2011
EBIT (beia)/Net interest expense
6 .4
5.4
3.9
5.1
19.2
Free operating cash flow/Net debt
25%
25%
23%
6%
38%
Net debt/Equity
0.8
0.8
1.4
1.9
0.3
Financing
Share capital
922
922
784
784
784
Reserves and retained earnings
8,852
9,010
4,567
3,687
4,620
Equity attributable to equity holders of the Company
9,774
9,932
5,351
4,471
5,404
Minority interests
318
288
296
281
307
Total equity
10,092
10,220
5,647
4,752
5,711
Employee benefits
1,174
1,097
634
688
586
Provisions (including deferred tax liabilities)
1,483
1,589
1,304
1,163
728
Non-current loans and borrowings
8,199
8,078
7,401
9,084
1,295
Other liabilities (excluding provisions)
6,179
5,678
5,194
4,900
3,634
Liabilities (excluding provisions)
14,378
13,756
12,595
13,984
4,929
Total equity and liabilities
27,127
26,662
20,180
20,587
11,954
Equity attributable to equity holders of the Company/
(employee benefits, provisions, and liabilities)
0.57
0.60
0.37
0.28
0.87
Employment of capital
Property, Plant and Equipment
7,860
7,687
6,017
6,314
4,673
Intangible assets
10,835
10,890
7,135
7,030
2,110
Other non-current assets
3,724
3,767
2,875
2,494
1,814
Total non-current assets
22,419
22,344
16,027
15,838
8,597
Inventories
1,352
1,206
1,010
1,246
883
Trade and other current assets
2,543
2,502
2,623
2,805
1,900
Cash, cash equivalents and current other investments
813
610
520
698
574
Total current assets
4,708
4,318
4,153
4,749
3,357
Total assets
27,127
26,662
20,180
20,587
11,954
Total equity/Total non-current assets
0.45
0.46
0.35
0.30
0.66
Current assets/Current liabilities (excluding provisions)
0.78
Comparatives have been adjusted due to the accounting policy change in employee benefits (see note 2e of the Financial statements)
Heineken N.V. Annual Report 2011
165