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.

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2009 | | pagina 170