Notes 16-20

16. Investments in associates and joint ventures

Heineken has the following significant investments in associates and joint ventures:

Country Ownership
2008		 Ownership
2007
Joint ventures
Brau Holding International GmbH & Co KgaA Germany 49.9% 49.9%
Zagorka Brewery A.D. Bulgaria 49.0% 49.0%
Brewinvest S.A. Greece 50.0% 50.0%
Pivara Skopje A.D. FYR Macedonia 27.6% 27.6%
Brasseries du Congo S.A. Congo 50.0% 50.0%
Asia Pacific Investment Pte. Ltd. Singapore 50.0% 50.0%
Asia Pacific Breweries Ltd. Singapore 41.9% 41.9%
Compania Cervecerias Unidas S.A. Chile 33.1% 33.1%
Tempo Beverages Ltd. Israel 40.0% 40.0%
Heineken Lion Australia Pty. Australia 50.0% 50.0%
Sirocco FZCo Dubai 50.0% 50.0%
Diageo Heineken Namibia B.V. Namibia 50.0% 50.0%
United Breweries Limited India 37.5% –
Millenium Alcobev Private Limited India 68.8% –
DHN Drinks (Pty) Ltd. South Africa 44.5% –
Sedibeng Brewery Pty Ltd. South Africa 75.0% –
 
Associates
Cervecerias Costa Rica S.A. Costa Rica 25.0% 25.0%
Brasserie Nationale d’Haïti S.A. Haïti 23.3% 23.3%
JSC FE Efes Karaganda Brewery Kazakhstan 28.0% –

Reporting date

The reporting date of the financial statements of all Heineken entities and joint ventures disclosed are the same as for the Company, except for: Asia Pacific Breweries Ltd., Heineken Lion Australia Pty. and Asia Pacific Investment Pte. Ltd, which have a 30 September reporting date, DHN Drinks (Pty) Ltd., which has a 30 June reporting date and United Breweries Limited and Millenium Alcobev Private Limited which have a 31 March reporting date.

Shareholdings India

In March 2008, the joint venture partners of Heineken in United Breweries Limited (UBL) filed legal proceedings in India against various Scottish & Newcastle, Heineken and Carlsberg entities claiming that the rights enjoyed by Scottish & Newcastle India Private Limited (the entity through which Heineken holds its investment in UBL) in a shareholders’ agreement relating to UBL and the Articles of Association of UBL are personal to S&N and do not survive the takeover of S&N by Sunrise Acquisitions Limited in April 2008. Since this date, the joint venture partners and UBL itself have effectively excluded Heineken from the management of UBL and restricted the scope of the financial information previously available to Scottish & Newcastle. The latter is also applicable to our 50% share in Millenium Alcobev Private Limited (MAPL) in which UBL also has a 50% share. As Heineken only has public Indian GAAP information available, Heineken does not have sufficient information to apply equity accounting for its investments in UBL and MAPL and has used the share price of UBL as at 31 December 2008 for the purposes of impairment testing.

Share of profit of associates and joint ventures and impairments thereof

In millions of EUR 2008 2007
Income associates 18 16
Income joint ventures 94 78
Impairments (214) (40)
(102) 54

In 2008 the impairments relate to our Indian investments in UBL and MAPL of €200 million and impairments taken by Asia Pacific Breweries of €14 million (Heineken’s share) (2007: €40 million related to Brau Holding International).

Summary financial information for equity-accounted joint ventures

In millions of EUR Joint ventures*
2008		 Joint ventures
2007
Non-current assets 1,071 892
Current assets 552 550
Non-current liabilities (280) (365)
Current liabilities (626) (474)
717 603
 
Revenue 1,564 1,393
Expenses (1,388) (1,256)
176 137
*
Due to lack of information with respect to the S&N shareholdings in India, these joint ventures are not included in the provided figures.