Amsterdam, 22 August 2008 – Heineken Holding N.V. announced today that it has changed the accounting treatment of joint ventures in the financial reporting from the proportional consolidation method to the equity method, as from 1 January 2008.
The comparative figures have been adjusted for this change.
Attached to this press release, Heineken Holding N.V. provides its restated 2007 financial information. The pro forma income statement of S&N, which was published by Heineken N.V. today, is not included in the restated financial information.
Joint ventures are those entities over which Heineken has joint control, as established by contractual agreement and requiring unanimous consent for strategic, financial and operating decisions.
Heineken based its decision on Exposure Draft 9 (‘ED 9’) as issued in September 2007 by the International Accounting Standards Board (IASB), which proposes to only allow the equity accounting method for joint ventures. It is expected that ED 9 will result in a new standard in 2009. The new accounting policy is also in line with most of Heineken’s peers.
Key figures restated for joint venture accounting
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2007 HY
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2007 FY
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(hl m)
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(hl m)
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Group beer volume
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68.1
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139.2
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Consolidated beer volume
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51.0
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105.4
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(EUR m)
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(EUR m)
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Revenue
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5,476
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11,245
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EBIT
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605
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1,419
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EBIT (beia)
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861
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1,748
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Net Profit (beia)
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548
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1,119
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Net Profit of Heineken Holding N.V.
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151
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404
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(EUR)
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(EUR)
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Basic EPS
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0.62
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1.65
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Diluted EPS
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0.62
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1.65
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The restatement had no impact on equity and profit attributable to equity holders of Heineken Holding N.V. The joint ventures involved are:
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Brau Holding International GmbH & Co KgaA
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Germany
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Zagorka Brewery A.D.
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Bulgaria
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Pivara Skopje A.D.
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Macedonia
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Brasseries du Congo S.A.
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Congo
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Asia Pacific Investment Pte.Ltd.
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Singapore
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Compania Cervecerias Unidas S.A.
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Chile
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Tempo Beverages Ltd.
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Israel
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Diageo Heineken
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South-Africa
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Heineken Lion Australia Pty.
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Australia
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For the full press release, please download attachment
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