Key figures1
Results
2010
2009
Revenue
16,133
14,701
9.7%
EBIT2
2,476
1,757
40.9%
EBIT (beia)2
2,608
2,095
24.5%
Net profit
1,436
1,018
41.1%
Net profit (beia)2
1,445
1,055
37.0%
EBITDA2
3,594
2,840
26.5%
EBITDA (beia)2
3,569
2,938
21.5%
Dividend (proposed)3
438
318
37.7%
1,993
Balance sheet
Total assets
26,549
20,180
31.6%
Equity attributable to equity
holders of the Company4
10,228
5,351
91.1%
Net debt position
8,099
7,704
5.1%
Market capitalisation
21,134
16,299
29.7%
Results and balance sheet per share of EUR 1.60
Weighted average number of shares - basic4
562,234,726
488,666,607
15.1%
Net profit
2.55
2.08
22.6%
Net profit (beia)
2.57
2.16
19.0%
Dividend (proposed)
0.76
0.65
16.9%
Free operating cash flow
3.54
3.56
(0.6)%
Equity attributable to equity
holders of the Company4
18.19
10.95
66.1%
36.69
Employees
65,730
Ratios
EBIT as of revenue
15.3%
12.0%
27.5%
EBIT as of total assets
9.3%
8.7%
6.9%
Net profit as of average equity
attributable to equity holders of the Company5
18.4%
20.7%
(11.1)%
Net debt/EBITDA (beia)
2.27
2.62
(13.4)%
Dividend payout3
30.5%
30.1%
0.7%
Cash conversion rate
126.4%
147.7%
(14.4)%
7.3
1 Please refer to the 'Glossary' for definitions.
2 'EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia) and free operating cash flow' are not financial measures calculated in
accordance with IFRS. Accordingly, it should not be considered as an alternative to 'results from operating activities' or 'profit' as
indicators of our performance, or as an alternative to 'cash flow from operating activities' as a measure of our liquidity. However, we
believe that 'EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia) and free operating cash flow' are measures commonly used by
investors and as such useful for disclosure. The presentation on these financial measures may not be comparable to similarly titled
measures reported by other companies due to differences in the ways the measures are calculated. For a reconciliation of'results
from operating activities', 'profit' and 'cash flow from operating activities' to 'EBIT, EBIT (beia), net profit (beia), EBITDA, EBITDA (beia)
and free operating cash flow' we refer to the financial review on pages 35 to 39.
3 Excluding the effect of the Allotted Share Delivery Instrument (ASDI).
4 Including the effect of the ASDI.
5 As at 31 December.
V
Heineken N.V. Annual Report 2010
1