130. Glossary
Definitions of terms and phrases used in this report.
Amstel® volume
Amstel volume including licenses third parties.
BEIA
Before exceptional items and amortisation
of brands.
CAPEX
Capital expenditure on tangible fixed assets.
Cash conversion ratio
Free operating cash flow/Profit BEIA.
Consolidated beer volume
100% of beer volume produced and sold by fully
consolidated companies and share of beer volume
produced and sold by proportionately consolidated
joint-venture companies.
Dividend pay out
Dividend as of Net profit.
Earnings per share (beia)
Net profit (beia) divided by average number
of shares outstanding during the year.
EBIT
Earnings before interest and taxes and other
net financing costs.
EBITDA
Earnings before interest and taxes and other
net financing costs before depreciation and
amortisation.
Effective tax rate
Taxable profit adjusted for share of profit
of associates, dividend income and impairment
of the other investments.
Free operating cash flow
This represents the total of cash flow from
operating activities and operational investing
activities.
Gearing
Net debt/shareholders' equity.
Group beer volume
100% of beer volume produced and sold by fully
consolidated companies and by proportionately
consolidated joint-venture companies as well as
the volume of Heineken's brands produced and
sold under licence by third parties.
Heineken® volume
Heineken volume including licenses third parties
and the Netherlands.
Heineken® volume in Premium segment
Heineken volume excluding Heineken volume
in the Netherlands.
Net debt
Non-current and current interest-bearing
loans and borrowings and bank overdrafts less
securities and cash.
Net interest cover
EBITDA/Net interest costs.
Net profit
Profit after deduction of minority interests (profit
attributable to equity holders of Heineken N.V.).
Organic growth
Growth excluding the effect of foreign
exchange rate, consolidation changes,
exceptional items, amortisation of brands
and changes in accounting policies.
Heineken N.V. - Annual Report 2005
