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Heineken N.V. ( the \u2018Company\u2019) is a public company domiciled in the Netherlands, with its head office in
Amsterdam. The address of the Company\u2019s registered office is Tweede Weteringplantsoen 21, 1017 ZD,
Amsterdam. The consolidated financial statements of the Company as at 31 December 2023 comprise the
Company, its subsidiaries (together referred to as \u2018HEINEKEN\u2019) and HEINEKEN\u2019s interests in joint ventures and
associates. The Company is registered in the Trade Register of Amsterdam No. 33011433. HEINEKEN is primarily
involved in the brewing and selling of beer and cider. Led by the Heineken\u00ae brand, HEINEKEN has a range of more
than 350 international, regional, local and speciality beers and ciders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-422": { "value": "Heineken N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-423": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-424": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-425": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-426": { "value": "Tweede Weteringplantsoen 21, 1017 ZD, Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-427": { "value": "HEINEKEN is primarily involved in the brewing and selling of beer and cider. Led by the Heineken\u00ae brand, HEINEKEN has a range of more than 350 international, regional, local and speciality beers and ciders", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-428": { "value": "
The consolidated financial statements are:
\u2013 Prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU) and comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil
Code. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the
International Financial Reporting Interpretations Committee (IFRIC) effective year-end 2023 have been adopted
by the EU.
\u2013 Prepared by the Executive Board of the Company and authorised for issue on\u00a013 February 2024 and will be
submitted for adoption to the Annual General Meeting of Shareholders on 25 April 2024.
\u2013 Prepared on the historical cost basis unless otherwise indicated.
\u2013 Prepared on a going concern basis.
\u2013 Presented in Euro, which is the Company\u2019s functional currency.
\u2013 Rounded to the nearest million unless stated otherwise.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-429": { "value": "Prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU) and comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil
Code. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the
International Financial Reporting Interpretations Committee (IFRIC) effective year-end 2023 have been adopted
by the EU.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-430": { "value": "Prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-431": { "value": "
(a) Significant events in the current reporting period
Trading conditions remained challenging throughout 2023 and were marked by increased input and energy
costs and cost inflation. Despite continued volatility and challenges across many markets, HEINEKEN reported a
net profit of \u20ac2,304 million for the year ended 31 December 2023 (2022: \u20ac2,682 million).
During the first half-year of 2023, HEINEKEN purchased own shares and Heineken Holding N.V. shares from
Fomento Econ\u00f3mico Mexicano, S.A.B. de C.V. (FEMSA). For more information refer to note 13.3 \u2018Related parties\u2019.
In April 2023, HEINEKEN obtained control of Namibia Breweries Limited (NBL) and Distell Group Holdings
Limited (Distell). Following the annual goodwill impairment test an impairment loss of \u20ac491 million was
recognised for Heineken Beverages, which is the combined business of Distell and NBL with Heineken South
Africa. For more information, refer to note 8.1 \u2018Intangible assets\u2019 and 10.1 \u2018Acquisitions and disposals of
subsidiaries and non-controlling interests\u2019.
On 24 August 2023, HEINEKEN sold 100% of the Russia disposal group classified as held for sale. For more
information refer to note 10.2 \u2018Assets or disposal groups classified as held for sale\u2019.
HEINEKEN applied hyperinflation accounting for its operations in Haiti and Ethiopia. In 2023, the three-year
cumulative inflation in Haiti exceeded 100% and as a result, hyperinflation accounting was applied for the first
time for the year ended 31 December 2023. For more information refer to note 5(c) \u2018Hyperinflation economies\u2019.
During its financial reporting process, HEINEKEN has assessed the impact of its main risks including exposure to
increased input costs and energy prices and the macroeconomic environment on its estimates and judgements.
The impact on financial estimates and judgements is mainly reflected in impairment of financial and non-
financial assets, and other financial instrument disclosures (including credit management). All significant
estimates and judgements are disclosed in the notes to the consolidated financial statements (if applicable).
Notes containing the most significant estimates and judgements are referred to in note 3(c).
(b) Climate change
In preparing the consolidated financial statements, HEINEKEN has considered climate change, including climate
change scenarios and the Brew a Better World (BaBW) ambitions, on the estimates and judgements used in
preparing the consolidated financial statements.
The following impacts were assessed in the consolidated financial statements:
\u2013 The impact of climate change on the residual values and useful lives of assets were considered in determining the
carrying value of non-current assets (refer to note 8.1 and 8.2).
\u2013 The impact of climate change was considered in relation to the recognition and measurement of provisions and
contingencies (refer to note 9.2 and 9.3).
\u2013 The impact of climate change was considered in relation to indications of impairment and the forecast of cash flows
used in the impairment assessments of non-current assets including goodwill (refer to note 8.1 and 8.2).\u00a0
For the year ended 31 December 2023, no material impact on financial reporting judgement and estimates
arising from climate change was identified. As a result the valuations of assets or liabilities have not been
significantly impacted by climate change risks.
", "dimensions": { "concept": "heia:DisclosureOfSignificantEventsTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-432": { "value": "
(c) Significant accounting estimates and judgement
In preparing these consolidated financial statements, management is required to make estimates and
judgements that affect the application of accounting policies and the reported amounts of assets and liabilities,
income and expenses.
The application of accounting policies requires judgements that impact the amounts recognised. Additionally,
amounts recognised are based on factors that are by default associated with uncertainty. Actual results may
therefore differ from estimates. Where applicable, the estimates and judgements are described per note within
the consolidated financial\u00a0statements.\u00a0
The following notes contain the most significant estimates and judgements:
Particular area involving significant estimates and judgements
Note
Significant judgement
Judgement on acting as principal versus agent with respect to
excise tax expense
6.1 Operating segments
Judgement used in the identification of acquired assets and
liabilities
10.1 Acquisitions and disposals of
subsidiaries and non-controlling interests
Assessment of the recoverability of past tax losses
12.2 Deferred tax assets and liabilities
Significant estimates
Assumptions used in impairment testing
8.1 Intangible assets and 8.2 Property, plant
and equipment
Assumptions for discount rates, future pension increases and life
expectancy to calculate the defined benefit obligation
9.1 Post-retirement obligations
Estimating the likelihood and timing of potential cash flows relating
to claims and litigations
9.2 Provisions and 9.3 Contingencies
Assumptions used in the valuation of acquired assets and liabilities
10.1 Acquisitions and disposals of
subsidiaries and non-controlling interests
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether excise tax expenses are borne by HEINEKEN or collected on behalf of third parties.
HEINEKEN makes estimates when determining discount accruals in revenue at year-end, specifically for
conditional discounts. Refer to note 7.3 for more explanation on how discount accruals are estimated.
The grant date fair value is calculated by adjusting the share price at the grant date for estimated foregone
dividends during the performance period, as the participants are not entitled to receive dividends during that
period. The foregone dividends are estimated by applying HEINEKEN's dividend policy on the latest forecasts of
net profit (beia).
At each balance sheet date, HEINEKEN uses its latest forecasts to calculate the expected realisation on the
performance targets per plan. The number of shares is adjusted to the new target realisation and HEINEKEN
increases/decreases the total plan cost. The cumulative effect is recorded in the profit or loss, with a
corresponding adjustment to equity.
Expenses related to employees that voluntarily leave HEINEKEN are reversed as they will not receive any shares
from the LTIP. The expense calculation includes the estimated future forfeiture. HEINEKEN uses historical
information to estimate this forfeiture rate.
HEINEKEN determines on each reporting date the impairment of trade and other receivables using a model (e.g.
flow rate method) which estimates the lifetime expected credit losses that will be incurred on these receivables.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial
assets are assessed collectively in groups that share similar credit risk characteristics. Due to the macro-economic
environment and uncertainties including increasing inflationary pressure on HEINEKEN\u2019s customers, judgement
is required in the calculation of expected credit losses. 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. For more information on HEINEKEN's credit risk exposure refer to note 11.5.
HEINEKEN makes estimates in the determination of discount accruals. When discounts are provided to customers,
these reduce the transaction price and consequently the revenue. The conditional discounts in revenue (refer to note
6.1) are estimated based on accumulated experience supported by historical and current sales information.
Expected sales volumes are determined taking into account (historical) sales patterns and other relevant
information. A discount accrual is recognised for expected volume and discounts due to customers in relation to sales
made until the end of the reporting period.
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.
The cash flow projections used in the VIU 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:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount rates
\u2013 Terminal 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
\u2013 Sensitivity 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.
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.
HEINEKEN determines at each reporting date the impairment of loans and advances to customers using an
expected credit loss model, which estimates the credit losses over 12 months. If a significant increase in credit
risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from
the customer), credit losses over the lifetime of the asset are incurred. Individually significant financial assets are
tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups
that share similar credit risk characteristics. Due to the macro-economic environment and uncertainties including
increasing inflationary pressure on HEINEKEN\u2019s customers, more judgement is required for the calculation of
expected credit losses compared to the prior years. For more information on HEINEKEN's credit risk exposure
refer to note 11.5.
HEINEKEN determines on each reporting date the impairment of other receivables using an expected credit loss
model, which estimates the credit losses over 12 months. Only in case of a significant increase in credit risk occurs
(e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from the
customer) the credit losses over the lifetime of the asset are incurred. Individually significant other receivables
are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in
groups that share similar credit risk characteristics. For more information on HEINEKEN's credit risk exposure refer
to note 11.5.
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
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.
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 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.
The identification and valuation of acquired assets and liabilities in a business combination involves significant
judgements and assumptions. The fair value of brands acquired is generally determined using either the multi-
period excess earnings method (MEEM) or the relief from royalty method (RfR).
HEINEKEN classifies assets or disposal groups as held for sale when they are available for immediate sale in their
present condition, are expected to be sold within 1 year, and the sale is highly probable. HEINEKEN should be
committed to the sale and it should be unlikely that the plan to sell will be withdrawn. This might be difficult to
demonstrate in practice and involves judgement.
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.
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.
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:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-433": { "value": "
(a) Changed accounting policies in 2023\u00a0
The following accounting policy changes have been adopted in 2023 and are reflected in the consolidated
financial statements:
Amendment to IAS 12 - International tax reform - pillar two model rules
The amendments to IAS 12 issued in May 2023 offer temporary relief from accounting for deferred taxes
arising from the Organisation for Economic Co-operation and Development\u2019s (OECD) international tax. Refer to
note 12.1 \u2018Income tax expense\u2019.
IFRS 17 - Insurance contracts\u00a0
HEINEKEN has implemented IFRS 17 \u2018Insurance contracts\u2019, replacing the existing guidance on insurance
contracts in IFRS 4 \u2018Insurance contracts\u2019.
Neither the above amendments, nor any other new standards or amendments to existing standards effective in
2023, had a significant impact on HEINEKEN's consolidated financial statements.
(b) U pcoming changes in accounting policies for 2024
Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements\u00a0
The amendments to IAS 7 and IFRS 7 introduce new disclosure requirements with regard to supplier finance
arrangements, relating to the effect on liabilities, cash flows and the exposure to liquidity risk. The amendments
apply for annual periods beginning or after 1 January 2024. HEINEKEN has not applied the amendments in
preparing the 2023 consolidated financial statements.
HEINEKEN has supplier finance arrangements in place, to which the disclosure requirements will apply.
HEINEKEN is in the process of obtaining the information needed to meet the new disclosure requirements.
Other than mentioned above, no new standards or amendments to existing standards, effective in 2024, will
have a significant impact on HEINEKEN 's consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-434": { "value": "
5.\u00a0 \u00a0 General accounting policies
General
The accounting policies described in these consolidated financial statements have been applied consistently to
all periods presented in these consolidated financial statements.
(a) Basis of consolidation
The consolidated financial statements are prepared as a consolidation of the financial statements of the
Company and its subsidiaries. Subsidiaries are entities controlled by HEINEKEN. HEINEKEN controls an entity
when it has power over the investee, is exposed or has the right to variable returns from its involvement with that
entity and can affect those returns through its power over the entity. Control is generally obtained by ownership
of more than 50% of the voting rights.
The financial statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by HEINEKEN.
On consolidation, intra-HEINEKEN balances and transactions, and any unrealised gains and losses or income and
expenses arising from intra-HEINEKEN transactions, are eliminated. Unrealised gains arising from transactions
with associates and joint ventures (refer to note 10.3) are eliminated against the investment to the extent of
HEINEKEN\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but
only to the extent that there is no evidence of impairment.
(b) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary economies,
refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in foreign
currencies are re-translated to the functional currency using the exchange rates at the balance sheet date. The
resulting foreign currency differences are recognised in the income statement, except for foreign currency
differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI) investments
and financial liabilities designated as a hedge of a net investment, which are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-
monetary items in a foreign currency that are measured at cost are translated into the functional currency at the
exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition,
and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the exchange rates at
the reporting date. The income and expenses of foreign operations are translated to Euro at the exchange rates
that approximates the exchange rates ruling at the dates of the transactions, except for foreign operations in
hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity in
the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant proportionate
share of the translation difference is allocated to the non-controlling interests. The cumulative amount in the
translation reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or
partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were used
while preparing these consolidated financial statements:
In \u20ac
Year-end
2023
Year-end
2022
%
Average
2023
Average
2022
%
Brazilian Real (BRL)
0.1865
0.1774
5.1
0.1852
0.1846
0.3
Great Britain Pound (GBP)
1.1507
1.1275
2.1
1.1497
1.1735
(2.0)
Indian Rupee (INR)
0.0109
0.0113
(3.5)
0.0112
0.0121
(7.4)
Mexican Peso (MXN)
0.0532
0.0485
9.7
0.0521
0.0472
10.4
Nigerian Naira (NGN)
0.0010
0.0020
(50.0)
0.0015
0.0022
(31.8)
Polish Zloty (PLN)
0.2300
0.2132
7.9
0.2203
0.2129
3.5
Russian Ruble (RUB)
0.0100
0.0126
(20.6)
0.0109
0.0139
(21.6)
Singapore Dollar (SGD)
0.6854
0.6993
(2.0)
0.6886
0.6897
(0.2)
United States Dollar (USD)
0.9050
0.9376
(3.5)
0.9246
0.9518
(2.9)
Vietnamese Dong in 1,000 (VND)
0.0373
0.0396
(5.8)
0.0388
0.0407
(4.7)
South African Rand (ZAR)
0.0492
0.0553
(11.0)
0.0502
0.0582
(13.7)
(c) Hyperinflation economies
To determine the existence of hyperinflation, HEINEKEN assesses the qualitative and quantitative characteristics
of the economic environment of the country, such as the cumulative inflation rate over the previous three years.
The Ethiopian economy was designated as hyperinflationary from the period ended 31 December 2022 and the
Haitian economy was designated as hyperinflationary for the period ended 31 December 2023. As a result,
application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 has been applied to Heineken
Ethiopia, whose functional currency is the Ethiopian Birr and to Brasserie Nationale d'Haiti S.A., whose functional
currency is the Haitian Gourde.
On the application of IAS 29 to Heineken Ethiopia, a cumulative inflation factor was applied using the consumer
price index (CPI) in Ethiopia, published by the Central Statistics Agency of Ethiopia. The movement in the CPI for
the year ended 31 December 2023 was 29% (2022: 34%).
On the application of IAS 29 to Brasserie Nationale d\u2019Haiti S.A., a cumulative inflation factor was applied using
the consumer price index (CPI) in Haiti, published by the L'Institut Ha\u00eftien de Statistique et d'Informatique (IHSI).
The movement in the CPI for the year ended 31 December 2023 was 21% (2022: 48%).
The application of IAS 29 includes the following:
\u2013 Adjustment of historical cost non-monetary assets and liabilities for the change in purchasing power caused by
inflation from the date of initial recognition to the balance sheet date
\u2013 Adjustment of the income statement for inflation during the reporting period
\u2013 The income statement is translated at the period-end foreign exchange rate instead of an average rate
\u2013 A net monetary gain/(loss) adjustment, recognised in the income statement, to reflect the impact of inflation and
exchange rate movement on holding monetary assets and liabilities in local currency
\u2013 Reduction of the restated amount of a non-monetary item, in accordance with the appropriate standards, when
it exceeds its recoverable amount
(d) Cash flow statement
The cash flow statement is prepared using the indirect method. Assets and liabilities acquired as part of a
business combination are included in investing activities (net of cash acquired). Dividends paid to shareholders
are included in financing activities. Dividends received are classified as operating activities, as well as interest
paid.
(e) Offsetting financial instruments
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to either
to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and liabilities
are presented in the statement of financial position as a net amount.
\u00a0 Accounting policies\u00a0
\"Financials-Icons-Policies.png\"
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board, which
is considered to be HEINEKEN\u2019s chief operating decision-maker. An operating segment is a component of
HEINEKEN that engages in business activities from which it may earn revenues and incur expenses, including
revenues and expenses that relate to transactions with any of HEINEKEN\u2019s other components. All operating
segments\u2019 operating results are reviewed regularly by the Executive Board to make decisions about resources to
be allocated to the segment and to assess its performance, and for which discrete financial information is
available. \u00a0
The first four reportable segments as presented in the segmentation tables are HEINEKEN\u2019s business regions.
These business regions are each managed separately by a Regional President, who reports to the Executive
Board, and is directly accountable for the functioning of the segment\u2019s results, assets and liabilities. The Head
Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.\u00a0
Segment results, assets and liabilities that are reported to the Executive Board include items directly attributable
to a segment as well as those that can be allocated on a reasonable basis. Unallocated result items comprise net
finance expenses and income tax expenses. Unallocated assets mainly comprise deferred tax assets.
Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment and intangible assets other than goodwill.
Performance is measured based on operating profit (beia), as included in the internal management reports that
are reviewed by the Executive Board. Beia stands for 'before exceptional items and amortisation of acquisition-
related intangibles'. Exceptional items are defined as items of income and expense of such size, nature or
incidence, that in the view of management their disclosure is relevant to explain the performance of HEINEKEN
for the period. Exceptional items include, among others, impairments of goodwill and fixed assets (and reversal
of impairments), gains and losses from acquisitions and disposals, redundancy costs following a restructuring,
past service costs and curtailments, hyperinflation accounting adjustments, the tax impact on exceptional items
and tax rate changes (the one-off impact on deferred tax positions).
Operating profit and operating profit (beia) are not financial measures calculated in accordance with IFRS.
Operating profit (beia) is used to measure performance as management believes that this measurement is the
most relevant in evaluating the results of the segments. Beia adjustments are also applied to other metrics. The
presentation of these financial measures may not be comparable to similarly titled measures reported by other
companies due to differences in the ways the measures are calculated. Wherever appropriate and practical,
HEINEKEN provides reconciliations for relevant GAAP measures.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and pubs,
direct to customers and via third-party distribution. As such, distribution models are country-specific and diverse
across HEINEKEN. In addition, these various distribution models are not centrally managed or monitored.
Consequently, the Executive Board does not allocate resources or assess performance based on business type
information. Accordingly, no segment information on business type is provided.\u00a0
Inter-segment transfers or transactions are determined on an arm\u2019s length basis. As net finance expenses and
income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and
Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not
provided for the reportable segments.\u00a0
Revenue
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The product
range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced finished
goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from HEINEKEN's
wholesale activities. HEINEKEN's customer group can be split between on-trade customers like caf\u00e9s, bars and
restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global footprint, its
revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its performance
obligation to the customer. For the majority of the sales, control is transferred either at delivery of the products
or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in profit or
loss (consolidated income statement) on an accrual basis in accordance with the relevant agreement. Rental
income, income from wholesale activities, pub management services and technical services are recognised in
profit or loss when the services have been delivered.
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Unconditional discounts are recognised at the same moment of the related sales transaction.\u00a0
HEINEKEN also provides conditional discounts to customers. These contractually agreed conditions include
volume and promotional rebates. Conditional discounts are recognised based on estimated target realisation.
The estimation is based on accumulated experience supported by historical and current sales information. A
discount accrual is recognised at each reporting date for discounts payable to customers based on their expected
or actual volume up to that date.
Other discounts include listing and shelving visibility fees charged by the customer whereby the payments to
customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with customers
to determine the classification of payments to customers as either discounts or marketing expenses.\u00a0
Discounts are accounted for as a reduction of revenue. Only when these payments to customers relate to a
distinct service, the amount is classified as operating expense.
Excise tax expense
Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
energy consumption in the production process. Excise duties are common in the beverage industry but levied
differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis to
assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise duties are
effectively a production tax as excise duties become payable when goods are moved from bonded warehouses
and are not based on the sales value. In these countries, increases in excise duties are not always (fully) passed
on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case products are
eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and shown as expenses.
Only for those countries where excise is levied at the moment of the sales transaction and excise is based on the
sales value, the excise duties are collected on behalf of a tax authority and consequently deducted from revenue.
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether taxes are borne by HEINEKEN or collected on behalf of a third party.
To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax expense
on a separate line below revenue in the consolidated income statement. A subtotal called 'Net revenue' is
therefore included in the Income Statement. This 'Net revenue' subtotal is 'revenue' as defined in IFRS 15
Accounting policies
\"Financials-Icons-Policies.png\"
Other income is recognised in profit or loss when control over the sold asset is transferred to the buyer. The
amount recognised as other income equals the proceeds obtained from the buyer minus the carrying value of
the sold asset.
As part of a step acquisition, any previously held equity interest in the acquiree is remeasured to fair value on the
date of the acquisition. The difference between the carrying value and the fair value of the previously held
equity interest is recognised in other income. Accounting policies
\"Financials-Icons-Policies.png\"
Expenses are recognised based on accrual accounting. This means that expenses are recognised when the
product is received or the service is provided regardless of when cash outflow takes place. Costs related to power
purchase agreements are included as part of 'Energy and water' if the own use exemption can be applied. If not,
power purchase agreements are considered to be derivative financial instruments, refer to note 11.6.\u00a0
Accounting policies
\"Financials-Icons-Policies.png\"
Personnel expenses\u00a0
Personnel expenses are recognised when the related service is provided. For more details on accounting policies
related to post-retirements obligations and share-based payments refer to notes 9.1 and 6.5 respectively.
Accounting policies
\"Financials-Icons-Policies.png\"
HEINEKEN's share-based compensation plans are equity-settled share rights granted to the Executive Board and
senior management.
The grant date fair value is calculated by deducting expected foregone dividends from the grant date during the
performance period share price. The costs of the share plans are adjusted for expected performance and
forfeiture and spread evenly over the service period.
Share-based compensation expenses are recorded in the profit or loss, with a corresponding adjustment to
equity.
Accounting policies
\"Financials-Icons-Policies.png\"
Refer to note 8.1 for the accounting policy on impairments and amortisation, and to note 8.2 for the policy on
depreciation.
Accounting policies
\"Financials-Icons-Policies.png\"
HEINEKEN presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by
dividing the profit or loss attributable to shareholders of the Company by the weighted average number of
shares outstanding during the year, adjusted for the weighted average number of own shares held in the year.
Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted average
number of shares outstanding, adjusted for the weighted average number of own shares held in the year and for
the effects of all dilutive potential shares which comprise share rights granted to employees and the Executive
Board. The effects of anti-dilutive potential ordinary shares are ignored in calculating diluted EPS.
Accounting policies
\"Financials-Icons-Policies.png\"
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a
weighted average cost and includes expenditure incurred in acquiring the inventories, production or conversion
costs and other costs incurred in bringing them to their existing location and condition. Cost of inventories are
generally updated on annual basis except if a structural change is identified during the period such as the impact
of inflationary pressure on input costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and selling expenses.
Accounting policies\u00a0
\"Financials-Icons-Policies.png\"
Trade and other receivables are held by HEINEKEN to collect the related cash flows. These receivables are
measured at fair value and subsequently at amortised cost minus any impairment losses. Trade and other
receivables are derecognised by HEINEKEN when substantially all risks and rewards are transferred or if
HEINEKEN does not retain control over the receivables.
Accounting policies
\"Financials-Icons-Policies.png\"
Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade
payables are derecognised when the contractual obligation is either discharged, cancelled or expired.
Accounting policies\u00a0
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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.
Accounting policies
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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:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software 3\u20137 years
\u2013 Capitalised 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, except where IAS 29 requires entities that apply hyperinflation accounting for the first time to
recognise impairment related to prior periods in opening equity. 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.
Accounting policies
\"Financials-Icons-Policies.png\"
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:
\u2013 Buildings15\u201340 years
\u2013 Plant and equipment\u00a0 5\u201330 years
\u2013 Other fixed assets\u00a0 3\u201310 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:
\u2013 The 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.
\u2013 The 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 8.5
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.
Accounting policies
\"Financials-Icons-Policies.png\"
Loans and advances to customers are initially measured at fair value and subsequently at amortised cost minus
any impairment losses.
Accounting policies
\"Financials-Icons-Policies.png\"
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. Accounting policies
\"Financials-Icons-Policies.png\"
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.
Accounting policies
\"Financials-Icons-Policies.png\"
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.
Accounting policies
\"Financials-Icons-Policies.png\"
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.
Accounting policies
\"Financials-Icons-Policies.png\"
When HEINEKEN obtains control over an entity, the initial accounting for its assets and liabilities is at fair value.
The difference between the fair value of the consideration transferred (plus the fair value of any previously-held
equity interest in the acquiree and the recognised amount of any non-controlling interests in the acquiree) and
the net recognised amount of the identifiable assets acquired and liabilities assumed, is calculated. When the
difference is negative, a bargain purchase gain is recognised immediately in the income statement. When the
difference is positive, goodwill is recognised on the balance sheet.
Changes to the initial fair value of the acquired assets and liabilities, based on new information about the
circumstances at the acquisition date, can be made up to a maximum of 12 months after the acquisition date.
Acquisition-related costs are directly expensed in the income statement.
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.
Accounting policies
\"Financials-Icons-Policies.png\"
Assets or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through
sale rather than through continuing use are classified as held for sale. Immediately before classification as held
for sale, the assets, or components of a disposal group, are measured at the lower of their carrying amount and
fair value less cost to sell.
Intangible assets and P,P&E once classified as held for sale are not amortised or depreciated. In addition, equity
accounting of equity-accounted investees ceases once classified as held for sale.\u00a0
Accounting policies\u00a0
\"Financials-Icons-Policies.png\"
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.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there is
any indication of impairment. A significant or prolonged decline in the fair value of the investment below its cost
is also considered in assessing for any indication of impairment. If any such indication exists, an impairment test
is performed (refer to note 8.1).
Accounting policies
\"Financials-Icons-Policies.png\"
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. \u00a0
Accounting policies
\"Financials-Icons-Policies.png\"
Cash and cash equivalents are initially recognised at fair value and subsequently at amortised cost.\u00a0
HEINEKEN has cash pooling arrangements with legally enforceable rights to offset cash and overdraft balances.
Where there is an intention to settle on a net basis, cash and overdraft balances relating to the cash pooling
arrangements are reported on a net basis in the statement of financial position.
Accounting policies
\"Financials-Icons-Policies.png\"
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 incremental borrowing rate (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:
\u2013 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of that
option
\u2013 Periods 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:
\u2013 Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
\u2013 Include non-lease components in the lease liability for equipment leases
Accounting policies
\"Financials-Icons-Policies.png\"
Shares are classified as equity. When share capital recognised as equity is repurchased, the amount of the
consideration paid, which includes directly attributable costs, is net of any tax effects recognised as a deduction
from equity. Repurchased shares recorded at purchase price are classified as treasury shares and are presented in
the reserve for own shares.
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
Dividends are recognised as a liability in the period in which they are declared.
Accounting policies
\"Financials-Icons-Policies.png\"
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
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. Reference is made to note 6.3 for the accounting policy on power purchase agreements where the
own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument 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.
Accounting policies
\"Financials-Icons-Policies.png\"
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
HEINEKEN is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the
Netherlands and will come into effect from 1 January 2024. Under the legislation, a top-up tax for the difference
between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15% minimum rate
is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN applies the exception to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income
taxes, as provided in the amendments to IAS 12 issued in May 2023.
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:
\u2013 The 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
\u2013 Investments 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
\u2013 The 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).
Accounting policies
\"Financials-Icons-Policies.png\"
Off-balance sheet commitments are reported on an undiscounted basis.
Raw materials purchase contracts
Raw material purchase contracts include long-term purchase contracts with suppliers in which prices are fixed or
will be agreed upon based upon predefined price formulas.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-435": { "value": "
General
The accounting policies described in these consolidated financial statements have been applied consistently to
all periods presented in these consolidated financial statements.
(a) Basis of consolidation
The consolidated financial statements are prepared as a consolidation of the financial statements of the
Company and its subsidiaries. Subsidiaries are entities controlled by HEINEKEN. HEINEKEN controls an entity
when it has power over the investee, is exposed or has the right to variable returns from its involvement with that
entity and can affect those returns through its power over the entity. Control is generally obtained by ownership
of more than 50% of the voting rights.
The financial statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by HEINEKEN.
On consolidation, intra-HEINEKEN balances and transactions, and any unrealised gains and losses or income and
expenses arising from intra-HEINEKEN transactions, are eliminated. Unrealised gains arising from transactions
with associates and joint ventures (refer to note 10.3) are eliminated against the investment to the extent of
HEINEKEN\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but
only to the extent that there is no evidence of impairment.
(b) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary economies,
refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in foreign
currencies are re-translated to the functional currency using the exchange rates at the balance sheet date. The
resulting foreign currency differences are recognised in the income statement, except for foreign currency
differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI) investments
and financial liabilities designated as a hedge of a net investment, which are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-
monetary items in a foreign currency that are measured at cost are translated into the functional currency at the
exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition,
and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the exchange rates at
the reporting date. The income and expenses of foreign operations are translated to Euro at the exchange rates
that approximates the exchange rates ruling at the dates of the transactions, except for foreign operations in
hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity in
the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant proportionate
share of the translation difference is allocated to the non-controlling interests. The cumulative amount in the
translation reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or
partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were used
while preparing these consolidated financial statements:
In \u20ac
Year-end
2023
Year-end
2022
%
Average
2023
Average
2022
%
Brazilian Real (BRL)
0.1865
0.1774
5.1
0.1852
0.1846
0.3
Great Britain Pound (GBP)
1.1507
1.1275
2.1
1.1497
1.1735
(2.0)
Indian Rupee (INR)
0.0109
0.0113
(3.5)
0.0112
0.0121
(7.4)
Mexican Peso (MXN)
0.0532
0.0485
9.7
0.0521
0.0472
10.4
Nigerian Naira (NGN)
0.0010
0.0020
(50.0)
0.0015
0.0022
(31.8)
Polish Zloty (PLN)
0.2300
0.2132
7.9
0.2203
0.2129
3.5
Russian Ruble (RUB)
0.0100
0.0126
(20.6)
0.0109
0.0139
(21.6)
Singapore Dollar (SGD)
0.6854
0.6993
(2.0)
0.6886
0.6897
(0.2)
United States Dollar (USD)
0.9050
0.9376
(3.5)
0.9246
0.9518
(2.9)
Vietnamese Dong in 1,000 (VND)
0.0373
0.0396
(5.8)
0.0388
0.0407
(4.7)
South African Rand (ZAR)
0.0492
0.0553
(11.0)
0.0502
0.0582
(13.7)
(c) Hyperinflation economies
To determine the existence of hyperinflation, HEINEKEN assesses the qualitative and quantitative characteristics
of the economic environment of the country, such as the cumulative inflation rate over the previous three years.
The Ethiopian economy was designated as hyperinflationary from the period ended 31 December 2022 and the
Haitian economy was designated as hyperinflationary for the period ended 31 December 2023. As a result,
application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 has been applied to Heineken
Ethiopia, whose functional currency is the Ethiopian Birr and to Brasserie Nationale d'Haiti S.A., whose functional
currency is the Haitian Gourde.
On the application of IAS 29 to Heineken Ethiopia, a cumulative inflation factor was applied using the consumer
price index (CPI) in Ethiopia, published by the Central Statistics Agency of Ethiopia. The movement in the CPI for
the year ended 31 December 2023 was 29% (2022: 34%).
On the application of IAS 29 to Brasserie Nationale d\u2019Haiti S.A., a cumulative inflation factor was applied using
the consumer price index (CPI) in Haiti, published by the L'Institut Ha\u00eftien de Statistique et d'Informatique (IHSI).
The movement in the CPI for the year ended 31 December 2023 was 21% (2022: 48%).
The application of IAS 29 includes the following:
\u2013 Adjustment of historical cost non-monetary assets and liabilities for the change in purchasing power caused by
inflation from the date of initial recognition to the balance sheet date
\u2013 Adjustment of the income statement for inflation during the reporting period
\u2013 The income statement is translated at the period-end foreign exchange rate instead of an average rate
\u2013 A net monetary gain/(loss) adjustment, recognised in the income statement, to reflect the impact of inflation and
exchange rate movement on holding monetary assets and liabilities in local currency
\u2013 Reduction of the restated amount of a non-monetary item, in accordance with the appropriate standards, when
it exceeds its recoverable amount
(d) Cash flow statement
The cash flow statement is prepared using the indirect method. Assets and liabilities acquired as part of a
business combination are included in investing activities (net of cash acquired). Dividends paid to shareholders
are included in financing activities. Dividends received are classified as operating activities, as well as interest
paid.
(e) Offsetting financial instruments
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to either
to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and liabilities
are presented in the statement of financial position as a net amount.", "dimensions": { "concept": "heia:DisclosureOfOtherAccountingPoliciesRelevantToUnderstandingOfTheFinancialsTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-437": { "value": "Basis of consolidation
The consolidated financial statements are prepared as a consolidation of the financial statements of the
Company and its subsidiaries. Subsidiaries are entities controlled by HEINEKEN. HEINEKEN controls an entity
when it has power over the investee, is exposed or has the right to variable returns from its involvement with that
entity and can affect those returns through its power over the entity. Control is generally obtained by ownership
of more than 50% of the voting rights.
The financial statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by HEINEKEN.
On consolidation, intra-HEINEKEN balances and transactions, and any unrealised gains and losses or income and
expenses arising from intra-HEINEKEN transactions, are eliminated. Unrealised gains arising from transactions
with associates and joint ventures (refer to note 10.3) are eliminated against the investment to the extent of
HEINEKEN\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but
only to the extent that there is no evidence of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-436": { "value": "Basis of consolidation
The consolidated financial statements are prepared as a consolidation of the financial statements of the
Company and its subsidiaries. Subsidiaries are entities controlled by HEINEKEN. HEINEKEN controls an entity
when it has power over the investee, is exposed or has the right to variable returns from its involvement with that
entity and can affect those returns through its power over the entity. Control is generally obtained by ownership
of more than 50% of the voting rights.
The financial statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by HEINEKEN.
On consolidation, intra-HEINEKEN balances and transactions, and any unrealised gains and losses or income and
expenses arising from intra-HEINEKEN transactions, are eliminated. Unrealised gains arising from transactions
with associates and joint ventures (refer to note 10.3) are eliminated against the investment to the extent of
HEINEKEN\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but
only to the extent that there is no evidence of impairmen", "dimensions": { "concept": "heia:DescriptionOfAccountingPolicyForBasisOfConsolidationTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-439": { "value": "
(b) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary economies,
refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in foreign
currencies are re-translated to the functional currency using the exchange rates at the balance sheet date. The
resulting foreign currency differences are recognised in the income statement, except for foreign currency
differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI) investments
and financial liabilities designated as a hedge of a net investment, which are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-
monetary items in a foreign currency that are measured at cost are translated into the functional currency at the
exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition,
and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the exchange rates at
the reporting date. The income and expenses of foreign operations are translated to Euro at the exchange rates
that approximates the exchange rates ruling at the dates of the transactions, except for foreign operations in
hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity in
the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant proportionate
share of the translation difference is allocated to the non-controlling interests. The cumulative amount in the
translation reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or
partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were used
while preparing these consolidated financial statements:
In \u20ac
Year-end
2023
Year-end
2022
%
Average
2023
Average
2022
%
Brazilian Real (BRL)
0.1865
0.1774
5.1
0.1852
0.1846
0.3
Great Britain Pound (GBP)
1.1507
1.1275
2.1
1.1497
1.1735
(2.0)
Indian Rupee (INR)
0.0109
0.0113
(3.5)
0.0112
0.0121
(7.4)
Mexican Peso (MXN)
0.0532
0.0485
9.7
0.0521
0.0472
10.4
Nigerian Naira (NGN)
0.0010
0.0020
(50.0)
0.0015
0.0022
(31.8)
Polish Zloty (PLN)
0.2300
0.2132
7.9
0.2203
0.2129
3.5
Russian Ruble (RUB)
0.0100
0.0126
(20.6)
0.0109
0.0139
(21.6)
Singapore Dollar (SGD)
0.6854
0.6993
(2.0)
0.6886
0.6897
(0.2)
United States Dollar (USD)
0.9050
0.9376
(3.5)
0.9246
0.9518
(2.9)
Vietnamese Dong in 1,000 (VND)
0.0373
0.0396
(5.8)
0.0388
0.0407
(4.7)
South African Rand (ZAR)
0.0492
0.0553
(11.0)
0.0502
0.0582
(13.7)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-438": { "value": "
(b) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary economies,
refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in foreign
currencies are re-translated to the functional currency using the exchange rates at the balance sheet date. The
resulting foreign currency differences are recognised in the income statement, except for foreign currency
differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI) investments
and financial liabilities designated as a hedge of a net investment, which are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-
monetary items in a foreign currency that are measured at cost are translated into the functional currency at the
exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition,
and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the exchange rates at
the reporting date. The income and expenses of foreign operations are translated to Euro at the exchange rates
that approximates the exchange rates ruling at the dates of the transactions, except for foreign operations in
hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity in
the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant proportionate
share of the translation difference is allocated to the non-controlling interests. The cumulative amount in the
translation reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or
partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were used
while preparing these consolidated financial statements:
In \u20ac
Year-end
2023
Year-end
2022
%
Average
2023
Average
2022
%
Brazilian Real (BRL)
0.1865
0.1774
5.1
0.1852
0.1846
0.3
Great Britain Pound (GBP)
1.1507
1.1275
2.1
1.1497
1.1735
(2.0)
Indian Rupee (INR)
0.0109
0.0113
(3.5)
0.0112
0.0121
(7.4)
Mexican Peso (MXN)
0.0532
0.0485
9.7
0.0521
0.0472
10.4
Nigerian Naira (NGN)
0.0010
0.0020
(50.0)
0.0015
0.0022
(31.8)
Polish Zloty (PLN)
0.2300
0.2132
7.9
0.2203
0.2129
3.5
Russian Ruble (RUB)
0.0100
0.0126
(20.6)
0.0109
0.0139
(21.6)
Singapore Dollar (SGD)
0.6854
0.6993
(2.0)
0.6886
0.6897
(0.2)
United States Dollar (USD)
0.9050
0.9376
(3.5)
0.9246
0.9518
(2.9)
Vietnamese Dong in 1,000 (VND)
0.0373
0.0396
(5.8)
0.0388
0.0407
(4.7)
South African Rand (ZAR)
0.0492
0.0553
(11.0)
0.0502
0.0582
(13.7)
Foreign currency risk
HEINEKEN is exposed to:\u00a0
\u2013 Transactional 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
\u2013 Translational 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, Nigerian Naira and Euro. In 2023, the transactional foreign exchange risk was hedged in line
with the hedging policy to the extent possible. Mainly due to the development of the Nigerian Naira, the overall
transactional impact was negative, whereas the translational impact was slightly positive for HEINEKEN.
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
2023
2022
In millions
EUR
USD
EUR
USD
Financial assets
146
3,506
213
4,106
Financial liabilities
(2,373)
(3,323)
(2,730)
(4,480)
Gross balance sheet exposure
(2,227)
183
(2,517)
(374)
Estimated forecast sales next year
180
1,221
171
1,258
Estimated forecast purchases next year
(2,559)
(2,590)
(2,626)
(2,612)
Gross exposure
(4,606)
(1,186)
(4,972)
(1,728)
Net notional amounts foreign exchange contracts
573
697
426
1,057
Net exposure
(4,033)
(489)
(4,546)
(671)
Sensitivity analysis
Equity
(136)
66
(172)
53
Profit/(Loss)
(37)
(13)
(67)
(10)
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 2023. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-440": { "value": "
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary economies,
refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in foreign
currencies are re-translated to the functional currency using the exchange rates at the balance sheet date. The
resulting foreign currency differences are recognised in the income statement, except for foreign currency
differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI) investments
and financial liabilities designated as a hedge of a net investment, which are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-
monetary items in a foreign currency that are measured at cost are translated into the functional currency at the
exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition,
and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the exchange rates at
the reporting date. The income and expenses of foreign operations are translated to Euro at the exchange rates
that approximates the exchange rates ruling at the dates of the transactions, except for foreign operations in
hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity in
the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant proportionate
share of the translation difference is allocated to the non-controlling interests. The cumulative amount in the
translation reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or
partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were used
while preparing these consolidated financial statements:
In \u20ac
Year-end
2023
Year-end
2022
%
Average
2023
Average
2022
%
Brazilian Real (BRL)
0.1865
0.1774
5.1
0.1852
0.1846
0.3
Great Britain Pound (GBP)
1.1507
1.1275
2.1
1.1497
1.1735
(2.0)
Indian Rupee (INR)
0.0109
0.0113
(3.5)
0.0112
0.0121
(7.4)
Mexican Peso (MXN)
0.0532
0.0485
9.7
0.0521
0.0472
10.4
Nigerian Naira (NGN)
0.0010
0.0020
(50.0)
0.0015
0.0022
(31.8)
Polish Zloty (PLN)
0.2300
0.2132
7.9
0.2203
0.2129
3.5
Russian Ruble (RUB)
0.0100
0.0126
(20.6)
0.0109
0.0139
(21.6)
Singapore Dollar (SGD)
0.6854
0.6993
(2.0)
0.6886
0.6897
(0.2)
United States Dollar (USD)
0.9050
0.9376
(3.5)
0.9246
0.9518
(2.9)
Vietnamese Dong in 1,000 (VND)
0.0373
0.0396
(5.8)
0.0388
0.0407
(4.7)
South African Rand (ZAR)
0.0492
0.0553
(11.0)
0.0502
0.0582
(13.7)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-441": { "value": "
(c) Hyperinflation economies
To determine the existence of hyperinflation, HEINEKEN assesses the qualitative and quantitative characteristics
of the economic environment of the country, such as the cumulative inflation rate over the previous three years.
The Ethiopian economy was designated as hyperinflationary from the period ended 31 December 2022 and the
Haitian economy was designated as hyperinflationary for the period ended 31 December 2023. As a result,
application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 has been applied to Heineken
Ethiopia, whose functional currency is the Ethiopian Birr and to Brasserie Nationale d'Haiti S.A., whose functional
currency is the Haitian Gourde.
On the application of IAS 29 to Heineken Ethiopia, a cumulative inflation factor was applied using the consumer
price index (CPI) in Ethiopia, published by the Central Statistics Agency of Ethiopia. The movement in the CPI for
the year ended 31 December 2023 was 29% (2022: 34%).
On the application of IAS 29 to Brasserie Nationale d\u2019Haiti S.A., a cumulative inflation factor was applied using
the consumer price index (CPI) in Haiti, published by the L'Institut Ha\u00eftien de Statistique et d'Informatique (IHSI).
The movement in the CPI for the year ended 31 December 2023 was 21% (2022: 48%).
The application of IAS 29 includes the following:
\u2013 Adjustment of historical cost non-monetary assets and liabilities for the change in purchasing power caused by
inflation from the date of initial recognition to the balance sheet date
\u2013 Adjustment of the income statement for inflation during the reporting period
\u2013 The income statement is translated at the period-end foreign exchange rate instead of an average rate
\u2013 A net monetary gain/(loss) adjustment, recognised in the income statement, to reflect the impact of inflation and
exchange rate movement on holding monetary assets and liabilities in local currency
\u2013 Reduction of the restated amount of a non-monetary item, in accordance with the appropriate standards, when
it exceeds its recoverable amount
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-442": { "value": "Cash flow statement
The cash flow statement is prepared using the indirect method. Assets and liabilities acquired as part of a
business combination are included in investing activities (net of cash acquired). Dividends paid to shareholders
are included in financing activities. Dividends received are classified as operating activities, as well as interest
paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-443": { "value": "Offsetting financial instruments
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to either
to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and liabilities
are presented in the statement of financial position as a net amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-445": { "value": "
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to either
to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and liabilities
are presented in the statement of financial position as a net amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-444": { "value": "
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to either
to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and liabilities
are presented in the statement of financial position as a net amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-447": { "value": "
6.1\u00a0 \u00a0 Operating segments
HEINEKEN distinguishes five reportable segments: Europe; Americas; Africa, Middle East & Eastern Europe; Asia Pacific and Head Office & Other/Eliminations. Information about these reportable segments are provided in
the table below:
Europe
Americas
Africa, Middle East &
Eastern Europe
Asia Pacific
Head Office &
Other/Eliminations
Consolidated
In millions of \u20ac
Note
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Net revenue (beia)1
12,211
11,362
10,469
9,421
4,229
4,005
4,157
4,652
(758)
(746)
30,308
28,694
Third party revenue2
14,185
13,461
10,700
9,608
5,260
4,868
6,179
6,706
51
33
36,375
34,676
Interregional revenue
803
761
5
18
\u2014
\u2014
\u2014
\u2014
(808)
(779)
\u2014
\u2014
Revenue
14,988
14,222
10,705
9,626
5,260
4,868
6,179
6,706
(757)
(746)
36,375
34,676
Excise tax expense3
(2,777)
(2,860)
(211)
(205)
(1,002)
(838)
(2,023)
(2,054)
\u2014
\u2014
(6,013)
(5,957)
Net revenue
12,211
11,362
10,494
9,421
4,258
4,030
4,156
4,652
(757)
(746)
30,362
28,719
Other income
6.2
302
117
53
9
36
20
2
\u2014
\u2014
1
393
147
Operating profit
1,439
1,154
1,382
1,359
(487)
391
737
1,293
158
86
3,229
4,283
Net finance expenses
11.1
(925)
(336)
Share of profit of associates and joint ventures
10.3
22
19
69
61
25
36
102
107
\u2014
\u2014
218
223
Income tax expense
12.1
(121)
(1,131)
Profit
2,401
3,039
Attributable to:
Shareholders of the Company (net profit)
2,304
2,682
Non-controlling interests
97
357
Operating profit reconciliation
Operating profit
1,439
1,154
1,382
1,359
(487)
391
737
1,293
158
86
3,229
4,283
Eia1
(86)
67
149
32
937
163
189
(58)
25
15
1,214
219
Operating profit (beia)1
1,353
1,221
1,531
1,391
450
554
926
1,235
183
101
4,443
4,502
1Note that this is a non-GAAP measure. Due to rounding, this balance will not always cast.
2Includes other revenue of \u20ac509 million (2022: \u20ac342 million).
3Next to the \u20ac6,013 million of excise tax expense included in revenue (2022: \u20ac5,957 million), \u20ac2,190 million of excise tax expense is collected on behalf of third parties and excluded from revenue (2022: \u20ac2,333 million).
Europe
Americas
Africa, Middle East &
Eastern Europe
Asia Pacific
Head Office &
Other/Eliminations
Consolidated
In millions of \u20ac
Note
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Current segment assets
2,917
3,259
3,292
2,837
2,341
1,842
1,798
2,091
687
848
11,035
10,877
Non-current segment assets
12,494
12,311
9,430
8,887
3,772
2,615
11,003
11,566
1,582
1,025
38,281
36,404
Investments in associates and joint ventures
200
181
794
861
227
266
2,909
2,988
\u2014
\u2014
4,130
4,296
Total segment assets
15,611
15,751
13,516
12,585
6,340
4,723
15,710
16,645
2,269
1,873
53,446
51,577
Unallocated assets
1,707
829
Total assets
55,153
52,406
Segment liabilities
4,292
4,475
3,640
3,211
2,008
1,791
1,373
1,534
2,324
2,424
13,637
13,435
Unallocated liabilities
18,727
17,051
Total equity
22,789
21,920
Total equity and liabilities
55,153
52,406
Purchases of owned property, plant and equipment
8.2
784
653
778
748
496
516
176
184
21
18
2,255
2,119
Acquisition of goodwill
8.1
11
106
\u2014
\u2014
652
\u2014
21
3
\u2014
\u2014
684
109
Purchases of intangible assets
8.1
60
75
41
33
7
4
10
11
123
97
241
220
Depreciation of owned property, plant and equipment
8.2
(541)
(514)
(459)
(349)
(288)
(269)
(165)
(165)
(11)
(13)
(1,464)
(1,310)
Impairment (net of reversal) of owned property, plant
and equipment and assets classified as held for sale
8.2, 10.2
(7)
(7)
(70)
(1)
(60)
(89)
\u2014
36
\u2014
\u2014
(137)
(61)
Amortisation of intangible assets
8.1
(94)
(89)
(98)
(102)
(24)
(9)
(188)
(205)
(44)
(40)
(448)
(445)
Impairment (net of reversal) of intangible assets
8.1
\u2014
(1)
(41)
\u2014
(491)
\u2014
\u2014
190
\u2014
\u2014
(532)
189
Reconciliation of segment profit or loss
The table below presents the reconciliation of operating profit before exceptional items and amortisation of
acquisition-related intangibles (operating profit beia) to profit before income tax.
In millions of \u20ac
2023
2022
Operating profit (beia)
4,443
4,502
Amortisation of acquisition-related intangible assets recorded in operating
profit
(385)
(333)
Exceptional items included in operating profit
(829)
114
Share of profit of associates and joint ventures
218
223
Net finance expenses
(925)
(336)
Profit before income tax
2,522
4,170
The 2023 exceptional items and amortisation of acquisition-related intangibles recorded in operating profit
amount to \u20ac1,214 million, net exceptional expense (2022: \u20ac219 million). This amount consists of:\u00a0
\u2013 \u20ac385 million (2022: \u20ac333 million) of amortisation of acquisition-related intangibles recorded in operating profit.
\u2013 \u20ac829 million net exceptional expense (2022: \u20ac114 million net benefit) recorded in operating profit. This\u00a0includes:
\u2013 a net impairment of \u20ac683\u00a0million recorded in amortisation, depreciation and impairments, including an
impairment of \u20ac491\u00a0million for Heineken Beverages (total net impairment reversal in 2022: \u20ac132\u00a0million)
\u2013 \u20ac209 million exceptional expense related to the recycling of foreign currency translation reserve upon selling
the Russia disposal group recorded in amortisation, depreciation and impairments and \u20ac195 million of
exceptional gain on sale of Vrumona B.V. (Vrumona) recorded in other income
\u2013 net restructuring expenses recorded in personnel expenses of \u20ac130\u00a0million (2022: \u20ac70\u00a0million)
\u2013 \u20ac40 million exceptional benefit recorded in other income related to tax credits in Brazil (2022: \u20ac44 million net
exceptional benefit as reduction recorded in marketing expense related to tax credits in Brazil)
\u2013 \u20ac50 million net exceptional expense relating to hyperinflation accounting adjustments (2022: \u20ac44 million), of
which \u20ac55 million income recorded in revenue (2022: \u20ac25 million), \u20ac69 million expense in raw materials
consumables and services (2022: \u20ac54 million), \u20ac32 million expense in amortisation, depreciation and
impairments (2022: \u20ac13 million) and \u20ac4 million in personnel expenses (2022: \u20ac2 million)
\u2013 \u20ac8\u00a0million of other exceptional net benefits (2022: \u20ac52\u00a0million of other net exceptional benefits)
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether excise tax expenses are borne by HEINEKEN or collected on behalf of third parties.
HEINEKEN makes estimates when determining discount accruals in revenue at year-end, specifically for
conditional discounts. Refer to note 7.3 for more explanation on how discount accruals are estimated.
\u00a0 Accounting policies\u00a0
\"Financials-Icons-Policies.png\"
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board, which
is considered to be HEINEKEN\u2019s chief operating decision-maker. An operating segment is a component of
HEINEKEN that engages in business activities from which it may earn revenues and incur expenses, including
revenues and expenses that relate to transactions with any of HEINEKEN\u2019s other components. All operating
segments\u2019 operating results are reviewed regularly by the Executive Board to make decisions about resources to
be allocated to the segment and to assess its performance, and for which discrete financial information is
available. \u00a0
The first four reportable segments as presented in the segmentation tables are HEINEKEN\u2019s business regions.
These business regions are each managed separately by a Regional President, who reports to the Executive
Board, and is directly accountable for the functioning of the segment\u2019s results, assets and liabilities. The Head
Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.\u00a0
Segment results, assets and liabilities that are reported to the Executive Board include items directly attributable
to a segment as well as those that can be allocated on a reasonable basis. Unallocated result items comprise net
finance expenses and income tax expenses. Unallocated assets mainly comprise deferred tax assets.
Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment and intangible assets other than goodwill.
Performance is measured based on operating profit (beia), as included in the internal management reports that
are reviewed by the Executive Board. Beia stands for 'before exceptional items and amortisation of acquisition-
related intangibles'. Exceptional items are defined as items of income and expense of such size, nature or
incidence, that in the view of management their disclosure is relevant to explain the performance of HEINEKEN
for the period. Exceptional items include, among others, impairments of goodwill and fixed assets (and reversal
of impairments), gains and losses from acquisitions and disposals, redundancy costs following a restructuring,
past service costs and curtailments, hyperinflation accounting adjustments, the tax impact on exceptional items
and tax rate changes (the one-off impact on deferred tax positions).
Operating profit and operating profit (beia) are not financial measures calculated in accordance with IFRS.
Operating profit (beia) is used to measure performance as management believes that this measurement is the
most relevant in evaluating the results of the segments. Beia adjustments are also applied to other metrics. The
presentation of these financial measures may not be comparable to similarly titled measures reported by other
companies due to differences in the ways the measures are calculated. Wherever appropriate and practical,
HEINEKEN provides reconciliations for relevant GAAP measures.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and pubs,
direct to customers and via third-party distribution. As such, distribution models are country-specific and diverse
across HEINEKEN. In addition, these various distribution models are not centrally managed or monitored.
Consequently, the Executive Board does not allocate resources or assess performance based on business type
information. Accordingly, no segment information on business type is provided.\u00a0
Inter-segment transfers or transactions are determined on an arm\u2019s length basis. As net finance expenses and
income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and
Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not
provided for the reportable segments.\u00a0
Revenue
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The product
range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced finished
goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from HEINEKEN's
wholesale activities. HEINEKEN's customer group can be split between on-trade customers like caf\u00e9s, bars and
restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global footprint, its
revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its performance
obligation to the customer. For the majority of the sales, control is transferred either at delivery of the products
or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in profit or
loss (consolidated income statement) on an accrual basis in accordance with the relevant agreement. Rental
income, income from wholesale activities, pub management services and technical services are recognised in
profit or loss when the services have been delivered.
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Unconditional discounts are recognised at the same moment of the related sales transaction.\u00a0
HEINEKEN also provides conditional discounts to customers. These contractually agreed conditions include
volume and promotional rebates. Conditional discounts are recognised based on estimated target realisation.
The estimation is based on accumulated experience supported by historical and current sales information. A
discount accrual is recognised at each reporting date for discounts payable to customers based on their expected
or actual volume up to that date.
Other discounts include listing and shelving visibility fees charged by the customer whereby the payments to
customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with customers
to determine the classification of payments to customers as either discounts or marketing expenses.\u00a0
Discounts are accounted for as a reduction of revenue. Only when these payments to customers relate to a
distinct service, the amount is classified as operating expense.
Excise tax expense
Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
energy consumption in the production process. Excise duties are common in the beverage industry but levied
differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis to
assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise duties are
effectively a production tax as excise duties become payable when goods are moved from bonded warehouses
and are not based on the sales value. In these countries, increases in excise duties are not always (fully) passed
on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case products are
eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and shown as expenses.
Only for those countries where excise is levied at the moment of the sales transaction and excise is based on the
sales value, the excise duties are collected on behalf of a tax authority and consequently deducted from revenue.
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether taxes are borne by HEINEKEN or collected on behalf of a third party.
To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax expense
on a separate line below revenue in the consolidated income statement. A subtotal called 'Net revenue' is
therefore included in the Income Statement. This 'Net revenue' subtotal is 'revenue' as defined in IFRS 15
(after discounts) minus the excise tax expense for those countries where the excise is borne by HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-446": { "value": "
6.1\u00a0 \u00a0 Operating segments
HEINEKEN distinguishes five reportable segments: Europe; Americas; Africa, Middle East & Eastern Europe; Asia Pacific and Head Office & Other/Eliminations. Information about these reportable segments are provided in
the table below:
Europe
Americas
Africa, Middle East &
Eastern Europe
Asia Pacific
Head Office &
Other/Eliminations
Consolidated
In millions of \u20ac
Note
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Net revenue (beia)1
12,211
11,362
10,469
9,421
4,229
4,005
4,157
4,652
(758)
(746)
30,308
28,694
Third party revenue2
14,185
13,461
10,700
9,608
5,260
4,868
6,179
6,706
51
33
36,375
34,676
Interregional revenue
803
761
5
18
\u2014
\u2014
\u2014
\u2014
(808)
(779)
\u2014
\u2014
Revenue
14,988
14,222
10,705
9,626
5,260
4,868
6,179
6,706
(757)
(746)
36,375
34,676
Excise tax expense3
(2,777)
(2,860)
(211)
(205)
(1,002)
(838)
(2,023)
(2,054)
\u2014
\u2014
(6,013)
(5,957)
Net revenue
12,211
11,362
10,494
9,421
4,258
4,030
4,156
4,652
(757)
(746)
30,362
28,719
Other income
6.2
302
117
53
9
36
20
2
\u2014
\u2014
1
393
147
Operating profit
1,439
1,154
1,382
1,359
(487)
391
737
1,293
158
86
3,229
4,283
Net finance expenses
11.1
(925)
(336)
Share of profit of associates and joint ventures
10.3
22
19
69
61
25
36
102
107
\u2014
\u2014
218
223
Income tax expense
12.1
(121)
(1,131)
Profit
2,401
3,039
Attributable to:
Shareholders of the Company (net profit)
2,304
2,682
Non-controlling interests
97
357
Operating profit reconciliation
Operating profit
1,439
1,154
1,382
1,359
(487)
391
737
1,293
158
86
3,229
4,283
Eia1
(86)
67
149
32
937
163
189
(58)
25
15
1,214
219
Operating profit (beia)1
1,353
1,221
1,531
1,391
450
554
926
1,235
183
101
4,443
4,502
1Note that this is a non-GAAP measure. Due to rounding, this balance will not always cast.
2Includes other revenue of \u20ac509 million (2022: \u20ac342 million).
3Next to the \u20ac6,013 million of excise tax expense included in revenue (2022: \u20ac5,957 million), \u20ac2,190 million of excise tax expense is collected on behalf of third parties and excluded from revenue (2022: \u20ac2,333 million).
Europe
Americas
Africa, Middle East &
Eastern Europe
Asia Pacific
Head Office &
Other/Eliminations
Consolidated
In millions of \u20ac
Note
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Current segment assets
2,917
3,259
3,292
2,837
2,341
1,842
1,798
2,091
687
848
11,035
10,877
Non-current segment assets
12,494
12,311
9,430
8,887
3,772
2,615
11,003
11,566
1,582
1,025
38,281
36,404
Investments in associates and joint ventures
200
181
794
861
227
266
2,909
2,988
\u2014
\u2014
4,130
4,296
Total segment assets
15,611
15,751
13,516
12,585
6,340
4,723
15,710
16,645
2,269
1,873
53,446
51,577
Unallocated assets
1,707
829
Total assets
55,153
52,406
Segment liabilities
4,292
4,475
3,640
3,211
2,008
1,791
1,373
1,534
2,324
2,424
13,637
13,435
Unallocated liabilities
18,727
17,051
Total equity
22,789
21,920
Total equity and liabilities
55,153
52,406
Purchases of owned property, plant and equipment
8.2
784
653
778
748
496
516
176
184
21
18
2,255
2,119
Acquisition of goodwill
8.1
11
106
\u2014
\u2014
652
\u2014
21
3
\u2014
\u2014
684
109
Purchases of intangible assets
8.1
60
75
41
33
7
4
10
11
123
97
241
220
Depreciation of owned property, plant and equipment
8.2
(541)
(514)
(459)
(349)
(288)
(269)
(165)
(165)
(11)
(13)
(1,464)
(1,310)
Impairment (net of reversal) of owned property, plant
and equipment and assets classified as held for sale
8.2, 10.2
(7)
(7)
(70)
(1)
(60)
(89)
\u2014
36
\u2014
\u2014
(137)
(61)
Amortisation of intangible assets
8.1
(94)
(89)
(98)
(102)
(24)
(9)
(188)
(205)
(44)
(40)
(448)
(445)
Impairment (net of reversal) of intangible assets
8.1
\u2014
(1)
(41)
\u2014
(491)
\u2014
\u2014
190
\u2014
\u2014
(532)
189
Reconciliation of segment profit or loss
The table below presents the reconciliation of operating profit before exceptional items and amortisation of
acquisition-related intangibles (operating profit beia) to profit before income tax.
In millions of \u20ac
2023
2022
Operating profit (beia)
4,443
4,502
Amortisation of acquisition-related intangible assets recorded in operating
profit
(385)
(333)
Exceptional items included in operating profit
(829)
114
Share of profit of associates and joint ventures
218
223
Net finance expenses
(925)
(336)
Profit before income tax
2,522
4,170
The 2023 exceptional items and amortisation of acquisition-related intangibles recorded in operating profit
amount to \u20ac1,214 million, net exceptional expense (2022: \u20ac219 million). This amount consists of:\u00a0
\u2013 \u20ac385 million (2022: \u20ac333 million) of amortisation of acquisition-related intangibles recorded in operating profit.
\u2013 \u20ac829 million net exceptional expense (2022: \u20ac114 million net benefit) recorded in operating profit. This\u00a0includes:
\u2013 a net impairment of \u20ac683\u00a0million recorded in amortisation, depreciation and impairments, including an
impairment of \u20ac491\u00a0million for Heineken Beverages (total net impairment reversal in 2022: \u20ac132\u00a0million)
\u2013 \u20ac209 million exceptional expense related to the recycling of foreign currency translation reserve upon selling
the Russia disposal group recorded in amortisation, depreciation and impairments and \u20ac195 million of
exceptional gain on sale of Vrumona B.V. (Vrumona) recorded in other income
\u2013 net restructuring expenses recorded in personnel expenses of \u20ac130\u00a0million (2022: \u20ac70\u00a0million)
\u2013 \u20ac40 million exceptional benefit recorded in other income related to tax credits in Brazil (2022: \u20ac44 million net
exceptional benefit as reduction recorded in marketing expense related to tax credits in Brazil)
\u2013 \u20ac50 million net exceptional expense relating to hyperinflation accounting adjustments (2022: \u20ac44 million), of
which \u20ac55 million income recorded in revenue (2022: \u20ac25 million), \u20ac69 million expense in raw materials
consumables and services (2022: \u20ac54 million), \u20ac32 million expense in amortisation, depreciation and
impairments (2022: \u20ac13 million) and \u20ac4 million in personnel expenses (2022: \u20ac2 million)
\u2013 \u20ac8\u00a0million of other exceptional net benefits (2022: \u20ac52\u00a0million of other net exceptional benefits)
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether excise tax expenses are borne by HEINEKEN or collected on behalf of third parties.
HEINEKEN makes estimates when determining discount accruals in revenue at year-end, specifically for
conditional discounts. Refer to note 7.3 for more explanation on how discount accruals are estimated.
\u00a0 Accounting policies\u00a0
\"Financials-Icons-Policies.png\"
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board, which
is considered to be HEINEKEN\u2019s chief operating decision-maker. An operating segment is a component of
HEINEKEN that engages in business activities from which it may earn revenues and incur expenses, including
revenues and expenses that relate to transactions with any of HEINEKEN\u2019s other components. All operating
segments\u2019 operating results are reviewed regularly by the Executive Board to make decisions about resources to
be allocated to the segment and to assess its performance, and for which discrete financial information is
available. \u00a0
The first four reportable segments as presented in the segmentation tables are HEINEKEN\u2019s business regions.
These business regions are each managed separately by a Regional President, who reports to the Executive
Board, and is directly accountable for the functioning of the segment\u2019s results, assets and liabilities. The Head
Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.\u00a0
Segment results, assets and liabilities that are reported to the Executive Board include items directly attributable
to a segment as well as those that can be allocated on a reasonable basis. Unallocated result items comprise net
finance expenses and income tax expenses. Unallocated assets mainly comprise deferred tax assets.
Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment and intangible assets other than goodwill.
Performance is measured based on operating profit (beia), as included in the internal management reports that
are reviewed by the Executive Board. Beia stands for 'before exceptional items and amortisation of acquisition-
related intangibles'. Exceptional items are defined as items of income and expense of such size, nature or
incidence, that in the view of management their disclosure is relevant to explain the performance of HEINEKEN
for the period. Exceptional items include, among others, impairments of goodwill and fixed assets (and reversal
of impairments), gains and losses from acquisitions and disposals, redundancy costs following a restructuring,
past service costs and curtailments, hyperinflation accounting adjustments, the tax impact on exceptional items
and tax rate changes (the one-off impact on deferred tax positions).
Operating profit and operating profit (beia) are not financial measures calculated in accordance with IFRS.
Operating profit (beia) is used to measure performance as management believes that this measurement is the
most relevant in evaluating the results of the segments. Beia adjustments are also applied to other metrics. The
presentation of these financial measures may not be comparable to similarly titled measures reported by other
companies due to differences in the ways the measures are calculated. Wherever appropriate and practical,
HEINEKEN provides reconciliations for relevant GAAP measures.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and pubs,
direct to customers and via third-party distribution. As such, distribution models are country-specific and diverse
across HEINEKEN. In addition, these various distribution models are not centrally managed or monitored.
Consequently, the Executive Board does not allocate resources or assess performance based on business type
information. Accordingly, no segment information on business type is provided.\u00a0
Inter-segment transfers or transactions are determined on an arm\u2019s length basis. As net finance expenses and
income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and
Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not
provided for the reportable segments.\u00a0
Revenue
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The product
range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced finished
goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from HEINEKEN's
wholesale activities. HEINEKEN's customer group can be split between on-trade customers like caf\u00e9s, bars and
restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global footprint, its
revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its performance
obligation to the customer. For the majority of the sales, control is transferred either at delivery of the products
or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in profit or
loss (consolidated income statement) on an accrual basis in accordance with the relevant agreement. Rental
income, income from wholesale activities, pub management services and technical services are recognised in
profit or loss when the services have been delivered.
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Unconditional discounts are recognised at the same moment of the related sales transaction.\u00a0
HEINEKEN also provides conditional discounts to customers. These contractually agreed conditions include
volume and promotional rebates. Conditional discounts are recognised based on estimated target realisation.
The estimation is based on accumulated experience supported by historical and current sales information. A
discount accrual is recognised at each reporting date for discounts payable to customers based on their expected
or actual volume up to that date.
Other discounts include listing and shelving visibility fees charged by the customer whereby the payments to
customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with customers
to determine the classification of payments to customers as either discounts or marketing expenses.\u00a0
Discounts are accounted for as a reduction of revenue. Only when these payments to customers relate to a
distinct service, the amount is classified as operating expense.
Excise tax expense
Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
energy consumption in the production process. Excise duties are common in the beverage industry but levied
differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis to
assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise duties are
effectively a production tax as excise duties become payable when goods are moved from bonded warehouses
and are not based on the sales value. In these countries, increases in excise duties are not always (fully) passed
on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case products are
eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and shown as expenses.
Only for those countries where excise is levied at the moment of the sales transaction and excise is based on the
sales value, the excise duties are collected on behalf of a tax authority and consequently deducted from revenue.
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether taxes are borne by HEINEKEN or collected on behalf of a third party.
To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax expense
on a separate line below revenue in the consolidated income statement. A subtotal called 'Net revenue' is
therefore included in the Income Statement. This 'Net revenue' subtotal is 'revenue' as defined in IFRS 15
(after discounts) minus the excise tax expense for those countries where the excise is borne by HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-448": { "value": "218000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-449": { "value": "223000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-450": { "value": "-925000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-451": { "value": "-336000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-452": { "value": "
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board, which
is considered to be HEINEKEN\u2019s chief operating decision-maker. An operating segment is a component of
HEINEKEN that engages in business activities from which it may earn revenues and incur expenses, including
revenues and expenses that relate to transactions with any of HEINEKEN\u2019s other components. All operating
segments\u2019 operating results are reviewed regularly by the Executive Board to make decisions about resources to
be allocated to the segment and to assess its performance, and for which discrete financial information is
available. \u00a0
The first four reportable segments as presented in the segmentation tables are HEINEKEN\u2019s business regions.
These business regions are each managed separately by a Regional President, who reports to the Executive
Board, and is directly accountable for the functioning of the segment\u2019s results, assets and liabilities. The Head
Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.\u00a0
Segment results, assets and liabilities that are reported to the Executive Board include items directly attributable
to a segment as well as those that can be allocated on a reasonable basis. Unallocated result items comprise net
finance expenses and income tax expenses. Unallocated assets mainly comprise deferred tax assets.
Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment and intangible assets other than goodwill.
Performance is measured based on operating profit (beia), as included in the internal management reports that
are reviewed by the Executive Board. Beia stands for 'before exceptional items and amortisation of acquisition-
related intangibles'. Exceptional items are defined as items of income and expense of such size, nature or
incidence, that in the view of management their disclosure is relevant to explain the performance of HEINEKEN
for the period. Exceptional items include, among others, impairments of goodwill and fixed assets (and reversal
of impairments), gains and losses from acquisitions and disposals, redundancy costs following a restructuring,
past service costs and curtailments, hyperinflation accounting adjustments, the tax impact on exceptional items
and tax rate changes (the one-off impact on deferred tax positions).
Operating profit and operating profit (beia) are not financial measures calculated in accordance with IFRS.
Operating profit (beia) is used to measure performance as management believes that this measurement is the
most relevant in evaluating the results of the segments. Beia adjustments are also applied to other metrics. The
presentation of these financial measures may not be comparable to similarly titled measures reported by other
companies due to differences in the ways the measures are calculated. Wherever appropriate and practical,
HEINEKEN provides reconciliations for relevant GAAP measures.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and pubs,
direct to customers and via third-party distribution. As such, distribution models are country-specific and diverse
across HEINEKEN. In addition, these various distribution models are not centrally managed or monitored.
Consequently, the Executive Board does not allocate resources or assess performance based on business type
information. Accordingly, no segment information on business type is provided.\u00a0
Inter-segment transfers or transactions are determined on an arm\u2019s length basis. As net finance expenses and
income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and
Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not
provided for the reportable segments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-453": { "value": "
Performance is measured based on operating profit (beia), as included in the internal management reports that
are reviewed by the Executive Board. Beia stands for 'before exceptional items and amortisation of acquisition-
related intangibles'. Exceptional items are defined as items of income and expense of such size, nature or
incidence, that in the view of management their disclosure is relevant to explain the performance of HEINEKEN
for the period. Exceptional items include, among others, impairments of goodwill and fixed assets (and reversal
of impairments), gains and losses from acquisitions and disposals, redundancy costs following a restructuring,
past service costs and curtailments, hyperinflation accounting adjustments, the tax impact on exceptional items
and tax rate changes (the one-off impact on deferred tax positions).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-454": { "value": "
Revenue
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The product
range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced finished
goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from HEINEKEN's
wholesale activities. HEINEKEN's customer group can be split between on-trade customers like caf\u00e9s, bars and
restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global footprint, its
revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its performance
obligation to the customer. For the majority of the sales, control is transferred either at delivery of the products
or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in profit or
loss (consolidated income statement) on an accrual basis in accordance with the relevant agreement. Rental
income, income from wholesale activities, pub management services and technical services are recognised in
profit or loss when the services have been delivered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-456": { "value": "
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The product
range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced finished
goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from HEINEKEN's
wholesale activities. HEINEKEN's customer group can be split between on-trade customers like caf\u00e9s, bars and
restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global footprint, its
revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its performance
obligation to the customer. For the majority of the sales, control is transferred either at delivery of the products
or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in profit or
loss (consolidated income statement) on an accrual basis in accordance with the relevant agreement. Rental
income, income from wholesale activities, pub management services and technical services are recognised in
profit or loss when the services have been delivered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-455": { "value": "
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The product
range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced finished
goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from HEINEKEN's
wholesale activities. HEINEKEN's customer group can be split between on-trade customers like caf\u00e9s, bars and
restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global footprint, its
revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its performance
obligation to the customer. For the majority of the sales, control is transferred either at delivery of the products
or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in profit or
loss (consolidated income statement) on an accrual basis in accordance with the relevant agreement. Rental
income, income from wholesale activities, pub management services and technical services are recognised in
profit or loss when the services have been delivered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "value": "
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Unconditional discounts are recognised at the same moment of the related sales transaction.\u00a0
HEINEKEN also provides conditional discounts to customers. These contractually agreed conditions include
volume and promotional rebates. Conditional discounts are recognised based on estimated target realisation.
The estimation is based on accumulated experience supported by historical and current sales information. A
discount accrual is recognised at each reporting date for discounts payable to customers based on their expected
or actual volume up to that date.
Other discounts include listing and shelving visibility fees charged by the customer whereby the payments to
customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with customers
to determine the classification of payments to customers as either discounts or marketing expenses.\u00a0
Discounts are accounted for as a reduction of revenue. Only when these payments to customers relate to a
distinct service, the amount is classified as operating expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-458": { "value": "
Excise tax expense
Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
energy consumption in the production process. Excise duties are common in the beverage industry but levied
differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis to
assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise duties are
effectively a production tax as excise duties become payable when goods are moved from bonded warehouses
and are not based on the sales value. In these countries, increases in excise duties are not always (fully) passed
on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case products are
eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and shown as expenses.
Only for those countries where excise is levied at the moment of the sales transaction and excise is based on the
sales value, the excise duties are collected on behalf of a tax authority and consequently deducted from revenue.
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether taxes are borne by HEINEKEN or collected on behalf of a third party.
To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax expense
on a separate line below revenue in the consolidated income statement. A subtotal called 'Net revenue' is
therefore included in the Income Statement. This 'Net revenue' subtotal is 'revenue' as defined in IFRS 15
(after discounts) minus the excise tax expense for those countries where the excise is borne by HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-459": { "value": "
6.2\u00a0 \u00a0 Other income
Other income includes the gain on sale from transactions that do not arise from contracts with customers and
are therefore presented separately from revenue.
In millions of \u20ac
2023
2022
Gain on sale of property, plant and equipment
47
46
Gain on sale of intangible assets
86
10
Gain on sale of subsidiaries, joint ventures and associates
196
15
Gain on previously held equity-interests
23
76
Tax credits
41
\u2014
393
147
In 2023, other income mainly relates to a gain on sale of Vrumona B.V. (Vrumona) of \u20ac195 million (refer to note
10.1).
Accounting policies
\"Financials-Icons-Policies.png\"
Other income is recognised in profit or loss when control over the sold asset is transferred to the buyer. The
amount recognised as other income equals the proceeds obtained from the buyer minus the carrying value of
the sold asset.
As part of a step acquisition, any previously held equity interest in the acquiree is remeasured to fair value on the
date of the acquisition. The difference between the carrying value and the fair value of the previously held
equity interest is recognised in other income.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-460": { "value": "
Other income is recognised in profit or loss when control over the sold asset is transferred to the buyer. The
amount recognised as other income equals the proceeds obtained from the buyer minus the carrying value of
the sold asset.
As part of a step acquisition, any previously held equity interest in the acquiree is remeasured to fair value on the
date of the acquisition. The difference between the carrying value and the fair value of the previously held
equity interest is recognised in other income.", "dimensions": { "concept": "heia:DescriptionOfAccountingPolicyForOtherIncomeTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-461": { "value": "
6.3\u00a0 \u00a0 Raw materials, consumables and services
In millions of \u20ac
2023
2022
Raw materials
3,097
2,843
Non-returnable packaging
6,114
5,624
Goods for resale
1,997
1,766
Inventory movements
\u2014
5
Marketing and selling expenses
2,767
2,692
Transport expenses
1,891
1,922
Energy and water
968
834
Repair and maintenance
622
585
Other expenses
2,621
2,347
20,077
18,618
The increase in raw materials, consumables and services is mainly driven by inflation in commodity prices related
to raw materials and non-returnable packaging.
The line 'Energy and water' contains costs related to Power Purchase Agreements (PPA). As part of its Brew a
Better World (BaBW) ambitions, HEINEKEN enters into either physical PPAs or virtual PPAs. These arrangements
are usually entered into for periods up to 10 to 15 years and contain either fixed prices or variable prices.
Other expenses in raw materials, consumables and services mainly include consulting expenses of \u20ac339 million
(2022:\u00a0\u20ac321 million), telecom and office automation of \u20ac319 million (2022: \u20ac300 million), warehousing
expenses of \u20ac235 million ( 2022: \u20ac245 million), travel expenses of\u00a0 \u20ac121 million (2022: \u20ac113 million), other taxes
of \u20ac197 million (2022: \u20ac124 million), short-term lease expenses of \u20ac110 million (2022: \u20ac86 million) and low-
value lease expenses of \u20ac42\u00a0million (2022: \u20ac32 million).
Accounting policies
\"Financials-Icons-Policies.png\"
Expenses are recognised based on accrual accounting. This means that expenses are recognised when the
product is received or the service is provided regardless of when cash outflow takes place. Costs related to power
purchase agreements are included as part of 'Energy and water' if the own use exemption can be applied. If not,
power purchase agreements are considered to be derivative financial instruments, refer to note 11.6.", "dimensions": { "concept": "heia:DisclosureOfRawMaterialsConsumablesAndServicesTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-462": { "value": "
Expenses are recognised based on accrual accounting. This means that expenses are recognised when the
product is received or the service is provided regardless of when cash outflow takes place. Costs related to power
purchase agreements are included as part of 'Energy and water' if the own use exemption can be applied. If not,
power purchase agreements are considered to be derivative financial instruments, refer to note 11.6.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-463": { "value": "
6.4\u00a0 \u00a0 Personnel expenses
The average number of full-time equivalent (FTE) employees, excluding contractors, in 2023 was 89,732 ( 2022:
86,390). FTE, excluding contractors, is divided per region as follows:\u00a0
\"179\"
The increase in Africa, Middle East & Eastern Europe is mainly attributable to the acquisition of Distell Group
Holdings Limited (Distell) and Namibia Breweries Limited (NBL). Refer to note 10.1.
A total of 4,715 FTEs are based in the Netherlands (2022: 4,089 FTE).
HEINEKEN\u2019s employees receive compensations such as salaries and wages, pensions (refer to note 9.1) and
share-based payments (refer to note 6.5). Other personnel expenses include expenses for contractors of
\u20ac176\u00a0million (2022: \u20ac153\u00a0million) and net restructuring costs of \u20ac94\u00a0million ( 2022: \u20ac53\u00a0million). Refer to note
9.2 for the restructuring provisions.
In millions of \u20ac
Note
2023
2022
Wages and salaries
2,950
2,757
Compulsory social security contributions
443
412
Contributions to defined contribution plans
60
57
Expenses related to defined benefit plans
9.1
76
115
Expenses related to other long-term employee benefits
8
5
Equity-settled share-based payment plan
6.5
31
57
Other personnel expenses
785
676
4,353
4,079
Accounting policies
\"Financials-Icons-Policies.png\"
Personnel expenses\u00a0
Personnel expenses are recognised when the related service is provided. For more details on accounting policies
related to post-retirements obligations and share-based payments refer to notes 9.1 and 6.5 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-464": { "value": "
Personnel expenses\u00a0
Personnel expenses are recognised when the related service is provided. For more details on accounting policies
related to post-retirements obligations and share-based payments refer to notes 9.1 and 6.5 respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-465": { "value": "
6.5\u00a0 \u00a0 Share-based payments
HEINEKEN has the following share-based compensation plans: long-term incentive plan, extraordinary share
plan and matching share plan (as part of the Short-term incentive plan of the Executive Board).
Long-term incentive plan (LTIP)
HEINEKEN has a performance-based LTIP for the Executive Board and senior management. Under this LTIP,
share rights are conditionally awarded to participants on an annual basis. The vesting of these rights is subject to
the performance of Heineken N.V. on specific internal performance conditions and continued service over a
three-calendar year period by the employee. The share rights are not dividend-bearing during the performance
period.
During 2022, combined ESG-related performance measures, with equal weighting, were included in the LTIP.
The performance conditions for LTIP 2022-2024 and 2023-2025 are organic net revenue growth, earnings per
share beia growth, free operating cash flow and combined ESG-related measures. The performance conditions
for 2021-2023, are organic net revenue growth, organic operating profit beia growth, earnings per share beia
growth and free operating cash flow. The performance conditions are equally weighted.
At target performance, 100% of the awarded share rights vest. At threshold performance, 50% of the awarded
share rights vest and at maximum performance, 200% of the awarded share rights vest.
The grant date, fair market value (FMV) at the grant date, service period and vesting date for the LTIP are
visualised\u00a0below:
LTI Plan
2020
2021
2022
2023
2024
2025
grant date
FMV \u20ac87.03
performance period
2021-2023
vesting date
grant date
FMV \u20ac93.81
performance period
2022-2024
vesting date
grant date
FMV \u20ac82.06
performance period
2023-2025
Total LTIP expenses
recognised in 2023
The number of outstanding share rights and the movement over the year under the LTIP of the Executive Board
and senior management is as follows:
Number of share
rights 2023
Number of share
rights 2022
Outstanding as at 1 January
2,163,618
1,821,369
Granted during the year
539,901
431,038
Forfeited during the year
(122,526)
(115,887)
Cancelled during the year
\u2014
87
Vested previous year
(639,523)
(284,183)
Performance adjustment
(561,999)
311,194
Outstanding as at 31 December
1,379,471
2,163,618
Share price as at 31 December
91.94
87.88
At vesting, HEINEKEN deducts a number of shares to cover payroll taxes and mandatory withholdings on behalf
of the individual employees. Therefore, the number of Heineken N.V. shares to be received by LTIP participants is
a net (after-tax) number. Ownership of the vested LTIP 2021-2023 shares will transfer to the Executive Board
members shortly after the publication of the annual results of 2023 and to senior management on 1 April 2024.
Other share-based compensation plans
In 2023, under the Extraordinary share plans for senior management, 13,900 shares were granted (2022: 500)
and 23,805 (gross) shares vested (2022: 32,505). These extraordinary grants only have a service condition and
vest between one and five years. The expenses relating to these additional grants are recognised in profit or loss
during the vesting period. In 2023, expenses amounted to \u20ac1 million (2022: \u20ac2 million).
Matching shares granted to the Executive Board are disclosed in note 13.3.
Personnel expenses
The total share-based compensation expense that is recognised in 2023 amounts to \u20ac31 million (2022: \u20ac57
million share-based compensation expense).
In millions of \u20ac
Note
2023
2022
Share rights granted in 2020
\u2014
19
Share rights granted in 2021
20
18
Share rights granted in 2022
4
20
Share rights granted in 2023
7
\u2014
Total expense recognised in personnel expenses
6.4
31
57
Accounting estimates
The grant date fair value is calculated by adjusting the share price at the grant date for estimated foregone
dividends during the performance period, as the participants are not entitled to receive dividends during that
period. The foregone dividends are estimated by applying HEINEKEN's dividend policy on the latest forecasts of
net profit (beia).
At each balance sheet date, HEINEKEN uses its latest forecasts to calculate the expected realisation on the
performance targets per plan. The number of shares is adjusted to the new target realisation and HEINEKEN
increases/decreases the total plan cost. The cumulative effect is recorded in the profit or loss, with a
corresponding adjustment to equity.
Expenses related to employees that voluntarily leave HEINEKEN are reversed as they will not receive any shares
from the LTIP. The expense calculation includes the estimated future forfeiture. HEINEKEN uses historical
information to estimate this forfeiture rate.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
HEINEKEN's share-based compensation plans are equity-settled share rights granted to the Executive Board and
senior management.
The grant date fair value is calculated by deducting expected foregone dividends from the grant date during the
performance period share price. The costs of the share plans are adjusted for expected performance and
forfeiture and spread evenly over the service period.
Share-based compensation expenses are recorded in the profit or loss, with a corresponding adjustment to
equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-466": { "value": "
HEINEKEN's share-based compensation plans are equity-settled share rights granted to the Executive Board and
senior management.
The grant date fair value is calculated by deducting expected foregone dividends from the grant date during the
performance period share price. The costs of the share plans are adjusted for expected performance and
forfeiture and spread evenly over the service period.
Share-based compensation expenses are recorded in the profit or loss, with a corresponding adjustment to
equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-467": { "value": "
6.6\u00a0 \u00a0 Amortisation, depreciation and impairments
In millions of \u20ac
Note
2023
2022
Property, plant and equipment
8.2
1,896
1,537
Intangible assets
8.1
980
256
Assets classified as held for sale
10.2
220
88
Other
\u2014
5
3,096
1,886
Property, plant and equipment include depreciation and impairment of right of use (ROU) assets of \u20ac 304 million
(2022: \u20ac 254 million).
Assets classified as held for sale mainly include a loss of \u20ac219 million relating to the disposal of the Russia
disposal group classified as held for sale. The loss includes the recycling of foreign currency translation reserve of
\u20ac209 million and a net impairment of \u20ac10 million (2022: \u20ac88 million) of the same disposal group. The net
impairment consists of \u20ac113 million impairment during the first half-year of 2023 and an impairment reversal of
\u20ac103 million during the second half-year of 2023, following the commitment by the buyer to repay the historical
intercompany debt.
For more information on impairment losses, refer to note 8.2.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Refer to note 8.1 for the accounting policy on impairments and amortisation, and to note 8.2 for the policy on
depreciation.
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, Heineken Beverages and other subsidiaries
within Africa, Middle East & Eastern Europe and Head Office, goodwill is allocated and monitored on an
individual or combined country basis. The total amount of goodwill of \u20ac12,238 million (2022: \u20ac12,250 million) is
allocated to each (group of) Cash Generating Unit (CGU) as f ollows:
\"816\"
In the current year, Distell and NBL have been combined with Heineken South Africa into a new HEINEKEN business
\u2018Heineken Beverages\u2019 (refer to note 10.1), which is considered the CGU for goodwill impairment testing purposes.
The net decrease in goodwill of \u20ac12 million compared to 2022 mainly relates to an impairment loss of \u20ac491
million for Heineken Beverages, a negative movement in exchange rates of \u20ac190 million, partially offset by the
initial goodwill of \u20ac656 million recognised for Heineken Beverages (refer to note 10.1).
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 95% 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:
\u2013 Cash 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.
\u2013 The 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.
\u2013 Cash 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.
\u2013 A 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:
In %
Pre-tax
WACC
Expected annual
long-term
inflation
applied for years
2027-2033
Expected volume
growth rates\u00a0
applied for years
2027-2033
Europe
9.8
2.0
1.2
Americas (excluding Brazil)
9.5
2.9
1.9
Brazil
15.5
3.2
2.5
Africa, Middle East and Eastern Europe (excluding Heineken
Beverages)
21.1 - 29.0
6.2 - 9.0
1.6 - 4.4
Heineken Beverages
16.3
4.9
1.9
Asia Pacific (excluding India)
15.5
3.4
3.8
Head Office
13.3
3.4
2.4
In 2023, there has been a general decrease in the WACC applied across most CGUs, due to decreased interest rates.
Impairment losses
The annual goodwill impairment test resulted in an impairment loss of \u20ac491 million (2022: nil) for the current
year. The goodwill impairment relates to Heineken Beverages, which is included in the Africa, Middle East &
Eastern Europe operating segment.
The impairment for Heineken Beverages is recorded on the line 'amortisation, depreciation and impairments'
in the income statement. The lower current valuation of the business, relative to the time of the announced
acquisition, reflects predominantly the increase in the weighted average cost of capital over this time period
used for impairment testing. In addition, inflationary pressures and higher brand support levels to address a
more challenging competitive environment impacted the valuation.
The determination of the recoverable amount of Heineken Beverages is based on a VIU valuation and amounts
to \u20ac2.6 billion, 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, to calculate the terminal recoverable amount.
93
Heineken
N.V.
Annual
Report
2023
Introduction
Report
of the
Executive
Board
Report
of the
Supervisory
Board
Financial
Statements
Sustainability
Review
Other
Information
\"HNK_Arrow_Up.png\"
\"HNK_Arrow_Down.png\"
\"HNK_Menu.png\"
\"HNK_Return.png\"
See the table below for the key assumptions:
Heineken Beverages
In %
2024-2026
2027-2033
Pre-tax WACC (in local currency)
16.3
16.3
Expected annual long-term inflation
4.9
4.9
Expected volume growth
9.1
1.9
In addition, the asset impairment test required as a result of the identification of impairment indicators resulted
in an impairment of \u20ac68 million on goodwill and \u20ac42 million on intangible assets other than goodwill (2022:
\u20ac189 million net impairment reversal on intangible assets other than goodwill) (refer to note 8.2).
Sensitivity to changes in assumptions
Following the goodwill impairment recognised for Heineken Beverages, the CGU is sensitive to changes in key
assumptions applied. HEINEKEN assesses that a reasonably possible adverse change in a key assumption
(i.e. lower growth rates or higher discount rates respectively) would cause the carrying amount to exceed the
recoverable amount. Excluding Heineken Beverages, the outcome of a sensitivity analysis of a 200 basis
points adverse change in key assumptions did not result in a materially different outcome for the goodwill
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
\"Financials-Icons-Estimates.png\"
The cash flow projections used in the VIU 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:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount rates
\u2013 Terminal 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
\u2013 Sensitivity 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.
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, except where IAS 29 requires entities that apply hyperinflation accounting for the first time to
recognise impairment related to prior periods in opening equity. 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.
Impairment losses
Impairments of \u20ac68 million on goodwill (2022: nil), \u20ac158 million on owned property, plant and equipment
(2022: \u20ac27 million, net impairment reversal), \u20ac42 million on intangible assets with finite useful life (2022: \u20ac189
million, net impairment reversal) and \u20ac14 million on right of use (ROU) assets (2022: \u20ac4 million, impairment
reversal) were recorded for the year ended 31 December 2023. The impairments mainly relate to Brasserie
Nationale d'Haiti S.A. (Haiti) for \u20ac139 million which is included in the Americas operating segment.
The impairment for Haiti relates to hyperinflation accounting, which was applied for the first time during the
year ended 31 December 2023. Fixed assets are revalued for the inflation since they were acquired, which
resulted in an increase in the carrying value of fixed assets.
The determination of the recoverable amount of the assets of Haiti 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
IAS 29 requires entities that apply hyperinflation accounting for the first time to recognise impairment related to
prior periods in opening equity. The impairment for Haiti related to prior periods (\u20ac135 million) is recorded in the
retained earnings balance as at 1 January 2023. The impairment charge relating to the current year (\u20ac4 million)
and other impairments 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:
Haiti
In %
2023-2026
2027-2032
Pre-tax WACC (in local currency)
33.5
33.5
Expected annual long-term inflation
5.9
5.9
Expected volume growth
5.5
4.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-468": { "value": "
6.6\u00a0 \u00a0 Amortisation, depreciation and impairments
In millions of \u20ac
Note
2023
2022
Property, plant and equipment
8.2
1,896
1,537
Intangible assets
8.1
980
256
Assets classified as held for sale
10.2
220
88
Other
\u2014
5
3,096
1,886
Property, plant and equipment include depreciation and impairment of right of use (ROU) assets of \u20ac 304 million
(2022: \u20ac 254 million).
Assets classified as held for sale mainly include a loss of \u20ac219 million relating to the disposal of the Russia
disposal group classified as held for sale. The loss includes the recycling of foreign currency translation reserve of
\u20ac209 million and a net impairment of \u20ac10 million (2022: \u20ac88 million) of the same disposal group. The net
impairment consists of \u20ac113 million impairment during the first half-year of 2023 and an impairment reversal of
\u20ac103 million during the second half-year of 2023, following the commitment by the buyer to repay the historical
intercompany debt.
For more information on impairment losses, refer to note 8.2.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Refer to note 8.1 for the accounting policy on impairments and amortisation, and to note 8.2 for the policy on
depreciation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-469": { "value": "
6.7\u00a0 \u00a0 Earnings per share
The calculation of earnings per share (EPS) for the period ended 31 December 2023 is based on the profit
attributable to the shareholders of the Company (net profit) and the weighted average number of shares
outstanding (basic and diluted) during the year ended 31 December 2023.
In \u20ac per share (basic or diluted) for the period ended 31 December
2023
2022
Basic earnings per share
4.09
4.66
Diluted earnings per share
4.09
4.65
Refer to the table below for the information used in the calculation of the basic and diluted earnings per share.
Weighted average number of shares \u2013 basic and diluted
2023
2022
Total number of shares issued
576,002,613
576,002,613
Effect of own shares held
(8,489,088)
(439,108)
Shares for which dividend is waived by Heineken Holding N.V.
(4,064,680)
\u2014
Weighted average number of basic shares outstanding for the year
563,448,845
575,563,505
Dilutive effect of share-based payment plan obligations
530,775
462,616
Weighted average number of diluted shares outstanding for the year
563,979,620
576,026,120
HEINEKEN entered into a cross-holding agreement with Heineken Holding N.V., which includes a waiver by
HEINEKEN of payment of any dividends on the Heineken Holding N.V. shares held by HEINEKEN as well as
by Heineken Holding N.V. on an equivalent number of HEINEKEN shares held by Heineken Holding N.V.
The HEINEKEN shares for which dividend is waived by Heineken Holding N.V. are therefore not part of the
number of outstanding ordinary shares of HEINEKEN. The shares were acquired during 2023, refer to note 13.3
'Related parties'.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
HEINEKEN presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by
dividing the profit or loss attributable to shareholders of the Company by the weighted average number of
shares outstanding during the year, adjusted for the weighted average number of own shares held in the year.
Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted average
number of shares outstanding, adjusted for the weighted average number of own shares held in the year and for
the effects of all dilutive potential shares which comprise share rights granted to employees and the Executive
Board. The effects of anti-dilutive potential ordinary shares are ignored in calculating diluted EPS.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-470": { "value": "4.09", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-471": { "value": "4.66", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-472": { "value": "4.09", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-473": { "value": "4.65", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-474": { "value": "563448845", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-475": { "value": "563979620", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-476": { "value": "
HEINEKEN presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by
dividing the profit or loss attributable to shareholders of the Company by the weighted average number of
shares outstanding during the year, adjusted for the weighted average number of own shares held in the year.
Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted average
number of shares outstanding, adjusted for the weighted average number of own shares held in the year and for
the effects of all dilutive potential shares which comprise share rights granted to employees and the Executive
Board. The effects of anti-dilutive potential ordinary shares are ignored in calculating diluted EPS.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-477": { "value": "
7.1\u00a0 \u00a0 Inventories
Inventories include raw and packaging materials, work in progress, spare parts, goods for resale and finished
products.
In millions of \u20ac
2023
2022
Raw materials
815
619
Work in progress
493
364
Finished products
765
598
Goods for resale
481
530
Non-returnable packaging
472
548
Other inventories and spare parts
695
591
3,721
3,250
In 2023 , the inventories written down to net realisable value was \u20ac11 million (2022: \u20ac9 million, release).
Accounting policies
\"Financials-Icons-Policies.png\"
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a
weighted average cost and includes expenditure incurred in acquiring the inventories, production or conversion
costs and other costs incurred in bringing them to their existing location and condition. Cost of inventories are
generally updated on annual basis except if a structural change is identified during the period such as the impact
of inflationary pressure on input costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and selling expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-478": { "value": "
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a
weighted average cost and includes expenditure incurred in acquiring the inventories, production or conversion
costs and other costs incurred in bringing them to their existing location and condition. Cost of inventories are
generally updated on annual basis except if a structural change is identified during the period such as the impact
of inflationary pressure on input costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and selling expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-479": { "value": "
7.2\u00a0 \u00a0 Trade and other receivables
Trade and other receivables arise during ordinary activities, mainly relating to the sale and delivery of products to
customers.
In millions of \u20ac
2023
2022
Trade receivables
3,368
3,104
Other receivables
1,111
926
Trade receivables due from associates and joint ventures
8
16
Prepayments
532
485
5,019
4,531
Trade and other receivables contain a net impairment loss of \u20ac36 million (2022: \u20ac38 million) from contracts with
customers, which is included in expenses for raw materials, consumables and services.
The ageing of trade and other receivables (excluding prepayments) as at 31 December 2023 is as follows:
2023
Past due
In millions of \u20ac
Total
Not past due
0-30 days
31-120 days
> 120 days
Gross
4,975
3,824
390
235
526
Allowance
(488)
(123)
(27)
(44)
(294)
4,487
3,701
363
191
232
2022
Past due
In millions of \u20ac
Total
Not past due
0-30 days
31-120 days
> 120 days
Gross
4,534
3,378
442
259
455
Allowance
(488)
(100)
(24)
(49)
(315)
4,046
3,278
418
210
140
The movement in allowance for credit losses for trade and other receivables during the year is as follows:
\"584\"
In millions of \u20ac
2023
2022
Balance as at 1 January
488
454
Changes in consolidation
14
44
Addition to allowance
51
50
Allowance used
(42)
(47)
Allowance released
(15)
(12)
Other
(1)
(5)
Effect of movements in exchange rates
(7)
4
Balance as at 31 December
488
488
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN determines on each reporting date the impairment of trade and other receivables using a model (e.g.
flow rate method) which estimates the lifetime expected credit losses that will be incurred on these receivables.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial
assets are assessed collectively in groups that share similar credit risk characteristics. Due to the macro-economic
environment and uncertainties including increasing inflationary pressure on HEINEKEN\u2019s customers, judgement
is required in the calculation of expected credit losses. 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. For more information on HEINEKEN's credit risk exposure refer to note 11.5.
\u00a0 Accounting policies\u00a0
\"Financials-Icons-Policies.png\"
Trade and other receivables are held by HEINEKEN to collect the related cash flows. These receivables are
measured at fair value and subsequently at amortised cost minus any impairment losses. Trade and other
receivables are derecognised by HEINEKEN when substantially all risks and rewards are transferred or if
HEINEKEN does not retain control over the receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-480": { "value": "
The ageing of trade and other receivables (excluding prepayments) as at 31 December 2023 is as follows:
2023
Past due
In millions of \u20ac
Total
Not past due
0-30 days
31-120 days
> 120 days
Gross
4,975
3,824
390
235
526
Allowance
(488)
(123)
(27)
(44)
(294)
4,487
3,701
363
191
232
2022
Past due
In millions of \u20ac
Total
Not past due
0-30 days
31-120 days
> 120 days
Gross
4,534
3,378
442
259
455
Allowance
(488)
(100)
(24)
(49)
(315)
4,046
3,278
418
210
140
The movement in allowance for credit losses for trade and other receivables during the year is as follows:
\"584\"
In millions of \u20ac
2023
2022
Balance as at 1 January
488
454
Changes in consolidation
14
44
Addition to allowance
51
50
Allowance used
(42)
(47)
Allowance released
(15)
(12)
Other
(1)
(5)
Effect of movements in exchange rates
(7)
4
Balance as at 31 December
488
488
The movement in allowance for impairment losses for loans and advances to customers during the year is as
follows:
\"432\"
In millions of \u20ac
2023
2022
Balance as at 1 January
69
69
Transfers
2
1
Addition to allowance
4
9
Allowance used
(12)
(8)
Allowance released
(6)
(5)
Effect of movements in exchange rates
3
3
Balance as at 31 December
60
69
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": "
Trade and other receivables are held by HEINEKEN to collect the related cash flows. These receivables are
measured at fair value and subsequently at amortised cost minus any impairment losses. Trade and other
receivables are derecognised by HEINEKEN when substantially all risks and rewards are transferred or if
HEINEKEN does not retain control over the receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-482": { "value": "
7.3\u00a0 \u00a0 Trade and other payables
In the ordinary course of business, payable positions arise towards suppliers of goods and services, as well as to
other parties. Refer to the table below for the different types of trade and other payables.
In millions of \u20ac
2023
2022
Trade payables
5,735
5,852
Accruals
1,728
1,802
Taxation and social security contributions
1,420
1,103
Interest
216
172
Dividends
13
25
Other payables
320
329
9,432
9,283
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN makes estimates in the determination of discount accruals. When discounts are provided to customers,
these reduce the transaction price and consequently the revenue. The conditional discounts in revenue (refer to note
6.1) are estimated based on accumulated experience supported by historical and current sales information.
Expected sales volumes are determined taking into account (historical) sales patterns and other relevant
information. A discount accrual is recognised for expected volume and discounts due to customers in relation to sales
made until the end of the reporting period.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade
payables are derecognised when the contractual obligation is either discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-483": { "value": "
Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade
payables are derecognised when the contractual obligation is either discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "
7.4\u00a0 \u00a0 Returnable packaging materials
HEINEKEN uses returnable packaging materials such as glass bottles, crates and kegs in selling the finished
products to the customer.
Returnable packaging materials
The majority of returnable packaging materials are classified as property, plant and equipment. The category
'Other fixed assets' in property, plant and equipment (refer to note 8.2) includes \u20ac1,103 million (2022: \u20ac1,018
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.
In millions of \u20ac
2023
2022
Returnable packaging deposits
531
545
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
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
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-485": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-486": { "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.
2023
2022
In millions of \u20ac
Note
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Cost
Balance as at 1 January
12,718
8,942
2,302
1,068
1,364
26,394
12,278
8,712
2,172
1,033
1,185
25,380
Hyperinflation restatement to 1 January
51
11
\u2014
\u2014
1
63
108
7
\u2014
\u2014
1
116
Changes in consolidation
10.1
684
784
32
\u2014
11
1,511
109
229
10
\u2014
(3)
345
Purchased/internally developed
1
\u2014
1
13
226
241
\u2014
\u2014
5
7
208
220
Transfer (to)/from assets classified as held for sale
10.2
(50)
(5)
\u2014
\u2014
(6)
(61)
\u2014
(17)
\u2014
\u2014
(21)
(38)
Disposals
\u2014
\u2014
(340)
\u2014
(39)
(379)
\u2014
(2)
\u2014
(1)
(22)
(25)
Hyperinflation adjustment
44
6
\u2014
\u2014
2
52
49
3
\u2014
\u2014
1
53
Effect of movements in exchange rates
(190)
(182)
(15)
(18)
3
(402)
174
10
115
29
15
343
Balance as at 31 December
13,258
9,556
1,980
1,063
1,562
27,419
12,718
8,942
2,302
1,068
1,364
26,394
Amortisation and impairment losses
Balance as at 1 January
(468)
(1,782)
(1,536)
(400)
(800)
(4,986)
(468)
(1,708)
(1,352)
(385)
(705)
(4,618)
Hyperinflation restatement to 1 January
\u2014
(4)
\u2014
\u2014
(1)
(5)
\u2014
(3)
\u2014
\u2014
\u2014
(3)
Changes in consolidation
7
\u2014
\u2014
\u2014
\u2014
7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation charge for the year
6.6
\u2014
(216)
(94)
(10)
(128)
(448)
\u2014
(201)
(118)
(12)
(114)
(445)
Impairment losses1
6.6
(559)
(41)
\u2014
\u2014
(1)
(601)
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Reversals of impairments
6.6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
173
16
\u2014
1
190
Transfer to/(from) assets classified as held for sale
10.2
\u2014
3
\u2014
\u2014
5
8
\u2014
18
\u2014
\u2014
13
31
Disposals
\u2014
\u2014
339
\u2014
32
371
\u2014
2
\u2014
1
15
18
Hyperinflation adjustment
\u2014
(4)
\u2014
\u2014
(2)
(6)
\u2014
(2)
\u2014
\u2014
(1)
(3)
Effect of movements in exchange rates
\u2014
13
(8)
18
(1)
22
\u2014
(61)
(82)
(3)
(9)
(155)
Balance as at 31 December
(1,020)
(2,031)
(1,299)
(392)
(896)
(5,638)
(468)
(1,782)
(1,536)
(400)
(800)
(4,986)
Carrying amount
As at 1 January
12,250
7,160
766
668
564
21,408
11,810
7,004
820
648
480
20,762
As at 31 December
12,238
7,525
681
671
666
21,781
12,250
7,160
766
668
564
21,408
1 Includes impairment recorded in opening equity.
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, Heineken Beverages and other subsidiaries
within Africa, Middle East & Eastern Europe and Head Office, goodwill is allocated and monitored on an
individual or combined country basis. The total amount of goodwill of \u20ac12,238 million (2022: \u20ac12,250 million) is
allocated to each (group of) Cash Generating Unit (CGU) as f ollows:
\"816\"
In the current year, Distell and NBL have been combined with Heineken South Africa into a new HEINEKEN business
\u2018Heineken Beverages\u2019 (refer to note 10.1), which is considered the CGU for goodwill impairment testing purposes.
The net decrease in goodwill of \u20ac12 million compared to 2022 mainly relates to an impairment loss of \u20ac491
million for Heineken Beverages, a negative movement in exchange rates of \u20ac190 million, partially offset by the
initial goodwill of \u20ac656 million recognised for Heineken Beverages (refer to note 10.1).
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 95% 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:
\u2013 Cash 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.
\u2013 The 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.
\u2013 Cash 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.
\u2013 A 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:
In %
Pre-tax
WACC
Expected annual
long-term
inflation
applied for years
2027-2033
Expected volume
growth rates\u00a0
applied for years
2027-2033
Europe
9.8
2.0
1.2
Americas (excluding Brazil)
9.5
2.9
1.9
Brazil
15.5
3.2
2.5
Africa, Middle East and Eastern Europe (excluding Heineken
Beverages)
21.1 - 29.0
6.2 - 9.0
1.6 - 4.4
Heineken Beverages
16.3
4.9
1.9
Asia Pacific (excluding India)
15.5
3.4
3.8
Head Office
13.3
3.4
2.4
In 2023, there has been a general decrease in the WACC applied across most CGUs, due to decreased interest rates.
Impairment losses
The annual goodwill impairment test resulted in an impairment loss of \u20ac491 million (2022: nil) for the current
year. The goodwill impairment relates to Heineken Beverages, which is included in the Africa, Middle East &
Eastern Europe operating segment.
The impairment for Heineken Beverages is recorded on the line 'amortisation, depreciation and impairments'
in the income statement. The lower current valuation of the business, relative to the time of the announced
acquisition, reflects predominantly the increase in the weighted average cost of capital over this time period
used for impairment testing. In addition, inflationary pressures and higher brand support levels to address a
more challenging competitive environment impacted the valuation.
The determination of the recoverable amount of Heineken Beverages is based on a VIU valuation and amounts
to \u20ac2.6 billion, 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, to calculate the terminal recoverable amount.
93
Heineken
N.V.
Annual
Report
2023
Introduction
Report
of the
Executive
Board
Report
of the
Supervisory
Board
Financial
Statements
Sustainability
Review
Other
Information
\"HNK_Arrow_Up.png\"
\"HNK_Arrow_Down.png\"
\"HNK_Menu.png\"
\"HNK_Return.png\"
See the table below for the key assumptions:
Heineken Beverages
In %
2024-2026
2027-2033
Pre-tax WACC (in local currency)
16.3
16.3
Expected annual long-term inflation
4.9
4.9
Expected volume growth
9.1
1.9
In addition, the asset impairment test required as a result of the identification of impairment indicators resulted
in an impairment of \u20ac68 million on goodwill and \u20ac42 million on intangible assets other than goodwill (2022:
\u20ac189 million net impairment reversal on intangible assets other than goodwill) (refer to note 8.2).
Sensitivity to changes in assumptions
Following the goodwill impairment recognised for Heineken Beverages, the CGU is sensitive to changes in key
assumptions applied. HEINEKEN assesses that a reasonably possible adverse change in a key assumption
(i.e. lower growth rates or higher discount rates respectively) would cause the carrying amount to exceed the
recoverable amount. Excluding Heineken Beverages, the outcome of a sensitivity analysis of a 200 basis
points adverse change in key assumptions did not result in a materially different outcome for the goodwill
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
\"Financials-Icons-Estimates.png\"
The cash flow projections used in the VIU 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:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount rates
\u2013 Terminal 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
\u2013 Sensitivity 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.
Accounting policies
\"Financials-Icons-Policies.png\"
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:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software 3\u20137 years
\u2013 Capitalised 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:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-487": { "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.
2023
2022
In millions of \u20ac
Note
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Cost
Balance as at 1 January
12,718
8,942
2,302
1,068
1,364
26,394
12,278
8,712
2,172
1,033
1,185
25,380
Hyperinflation restatement to 1 January
51
11
\u2014
\u2014
1
63
108
7
\u2014
\u2014
1
116
Changes in consolidation
10.1
684
784
32
\u2014
11
1,511
109
229
10
\u2014
(3)
345
Purchased/internally developed
1
\u2014
1
13
226
241
\u2014
\u2014
5
7
208
220
Transfer (to)/from assets classified as held for sale
10.2
(50)
(5)
\u2014
\u2014
(6)
(61)
\u2014
(17)
\u2014
\u2014
(21)
(38)
Disposals
\u2014
\u2014
(340)
\u2014
(39)
(379)
\u2014
(2)
\u2014
(1)
(22)
(25)
Hyperinflation adjustment
44
6
\u2014
\u2014
2
52
49
3
\u2014
\u2014
1
53
Effect of movements in exchange rates
(190)
(182)
(15)
(18)
3
(402)
174
10
115
29
15
343
Balance as at 31 December
13,258
9,556
1,980
1,063
1,562
27,419
12,718
8,942
2,302
1,068
1,364
26,394
Amortisation and impairment losses
Balance as at 1 January
(468)
(1,782)
(1,536)
(400)
(800)
(4,986)
(468)
(1,708)
(1,352)
(385)
(705)
(4,618)
Hyperinflation restatement to 1 January
\u2014
(4)
\u2014
\u2014
(1)
(5)
\u2014
(3)
\u2014
\u2014
\u2014
(3)
Changes in consolidation
7
\u2014
\u2014
\u2014
\u2014
7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation charge for the year
6.6
\u2014
(216)
(94)
(10)
(128)
(448)
\u2014
(201)
(118)
(12)
(114)
(445)
Impairment losses1
6.6
(559)
(41)
\u2014
\u2014
(1)
(601)
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Reversals of impairments
6.6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
173
16
\u2014
1
190
Transfer to/(from) assets classified as held for sale
10.2
\u2014
3
\u2014
\u2014
5
8
\u2014
18
\u2014
\u2014
13
31
Disposals
\u2014
\u2014
339
\u2014
32
371
\u2014
2
\u2014
1
15
18
Hyperinflation adjustment
\u2014
(4)
\u2014
\u2014
(2)
(6)
\u2014
(2)
\u2014
\u2014
(1)
(3)
Effect of movements in exchange rates
\u2014
13
(8)
18
(1)
22
\u2014
(61)
(82)
(3)
(9)
(155)
Balance as at 31 December
(1,020)
(2,031)
(1,299)
(392)
(896)
(5,638)
(468)
(1,782)
(1,536)
(400)
(800)
(4,986)
Carrying amount
As at 1 January
12,250
7,160
766
668
564
21,408
11,810
7,004
820
648
480
20,762
As at 31 December
12,238
7,525
681
671
666
21,781
12,250
7,160
766
668
564
21,408
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, Heineken Beverages and other subsidiaries
within Africa, Middle East & Eastern Europe and Head Office, goodwill is allocated and monitored on an
individual or combined country basis. The total amount of goodwill of \u20ac12,238 million (2022: \u20ac12,250 million) is
allocated to each (group of) Cash Generating Unit (CGU) as f ollows:
\"816\"
In the current year, Distell and NBL have been combined with Heineken South Africa into a new HEINEKEN business
\u2018Heineken Beverages\u2019 (refer to note 10.1), which is considered the CGU for goodwill impairment testing purposes.
The net decrease in goodwill of \u20ac12 million compared to 2022 mainly relates to an impairment loss of \u20ac491
million for Heineken Beverages, a negative movement in exchange rates of \u20ac190 million, partially offset by the
initial goodwill of \u20ac656 million recognised for Heineken Beverages (refer to note 10.1).
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 95% 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:
\u2013 Cash 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.
\u2013 The 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.
\u2013 Cash 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.
\u2013 A 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:
In %
Pre-tax
WACC
Expected annual
long-term
inflation
applied for years
2027-2033
Expected volume
growth rates\u00a0
applied for years
2027-2033
Europe
9.8
2.0
1.2
Americas (excluding Brazil)
9.5
2.9
1.9
Brazil
15.5
3.2
2.5
Africa, Middle East and Eastern Europe (excluding Heineken
Beverages)
21.1 - 29.0
6.2 - 9.0
1.6 - 4.4
Heineken Beverages
16.3
4.9
1.9
Asia Pacific (excluding India)
15.5
3.4
3.8
Head Office
13.3
3.4
2.4
In 2023, there has been a general decrease in the WACC applied across most CGUs, due to decreased interest rates.
Impairment losses
The annual goodwill impairment test resulted in an impairment loss of \u20ac491 million (2022: nil) for the current
year. The goodwill impairment relates to Heineken Beverages, which is included in the Africa, Middle East &
Eastern Europe operating segment.
The impairment for Heineken Beverages is recorded on the line 'amortisation, depreciation and impairments'
in the income statement. The lower current valuation of the business, relative to the time of the announced
acquisition, reflects predominantly the increase in the weighted average cost of capital over this time period
used for impairment testing. In addition, inflationary pressures and higher brand support levels to address a
more challenging competitive environment impacted the valuation.
The determination of the recoverable amount of Heineken Beverages is based on a VIU valuation and amounts
to \u20ac2.6 billion, 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, to calculate the terminal recoverable amount.
See the table below for the key assumptions:
Heineken Beverages
In %
2024-2026
2027-2033
Pre-tax WACC (in local currency)
16.3
16.3
Expected annual long-term inflation
4.9
4.9
Expected volume growth
9.1
1.9
In addition, the asset impairment test required as a result of the identification of impairment indicators resulted
in an impairment of \u20ac68 million on goodwill and \u20ac42 million on intangible assets other than goodwill (2022:
\u20ac189 million net impairment reversal on intangible assets other than goodwill) (refer to note 8.2).
Sensitivity to changes in assumptions
Following the goodwill impairment recognised for Heineken Beverages, the CGU is sensitive to changes in key
assumptions applied. HEINEKEN assesses that a reasonably possible adverse change in a key assumption
(i.e. lower growth rates or higher discount rates respectively) would cause the carrying amount to exceed the
recoverable amount. Excluding Heineken Beverages, the outcome of a sensitivity analysis of a 200 basis
points adverse change in key assumptions did not result in a materially different outcome for the goodwill
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
\"Financials-Icons-Estimates.png\"
The cash flow projections used in the VIU 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:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount rates
\u2013 Terminal 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
\u2013 Sensitivity 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.
Accounting policies
\"Financials-Icons-Policies.png\"
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:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software 3\u20137 years
\u2013 Capitalised 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:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-488": { "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, Heineken Beverages and other subsidiaries
within Africa, Middle East & Eastern Europe and Head Office, goodwill is allocated and monitored on an
individual or combined country basis. The total amount of goodwill of \u20ac12,238 million (2022: \u20ac12,250 million) is
allocated to each (group of) Cash Generating Unit (CGU) as f ollows:
\"816\"
In the current year, Distell and NBL have been combined with Heineken South Africa into a new HEINEKEN business
\u2018Heineken Beverages\u2019 (refer to note 10.1), which is considered the CGU for goodwill impairment testing purposes.
The net decrease in goodwill of \u20ac12 million compared to 2022 mainly relates to an impairment loss of \u20ac491
million for Heineken Beverages, a negative movement in exchange rates of \u20ac190 million, partially offset by the
initial goodwill of \u20ac656 million recognised for Heineken Beverages (refer to note 10.1).
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 95% 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:
\u2013 Cash 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.
\u2013 The 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.
\u2013 Cash 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.
\u2013 A 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:
In %
Pre-tax
WACC
Expected annual
long-term
inflation
applied for years
2027-2033
Expected volume
growth rates\u00a0
applied for years
2027-2033
Europe
9.8
2.0
1.2
Americas (excluding Brazil)
9.5
2.9
1.9
Brazil
15.5
3.2
2.5
Africa, Middle East and Eastern Europe (excluding Heineken
Beverages)
21.1 - 29.0
6.2 - 9.0
1.6 - 4.4
Heineken Beverages
16.3
4.9
1.9
Asia Pacific (excluding India)
15.5
3.4
3.8
Head Office
13.3
3.4
2.4
In 2023, there has been a general decrease in the WACC applied across most CGUs, due to decreased interest rates.
Impairment losses
The annual goodwill impairment test resulted in an impairment loss of \u20ac491 million (2022: nil) for the current
year. The goodwill impairment relates to Heineken Beverages, which is included in the Africa, Middle East &
Eastern Europe operating segment.
The impairment for Heineken Beverages is recorded on the line 'amortisation, depreciation and impairments'
in the income statement. The lower current valuation of the business, relative to the time of the announced
acquisition, reflects predominantly the increase in the weighted average cost of capital over this time period
used for impairment testing. In addition, inflationary pressures and higher brand support levels to address a
more challenging competitive environment impacted the valuation.
The determination of the recoverable amount of Heineken Beverages is based on a VIU valuation and amounts
to \u20ac2.6 billion, 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, to calculate the terminal recoverable amount.
See the table below for the key assumptions:
Heineken Beverages
In %
2024-2026
2027-2033
Pre-tax WACC (in local currency)
16.3
16.3
Expected annual long-term inflation
4.9
4.9
Expected volume growth
9.1
1.9
In addition, the asset impairment test required as a result of the identification of impairment indicators resulted
in an impairment of \u20ac68 million on goodwill and \u20ac42 million on intangible assets other than goodwill (2022:
\u20ac189 million net impairment reversal on intangible assets other than goodwill) (refer to note 8.2).
Sensitivity to changes in assumptions
Following the goodwill impairment recognised for Heineken Beverages, the CGU is sensitive to changes in key
assumptions applied. HEINEKEN assesses that a reasonably possible adverse change in a key assumption
(i.e. lower growth rates or higher discount rates respectively) would cause the carrying amount to exceed the
recoverable amount. Excluding Heineken Beverages, the outcome of a sensitivity analysis of a 200 basis
points adverse change in key assumptions did not result in a materially different outcome for the goodwill
impairment test.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-489": { "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:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software 3\u20137 years
\u2013 Capitalised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-490": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-491": { "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:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software 3\u20137 years
\u2013 Capitalised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-492": { "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, except where IAS 29 requires entities that apply hyperinflation accounting for the first time to
recognise impairment related to prior periods in opening equity. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-493": { "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, except where IAS 29 requires entities that apply hyperinflation accounting for the first time to
recognise impairment related to prior periods in opening equity. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-495": { "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 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:
In millions of \u20ac
2023
2022
Property, plant and equipment - owned assets
13,732
12,610
Right of use assets
1,040
1,013
14,772
13,623
Owned assets
The table below details the historical cost per asset class and the movements during the year for owned assets.
2023
2022
In millions of \u20ac
Note
Land and
buildings
Plant and
equipment
Other
fixed assets
Under
construction
Total
Land and
buildings
Plant and
equipment
Other
fixed assets
Under
construction
Total
Cost
Balance as at 1 January
7,765
10,770
6,682
1,387
26,604
7,534
10,099
5,934
1,068
24,635
Hyperinflation restatement to 1 January
66
143
89
1
299
72
161
102
1
336
Changes in consolidation and other transfers
10.1
172
286
102
96
656
63
36
2
(2)
99
Purchases
26
88
289
1,852
2,255
27
37
409
1,646
2,119
Transfer of completed projects under construction
306
760
574
(1,640)
\u2014
237
646
462
(1,345)
\u2014
Transfer (to)/from assets classified as held for sale
(51)
(108)
(42)
(8)
(209)
(163)
(269)
(84)
(4)
(520)
Disposals
(46)
(110)
(460)
(11)
(627)
(49)
(150)
(289)
(5)
(493)
Hyperinflation adjustment
67
140
99
3
309
47
100
65
1
213
Effect of movements in exchange rates
(22)
(383)
(313)
(104)
(822)
(3)
110
81
27
215
Balance as at 31 December
8,283
11,586
7,020
1,576
28,465
7,765
10,770
6,682
1,387
26,604
Depreciation and impairment losses
Balance as at 1 January
(2,850)
(6,352)
(4,732)
(60)
(13,994)
(2,759)
(6,048)
(4,247)
(63)
(13,117)
Hyperinflation restatement to 1 January
(12)
(62)
(80)
\u2014
(154)
(14)
(57)
(85)
\u2014
(156)
Changes in consolidation and other transfers
\u2014
\u2014
1
1
2
4
\u2014
1
\u2014
5
Depreciation charge for the year
6.6
(180)
(575)
(709)
\u2014
(1,464)
(172)
(513)
(625)
\u2014
(1,310)
Impairment losses1
6.6
(52)
(73)
(24)
(13)
(162)
(68)
(18)
(3)
(1)
(90)
Reversals of impairments
6.6
2
2
\u2014
\u2014
4
75
30
7
5
117
Transfer to/(from) assets classified as held for sale
33
87
34
\u2014
154
80
177
63
\u2014
320
Disposals
33
110
453
\u2014
596
33
146
271
\u2014
450
Hyperinflation adjustment
(14)
(59)
(75)
\u2014
(148)
(14)
(20)
(65)
\u2014
(99)
Effect of movements in exchange rates
26
214
193
\u2014
433
(15)
(49)
(49)
(1)
(114)
Balance as at 31 December
(3,014)
(6,708)
(4,939)
(72)
(14,733)
(2,850)
(6,352)
(4,732)
(60)
(13,994)
Carrying amount
As at 1 January
4,915
4,418
1,950
1,327
12,610
4,775
4,051
1,687
1,005
11,518
As at 31 December
5,269
4,878
2,081
1,504
13,732
4,915
4,418
1,950
1,327
12,610
1 Includes impairment recorded in opening equity.
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
Impairments of \u20ac68 million on goodwill (2022: nil), \u20ac158 million on owned property, plant and equipment
(2022: \u20ac27 million, net impairment reversal), \u20ac42 million on intangible assets with finite useful life (2022: \u20ac189
million, net impairment reversal) and \u20ac14 million on right of use (ROU) assets (2022: \u20ac4 million, impairment
reversal) were recorded for the year ended 31 December 2023. The impairments mainly relate to Brasserie
Nationale d'Haiti S.A. (Haiti) for \u20ac139 million which is included in the Americas operating segment.
The impairment for Haiti relates to hyperinflation accounting, which was applied for the first time during the
year ended 31 December 2023. Fixed assets are revalued for the inflation since they were acquired, which
resulted in an increase in the carrying value of fixed assets.
The determination of the recoverable amount of the assets of Haiti 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
IAS 29 requires entities that apply hyperinflation accounting for the first time to recognise impairment related to
prior periods in opening equity. The impairment for Haiti related to prior periods (\u20ac135 million) is recorded in the
retained earnings balance as at 1 January 2023. The impairment charge relating to the current year (\u20ac4 million)
and other impairments 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:
Haiti
In %
2023-2026
2027-2032
Pre-tax WACC (in local currency)
33.5
33.5
Expected annual long-term inflation
5.9
5.9
Expected volume growth
5.5
4.4
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 35,000 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:
In millions of \u20ac
2023
2022
Land and buildings
836
830
Equipment
204
183
Carrying amount ROU assets as at 31 December
1,040
1,013
In 2023, \u20ac350 million was added to the ROU assets as a result of entering into new lease contracts and the
remeasurement of existing leases (2022: \u20ac218 million). The depreciation and impairments of ROU assets for the
financial year ending 31 December is as follows:
In millions of \u20ac
2023
2022
Land and buildings
213
174
Equipment
91
80
Depreciation and impairments for ROU assets
304
254
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
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
\"Financials-Icons-Policies.png\"
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:
\u2013 Buildings15\u201340 years
\u2013 Plant and equipment\u00a0 5\u201330 years
\u2013 Other fixed assets\u00a0 3\u201310 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:
\u2013 The 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.
\u2013 The 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 8.5
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-494": { "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 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:
In millions of \u20ac
2023
2022
Property, plant and equipment - owned assets
13,732
12,610
Right of use assets
1,040
1,013
14,772
13,623
Owned assets
The table below details the historical cost per asset class and the movements during the year for owned assets.
2023
2022
In millions of \u20ac
Note
Land and
buildings
Plant and
equipment
Other
fixed assets
Under
construction
Total
Land and
buildings
Plant and
equipment
Other
fixed assets
Under
construction
Total
Cost
Balance as at 1 January
7,765
10,770
6,682
1,387
26,604
7,534
10,099
5,934
1,068
24,635
Hyperinflation restatement to 1 January
66
143
89
1
299
72
161
102
1
336
Changes in consolidation and other transfers
10.1
172
286
102
96
656
63
36
2
(2)
99
Purchases
26
88
289
1,852
2,255
27
37
409
1,646
2,119
Transfer of completed projects under construction
306
760
574
(1,640)
\u2014
237
646
462
(1,345)
\u2014
Transfer (to)/from assets classified as held for sale
(51)
(108)
(42)
(8)
(209)
(163)
(269)
(84)
(4)
(520)
Disposals
(46)
(110)
(460)
(11)
(627)
(49)
(150)
(289)
(5)
(493)
Hyperinflation adjustment
67
140
99
3
309
47
100
65
1
213
Effect of movements in exchange rates
(22)
(383)
(313)
(104)
(822)
(3)
110
81
27
215
Balance as at 31 December
8,283
11,586
7,020
1,576
28,465
7,765
10,770
6,682
1,387
26,604
Depreciation and impairment losses
Balance as at 1 January
(2,850)
(6,352)
(4,732)
(60)
(13,994)
(2,759)
(6,048)
(4,247)
(63)
(13,117)
Hyperinflation restatement to 1 January
(12)
(62)
(80)
\u2014
(154)
(14)
(57)
(85)
\u2014
(156)
Changes in consolidation and other transfers
\u2014
\u2014
1
1
2
4
\u2014
1
\u2014
5
Depreciation charge for the year
6.6
(180)
(575)
(709)
\u2014
(1,464)
(172)
(513)
(625)
\u2014
(1,310)
Impairment losses1
6.6
(52)
(73)
(24)
(13)
(162)
(68)
(18)
(3)
(1)
(90)
Reversals of impairments
6.6
2
2
\u2014
\u2014
4
75
30
7
5
117
Transfer to/(from) assets classified as held for sale
33
87
34
\u2014
154
80
177
63
\u2014
320
Disposals
33
110
453
\u2014
596
33
146
271
\u2014
450
Hyperinflation adjustment
(14)
(59)
(75)
\u2014
(148)
(14)
(20)
(65)
\u2014
(99)
Effect of movements in exchange rates
26
214
193
\u2014
433
(15)
(49)
(49)
(1)
(114)
Balance as at 31 December
(3,014)
(6,708)
(4,939)
(72)
(14,733)
(2,850)
(6,352)
(4,732)
(60)
(13,994)
Carrying amount
As at 1 January
4,915
4,418
1,950
1,327
12,610
4,775
4,051
1,687
1,005
11,518
As at 31 December
5,269
4,878
2,081
1,504
13,732
4,915
4,418
1,950
1,327
12,610
1 Includes impairment recorded in opening equity.
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
Impairments of \u20ac68 million on goodwill (2022: nil), \u20ac158 million on owned property, plant and equipment
(2022: \u20ac27 million, net impairment reversal), \u20ac42 million on intangible assets with finite useful life (2022: \u20ac189
million, net impairment reversal) and \u20ac14 million on right of use (ROU) assets (2022: \u20ac4 million, impairment
reversal) were recorded for the year ended 31 December 2023. The impairments mainly relate to Brasserie
Nationale d'Haiti S.A. (Haiti) for \u20ac139 million which is included in the Americas operating segment.
The impairment for Haiti relates to hyperinflation accounting, which was applied for the first time during the
year ended 31 December 2023. Fixed assets are revalued for the inflation since they were acquired, which
resulted in an increase in the carrying value of fixed assets.
The determination of the recoverable amount of the assets of Haiti 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
IAS 29 requires entities that apply hyperinflation accounting for the first time to recognise impairment related to
prior periods in opening equity. The impairment for Haiti related to prior periods (\u20ac135 million) is recorded in the
retained earnings balance as at 1 January 2023. The impairment charge relating to the current year (\u20ac4 million)
and other impairments 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:
Haiti
In %
2023-2026
2027-2032
Pre-tax WACC (in local currency)
33.5
33.5
Expected annual long-term inflation
5.9
5.9
Expected volume growth
5.5
4.4
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 35,000 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:
In millions of \u20ac
2023
2022
Land and buildings
836
830
Equipment
204
183
Carrying amount ROU assets as at 31 December
1,040
1,013
In 2023, \u20ac350 million was added to the ROU assets as a result of entering into new lease contracts and the
remeasurement of existing leases (2022: \u20ac218 million). The depreciation and impairments of ROU assets for the
financial year ending 31 December is as follows:
In millions of \u20ac
2023
2022
Land and buildings
213
174
Equipment
91
80
Depreciation and impairments for ROU assets
304
254
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
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
\"Financials-Icons-Policies.png\"
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:
\u2013 Buildings15\u201340 years
\u2013 Plant and equipment\u00a0 5\u201330 years
\u2013 Other fixed assets\u00a0 3\u201310 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:
\u2013 The 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.
\u2013 The 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 8.5
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:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "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 35,000 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:
In millions of \u20ac
2023
2022
Land and buildings
836
830
Equipment
204
183
Carrying amount ROU assets as at 31 December
1,040
1,013
In 2023, \u20ac350 million was added to the ROU assets as a result of entering into new lease contracts and the
remeasurement of existing leases (2022: \u20ac218 million). The depreciation and impairments of ROU assets for the
financial year ending 31 December is as follows:
In millions of \u20ac
2023
2022
Land and buildings
213
174
Equipment
91
80
Depreciation and impairments for ROU assets
304
254
", "dimensions": { "concept": "heia:DisclosureOfRightOfUseAssetTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "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:
\u2013 Buildings15\u201340 years
\u2013 Plant and equipment\u00a0 5\u201330 years
\u2013 Other fixed assets\u00a0 3\u201310 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "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:
\u2013 The 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.
\u2013 The 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 8.5
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "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.
In millions of \u20ac
2023
2022
Loans to customers
60
61
Advances to customers
179
155
Loans and advances to customers
239
216
The movement in allowance for impairment losses for loans and advances to customers during the year is as
follows:
\"432\"
In millions of \u20ac
2023
2022
Balance as at 1 January
69
69
Transfers
2
1
Addition to allowance
4
9
Allowance used
(12)
(8)
Allowance released
(6)
(5)
Effect of movements in exchange rates
3
3
Balance as at 31 December
60
69
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN determines at each reporting date the impairment of loans and advances to customers using an
expected credit loss model, which estimates the credit losses over 12 months. If a significant increase in credit
risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from
the customer), credit losses over the lifetime of the asset are incurred. Individually significant financial assets are
tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups
that share similar credit risk characteristics. Due to the macro-economic environment and uncertainties including
increasing inflationary pressure on HEINEKEN\u2019s customers, more judgement is required for the calculation of
expected credit losses compared to the prior years. For more information on HEINEKEN's credit risk exposure
refer to note 11.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-501": { "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.
In millions of \u20ac
2023
2022
Loans to customers
60
61
Advances to customers
179
155
Loans and advances to customers
239
216
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-502": { "value": "
8.4\u00a0 \u00a0 Equity instruments
Equity instruments mainly consist of shares in Heineken Holding N.V., which HEINEKEN acquired from FEMSA
during 2023 as part of the accelerated bookbuild offering. The investment is not held for trading purposes. Refer
to note 13.3 \u2018Related parties\u2019. In the financial statements 2022, equity instruments were presented under other
non-current assets.
In millions of \u20ac
Note
2023
2022
Shares in Heineken Holding N.V.
395
\u2014
Other
167
145
Equity instruments
562
145
Sensitivity analysis \u2013 equity securities
An increase or decrease of 1% in the share price of the equity securities at the reporting date would not have a
material\u00a0impact.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
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 when ownership is 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
other comprehensive income (OCI) and presented within equity in the fair value reserve. Dividend income is
recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-503": { "value": "
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 when ownership is 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
other comprehensive income (OCI) and presented within equity in the fair value reserve. Dividend income is
recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-505": { "value": "
8.5\u00a0 \u00a0 Other non-current assets
Other non-current assets mainly consist of long-term prepayments and other receivables with a duration longer
than 12 months.
In millions of \u20ac
Note
2023
2022
Fair value through OCI debt investments
14
9
Non-current derivatives
11.6
33
56
Loans to joint ventures and associates
10
15
Long-term prepayments
504
461
Other receivables
417
544
Other non-current assets
978
1,085
Other receivables include lease receivables of \u20ac115 million (2022: \u20ac137 million). The average outstanding term
of the lease receivables, including the short-term portion of lease receivables, is 3.0 years (2022: 2.9 years). The
remainder of other receivables mainly originate from the acquisition of the beer operations of FEMSA and
represent a receivable on the Brazilian authorities on which interest is calculated in accordance with Brazilian
legislation. The collection of this receivable is expected to be beyond a period of five years. A part of the
aforementioned qualifies for indemnification towards FEMSA and is provided for.
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN determines on each reporting date the impairment of other receivables using an expected credit loss
model, which estimates the credit losses over 12 months. Only in case of a significant increase in credit risk occurs
(e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from the
customer) the credit losses over the lifetime of the asset are incurred. Individually significant other receivables
are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in
groups that share similar credit risk characteristics. For more information on HEINEKEN's credit risk exposure refer
to note 11.5.
Accounting policies
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-504": { "value": "
8.5\u00a0 \u00a0 Other non-current assets
Other non-current assets mainly consist of long-term prepayments and other receivables with a duration longer
than 12 months.
In millions of \u20ac
Note
2023
2022
Fair value through OCI debt investments
14
9
Non-current derivatives
11.6
33
56
Loans to joint ventures and associates
10
15
Long-term prepayments
504
461
Other receivables
417
544
Other non-current assets
978
1,085
Other receivables include lease receivables of \u20ac115 million (2022: \u20ac137 million). The average outstanding term
of the lease receivables, including the short-term portion of lease receivables, is 3.0 years (2022: 2.9 years). The
remainder of other receivables mainly originate from the acquisition of the beer operations of FEMSA and
represent a receivable on the Brazilian authorities on which interest is calculated in accordance with Brazilian
legislation. The collection of this receivable is expected to be beyond a period of five years. A part of the
aforementioned qualifies for indemnification towards FEMSA and is provided for.
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN determines on each reporting date the impairment of other receivables using an expected credit loss
model, which estimates the credit losses over 12 months. Only in case of a significant increase in credit risk occurs
(e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from the
customer) the credit losses over the lifetime of the asset are incurred. Individually significant other receivables
are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in
groups that share similar credit risk characteristics. For more information on HEINEKEN's credit risk exposure refer
to note 11.5.
Accounting policies
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-506": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-507": { "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.
In millions of \u20ac
2023
2022
Present value of unfunded defined benefit obligations
167
177
Present value of funded defined benefit obligations
8,193
7,745
Total present value of defined benefit obligations
8,360
7,922
Fair value of defined benefit plan assets
(8,006)
(7,569)
Present value of net obligations
354
353
Asset ceiling items
145
129
Defined benefit plans included under non-current assets
39
28
Recognised liability for defined benefit obligations
538
510
Other long-term employee benefits
48
58
586
568
The vast majority of benefit payments are from pension funds that are held in trusts (or equivalent), however,
there is a small portion where HEINEKEN fulfils the benefit payment obligation as it falls due. Plan assets held in
trusts are governed by Trustee Boards composed of HEINEKEN representatives and independent and/or
member representation, in accordance with local regulations and practice in each country. The relationship and
division of responsibility between HEINEKEN and the Trustee Board (or equivalent) including investment
decisions and contribution schedules are carried out in accordance with the plan's regulations.
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.
2023
2022
2023
2022
2023
2022
2023
2022
In millions of \u20ac
UK
UK
NL
NL
Other
Other
Total
Total
Total present value of
defined benefit obligations
2,717
2,641
4,386
4,120
1,257
1,161
8,360
7,922
Fair value of defined benefit
plan assets
(2,581)
(2,557)
(4,324)
(4,055)
(1,101)
(957)
(8,006)
(7,569)
Present value of net
obligations
136
84
62
65
156
204
354
353
Defined benefit plan in the Netherlands
HEINEKEN provides employees in the Netherlands with an average pay pension plan based on earnings up to
the legal tax limit. Indexation of accrued benefits is conditional on the funded status of the pension fund.
HEINEKEN pays contributions to the fund up to a maximum level agreed with the Board of the pension fund
and has no obligation to make additional contributions in case of a funding deficit.
During 2023, the coverage ratio of the Dutch pension fund improved slightly. The interest rates showed a small
decrease that increased the fund\u2019s net defined benefit obligations. The fund\u2019s financial position allowed for
pension indexation in 2023.
In 2023, the increase in the fair value of defined benefit plan assets is mainly due to an increase in the value of
equities, bonds, interest rate swaps, mortgages and alternative credits. The higher defined benefit obligation is
mainly due to a lower discount rate assumption, and a higher indexation assumption. HEINEKEN\u2019s cash
contribution to the Dutch pension plan was at the maximum level. The same level will apply in 2024.
Defined benefit plan in the United Kingdom
HEINEKEN\u2019s UK plan (Scottish & Newcastle pension plan 'SNPP') was closed to future accrual in 2011 and the
liabilities thus relate to past service before plan closure. Based on the triennial review finalised in early 2019,
HEINEKEN 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 schedule of deficit recovery payments
remained in place until May 2023. As of June 2023, deficit recovery payments have stopped. Going forward
recovery payments will be conditional on the funding position of the pension fund and capped on the former
contribution level.
In 2023, the increase in the fair value of defined benefit plan assets is due to a stronger British Pound foreign
currency translation impact offset by the decrease in the fair value of the defined benefit plan assets mainly due
to a fall in the value of the longevity swap, as a result of updating the assumption for future mortality
improvements. The increase in defined benefit obligation over 2023 is mainly due to actual deferred
revaluations and pension increases being higher than assumed. The increase in the defined benefit obligation as
a result of a fall in the discount rate assumption was mostly offset by a fall in the long term inflation assumption
and a change in the mortality assumption to adopt the latest available model for projecting future
improvements in life expectancies.
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
In millions of \u20ac
Note
2023
2022
2023
2022
2023
2022
Balance as at 1 January
7,922
10,182
(7,569)
(9,680)
353
502
Included in profit or loss
Current service cost
78
112
\u2014
\u2014
78
112
Past service cost/(credit)
(4)
(2)
\u2014
\u2014
(4)
(2)
Administration expense
\u2014
\u2014
4
5
4
5
Effect of any settlement
(2)
\u2014
\u2014
\u2014
(2)
\u2014
Expense recognised in personnel expenses
6.4
72
110
4
5
76
115
Interest expense/(income)
11.1
360
212
(339)
(198)
21
14
432
322
(335)
(193)
97
129
Included in OCI
Remeasurement loss/(gain):
Actuarial loss/(gain) arising from
12.3
Demographic assumptions
(46)
47
\u2014
\u2014
(46)
47
Financial assumptions
336
(2,714)
\u2014
\u2014
336
(2,714)
Experience adjustments
(47)
550
\u2014
\u2014
(47)
550
Return on plan assets excluding interest\u00a0income1
\u2014
\u2014
(169)
2,011
(169)
2,011
Effect of movements in exchange rates
45
(114)
(40)
112
5
(2)
288
(2,231)
(209)
2,123
79
(108)
Other
Changes in consolidation and reclassification
93
1
(136)
(7)
(43)
(6)
Contributions paid:
By the employer
\u2014
\u2014
(132)
(164)
(132)
(164)
By the plan participants
26
25
(26)
(25)
\u2014
\u2014
Benefits paid
(401)
(377)
401
377
\u2014
\u2014
Settlements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(282)
(351)
107
181
(175)
(170)
Balance as at 31 December
8,360
7,922
(8,006)
(7,569)
354
353
1The total OCI impact for the current year also included movement resulting from asset ceiling increase between 2022 and 2023.
Defined benefit plan assets
2023
2022
In millions of \u20ac
Quoted
Unquoted
Total
Quoted
Unquoted
Total
Equity instruments:
Europe
348
\u2014
348
316
\u2014
316
Northern America
900
\u2014
900
847
\u2014
847
Japan
132
\u2014
132
118
\u2014
118
Asia other
70
\u2014
70
160
\u2014
160
Other
76
151
227
92
145
237
1,526
151
1,677
1,533
145
1,678
Debt instruments:
Bonds \u2013 investment grade
4,278
1,167
5,445
3,744
1,125
4,869
Bonds \u2013 non-investment
grade
233
442
675
228
361
589
4,511
1,609
6,120
3,972
1,486
5,458
Derivatives
43
(1,314)
(1,271)
41
(1,296)
(1,255)
Properties and real estate
222
688
910
249
659
908
Cash and cash equivalents
186
18
204
362
34
396
Investment funds
26
368
394
25
351
376
Other plan assets
82
(110)
(28)
94
(86)
8
559
(350)
209
771
(338)
433
Balance as at 31 December
6,596
1,410
8,006
6,276
1,293
7,569
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 2023, the strategic asset mix comprises 32% of plan
assets in equity securities, 20% in bonds and swaps, 18% in alternative investments, 15% in mortgage and 15%
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 2023, the strategic mix of assets comprises 33% of plan assets in
liability-driven investments, 12.5% in corporate bonds, 15% in higher-yielding credit, 23.5% in private markets,
10% 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 54% as at 31 December 2023 (2022:
38%). 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 target a match of 100% of the interest rate
sensitivity of the total liabilities as measured on a Gilts +1% liability basis (2022: 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 fixed income investments and inflation-linked
derivative instruments. These instruments target a match of 100% of the inflation-linked liabilities as measured
on a Gilts +1% liability basis (2022: 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:
The Netherlands
UK1
In %
2023
2022
2023
2022
Discount rate as at 31 December
3.5
3.8
4.8
5.0
Future salary increases
2.0
2.0
\u2014
\u2014
Future pension increases
2.9
2.9
3.0
3.1
1 The UK plan is closed for future accrual, leading to certain assumptions being equal to zero.
For the other defined benefit plans, the following actuarial assumptions apply as at 31 December:
Europe
Americas
In %
2023
2022
2023
2022
Discount rate as at 31 December
1.5-3.5
2.3-3.9
9.8-11.0
9.4-13.0
Future salary increases
0.0-2.3
0.0-3.4
0.0-4.5
0.0-4.5
Future pension increases
0.3-2.3
0.0-2.3
0.0-3.5
0.0-3.5
Medical cost trend rate
0.0-2.3
\u2014
5.1-9.0
5.1-7.5
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
(2022:\u00a016\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 2024 to be in line with 2023.
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:
2023
2022
Effect in millions of \u20ac
Increase in
assumption
Decrease in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate (0.5% movement)
(588)
671
(551)
629
Future salary growth (0.25% movement)
9
(9)
8
(8)
Future pension growth (0.25% movement)
276
(254)
253
(245)
Medical cost trend rate (0.5% movement)
7
(6)
3
(3)
Life expectancy (1 year)
356
(357)
318
(317)
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
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
\"Financials-Icons-Policies.png\"
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-508": { "value": "
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.
", "dimensions": { "concept": "heia:DescriptionOfAccountingPolicyForDefinedContributionAndDefinedBenefitPlansTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-510": { "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.
In millions of \u20ac
Note
Claims
and
litigation
Taxes
Restruc-
turing
Onerous
contracts
Other
Total
Balance as at 1 January 2023
150
283
210
18
137
798
Changes in consolidation
10.1
\u2014
\u2014
\u2014
\u2014
15
15
Provisions made during the year
32
48
112
2
53
247
Provisions used during the year
(6)
(4)
(86)
(1)
(10)
(107)
Provisions reversed during the year
(45)
(8)
(18)
(7)
(61)
(139)
Effect of movements in exchange
rates
2
6
(2)
\u2014
(1)
5
Unwinding of discounts
7
5
3
\u2014
(1)
14
Balance as at 31 December 2023
140
330
219
12
132
833
Non-current
125
302
122
4
74
627
Current
15
28
97
8
58
206
Claims and litigation
The provisions for claims and litigation of \u20ac140 million (2022: \u20ac150 million) mainly relate to civil and labour claims
in Brazil.
Taxes
The provisions for taxes of \u20ac330 million (2022: \u20ac283 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 \u20ac41 million
(2022: \u20ac50 million).
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
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
\"Financials-Icons-Policies.png\"
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-509": { "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.
In millions of \u20ac
Note
Claims
and
litigation
Taxes
Restruc-
turing
Onerous
contracts
Other
Total
Balance as at 1 January 2023
150
283
210
18
137
798
Changes in consolidation
10.1
\u2014
\u2014
\u2014
\u2014
15
15
Provisions made during the year
32
48
112
2
53
247
Provisions used during the year
(6)
(4)
(86)
(1)
(10)
(107)
Provisions reversed during the year
(45)
(8)
(18)
(7)
(61)
(139)
Effect of movements in exchange
rates
2
6
(2)
\u2014
(1)
5
Unwinding of discounts
7
5
3
\u2014
(1)
14
Balance as at 31 December 2023
140
330
219
12
132
833
Non-current
125
302
122
4
74
627
Current
15
28
97
8
58
206
Claims and litigation
The provisions for claims and litigation of \u20ac140 million (2022: \u20ac150 million) mainly relate to civil and labour claims
in Brazil.
Taxes
The provisions for taxes of \u20ac330 million (2022: \u20ac283 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 \u20ac41 million
(2022: \u20ac50 million).
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
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
\"Financials-Icons-Policies.png\"
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.
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 \u20ac1,233 million (2022: \u20ac1,489 million), out of which \u20ac78 million (2022: \u20ac73 million) qualifies for
indemnification. For several tax contingencies that were part of acquisitions, an amount of \u20ac188 million (2022:
\u20ac173 million) has been recognised as provisions and other non-current liabilities in the balance sheet (refer to
notes 9.2 and 8.5).
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 \u20ac52 million (2022 : \u20ac57 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) 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 (ii) 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 2 023, \u20ac26 million (2022: \u20ac37 million) of other contingencies related to acquisitions is
included in provisions (refer to note 9.2).
Guarantees
In millions of \u20ac
Total 2023
Less than 1 year
1-5 years
More than
5 years
Total 2022
Guarantees to banks for
loans (to third parties)
381
183
196
2
345
Other guarantees
1,115
271
708
136
2,093
Guarantees
1,496
454
904
138
2,438
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).
In 2022, other guarantees included a \u20ac1.1 billion guarantee issued concerning the offer to acquire Distell Group
Holdings Limited.
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
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 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
\"Financials-Icons-Policies.png\"
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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-511": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-512": { "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 \u20ac1,233 million (2022: \u20ac1,489 million), out of which \u20ac78 million (2022: \u20ac73 million) qualifies for
indemnification. For several tax contingencies that were part of acquisitions, an amount of \u20ac188 million (2022:
\u20ac173 million) has been recognised as provisions and other non-current liabilities in the balance sheet (refer to
notes 9.2 and 8.5).
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 \u20ac52 million (2022 : \u20ac57 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) 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 (ii) 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 2 023, \u20ac26 million (2022: \u20ac37 million) of other contingencies related to acquisitions is
included in provisions (refer to note 9.2).
Guarantees
In millions of \u20ac
Total 2023
Less than 1 year
1-5 years
More than
5 years
Total 2022
Guarantees to banks for
loans (to third parties)
381
183
196
2
345
Other guarantees
1,115
271
708
136
2,093
Guarantees
1,496
454
904
138
2,438
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).
In 2022, other guarantees included a \u20ac1.1 billion guarantee issued concerning the offer to acquire Distell Group
Holdings Limited.
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
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 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
\"Financials-Icons-Policies.png\"
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:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-513": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-514": { "value": "
10.1\u00a0 \u00a0 Acquisitions and disposals of subsidiaries and non-controlling interests
Acquisition of Distell and Namibia Breweries
On 14 April 2023, HEINEKEN obtained a controlling stake of 59.4% in NBL and on 26 April 2023, HEINEKEN fully
acquired the operations of Distell post the carve-out of their whiskey and gin activities. NBL and Distell have been
combined with Heineken South Africa into a new HEINEKEN majority-owned business \u2018Heineken Beverages\u2019.
HEINEKEN has a 65% shareholding in Heineken Beverages. Distell and NBL are consolidated within HEINEKEN
as from those dates.
Distell is Africa's leading producer and marketer of ciders, flavoured alcoholic beverages, wines and spirits, and
NBL is the beer market leader in Namibia. Heineken Beverages will have a significantly strengthened and
complementary route to market in South Africa and Namibia with further growth opportunities across Southern
Africa.
The Savanna and Windhoek brands represent the majority of the intangible assets valued at Distell and NBL
respectively. The goodwill is mainly attributable to a strategic premium included in the transaction and earnings
beyond the period over which intangible assets are amortised. None of the goodwill recognised is expected to be
deductible for income tax purposes. Heineken Beverages is considered the CGU for goodwill impairment testing
purposes.
Upon obtaining control, the existing equity interest in NBL (29.6%) was revalued to fair value (\u20ac179 million),
which resulted in a gain in previously-held equity interest of \u20ac14 million (net of gain in previously held equity
interest and recycling of currency exchange differences from translation reserve), recorded in 'Other income' in
the income statement (refer to note 6.2).
The following table summarises the recognised amounts of assets acquired and liabilities assumed at the
acquisition date:
In millions of \u20ac
Note
Distell
NBL
Property, plant and equipment
513
84
Intangible assets
611
164
Investments in associates and joint ventures
58
\u2014
Inventories
566
30
Trade and other receivables
285
26
Cash and cash equivalents
88
83
Other assets
46
\u2014
Assets acquired
2,167
387
Current liabilities
(556)
(133)
Deferred tax liabilities
(280)
(71)
Other non-current liabilities
(20)
(5)
Liabilities assumed
(856)
(209)
Total net identifiable assets
1,311
178
In millions of \u20ac
Consideration transferred
1,230
358
Non-controlling interests
481
76
Net identifiable assets acquired
1,311
178
Goodwill on acquisition
8.1
400
256
\u20ac17 million of acquisition-related costs have been recognised in the income statement for the year ended 31
December 2023.
HEINEKEN considers the measurement period for acquiring control of Distell and NBL to be closed at 30 June
2023. Any adjustments afterwards will be recognised in the consolidated income statement (no such
adjustments occurred during the second half-year of 2023).
The amount of revenue recognised for Distell and NBL after obtaining control amounts to \u20ac1,237 million; the
amount of loss recognised after obtaining control amounts to \u20ac66 million. If control was obtained on 1 January
2023, revenue and profit for HEINEKEN would have been \u20ac37 billion and \u20ac2.4 billion respectively, for the year
ended 31 December 2023.
Next to the acquisition of Distell and NBL, there were no other significant acquisitions of subsidiaries during
2023.
Disposal of Vrumona
On 29 September 2023, HEINEKEN completed the sale of soft drinks manufacturer Vrumona. As a result, a gain
of \u20ac195 million has been recorded in 'Other income' in the income statement (refer to note 6.2).
Next to the sale of Vrumona and Russia disposal group classified as held for sale (refer to note 10.2), there were
no other significant acquisitions or disposals of subsidiaries during 2023.
Acquisition/disposal of non-controlling interests
In 2023, transactions with non-controlling interests mainly consists of a transaction where HEINEKEN purchased
14,201 shares of Heineken Beverages (South Africa) (Pty) Ltd from Namibia Breweries Limited. This temporarily
increased HEINEKEN\u2019s shareholding from 75% to 100%. Subsequently, as part of the acquisition of Distell (refer
to note 10.1), this equity shareholding decreased to 65% which is recorded on the line \u2018Changes in consolidation\u2019
in the statement of changes in equity. The consideration paid for the acquisition of non-controlling interest in
2023 and the related equity impact are disclosed in the table below:
In millions of \u20ac
Consideration
Book value of
non-controlling
interest
Equity impact
Heineken Beverages (South Africa) (Pty) Ltd1
274
24
179
Other
20
(15)
35
Total
294
9
214
1 The equity impact includes an elimination of a \u20ac71 million gain reported in the share of profit of NBL on the sale of 25% equity stake in Heineken
Beverages (South Africa) (Pty) Ltd to HEINEKEN.
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
The identification and valuation of acquired assets and liabilities in a business combination involves significant
judgements and assumptions. The fair value of brands acquired is generally determined using either the multi-
period excess earnings method (MEEM) or the relief from royalty method (RfR).
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
When HEINEKEN obtains control over an entity, the initial accounting for its assets and liabilities is at fair value.
The difference between the fair value of the consideration transferred (plus the fair value of any previously-held
equity interest in the acquiree and the recognised amount of any non-controlling interests in the acquiree) and
the net recognised amount of the identifiable assets acquired and liabilities assumed, is calculated. When the
difference is negative, a bargain purchase gain is recognised immediately in the income statement. When the
difference is positive, goodwill is recognised on the balance sheet.
Changes to the initial fair value of the acquired assets and liabilities, based on new information about the
circumstances at the acquisition date, can be made up to a maximum of 12 months after the acquisition date.
Acquisition-related costs are directly expensed in the income statement.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-515": { "value": "
Acquisition/disposal of non-controlling interests
In 2023, transactions with non-controlling interests mainly consists of a transaction where HEINEKEN purchased
14,201 shares of Heineken Beverages (South Africa) (Pty) Ltd from Namibia Breweries Limited. This temporarily
increased HEINEKEN\u2019s shareholding from 75% to 100%. Subsequently, as part of the acquisition of Distell (refer
to note 10.1), this equity shareholding decreased to 65% which is recorded on the line \u2018Changes in consolidation\u2019
in the statement of changes in equity. The consideration paid for the acquisition of non-controlling interest in
2023 and the related equity impact are disclosed in the table below:
In millions of \u20ac
Consideration
Book value of
non-controlling
interest
Equity impact
Heineken Beverages (South Africa) (Pty) Ltd1
274
24
179
Other
20
(15)
35
Total
294
9
214
1 The equity impact includes an elimination of a \u20ac71 million gain reported in the share of profit of NBL on the sale of 25% equity stake in Heineken
Beverages (South Africa) (Pty) Ltd to HEINEKEN.
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 2023 amounted to \u20ac2,733 million (2022: \u20ac2,369 million), refer to
note 10.1 for more information.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-516": { "value": "
When HEINEKEN obtains control over an entity, the initial accounting for its assets and liabilities is at fair value.
The difference between the fair value of the consideration transferred (plus the fair value of any previously-held
equity interest in the acquiree and the recognised amount of any non-controlling interests in the acquiree) and
the net recognised amount of the identifiable assets acquired and liabilities assumed, is calculated. When the
difference is negative, a bargain purchase gain is recognised immediately in the income statement. When the
difference is positive, goodwill is recognised on the balance sheet.
Changes to the initial fair value of the acquired assets and liabilities, based on new information about the
circumstances at the acquisition date, can be made up to a maximum of 12 months after the acquisition date.
Acquisition-related costs are directly expensed in the income statement.
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:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-517": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-518": { "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 2023:
In millions of \u20ac
2023
2022
Current assets
\u2014
132
Property, plant and equipment
28
161
Intangible assets
\u2014
5
Other non-current assets
\u2014
17
Assets or assets of disposal group held for sale
28
315
Current liabilities
\u2014
(173)
Non-current liabilities
\u2014
(8)
Liabilities associated with assets classified as held for sale
\u2014
(181)
Russia disposal group classified as held for sale
On 24 August 2023, HEINEKEN sold 100% of the Russia disposal group classified as held for sale for \u20ac1. This
includes a commitment from the buyer to repay the historical intercompany debt of \u20ac103 million to HEINEKEN
in instalments. The net loss on disposal as per 31 December 2023 amounts to \u20ac219 million, which mainly relates
to the recycling of foreign currency translation reserve to profit or loss and a net impairment of \u20ac10 million (refer
to note 6.6).
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
HEINEKEN classifies assets or disposal groups as held for sale when they are available for immediate sale in their
present condition, are expected to be sold within 1 year, and the sale is highly probable. HEINEKEN should be
committed to the sale and it should be unlikely that the plan to sell will be withdrawn. This might be difficult to
demonstrate in practice and involves judgement.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Assets or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through
sale rather than through continuing use are classified as held for sale. Immediately before classification as held
for sale, the assets, or components of a disposal group, are measured at the lower of their carrying amount and
fair value less cost to sell.
Intangible assets and P,P&E once classified as held for sale are not amortised or depreciated. In addition, equity
accounting of equity-accounted investees ceases once classified as held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-519": { "value": "
Assets or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through
sale rather than through continuing use are classified as held for sale. Immediately before classification as held
for sale, the assets, or components of a disposal group, are measured at the lower of their carrying amount and
fair value less cost to sell.
Intangible assets and P,P&E once classified as held for sale are not amortised or depreciated. In addition, equity
accounting of equity-accounted investees ceases once classified as held for sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-522": { "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 \u20ac4,130 million as at 31 December 2023 (2022 : \u20ac4,296 million) and the total share of
profit and other comprehensive income was a profit of \u20ac143 million in 2023 (2022: \u20ac177 million ). The share of
profit of associates and joint ventures includes an impairment loss of \u20ac8 million (2022: \u20ac4 million, impairment
loss).
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 HKD34.20 as at 31 December
2023 (2022: HKD54.55), the fair value of this economic interest in CR Beer amounts to \u20ac2,657 million (2022:
\u20ac4,398 million). The carrying amount of CBL as at 31\u00a0December 2023 amounts to \u20ac2,832 million (2022: \u20ac2,908
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 2022-October 2023. The reconciliation of the summarised financial information
to the carrying amount of the effective interest in CR Beer is also presented.
In millions of \u20ac
31 October 2023
31 October 2022
Summarised balance sheet (100%)
Non-current assets
10,206
8,639
Current assets
1,692
2,291
Non-current liabilities
(2,390)
(1,809)
Current liabilities
(2,744)
(2,777)
Net assets
6,764
6,344
Reconciliation to carrying amount
Opening net assets
6,342
6,046
Profit for the period
466
471
Other comprehensive income
(311)
88
Dividends paid
(250)
(256)
Other
517
(7)
Closing net assets
6,764
6,342
Company\u2019s share in %
20.67%
20.67%
Company\u2019s share
1,398
1,311
Goodwill
1,434
1,597
Carrying amount
2,832
2,908
In millions of \u20ac
November 2022
to October 2023
November 2021
to October 2022
Summarised income statement (100%)
Revenue
5,023
5,198
Profit
466
471
Other comprehensive income
(311)
88
Total comprehensive income
155
559
Dividends received
52
52
Summarised financial information for equity-accounted joint ventures and associates
The following table includes, in aggregate, the carrying amount and HEINEKEN\u2019s share of profit and OCI of joint
ventures and associates (net of income tax):
Joint ventures
Associates\u00b9
In millions of \u20ac
2023
2022
2023
2022
Carrying amount of interests
934
953
3,196
3,343
Share of:
Profit from continuing operations
71
64
147
159
Other comprehensive income
(56)
17
(19)
(63)
15
81
128
96
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
\"Financials-Icons-Policies.png\"
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.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there is
any indication of impairment. A significant or prolonged decline in the fair value of the investment below its cost
is also considered in assessing for any indication of impairment. If any such indication exists, an impairment test
is performed (refer to note 8.1).
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 2023 up to and including 31 December
2023, 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 2023. 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 \u20ac21 billion and total asset value of \u20ac35 billion and are structural contributors to the
business.
Apart from the acquisition of the controlling stake in NBL and Distell (combined with Heineken South Africa into
Heineken Beverages, refer to note 10.1), the sale of the Russia disposal group classified as held for sale (refer to
note 10.2) and the sale of Vrumona (refer to note 10.1), there were no significant changes to the HEINEKEN
structure and ownership interests.
Percentage of ownership
Country of
incorporation
2023
2022
Heineken International B.V.
The Netherlands
100.0
100.0
Heineken Brouwerijen B.V.
The Netherlands
100.0
100.0
Heineken Nederland B.V.
The Netherlands
100.0
100.0
Cuauht\u00e9moc Moctezuma Holding, S.A. de C.V.
Mexico
100.0
100.0
Cervejarias Kaiser Brasil Ltda.
Brazil
100.0
100.0
Bavaria Ltda.
Brazil
100.0
100.0
Heineken France S.A.S.
France
100.0
100.0
Nigerian Breweries Plc.
Nigeria
56.7
56.7
Heineken USA Inc.
United States
100.0
100.0
Heineken UK Ltd
United Kingdom
100.0
100.0
Heineken Espa\u00f1a S.A.
Spain
99.8
99.8
Heineken Italia S.p.A.
Italy
100.0
100.0
Brau Union \u00d6sterreich AG
Austria
100.0
100.0
Grupa \u017bywiec S.A.
Poland
100.0
99.3
Heineken Vietnam Brewery Limited Company
Vietnam
60.0
60.0
SCC - Sociedade Central de Cervejas e Bebidas S.A.
Portugal
100.0
100.0
United Breweries Limited
India
61.5
61.5
Heineken Beverages (South Africa) Proprietary Limited
South Africa
65.0
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-521": { "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 \u20ac4,130 million as at 31 December 2023 (2022 : \u20ac4,296 million) and the total share of
profit and other comprehensive income was a profit of \u20ac143 million in 2023 (2022: \u20ac177 million ). The share of
profit of associates and joint ventures includes an impairment loss of \u20ac8 million (2022: \u20ac4 million, impairment
loss).
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 HKD34.20 as at 31 December
2023 (2022: HKD54.55), the fair value of this economic interest in CR Beer amounts to \u20ac2,657 million (2022:
\u20ac4,398 million). The carrying amount of CBL as at 31\u00a0December 2023 amounts to \u20ac2,832 million (2022: \u20ac2,908
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 2022-October 2023. The reconciliation of the summarised financial information
to the carrying amount of the effective interest in CR Beer is also presented.
In millions of \u20ac
31 October 2023
31 October 2022
Summarised balance sheet (100%)
Non-current assets
10,206
8,639
Current assets
1,692
2,291
Non-current liabilities
(2,390)
(1,809)
Current liabilities
(2,744)
(2,777)
Net assets
6,764
6,344
Reconciliation to carrying amount
Opening net assets
6,342
6,046
Profit for the period
466
471
Other comprehensive income
(311)
88
Dividends paid
(250)
(256)
Other
517
(7)
Closing net assets
6,764
6,342
Company\u2019s share in %
20.67%
20.67%
Company\u2019s share
1,398
1,311
Goodwill
1,434
1,597
Carrying amount
2,832
2,908
In millions of \u20ac
November 2022
to October 2023
November 2021
to October 2022
Summarised income statement (100%)
Revenue
5,023
5,198
Profit
466
471
Other comprehensive income
(311)
88
Total comprehensive income
155
559
Dividends received
52
52
Summarised financial information for equity-accounted joint ventures and associates
The following table includes, in aggregate, the carrying amount and HEINEKEN\u2019s share of profit and OCI of joint
ventures and associates (net of income tax):
Joint ventures
Associates\u00b9
In millions of \u20ac
2023
2022
2023
2022
Carrying amount of interests
934
953
3,196
3,343
Share of:
Profit from continuing operations
71
64
147
159
Other comprehensive income
(56)
17
(19)
(63)
15
81
128
96
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
\"Financials-Icons-Policies.png\"
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.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there is
any indication of impairment. A significant or prolonged decline in the fair value of the investment below its cost
is also considered in assessing for any indication of impairment. If any such indication exists, an impairment test
is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-520": { "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 \u20ac4,130 million as at 31 December 2023 (2022 : \u20ac4,296 million) and the total share of
profit and other comprehensive income was a profit of \u20ac143 million in 2023 (2022: \u20ac177 million ). The share of
profit of associates and joint ventures includes an impairment loss of \u20ac8 million (2022: \u20ac4 million, impairment
loss).
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 HKD34.20 as at 31 December
2023 (2022: HKD54.55), the fair value of this economic interest in CR Beer amounts to \u20ac2,657 million (2022:
\u20ac4,398 million). The carrying amount of CBL as at 31\u00a0December 2023 amounts to \u20ac2,832 million (2022: \u20ac2,908
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 2022-October 2023. The reconciliation of the summarised financial information
to the carrying amount of the effective interest in CR Beer is also presented.
In millions of \u20ac
31 October 2023
31 October 2022
Summarised balance sheet (100%)
Non-current assets
10,206
8,639
Current assets
1,692
2,291
Non-current liabilities
(2,390)
(1,809)
Current liabilities
(2,744)
(2,777)
Net assets
6,764
6,344
Reconciliation to carrying amount
Opening net assets
6,342
6,046
Profit for the period
466
471
Other comprehensive income
(311)
88
Dividends paid
(250)
(256)
Other
517
(7)
Closing net assets
6,764
6,342
Company\u2019s share in %
20.67%
20.67%
Company\u2019s share
1,398
1,311
Goodwill
1,434
1,597
Carrying amount
2,832
2,908
In millions of \u20ac
November 2022
to October 2023
November 2021
to October 2022
Summarised income statement (100%)
Revenue
5,023
5,198
Profit
466
471
Other comprehensive income
(311)
88
Total comprehensive income
155
559
Dividends received
52
52
Summarised financial information for equity-accounted joint ventures and associates
The following table includes, in aggregate, the carrying amount and HEINEKEN\u2019s share of profit and OCI of joint
ventures and associates (net of income tax):
Joint ventures
Associates\u00b9
In millions of \u20ac
2023
2022
2023
2022
Carrying amount of interests
934
953
3,196
3,343
Share of:
Profit from continuing operations
71
64
147
159
Other comprehensive income
(56)
17
(19)
(63)
15
81
128
96
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
\"Financials-Icons-Policies.png\"
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.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there is
any indication of impairment. A significant or prolonged decline in the fair value of the investment below its cost
is also considered in assessing for any indication of impairment. If any such indication exists, an impairment test
is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-523": { "value": "4130000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-524": { "value": "4296000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-527": { "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.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there is
any indication of impairment. A significant or prolonged decline in the fair value of the investment below its cost
is also considered in assessing for any indication of impairment. If any such indication exists, an impairment test
is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-526": { "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.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there is
any indication of impairment. A significant or prolonged decline in the fair value of the investment below its cost
is also considered in assessing for any indication of impairment. If any such indication exists, an impairment test
is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-525": { "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.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there is
any indication of impairment. A significant or prolonged decline in the fair value of the investment below its cost
is also considered in assessing for any indication of impairment. If any such indication exists, an impairment test
is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-533": { "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.
In millions of \u20ac
Note
2023
2022
Interest income
90
74
Interest expenses
(640)
(458)
Dividend income from fair value through OCI investments
7
7
Net change in fair value of derivatives
(85)
67
Net foreign exchange gain/(loss)1
(323)
(121)
Net monetary gain arising from hyperinflationary economies
79
94
Unwinding discount on provisions
9.2
(13)
(15)
Interest on the net defined benefit obligation
9.1
(21)
(14)
Other
(19)
30
Other net finance income/(expenses)
(375)
48
Net finance income/(expenses)
(925)
(336)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac58 million (2022: \u20ac49 million).
In 2023, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia and Haiti.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-532": { "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.
In millions of \u20ac
Note
2023
2022
Interest income
90
74
Interest expenses
(640)
(458)
Dividend income from fair value through OCI investments
7
7
Net change in fair value of derivatives
(85)
67
Net foreign exchange gain/(loss)1
(323)
(121)
Net monetary gain arising from hyperinflationary economies
79
94
Unwinding discount on provisions
9.2
(13)
(15)
Interest on the net defined benefit obligation
9.1
(21)
(14)
Other
(19)
30
Other net finance income/(expenses)
(375)
48
Net finance income/(expenses)
(925)
(336)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac58 million (2022: \u20ac49 million).
In 2023, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia and Haiti.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-531": { "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.
In millions of \u20ac
Note
2023
2022
Interest income
90
74
Interest expenses
(640)
(458)
Dividend income from fair value through OCI investments
7
7
Net change in fair value of derivatives
(85)
67
Net foreign exchange gain/(loss)1
(323)
(121)
Net monetary gain arising from hyperinflationary economies
79
94
Unwinding discount on provisions
9.2
(13)
(15)
Interest on the net defined benefit obligation
9.1
(21)
(14)
Other
(19)
30
Other net finance income/(expenses)
(375)
48
Net finance income/(expenses)
(925)
(336)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac58 million (2022: \u20ac49 million).
In 2023, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia and Haiti.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-530": { "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.
In millions of \u20ac
Note
2023
2022
Interest income
90
74
Interest expenses
(640)
(458)
Dividend income from fair value through OCI investments
7
7
Net change in fair value of derivatives
(85)
67
Net foreign exchange gain/(loss)1
(323)
(121)
Net monetary gain arising from hyperinflationary economies
79
94
Unwinding discount on provisions
9.2
(13)
(15)
Interest on the net defined benefit obligation
9.1
(21)
(14)
Other
(19)
30
Other net finance income/(expenses)
(375)
48
Net finance income/(expenses)
(925)
(336)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac58 million (2022: \u20ac49 million).
In 2023, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia and Haiti.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-529": { "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.
In millions of \u20ac
Note
2023
2022
Interest income
90
74
Interest expenses
(640)
(458)
Dividend income from fair value through OCI investments
7
7
Net change in fair value of derivatives
(85)
67
Net foreign exchange gain/(loss)1
(323)
(121)
Net monetary gain arising from hyperinflationary economies
79
94
Unwinding discount on provisions
9.2
(13)
(15)
Interest on the net defined benefit obligation
9.1
(21)
(14)
Other
(19)
30
Other net finance income/(expenses)
(375)
48
Net finance income/(expenses)
(925)
(336)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac58 million (2022: \u20ac49 million).
In 2023, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia and Haiti.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-528": { "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.
In millions of \u20ac
Note
2023
2022
Interest income
90
74
Interest expenses
(640)
(458)
Dividend income from fair value through OCI investments
7
7
Net change in fair value of derivatives
(85)
67
Net foreign exchange gain/(loss)1
(323)
(121)
Net monetary gain arising from hyperinflationary economies
79
94
Unwinding discount on provisions
9.2
(13)
(15)
Interest on the net defined benefit obligation
9.1
(21)
(14)
Other
(19)
30
Other net finance income/(expenses)
(375)
48
Net finance income/(expenses)
(925)
(336)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac58 million (2022: \u20ac49 million).
In 2023, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia and Haiti.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-536": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-535": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-534": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-537": { "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
In millions of \u20ac
Note
2023
2022
Cash and cash equivalents
2,377
2,765
Bank overdrafts
11.3
(952)
(1,147)
Cash and cash equivalents in the statement of cash flows
1,425
1,618
For more information on HEINEKEN's liquidity risk exposure refer to note 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.
2023
In millions of \u20ac
Gross
amounts
Net amounts
presented in
the statement
of financial
position
Amounts subject
to legal offset
rights
Net amount
Assets
Cash and cash equivalents
2,377
2,377
(512)
1,865
Liabilities
Bank overdrafts
(952)
(952)
512
(440)
2022
Assets
Cash and cash equivalents
2,765
2,765
(792)
1,973
Liabilities
Bank overdrafts
(1,147)
(1,147)
792
(355)
HEINEKEN operates in several territories where there is limited availability of foreign currency resulting in
restrictions on remittances. Mainly as a result of these restrictions, \u00a4478 million (2022: \u00a4418 million) of cash
included in cash and cash equivalents is restricted for use by the Company, yet available for use in the relevant
subsidiary\u2019s day-to-day operations.
Accounting policies
\"Financials-Icons-Policies.png\"
Cash and cash equivalents are initially recognised at fair value and subsequently at amortised cost.\u00a0
HEINEKEN has cash pooling arrangements with legally enforceable rights to offset cash and overdraft balances.
Where there is an intention to settle on a net basis, cash and overdraft balances relating to the cash pooling
arrangements are reported on a net basis in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-538": { "value": "
HEINEKEN operates in several territories where there is limited availability of foreign currency resulting in
restrictions on remittances. Mainly as a result of these restrictions, \u00a4478 million (2022: \u00a4418 million) of cash
included in cash and cash equivalents is restricted for use by the Company, yet available for use in the relevant
subsidiary\u2019s day-to-day operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-539": { "value": "
Cash and cash equivalents are initially recognised at fair value and subsequently at amortised cost.\u00a0
HEINEKEN has cash pooling arrangements with legally enforceable rights to offset cash and overdraft balances.
Where there is an intention to settle on a net basis, cash and overdraft balances relating to the cash pooling
arrangements are reported on a net basis in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-540": { "value": "
11.3\u00a0 \u00a0 Borrowings
HEINEKEN mainly uses bonds, commercial paper and bank loans to ensure sufficient financing to support its
operations. Net interest-bearing debt is the key metric for HEINEKEN to measure its indebtedness.
2023
2022
In millions of \u20ac
Note
Non-current
Current
Total
Non-current
Current
Total
Unsecured bond issues
12,751
1,458
14,209
11,691
1,075
12,766
Lease liabilities
961
306
1,267
905
336
1,241
Bank loans
240
286
526
197
114
311
Other interest-bearing
liabilities
94
699
793
100
255
355
Deposits from third
parties1
\u2014
491
491
\u2014
557
557
Bank overdrafts
\u2014
952
952
\u2014
1,147
1,147
Total borrowings
14,046
4,192
18,238
12,893
3,484
16,377
Market value of cross-
currency interest rate
swaps
11.5
(3)
(17)
Other investments
(23)
(64)
Cash and cash
equivalents
11.2
(2,377)
(2,765)
Net debt
15,835
13,531
1Mainly employee deposits.
As at 31 December 2023, \u20ac87 million of the \u20ac526 million of bank loans is secured ( 2022: \u20ac82\u00a0million). Other
interest-bearing liabilities includes \u20ac500 million of centrally issued commercial paper (2022: \u20ac0 million).
In millions of \u20ac
Unsecured
bond issues
Lease
liabilities
Bank loans
Other
interest-
bearing
liabilities
Deposits
from third
parties
Derivatives
used for
financing
activities
Assets and
liabilities
used for
financing
activities
Balance as at
1\u00a0January 2023
12,766
1,241
311
355
557
(17)
15,213
Consolidation
changes
\u2014
66
201
3
1
\u2014
271
Effect of movements
in exchange rates
(82)
26
(27)
(227)
\u2014
17
(293)
Addition of leases
\u2014
348
\u2014
\u2014
\u2014
\u2014
348
Proceeds
2,598
\u2014
1,104
2,991
58
\u2014
6,751
(Re)payments
(1,087)
(390)
(1,067)
(2,325)
(126)
(3)
(4,998)
Interest paid over
lease liability
\u2014
(58)
\u2014
\u2014
\u2014
\u2014
(58)
Other
14
34
4
(4)
1
\u2014
49
Balance as at
31\u00a0December 2023
14,209
1,267
526
793
491
(3)
17,283
In millions of \u20ac
Unsecured
bond issues
Lease
liabilities
Bank loans
Other
interest-
bearing
liabilities
Deposits
from third
parties
Derivatives
used for
financing
activities
Assets and
liabilities
used for
financing
activities
Balance as at
1\u00a0January 2022
13,535
1,106
767
211
562
33
16,214
Consolidation
changes
\u2014
27
17
41
(60)
\u2014
25
Effect of movements
in exchange rates
208
35
(7)
(31)
4
(50)
159
Addition of leases
\u2014
428
\u2014
\u2014
\u2014
\u2014
428
Proceeds
\u2014
\u2014
332
258
54
\u2014
644
(Re)payments
(987)
(305)
(882)
(45)
(3)
\u2014
(2,222)
Interest paid over
lease liability
\u2014
(49)
\u2014
\u2014
\u2014
\u2014
(49)
Other
10
(1)
84
(79)
\u2014
\u2014
14
Balance as at
31\u00a0December 2022
12,766
1,241
311
355
557
(17)
15,213
Changes in borrowings\u00a0
In 2023, the increase in borrowings is mainly due to proceeds from new bonds, bank loans and commercial
paper, which exceeded the repayments.
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 2023 was 3.4% (2022: 2.8%).
The average maturity of the bonds as at 31 December 2023 was 7 years (2022: 7 years).
Centrally available financing headroom
The centrally available financing headroom at Group level was approximately \u20ac3.2 billion as at 31 December
2023 (2022: \u20ac3.6 billion) and consisted of the undrawn part of the committed \u20ac3.5 billion revolving credit facility
and centrally available cash minus centrally issued commercial paper and short-term bank borrowings at group
level.
In March 2023, HEINEKEN refinanced its \u20ac3.5 billion revolving credit facility. The new revolving credit facility is
set to mature in May 2028 and has two 1-year extension options. The facility is committed by a group of 18
banks.
New financing
During the year period ended 31 December 2023, HEINEKEN secured additional financing by issuing the
following notes, which are included in the unsecured bond issues:
Date of placement
Note
Date of maturity
9 March 2023
\u20ac500 million of 1.5-year Notes with a coupon of 3.875%
23 September 2024
9 March 2023
\u20ac750 million of 7.5-year Notes with a coupon of 3.875%
23 September 2030
9 March 2023
\u20ac750 million of 12-year Notes with a coupon of 4.125%
23 March 2035
8 November 2023
\u20ac600 million of 3-year Notes with a coupon of 3.625%
15 November 2026
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
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.
Accounting policies
\"Financials-Icons-Policies.png\"
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 incremental borrowing rate (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:
\u2013 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of that
option
\u2013 Periods 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:
\u2013 Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
\u2013 Include non-lease components in the lease liability for equipment leases", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-542": { "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 incremental borrowing rate (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:
\u2013 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of that
option
\u2013 Periods 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:
\u2013 Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
\u2013 Include non-lease components in the lease liability for equipment leases", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-541": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-544": { "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.
2023
2022
Share capital
Shares of \u20ac1.60
Nominal value
in millions of \u20ac
Shares of \u20ac1.60
Nominal value in
millions of \u20ac
1 January
576,002,613
922
576,002,613
922
Changes
\u2014
\u2014
\u2014
\u2014
31 December
576,002,613
922
576,002,613
922
The Company\u2019s authorised capital amounts to \u20ac2,500 million, consisting of 1,562,500,000 shares.
The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote per
share at shareholder meetings of the Company. In respect of the treasury shares that are held by HEINEKEN,
rights are suspended.
Share premium
As at 31 December 2023, the share premium amounted to \u20ac2,701 million (2022: \u20ac2,701 million).
Translation reserve
The translation reserve comprises foreign currency differences arising from the translation of the assets and
liabilities of foreign operations of HEINEKEN (excluding amounts attributable to non-controlling interests) as well
as value changes of the hedging instruments in the net investment hedges. HEINEKEN considers this a legal
reserve.
Hedging reserve
This reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging
instruments where the hedged transaction has not yet occurred. HEINEKEN considers this a legal reserve.
Fair value reserve
This reserve comprises the cumulative net change in the fair value of FVOCI equity investments. HEINEKEN
transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.
HEINEKEN considers this a legal reserve.
Other legal reserves
These reserves relate to the share of profit of joint ventures and associates over the distribution of which
HEINEKEN does not have control. The movement in these reserves reflects the share of profit of joint ventures
and associates minus dividends received. For retained earnings of subsidiaries that cannot be freely distributed
due to legal or other restrictions, a legal reserve is recognised. Furthermore, part of the reserve comprises a legal
reserve for capitalised development costs.
Reserve for own shares
The reserve for own shares comprises the treasury shares held by HEINEKEN. Refer to the table below with the
changes in\u00a02023. The increase mainly relates to the purchase of shares in HEINEKEN from FEMSA as part of the
accelerated bookbuild offering (refer to note 13.3).
Reserve for own shares
Number of
shares
1 January 2023
684,401
Changes
9,891,244
31 December 2023
10,575,645
Dividends
The following dividends were declared and paid by HEINEKEN:
In millions of \u20ac
2023
2022
Final dividend previous year \u20ac1.23, respectively \u20ac0.96 per qualifying share
693
552
Interim dividend current year \u20ac0.69, respectively \u20ac0.50 per qualifying share
387
288
Total dividend declared and paid
1,080
840
For 2023, a payment of a total cash dividend of \u20ac1.73 per share (2022: \u20ac1.73) will be proposed at the AGM on
25 April 2024. If approved, the final dividend of \u20ac1.04 will be paid on 7 May 2024, as an interim dividend of
\u20ac0.69 per share was paid on 10 August 2023. The payment will be subject to a 15% Dutch withholding tax.\u00a0
After the balance sheet date, the Executive Board proposed the following appropriation of profit. The dividends,
taking into account the interim dividends declared and paid, have not been provided for.
In millions of \u20ac
2023
2022
Dividend per qualifying share \u20ac1.73 (2022: \u20ac1.73)
978
995
Addition to retained earnings
1,326
1,687
Net profit
2,304
2,682
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 2023 amounted to \u20ac2,733 million (2022: \u20ac2,369 million), refer to
note 10.1 for more information.
Capital management\u00a0
There were no major changes in HEINEKEN\u2019s approach to capital management during the year. The Executive
Board\u2019s policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to
sustain future development of the business and acquisitions.
HEINEKEN is not subject to externally imposed capital requirements other than the legal reserves. Shares are
purchased from time to time to meet the requirements of the share-based payment awards, as further
explained in note 6.5.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Shares are classified as equity. When share capital recognised as equity is repurchased, the amount of the
consideration paid, which includes directly attributable costs, is net of any tax effects recognised as a deduction
from equity. Repurchased shares recorded at purchase price are classified as treasury shares and are presented in
the reserve for own shares.
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
Dividends are recognised as a liability in the period in which they are declared.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-543": { "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.
2023
2022
Share capital
Shares of \u20ac1.60
Nominal value
in millions of \u20ac
Shares of \u20ac1.60
Nominal value in
millions of \u20ac
1 January
576,002,613
922
576,002,613
922
Changes
\u2014
\u2014
\u2014
\u2014
31 December
576,002,613
922
576,002,613
922
The Company\u2019s authorised capital amounts to \u20ac2,500 million, consisting of 1,562,500,000 shares.
The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote per
share at shareholder meetings of the Company. In respect of the treasury shares that are held by HEINEKEN,
rights are suspended.
Share premium
As at 31 December 2023, the share premium amounted to \u20ac2,701 million (2022: \u20ac2,701 million).
Translation reserve
The translation reserve comprises foreign currency differences arising from the translation of the assets and
liabilities of foreign operations of HEINEKEN (excluding amounts attributable to non-controlling interests) as well
as value changes of the hedging instruments in the net investment hedges. HEINEKEN considers this a legal
reserve.
Hedging reserve
This reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging
instruments where the hedged transaction has not yet occurred. HEINEKEN considers this a legal reserve.
Fair value reserve
This reserve comprises the cumulative net change in the fair value of FVOCI equity investments. HEINEKEN
transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.
HEINEKEN considers this a legal reserve.
Other legal reserves
These reserves relate to the share of profit of joint ventures and associates over the distribution of which
HEINEKEN does not have control. The movement in these reserves reflects the share of profit of joint ventures
and associates minus dividends received. For retained earnings of subsidiaries that cannot be freely distributed
due to legal or other restrictions, a legal reserve is recognised. Furthermore, part of the reserve comprises a legal
reserve for capitalised development costs.
Reserve for own shares
The reserve for own shares comprises the treasury shares held by HEINEKEN. Refer to the table below with the
changes in\u00a02023. The increase mainly relates to the purchase of shares in HEINEKEN from FEMSA as part of the
accelerated bookbuild offering (refer to note 13.3).
Reserve for own shares
Number of
shares
1 January 2023
684,401
Changes
9,891,244
31 December 2023
10,575,645
Dividends
The following dividends were declared and paid by HEINEKEN:
In millions of \u20ac
2023
2022
Final dividend previous year \u20ac1.23, respectively \u20ac0.96 per qualifying share
693
552
Interim dividend current year \u20ac0.69, respectively \u20ac0.50 per qualifying share
387
288
Total dividend declared and paid
1,080
840
For 2023, a payment of a total cash dividend of \u20ac1.73 per share (2022: \u20ac1.73) will be proposed at the AGM on
25 April 2024. If approved, the final dividend of \u20ac1.04 will be paid on 7 May 2024, as an interim dividend of
\u20ac0.69 per share was paid on 10 August 2023. The payment will be subject to a 15% Dutch withholding tax.\u00a0
After the balance sheet date, the Executive Board proposed the following appropriation of profit. The dividends,
taking into account the interim dividends declared and paid, have not been provided for.
In millions of \u20ac
2023
2022
Dividend per qualifying share \u20ac1.73 (2022: \u20ac1.73)
978
995
Addition to retained earnings
1,326
1,687
Net profit
2,304
2,682
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 2023 amounted to \u20ac2,733 million (2022: \u20ac2,369 million), refer to
note 10.1 for more information.
Capital management\u00a0
There were no major changes in HEINEKEN\u2019s approach to capital management during the year. The Executive
Board\u2019s policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to
sustain future development of the business and acquisitions.
HEINEKEN is not subject to externally imposed capital requirements other than the legal reserves. Shares are
purchased from time to time to meet the requirements of the share-based payment awards, as further
explained in note 6.5.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Shares are classified as equity. When share capital recognised as equity is repurchased, the amount of the
consideration paid, which includes directly attributable costs, is net of any tax effects recognised as a deduction
from equity. Repurchased shares recorded at purchase price are classified as treasury shares and are presented in
the reserve for own shares.
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
Dividends are recognised as a liability in the period in which they are declared.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-545": { "value": "
Share capital
Refer to the table below for the issued share capital as at 31 December. All issued shares are fully paid.
2023
2022
Share capital
Shares of \u20ac1.60
Nominal value
in millions of \u20ac
Shares of \u20ac1.60
Nominal value in
millions of \u20ac
1 January
576,002,613
922
576,002,613
922
Changes
\u2014
\u2014
\u2014
\u2014
31 December
576,002,613
922
576,002,613
922
The Company\u2019s authorised capital amounts to \u20ac2,500 million, consisting of 1,562,500,000 shares.
The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote per
share at shareholder meetings of the Company. In respect of the treasury shares that are held by HEINEKEN,
rights are suspended.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-546": { "value": "
Reserve for own shares
The reserve for own shares comprises the treasury shares held by HEINEKEN. Refer to the table below with the
changes in\u00a02023. The increase mainly relates to the purchase of shares in HEINEKEN from FEMSA as part of the
accelerated bookbuild offering (refer to note 13.3).
Reserve for own shares
Number of
shares
1 January 2023
684,401
Changes
9,891,244
31 December 2023
10,575,645
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-547": { "value": "
Dividends
The following dividends were declared and paid by HEINEKEN:
In millions of \u20ac
2023
2022
Final dividend previous year \u20ac1.23, respectively \u20ac0.96 per qualifying share
693
552
Interim dividend current year \u20ac0.69, respectively \u20ac0.50 per qualifying share
387
288
Total dividend declared and paid
1,080
840
For 2023, a payment of a total cash dividend of \u20ac1.73 per share (2022: \u20ac1.73) will be proposed at the AGM on
25 April 2024. If approved, the final dividend of \u20ac1.04 will be paid on 7 May 2024, as an interim dividend of
\u20ac0.69 per share was paid on 10 August 2023. The payment will be subject to a 15% Dutch withholding tax.\u00a0
After the balance sheet date, the Executive Board proposed the following appropriation of profit. The dividends,
taking into account the interim dividends declared and paid, have not been provided for.
In millions of \u20ac
2023
2022
Dividend per qualifying share \u20ac1.73 (2022: \u20ac1.73)
978
995
Addition to retained earnings
1,326
1,687
Net profit
2,304
2,682
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-548": { "value": "1.73", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-549": { "value": "1.73", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-550": { "value": "2304000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-551": { "value": "2682000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-552": { "value": "2733000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-553": { "value": "
Capital management\u00a0
There were no major changes in HEINEKEN\u2019s approach to capital management during the year. The Executive
Board\u2019s policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to
sustain future development of the business and acquisitions.
HEINEKEN is not subject to externally imposed capital requirements other than the legal reserves. Shares are
purchased from time to time to meet the requirements of the share-based payment awards, as further
explained in note 6.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-554": { "value": "
Shares are classified as equity. When share capital recognised as equity is repurchased, the amount of the
consideration paid, which includes directly attributable costs, is net of any tax effects recognised as a deduction
from equity. Repurchased shares recorded at purchase price are classified as treasury shares and are presented in
the reserve for own shares.
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
Dividends are recognised as a liability in the period in which they are declared.", "dimensions": { "concept": "heia:DescriptionOfAccountingPolicyForCapitalAndReservesTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-555": { "value": "
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-556": { "value": "Dividends are recognised as a liability in the period in which they are declared.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-557": { "value": "
11.5\u00a0 \u00a0 Credit, liquidity and market risk
This note summarises the financial risks that HEINEKEN is exposed to, and HEINEKEN\u2019s policies and processes
that are in place for managing these risks. For more information on derivatives used in managing risk refer to
note 11.6 .
Risk management framework
The Executive Board sets rules and monitors the adequacy of HEINEKEN\u2019s risk management and control
systems. These systems are regularly reviewed to reflect changes in market conditions and HEINEKEN\u2019s activities.
Managing the financial risks and financial resources includes the use of derivatives, primarily spot and forward
exchange contracts, options and interest rate swaps. It is HEINEKEN's policy not to enter into speculative
transactions.
In the normal course of busines s HEINEKEN is exposed to the following financial risks:
\u2013 Credit risk
\u2013 Liquidity risk
\u2013 Market 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, judgement is required in the calculation of expected credit losses. 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:
In millions of \u20ac
Note
2023
2022
Cash and cash equivalents
11.2
2,377
2,765
Trade and other receivables, excluding prepayments
7.2
4,487
4,006
Derivative assets
11.6
91
126
Fair value through OCI investments
8.5
14
76
Loans and advances to customers
8.3
239
216
Other non-current receivables
8.5
331
321
Guarantees to banks for loans (to third parties)
9.3
381
345
7,920
7,855
The exposure to credit risk by segment for trade and other receivables excluding prepayments is as follows:
\"4973\"
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. HEINEKEN has 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.
2023
In millions of \u20ac
Carrying
amount
Contractual
cash flows
Less than
1 year
1-5 years
More than
5 years
Financial liabilities
Interest-bearing liabilities
(16,972)
(19,955)
(4,322)
(6,711)
(8,922)
Lease liabilities
(1,267)
(1,756)
(350)
(704)
(702)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,749)
(9,749)
(9,698)
(49)
(2)
Derivative financial assets and (liabilities)
Cross-currency interest rate swaps
3
(50)
(7)
(27)
(16)
Forward exchange contracts
(55)
(99)
(99)
\u2014
\u2014
Commodity derivatives
(10)
(10)
(10)
\u2014
\u2014
Other derivatives
17
32
5
15
12
Total
(28,033)
(31,587)
(14,481)
(7,476)
(9,630)
2022
Financial liabilities
Interest-bearing liabilities
(15,135)
(17,749)
(3,524)
(5,815)
(8,410)
Lease liabilities
(1,241)
(1,682)
(376)
(670)
(636)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,639)
(9,639)
(9,596)
(40)
(3)
Derivative financial assets and (liabilities)
Cross-currency interest rate swaps
17
(31)
(6)
(19)
(6)
Forward exchange contracts
24
(23)
(25)
2
\u2014
Commodity derivatives
(79)
(82)
(75)
(7)
\u2014
Other derivatives
36
74
9
35
30
Total
(26,017)
(29,132)
(13,593)
(6,514)
(9,025)
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
2023, HEINEKEN continued to witness 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
\u2013 Transactional 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
\u2013 Translational 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, Nigerian Naira and Euro. In 2023, the transactional foreign exchange risk was hedged in line
with the hedging policy to the extent possible. Mainly due to the development of the Nigerian Naira, the overall
transactional impact was negative, whereas the translational impact was slightly positive for HEINEKEN.
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
2023
2022
In millions
EUR
USD
EUR
USD
Financial assets
146
3,506
213
4,106
Financial liabilities
(2,373)
(3,323)
(2,730)
(4,480)
Gross balance sheet exposure
(2,227)
183
(2,517)
(374)
Estimated forecast sales next year
180
1,221
171
1,258
Estimated forecast purchases next year
(2,559)
(2,590)
(2,626)
(2,612)
Gross exposure
(4,606)
(1,186)
(4,972)
(1,728)
Net notional amounts foreign exchange contracts
573
697
426
1,057
Net exposure
(4,033)
(489)
(4,546)
(671)
Sensitivity analysis
Equity
(136)
66
(172)
53
Profit/(Loss)
(37)
(13)
(67)
(10)
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 2023. 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). The increasing
interest rate environment during 2023 resulted in a higher average effective interest rate on the net debt
position of HEINEKEN (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:
In millions of \u20ac
2023
2022
Fixed rate instruments
Financial assets
222
171
Financial liabilities
(16,304)
(14,285)
Cross-currency interest rate swaps
\u2014
469
(16,082)
(13,645)
Variable rate instruments
Financial assets
2,765
3,186
Financial liabilities
(1,935)
(2,092)
Cross-currency interest rate swaps
\u2014
(463)
830
631
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates constantly applied during the reporting period would not have a
material impact on equity and profit or loss.
Commodity price risk
Commodity price risk is the risk that changes in the prices of commodities will affect HEINEKEN\u2019s cost. The
objective of commodity price risk management is to manage and control commodity risk exposures within
acceptable parameters, giving forward guidance of key input costs to allow for business planning. The main
commodity exposure relates to the purchase of aluminium cans, glass bottles, malt and utilities. Commodity
price risk is in principle mitigated by negotiating fixed prices in supplier contracts with various contract durations.
Another method to mitigate commodity price risk is by entering into commodity derivatives. HEINEKEN enters
into commodity derivatives for hedging aluminium and natural gas, and to a certain extent other derivatives for
commodities like fuel, corn and sugar. HEINEKEN does not enter into commodity contracts other than to meet
HEINEKEN\u2019s expected usage and sale\u00a0requirements.
Sensitivity analysis for aluminium hedges
Despite the increased prices of aluminium, a 10% change in the market price of aluminium would not have a
material impact on equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-558": { "value": "
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, judgement is required in the calculation of expected credit losses. 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:
In millions of \u20ac
Note
2023
2022
Cash and cash equivalents
11.2
2,377
2,765
Trade and other receivables, excluding prepayments
7.2
4,487
4,006
Derivative assets
11.6
91
126
Fair value through OCI investments
8.5
14
76
Loans and advances to customers
8.3
239
216
Other non-current receivables
8.5
331
321
Guarantees to banks for loans (to third parties)
9.3
381
345
7,920
7,855
The exposure to credit risk by segment for trade and other receivables excluding prepayments is as follows:
\"4973\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-559": { "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. HEINEKEN has 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.
2023
In millions of \u20ac
Carrying
amount
Contractual
cash flows
Less than
1 year
1-5 years
More than
5 years
Financial liabilities
Interest-bearing liabilities
(16,972)
(19,955)
(4,322)
(6,711)
(8,922)
Lease liabilities
(1,267)
(1,756)
(350)
(704)
(702)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,749)
(9,749)
(9,698)
(49)
(2)
Derivative financial assets and (liabilities)
Cross-currency interest rate swaps
3
(50)
(7)
(27)
(16)
Forward exchange contracts
(55)
(99)
(99)
\u2014
\u2014
Commodity derivatives
(10)
(10)
(10)
\u2014
\u2014
Other derivatives
17
32
5
15
12
Total
(28,033)
(31,587)
(14,481)
(7,476)
(9,630)
2022
Financial liabilities
Interest-bearing liabilities
(15,135)
(17,749)
(3,524)
(5,815)
(8,410)
Lease liabilities
(1,241)
(1,682)
(376)
(670)
(636)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,639)
(9,639)
(9,596)
(40)
(3)
Derivative financial assets and (liabilities)
Cross-currency interest rate swaps
17
(31)
(6)
(19)
(6)
Forward exchange contracts
24
(23)
(25)
2
\u2014
Commodity derivatives
(79)
(82)
(75)
(7)
\u2014
Other derivatives
36
74
9
35
30
Total
(26,017)
(29,132)
(13,593)
(6,514)
(9,025)
For more information on the derivative assets and liabilities, refer to note 11.6.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-560": { "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.
2023
In millions of \u20ac
Carrying
amount
Contractual
cash flows
Less than
1 year
1-5 years
More than
5 years
Financial liabilities
Interest-bearing liabilities
(16,972)
(19,955)
(4,322)
(6,711)
(8,922)
Lease liabilities
(1,267)
(1,756)
(350)
(704)
(702)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,749)
(9,749)
(9,698)
(49)
(2)
Derivative financial assets and (liabilities)
Cross-currency interest rate swaps
3
(50)
(7)
(27)
(16)
Forward exchange contracts
(55)
(99)
(99)
\u2014
\u2014
Commodity derivatives
(10)
(10)
(10)
\u2014
\u2014
Other derivatives
17
32
5
15
12
Total
(28,033)
(31,587)
(14,481)
(7,476)
(9,630)
2022
Financial liabilities
Interest-bearing liabilities
(15,135)
(17,749)
(3,524)
(5,815)
(8,410)
Lease liabilities
(1,241)
(1,682)
(376)
(670)
(636)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,639)
(9,639)
(9,596)
(40)
(3)
Derivative financial assets and (liabilities)
Cross-currency interest rate swaps
17
(31)
(6)
(19)
(6)
Forward exchange contracts
24
(23)
(25)
2
\u2014
Commodity derivatives
(79)
(82)
(75)
(7)
\u2014
Other derivatives
36
74
9
35
30
Total
(26,017)
(29,132)
(13,593)
(6,514)
(9,025)
For more information on the derivative assets and liabilities, refer to note 11.6.", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-561": { "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
2023, HEINEKEN continued to witness 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
\u2013 Transactional 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
\u2013 Translational 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, Nigerian Naira and Euro. In 2023, the transactional foreign exchange risk was hedged in line
with the hedging policy to the extent possible. Mainly due to the development of the Nigerian Naira, the overall
transactional impact was negative, whereas the translational impact was slightly positive for HEINEKEN.
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
2023
2022
In millions
EUR
USD
EUR
USD
Financial assets
146
3,506
213
4,106
Financial liabilities
(2,373)
(3,323)
(2,730)
(4,480)
Gross balance sheet exposure
(2,227)
183
(2,517)
(374)
Estimated forecast sales next year
180
1,221
171
1,258
Estimated forecast purchases next year
(2,559)
(2,590)
(2,626)
(2,612)
Gross exposure
(4,606)
(1,186)
(4,972)
(1,728)
Net notional amounts foreign exchange contracts
573
697
426
1,057
Net exposure
(4,033)
(489)
(4,546)
(671)
Sensitivity analysis
Equity
(136)
66
(172)
53
Profit/(Loss)
(37)
(13)
(67)
(10)
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 2023. 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). The increasing
interest rate environment during 2023 resulted in a higher average effective interest rate on the net debt
position of HEINEKEN (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:
In millions of \u20ac
2023
2022
Fixed rate instruments
Financial assets
222
171
Financial liabilities
(16,304)
(14,285)
Cross-currency interest rate swaps
\u2014
469
(16,082)
(13,645)
Variable rate instruments
Financial assets
2,765
3,186
Financial liabilities
(1,935)
(2,092)
Cross-currency interest rate swaps
\u2014
(463)
830
631
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates constantly applied during the reporting period would not have a
material impact on equity and profit or loss.
Commodity price risk
Commodity price risk is the risk that changes in the prices of commodities will affect HEINEKEN\u2019s cost. The
objective of commodity price risk management is to manage and control commodity risk exposures within
acceptable parameters, giving forward guidance of key input costs to allow for business planning. The main
commodity exposure relates to the purchase of aluminium cans, glass bottles, malt and utilities. Commodity
price risk is in principle mitigated by negotiating fixed prices in supplier contracts with various contract durations.
Another method to mitigate commodity price risk is by entering into commodity derivatives. HEINEKEN enters
into commodity derivatives for hedging aluminium and natural gas, and to a certain extent other derivatives for
commodities like fuel, corn and sugar. HEINEKEN does not enter into commodity contracts other than to meet
HEINEKEN\u2019s expected usage and sale\u00a0requirements.
Sensitivity analysis for aluminium hedges
Despite the increased prices of aluminium, a 10% change in the market price of aluminium would not have a
material impact on equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-563": { "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:
2023
2022
In millions of \u20ac
Asset
Liability
Asset
Liability
Current
58
(132)
70
(119)
Non-current1
33
(4)
56
(9)
91
(136)
126
(128)
1Non-current derivative assets and liabilities are part of 'Other non-current assets' (note 8.5) 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:
2023
2022
In millions of \u20ac
Asset
Liability
Asset
Liability
No hedge accounting - Other
40
(32)
59
(6)
Cash flow hedge - Forwards
25
(71)
46
(40)
Cash flow hedge - Commodity forwards
23
(33)
2
(81)
Fair value hedge - CCIRS
\u2014
\u2014
4
\u2014
Net investment hedge - CCIRS
3
\u2014
13
\u2014
Net investment hedge - Forwards
\u2014
\u2014
2
(1)
91
(136)
126
(128)
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 2023 (2022: nil). As at 31 December 2023, the fair value of these borrowings was \u20ac120 million
(2022: \u20ac33 million), the market value of forward contracts was\u00a0\u20ac0 million (2022: \u20ac1 million positive) and the
market value of these swaps was \u20ac3 million positive (2022:\u00a0\u20ac13\u00a0million positive).
Fair value hedges
HEINEKEN had entered into several cross-currency interest rate swaps (CCIRS) which were 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 underlying borrowing was repaid and the cross-currency interest rate swaps
were settled in April 2023.
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.
Accounting policies
\"Financials-Icons-Policies.png\"
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
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. Reference is made to note 6.3 for the accounting policy on power purchase agreements where the
own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-562": { "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:
2023
2022
In millions of \u20ac
Asset
Liability
Asset
Liability
Current
58
(132)
70
(119)
Non-current1
33
(4)
56
(9)
91
(136)
126
(128)
1Non-current derivative assets and liabilities are part of 'Other non-current assets' (note 8.5) 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:
2023
2022
In millions of \u20ac
Asset
Liability
Asset
Liability
No hedge accounting - Other
40
(32)
59
(6)
Cash flow hedge - Forwards
25
(71)
46
(40)
Cash flow hedge - Commodity forwards
23
(33)
2
(81)
Fair value hedge - CCIRS
\u2014
\u2014
4
\u2014
Net investment hedge - CCIRS
3
\u2014
13
\u2014
Net investment hedge - Forwards
\u2014
\u2014
2
(1)
91
(136)
126
(128)
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 2023 (2022: nil). As at 31 December 2023, the fair value of these borrowings was \u20ac120 million
(2022: \u20ac33 million), the market value of forward contracts was\u00a0\u20ac0 million (2022: \u20ac1 million positive) and the
market value of these swaps was \u20ac3 million positive (2022:\u00a0\u20ac13\u00a0million positive).
Fair value hedges
HEINEKEN had entered into several cross-currency interest rate swaps (CCIRS) which were 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 underlying borrowing was repaid and the cross-currency interest rate swaps
were settled in April 2023.
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.
Accounting policies
\"Financials-Icons-Policies.png\"
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
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. Reference is made to note 6.3 for the accounting policy on power purchase agreements where the
own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-566": { "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
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. Reference is made to note 6.3 for the accounting policy on power purchase agreements where the
own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-565": { "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
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. Reference is made to note 6.3 for the accounting policy on power purchase agreements where the
own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-564": { "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
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. Reference is made to note 6.3 for the accounting policy on power purchase agreements where the
own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-567": { "value": "
Cash flow hedge
Changes in the fair value of the hedging instrument 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:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-568": { "value": "
12.1\u00a0 \u00a0 Income tax expense
Recognised in profit or loss
In millions of \u20ac
2023
2022
Current tax expense
Current year
982
1,056
Under/(over) provided in prior years
(10)
(12)
972
1,044
Deferred tax expense
Origination and reversal of temporary differences, tax losses and tax credits
(147)
78
De-recognition/(recognition) of deferred tax assets
(674)
(11)
Effect of changes in tax rates
(4)
12
Under/(over) provided in prior years
(26)
8
(851)
87
Total income tax expense in profit or loss
121
1,131
Reconciliation of the effective tax rate
In millions of \u20ac
2023
2022
Profit before income tax
2,522
4,170
Share of profit of associates and joint ventures
(218)
(223)
Profit before income tax excluding share of profit of associates and joint
ventures
2,304
3,947
%
2023
%
2022
Income tax using the Company\u2019s domestic tax rate
25.8
594
25.8
1,018
Effect of tax rates in foreign jurisdictions
(0.7)
(15)
(0.4)
(14)
Effect of non-deductible expenses
11.9
275
2.7
105
Effect of tax incentives and exempt income
(7.8)
(181)
(2.6)
(104)
De-recognition/(recognition) of deferred tax assets
(29.3)
(674)
(0.3)
(11)
Effect of unrecognised current year losses
2.4
55
2.2
86
Effect of changes in tax rates
(0.2)
(4)
0.3
12
Withholding taxes
4.0
93
1.9
74
Under/(over) provided in prior years
(1.5)
(36)
(0.1)
(5)
Other reconciling items
0.6
14
(0.8)
(30)
5.2
121
28.7
1,131
The 2023 IFRS ETR is 5.2% (2022: 28.7%). The lower 2023 ETR includes the benefit of additional DTA
recognition in Brazil, partly offset by the non-deductible goodwill impairment for Heineken Beverages and the
loss on the Russia disposal. Last year\u2019s ETR included the Russia impairment that is considered non-deductible for
tax purposes.
For the income tax impact on items recognised in other comprehensive income and equity, refer to note 12.3.
OECD Pillar Two model rules
Since the Pillar Two legislation was not effective at the reporting date, HEINEKEN has no related current tax
exposure. HEINEKEN has calculated an expected exposure to the Pillar Two income taxes based on information
that is known or can be reasonably estimated to understand HEINEKEN\u2019s exposure. Based on the 2023 numbers,
adjusted for the impact of one-off events, HEINEKEN does not expect a material exposure to Pillar Two income
taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-569": { "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:
Assets
Liabilities
Net
In millions of \u20ac
2023
2022
2023
2022
2023
2022
Property, plant and equipment
162
149
(988)
(837)
(826)
(688)
Intangible assets
42
41
(2,166)
(2,052)
(2,124)
(2,011)
Investments
81
56
(7)
(5)
74
51
Inventories
63
67
(36)
(12)
27
55
Borrowings
399
314
(1)
(2)
398
312
Post-retirement obligations
209
203
(30)
(19)
179
184
Provisions
396
300
(9)
(13)
387
287
Other items
320
153
(210)
(211)
110
(58)
Tax losses carried forward
854
348
\u2014
\u2014
854
348
Tax assets/(liabilities)
2,526
1,631
(3,447)
(3,151)
(921)
(1,520)
Set-off of tax
(1,234)
(1,013)
1,234
1,013
\u2014
\u2014
Net tax assets/(liabilities)
1,292
618
(2,213)
(2,138)
(921)
(1,520)
In 2023, HEINEKEN approved a corporate restructuring plan to optimize the legal structure of Heineken Brazil,
and part of the plan was executed in 2023. As a result of this restructuring, previously unrecognised deferred tax
assets were recognised, amounting to \u20ac751 million. These assets mainly relate to tax losses carried forward. The
measurement of these deferred tax assets takes into account the recent tax law changes in Brazil, effective from
2024, which are expected to lead to higher taxable profits in future years. Furthermore, a number of mergers are
planned in future years resulting in a tax depreciable base, amounting to \u20ac403 million. No deferred tax asset was
recorded for this tax depreciable base in 2023 awaiting the respective mergers. Reassessment will take place at
the end of each reporting period.
Of the total net deferred tax assets of \u20ac1,292 million as at 31 December 2023 (2022 : \u20ac618 million), \u20ac72 million
(2022:\u00a0\u20ac84 million) is recognised in respect of subsidiaries in various countries where there have been losses in
the current or preceding period. Management\u2019s projections support the assumption that it is probable that the
results of future operations will generate sufficient taxable income to utilise these deferred tax assets. This
judgement is performed annually and based on budgets and business plans for the coming years, including
planned commercial initiatives.
No deferred tax liability has been recognised in respect of undistributed earnings of subsidiaries, joint ventures and
associates, with an impact of \u20ac743 million (2022: \u20ac573 million). This is because HEINEKEN is able to control the
timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the
foreseeable future.
Tax losses carried forward
HEINEKEN has tax losses carried forward of \u20ac4,011 million as at 31 December 2023 (2022: \u20ac3,802 million), out
of which \u20ac294 million (2022: \u20ac389 million) expires in the following five years, \u20ac162 million (2022: \u20ac158 million)
will expire after five years and \u20ac3,555 million (2022: \u20ac3,255 million) can be carried forward indefinitely. Deferred
tax assets have not been recognised in respect of tax losses carried forward of \u20ac1,076 million (2022 : \u20ac2,470
million) as it is not probable that taxable profit will be available to offset these losses. Out of this \u20ac1,076 million
(2022: \u20ac2,470 million), \u20ac142 million (2022: \u20ac276 million) expires in the following five years, \u20ac13 million (2022:
\u20ac37 million) will expire after five years and \u20ac921 million (2022: \u20ac2,157 million) can be carried forward
indefinitely.
Movement in deferred tax balances during the year
In millions of \u20ac
1 January 2023
Hyperinflation
restatement to 1
January 2023
Changes in
consolidation
Hyperinflation
adjustment
Effect of
movements
in foreign
exchange
Recognised in
income
Recognised in
OCI/equity
Transfers
31 December
2023
Property, plant and equipment
(688)
(35)
(104)
(17)
46
(46)
(1)
19
(826)
Intangible assets
(2,011)
(2)
(227)
(1)
48
83
\u2014
(14)
(2,124)
Investments
51
\u2014
(3)
\u2014
5
21
\u2014
\u2014
74
Inventories
54
(2)
(39)
(3)
1
15
\u2014
1
27
Borrowings
312
\u2014
\u2014
\u2014
93
(1)
\u2014
(6)
398
Post-retirement obligations
184
\u2014
(6)
\u2014
(4)
(15)
20
\u2014
179
Provisions
287
\u2014
7
\u2014
10
81
\u2014
2
387
Other items
(57)
\u2014
1
\u2014
(12)
192
(11)
(3)
110
Tax losses carried forward
348
\u2014
2
\u2014
(24)
521
(1)
8
854
Net tax assets/(liabilities)
(1,520)
(39)
(369)
(21)
163
851
7
7
(921)
In millions of \u20ac
1 January 2022
Hyperinflation
restatement to 1
January 2022
Changes in
consolidation
Hyperinflation
adjustment
Effect of
movements
in foreign
exchange
Recognised in
income
Recognised in
OCI/equity
Transfers
31 December 2022
Property, plant and equipment
(609)
(54)
(1)
(9)
(14)
(23)
\u2014
22
(688)
Intangible assets
(1,954)
(1)
(60)
\u2014
(3)
6
\u2014
1
(2,011)
Investments
30
\u2014
\u2014
\u2014
3
18
\u2014
\u2014
51
Inventories
48
(5)
(1)
(1)
1
14
\u2014
(2)
54
Borrowings
287
\u2014
\u2014
\u2014
17
8
\u2014
\u2014
312
Post-retirement obligations
211
\u2014
\u2014
\u2014
\u2014
(9)
(19)
1
184
Provisions
265
\u2014
\u2014
\u2014
18
6
\u2014
(2)
287
Other items
(33)
\u2014
(4)
\u2014
(22)
(15)
26
(9)
(57)
Tax losses carried forward
466
\u2014
\u2014
\u2014
2
(93)
(1)
(26)
348
Net tax assets/(liabilities)
(1,289)
(60)
(66)
(10)
2
(88)
6
(15)
(1,520)
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
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
\"Financials-Icons-Policies.png\"
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
HEINEKEN is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the
Netherlands and will come into effect from 1 January 2024. Under the legislation, a top-up tax for the difference
between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15% minimum rate
is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN applies the exception to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income
taxes, as provided in the amendments to IAS 12 issued in May 2023.
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:
\u2013 The 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
\u2013 Investments 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
\u2013 The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-570": { "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.\u00a0
HEINEKEN is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the
Netherlands and will come into effect from 1 January 2024. Under the legislation, a top-up tax for the difference
between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15% minimum rate
is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN applies the exception to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income
taxes, as provided in the amendments to IAS 12 issued in May 2023.
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:
\u2013 The 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
\u2013 Investments 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
\u2013 The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-571": { "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.\u00a0
HEINEKEN is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the
Netherlands and will come into effect from 1 January 2024. Under the legislation, a top-up tax for the difference
between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15% minimum rate
is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN applies the exception to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income
taxes, as provided in the amendments to IAS 12 issued in May 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-572": { "value": "
12.3\u00a0 \u00a0 Income tax on other comprehensive income and equity
2023
2022
In millions of \u20ac
Amount
before tax
Tax
Amount
net of tax
Amount
before tax
Tax
Amount
net of tax
Items that will not be reclassified
to profit or loss:
Remeasurement of post-
retirement\u00a0obligations1
(85)
19
(66)
85
(22)
63
Net change in fair value through
OCI\u00a0investments
\u2014
\u2014
\u2014
18
(3)
15
Items that may be subsequently
reclassified to profit or loss:
Currency translation differences
(288)
118
(170)
438
(1)
437
Change in fair value of net
investment\u00a0hedges
(28)
\u2014
(28)
(62)
\u2014
(62)
Change in fair value of cash
flow\u00a0hedges
(179)
44
(135)
(178)
36
(142)
Cash flow hedges reclassified to
profit or loss2
14
(2)
12
52
(14)
38
Net change in fair value through
OCI\u00a0investments
2
(1)
1
1
(1)
\u2014
Cost of hedging
2
\u2014
2
(1)
\u2014
(1)
Share of other comprehensive
income of associates/joint
ventures
(75)
\u2014
(75)
(46)
\u2014
(46)
Other comprehensive income/
(loss)
(637)
178
(459)
307
(5)
302
1 Refer to note 9.1.
2An amount of \u20ac(53) million (2022: \u20ac10 million) relates to tax on realised hedge results from non-financial assets reported directly in equity.", "dimensions": { "concept": "heia:DisclosureOfIncomeTaxOnOtherComprehensiveIncomeAndEquityTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-573": { "value": "-66000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-574": { "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" } }, "f-575": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRevaluation", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-576": { "value": "15000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRevaluation", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-577": { "value": "-170000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-578": { "value": "437000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-579": { "value": "-28000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-580": { "value": "-135000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-581": { "value": "-142000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-582": { "value": "-12000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-583": { "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" } }, "f-584": { "value": "1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-585": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-586": { "value": "2000000", "decimals": -6, "dimensions": { "concept": "heia:CostOfHedging", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-587": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "heia:CostOfHedging", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-588": { "value": "-75000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-589": { "value": "-46000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-591": { "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 \u2013 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.
\u2013 Level 1 - The fair value is determined using quoted prices (unadjusted) in active markets for identical assets or
liabilities.
\u2013 Level 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).
\u2013 Level 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.
Carrying amount
Fair value
In millions of \u20ac
Note
Level 1
Level 2
Level 3
Fair value through OCI investments
8.4, 8.5
576
429
\u2014
147
Non-current derivative assets
11.6
33
\u2014
12
21
Current derivative assets
11.6
58
\u2014
58
\u2014
Total 2023
667
429
70
168
Total 2022
280
34
88
158
Non-current derivative liabilities
11.6
(4)
\u2014
(4)
\u2014
Borrowings1
11.3
(14,735)
(13,465)
(694)
\u2014
Current derivative liabilities
11.6
(132)
\u2014
(132)
\u2014
Total 2023
(14,871)
(13,465)
(830)
\u2014
Total 2022
11.3
(13,205)
(11,397)
(607)
\u2014
1Borrowings excluding lease liabilities, deposits, bank overdrafts and other interest-bearing liabilities.
During the period ended 31 December 2023, the shares acquired in Heineken Holding N.V. (refer to note 13.3)
have been included in the line \u2018Fair value through OCI investments\u2019. The fair value is based on the share price
(level 1 fair value hierarchy).
Refer to the table below for detail of the determination of level 3 fair value measurements as at 31 December:
In millions of \u20ac
2023
2022
Balance as at 1 January
158
102
Fair value adjustments recognised in other comprehensive income
(5)
21
Consolidation changes
36
\u2014
Disposals
(4)
\u2014
Fair value adjustments recognised in profit and loss
(17)
35
Balance as at 31 December
168
158
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
\"Financials-Icons-Estimates.png\"
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-590": { "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 \u2013 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.
\u2013 Level 1 - The fair value is determined using quoted prices (unadjusted) in active markets for identical assets or
liabilities.
\u2013 Level 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).
\u2013 Level 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.
Carrying amount
Fair value
In millions of \u20ac
Note
Level 1
Level 2
Level 3
Fair value through OCI investments
8.4, 8.5
576
429
\u2014
147
Non-current derivative assets
11.6
33
\u2014
12
21
Current derivative assets
11.6
58
\u2014
58
\u2014
Total 2023
667
429
70
168
Total 2022
280
34
88
158
Non-current derivative liabilities
11.6
(4)
\u2014
(4)
\u2014
Borrowings1
11.3
(14,735)
(13,465)
(694)
\u2014
Current derivative liabilities
11.6
(132)
\u2014
(132)
\u2014
Total 2023
(14,871)
(13,465)
(830)
\u2014
Total 2022
11.3
(13,205)
(11,397)
(607)
\u2014
1Borrowings excluding lease liabilities, deposits, bank overdrafts and other interest-bearing liabilities.
During the period ended 31 December 2023, the shares acquired in Heineken Holding N.V. (refer to note 13.3)
have been included in the line \u2018Fair value through OCI investments\u2019. The fair value is based on the share price
(level 1 fair value hierarchy).
Refer to the table below for detail of the determination of level 3 fair value measurements as at 31 December:
In millions of \u20ac
2023
2022
Balance as at 1 January
158
102
Fair value adjustments recognised in other comprehensive income
(5)
21
Consolidation changes
36
\u2014
Disposals
(4)
\u2014
Fair value adjustments recognised in profit and loss
(17)
35
Balance as at 31 December
168
158
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
\"Financials-Icons-Estimates.png\"
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:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-592": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-593": { "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.
In millions of \u20ac
Total 2023
Less than
1 year
1-5 years
More than
5 years
Total 2022
Property, plant and equipment ordered
836
833
3
\u2014
538
Raw materials purchase contracts
13,442
4,867
7,826
749
14,588
Marketing and merchandising commitments
982
365
614
3
505
Other off-balance sheet obligations
2,197
498
860
839
2,395
Off-balance sheet obligations
17,457
6,563
9,303
1,591
18,026
Undrawn committed bank facilities
4,188
648
3,540
\u2014
3,970
In 2022, other off-balance sheet obligations included \u20ac0.4 billion of cash commitment concerning the offer to
acquire Distell Group Holdings Limited.
Furthermore, other off-balance sheet obligations include energy, distribution and service contracts.
Committed bank facilities are credit facilities on which generally a commitment fee is paid as compensation for
the bank\u2019s requirement to reserve capital. The bank is legally obliged to provide the facility under the terms and
conditions of the\u00a0agreement.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Off-balance sheet commitments are reported on an undiscounted basis.
Raw materials purchase contracts
Raw material purchase contracts include long-term purchase contracts with suppliers in which prices are fixed or
will be agreed upon based upon predefined price formulas.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-594": { "value": "
Off-balance sheet commitments are reported on an undiscounted basis.
Raw materials purchase contracts
Raw material purchase contracts include long-term purchase contracts with suppliers in which prices are fixed or
will be agreed upon based upon predefined price formulas.", "dimensions": { "concept": "heia:DescriptionOfAccountingPolicyForOffBalanceSheetCommitmentsTextBlock", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-595": { "value": "
13.3\u00a0 \u00a0 Related parties
Identification of related parties
The following parties are considered to be related to Heineken N.V.:
\u2013 Key management personnel: the Executive Board and the Supervisory Board
\u2013 Parent company Heineken Holding N.V. and ultimate controlling party Mrs. de Carvalho-Heineken (refer to
'Shareholder Information')
\u2013 Associates and joint ventures of Heineken N.V.
\u2013 Shareholder with significant influence Fomento Econ\u00f3mico Mexicano, S.A.B. de C.V. (FEMSA) until 17 February
2023.
\u2013 HEINEKEN pension funds (refer to note 9.1)
\u2013 Employees of HEINEKEN (refer to note 6.4 )
In 2023, HEINEKEN purchased approximately 10.3 million shares in HEINEKEN for \u20ac943 million and
approximately 5.2 million shares in Heineken Holding N.V. for \u20ac390 million from FEMSA as part of the
accelerated bookbuild offering.
The shares in HEINEKEN are recognised as treasury shares, in reserve for own shares (refer to note 11.4). The
shares in Heineken Holding N.V. are recognised as fair value through OCI investments and included in the line
'Equity instruments' in the statement of financial position (refer to note 8.4).
Following the completion of the purchase, FEMSA no longer holds any shares in HEINEKEN except for any shares
retained underlying FEMSA\u2019s outstanding Bonds, exchangeable into ordinary shares of Heineken Holding N.V.,
and has ceased to be a shareholder with significant influence (2022: shareholder with significant influence).
Key management remuneration
In millions of \u20ac
2023
2022
Executive Board
7
15
Supervisory Board
1
2
Total
8
17
Executive Board
The remuneration of the members of the Executive Board consists of a fixed component and a variable
component. The variable component is made up of a Short-term incentive (STI) and a Long-term incentive (LTI).
The STI is based on financial and operational measures (75%) and on individual leadership measures (25%) as
set by the Supervisory Board at the beginning of the year. Refer to note 6.5 for information related to the LTI
component. The separate Remuneration Report is stated on pages 61\u201373.
As at 31 December 2023, Mr. R.G.S. van den Brink held 50,721 Company shares and Mr. H.P.J van den Broek held
28,846 Company shares (2022: Mr. R.G.S. van den Brink 22,221 and Mr. H.P.J van den Broek 14,590).
2023
2022
In thousands of \u20ac
R.G.S. van
den Brink
H.P.J. van
den
Broek
Total
R.G.S. van
den Brink
H.P.J. van
den Broek
Total
Fixed salary
1,300
884
2,184
1,250
850
2,100
Short-term incentive
346
168
514
2,940
1,428
4,368
Matching share entitlement
155
75
230
1,291
627
1,918
Long-term incentive
1,725
1,036
2,761
3,133
1,347
4,480
Extraordinary share award
\u2014
487
487
\u2014
1,385
1,385
Pension contributions
323
252
575
301
157
458
Other emoluments
30
\u2014
30
29
\u2014
29
Total
3,879
2,902
6,781
8,944
5,794
14,738
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
2023 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 \u20ac0.2 million was recognised in the 2023 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:
In thousands of \u20ac
2023
2022
J.M. Hu\u00ebt
231
225
J.A. Fern\u00e1ndez Carbajal1
33
166
M. Das
130
130
M.R. de Carvalho
141
135
J.G. Astaburuaga Sanjin\u00e9s2
\u2014
55
P. Mars-Wright
144
144
M. Helmes
146
133
R.L. Ripley
148
148
N.K. Paranjpe
119
110
F.J. Camacho Beltr\u00e1n3
28
100
I.H. Arnold4
55
110
L. Hijmans van den Bergh5
83
\u2014
B. Pardo5
91
\u2014
Total
1,349
1,456
1Stepped down on 15 February 2023.
2Stepped down on 21 April 2022.
3Appointed on 21 April 2022, stepped down on 15 February 2023.
4Stepped down on 20 April 2023.
5Appointed on 20 April 2023.
Mr. J.M. Hu\u00ebt held 3,719 shares of Heineken Holding N.V. as at 31 December 2023 (2022: 3,719 shares). Mr. M.R. de
Carvalho held 100,008 shares of Heineken N.V. as at 31 December 2023(2022: 100,008 shares). As at 31 December
2023 and 2022, 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 2023 (2022: 100,008 shares).
Heineken Holding N.V.
In 2023, an amount of \u20ac1.3 million (2022: \u20ac1.6 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.
As at 31 December 2023, HEINEKEN holds approximately 5.2 million shares in Heineken Holding N.V.
Other related party transactions
Associates & Joint Ventures
FEMSA1
Total
In millions of \u20ac
2023
2022
2023
2022
2023
2022
Sales
563
504
74
711
637
1,215
Purchase
198
278
33
180
231
458
Accounts receivables
166
142
\u2014
141
166
283
Accounts payables and other liabilities
19
35
\u2014
95
19
130
1Sales and purchases until 17 February 2023 when FEMSA ceased to be a shareholder with significant influence.
In addition, HEINEKEN has purchased shares in HEINEKEN and Heineken Holding N.V. from FEMSA as
mentioned in section \u2018Identification of related parties\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-596": { "value": "Heineken Holding N.V", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-597": { "value": "Mrs. de Carvalho-Heineken", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-598": { "value": "
Key management remuneration
In millions of \u20ac
2023
2022
Executive Board
7
15
Supervisory Board
1
2
Total
8
17
Executive Board
The remuneration of the members of the Executive Board consists of a fixed component and a variable
component. The variable component is made up of a Short-term incentive (STI) and a Long-term incentive (LTI).
The STI is based on financial and operational measures (75%) and on individual leadership measures (25%) as
set by the Supervisory Board at the beginning of the year. Refer to note 6.5 for information related to the LTI
component. The separate Remuneration Report is stated on pages 61\u201373.
As at 31 December 2023, Mr. R.G.S. van den Brink held 50,721 Company shares and Mr. H.P.J van den Broek held
28,846 Company shares (2022: Mr. R.G.S. van den Brink 22,221 and Mr. H.P.J van den Broek 14,590).
2023
2022
In thousands of \u20ac
R.G.S. van
den Brink
H.P.J. van
den
Broek
Total
R.G.S. van
den Brink
H.P.J. van
den Broek
Total
Fixed salary
1,300
884
2,184
1,250
850
2,100
Short-term incentive
346
168
514
2,940
1,428
4,368
Matching share entitlement
155
75
230
1,291
627
1,918
Long-term incentive
1,725
1,036
2,761
3,133
1,347
4,480
Extraordinary share award
\u2014
487
487
\u2014
1,385
1,385
Pension contributions
323
252
575
301
157
458
Other emoluments
30
\u2014
30
29
\u2014
29
Total
3,879
2,902
6,781
8,944
5,794
14,738
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
2023 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 \u20ac0.2 million was recognised in the 2023 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:
In thousands of \u20ac
2023
2022
J.M. Hu\u00ebt
231
225
J.A. Fern\u00e1ndez Carbajal1
33
166
M. Das
130
130
M.R. de Carvalho
141
135
J.G. Astaburuaga Sanjin\u00e9s2
\u2014
55
P. Mars-Wright
144
144
M. Helmes
146
133
R.L. Ripley
148
148
N.K. Paranjpe
119
110
F.J. Camacho Beltr\u00e1n3
28
100
I.H. Arnold4
55
110
L. Hijmans van den Bergh5
83
\u2014
B. Pardo5
91
\u2014
Total
1,349
1,456
1Stepped down on 15 February 2023.
2Stepped down on 21 April 2022.
3Appointed on 21 April 2022, stepped down on 15 February 2023.
4Stepped down on 20 April 2023.
5Appointed on 20 April 2023.
Mr. J.M. Hu\u00ebt held 3,719 shares of Heineken Holding N.V. as at 31 December 2023 (2022: 3,719 shares). Mr. M.R. de
Carvalho held 100,008 shares of Heineken N.V. as at 31 December 2023(2022: 100,008 shares). As at 31 December
2023 and 2022, 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 2023 (2022: 100,008 shares).
Heineken Holding N.V.
In 2023, an amount of \u20ac1.3 million (2022: \u20ac1.6 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.
As at 31 December 2023, HEINEKEN holds approximately 5.2 million shares in Heineken Holding N.V.
Other related party transactions
Associates & Joint Ventures
FEMSA1
Total
In millions of \u20ac
2023
2022
2023
2022
2023
2022
Sales
563
504
74
711
637
1,215
Purchase
198
278
33
180
231
458
Accounts receivables
166
142
\u2014
141
166
283
Accounts payables and other liabilities
19
35
\u2014
95
19
130
1Sales and purchases until 17 February 2023 when FEMSA ceased to be a shareholder with significant influence.
In addition, HEINEKEN has purchased shares in HEINEKEN and Heineken Holding N.V. from FEMSA as
mentioned in section \u2018Identification of related parties\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-599": { "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 2023 up to and including 31 December
2023, 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 2023. 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 \u20ac21 billion and total asset value of \u20ac35 billion and are structural contributors to the
business.
Apart from the acquisition of the controlling stake in NBL and Distell (combined with Heineken South Africa into
Heineken Beverages, refer to note 10.1), the sale of the Russia disposal group classified as held for sale (refer to
note 10.2) and the sale of Vrumona (refer to note 10.1), there were no significant changes to the HEINEKEN
structure and ownership interests.
Percentage of ownership
Country of
incorporation
2023
2022
Heineken International B.V.
The Netherlands
100.0
100.0
Heineken Brouwerijen B.V.
The Netherlands
100.0
100.0
Heineken Nederland B.V.
The Netherlands
100.0
100.0
Cuauht\u00e9moc Moctezuma Holding, S.A. de C.V.
Mexico
100.0
100.0
Cervejarias Kaiser Brasil Ltda.
Brazil
100.0
100.0
Bavaria Ltda.
Brazil
100.0
100.0
Heineken France S.A.S.
France
100.0
100.0
Nigerian Breweries Plc.
Nigeria
56.7
56.7
Heineken USA Inc.
United States
100.0
100.0
Heineken UK Ltd
United Kingdom
100.0
100.0
Heineken Espa\u00f1a S.A.
Spain
99.8
99.8
Heineken Italia S.p.A.
Italy
100.0
100.0
Brau Union \u00d6sterreich AG
Austria
100.0
100.0
Grupa \u017bywiec S.A.
Poland
100.0
99.3
Heineken Vietnam Brewery Limited Company
Vietnam
60.0
60.0
SCC - Sociedade Central de Cervejas e Bebidas S.A.
Portugal
100.0
100.0
United Breweries Limited
India
61.5
61.5
Heineken Beverages (South Africa) Proprietary Limited
South Africa
65.0
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-600": { "value": "
Significant subsidiaries
Set out below are HEINEKEN\u2019s significant subsidiaries at 31 December 2023. 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 \u20ac21 billion and total asset value of \u20ac35 billion and are structural contributors to the
business.
Apart from the acquisition of the controlling stake in NBL and Distell (combined with Heineken South Africa into
Heineken Beverages, refer to note 10.1), the sale of the Russia disposal group classified as held for sale (refer to
note 10.2) and the sale of Vrumona (refer to note 10.1), there were no significant changes to the HEINEKEN
structure and ownership interests.
Percentage of ownership
Country of
incorporation
2023
2022
Heineken International B.V.
The Netherlands
100.0
100.0
Heineken Brouwerijen B.V.
The Netherlands
100.0
100.0
Heineken Nederland B.V.
The Netherlands
100.0
100.0
Cuauht\u00e9moc Moctezuma Holding, S.A. de C.V.
Mexico
100.0
100.0
Cervejarias Kaiser Brasil Ltda.
Brazil
100.0
100.0
Bavaria Ltda.
Brazil
100.0
100.0
Heineken France S.A.S.
France
100.0
100.0
Nigerian Breweries Plc.
Nigeria
56.7
56.7
Heineken USA Inc.
United States
100.0
100.0
Heineken UK Ltd
United Kingdom
100.0
100.0
Heineken Espa\u00f1a S.A.
Spain
99.8
99.8
Heineken Italia S.p.A.
Italy
100.0
100.0
Brau Union \u00d6sterreich AG
Austria
100.0
100.0
Grupa \u017bywiec S.A.
Poland
100.0
99.3
Heineken Vietnam Brewery Limited Company
Vietnam
60.0
60.0
SCC - Sociedade Central de Cervejas e Bebidas S.A.
Portugal
100.0
100.0
United Breweries Limited
India
61.5
61.5
Heineken Beverages (South Africa) Proprietary Limited
South Africa
65.0
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-601": { "value": "
13.5\u00a0 \u00a0 Subsequent events
The share price of CR Beer decreased in the period after 31 December 2023. The decrease in the share price is
not considered a significant or prolonged decline in the fair value of the investment below its cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-602": { "value": "36375000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } } } }