HEINEKEN N.V. ANNUAL REPORT 2008
Maturity profile of Heineken's Long-term Debt*
(including cross currency interest swaps on
long-term debt) per 31 December 2008
In millions of EUR
2009 Ml
H2
2010
I *On February 9,2009 the GBP3.85 billion S&N Acquisition Facility (available
and drawn amount per 31 December 2008 EUR4.064 million) was restated to
2011 M become a dual currency Facility, for GBP480 million and EUR3.1 billion. Without
this conversion, the available amount expressed in Euros could fluctuate if and
p when the EUR/GBP exchange-rate would move beyond certain thresholds.
Before the Facility was restated, the exchange-rate mechanism triggered a
repayment on 15 January 2009 of EUR100 million on the one year tranche with
113 an extension option to 2 years (expiring April 2010) and a repayment of EUR325
million on the five year tranche (expiring April 2013). These repayments were
financed out of the EUR2 billion Revolving Credit Facility. After these and other,
114 scheduled repayments, a total of EUR1.1 billion remains undrawn as per
0 500 1,000 1,500 2,000 2,500 3,000 15 February 2009
addition to the reported net cash position, Heineken has significant headroom available on its €2 billion
volving Credit Facility 2005-2012. This facility was drawn for €470 million as of 31 December 2008.
a mitigate the impact of these repayments on the headroom of the Group, Heineken obtained a credit
immitment from ING for a fully committed two-year standby facility for €250 million beginning 2009.
eineken opts for a well-balanced mix of fixed and variable interest rates in its financing operations,
imbined with the use of interest rate instruments. Currently Heineken's interest rate position is
^proximately 85 per cent fixed for the year 2009.
nancing ratios
jineken has an incurrence covenant in some of its financing facilities. Our incurrence covenant is calculated
dividing Net Debt (calculated in accordance with the consolidation method of the 2007 Annual Accounts)
EBITDA (beia) (also calculated in accordance with the consolidation method of the 2007 Annual Accounts
d including the pro-forma full-year EBITDA of any acquisitions made in 2008). As at 31 December 2008 this
tio was 3.14. If the ratio would be beyond a level of 3.50, the incurrence covenant would prevent us from
nducting further significant debt-financed acquisitions.
ofit appropriation
ineken N.V.'s profit (attributable to shareholders of the Company) in 2008 amounted to €209 million. In
cordance with Article 12, paragraphs 7 and 9, of the Articles of Association, the Annual General Meeting
Shareholders will be invited to appropriate an amount of €304 million for distribution as dividend. This
oposed appropriation corresponds to a dividend of €0.62 per share of €1.60 nominal value, on account of
"lich an interim dividend of €0.28 was paid on 3 September 2008. The final dividend thus amounts to €0.34
r share. Netherlands withholding tax will be deducted from the final dividend at 15 per cent. It is proposed
at dividend exceeding profit, amounting to €95 million, will be paid from retained earnings.
