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Annheineken HOLDING N.V. ANNUAL REPORT 2014

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Annheineken HOLDING N.V. ANNUAL REPORT 2014 (1,1) -1- HH_ENG_JV2014_cover_rug10mm.indd 17-02-15 08:52 Annual Report 2014 Report Annual 2014 Heineken Holding N.V. Holding Heineken Established in Amsterdam HEINEKEN HOLDING N.V. AnANNUAL REPORT 2014 n HH_ENG_JV2014_cover_rug10mm.indd 1 117-02-157-02-15 08:5208:52 Established in Amsterdam HEINEKEN HOLDING N.V. 2014ANNUAL REPORT 2014 PROFILE Heineken Holding N.V., which holds 50.005 per cent of the issued share capital of Heineken N.V., heads the HEINEKEN group. The object of Heineken Holding N.V. pursuant to its Articles of Association is to manage or supervise the management of the HEINEKEN group and to provide services for Heineken N.V. It seeks to promote the continuity, independence and stability of the HEINEKEN group, thereby enabling Heineken N.V. to grow in a controlled and steady manner and to pursue its long-term policy in the interest of all stakeholders. Heineken Holding N.V. does not engage in operational activities itself. These have been assigned within the HEINEKEN group to Heineken N.V. and its subsidiaries and associated companies. Heineken Holding N.V.’s income consists almost exclusively of dividends received on its interest in Heineken N.V. Every Heineken N.V. share held by Heineken Holding N.V. is matched by one share issued by Heineken Holding N.V. The dividend payable on the two shares is identical. Heineken Holding N.V. ordinary shares are listed on NYSE Euronext Amsterdam. An abbreviated version of this report Both the English and Dutch versions can be is available in the Dutch language. downloaded from www.heinekenholding.com Een verkorte versie van dit rapport Zowel de Engelse als de Nederlandse versie is beschikbaar in de Nederlandse taal. kunnen worden gedownload vanaf de website www.heinekenholding.com CONTENTS page 4 Shareholder information 9 Board of Directors REPORT OF THE BOARD OF DIRECTORS 10 Policy principles 10 Activities 11 Review of 2014 11 Heineken N.V. performance in 2014 and outlook 12 Financial statements and appropriation of profi t 13 Corporate governance 15 Board of Directors 16 The General Meeting of Shareholders 18 Further information pursuant to the Article 10 Takeover Directive Decree 20 Statement of the Board of Directors FINANCIAL STATEMENTS 2014 22 Balance sheet of Heineken Holding N.V. 24 Income statement of Heineken Holding N.V. 25 Notes to the balance sheet as at 31 December 2014 and the income statement for 2014 of Heineken Holding N.V. 30 Consolidated income statement 31 Consolidated statement of comprehensive income 32 Consolidated statement of fi nancial position 34 Consolidated statement of cash fl ows 36 Consolidated statement of changes in equity 38 Notes to the consolidated fi nancial statements OTHER INFORMATION 123 Rights of holders of priority shares 123 Provisions of the Articles of Association concerning appropriation of profi t 123 Remuneration of the Board of Directors 123 Shares held by the Board of Directors 123 Proposed appropriation of profi t 124 Independent Auditor’s Report SHAREHOLDER INFORMATION Heineken Holding N.V. share price Nationality Heineken Holding N.V. shareholders in euros in % NYSE Euronext Amsterdam Based on 96.0 million shares in free float (excluding the holding of L’Arche Green N.V. and FEMSA in Heineken Holding N.V.) 60 2014 55 50 51.93 2013 45 40 35 2014 2013 30 Netherlands 2.0 2.6 United Kingdom/Ireland 19.0 13.3 25 Rest of Europe 7.9 7.3 Americas 41.8 43.7 20 Rest of the world 4.0 1.8 Retail 4.7 4.7 15 Unidentified 20.6 26.6 10 100.0 100.0 5 Source: CMi2i estimate based on available information January 2015 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 share price range year-end price Average trade in 2014: 141,510 shares per day HEINEKEN HOLDING N.V. ANNUAL REPORT 2014 4 SHAREHOLDER INFORMATION HEINEKEN HOLDING N.V. Dividend per ordinary share Heineken Holding N.V. ordinary shares are traded on in euros NYSE Euronext Amsterdam. Heineken Holding N.V.’s 2005 0.40 ordinary shares are also trading Over-the-Counter 2006 0.60 (OTC) in the USA as American Depositary Receipts 2007 0.70 (ADRs). The ratio between Heineken Holding N.V. 2008 0.62 ADRs and the ordinary Dutch (EUR denominated) 2009 0.65 shares is 2:1, i.e. two ADRs represent one 2010 0.76 Heineken Holding N.V. ordinary share. Deutsche Bank 2011 0.83 Trust Company Americas acts as depositary bank for 2012 0.89 Heineken Holding N.V.’s ADR programme. 2013 0.89 In 2014, the average daily trading volume of 2014 1.10 (proposed) Heineken Holding N.V. shares was 141,510 shares. Market capitalisation Shares in issue as at 31 December 2014: 288,030,168 ordinary shares of EUR1.60 nominal value; 250 priority shares of EUR2 nominal value. At a year-end price of EUR51.93 on 31 December 2014, the market capitalisation of Heineken Holding N.V. as at the balance sheet date was EUR15.0 billion. Year-end price EUR51.93 31 December 2014 Highest closing price EUR54.99 28 November 2014 Lowest closing price EUR42.72 5 February 2014 Substantial shareholdings Pursuant to the Financial Supervision Act (Wet op het financieel toezicht) and the Decree on Disclosure of Major Holdings and Capital Interests in Issuing Institutions (Besluit melding zeggenschap en kapitaalbelang in uitgevende instellingen Wft), the Authority for the Financial Markets (AFM) has been notifi ed of the following substantial shareholdings (i.e. of 3 per cent or more) regarding Heineken Holding N.V.: • 1 November 2006: Mrs C.L. de Carvalho-Heineken (52.01 per cent, including a 50.005 per cent shareholding by L’Arche Holding S.A.)*; • 30 April 2010: Voting Trust (FEMSA), through its affi liate CB Equity LLP (14.94 per cent); • 15 January 2014: Harris Associates L.P. (a capital and voting interest of 3.05 per cent, held indirectly). * The AFM register for substantial shareholdings is no longer up-to-date. For the present situation reference is made to the organisation chart on page 13. HEINEKEN HOLDING N.V. ANNUAL REPORT 2014 5 SHAREHOLDER INFORMATION Heineken N.V. share price Nationality Heineken N.V. shareholders in euros in % NYSE Euronext Amsterdam Based on 215.8 million shares in free float (excluding the holding of Heineken Holding N.V. and FEMSA in Heineken N.V.) 65 2014 60 55 58.95 50 2013 45 40 35 2014 2013 Netherlands 2.6 3.1 30 United Kingdom/Ireland 13.3 10.5 Rest of Europe 18.9 18.2 25 Americas 39.6 40.2 20 Rest of the world 5.8 4.9 Retail 2.4 2.4 15 Unidentified 17.4 20.7 100.0 100.0 10 Source: CMi2i estimate based on 5 available information January 2015 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 share price range year-end price Average trade in 2014: 865,209 shares per day HEINEKEN HOLDING N.V. ANNUAL REPORT 2014 6 SHAREHOLDER INFORMATION HEINEKEN N.V. Bondholder information In September 2008, HEINEKEN established a Euro The shares of Heineken N.V. are traded on NYSE Medium Term Note (EMTN) programme which was Euronext Amsterdam, where the company is included in last updated in March 2014. The programme allows the AEX Index. Heineken N.V. to issue Notes for a total amount Heineken N.V.’s shares are also trading Over-the-Counter of up to EUR10 billion. Currently approximately (OTC) in the USA as American Depositary Receipts EUR5.5 billion is outstanding under the programme. (ADRs). The ratio between Heineken N.V. ADRs and the On 7 March 2012, Heineken N.V. was assigned solid ordinary Dutch (EUR denominated) shares is 2:1, i.e. investment grade credit ratings by Moody’s Investor two ADRs represent one Heineken N.V. share. Deutsche Service and Standard & Poor’s. Both long-term credit Bank Trust Company Americas acts as depositary bank ratings, Baa1 and BBB+, respectively, have ‘stable’ for Heineken N.V.’s ADR programme. outlooks as of the date of this Annual Report. Options on Heineken N.V. shares are listed on Euronext. On 30 January 2014, HEINEKEN privately issued Liff e Amsterdam. 15.5-year Notes for an amount of EUR200 million with In 2014, the average daily trading volume of a coupon of 3.50 per cent under the EMTN programme. Heineken N.V. shares was 865,209 shares. On 28 March 2014, HEINEKEN privately issued 5.5-year Notes for an amount of USD200 million with Market capitalisation a fl oating rate coupon under the EMTN programme. Shares in issue as at 31 December 2014: 576,002,613 shares of EUR1.60 nominal value. Financial calendar in 2015 for both At a year-end price of EUR58.95 on 31 December 2014, Heineken Holding N.V. and Heineken N.V. the market capitalisation of Heineken N.V. as at the balance sheet date was EUR34.0 billion. Announcement of 2014 results 11 February Publication of Annual Report 18 February Year-end price EUR58.95 31 December 2014 Trading update fi rst quarter 2015 22 April Highest closing price EUR63.38 1 December 2014 Annual General Meeting Lowest closing price EUR44.96 30 January 2014 of Shareholders, Amsterdam2 23 April Quotation ex-fi nal dividend 2014 27 April Substantial shareholdings Final dividend 2014 payable 6 May Pursuant to the Financial Supervision Act (Wet op Announcement of half-year results 2015 3 August het financieel toezicht) and the Decree on Disclosure Quotation ex-interim dividend 5 August of Major Holdings and Capital Interests in Issuing Interim dividend 2015 payable 12 August Institutions (Besluit melding zeggenschap en Trading update third quarter 2015 28 October kapitaalbelang in uitgevende instellingen Wft), the Authority for the Financial Markets (AFM) has been notifi ed of the following substantial shareholdings (i.e.
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