOmQ0NmFkOTY4ODE3MjQ0MWFiY2RjMGM4NjlkZGJiYmJkXzExNjE_ca71f320-cd5d-4650-8b0f-b436b88db676": {
"value": "
Interest income and expenses are recognised as they accrue, using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18xOTkvZnJhZzo3OGViODJjYjRhNmU0YjU1ODg2NTEyMjFhNzJlZjk3Ny90ZXh0cmVnaW9uOjc4ZWI4MmNiNGE2ZTRiNTU4ODY1MTIyMWE3MmVmOTc3XzIxOTkwMjMyNTY5NjY_afa10acc-9ff7-49ce-85c1-3632a51fdceb": {
"value": "
11.2\u00a0 \u00a0 Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. In general bank overdrafts form an integral part of
HEINEKEN\u2019s cash management and are included as a component of cash and cash equivalents in the statement of
cash\u00a0flows.\u00a0
| | | |
| | | |
Cash and cash equivalents | | | |
| | | |
Cash and cash equivalents in the statement of cash flows | | | |
11.5. The following table presents recognised 'Cash and cash equivalents' and 'Bank overdrafts', and the impact of the netting
of gross amounts. The 'Net amount' below refers to the impact on HEINEKEN's balance sheet if all amounts subject to
legal offset rights are netted.
| | | | |
| |
| | Net amounts presented in the statement of financial position | Amounts subject to legal offset rights | |
| | | | |
Cash and cash equivalents | | | | |
| | | | |
| | | | |
| | | | |
| |
| | | | |
Cash and cash equivalents | | | | |
| | | | |
| | | | |
Changes in borrowings\u00a0
In 2022, the decrease in borrowings is mainly due to the repayment of bonds and bank loans, which exceeds the
proceeds from bank loans and other interest-bearing liabilities incurred.
Cash flows from financing activities are mainly generated by bonds, commercial paper, bank loans and other interest-
bearing liabilities presented above. Additionally, HEINEKEN also uses derivatives related to its financing, which can be
recognised as assets or liabilities. The above table details the reconciliation of the liabilities and assets arising from
financing activities to the cash flow from financing activities. Bank overdrafts form an integral part of HEINEKEN\u2019s cash
management and are included as a component of cash and cash equivalents in the statement of cash flows. For more
information on derivatives refer to note 11.6.
The average effective interest rate on the net debt position as at 31 December 2022 was 2.8% (2021: 2.7%). The
average maturity of the bonds as at 31 December 2022 was 7 years (2021: 8 years).
Centrally available financing headroom
The centrally available financing headroom at Group level was approximately \u20ac3.6 billion as at 31 December 2022
(2021: \u20ac4.6 billion) and consisted of the undrawn revolving credit facility and centrally available cash.
\u00a0 Accounting estimates and judgements Judgement is required to determine the lease term and the incremental borrowing rate. The assessment of whether
HEINEKEN is reasonably certain to exercise extension options or not to make use of termination options impacts the
lease term, which as a result could affect the amount of lease liabilities recognised. The assumptions used in the
determination of the incremental borrowing rate could impact the rate used in discounting future payments, which as a
result could have an impact on the amount of lease liabilities recognised.
\u00a0 Accounting policies Borrowings
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 cash and cash
equivalents and derivatives refer to notes 11.2 and 11.6, respectively.
Lease liabilities
Lease liabilities are measured at the present value of the lease payments to be paid during the lease term, discounted
using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest cost on the lease
liabilities and decreased by lease payments made. The lease liabilities will be remeasured when there is a change in the
amount to be paid (e.g. due to indexation) or when there is a change in the assessment of the lease terms.
The IBR is determined on a country level. For each country, there are separate rates depending on the contract currency
and the term of the lease. The IBR is calculated based on the local risk-free rate plus a country default spread and a credit
spread.
The lease term is determined as the non-cancellable period of a lease, together with:
\u2013Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of that option
\u2013Periods covered by an option to terminate the lease if HEINEKEN is reasonably certain not to make use of that option
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
\u2013Include non-lease components in the lease liability for equipment leases",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMDIvZnJhZzpmZWFiODA0MDI3ZGM0YmRiYjZiNzFjODEwYTZiM2YxMS90ZXh0cmVnaW9uOmZlYWI4MDQwMjdkYzRiZGJiNmI3MWM4MTBhNmIzZjExXzIxOTkwMjMyNTk4NDM_cd5a9f4a-e66b-419c-8bec-9970a9e847f4": {
"value": "
Borrowings
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 cash and cash
equivalents and derivatives refer to notes 11.2 and 11.6, respectively.
Lease liabilities
Lease liabilities are measured at the present value of the lease payments to be paid during the lease term, discounted
using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest cost on the lease
liabilities and decreased by lease payments made. The lease liabilities will be remeasured when there is a change in the
amount to be paid (e.g. due to indexation) or when there is a change in the assessment of the lease terms.
The IBR is determined on a country level. For each country, there are separate rates depending on the contract currency
and the term of the lease. The IBR is calculated based on the local risk-free rate plus a country default spread and a credit
spread.
The lease term is determined as the non-cancellable period of a lease, together with:
\u2013Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of that option
\u2013Periods covered by an option to terminate the lease if HEINEKEN is reasonably certain not to make use of that option
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
\u2013Include non-lease components in the lease liability for equipment leases",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMDIvZnJhZzpmZWFiODA0MDI3ZGM0YmRiYjZiNzFjODEwYTZiM2YxMS90ZXh0cmVnaW9uOmZlYWI4MDQwMjdkYzRiZGJiNmI3MWM4MTBhNmIzZjExXzE4NjkxNjk3Njc2OTQw_94d70c92-f1ff-4252-8382-ad3819fe4f9d": {
"value": "
Borrowings
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 cash and cash
equivalents and derivatives refer to notes 11.2 and 11.6, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMDUvZnJhZzo4MmUzNzEzYjQ3YjM0YWZhYjcyZTRhYmU5MWIyMTVmNy90ZXh0cmVnaW9uOjgyZTM3MTNiNDdiMzRhZmFiNzJlNGFiZTkxYjIxNWY3XzIxOTkwMjMyNTk3MjM_11458a87-7e9d-469e-ad1f-c908f4547189": {
"value": "
11.4\u00a0 \u00a0 Capital and reserves
Share capital
Refer to the table below for the issued share capital as at 31 December. All issued shares are fully paid.
| | | | |
| | |
| | Nominal value in millions of \u20ac | | Nominal value in millions of \u20ac |
| | | | |
| | | | |
| | | | |
policy not to enter into speculative transactions. In the normal course of business HEINEKEN is exposed to the following financial risks:
\u2013Credit risk
\u2013Liquidity risk
\u2013Market risk
Credit risk
Credit risk is the risk of a loss to HEINEKEN when a customer or counterparty fails to pay.
All local operations are required to comply with the Global Credit Policy and develop local credit management procedures
accordingly. HEINEKEN reviews and updates the Global Credit Policy periodically to ensure that adequate controls are in
place to mitigate credit risk.
Credit risk arises mainly from HEINEKEN\u2019s receivables from customers like trade receivables, loans to customers and
advances to customers. At the balance sheet date, there were no significant concentrations of credit risk.
Loans and advances to customers
HEINEKEN\u2019s loans and receivables include loans and advances to customers. Loans and advances to customers are
usually backed by collateral such as properties. HEINEKEN charges interest on loans to its customers.
Trade and other receivables
HEINEKEN\u2019s local management has credit policies in place and the exposure to credit risk is monitored on an ongoing
basis. Under these policies, all customers requiring credit above a certain amount are reviewed and new customers are
analysed individually for creditworthiness before HEINEKEN\u2019s standard payment and delivery terms and conditions are
offered. This review can include external ratings, where available, and in some cases bank references. Credit limits are
determined for each customer and are reviewed regularly. Customers that fail to meet HEINEKEN\u2019s credit requirements
transact only with HEINEKEN on either a prepayment or cash on delivery basis.
Customers are monitored, on a country basis, according to their credit risk characteristics. A distinction is made between
individuals and legal entities, type of distribution channel, geographic location, ageing profile, maturity and existence of
previous financial difficulties.
HEINEKEN has a policy in place in respect of compliance with Anti-Money Laundering Laws. HEINEKEN considers it
important to know with whom business is done and from whom payments are received.
Allowances
HEINEKEN establishes allowances for impairment of loans and advances to customers, trade and other receivables using
an expected credit losses model. These allowances cover specific loss components that relate to individual exposures, and
a collective loss component established for groups of similar customers. The collective loss allowance is determined based
on historical data of payment statistics and updated periodically to incorporate forward-looking information.
The loans and advances to customers, trade and other receivables are written off when there is no reasonable
expectation of recovery.
Due to the macro-economic environment and uncertainties including increasing inflationary pressure on HEINEKEN\u2019s
customers, more judgement is required in the calculation of expected credit losses compared to previous years. As part of
these assessments, HEINEKEN has incorporated all reasonable and supportable information available such as whether
there has been a breach of payment terms or deterioration of payment against payment terms, a request for extended
payment terms or a request for waived payment terms.
Investments
HEINEKEN invests centrally available cash balances in deposits and liquid investments with various counterparties that
have strong credit ratings. HEINEKEN actively monitors these credit ratings.
Guarantees
HEINEKEN\u2019s policy is to avoid issuing guarantees unless this leads to substantial benefits for HEINEKEN. For some loans
to customers HEINEKEN does issue guarantees. In these cases, HEINEKEN aims to receive security from the customer to
limit the credit risk exposure.
Heineken N.V. has issued a joint and several liability statements to the provisions of Section 403, Part 9, Book 2 of the
Dutch Civil Code with respect to legal entities established in the Netherlands. Refer to note A.1 of the Company financial
statements.\u00a0
Exposure to credit risk
The maximum exposure to credit risk as at 31 December is as follows:
| | | |
| | | |
Cash and cash equivalents | | | |
Trade and other receivables, excluding prepayments | | | |
| | | |
Fair value through OCI investments | | | |
Loans and advances to customers | | | |
Other non-current receivables | | | |
Guarantees to banks for loans (to third parties) | | | |
| | | |
The exposure to credit risk by segment for trade and other receivables excluding prepayments is as follows:
Liquidity risk
Liquidity risk is the risk that HEINEKEN will have difficulties meeting payment obligations associated with its financial
liabilities, like payment of financial debt or trade payables when they are due. HEINEKEN\u2019s 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. We have strict credit policies in place, which help safeguard liquidity especially in macro-
economic downturn.
HEINEKEN remains focused 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.
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Interest-bearing liabilities | | | | | |
| | | | | |
Trade and other payables and returnable packaging deposits (excluding interest payable, dividends and including non-current part) | | | | | |
Derivative financial assets and (liabilities) | | | | | |
Cross-currency interest rate swaps | | | | | |
Forward exchange contracts | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Interest-bearing liabilities | | | | | |
| | | | | |
Trade and other payables and returnable packaging deposits (excluding interest payable, dividends and including non-current part) | | | | | |
Derivative financial assets and (liabilities) | | | | | |
Cross-currency interest rate swaps | | | | | |
Forward exchange contracts | | | | | |
| | | | | |
| | | | | |
| | | | | |
For more information on the derivative assets and liabilities refer to note 11.6.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, commodity prices and
equity prices, will adversely affect HEINEKEN\u2019s income or the value of its financial instruments. In 2022, we witnessed
increased volatility in financial and commodity markets. The objective of HEINEKEN's market risk management is to
manage and control market risk exposures within acceptable boundaries.
HEINEKEN enters into derivatives and other financial liabilities to manage market risks. Generally, HEINEKEN seeks to
apply hedge accounting or establish natural hedges to minimise the impact of market risks in profit or loss. Foreign
currency, interest rate and commodity hedging operations are governed by internal policies and rules.
Foreign currency risk
HEINEKEN is exposed to:\u00a0
\u2013Transactional risk on (future) sales, working capital, (future) purchases, deposits, borrowings and dividends
denominated in a currency other than the respective functional currencies of HEINEKEN entities
\u2013Translational risk, which is the risk resulting from the translation of foreign operations into the reporting currency of
HEINEKEN
The main currencies that give rise to this risk are the US Dollar, Mexican Peso, Brazilian Real, British Pound, Vietnamese
Dong and Euro. In 2022, the transactional foreign exchange risk was hedged in line with the hedging policy to the extent
possible. The resulting transactional impact was slightly negative, whereas the translational impact was positive.
In managing foreign currency risk, HEINEKEN aims to ensure the availability of foreign currencies and to reduce the
impact of short-term fluctuations on earnings. Over the longer term, however, permanent changes in foreign exchange
rates and the availability of foreign currencies, especially in emerging markets, will have an impact on profit.
HEINEKEN hedges up to 90% of its net US Dollar export cash flows on the basis of rolling cash flow forecasts of sales and
purchases. Material cash flows in other foreign currencies are also hedged on the basis of rolling cash flow forecasts. For
this hedging, HEINEKEN mainly uses forward exchange contracts. The majority of the forward exchange contracts have
maturities of less than one year after the balance sheet date.
HEINEKEN has a clear policy on hedging transactional exchange risks. Translation exchange risks are hedged to a limited
extent, as the underlying currency positions are generally considered to be long-term in nature. The result of the hedging
of translation risk, using net investment hedges is recognised in the translation reserve, as can be seen in the consolidated
statement of comprehensive income.
HEINEKEN's policy is to hedge material recognised transactional exposure like trade payables, receivables, borrowings
and declared dividends. For material unrecognised transactional exposures like forecasted sales in foreign currencies,
HEINEKEN hedges the exposure between agreed percentages according to the policy.
It is HEINEKEN\u2019s policy to provide intra-HEINEKEN financing in the functional currency of subsidiaries where possible to
prevent foreign currency exposure on a subsidiary level. The resulting exposure at Group level is hedged by means of
foreign-currency denominated external debts and by forward exchange contracts. Intra-HEINEKEN financing in foreign
currencies is mainly in British Pound, US Dollar and Swiss Franc. In some cases, HEINEKEN elects to treat intra-HEINEKEN
financing with a permanent character as equity and does not hedge the foreign currency exposure.
HEINEKEN has financial liabilities in foreign currencies like US Dollar and British Pound to hedge local operations, which
generate cash flows that have the same or closely correlated functional currencies. The corresponding interest on these
liabilities is also denominated in currencies that match the cash flows generated by the underlying operations of HEINEKEN.
In respect of other monetary assets and liabilities denominated in currencies other than the functional currencies of
HEINEKEN, HEINEKEN ensures that its net exposure is kept to an acceptable level by buying or selling foreign currencies
at spot rates when necessary to address short-term imbalances.\u00a0
Exposure to foreign currency risk
Based on notional amounts, HEINEKEN's transactional exposure to the US Dollar and Euro as at 31 December is as
follows. The Euro column relates to transactional exposure to the Euro within subsidiaries which are reporting in other
currencies. The amounts below include intra-HEINEKEN cash flows.\u00a0
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Gross balance sheet exposure | | | | |
Estimated forecast sales next year | | | | |
Estimated forecast purchases next year | | | | |
| | | | |
Net notional amounts foreign exchange contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The sensitivity analysis above shows the impact on equity and profit of a 10% strengthening of the US Dollar against the
Euro or, in the case of the Euro, a strengthening of the Euro against all other currencies as at 31 December 2022. This
analysis assumes that all other variables, in particular interest rates, remain constant. In the case of a 10% weakening, the
effects are equal but with an opposite effect.
Interest rate risk
Interest rate risk is the risk that changes in market interest rates affect the fair value or cash flows of a financial
instrument. The most significant interest rate risk for HEINEKEN relates to borrowings (note 11.3).
By managing interest rate risk, HEINEKEN aims to reduce the impact of short-term fluctuations on earnings. Over the
longer term, however, permanent changes in interest rates will have an impact on profit.
HEINEKEN opts for a mix of fixed and variable interest rate financial instruments like bonds, commercial paper and bank
loans, combined with the use of derivative interest rate instruments. Currently, HEINEKEN\u2019s interest rate position is more
weighted towards fixed than floating. Interest rate derivative instruments that can be used are (cross-currency) interest
rate swaps, forward rate agreements, caps and floors.
Interest rate risk \u2013 profile
At the reporting date, the interest rate profile of HEINEKEN\u2019s interest-bearing financial instruments is as follows:
| | |
| | |
| | |
| | |
| | |
Cross-currency interest rate swaps | | |
| | |
| | |
Variable rate instruments | | |
| | |
| | |
Cross-currency interest rate swaps | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMDgvZnJhZzpmZDE4OGVlODUzMDE0YjMxOGUwZDc2YTA2ODJkODJlZi90ZXh0cmVnaW9uOmZkMTg4ZWU4NTMwMTRiMzE4ZTBkNzZhMDY4MmQ4MmVmXzIxOTkwMjMyNjg4MzE_c2eb2482-c0f7-4c8f-b2e3-d3205a5bf5dd": {
"value": "
Liquidity risk
Liquidity risk is the risk that HEINEKEN will have difficulties meeting payment obligations associated with its financial
liabilities, like payment of financial debt or trade payables when they are due. HEINEKEN\u2019s 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. We have strict credit policies in place, which help safeguard liquidity especially in macro-
economic downturn.
HEINEKEN remains focused 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMDgvZnJhZzpmZDE4OGVlODUzMDE0YjMxOGUwZDc2YTA2ODJkODJlZi90ZXh0cmVnaW9uOmZkMTg4ZWU4NTMwMTRiMzE4ZTBkNzZhMDY4MmQ4MmVmXzIxOTkwMjMyNjg4MzI_293396c0-eea4-48a4-91a5-79d0cc51c642": {
"value": "
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.
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Interest-bearing liabilities | | | | | |
| | | | | |
Trade and other payables and returnable packaging deposits (excluding interest payable, dividends and including non-current part) | | | | | |
Derivative financial assets and (liabilities) | | | | | |
Cross-currency interest rate swaps | | | | | |
Forward exchange contracts | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Interest-bearing liabilities | | | | | |
| | | | | |
Trade and other payables and returnable packaging deposits (excluding interest payable, dividends and including non-current part) | | | | | |
Derivative financial assets and (liabilities) | | | | | |
Cross-currency interest rate swaps | | | | | |
Forward exchange contracts | | | | | |
| | | | | |
| | | | | |
| | | | | |
.",
"dimensions": {
"concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMDgvZnJhZzpmZDE4OGVlODUzMDE0YjMxOGUwZDc2YTA2ODJkODJlZi90ZXh0cmVnaW9uOmZkMTg4ZWU4NTMwMTRiMzE4ZTBkNzZhMDY4MmQ4MmVmXzIxOTkwMjMyNjg4MzM_119b08a6-32a4-42fd-a03c-3b7c7ea2f794": {
"value": "
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, commodity prices and
equity prices, will adversely affect HEINEKEN\u2019s income or the value of its financial instruments. In 2022, we witnessed
increased volatility in financial and commodity markets. The objective of HEINEKEN's market risk management is to
manage and control market risk exposures within acceptable boundaries.
HEINEKEN enters into derivatives and other financial liabilities to manage market risks. Generally, HEINEKEN seeks to
apply hedge accounting or establish natural hedges to minimise the impact of market risks in profit or loss. Foreign
currency, interest rate and commodity hedging operations are governed by internal policies and rules.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMDgvZnJhZzpmZDE4OGVlODUzMDE0YjMxOGUwZDc2YTA2ODJkODJlZi90ZXh0cmVnaW9uOmZkMTg4ZWU4NTMwMTRiMzE4ZTBkNzZhMDY4MmQ4MmVmXzIxOTkwMjMyNjg4MzQ_3c0424d2-bd7c-4666-ba8e-ce661346741b": {
"value": "
Foreign currency risk
HEINEKEN is exposed to:\u00a0
\u2013Transactional risk on (future) sales, working capital, (future) purchases, deposits, borrowings and dividends
denominated in a currency other than the respective functional currencies of HEINEKEN entities
\u2013Translational risk, which is the risk resulting from the translation of foreign operations into the reporting currency of
HEINEKEN
The main currencies that give rise to this risk are the US Dollar, Mexican Peso, Brazilian Real, British Pound, Vietnamese
Dong and Euro. In 2022, the transactional foreign exchange risk was hedged in line with the hedging policy to the extent
possible. The resulting transactional impact was slightly negative, whereas the translational impact was positive.
In managing foreign currency risk, HEINEKEN aims to ensure the availability of foreign currencies and to reduce the
impact of short-term fluctuations on earnings. Over the longer term, however, permanent changes in foreign exchange
rates and the availability of foreign currencies, especially in emerging markets, will have an impact on profit.
HEINEKEN hedges up to 90% of its net US Dollar export cash flows on the basis of rolling cash flow forecasts of sales and
purchases. Material cash flows in other foreign currencies are also hedged on the basis of rolling cash flow forecasts. For
this hedging, HEINEKEN mainly uses forward exchange contracts. The majority of the forward exchange contracts have
maturities of less than one year after the balance sheet date.
HEINEKEN has a clear policy on hedging transactional exchange risks. Translation exchange risks are hedged to a limited
extent, as the underlying currency positions are generally considered to be long-term in nature. The result of the hedging
of translation risk, using net investment hedges is recognised in the translation reserve, as can be seen in the consolidated
statement of comprehensive income.
HEINEKEN's policy is to hedge material recognised transactional exposure like trade payables, receivables, borrowings
and declared dividends. For material unrecognised transactional exposures like forecasted sales in foreign currencies,
HEINEKEN hedges the exposure between agreed percentages according to the policy.
It is HEINEKEN\u2019s policy to provide intra-HEINEKEN financing in the functional currency of subsidiaries where possible to
prevent foreign currency exposure on a subsidiary level. The resulting exposure at Group level is hedged by means of
foreign-currency denominated external debts and by forward exchange contracts. Intra-HEINEKEN financing in foreign
currencies is mainly in British Pound, US Dollar and Swiss Franc. In some cases, HEINEKEN elects to treat intra-HEINEKEN
financing with a permanent character as equity and does not hedge the foreign currency exposure.
HEINEKEN has financial liabilities in foreign currencies like US Dollar and British Pound to hedge local operations, which
generate cash flows that have the same or closely correlated functional currencies. The corresponding interest on these
liabilities is also denominated in currencies that match the cash flows generated by the underlying operations of HEINEKEN.
In respect of other monetary assets and liabilities denominated in currencies other than the functional currencies of
HEINEKEN, HEINEKEN ensures that its net exposure is kept to an acceptable level by buying or selling foreign currencies
at spot rates when necessary to address short-term imbalances.\u00a0
Exposure to foreign currency risk
Based on notional amounts, HEINEKEN's transactional exposure to the US Dollar and Euro as at 31 December is as
follows. The Euro column relates to transactional exposure to the Euro within subsidiaries which are reporting in other
currencies. The amounts below include intra-HEINEKEN cash flows.\u00a0
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Gross balance sheet exposure | | | | |
Estimated forecast sales next year | | | | |
Estimated forecast purchases next year | | | | |
| | | | |
Net notional amounts foreign exchange contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The sensitivity analysis above shows the impact on equity and profit of a 10% strengthening of the US Dollar against the
Euro or, in the case of the Euro, a strengthening of the Euro against all other currencies as at 31 December 2022. This
analysis assumes that all other variables, in particular interest rates, remain constant. In the case of a 10% weakening, the
effects are equal but with an opposite effect.
Interest rate risk
Interest rate risk is the risk that changes in market interest rates affect the fair value or cash flows of a financial
instrument. The most significant interest rate risk for HEINEKEN relates to borrowings (note 11.3).
By managing interest rate risk, HEINEKEN aims to reduce the impact of short-term fluctuations on earnings. Over the
longer term, however, permanent changes in interest rates will have an impact on profit.
HEINEKEN opts for a mix of fixed and variable interest rate financial instruments like bonds, commercial paper and bank
loans, combined with the use of derivative interest rate instruments. Currently, HEINEKEN\u2019s interest rate position is more
weighted towards fixed than floating. Interest rate derivative instruments that can be used are (cross-currency) interest
rate swaps, forward rate agreements, caps and floors.
Interest rate risk \u2013 profile
At the reporting date, the interest rate profile of HEINEKEN\u2019s interest-bearing financial instruments is as follows:
| | |
| | |
| | |
| | |
| | |
Cross-currency interest rate swaps | | |
| | |
| | |
Variable rate instruments | | |
| | |
| | |
Cross-currency interest rate swaps | | |
| | |
1Non-current derivative assets and liabilities are part of 'Other non-current assets' (note 8.4) and 'Other non-current liabilities' respectively.
Generally, HEINEKEN seeks to apply hedge accounting or make use of natural hedges in order to minimise profit and loss
or cash flow volatility. Refer to the table below for derivatives that are used in hedge accounting:
| | | | |
| | | | |
| | | | |
No hedge accounting - Other | | | | |
Cash flow hedge - Forwards | | | | |
Cash flow hedge - Commodity forwards | | | | |
| | | | |
Net investment hedge - CCIRS | | | | |
Net investment hedge - Forwards | | | | |
| | | | |
Cash flow hedges
The hedging of future, highly probable forecasted transactions are designated as cash flow hedges. Cash flow hedges
are entered into to cover commodity price risk and transactional foreign exchange risk.
Net investment hedges
HEINEKEN hedges its investments in certain subsidiaries by entering into local currency-denominated borrowings,
forward contracts and cross-currency interest rate swaps, which mitigate the foreign currency translation risk arising from
the subsidiaries net assets. These borrowings, forward contracts and swaps are designated as net investment hedges and
fully effective, as such, there was no ineffectiveness recognised in profit and loss in 2022 (2021: nil). As at 31 December
2022, the fair value of these borrowings was \u20ac33 million (2021: \u20ac188 million), the market value of forward contracts
was\u00a0\u20ac1 million positive (2021: \u20ac1 million negative) and the market value of these swaps was \u20ac13 million positive
(2021:\u00a0\u20ac23\u00a0million negative).
Fair value hedges
HEINEKEN has entered into several cross-currency interest rate swaps (CCIRS) which have been designated as fair value
hedges to hedge the foreign exchange rate risk on the principal amount and future interest payments of certain US
Dollar borrowings. The borrowings and the cross-currency interest rate swaps have the same critical terms. The
accumulated gain arising on derivatives as designated hedging instruments in fair value hedges amounts to \u20ac3 million as
at 31 December 2022 (2021: \u20ac13 million loss). The loss arising on the adjustment for the hedged item attributable to the
hedged risk in a designated fair value hedge accounting relationship also amounts to \u20ac3 million as at 31 December 2022
(2021: \u20ac13 million gain).
Hedge effectiveness
Hedge effectiveness is determined at the start of the hedge relationship and periodically through a prospective
effectiveness assessment to ensure that an economic relationship exists between the hedged item and the hedging
instrument. This assessment is done qualitatively by comparing the critical terms, and if needed quantitative assessments
are done using hypothetical derivatives. For the current hedges, no hedge ineffectiveness is expected.
\u00a0 Accounting policies Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on
whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge.
Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Refer to note 13.1 for fair
value measurements. Virtual power purchase agreements (such as power purchase agreements with a net settlement
mechanism and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities.
Cash flow hedge
Changes in the fair value are recognised in other comprehensive income and presented in the hedging reserve within
equity to the extent that the hedge is effective. The ineffective part is recognised as other net finance income/(expense).
When the hedged risk impacts the profit or loss, the amounts previously recognised in other comprehensive income are
recycled through other comprehensive income and transferred to the same item in the profit or loss as the hedged item.
When the hedged risk subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount
previously recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive income and
presented within equity in the translation reserve. Any ineffectiveness is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMTEvZnJhZzpmZTI5NzdmZDM1OWM0MDNlYmYzMGFhNWY4YjQxNzY5MS90ZXh0cmVnaW9uOmZlMjk3N2ZkMzU5YzQwM2ViZjMwYWE1ZjhiNDE3NjkxXzIxOTkwMjMyNjAwOTk_a9948a33-fa0b-42f3-8c34-a6187e33e620": {
"value": "
11.6\u00a0 \u00a0 Derivative financial instruments
HEINEKEN uses derivatives in order to manage market risks. Refer to the table below for the fair value of derivatives
recorded on the balance sheet of HEINEKEN as per reporting date:
1Non-current derivative assets and liabilities are part of 'Other non-current assets' (note 8.4) and 'Other non-current liabilities' respectively.
Generally, HEINEKEN seeks to apply hedge accounting or make use of natural hedges in order to minimise profit and loss
or cash flow volatility. Refer to the table below for derivatives that are used in hedge accounting:
| | | | |
| | | | |
| | | | |
No hedge accounting - Other | | | | |
Cash flow hedge - Forwards | | | | |
Cash flow hedge - Commodity forwards | | | | |
| | | | |
Net investment hedge - CCIRS | | | | |
Net investment hedge - Forwards | | | | |
| | | | |
Cash flow hedges
The hedging of future, highly probable forecasted transactions are designated as cash flow hedges. Cash flow hedges
are entered into to cover commodity price risk and transactional foreign exchange risk.
Net investment hedges
HEINEKEN hedges its investments in certain subsidiaries by entering into local currency-denominated borrowings,
forward contracts and cross-currency interest rate swaps, which mitigate the foreign currency translation risk arising from
the subsidiaries net assets. These borrowings, forward contracts and swaps are designated as net investment hedges and
fully effective, as such, there was no ineffectiveness recognised in profit and loss in 2022 (2021: nil). As at 31 December
2022, the fair value of these borrowings was \u20ac33 million (2021: \u20ac188 million), the market value of forward contracts
was\u00a0\u20ac1 million positive (2021: \u20ac1 million negative) and the market value of these swaps was \u20ac13 million positive
(2021:\u00a0\u20ac23\u00a0million negative).
Fair value hedges
HEINEKEN has entered into several cross-currency interest rate swaps (CCIRS) which have been designated as fair value
hedges to hedge the foreign exchange rate risk on the principal amount and future interest payments of certain US
Dollar borrowings. The borrowings and the cross-currency interest rate swaps have the same critical terms. The
accumulated gain arising on derivatives as designated hedging instruments in fair value hedges amounts to \u20ac3 million as
at 31 December 2022 (2021: \u20ac13 million loss). The loss arising on the adjustment for the hedged item attributable to the
hedged risk in a designated fair value hedge accounting relationship also amounts to \u20ac3 million as at 31 December 2022
(2021: \u20ac13 million gain).
Hedge effectiveness
Hedge effectiveness is determined at the start of the hedge relationship and periodically through a prospective
effectiveness assessment to ensure that an economic relationship exists between the hedged item and the hedging
instrument. This assessment is done qualitatively by comparing the critical terms, and if needed quantitative assessments
are done using hypothetical derivatives. For the current hedges, no hedge ineffectiveness is expected.
\u00a0 Accounting policies Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on
whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge.
Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Refer to note 13.1 for fair
value measurements. Virtual power purchase agreements (such as power purchase agreements with a net settlement
mechanism and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities.
Cash flow hedge
Changes in the fair value are recognised in other comprehensive income and presented in the hedging reserve within
equity to the extent that the hedge is effective. The ineffective part is recognised as other net finance income/(expense).
When the hedged risk impacts the profit or loss, the amounts previously recognised in other comprehensive income are
recycled through other comprehensive income and transferred to the same item in the profit or loss as the hedged item.
When the hedged risk subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount
previously recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive income and
presented within equity in the translation reserve. Any ineffectiveness is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMTEvZnJhZzpmZTI5NzdmZDM1OWM0MDNlYmYzMGFhNWY4YjQxNzY5MS90ZXh0cmVnaW9uOmZlMjk3N2ZkMzU5YzQwM2ViZjMwYWE1ZjhiNDE3NjkxXzIxOTkwMjMyNjAxMDA_16922d87-83c7-427a-ba13-7ce2eb1ace4e": {
"value": "
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on
whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge.
Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Refer to note 13.1 for fair
value measurements. Virtual power purchase agreements (such as power purchase agreements with a net settlement
mechanism and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities.
Cash flow hedge
Changes in the fair value are recognised in other comprehensive income and presented in the hedging reserve within
equity to the extent that the hedge is effective. The ineffective part is recognised as other net finance income/(expense).
When the hedged risk impacts the profit or loss, the amounts previously recognised in other comprehensive income are
recycled through other comprehensive income and transferred to the same item in the profit or loss as the hedged item.
When the hedged risk subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount
previously recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive income and
presented within equity in the translation reserve. Any ineffectiveness is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMTEvZnJhZzpmZTI5NzdmZDM1OWM0MDNlYmYzMGFhNWY4YjQxNzY5MS90ZXh0cmVnaW9uOmZlMjk3N2ZkMzU5YzQwM2ViZjMwYWE1ZjhiNDE3NjkxXzIxOTkwMjMyNjAxMDA_2971473f-5791-47fc-9448-1ff4d79f827d": {
"value": "
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on
whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge.
Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Refer to note 13.1 for fair
value measurements. Virtual power purchase agreements (such as power purchase agreements with a net settlement
mechanism and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities.
Cash flow hedge
Changes in the fair value are recognised in other comprehensive income and presented in the hedging reserve within
equity to the extent that the hedge is effective. The ineffective part is recognised as other net finance income/(expense).
When the hedged risk impacts the profit or loss, the amounts previously recognised in other comprehensive income are
recycled through other comprehensive income and transferred to the same item in the profit or loss as the hedged item.
When the hedged risk subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount
previously recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive income and
presented within equity in the translation reserve. Any ineffectiveness is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMTEvZnJhZzpmZTI5NzdmZDM1OWM0MDNlYmYzMGFhNWY4YjQxNzY5MS90ZXh0cmVnaW9uOmZlMjk3N2ZkMzU5YzQwM2ViZjMwYWE1ZjhiNDE3NjkxXzIxOTkwMjMyNjAxMDA_567f24ce-ec02-4f62-9841-43b1d1dfdbcf": {
"value": "
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on
whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge.
Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Refer to note 13.1 for fair
value measurements. Virtual power purchase agreements (such as power purchase agreements with a net settlement
mechanism and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities.
Cash flow hedge
Changes in the fair value are recognised in other comprehensive income and presented in the hedging reserve within
equity to the extent that the hedge is effective. The ineffective part is recognised as other net finance income/(expense).
When the hedged risk impacts the profit or loss, the amounts previously recognised in other comprehensive income are
recycled through other comprehensive income and transferred to the same item in the profit or loss as the hedged item.
When the hedged risk subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount
previously recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive income and
presented within equity in the translation reserve. Any ineffectiveness is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMTcvZnJhZzozN2RjNzQwMzkyMmU0MGVmODUyOGUwOWM5YzUyODdiMC90ZXh0cmVnaW9uOjM3ZGM3NDAzOTIyZTQwZWY4NTI4ZTA5YzljNTI4N2IwXzIxOTkwMjMyNTYxNTQ_f6baa125-5a42-400d-9211-d82fb88d1189": {
"value": "
12.1\u00a0 \u00a0 Income tax expense
Recognised in profit or loss
| | |
| | |
| | |
| | |
Under/(over) provided in prior years | | |
| | |
| | |
Origination and reversal of temporary differences, tax losses and tax credits | | |
De-recognition/(recognition) of deferred tax assets | | |
Effect of changes in tax rates | | |
Under/(over) provided in prior years | | |
| | |
Total income tax expense in profit or loss | | |
Reconciliation of the effective tax rate
| | |
| | |
| | |
Share of profit of associates and joint ventures | | |
Profit before income tax excluding share of profit of associates and joint ventures | | |
The 2022 effective tax rate includes the Russia impairment that is considered non-deductible for tax purposes. Last year\u2019s
effective tax rate was substantially decreased by the tax-exempt revaluation of the previously held equity interest in
United Breweries Limited.
For the income tax impact on items recognised in other comprehensive income and equity, refer to note 12.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMTcvZnJhZzozN2RjNzQwMzkyMmU0MGVmODUyOGUwOWM5YzUyODdiMC90YWJsZTpiMjRiMGE1NGEwYTA0ZmIwOTRkMDcyZDUzMjUzY2Q4NC90YWJsZXJhbmdlOmIyNGIwYTU0YTBhMDRmYjA5NGQwNzJkNTMyNTNjZDg0XzEtMS0xLTEtMTc0NTIy_e4fa9239-66d8-4edf-b6d6-bd4a26f4b0b9": {
"value": "4170000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMTcvZnJhZzozN2RjNzQwMzkyMmU0MGVmODUyOGUwOWM5YzUyODdiMC90YWJsZTpiMjRiMGE1NGEwYTA0ZmIwOTRkMDcyZDUzMjUzY2Q4NC90YWJsZXJhbmdlOmIyNGIwYTU0YTBhMDRmYjA5NGQwNzJkNTMyNTNjZDg0XzEtMi0xLTEtMTc0NTIy_2a04e61b-af79-41c9-8420-6b99e573c068": {
"value": "4334000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjAvZnJhZzo2ODY0N2UwMzdhZmQ0ODVkODIwMGJhMzAwMTg4MTA3Ny90ZXh0cmVnaW9uOjY4NjQ3ZTAzN2FmZDQ4NWQ4MjAwYmEzMDAxODgxMDc3XzIxOTkwMjMyNjAwOTM_819043bf-e82a-4f56-8d5d-685eb61b986a": {
"value": "
12.2\u00a0 \u00a0 Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following items:
| | | | | | |
| | | |
| | | | | | |
Property, plant and equipment | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Post-retirement obligations | | | | | | |
| | | | | | |
| | | | | | |
Tax losses carried forward | | | | | | |
| | | | | | |
| | | | | | |
Net tax assets/(liabilities) | | | | | | |
| | | | | | | | | |
| | Hyperinflation restatement to 1 January 2021 | | Hyperinflation adjustment | Effect of movements in foreign exchange | | | | |
Property, plant and equipment | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Post-retirement obligations | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Tax losses carried forward | | | | | | | | | |
Net tax assets/(liabilities) | | | | | | | | | |
\u00a0 Accounting estimates and judgements The tax legislation in the countries in which HEINEKEN operates is often complex and subject to interpretation. In
determining the current and deferred income tax position, judgement is required. New information may become
available that causes HEINEKEN to change its judgement regarding the adequacy of existing tax liabilities; such changes
to tax liabilities will impact the income tax expense in the period that such a determination is made.
\u00a0 Accounting policies Income tax comprises current and deferred tax. Current tax is the expected income tax payable or receivable in respect of
taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any
adjustment to income tax payable in respect of previous years.\u00a0
Deferred tax is a tax payable or receivable in the future and is recognised in respect of temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax is not
recognised on temporary differences related to:
\u2013The initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss
\u2013Investments in subsidiaries, associates and joint ventures to the extent that HEINEKEN is able to control the timing of the
reversal of the temporary differences and it is probable (>50% chance) that they will not reverse in the foreseeable future\u00a0
\u2013The initial recognition of non-deductible goodwill
The amount of deferred tax provided is based on the expected manner of recovery or settlement of the carrying amount
of assets and liabilities, using tax rates (substantively) enacted, at year-end.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against
which they can be utilised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets,
and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable
entities which intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the
liabilities simultaneously.
Current and deferred tax are recognised in the income statement (refer to note 12.1), except when it relates to a business
combination or for items directly recognised in equity or other comprehensive income (refer to note 12.3).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjAvZnJhZzo2ODY0N2UwMzdhZmQ0ODVkODIwMGJhMzAwMTg4MTA3Ny90ZXh0cmVnaW9uOjY4NjQ3ZTAzN2FmZDQ4NWQ4MjAwYmEzMDAxODgxMDc3XzIxOTkwMjMyNjAwOTY_48180382-74d1-4566-b063-44b4fb5754c9": {
"value": "
Income tax comprises current and deferred tax. Current tax is the expected income tax payable or receivable in respect of
taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any
adjustment to income tax payable in respect of previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjAvZnJhZzo2ODY0N2UwMzdhZmQ0ODVkODIwMGJhMzAwMTg4MTA3Ny90ZXh0cmVnaW9uOjY4NjQ3ZTAzN2FmZDQ4NWQ4MjAwYmEzMDAxODgxMDc3XzIxOTkwMjMyNjAwOTQ_2ece5ed3-c51b-4cd8-aa94-d413b6d8ff18": {
"value": "
Deferred tax is a tax payable or receivable in the future and is recognised in respect of temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax is not
recognised on temporary differences related to:
\u2013The initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss
\u2013Investments in subsidiaries, associates and joint ventures to the extent that HEINEKEN is able to control the timing of the
reversal of the temporary differences and it is probable (>50% chance) that they will not reverse in the foreseeable future\u00a0
\u2013The initial recognition of non-deductible goodwill
The amount of deferred tax provided is based on the expected manner of recovery or settlement of the carrying amount
of assets and liabilities, using tax rates (substantively) enacted, at year-end.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against
which they can be utilised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets,
and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable
entities which intend either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the
liabilities simultaneously.
Current and deferred tax are recognised in the income statement (refer to note 12.1), except when it relates to a business
combination or for items directly recognised in equity or other comprehensive income (refer to note 12.3).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjMvZnJhZzpkYjIxYjgxMGFmZDg0NjcyOTY1MGRlYWFmMjg1YWI0MC90ZXh0cmVnaW9uOmRiMjFiODEwYWZkODQ2NzI5NjUwZGVhYWYyODVhYjQwXzIxOTkwMjMyNTU3MTU_50f203a9-7d39-4b5f-b7f2-523253f9381f": {
"value": "
12.3\u00a0 \u00a0 Income tax on other comprehensive income and equity
| | | | | | |
| | |
| | | | | | |
Items that will not be reclassified to profit or loss: | | | | | | |
Remeasurement of post- retirement\u00a0obligations1 | | | | | | |
Net change in fair value through OCI\u00a0investments | | | | | | |
Items that may be subsequently reclassified to profit or loss: | | | | | | |
Currency translation differences | | | | | | |
Change in fair value of net investment\u00a0hedges | | | | | | |
Change in fair value of cash flow\u00a0hedges | | | | | | |
Cash flow hedges reclassified to profit or loss2 | | | | | | |
Net change in fair value through OCI\u00a0investments | | | | | | |
| | | | | | |
Share of other comprehensive income of associates/joint ventures | | | | | | |
Other comprehensive income/(loss) | | | | | | |
1 Refer to note 9.1.
2An amount of \u20ac10 million (2021: \u20ac14 million) relates to realised hedge results from non-financial assets reported directly in equity.",
"dimensions": {
"concept": "heia:DisclosureOfIncomeTaxOnOtherComprehensiveIncomeAndEquityTextBlock",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjMvZnJhZzpkYjIxYjgxMGFmZDg0NjcyOTY1MGRlYWFmMjg1YWI0MC90YWJsZTpjZjY4MzViNDYwN2M0MTU2YjQxM2IxZmJjODZmMjFlYS90YWJsZXJhbmdlOmNmNjgzNWI0NjA3YzQxNTZiNDEzYjFmYmM4NmYyMWVhXzMtMy0xLTEtMTc0NTIy_723b1db9-ebb4-4693-a1ec-6fe92654f417": {
"value": "63000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjMvZnJhZzpkYjIxYjgxMGFmZDg0NjcyOTY1MGRlYWFmMjg1YWI0MC90YWJsZTpjZjY4MzViNDYwN2M0MTU2YjQxM2IxZmJjODZmMjFlYS90YWJsZXJhbmdlOmNmNjgzNWI0NjA3YzQxNTZiNDEzYjFmYmM4NmYyMWVhXzMtNi0xLTEtMTc0NTIy_172b3006-4230-4040-8cf2-ee2adddae6c4": {
"value": "210000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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}
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}
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}
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"unit": "iso4217:EUR"
}
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"dimensions": {
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"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
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"decimals": -6,
"dimensions": {
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"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
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"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
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"value": "-38000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
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"value": "3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
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"value": "-1000000",
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"dimensions": {
"concept": "heia:CostOfHedging",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
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"value": "-6000000",
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"dimensions": {
"concept": "heia:CostOfHedging",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
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"value": "-46000000",
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"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
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"value": "54000000",
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"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjkvZnJhZzozNGE3Y2JmM2M3YjU0OTQ5Yjc2MGU4YmIxYWFiOGMxMC90ZXh0cmVnaW9uOjM0YTdjYmYzYzdiNTQ5NDliNzYwZThiYjFhYWI4YzEwXzIxOTkwMjMyNTg5NjE_4d808ac6-75a4-4182-a342-f6e1dc21ad42": {
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13.1\u00a0 \u00a0 Fair value
In this note, more information is disclosed regarding the fair value and the different methods of determining fair values.
Financial instruments - hierarchy
The financial instruments included on the HEINEKEN statement of financial position are measured at either fair value or
amortised cost. To measure the fair value, HEINEKEN generally uses external valuations with market inputs. The
measurement of fair value can be subjective in some cases and may be dependent on inputs used in the calculations.
The different valuation methods are referred to as \u2018hierarchies\u2019 as described below.
\u2013Level 1 - The fair value is determined using quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2013Level 2 - The fair value is calculated using inputs other than quoted prices included within level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
\u2013Level 3 - The fair value is determined using inputs for the asset or liability that are not based on observable market
data (unobservable inputs).
The following table shows the carrying amounts and fair values of financial assets and liabilities according to their fair
value hierarchy.
| | | | | |
| | | |
| | | | | |
Fair value through OCI investments | | | | | |
Non-current derivative assets | | | | | |
Current derivative assets | | | | | |
| | | | | |
| | | | | |
| | | | | |
Non-current derivative liabilities | | | | | |
| | | | | |
Current derivative liabilities | | | | | |
| | | | | |
| | | | | |
1Borrowings excluding lease liabilities, deposits, bank overdrafts and other interest-bearing liabilities.
Refer to the table below for detail of the determination of level 3 fair value measurements as at 31 December:
| | |
| | |
Level 3 fair value investments | | |
| | |
Fair value adjustments recognised in other comprehensive income | | |
Fair value adjustments recognised in profit and loss | | |
Balance as at 31 December | | |
The fair values for the level 3 fair value through OCI investments are based on the financial performance of the
investments and the market multiples of comparable equity securities.\u00a0
\u00a0 Accounting estimates The different methods applied by HEINEKEN to determine the fair value require the use of estimates.
Investments in equity securities\u00a0
The fair value of financial assets at fair value through profit or loss and fair value through OCI is determined by reference
to their quoted closing bid price at the reporting date or, if unquoted, determined using an appropriate valuation
technique. These valuation techniques maximise the use of observable market data where available.
Derivative financial instruments
The fair value of derivative financial instruments is based on their listed market price, if available. If a listed market price is
not available, fair value is in general estimated by discounting the difference between the cash flows based on
contractual price and the cash flows based on the current price for the residual maturity of the contract using observable
interest yield curves, basis spread and foreign exchange rates. These calculations are tested for reasonableness by
comparing the outcome of the internal valuation with the valuation received from the counterparty. Fair values include
the instrument\u2019s credit risk and adjustments to take account of the credit risk of the HEINEKEN entity and counterparty
when appropriate.
Non-derivative financial instruments
Fair value, which is determined for disclosure purposes or when fair value hedge accounting is applied, is calculated based
on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting
date. Fair values include the instrument\u2019s credit risk and adjustments to take account of the credit risk of the HEINEKEN
entity and counterparty when appropriate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjkvZnJhZzozNGE3Y2JmM2M3YjU0OTQ5Yjc2MGU4YmIxYWFiOGMxMC90ZXh0cmVnaW9uOjM0YTdjYmYzYzdiNTQ5NDliNzYwZThiYjFhYWI4YzEwXzIxOTkwMjMyNTg5NjM_2686b48a-3788-4327-b23b-a41912aec220": {
"value": "
13.1\u00a0 \u00a0 Fair value
In this note, more information is disclosed regarding the fair value and the different methods of determining fair values.
Financial instruments - hierarchy
The financial instruments included on the HEINEKEN statement of financial position are measured at either fair value or
amortised cost. To measure the fair value, HEINEKEN generally uses external valuations with market inputs. The
measurement of fair value can be subjective in some cases and may be dependent on inputs used in the calculations.
The different valuation methods are referred to as \u2018hierarchies\u2019 as described below.
\u2013Level 1 - The fair value is determined using quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2013Level 2 - The fair value is calculated using inputs other than quoted prices included within level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
\u2013Level 3 - The fair value is determined using inputs for the asset or liability that are not based on observable market
data (unobservable inputs).
The following table shows the carrying amounts and fair values of financial assets and liabilities according to their fair
value hierarchy.
| | | | | |
| | | |
| | | | | |
Fair value through OCI investments | | | | | |
Non-current derivative assets | | | | | |
Current derivative assets | | | | | |
| | | | | |
| | | | | |
| | | | | |
Non-current derivative liabilities | | | | | |
| | | | | |
Current derivative liabilities | | | | | |
| | | | | |
| | | | | |
1Borrowings excluding lease liabilities, deposits, bank overdrafts and other interest-bearing liabilities.
Refer to the table below for detail of the determination of level 3 fair value measurements as at 31 December:
| | |
| | |
Level 3 fair value investments | | |
| | |
Fair value adjustments recognised in other comprehensive income | | |
Fair value adjustments recognised in profit and loss | | |
Balance as at 31 December | | |
The fair values for the level 3 fair value through OCI investments are based on the financial performance of the
investments and the market multiples of comparable equity securities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMjkvZnJhZzozNGE3Y2JmM2M3YjU0OTQ5Yjc2MGU4YmIxYWFiOGMxMC90ZXh0cmVnaW9uOjM0YTdjYmYzYzdiNTQ5NDliNzYwZThiYjFhYWI4YzEwXzIxOTkwMjMyNTg5NjI_3f489755-99ed-4c9b-bf3b-6689acc70f45": {
"value": "
The different methods applied by HEINEKEN to determine the fair value require the use of estimates.
Investments in equity securities\u00a0
The fair value of financial assets at fair value through profit or loss and fair value through OCI is determined by reference
to their quoted closing bid price at the reporting date or, if unquoted, determined using an appropriate valuation
technique. These valuation techniques maximise the use of observable market data where available.
Derivative financial instruments
The fair value of derivative financial instruments is based on their listed market price, if available. If a listed market price is
not available, fair value is in general estimated by discounting the difference between the cash flows based on
contractual price and the cash flows based on the current price for the residual maturity of the contract using observable
interest yield curves, basis spread and foreign exchange rates. These calculations are tested for reasonableness by
comparing the outcome of the internal valuation with the valuation received from the counterparty. Fair values include
the instrument\u2019s credit risk and adjustments to take account of the credit risk of the HEINEKEN entity and counterparty
when appropriate.
Non-derivative financial instruments
Fair value, which is determined for disclosure purposes or when fair value hedge accounting is applied, is calculated based
on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting
date. Fair values include the instrument\u2019s credit risk and adjustments to take account of the credit risk of the HEINEKEN
entity and counterparty when appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMzIvZnJhZzo5YmZkMDQ4NjViZjM0Yjk1YTc2NDZlNjM0MTIzZTMzZC90ZXh0cmVnaW9uOjliZmQwNDg2NWJmMzRiOTVhNzY0NmU2MzQxMjNlMzNkXzIxOTkwMjMyNTczNTM_b9454e24-ce97-4ecd-80fe-6cfb74ac0712": {
"value": "
13.2\u00a0 \u00a0 Off-balance sheet commitments
The raw materials purchase contracts mainly relate to malt, bottles and cans which are used in the production and sale of
finished products.
| | | | | |
| | | | | |
Property, plant and equipment ordered | | | | | |
Raw materials purchase contracts | | | | | |
Marketing and merchandising commitments | | | | | |
Other off-balance sheet obligations | | | | | |
Off-balance sheet obligations | | | | | |
Undrawn committed bank facilities | | | | | |
\u2013Associates and Joint ventures of Heineken N.V.
\u2013Shareholder with significant influence Fomento Econ\u00f3mico Mexicano, S.A.B. de C.V. (FEMSA)
\u2013HEINEKEN pension funds (refer to note 9.1)
\u2013Employees of HEINEKEN (refer to note 6.4)
Key management remuneration
1\u00a0 Appointed on 1 June 2021 as CFO and member of the Executive Board.
2\u00a0 Stepped down as CFO and member of the Executive Board as of 1 May 2021.
The matching share entitlements for each year are based on the performance in that year. The Executive Board members
receive 25% of their STI pay in (investment) shares. In addition, they have the opportunity to indicate before year-end
whether they wish to receive up to another 25% of their STI in (investment) shares. All (investment) shares are restricted for
sale for five calendar years, after which they are matched 1:1 by (matching) shares. For 2022 the Executive Board members
elected to receive additional (investment) shares, hence the \u2018Matching share entitlement\u2019 in the table above is based on a
50% investment. The corresponding matching shares vest immediately and as such a fair value of \u20ac1.9 million was
recognised in the 2022 income statement. The matching share entitlements are not dividend-bearing during the five-
calendar year holding period of the investment shares. Therefore, the fair value of the matching share entitlements has
been adjusted for missed expected dividends by applying a discount based on the dividend policy and vesting period.
Supervisory Board
The individual members of the Supervisory Board received the following remuneration:
| | |
| | |
| | |
J.A. Fern\u00e1ndez Carbajal | | |
| | |
| | |
| | |
J.G. Astaburuaga Sanjin\u00e9s3 | | |
| | |
| | |
| | |
| | |
F.J. Camacho Beltr\u00e1n4 | | |
| | |
| | |
1Stepped down on 22 April 2021
2Appointed on 22 April 2021
3\u00a0 Stepped down on 21 April 2022
4\u00a0 Appointed on 21 April 2022
Mr. J.M. Hu\u00ebt held 3,719 shares of Heineken Holding N.V. as at 31 December 2022 (2021: 3,719 shares). Mr. M.R. de
Carvalho held 100,008 shares of Heineken N.V. as at 31 December 2022(2021: 100,008 shares). As at 31 December
2022 and 2021, the Supervisory Board members did not hold any of the Company\u2019s bonds or option rights. Mr. M.R. de
Carvalho held 100,008 shares of Heineken Holding N.V. as at 31 December 2022 (2021: 100,008 shares).
Heineken Holding N.V.
In 2022, an amount of \u20ac1.6 million (2021: \u20ac1.2 million) was paid to Heineken Holding N.V. for management services
for\u00a0HEINEKEN.
This payment is based on an agreement of 1977 as amended in 2001, providing that Heineken N.V. reimburses
Heineken Holding N.V. for its costs.
Other related party transactions
| | | | | | |
| Associates & Joint Ventures | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Accounts payables and other liabilities | | | | | | |
1\u00a0 Appointed on 1 June 2021 as CFO and member of the Executive Board.
2\u00a0 Stepped down as CFO and member of the Executive Board as of 1 May 2021.
The matching share entitlements for each year are based on the performance in that year. The Executive Board members
receive 25% of their STI pay in (investment) shares. In addition, they have the opportunity to indicate before year-end
whether they wish to receive up to another 25% of their STI in (investment) shares. All (investment) shares are restricted for
sale for five calendar years, after which they are matched 1:1 by (matching) shares. For 2022 the Executive Board members
elected to receive additional (investment) shares, hence the \u2018Matching share entitlement\u2019 in the table above is based on a
50% investment. The corresponding matching shares vest immediately and as such a fair value of \u20ac1.9 million was
recognised in the 2022 income statement. The matching share entitlements are not dividend-bearing during the five-
calendar year holding period of the investment shares. Therefore, the fair value of the matching share entitlements has
been adjusted for missed expected dividends by applying a discount based on the dividend policy and vesting period.
Supervisory Board
The individual members of the Supervisory Board received the following remuneration:
| | |
| | |
| | |
J.A. Fern\u00e1ndez Carbajal | | |
| | |
| | |
| | |
J.G. Astaburuaga Sanjin\u00e9s3 | | |
| | |
| | |
| | |
| | |
F.J. Camacho Beltr\u00e1n4 | | |
| | |
| | |
1Stepped down on 22 April 2021
2Appointed on 22 April 2021
3\u00a0 Stepped down on 21 April 2022
4\u00a0 Appointed on 21 April 2022
Mr. J.M. Hu\u00ebt held 3,719 shares of Heineken Holding N.V. as at 31 December 2022 (2021: 3,719 shares). Mr. M.R. de
Carvalho held 100,008 shares of Heineken N.V. as at 31 December 2022(2021: 100,008 shares). As at 31 December
2022 and 2021, the Supervisory Board members did not hold any of the Company\u2019s bonds or option rights. Mr. M.R. de
Carvalho held 100,008 shares of Heineken Holding N.V. as at 31 December 2022 (2021: 100,008 shares).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMzgvZnJhZzo3ZDk0OGQ2ZWRmZTk0Y2QxOGQ3OGMyMGU5NGVjMGQ5ZS90ZXh0cmVnaW9uOjdkOTQ4ZDZlZGZlOTRjZDE4ZDc4YzIwZTk0ZWMwZDllXzIxOTkwMjMyNTczNjA_80eb5898-4307-4060-99a0-73bab0fa78c7": {
"value": "
13.4\u00a0 \u00a0 HEINEKEN entities
Control of HEINEKEN
The shares of the Company are traded on Euronext Amsterdam, where the Company is included in the main AEX Index.
Heineken Holding N.V. Amsterdam has an interest of 50.005% in the issued capital of the Company and consolidates the
financial information of the Company.
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 legal entities established in the Netherlands. The list of the legal entities for which the
declaration has been issued is disclosed in the Heineken N.V. stand-alone financial statements.
Pursuant to the provisions of Section 357 of the Republic of Ireland Companies Act 2014, the Company irrevocably
guarantees, in respect of the financial year from 1 January 2022 up to and including 31 December 2022, the liabilities
referred to in Schedule 3 of the Republic of Ireland Companies Act 2014 of the wholly-owned subsidiary companies
Heineken Ireland Limited, Heineken Ireland Sales Limited, The West Cork Bottling Company Limited, Western Beverages
Limited, Beamish & Crawford Limited, Comans Beverages Limited and Nash Beverages Limited.
Significant subsidiaries
Set out below are HEINEKEN\u2019s significant subsidiaries at 31 December 2022. The subsidiaries as listed below are held by
the Company and the proportion of ownership interests held equals the proportion of the voting rights held by
HEINEKEN. The disclosed significant subsidiaries represent the largest subsidiaries and represent an approximate total
revenue of \u20ac22 billion and total asset value of \u20ac33 billion and are structural contributors to the business.
Apart from increasing the shareholding in Grupa \u017bywiec S.A. (refer to note 10.1), there were no significant changes to the
HEINEKEN structure and ownership interests.
| | | | |
| | | |
| | | | |
Heineken International B.V. | | | | |
Heineken Brouwerijen B.V. | | | | |
| | | | |
Cuauht\u00e9moc Moctezuma Holding, S.A. de C.V. | | | | |
Cervejarias Kaiser Brasil S.A. | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Heineken Espa\u00f1a S.A. | | | | |
| | | | |
Brau Union \u00d6sterreich AG | | | | |
| | | | |
| | | | |
Heineken Vietnam Brewery Limited Company | | | | |
SCC - Sociedade Central de Cervejas e Bebidas S.A. | | | | |
| | | | |
Heineken South Africa (Proprietary) Limited | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMzgvZnJhZzo3ZDk0OGQ2ZWRmZTk0Y2QxOGQ3OGMyMGU5NGVjMGQ5ZS90ZXh0cmVnaW9uOjdkOTQ4ZDZlZGZlOTRjZDE4ZDc4YzIwZTk0ZWMwZDllXzE4MDE_d40ad25b-4a61-43bd-b054-86f89f966514": {
"value": "Heineken Holding N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjlhYTI4ZGYyOWZhODQ2NWJhMjZmYTY3MzM4YmViYzU3L3NlYzo5YWEyOGRmMjlmYTg0NjViYTI2ZmE2NzMzOGJlYmM1N18yMzgvZnJhZzo3ZDk0OGQ2ZWRmZTk0Y2QxOGQ3OGMyMGU5NGVjMGQ5ZS90ZXh0cmVnaW9uOjdkOTQ4ZDZlZGZlOTRjZDE4ZDc4YzIwZTk0ZWMwZDllXzE4NjkxNjk3Njc0MjUw_d5c69219-f6bf-4d57-8c7a-2a5ead656ac6": {
"value": "
Significant subsidiaries
Set out below are HEINEKEN\u2019s significant subsidiaries at 31 December 2022. The subsidiaries as listed below are held by
the Company and the proportion of ownership interests held equals the proportion of the voting rights held by
HEINEKEN. The disclosed significant subsidiaries represent the largest subsidiaries and represent an approximate total
revenue of \u20ac22 billion and total asset value of \u20ac33 billion and are structural contributors to the business.
Apart from increasing the shareholding in Grupa \u017bywiec S.A. (refer to note 10.1), there were no significant changes to the
HEINEKEN structure and ownership interests.
| | | | |
| | | |
| | | | |
Heineken International B.V. | | | | |
Heineken Brouwerijen B.V. | | | | |
| | | | |
Cuauht\u00e9moc Moctezuma Holding, S.A. de C.V. | | | | |
Cervejarias Kaiser Brasil S.A. | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Heineken Espa\u00f1a S.A. | | | | |
| | | | |
Brau Union \u00d6sterreich AG | | | | |
| | | | |
| | | | |
Heineken Vietnam Brewery Limited Company | | | | |
SCC - Sociedade Central de Cervejas e Bebidas S.A. | | | | |
| | | | |
Heineken South Africa (Proprietary) Limited | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
13.5\u00a0 \u00a0 Subsequent events No material subsequent events occurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"value": "34676000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:724500K5PTPSST86UQ23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
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"value": "18618000000",
"decimals": -6,
"dimensions": {
"concept": "heia:RawMaterialsConsumablesAndServices",
"entity": "scheme:724500K5PTPSST86UQ23",
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"unit": "iso4217:EUR"
}
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"value": "1886000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
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}
},
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"decimals": -6,
"dimensions": {
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"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
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}
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"decimals": -6,
"dimensions": {
"concept": "heia:PaymentsForProceedsFromShares",
"entity": "scheme:724500K5PTPSST86UQ23",
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}
}
}
}