162 OTHER INFORMATION GLOSSARY HEINEKEN N.V. ANNUAL REPORT 2008 Beia Before exceptional items and amortisation of brands and customer relationships. Cash conversion ratio Free operating cash flow/Net profit (beia) before deduction of minority interests. Depletions Sales by distributors to the retail trade. Dividend payout Proposed dividend as percentage of net profit (beia). Earnings per share Basic Net profit divided by the weighted average number of shares - basic - during the year. Diluted Net profit divided by the weighted average number of shares - diluted - during the year. EBIT Earnings before interest and taxes and net finance expenses. EBITDA Earnings before interest and taxes and net finance expenses before depreciation and amortisation. Effective tax rate Taxable profit adjusted for share of profit of associates and joint ventures, dividend income and impairments of other investments. Fit2Fight Cost-saving programme aimed at reducing the fixed-cost base versus 2005 by €450 million by 2008. Fixed costs under Fit2Fight Fixed costs under Fit2Fight include personnel costs, depreciation and amortisation, repair and maintenance costs and other fixed costs. Exceptional items are excluded from these costs. Fixed costs ratio Fixed costs under Fit2Fight as a percentage of revenue. Free operating cash flow This represents the total of cash flow from operating activities, and cash flow from operational investing activities. Gearing Net debt/total equity. Net debt Non-current and current interest-bearing loans and borrowings and bank overdrafts less investments held for trading and cash. Organic growth Growth excluding the effect of foreign exchange rate movements, consolidation changes, exceptional items, amortisation of brands and customer relationships and changes in accounting policies. Organic volume growth Increase in consolidated volume, excluding the effect of the first-time consolidation of acquisitions. Profit Net profit Profit after deduction of minority interests (profit attributable to equity holders of the Company). Operating profit EBIT less share of profit of associates and joint ventures and impairments thereof (net of income tax), excluding net gain or loss on sale of subsidiaries, joint ventures and associates. Or results from operating activities excluding net gain or loss on sale of subsidiaries, joint ventures and associates. Operating profit (beia) EBIT (beia) less share of profit of associates and joint ventures and impairments thereof (net of income tax), excluding net gain or loss on sale of subsidiaries, joint ventures and associates. Or results from operating activities (beia) excluding net gain or loss on sale of subsidiaries, joint ventures and associates. Operating profit margin Ratio of Operating Profit divided by Net Revenues, usually presented as a percentage. Profit Profit before deduction of minority interests.

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Jaarverslagen | 2008 | | pagina 164