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Heineken Annual Report 2010

Heineken Annual Report 2010

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Published by Sissi Chiang

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Published by: Sissi Chiang on Oct 29, 2011
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06/03/2014

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Annual Report
2010
 
Welcome to our Annual Report 2010. Once youhave explored our report, you can nd outmore about our performance, our brands andour objectives for the future via our corporatewebsite www.HeinekenInternational.com
ExploringHeineken
@ Heinekeninternational.comSign up for news alerts via emailSynchronise with our online calendarRead our frequently asked questionsKeep up to date with our extensive investor sectionRead and ask us about our commitment to sustainability.@ annualreport.heineken.comDownload Excel sheets of our key nancialsAccess our report toolkit, allowing you to make yourown personal notes on the report, email a link, builda print basket and give feedbackQuick and easy navigation through the Annual Reportalong with search functionalityShare information via your social network sites.
Other information onlineContents
Overview
1 Key gures2 The quick read
Report of the Executive Board
4 Chief Executive’s Statement7 Outlook 20118 Executive Committee10 Operational Review18 Regional Review20 Western Europe22 Central and Eastern Europe24 Africa and the Middle East26 Americas28 Asia Pacic30 Risk Management and Control Systems35 Financial Review40 Corporate Governance Statement
 Report of the Supervisory Board
50 To the Shareholders53 Remuneration Report
Financial statements
59 Consolidated Income Statement60 Consolidated Statement of Comprehensive Income61 Consolidated Statement of Financial Position62 Consolidated Statement of Cash Flows64 Consolidated Statement of Changesin Equity65 Notes to the ConsolidatedFinancial Statements133 Heineken N.V. Balance Sheet134 Heineken N.V. Income Statement135 Notes to the Heineken N.V.Financial Statements
Other information
141 Statement of the Executive Board142 Appropriation of Prot143 Independent Auditor’s Report144 Shareholder Information148 Countries and Brands156 Historical Summary158 Glossary160 Reference Information
 
1
Heineken N.V.Annual Report 2010
Results
In millions of EUR20102009Change in %
Revenue16,13314,7019.7%EBIT
2
2,4761,75740.9%EBIT (beia)
2
2,6082,09524.5%Net prot1,4361,01841.1%Net prot (beia)
2
1,4451,05537.0%EBITDA
2
3,5942,84026.5%EBITDA (beia)
2
3,5692,93821.5%Dividend (proposed)
3
43831837.7%Free operating cash ow
2
1,9931,74114.5%
Balance sheet
In millions of EUR
Total assets26,54920,18031.6%Equity attributable to equityholders of the Company
4
10,2285,35191.1%Net debt position8,0997,7045.1%Market capitalisation21,13416,29929.7%
Results and balance sheet per share o EUR 1.60
 Weighted average number of shares – basic
4
562,234,726488,666,60715.1%Net prot2.552.0822.6%Net prot (beia)2.572.1619.0%Dividend (proposed)0.760.6516.9%Free operating cash ow3.543.56(0.6)%Equity attributable to equityholders of the Company
4
18.1910.9566.1%Share price
5
 36.6933.2710.3%
Employees
In numbers
Average number of employees65,73055,30119.6%
Ratios
EBIT as % of revenue15.3%12.0%27.5%EBIT as % of total assets9.3%8.7%6.9%Net prot as % of average equityattributable to equity holders of the Company
5
18.4%20.7%(11.1)%Net debt/EBITDA (beia)2.272.62(13.4)%Dividend % payout
3
30.5%30.1%0.7%Cash conversion rate126.4%147.7%(14.4)%EBITDA/Net interest expenses7.35.240.4%
Key fgures
1
1
Please refer to the ‘Glossary’ for denitions. 
2
‘EBIT, EBIT (beia), net prot (beia), EBITDA, EBITDA (beia) and free operating cash ow’ are not nancial measures calculated inaccordance with IFRS. Accordingly, it should not be considered as an alternative to ‘results from operating activities’ or ‘prot’ asindicators of our performance, or as an alternative to ‘cash ow from operating activities’ as a measure of our liquidity. However, webelieve that ‘EBIT, EBIT (beia), net prot (beia), EBITDA, EBITDA (beia) and free operating cash ow’ are measures commonly used byinvestors and as such useful for disclosure. The presentation on these nancial measures may not be comparable to similarly titledmeasures reported by other companies due to differences in the ways the measures are calculated. For a reconciliation of ‘resultsfrom operating activities’, ‘prot’ and ‘cash ow from operating activities’ to ‘EBIT, EBIT (beia), net prot (beia), EBITDA, EBITDA (beia)and free operating cash ow’ we refer to the nancial review on pages 35 to 39.
3
Excluding the effect of the Allotted Share Delivery Instrument (ASDI).
4
Including the effect of the ASDI.
5
As at 31 December.

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