Glossary
174 Annual Report 2009 - Heineken N.V.
Other information
Beia
Before exceptional items and amortisation of brands
and customer relationships.
Net debt/EBITDA (beia) ratio
The ratio is based on a 12-month rolling calculation
for EBITDA (beia).
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, taxes and net finance
expenses.
EBITDA
Earnings before interest, taxes and net finance
expenses before depreciation and amortisation.
Effective tax rate
Income tax expenses divided by profit before income
tax excluding share of profit of associates and joint
ventures (including impairments thereof).
Fit2Fight
Completed cost saving programme reduced the fixed
cost base in 2008 versus 2005 by EUR469 million.
Fixed costs ratio
Fixed costs 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 margin
Ratio of Operating Profit divided by Net Revenues,
usually presented as a percentage.
Profit
Total profit of the Group before deduction of minority
interests.
All brand names mentioned in this Annual Report,
including those brand names not marked by an
represent registered trade marks and are legally
protected.
Region
A region is defined as Heineken's managerial
classification of countries into geographical units.
Revenue
Net realised sales proceeds in euros.
Total Cost Management Programme (TCM)
TCM is a three-year cost reduction programme
covering the period 2009-11. All initiatives are
clustered in four business streams: Supply Chain,
Commerce, Wholesale and Others.
Top-line growth
Growth in net revenue.
