Glossary
Other information
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ASDI
Allotted share delivery instrument (ASDI) representing
Heineken's obligation to deliver shares, either through
issuance and or purchasing of its own shares.
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.
Fixed costs
Fixed costs 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 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.
Net debt/EBITDA (beia) ratio
The ratio is based on a 12-month rolling calculation for
EBITDA (beia).
Net profit
Profit after deduction of minority interests (profit attributable
to equity holders of the Company).
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
Total profit of the Group before deduction of minority interests.
All brand names mentioned in this report, including those
brand names not marked by an represent registered trade
marks and are legally protected.
Region
A region is defined as Fleineken's managerial classification
of countries into geographical units.
Revenue
Net realised sales proceeds in euros.
Top-line growth
Growth in net revenue.
Volume
Amstel® volume
The Group beer volume of the Amstel brand.
Consolidated beer volume (excluding Joint Ventures)
100 per cent of beer volume produced and sold by fully
consolidated companies excluding the beer volume brewed
and sold by joint venture companies.