Heineken N.V.Annual Report 2010
In millions of EUR20102009Change in %
2,6082,09524.5%Net prot1,4361,01841.1%Net prot (beia)
43831837.7%Free operating cash ow
In millions of EUR
Total assets26,54920,18031.6%Equity attributable to equityholders of the Company
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
562,234,726488,666,60715.1%Net prot2.552.0822.6%Net prot (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
Average number of employees65,73055,30119.6%
EBIT as % of revenue15.3%12.0%27.5%EBIT as % of total assets9.3%8.7%6.9%Net prot as % of average equityattributable to equity holders of the Company
18.4%20.7%(11.1)%Net debt/EBITDA (beia)2.272.62(13.4)%Dividend % payout
30.5%30.1%0.7%Cash conversion rate126.4%147.7%(14.4)%EBITDA/Net interest expenses184.108.40.206%
Please refer to the ‘Glossary’ for denitions.
‘EBIT, EBIT (beia), net prot (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 ‘prot’ 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 prot (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’, ‘prot’ and ‘cash ow from operating activities’ to ‘EBIT, EBIT (beia), net prot (beia), EBITDA, EBITDA (beia)and free operating cash ow’ we refer to the nancial review on pages 35 to 39.
Excluding the effect of the Allotted Share Delivery Instrument (ASDI).
Including the effect of the ASDI.
As at 31 December.